Hall's Exhibition Foundation Financial Statements Year ended 31 March 2021
Hall's E.xhibition Foundation Financial Statements Year ended 31 March 2021 INDEX P2tre Nos Tntstees, Report Ststcmcnt of Financial Activitics BalEtnce Sheet Notes to the Balance Sheet Examiners report
Hall's Exhibitiou Foundation Charity Retststration Ni umber: 325128 Correspondence Address: 4 Bewick Close. Snettibham. Kin17's Lynffj PE317PJ Aflministrator: CJHolt The Tn]strccs have pleasure in presentin(F their Ttel, Report artd the finaneial statements of the chatily for the y[ eiidcd ) l March 2021. Stjtement of trustees, respoosibilities chai.ity law reqiiire% the Trtle lo prepare accounts ivhich lyive a true and fair vicw of tl)e charity and ot-its income aELd eXFnditUre for the financ1 year. In doing so the TNstees are required to.'- Selcct suitable aLcounting policies and apply them consi5tcntly" Make judgctncnts and estimates that are r&winable and Prudent. State wlicthci applicable accounting standards have been folloNITed, subjcct lo any TtTraÉeriAI departures disclosed and explaincd in the financial stat£tnenL%"" and PKpare tlre fllwiciai statcments on the going concern basis unless it is inappropriate to presume thai the charity H411 conlinue in operaiion. The TtL151ees are responsible for maii)taining proper dccountin(v CordS ivhicli disclose ivith asonable acciirncy at any time the fin8J]cial position of the elmrity and which enable them to ensure that Ibc accounts comply with the Chariiies Act 2011. They dre also responsible for safegu<Erdiiig Ihc a&%els of the charity and hence for takill reasonable steps for the prevention and detection of fraud and other irre1rities. Legal status & organisation The Foundation is 2 reiiisteted charity (Charity h'uniber 325128). The goveming documents of Ihe Foui)dation are the Schemes of the Charity Commissionets dated 2 June 1915. 6 September 1974 and 22 S£pteit]ber 1987. Prtne l Bankers Barclai'.% Bank PIC 42 HEJI Strect Hunstanlon NorfoIk PF.36 5AQ Iv[ment Advisots BlackRock Investment Management (UK) Limited 33 Kino William Street London EC4R 9A3 Accoiii)tanls Mapu5-Smith & Lemmon LLP 48 Kintr Street King's Lynn Norfolk PE30 IHE
Hall's Exhibition Foundation The Foiiildation is an unincorpor<iled associlon and is administered by duty appointed Trustees lb0 for the yLar ended J l MJrch 20? I were as folloiis=_ E N Stanton P Norris [Chainnan] Mr E Lan&iford Mr M Wri-ht tWIce Chairn?an] Lady M Ponder AJCave l Devereux Mi N Madgyctt . M Hoivard Mr P Sbeerin The Trustees meet during the yrar lo review and n)[ut (he affdlfs of the Foundalioii. Incoming TnL8tees are £2ppoinled by a resolution of the Trustee.$ passed at aTn15tees' Tneetinv. The Trustees are respon%ible tor the governance of the charity and en%ute ihat it putsu&s the objccts for Vlhicb it was founded. Objectives aTrd activitiw ofthe charity for the publte benefit The object of the Fowidation is to alloc4ite its income lor the bLiicfil of Ihc cducation of yoiinu pcople in Snettishain between the ages ot I l and ?5. Ediicational tYraT)IS Ttiay dilso be made at the Trustces. discretion to local thcalional estsblisbments which serve Snettisham student TheTnge$ bave badregardio the Charity Commi&sion's.(Juld¢in on public beE]efit2ndhave sought to cnsurc that all activitics undcrtaken have been in line with Ihc charity'5 objectives. Achievements and perfomallte Diirinn an exceedingly difficult year livints with Covid 19. the Foundation has managed 10 support the many pupils and sthdents who Ire not been able to get their Full cducatioyj within thcir cduLational uslablishmcnls but havc bad to work from bomc. All the Sdents (Tot their full ants and the Foiindation made special allow2( nce to ciiablc the University students to get their second balf of theii gtant withoui haviii(y io et 01ClaI confirmazion from their respeetive coursc ttitors ihat Ihey bad orwill bavc complctcd tbeir thll year's coiir5e suLc£5sfully. In cellain cases, special awards were given 10 cn2blc io work from homc to purcl)ase equipment to ellablc them to follow their practical course from home. An award of £9,0(K) IYMS given to the local village Primary School to enable all 18 pupils in Year 7 10 have Iheii own petsonal laptops and inrernet conllection for home lean)ing.
