Hall's Exhibition Foundation Financial Statements Year ended 31 March 2022
Hall's Exhibition Foundation Financial Statements Year ended 31 March 2022 INDEX Paue Nos Ttustees, Report Statement of Financial Activities BalanLC Shcet Notes to the Balance Sheet Examiners report
Hall's Exhibition Foundation Charity Reoistration Tr*umber: 325128 Correspondence Address: 4 Bewick Close. Snettisham, Kino's Lyn PE317PJ Administrator: CJHolt The Trustees have pleasure in presenting their Trustees, Report 2nd the financial statements of the chatily For the year ended 31 March 20?2. Statement of trustees, rtsponsibililie5 Charity law requires the Trllstees lo prcpare accounts which give a true and fair view of the charity and of ils income and expenditurL for the tuwicial yeat. In doing so the Tnte¢S are required to.'- Select suitable accounting policies aud apply thetD consisiendy. Make judgements and estimates that are reasonable and prudenL State whether applicable accounting standards have been followe¢ subject to any material depll[L"S discloscd and explajncd in diL financial statements" and PrePe the financial statemcnts on thc goin(T concem basis unlcss it is inappropriate to piesume that the charity ill continue in operdtion. The Ttuslees are responsible for tnaintaiiiing proper accounting records" which disclose with reasonable accuracy al any lime the financial position of the charity and which enable thcm to cnsure that the accounts con]ply with the Char]ties Act 2011. They are also resw)nsible for safeguarding thc assets of the charity and hence for tsking reasonable steps for thc prcN'ention and deteciion of fraud nd other irregularitie5. gal status & organisation The Foundaiioii is a registeied ctkarity {Charity NTutnber 325128). The tsovcrning documents. of the Foundation are the Schemes of the Charity COMMII0nC dated 2 June 1915, 6 Septcmber 1974 and 22 September 1987. Prttlci al Bankers Barcl<iyS Bank PIC 42 High Street Hunstanlon Norfolk PEJ6 5AQ Investmenl Advisors BlackRock Invcsttnent Management (UK) Limited 33 King William Street London EC4R 9A3 Accountants Mapus-smith & Lemmon LLP 48 Ktng Strect King's Lynn Norfolk PE30 IHE
Hall's Exhibition Foundation The Foundation is an unincorporated assoeiaiion and is adtninistered by duly appointed Trustees who tor thc yeat endcd 31 March 2022 wete as followE:_ E N Stanton P Norris [Chairman] Mr E Lan.(Tford Mr M Ivrighi [Wice Chaimian] Lady M Ponder AJCave l Deverellx Mr N Mad(Fett Mr M Howard Mr P Sheerin The TrLiStees rneel during the year to review and managc tbc affaiJs of Ihe Foundation. Incoming Trustees are appointed by a iesolulion of the Trusiees passed at a Trustecs. meeting. Tlie Trustees are rcspon5ible for the govetnance of the charity and ensure that it Putsues the objects for which it was founde(L Objeetives and activities of the eharitv for the public benefit The objcct of the Foundation is lo allocate is iiiconie for tl)e benefit of the education of young people in Snettisham bctween tbc ages of I l and 25. EducatÈODal grants may also be made at the Trnstccs, discretion to lo¢al educational establishments which serve Snettisham students. The Truslees Iiave had rewd to the CEwity Commission's guidance on public benefit and have soughi to ensure that all activities undertaken have been in line with the charity's objectives. Achiei'ements and performanee Following an exceedingly difficuli Iwu years livinu wilh Covid 19, the Foundation has Lontiniied to support many pupils and sthdents who had not been able to get in full, their eduLation opportunities within Iheir educational establislllncnls bu¢ instead were having lo work froiii home. During Ihat time, it was evident that not all students on Further and Higher education courses were benefitling from opportunities that would have norn]allJ had been accessible to them and some found il difficult to progress on their chosen coutSCS. This year saw the easing of Covid 19 reslrictions. the return to the classroom, and the chance to rctwn to norn]ality. This resulted in a growth in confidence. with students who had struggled to cope, now takit]g up the opportunities to continue with Ihcir educalional aspirations. This has resulted in a groiyth of students applying for grants. This year saw ihe highest number of divards in both tlie numbers attendtng UniTrersities and those at 16+ studying A Levels and those going to work bascd training courses and apprenticeships. The Foundation has bccn fully involved with the support of the children ol the village kTh Iliese difficiilt times and is determincd that thÈs support will continue into the fi]thre. cspccially with the ever-lncreasing problcms facing families today.
