REGISTERED CHARfTY NUMBER: 311024 HITCHIN EDUCATION FOUNDATION TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED JIST MARCH 2024
HITCHIN EDUCATION FOUNDATION INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTENTS Page Legal and Administrative Inforn]alion Governors, report Independent Examiner's Report Statement of Financial Actlvilies Balance Shee( I10 Notes lo the financial statemen¢5
HITCHIN EDUCA TION FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31ST MARCH 2024 Charkty name: Hitchin Education Foundation Charity registration number: 311024 Charity address: Shilcock House 99 Bancroft Hiichin, SG5 INQ Governors.. Hertfordshirc County Council nominated governors.. Mr Detrick Ashley (Chair) Mr Ray Shake8peare-Smith (Vice-chair) Mr Bernard Lovewell Mrs Jane Shipley Mrs Lara Freeman (Appointed 26-Mar-24) North Hertfordshire District Council nominated governors.. Prof Simon Harwood (Resigned 31-Mar-24) Cllr Claire Sirong Cllr Kay Tart (Resigned 31-M&r-24) Cllr Ian Albert Cllr Keith Hoskins (Appointed I l-Jul-22) Cllr Donna Wright (Appointed 01-Apr-24) Cllr Daniel Wright-mason (Appointed 01-Apr-24) Rands Educational Foundation nominated governor.. Mr Ben Hurworth Ex Officio GoveTnors'. Rev Chris Bunce Dr Helen Corkill Mrs Nesta Job Mr David McInlosh Advisory: Head Teachers - who atiend in an advisory capa¢iry', Mr Geraint Edwards - The Priory School Mr James Crowther - Hiichin Girls, School Mr Fergal Moane - Hitchin Boys. School (Resigned 31-Aug-23) Mr Tim Bennett- Hitchin Boys, School (Appointed 01-Jan-24) Clerk lo the governors.. Mr M Scarnan-Hill (As provided by John Shilcock Ltd) Independent examiner: Philip Dean FCA Hicks and Company Chartered Accountants Firsi Floor, 99 Bancroft Hitchin. SG5 INQ Bankers.. BalayS Bank PLC P.0. Box I 516 High Street Hilchin, SG5 IBH Page I
HITCHtN EDUCATION FOUNDATION REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31ST MARCH 2024 The Governors present their annual report with the financial statements of the charity for the year ended 3 1st March 2024. The Govertiors have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounis in accordance with the Financial Reporting Standard applicable in the UK and Republic of eland (FRS102) (effecuve 1st January 2019). Objectlves and Actlvltles Objectives and aillL8 The Foundation is managed by Governors supported by a clerk and professional properly &dvisors, with the principal objective of raising fund5 from its investments and granting financial assistance lo the three secondary schools in Hilchin and the provision of unifonns and educational facilitie5 for the defined beneficiaries. Public benefit The Governors have paid due regard to the Charity Conunissions Public Benefit Guidance and compiled with section 17{51 of the Charities Act 201 l in exercising their powers and duties, and have sought to demonstrale Ihat the charity continues to provide benefits lo suitable persons who relate directly to itl> objectives. The benefitt+ are available lo all who qualify. All applicaliont> are subject to due process and considerdtion wiihout discrimination. Achievements and Perfornwiee Charitable activlties Undcr section 23 of the Scheme of Governance the Foundation maintained ils annual commitment 10 the three secondary schools in Hitchin and continued with a special grant to each school for pastoral and coun5elling. The Foundation continued to provide grants lo other bencficiarics urbder 5cclion 24 of the Scheme of Governance. Financlal Revlew Flnanclgl posltlon The financial results for the yev as shown on page5 8 and 9 reflect: An increase in rental and insurance incorne A decrease in service charges receivable from tenants at 21 Bancroft, to be used for cosis in maintaining the common parts of 21 Bancroft An increase in investment incorne A large decrease in property expenses A small decrease in expenditure on charitable activities This resulted in a nei decrease in unre5tricled funds of £5,090 before any re¢ognised gains or losses on revaluation of investments {2023.. £42,060). Principle sources of income The major sources of income are.. Rental income from the tenants who occupy the building5 under the control of the Governors Service charge income from specitic tenants who use the common parls of 21 Bancroft Investment income The financial results on pages 8 and 9 refl1. An increase in rental and insurance Income receivable of £3,655 from £112,W4 in 2023 to £115.659 in 2024 A decrease in service charges receivable of £1,036 from £13.191 in 2023 to £12,155 in 2024 An increase in invc5tmcnt income receivable of £163 from £5,874 in 2023 to £6,037 in 2024 Page 2