Hall's Exhibition Foundation Financial Reviem., InTrestment policy and Resern'es The dched dncLEments demonstrate in financial ternls the actlvities of the eharity for the past y&?1. As can bc SC¥n the Chariiy has an exccss of income over expenses in thc Lurreni year of £3i,322 compared iyith at] CXLthS of £68.777 in the prev104L% Ye. Thcr¢ ar¢ InS in thc ycai on intMent asse ot"£J43.800 comp&red to a loss of £2iO.989 li) ?020. Thr Lharity retains slltYiLicnÉ rcseTres to mect its indirect charitsble expendits]re for a period of at least 12 months. The direct charitable expenditure is mostly mLi with Investment incotne and rent on tlie c3n%totRe quany and adjoining land. Reserves policy The TnLSteeq' policy ts twofold: all myalties received from the cxtrdclion of carrllonc al thc Foundation'5 quany are applicd to the Permanent Endowneni Capithl Fiind. because the quarrv is a w&siino asset and the Trustees wish to have established an equivalent asset wben the quarry 15 exhausted all othcr incotne is available for distribution to studLmts. In ccrtain years applications for arL not su£Yicicnt to utilisc thc iTtcome and a balancc is carried forwar(L th,hich the Trustce5 hopL will be paid out in rants in Futu yeats. -IThe TrUStS do not 1$h to haTre lartre fliictuations in the value of indii'idiol grants from year to year and therefore apprectate that there ll'ill be an undistributcd balance on theAccumulated Income Fund for a numbcr of years. In ts.me this fvnd will be utilised to compcnsate for the loss of quary income. Investment policy The Trustccs, pollcy on investtnent is a prudent approach which combines" maintenance an(L if w>ssiblc, enhancement ofthe value olinvested funds: adequate financiat return: and mtnimisin£ risk. To this end theTrUS have appoinlcd ini'eslmentVIs0 to manaoc the in%'esttnentof [LS. Funds are inve5tted in Chartnco Charishare Distribution Units. The Trustees are satisfied with the trdnsaclions of the Foundation and its fitwicial position as at J l March 20?1 &s sho tn the accompanyino accounts. Sign C"hairn]an Sigmed Tntee Dale.. Jc J4 JoJi
Hall's Exhibition Foundation Statement of financial activities Year ended 31 March 20?1 AtcwnulxtÈd Endoivment F-und FuRd Total 20?1 20?0 Incvmino resources Invcstmcnl income Bank and oilier inteiesi R1 on Carrstonc Qii?L ny and adjoiDinr land l)JaTry infill andothcrtharfres Radio Mast rent Oiher- UK powerN¢¢w()tk Oiher-M¢Cau" .herty DonaliLin 56.774 56.774 55.275 S77 12,500 35.171 25,181 16.060 5238 ?1? 40 2S,181 16.060 212 Tot81illcorniryg resoiirtt5 103.617 103.617 IIS,771 Rcsourcts expended Adminib1raior's salary AdMinlF1['S e.xpvnses Ip•1. t¢lwboDe ¢lc] Accouiitancy tCLS c$rlI% JpprovLd 1nd P411d dur2nu yL7r_- liid1IdullI Il¢%s rryaynients] Scl)oolslOr(Yiini&itiOllS Pr(plL%%ional 3.9(K> 244 648 3,840 409 630 244 63503 63.503 45.115 Total resour15 expended 68295 49.994 Net iIKon)JIig resOUrcL for yCaT bcfiire other re>EiKe Ea1,110sSc) 35022 35,)22 68.777 other recouni5ed g2in5 ILA)kY.%yfJdlliS on Iiii'r5tmtiil assets" 130518 45,8 1750,9891 Net movenient in ndS forthe year 48.604 i30.51S 379.122 1182.2121
Hall's Exhibition Foundation Balance sheet- 31 March 2021 2021 Ffftied A&stÉS Itttrestments 1.507.406 Current.1etS Banktsal&Kes Debiot 24? 676 I I.IK>3 ?Oi290 Curre¢ tAabilitie$ Cr¢ditOTS and a¢¢waL% 118,6i5) 118.6351 Net 1155ets ? ts860 1,707 128 Represented Bv: PemianLmt End0meI FttThd 1.431.43? .100,914 Aecumutated Income FutMI 644.818 606,214 ?,0862iO 1.707.128 Approved by tEEeTru5tee5 Qn....... signed OD their bthaifbv:. TTU5L¢¢ Administra
Hall's Exhibition Foundation INotes to the financial statements - 31 March 2021 Accountinv policies The Iindncial blalemLnts are prepared in accordance with applicable JCLOLinting sndal{l& dnd on the IMSIS that the charity can continue to opera:e &s a going coiicern. The Tnistees bcli¢kc this b&sis to bc appiopriatc as the Fotu)dation has sulfieient funds available to fLtLancc its operations for the foreseeable future. The financial statcmellts of the ¢l)arity. which is a public bnefIt entity under FRS 102, have been prepared tn accordance with the Chariti¢s SORP ( FRS 102) ' Accounting and Reporttn(F by Charities.. Statement of Recornmciidcd Prnctiec applieable lo charttics preparintr