Hall's Exhibition Foundation FinanLial RevieiTr, Investment policy and Reserve5 Thc attached documents demonstratc in fmancial temis the actiNities of tlic charity foi" the past year. As can be seen the Charity has an excess of income 0er expenses in the current year of £23,326 COiTtpared with an exccss of £35,322 in the previous year. There are oaiiis in the year on invcsttnent assets of £128,058 compared io a gain of £343,800 2021. The charity r¢tains sulFicient reserves to mect its LdireCt chari(able expenditure for a period of at least 12 months. Thc direct charitable expenditure is mostly met with Investment iiicome and rent on tlic carrstone quarry and adjoioing laD(L Reserves policy The Trustees, policy is twofold:_ all Toyalti&s received from the extraction of carrstone at the Foundation's quaTry are applied to the Pemianent Endowment Capitsl Fun(L because the quarry is a wasting asset and the Trustees wish to have cslablishcd an equivalent asset when the is exhausted all other income is availabl¢ for distribution lo students. In certaill years applications for grants al'e noi sufficient to Litilise the income and a balance is carried fonvarl whlch the Trnslees hope vill be paid oui in giants fftn future years. The Tnl¢eS do not wish to have lartre fluctuations in the value of Illdividil grants from year to year and therefore appreciate that there will be an undistslbuled batance on theAccllmulaLed Income Fund for a number of yeats. In time this fiu)d will be utili5 to compensate for the loss of quarry income. Investment poliry The Trustees, policy on investmenl is a prudent approach which combines. maintenaace all if EN)&sible. enhaucement of the vaiuc of invLstcd funds" adequate financial retutn: and mitLittEising risk. To this end the Tn]steeq have appointcd investhenl advisors lo manaoe the inveslrnent of fvnds. Funds are ittvested in Charinco and Charishare Distyibution Untts. The Trustees are satisfied with the trdn5aLtions of the Foundation and its fULCIat position as at 31 March 20?2 as shown in the accompanying accounts. Signed Chairman Signed Trustee Date..
Hall's Exhibition Foundation Statement of financial activities Year ended 31 March 2022 Notes Atcllmulated EnOletIt FUR Fund Totxl 2022 2021 Intoming resollr¢ts Tnveskntnl income Bank and othcr inlcresi Rent on Carrstone Quarry atjd adjoining land Quarry infill and othrrcharges Radio Mast rLnt OihLr- LTK power Nemiork Other- Mccaugherty DorlI0D 58.665 40 2).181 9,151 5,0(M) 58.665 40 25.181 9,351 i,000 56,774 25.181 16,060 5.2i8 212 40 Total incoming Tesource$ 98.?j7 98,237 103,617 Resources ¢xpellded Admilli%tr2tor's salary Adniinistralor's expenses tpost. ieltphone etcl Accolltktall¢y fees Granis approved and ld during year_- Indii'iduals Iless repaymentsl SchoolOrganiSatIOns Professional fees 3,900 286 700 3,900 244 648 ?86 700 70.095 63,503 Total resourccs expended 74.911 74,911 68.295 Net incotning r¢soutres for year before other rceognifed gain/(Iow5) 23.326 23J26 35 J22 Other re¢otsntscd nains Gains on investmeni assets 139) 125.665 128.Oi8 34i,800 Net movernenl in funds for the year 3and4 ?).719 1 ?5,665 151,384 379,122
Hall's Exhibition Foundation Balance sheet- 31 March 2022 Notes 2022 2021 Fixed Assets Investmenrs 1.979.264 ,851.206 Current Assets Bank balances Debtors 266,(X)2 I l.(K13 242,676 11,003 CurreRt Liabfilitie5 CrEditOis alld ac¢nJals {18.635) (18.635) i etA$5Ct5 2.237.634 2.086.250 Reprcsented By- P¥mianeni Endowrneni Fur 1,557.097 1,431,432 Ac£umLtlatcd Inconje Fwbd 680.537 654,È18 ? ?37.6j4 2,086 ?50 Approved by the Tru$tec5 on . .and sE*7ned their behalf by:_ Chainnan L.L.kL Trustee Adtninistra