HITCHllY EDUCATION FOUNDATION REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31ST MARCH 2024 Principle items of expenditure The governors continue to monitor and control costs. The major areas of expenditure during the year were.. Servlce charge costs relating to common parts of £13,964 {2023.. £14.186) General maintenance costs of £16,805 (2023: £43.329) Legal and professional fees of £12.489 (2023.. £13.719) Section 23 grants to the three Hitchin Schools were £45,(M)0 (2023: £45,000) Section 24 grants of £27,932 (2023.. £31,189) Each request for grants is reviewed individually and grants are made on the basi5 of worthine55 and funds availabl¢ and not on the level of previous years, grants. Flxed t5 The freehold land and buildings controlled by the Foundation comprising Old School Block, 20 Bancroft, Hitchin and 20121. Bancroft, Hilchln were professionally valued on 31 st March 2007 by Messrs. John Shilcock, Chartered Surveyors, al £850.IJJO. To avoid professional feeb for revaluing the Foundation's land &nd buildings, in the year ended 31&1 March 2020 the Governors took the decision 10 revetse all previous years, ValUa[10nS and restore the carrying value to an approximation of cost. The dilapidations work at the Old SchTr)l Block was certified as pra¢ii¢al Complete on 14th S¢ptember 2020. The work, valued at approximately £200.000, wa5 been paid for by HertfoTdshire County Council under Ihe iern15 of the old lease. During the year ended 31 st March 2024 Hertfordshire County Council surrendered Ihe old lease and a new leatie watri signed between the Foundation and Hitchin Boys, School. Investnwnt policy Consideration is given to the requirement lo provide grants as requested. Therefore h&ving considered the options available the Governors have decided ¢0 relain excess funds in common commercial investment funds that are fairly easily accessible. Reserves pollcy The policies adopted by the Governors are such that invested monies are carefully managed wilh a low risk atiitude. to ensure sufficient funds from the inveslmenls and the property portfolio are available to rneet (he main objecis of Ihe Foundation and the direct expenditure costs of the Foundation. The Foundation's policy of regular Governors, Meetings means that all aspects of running the Foundation are fully reviewed and monitored. The regular Governors, Meetings ensure th&1 all applications for Section 23 and 24 payments are fully reviewed and that the objects of the Foundation are being adhered to. The resources of the Foundation are moniiored between restricted and unrestricted funds. The unrestricted resources of the Foundation which it has freely available for its charithble purpose once li has met lis commitments and covered 11$ other planned expenditure. are budgeted annually based upon previous experience. The present level of necessary resources is in the region of £ I10,(KHI bul this is consi5tenily kepl under review. Should the chariiable needs be greater than originally budgeted, arrangements can be made to ensure funds ale available to meet such needs. The Foundation continues to ensure that the three Secondary Schools in Hitchin are aware of 115 existence through the presencc of the Head Teachers. There is also regular communication with other schools where other potential student beneficiaries attend. The present portfolio is considered sufficieni to maintain ihe present level of resources required. Risk management The Governors continue to assess and monitor the major risks to which the Foundation is exposed, in partieular in relation to operations and finance. Page 3