their accounts in accordance with the FinaTEcial Rcportin¢r Stand2Td applieable in the UK and Rcplkblic of Iieland ( FRS 102) ( effective l January 2015), Financial Reportin(y St<indard 102 . The Financial Reportino Siandaid applicable iti the UK and Republic ot Ircland" and the CharEties .4cL 2011. The financiaE statctnenls have been prcpared undei- rhe historical cost COnention wilh th¢ cxccption of Investrn}tS which are IDcluded al nthrket value. as modilied by the revaluation of eertaiti assets. iiii) Inveslment gaiDS d losses include 8ny ain or Ios5 on the sale of investments and Any oain or loss resulting from revaluing investments to market value at the end of the vear. iv) Investments quoted on a rccogniscd stock cxchangc air valued at market value at the ycar end. All income is recooni.sed in the staent of Financial Activitics once the charity knas entitleD]ellt to the funds; it is pmbable that the income ivill be received and the amount can be measured Teliably. vi) Liabilities are recognised as expenditure as soon as thcrc is a I¢] or constructiN'c obliqalion committii)g the cliarity 10 that exi)enditure. it Is probable that a transfer of economic benefits 14.ill bc iequited io settlement and the amount of the obl(gation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified ulldcE headings that aggtcgatc all cost relatcd to the category.
Investments Book Yalue l April ?020 Purchases Book valve Marktl i'alue Markct N'Jlue Ch*noe 31 hlarth 2021 31 March 2021 31 rch 2020 in ?car PerniTrnent Endowment Cb)riiico Charishare 49,140 1.686,533 -i0.349 11 ?09) 1.3i4,806 3J1.727 628215 330.518 JnromeA¢cumulations Chariiico 40.) 30.0(MI 40.(KM) 30,(KIO 43,719 (1.050) 72.R63 7iO.897 750.897 1.851206 1507,406 343,8( Previo% yeaT 750.897 750,897 1.507,406 1.758.i95 (250.9891 The book vdlue of invcstmcnts at ) l March 2021 rqjresents thc TnaTkct valuc as at Mawh 1985 witli subsequent additions at cost. In addition to the above fiAed asset investments, the Foundation owns tbe Snettisbam ca$tlle Qu<1lry 1nd the surrounding land which arose from the benefactors donation many years aoo. It is not possible to place a tnarkct value on thc quarry as Ihc Trustccs have no intention of di5POSLllts of Èl an(l. in <1ny Casc, disposal would rcquire Charity Cotnmission approval. In view of this, and the unusual natiC ol- the asse4 a fom]al valuation is not Considered pra¢tical or Tneaningful. CoiL%equently the qu1ry is not shown in the balance sheet_ Permanent Endowment Fund 2021 ?020 BalanLc broughi Forward 1.100914 1.34I,8S? Excess fur year (LO&¢SYGOinS on invcstrncnt as5cIs 330.518 {240.9681 Bnlxnceearried fonvard 1,431.432 I,IIKb,914 Accumulated Income Fund Ba]ancebrought forward 6(kn.?14 Nci movetnent funds forthe YLW Balance cthrrled forward 651,818
Hall's Exhibition Foundation Independent examiners, report ITe report on the accounts of the Ttust for the ycar elided 31 March 2021 which are set out on pageb 3to6. Re.YpecÉike respoJi.¥ibilitie.% ofin1.t1e aiid£iuminer The charity's tftist¢es arL responsibl¢ for thc preparation of the acco[Jr. The chaiily's ttuslccs conqidei. Ihat an audit is nnt required forihis yeaF (under section 144(2) ofthe Charities Act 2011 (Ihe 2011 Act). and that an indepcndcut cxatDiDation is needeiL It is our rcsponsibilkly to: examine tlie accounts (under seclion 14) of the ?01 l ACL to follow the procedures laid dollm in the Genml Directions given by ihe Charity CotXllnissioneTS (under section 145(5)(b) olthe 201 l ACL and to state ivhether particular marters have c¢xnc to our attention. BuFi.s oJ"indcpcnclenl exaniineis'Tepoit My examination was carried out in accordance with the General Dircctions given by tIiL Charity Coinmi5sioners. An examination includes a re*iew of the 8c¢ourttin records kept by the charity and a comparison of the accounls presented with those recor(Ls. It atso includes coi)sideralion of any unusual items or disclosurcs in the accounLs. and the seekints of explanations from you as tNslees conccrlling any such MattS. The pr4)cedurc5 undertaken do rrf)t provide all the evidence tbal woutd be required in an audit consequent]y. we do not exprLss an audit opinion on the view given by tlie accouDts. Independent erLmtners'slaicinent In connection with our