Hall's Exhibition Foundation Notes to the financial statements- 31 March 2022 Accounting policies The funCIal statements are prepared in accordancc with applicable accounting standards and on the basis that thc charity can continue w operate as a going concern. The TTUStees believe this basis to be appropriate as the Foundation has Su1Clent fidS available to fin<Ce ils operations for the foreseeable fUre. The financial stalcments of the charity. which is a public benefit entity under FRS 102. have been prepared in accordance with the Chdrities SORP ( FRS 102) ' Accounting and Reportina by Charities.. Statcmcnt ofReconimend¢d Praciice applieable to Ch-it]e.£ preparing their accounts in accordance wilh the Financial Reportin(J Standard applicable in the UK and Republic of Ireland ( FRS 102) ( effective l January 2015), Financial Reporting Siandard 102 ' The Financial Reporting Standard applicable in the UK and Republic of Ireland" and thc Chaiilies Act 201 l. The financial statements have bee prepared under the historical cost convention with Ihe exception of investments which are included at market value, as modified by the revxluation of cerlain asse. illl Illvestment gains and losscs elde ally gain ot loss on the sale of investments and any gain or loss resulting from revaluin<w investments ro markei value the end of tlie year. iv InvestmenL8 quoted on a recognised stock exchange ate valued al market value at Ihc year eijd. All income is recognised in the Staielnent of Financial Activities once the charity has entitlement to the funds- it is probable that the income will be received and the amount be measured reliably. vi) Liabilities are recognised as expenditure as s &8 there is a legal or e4)nstructive obljualion committing the charity to that expenditure, il is probable that a tiansfer of economic benefits will be reqllired in 5ettlemcnt and the amount of the obligation can be measured reliably. Expenditure is accounted for on an aLcruals basis dnd has bLLn classified under headings that aggregaie all cost related to the category.
Investments Book valuc l April 20? I Purchase5 Book M4rkct value -%larket value 31 Flrch 2029 31 f4ftsrch ?02? 31 Mi arch 2021 in J'ear PermAnent Endowment Charin¢o CharIshare 52,682 628.21 i 628.215 49.140 13,6781 1,686.%33 129,343 1.815.876 125,665 Incume Atetsjnulations CharTnco CharishaTC 39.475 78,451 30.0(K) 42,670 72,863 30.000 13,19)) 5,i8S 750,897 750,897 1.979.?64 1,851)06 128,058 Prtvious year 750,897 750.897 1.851,206 1,507,406 343,800 The book value of inTrcstments at 31 March 2022 Tepresents the market value as at March 1985 with subsequent additions at cost. In addition to the above fjxed assei investh]cnts, Ihc Foundation owns Ihe Snettisham Canstone Quarry and the surrounding land h]ch arose from the benefaciors donation many yeai-s ago. It is not sSIble lo place a mrtct value on the quarry as the TnteeS have no intelltLOD of disposing of it and, in any case: disposal 'OUld requiie Charity Cominission approkal. In view of this, and the unusual nature of the &&8¢1, a fomial valuation is not considcred practical or meaningful. Consequently the quarry is not shown in the balance sheet. Permanent Endoivment Fund 2022 20?1 Ilalance brought fonvard 1,4i1,432 1,100,914 Gains on invesÉmenl asscts 125.66) 330,518 Balance cttrried forward 1,557.097 1,431,432 AccumuIated Income Fund Balance brought fotward 654,818 Net movemcnt in funds for the y& 25,719 Balance c2rried forward 680.537
Hall's Exhibition Foundation Independent examiners, report We report on the accounts of the Tnt for the year ended 31 March 2022 which are set out on pages 3106. Respective wponsibilili£s oflnLYleaF onderaminer The cliarity's Iruslees ale responsible for the preparation of die accounts. The chatity's trnstees consider that arA audit is noi required for this year (under section IL14(2) of the Charities Act 2011 (the 2011 Act), and that an indLpcndent examination is nccdcd. It is our responsibility lo= examine the 2ecounts (under section 145 of the 2011 Act, to folloiv the procedures laid down in the Gcneral Directions given by the Charity Commissioner.q (undcr section 145(i)(b) of thc 2011 ACL and to state whether particular mailers have come to our attention. B&sis ofiiidepeiid¥iiC araniiners reporl My examination was Caled out in accordallcc with thc General Dircclions given by the Charity Commissioners. An cxamination includes a review of the accounting records kept by the cliarity and a compatison of the accounts presented with tliobe re£4)rds. Et also includes consideration ot any unusual ilem.