HITCHIN EDUCATION FOUNDATIO REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31ST MARCH 2024 Structure, Governance and Management Governing document Hitchin Education Foundalion is governed by a Scheme drawn up by the Charity Conllnission Icharity number 311024). sealed on 5th March 1976 and is administered by the Governors. The principal address of the charity is 99 Bancroft. Hitchin. Hertfordshire, SG5 INQ. Organisational structure The Foundation has a Board of Governors made up of nominative Governors who shall be appoinled by the following bodies: The Hertford5hire County Council The Norih Hertford.8hire District Council The Rands Education81 Foundation Ex officio governorb who sh311 be the Vicar of the Ecelesiastical Parish of Si. Mary's Hitchin and the chairnian of the governing body of each of the three secondary schijols in Hitchin (or al*rnalives) Ai present there are 18 Governors that meet 3 or 4 times per annum and are responsible for the objectives and aclivities of IhL Foundation. ThL Governors are from a variety of background5 representing the educational and wider community, all of whom contribute lo the working of the Foundation. The Governors are t>UPPOrted by.. Professional property advisers who arc responsible for Ihc collection of rents. insurunee conlributions and service charges from the tenants and monitoring and reporting on necessary repair5 to the freehold investment properlics controlled by the Foundation. A clerk who is responsible for all the admini5tralion necessary to cnsure all uspecls of the Foundation conlinue to function. Recrufitment and appointment of governors The Governors seek to ensure that the necessary skills and experience are sustained in recruiting new Governors. New Governors are appointed through the various bodies listed other than the ex officio governors. When vacancies occur. the existing Governors are in a position to make recommendations to the nominative bodies on the appointment of governors who are representarive of the community and have an interest in the work of the Foundation. Governors, Induction and training All Governors are familiar with the work of the Foundation and are encouraged to be Involved in the aclivilles on a regular basis. New Governors receive briefings of the Foundation's a¢hievemenLS, its future plans and their responsibilities. All existing Governors and proposed Governors are kept advised on regulaiions from the Charity Commission, copy of the Educational Chariiy's Scheme and copies ot the lasi financial slatemenis io enhance their understanding of their slatulory responsibilitie5. Plans for future periods A strategy lo maximise the use of the site al 20121 Bancrofi, Hilchin The continue lo support the three secondary schools in Hitchin and other beneficiaries in line with the objectives of the Foundation Page 4
HITCHIN EDUCATION FOUNDATION REPORT OF THE GOVERNORS FOR THE YEAR ENDED JIST MARCH 2024 Governors The Governors who served during the year and the changes since the year end were: Hertfordshire County Council nominaied governors: Mr Derrick Ashley (Chair) Mr Ray Shakespeare-smith {Vice-Chair) Mr Bernard Lovewell Mrs Jane Shipley Mrs Lara Freeman (Appointed 2&Mar-24) North Hertfordshire District Council nominated governors: Prof Simon Harwood {ResigTAed 31-Mar-24) Cllr Claire Strong Cllr Kay Tart (Resigned 31-Mar-24) Cllr lan Albert Cllr Keith Hoskins (Appointed I l-Jul-22) Cllr Donna Wrighi (Appointed O l-Apr-24) Cllr Daniel Wrighi-Ma50n (Appointed O l-Apr-24) Rand? Educational Foundation nominated governor.. Mr Ben Hurworth Ex Officio Governors.. Rev Chris Bunce Dr Helen Corkill Mrs Nesta Job Mr David Mclnlosh Head Teacher5 - who attend in an advisory capacity: Mr Geraint Edwards - The Priory School Mr James Crowther- Hilchin Girls, School Mr Fergal Moane - Hitchin Boys, School (Resigned 31-Aug-23) Mr Tim Bennett - HitchRn Boys, School (Appointed 01-Jan-24) Statement of Governors Responslbllltles The governors are responsible for preparing the Report of the Governors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepied Accounting Practice). The law applicable to charities in England and Wales. the Charilies ACL 201 l. Ch4rity (Accounis and Reports) Regulations 2008 requires the governors to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of Ihe charily and of the incoming resources and applications are resources, including Ihe income and expenditure, of the charity for that period. In preparing Ihese financial statements, the governors are required to.. select suitable accounting policies and then apply them consisntly: - observe the methods and principles in the Charity SORP., - make judgements and esiimaies that are reasonable and prudent. prepare the fInancial staternents on the going concern ba515 unless it is inappropriate to presume that the charity will onlinue in busines5. The governors are responsible for keeping proper accounting records which di5c105e with reasonable accuracy al any lime Ihe financial position of the charity and to enable them lo ensure Ihal the accounts comply with the Charities Acl 2011, Ihe charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and oiher irregUlltIe5. Page 5