examination. no ntter has come lo our aitention-. (i) whiLh gives us ieasonable cause to believe thaL tn any material respect, the trustecs have not met the requirements to ensure thaL" Proper accounting records are kept (in accordance with s41 of the Act); and accounts are prepared wbiLh agree with the accounting records and to comply with ihe accolinting reqiiiremcDt5 of the Act- or to whiclu itk Olir opinion. attention sliould be dtawll in order to enable a proper nderst2nding of the accounts to be reached. {2) Jwhdlj I L4f J W I-lall F A FCCA Mgpiis-smith & Lemmon LLP Chai'lered Accountants 48 King Strecl King s Lynn NoTfolk PE30 IHE
Hallys Exhibition Foundation Snettisham (Registered Charity No.325128) Annual Report 1st April 2020 -31st March 2021 www.hallsfoundation.co.uk
Halls Foundation Introduction to Annual Report. 31st March 2021 This Annual report gives a summary of the Foundations activities during the year ending 31st March 2021 The income of the Foundatio wbich is distributed each year in grants. is derived from returns on the Foundations considerable inveslrnents, rent for the quarry, the processing and recycling of other materials on the site and the rent received from the tel¢cottunllrrication mast. The 10 Tne are responsible for managing the Foundation's &ssets and for allocating the income for the benefit of the education of young people from the ages of I l up to 25. They are always concerned to ensure that atl young people who have lived in the village for a minimum of one tear. and who qualify. should receive help from the Foundation. This year the Foundation w&s pleased to allocate a grant of £9.000 to Snettisham Primary School to provide 18 laptop computers to enable all Year 6 children to access school work from home during the OVID 19 lock down peiio(L If you know of someone who may qualify. but who has not yel applie please contact the A(hninistrator, Chris HolL or any of the Trustees. Their names and addresses are given in this Teport. Paul NorrAS (Chainnan)
List of Governors 2020/2021 Chairman Mr P. Norris Long Cottage, Shernbome, Kings LyDn PE316RZ Vice Chairman Mr M. Wrighl 6 Goosander Close, Snettisham, Kings LYI PE317R Governors Mr N Madgiett 6 Norton Hill. Sn¢ttisham. Kings Lynn PE317LZ Mr l. Dev¢r¢ux l Little Acre, Manor Lane, Snetti5 K LyDn PE317NH Mr A. Cave 49. The Birches, South WOotto Kings Lynn PE30 3JG Mr M Howard Manor Lane, snettiSha Kings LY[ PE317NH Mr E Langford Lancaster Lodge, Lancaster Place, Snettisham. PE31 TNL Mrs M Ponder Sutton Fields, Bircham R(L Snettisham Kings Lynn PE317NF Mr P. Sheeri 17 Sh¢rnborne Rd DersiDgbaDL Kings Lynn PE316HZ Mr E. Stanton I Park Farn) Bams, Snettisham, Kings Lynn PE317NQ Administrator C. J. Holt 4 Bewick Close Snettisham Kings Lynn PE317PJ T¢1 . 01485 541534 Email mail @chrisholtphotographic.co.uk
GRANT LEVELS FOR 2020 12021 Each yeaT the individual grants are re-assessed in view of the income of the Foundation and the anticipated number of students applying for grdnts. In future all students attending Further Education courses will deemed independent of parental support and will eligible for the filll grant. This grant will be awarded in two stsges. Half will be awarded at the start of theit y&2[ and the second half, on the success1 completion of their academic year in June. The grant levels for 2020 12021 were set &s follows: _ Students moving from Primary. to Secondary Education £350 Students of16 + Higher Education £500 (Including Apprenticeships/ Training Courses) Universi Students Further Education Ist12 /3 14 15thYearstudents (Two £1 000 payments) £2000 Post Graduate students £IOOO single payment Grant fonns are downloadable from our website www.hallsfoundation.co.uk