% or disclosures in Ihe accounts, the seekinu of explanaiions from you as trustees Collcernillg any such marErs. The procedures Ldertak¢ll do Dot provlde ail the evidence Ihal would be required in audit an( consequently. we do not express an audit opinion on the view &Jiven by the accouncs. Independen£ examiners'stolement In conn¢¢tion with our examination, no matter has come to our attenlion- (i) which gives us reasonable cause to believe thal in any material respect, the itusteeg have not Tnel the requirtmenls lo ensure that.. proper accounltng records are kept (in accordance with s41 of thc Acl)- and accounts are prepared which a.oree with thc accounting records and to comply 'ith thc accounting requirements of the Aci- 01 to w'hich, in our opinion, attention should be drawn in order to enable a proper understanding of thc dccounts lo bc Icached. {2) Jluttdu I, Inw thL kn,, JWHallFCAF Mapus-smith & Lemmon LLP Chartered Accout]tanTs 48 King Street King's Lynn Norfolk PE30 IHE
Hall's Exhibition Foundation Snettisham (Registered Charity No.325128) www.hallsfoundation.co.uk ANNUAL REPORT 2022 st st l April 2021- 31 March 2022
th Hall's Foundation Chairman's Annual Report 15 July 2022 We have seen during the course of this year a move towards a more normal way of life following two year's of COVED restrirtions. This has been echoed in the work of our charity. Our final Zoom meeting was held on Tuesday 29th June 2021. 1. for one. wa5 pleased to see the end of those meetings. It was with some relief that we held the Annual Meeting at Snettisham Sailing Club in July 2021. We were fortunate to be able to hold our autumn, winter and spring meetings at the new venue of Park Farm Visitors Centre. Our thanks go to Trevor for his kindness. In November 2021 a presentation was made to the Trustees on behalf of the Village Playing Field Committee asking for assistance in the form of a Pledged Donation towards the urgent refurbishment of the Village Cricket Pavilion The Trustees were encouraged by what they saw as an enhancement to the quality of provision for the educational and physical well being of the young people of the village. The Trustees felt that they would be able to SLlPPOrt the project once the Charitable and legal basis of the receiving body was properly incorporated and secure. The Trustees felt that 3 pledge of £50,000 could be made once our conditions were met. We have secured a payment of £15,00 from Bespoke Norfolk for a temporary access road cross Halls Foundation Land at the quarry In March. our long serving Administrator Chris Holt announced that he would be retiring from the post of Administrator before the end of of 2022123 Financial year. Chris has offered to support the new Administrator from whatever date an appointment was made. Chris has worked conscientiously and tirelessly for the benefit of so many young students residing within the parish of for 21years.Snettisham. We owe Chris a great debt of honour in the work he has performed on behalf of the Halls Foundation. It has been a great privilege to work alongside such a dedicated administrator. I thank all Trustees in their work this year in evaluating our priorities and ensuring the Halls Foundation remain s true to it's aims in working towaids helping young pupils and students of Snettisham reach their potential Paul Norris
List of Governoi-s 2021/2022 Chairman Mr P. Norris Long Cottage, Shernborne. Kings Lynn PEJ16RZ Viee Chairman Mr M. Wright 6 Goosander Closc, Sncttish¢un, Kinos Lynn PEJ17RF Governors Mr N Madgett 6 Norton Hill, Snettisham, Killgs Lynn l)E317LZ Mr I. Devereux Lkttle Acrc, Manor lanc, Sn¢ttisham: K Lynn PE317NH Mr A. Cave 49, The Birches, South Wootton, kings Lynn PE30 3JG Mr M Howard Manor Lane: Sneltish4un, Kings Lynn PE317NH Mr E Langford Lancaster Lodge: Lancaster Place, Snettisw PE317NL Mrs M Ponder Sutton Fields, Bircham Rd. SnettIShll Kings Li'nn PE317NF Mr P. SheeTin 17 ShetnEK)rne Rd Dersingham, Kings L} nn PF.3161.17. Mr E. Stanton Park Farni Barns, Snettishani, Kings Lynn PE317NQ Administrator C. J. Holt 4 Bewick Close Sn¢ttisham Kings Lynn PE317PJ Tel . 01485 541)34 Email: mail rnthchrisholtpholographic.co.uk