HITCHIN EDUCATION FOUNDATION REPORT F THE GOVERNOILS FOR THE YEAR ENDED 31ST MARCH 2024 This report was approved by the Governors on 5th November 2024 and signed on their behalf. Mr. R. Sh&kespeare-Smith Vice-chairman Chairman Page 6
HITCHIN EDUCATION FOUNDATION INDEPENDENT EXAMINERS, REPORT TO THE GOVERNORS OF HITCHIN EDUCATION FOUNDATION FOR THE YEAR ENDED 31ST MARCH 2024 Independent examiner's report to the Governors of Hitchin Educalion Foundation I report to the Governors on my examination of the financial statements of Hitchin Education Foundation for the year ended 31st March 2024 which comprise Statement of Financial Activities, balance sheet and related notss on pages 10 to 16. Responsibilities and b&sis of report As the charity's Governors you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Aci 2011 ('the 2011 Aci,). Having satisfied rnyse that the financial slatemenis of the charity ar¢ not requId to be audited and are eligible for independent examinalion, I report in respect of my examination of your charity's financial slalernents as carried oul under section 145 of the 2011 Acl. In carrying out my examinalion I have followed the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Acl. Independent examiner's statement I have completed my examination. I confirni that no material matters have come ro my allenlion in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kepi in respect of the Charity as required by section 130 of Ihe 201 l Act. or 2. the financial slatemenlb do nol accord with those records. or 3. the financial slatemenib do noi Comply with the accounting requirements concerning the form and content of financial tatements ¥el out in the Charities (Accounts and Report5) Regulations 21y)8 other than any requirement that the financial statements give a 'true and fair view, which is not a matter considered as part of an independent examination. 4. the financial statements have not been prepared in accordance with the merhods and principles of the Sialement of Recommended Practice for accounting and reporting by charities (applicable lo charities preparin8 their accounts in accordonce with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). T have no concerns and have come across no other m<ers in connection wilh the examinaiion 10 which aiteniion should be drawn in this report in order lo enable a proper understanding of the financial siaiements 10 be reached. Philip Dea Hicks and C pany Chartered A¢¢ouniant First FIoor. 99 Bancroft Hilchin, SG5 INQ Date.. 5th November 2024 Page 7
HITCHIN EDUCATION FOUNDATION STATEMENT OF FINAN IAL ACTIVITIES (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31ST MARCH 2024 Unrestrficted ineome rund Restricted Income fund 2024 Total 2023 Total Note Income: Income from charllable activitios: Rent and insurance premiums ceivable Service charges receivable Investment Income: Dividend and inlcre5t distribution income Inlere.sl received Other income: Grants. receivable Insurance claim Total income 115,659 12,155 115,659 12,155 112,004 13,191 6,037 913 6,1137 913 5,874 165 JJ28 138,492 3,328 138,492 131,634 Expenditure 10. Cost of ralsing funds: Cost of collecting rent and insurance Properly expenses 6,408 55,518 6,408 S518 7,117 81.853 Expendlture on charitable actlvllles: Charitable activities 81,656 81,6S6 84,724 Total expendlture 143,582 143,582 173,694 Net expendlture before transfers (5,090) (5,IVJO) (42,060) Transfers between funds (i) Net lexpendlture)Ilncome before recogntsed losses (5,091) (5,090) (42.0601 Other recognlsed losses Losses on revaluation of inveslments (1915) (i) (1,916) {8,202) Net movement In funds for the year (7,006) (7,006) (50,262) Reeonciliatlon of funds Tolal funds brought forward 354,651 651 355,302 405,564 Total funds carried forward 13. 347,645 651 348,296 355,302 The notes on pages EO to 16 forni part of these financial stalemenls. All of the above results are derived from continuing acuviiies. There are no other recognised gains or losse5 other than those slated above. Page 8