Guidelines for Pros ective A licants The Hall's Exhibition Foundation is a charity whose aim is to benefit educationally young people between the age of 11+ and 25 resident in the village of Snettisham. Applications are invited from students aged 11 years and under the age of 25 years who have been resident in Snettisham for at least one year. For the purposes of calculating the upper age of university students their age will be taken as of 1st September in the year of their course. The Foundation's income is available eath year for the provision of qualifying grants, the level of which are reviewed each year by the Foundation Govemors to take into account the actual level of income being generated along with the number of applications being received. sin grants are reviewed on an annual basis, they can increase or decrease, and the figures shown below represent the present level of grant applicable to the cuThent academic year. The Foundation gives priority to individual applicants. but should money be available having satisfied the demands of all individual applicants, then grant requests can be considered from those local organisations which exist for the benefrt l education of such young people collectively Individual grants can be made as follovts for the academic year 2020r21: All grants have been increased this year. (a) To young people of 11 + moving on to secondary education. (b) Young people of 16+ staying on at school to take A Levels or to attend equivalent Higher education Courses or APprentiShips. A grant is available for each of the anticipated 2 years. {£500 pei year) (£350) (c) Studenls of 18+ attending a Universty or an equNalent educational course. Each student will be awarded £2CK)O per year providing they meet the criteria set out by the Foundation. This payment will be awarded in two separate grants of £1000. £1000 will be awarded at the commencement of each year and a further £1000 in the final term of that year. provided they complete and retum the fortn, signed by the college to say they have completed that year. Grants are awarded to assist students in their higher secondary and higher educatlon courses. They are in addition to any local authority or state entitlemenL Grants are not linked in any way to any national or local government education authority policy. It is up to the individual 5tudenl with input from parent I guardian as appropriate, to decide just how the money is spent be it on books, materials. uniform I dress. travel costs or. in the case of university students. accommodation costs. Grants must be returned if any year of the course is not completed. cific Items
No additional grants will be made for word processors, computers, textbooks, normal travelling expenses of work experience costs. Grants for educational courses or visits will be considered providing the appropriate application fonn is completed to the satisfaction of the Trustees and copies of any substantiating details are enclosed. All grant applications will be vetted on individual merit. by the Governors. Subject to availability of funds. an addttional grant may be considered. in exceptional Circumstan$, from qualifying students. If you feel you have a request of merit that you think could be considered, then please check with the Administrator. Copies of all application fomis are obtainable from the Administrator or can be downloaded from this website. If you have a query on any aspect of the above then please seek clarification, preferably in wrtting, from the Foundation's Administrator, Mr C.Holt. 4 Bewick Close, Snettisham. Kings Lynn. PE317PJ
Grants Awarded During 2020/2021 Pupils moving from Primary to Secondary at 11+112 + 18 Grants of £350 were made. Total= £4,000 Students undertaking 6th FonY• IHigher Education Courses at 16+ 34 Grants of £500. Total-£7.000 Students undertaking UniversitylFurther Education Courses Grants of up to £2000 were awarded to a total of 25 students. Total = £33.800 Other Grants School Presentation Awards = £65.00 Snettisham Primary School for Computers for Year 6 - £9,000 ludividual Grant- £lOOO Total Grants Awarded= £44,115.00
Election of Officers At the Annual Meeting of the Trustees. Mr. Paul Norris and Mr. Marcus Wright were elected Chairtnan and Vice Chairman, respectively. Administrator Mr. C. J. Holt 4 Bewick Close Snettisham Kings Lynn PE317PJ Snettisham Quarry The Snettisham Quarry is now being used by Mick George Aggregates (formerly Frimstone) to extract Carrstone from the adjoining Ken Hill Estate and for the storage and resale of building aggregates and recycled materials. The Radio Mast is still in use on our reinstated Quarry land. Hall's Exhibition Foundation Website For detailed information, history, and all applications forms please log onto w.hallsfoundation.co.uk