Grant Guide Lines forPros ective A licants The Hall's Exhtbition Foundation is a charity whose aim is to benefjt educationally. young people between the ages of I lyears up lo 25y&ars. at the start of their respective COUTses, who have been resident in the village of Snettisham for at least one year. For the purposes of calculating the upper age of university students, tILeir age will be taken as of I" SepteM1r in th¢ year of their COU¢. The Foundations income is available each year for the provision of qualifying grants" the levels of each are reviewed and confumed ea¢EL year by tbe Governors at their Annual Meeting in July.. These grdnt levels may vary each year depending on incotne levels and the number of applications received The FoundatioTh gives priority to individual applicants listed below, but should money be available, having satisfied the demands of all individual applicants, then grants requests can be considered froTn those local organisations and bodies which exist for the benefit / education of such youtLg people. Individual grants for ?02112022 were set as follows.. _ To young peoplg moving on to Secondary education at 11+years £350 To young people of 16+ years moving on to further education courses to take A Levels or other trdining etsurseslApprenticeships. £500 per year for gach year of thal course. students at 18+ years moving on to higher education courses at University or colleges on full lÈme recognised degree courses. £2000 per year for each year. Grants are awarded lo assisl these young people in their Secondary, Further and Higher educatson course. It is up to individual students. wtth input from parenguardianS as appropriate, to decide how the grant is spent. be it on bcx)ks. materials. unift)tm, travel, or accommodation. Specific Items (i) No additional grants will be awarded for word processors. computers or normal trdvelling exp¢nses. Grants will not be awarded for'end of yeai" (li) activities or for expense5 incurred during work experience. Musical Instruments. Grants will be considered io students 18yeaTS and over, following a recognised course of study OT other fomi of Ml¢al scholarship acceptable to the Trustees. A grant may be made up to half the cosl of the instruvnent (up to a maximum of £500) plus an interest frcc loan for th¢ other half (also up to £500) {iii) Travel Abroad Additional grants, up to half the costs, may be consided for Sdents having to travel abroad as part of their studies. All grant applications will be vetted by the CoverDors, based on individual merit. Subject to the availability of funds, additional grants may be consideTed, in exceptional circumstances. from qualifying students( e.g Educational School Trips). If you feel you have a request oltnerii that could be considered then please check with the Administrator. If you have a query on any &sp¢ct of the abov¢ then please seek clarification, preferably in writing from the Foundation's Administrator Mr C.Holt 4 Bewick Close, Snettisbam PE317PJ Tel. 01485 541534
Grant Levels for 2021/22 Each year the individual grants are re-assessed in view of the income of the Foundation and the anticipated number of students applying for grants In future all students attending Higher Education courses will be deemed independent of parental support and will be eligible for the full grant. This grant will be awarded in two stages. Half will be awarded at the start of their academic year and the second half. on the satisfactory completion of their academic year. The grant levels for 202112022 were set at the Foundation's Annual Meeting as follows: Students movin from Prima Education at Il+ to Secondary Education £350.00 Students at 16+ movin on to Further Education £500.00 for each year of their course (This also includes students on Apprenticeships and Training Courses). Students at 18+ movin from Further Education to Hi her Education 5t th 1 2. ,3, . 4thand 5 Year Students £2000 (£IOOO at the start of their educational year and another£lOOO on completion of that year) Post Graduate Students £IOOO single payment Grants forms can be downloaded from our website www.hallsfoundation.co.uk
Election of Officers At the Annual Meeting of the Trustees, Mr. Paul Norris and Mr. Marcus Wright were elected Chairman 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 www.hallsfoundation.co.uk