HITCHIN EDUCA TION FOUNDATION BALANCE SHEET ASAT31 T MARCH 2024 Unrestrlcted fund Restricled rund Note 2024 2023 Fixed assets Tangible assets Investtnenls Totsl fixed wets 70,01)0 10SA54 175 54 70,000 105,719 175,719 70,000 107,635 177,635 165 165 Current assets Debtors Short tenn deposits Cash at bank Cash held by John Shilcock Lid Total current assets 24J44 76,777 73,690 38,951 213,762 24J44 76,777 74,176 38,951 214,248 12.925 75.863 98,849 72,589 260.226 Current Ilabllltles Credilors.. Amounlti falling due within one year (41,671) (41,6711 (82,559) Net current assets 172,IV)I 172,577 177,667 Net assets 347,645 651 348,296 355,302 The funds of the charlty: Unres¢rketed funds: General Designated- services Designated - roof 13. 246,31S lJ30 100.000 246,315 1.330 ioo,o(N) 251,512 3,139 iOO,(K)O Restrlcted funds: C J Widdows, Fund Dawson Memorial Fund 476 175 651 476 175 348,296 476 175 355,302 347,645 The notes on pages 10 to 16 forn] part of these financial sra(ements. The financial staiements were approved by the Governors on 5th November 2024 and signed on their behalf. DAS Chairn)an Mr R Shakespeatt-smith Vice-chairn]an Page 9
HITCHIN EDUCATION FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 l. Ob ective The Foundation is managed by Governors supported by a clerk and professional property advisers. with the principal objective of raising funds from 115 investments and graniing financial assistance to the three secondary schi)ols in Hitchin and the piovision of uniforms and educalional facilities for defined beneficiaries. 2. Status and Basls of Aeeountl Status The Hilchin Education Foundation is governed by a Scheme drawn up by the Charily Commission, sealed on 5th March 1976 and is administered by the Governors. It is a regisler¢d Charity and, as such. is nol liable for laxalion on its investment income, nor any other income derived frixn c&rying out the charitable objective of the Foundation. B&sis of accounting The financial stalernent5 are prepared under the historical Colil convenlion modified to include the following.. Freehold land and buildingt> comprise Old School Block, 20, Bancroft, Hitchin. Hertfordbhire and 20121, Bancroft. Hilchin, Hertfordshire, are included at approximation of Cost Fixed asset investments are btaled at market values The Financial Statement5 of the charily, which is a public benefit enlity under FRS102, have been prepared in accordance with Ihc Chariliety SORP (FRS I02) 'Accounting and Reporting by Charities.. Statement of Recommended Praciice applicable lo ch41rilies preparing their accounts in accordance with the Financial Reporting Stundard applicable in the UK and Republic of Irc142nd {FRS 102) (effective 1st January 2019), Financial Reportin8 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Churilies Act 2011. 3. Accountin Pollcles Ineome Renl and insurance ceIv&bIe is included on an entitlement basis and represents income from tenants in accordance with leases from properties under the control of the Governors Service charges receivable from tenants lo be used on expenditure of common parts of 21 Bancroft Income from investments is included in the year when it is receivable. Grants arc included on a receivable basis Investment gains or10sses are recognised as a result of revaluating investments Expendlture All expenditure is included on an accruals basis and is recognised where there is a legal or constructive obligation to pay for expenses. All costs have been directly attributable (o one of the functional categories of resources expended Costs of raising funds comprise the costs Ot collecting renls and insurances frorn ienants Property expenses of comprise all costs relating lo the refurbishment or maintenance of Ihe properties under the control of the Governors, together with all associated legal and professional fees Charitable activities expenditure comprises payments under section 23 and 24 of the Charity's Scheme rules together with the support costs asKKialed with meeting the conslitutional and statutory requirements Tangible red assets Freehold land is not depreciated. Ficehold buildiThgs are maintained by a programme of maintenance such th&t the residual values of the properties taken as a whole are at least equal to book value. Having regard to this. it is the opinion of the Governors that depreciation of the properties would be insignificant. Fixed assets investments Investments held as fixed asset5 are stated at market values. Page 10
HITCHIN EDUCATION FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 1ST MAR H 2024 Value added tax The Charity is exempt Irom Value Added Tax. and is therefore unable to reclaim input lax. Value Added Tax incurred on expenditure is included as a cost of that expenditure. Fund ac¢ountlng Reslricled funds are funds thai can only be used for particular re5tticted purposes within ihe objects of the Foundation. Restrictions arise wherA specified by the donor or when ndS are raised for particular restricted purposes. Further explanation and the naiure and purpose of each fund are included in note 12 of the financial stalcments. General funds are unrestricted and available for use al the discretion of the Governors in furtherance of the objectivcs of the Foundaliou. Included therein is a service charges fund designated specifically for the collection of contributions from tenants 3Thd expended 501ely on costs of common part5. 4. Tan Ible Fixed Assets Freehold land and Buildings Cost or valuation as at: 1st April 2023 and at 315t March 2024 70,000 The frcehold land and buildings compri5e5 Old School Block. 20 Bancroft, Hitchin and 20121, Bancroft, Hilchin. To avoid professional feeb for revaluing the Foundation's land and buildings. the Governors look the decision lo reverse all previous year¥, revaluations and re¥tore the carrying value to an historic approximation of cost. 5. Flxed Asset Investments At Market Value 2024 At Market Value 2023 Balance brought forward Loss on revaluation of inveslmenis Balance carried forward 107,635 (1,916) 105,719 115,837 (8,2021 107,635 Investments consist of the following: Quoied investments 7,677.50 6,481.(K) 58.66 Other investments Charities deposit fund Units BLK Charities UK Bond Units M&G Charifund Units BLK Charities UK Bond 11,185 94,369 85 11,355 96,113 87 80 105,719 80 107,635 Historical cost at 3 1st March 23,145 23,145 Pagell
HrrcHIN EDUCATION FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 20 6. Com ratives for the f Financial Activities Unrestrlcted income fund Restricted income fund 2023 Tothl Income: Income from charitable activities: Rent and insurance premiums receivable Service charges receivable Investment income: Dividend and interest distribution income Interesl received Other income: Grants receivable Totsl Income 112,(MM 13,191 112.(M)4 13.191 5,874 165 5.874 165 400 131,634 400 131,634 Expendlture Cost of ratslng funds: C(K%l of collecting rent and insurance Properly expenses 7,117 81.853 7,117 81.853 Expendlture on charltable activltles: Charitable activities 84,724 84,724 Total expendlture 173,694 173,694 Net expendlture before transfers {42,060) (42,060) TrAnsfers between funds (15) 15 Net (expendIture)Ilncon belore recognlsed losses (42.075) 15 {42.060) Other recognlsed losses Losses on revaluation of investments (8,187) 15) 8,202) Net movement In funds for the year (50.262) (50,262) Reconciliation of funds Total funds brought forward 404.913 651 405,564 Total funds carrled forward 354,651 651 355,302 Page 12
HITCHIN EDUCATION FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 7. Debt 2024 2023 Rent in arrears Service charges ID aearS Rands Educational Foundaiion donations receivable Rent deposils held Interest distributions receivable 16J(Kl 983 5.764 3(MJ 6J46 115 24J44 6,346 12,925 8. Creditors 2024 2023 Section 23 grants approved but unpaid Rents received in advance AccnJ&l for rent collection fees Accnjal for Clerk's honorarium Accrual for office expen5eb Accrual for accountancy fees Accrual for repairs and maintenance costs Rent deposits due lo tenants 46,300 21,549 ,529 3.683 24J75 2,483 3067 600 2.352 21K) 6,346 82,559 6J46 41,671 9. Incom Unrestrlcted Income Funds Restrlcled Funds 2024 Total 2023 Total Rent and insurance premiums receivable (see below) Service charges receivable (see below) Dividend and interesi disiribution income (see below) Interest received Grants receivable Other income - Insurance claim 115,659 12,155 6,037 913 400 3,328 138,492 115,659 12,155 6,037 913 112.CKM 13,191 5,874 165 400 3,328 138,492 131,634 2024 2023 Rent and Insurance prenun recelvable Old School Block. 20 Bancroft, Hitchin 20 and 21 Bancroft, Hit¢hin 43J80 72,279 115,659 43.008 68,996 112,004 Servlce charges recelvable 20 and 21 Banerofi, Hitchin 12,155 13,191 Income from investments Dividends from M&G Charilund Intsrest distributions from BLK Charities UK Bond Interest from Charities deposil fund 5A74 461 5,412 461 6,037 5,874 Page 13
HITCHIN EDUCATION FOUNDATI NOTKS TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 10. Ex 2024 2023 Costs of raising funds: Cost of collecting rent and insurance premiurns 6,408 7,Il7 Property expenses: Property insurance premtums p3yAble Service charge costs General maintenance Legal and professional fees Cost of utilities 10,485 13,964 16,805 12,489 1,77S 55518 9,481 l4,186 43,329 13,719 1,138 81,853 Expenditure on charltable activities: Grants approved under s23 (see below) Granttri approved under s24 (See below) TNbtees in¥uran¢e prernium>i Clerks honorarium OffiLL cost A¢¢ounlancy feet• 46,300 27,932 556 3,867 601 2,41X 81,656 46,300 31,189 505 3,683 695 2,352 84,724 Grants approved under seetlon 23 (per above) Hcrifordshire Educational Foundation North Herts Educational Support Care Hitchin Girls, School Hitchin Boys, School The Priory Schi>ol 31)0 300 1,000 15,000 15,000 15,0(Ki 46,3 15,1)IKI 15,000 15,IKIO 46,300 Hltchln Glrls, Hilehin Boys, School School The Prlory School Balance brought forward al 1st April 2023 Granis approved for the year Speciul grants - Support for pupil pas(oraUcounselling 15,000 10,000 5,000 30.000 130.1)00) 15,000 10,000 5,000 15,000 10,000 5,000 30,1)00 (30,000) Less: Grants paid in the year Balance carried forward at 3 Isi March 2024 (30,000) 2024 2023 Grants approved under sectlon 24 (per above) Grants paid 27,932 27,932 31,189 31,189 11. Governors, Remuneration and Benefits No mouies were reimbursed to members of the Board of Governors. No members of the Board of Governors or any person onnected with thern has received or is due lo receive any remuneration for Ihe year ended 3 Isl March 2024 nor for Ihe year ended 3 Isi March ?0?3 direcily or indiC(lY from the charity's funds. Page 14
HrfcHIN EDUCATION FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 12. Funds The Funds are explained in the following noles and an analysis of each Fund is shown in Notes 13 and 14. Unrestricted Funds These comprise.. General Fund represents the accumulated surplus arising from the activities of the Foundation as a general fund. A designated service charge account in which service charges from tenants of 21 Bancroft are collected and expended on common-part costs. Ihe balance of which represents the funds under the con(rol of John Shilcock Lid in a service charge client account. A designated roof repair fund for the expenditure on a new roof 0121 Bancroft. Restricted Fun(is C J Widdows. Fund Thi.5 represen15 a specific bcque.st, the income of the Fund to be used lo purchase books and provide bursaries to Secondary School children. Dawson Memorial Fund Thi5 represents a specific bequest, the income of the Fund is used lo purchase appropriaie natural history books for Hilchin Public Library. 13. Anal sis of Movement in Funds Balances Isi April 2023 Transfer beiween funds Balances 31st March 2024 Inveslmeni losses Income Expendiiure Unrestrlcted Fun(Ls; General Designated - services Designated - roof 251.512 3,139 100,000 354,651 126.337 12,155 (129.618) (13,964) (1,915) ii) 246,315 1,330 100,CKiO 347,645 138,492 143,582) 1,915) (i) Restrlcted Funds: C J Widdows, Fund Dawson Memorial Fund 476 175 651 476 175 651 Total Funds 355,302 138.492 143.582) (1.916) 348,296 Balances Isl April 2022 Transfer between funds Balances 31st March 2023 Investment losses Income Expenditure Unrestricted Funds: General Designated Designaled - rwf 350,779 4,134 50,000 404,913 118,443 13,191 (159,508) (14,186) (8,187) (50,015) 251,512 3,139 i(KI,o 354,651 50,000 15 131.634 (173,694) 8.187) Restricted Funds: C J Widdows, Fund Dawson Memorial Fund 476 175 651 (15) 15 476 175 651 (15) 15 Total Funds 405,564 131,634 (173,694) {8,202) 355,302 Page 15
HrrcHIN EDUCATION FOUNDATION NOTES TO THE ACCOUNTS R THE YEAR ENDED 31ST MARCH 2024 14. Anal sis of Assets and Llabilities to Funds Other current Net assets 3lst March 2024 Fixed assels: Properties Investments Cutrent liabilities Bank assets Unrestrlcted Funds: General Designated - services Designated- roof 70,000 105.554 88,088 1,330 loo,000 24,344 (41.671) 246,315 1,330 i(K),000 Restricted Funds: C J Widdows, Fund Daw.son Memorial Fund 85 80 105.719 391 95 189,904 476 175 348.296 70,IK)O 24,344 41,671) Other current Net a¥sety 3151 March 2023 Fixcd assets.. Properties Inveslmenis Current liabilitie5 Bank assets Unrestricted Funds: G¢nLrul Designated - services Dcsignaled - roof 70.000 107,468 143,678 3.139 100,CKiO 12,925 (82,559) 251.512 3.139 I.000 Restricted Funds: C J Widdows. Fund Dowson Memorial Fund 87 80 107,635 389 95 247,301 476 175 355,302 70,000 12,925 (82,559) Page 16