Hall's Exhibition Foundation Financial Statements Year ended 31 March 2023
Hall's Exhibition Foundation Financial Statements Year ended 31 March 2023 INDEX .Page Nos TrustCLS' RLPOrt Stdicincnl ul" Financial ALlivitiLs BalanLe Sheel Notes to the Balltnce ShLet Examincrs report
Hall's Exhibition Foundation Charity Registration Number: 325128 Correspondence Address: 8 Railway Road, Downham Marke( Norfolk, PE38 9EB Administrator: H J Wheal The Trustses have plcasure in pi'escnting their Trustees, Report and the finanLial statements of the charity for the year ended 31 March 202.3. Statement ot trustees, responsibilities Charily law rcqliircs tlie TrLi8lee8 lo pi'cparc accouiils whicli give a tnic and fair view ot. the ch2( rity and ol" its iiiLoine aiid expeiidilurc l.or the liniL.11 year. In doing so ihe 'l'ruslees are rcquired lo:. Select suitablc aLLounting poliLies and apply them con.8iStcntly; Make judgements and estimatc.q ihat are re&8onable and prudent; Staic whLthLr applicable (ILcounllng sL4ndard8 havL bccn f()Ilowcd, subjLLt to any matLrial dep(lrturLs disLlo%ed and expl(iined in the financial stdtemcnts; and Prepare thc finanLial statcmcnts on the going conccrn blS unless it is inappropriate to prL511lliL ilicii iIiL Lharity will LonlinuL in opLr¢l(iuii. ThL TrustLL% (ire rLbpon4iblL for maiiitaiiiing propcr (Luunting records whiLh ditsclosL with re&%on4ible accuracy (It any tiiiie the fiiiaiicial p()%ition ot'the chai'ity and which eii<2ble tlicm to en%urc th<it the accounts comply with the charitie.s Act 2011. They are also responb'Able t'or .safe&yuarding the a88ets of the charity and hLnce for takingi rcasonable %tep8 f()r thL prevention and dLteLtion of fraud and other irrcgularitieb, Legal status & organisation The FoLmd1¢ tion is a regi.qlered charity (Charity Nuniber _325128). The governing documcnts of thc Foiiiid<ltiOll (IrL the SLhemL.% of thc Ch<irity Commi&%iunLDi datLd 2 JunL I)( 15, 6 SLytember 1974 and 22 SLptember 1987. Princi al Bankers BarLlay% Bank PIC 42 High Street HLLnsLuiton Norfolk PE36 5AQ Investmeni Advisors BlackRock Invesimcnt Management (UK) Limited 33 Kingi Wllliam Street London EC4R 9A3 Accountants Mapu.s-Smith & Lemmon LLP 48 King Street King's Lynn Norfolk PE30 IHE
Hall's Exhibition Foundation
The Foundation is an unincorporated association and is administered by duly appointed Trustees who
for the year ended 31 March 2023 were as follows:_
E N Stanton
P Norris [Chainnan]
Mr E Langford
Mr M Wrig¥ht tvice Chairn]an]
Lady M PoLthr
AJCave
l Devereux
Mr N Madgett
Mr M Howdrd
Mr P Sheerin
The Trusiecs meet duringy ihe yeiW io review and mdnagc the afrTairs of Lhe Foundaiion. InLoming
Trustcc% arc appoinled by ci resolulioii of the Tru%Lce% pa%%ed at a Tru.qtees' mccting. Thc TrtistCC8
re.spon%ible t.or the govcrnance of the charity and ensure thtit it pursues thc objects for which it W¢lS
founded.
Objectives and aL'tivitics of the charity for the public bL'llL,fit
TIIL objLLt ofiliL Foiiiid<ilii)n 1% to (illocatL its inLomL lor thL' ben¢fit of the cduLcltion of young people
in Snettisham betwcen the age% ot" I l and 25. Educational grants may also be made at thc Trusiccs,
disLrcti()n to lucal cduLalional Lstablishmcnls which %erve 8nclti%hain 8tLiclent8.
The TiustLis hiive li¢id rLglill'd to iliL Chdi'ily Cvminissi()11's giuidJiicc ()n publiL bLnefit and have soughi
lo cii.4urc ihat all a¥tivities undertskcn h<ive bccn in linc with ihL ch(lly'S objeclivcs.
Achievemcnts and pcrformance
AftLr two Yea of C,ovid 19-rL'l<ltcd rc%lrictions thc Foiindation has cnj()ycd a comparatively
nornial year. There was a sin¢111 inLrea8e in the number of students going to Ulliversity alld (Ilso
thosc at 16-1. sludying7 lor A l¢vLls, w()rk-basLd traiiiingT coursLs and apprcnliLcships.
Thc Id'ound<ltioii h<lS bcen lully iiivolvcd with %Lipporliiigv Ilie childrcn in thL vill(tgVL
Hall's Exhibition Foundation
Financial Revieiv, Investment policy and Reserves
The attached documents demonstrate in financial temis the activities of thc charity for the past ye¢.
As C<UI bc scLn the Charity has an exLess of incomL over cxpenbes in thc currenl year 01" £44,169
comparcd with an cxce%s of £23,326 in the previou&* year. There <WC1088cs in the year on invLstsncnt
assets of £31,638 coinpared with a gain ot"£128,058 in 2022.
The charity retains sufficient reserves to meet its indircct charitablc expenditure for a period of at least
12 moiitli4. ThL dirLLt charitable expenditurL is mo&ytly met with InvcstmLnt Iiicome and rL"nt on th
carrsione quany and adjoining lid.
Reserves policy
ThL Trustccs, policy is twofold:_
all royaliics rcLLivLd troin ihL L'XtrLILlion ol" carr%tonL ai ihc foun(l(ilion'% quarry (IrL' applicd Lu
the Pennanent Endowment Capital Fund, because ihe quarry is a wasting asset and the Trustees
Wi8h t() havc c%l(ibli%liLd dn Cquiviilcnt a8sct whcn Ihc quiirry 1% cxh(iU%tcd
all ()IhL'r inLI)mc is availablL lor distribiition lo studLnls. In Lcrtain yL<irs uppliLations for grll
are nol 4ufficiciil lo ulilisL tlic iiicome aiid a balanLL 14 LarriLd lorw¢ird, whiLh ihL Tru%tLL% hopL
will bL paid out in grdnis. iii lulure ycars. The I ru%lccs do not wi,sli lo have Idrgc Ilucluations in
Ihe valuc of individual Lyrdnts Irom year ti) ycar and ihcrct.ore apprcLiate thal tlierc will bL ¢in
undistributcd balantie on the Accumulated Income F und for a number of years. In time this fund
will bL iitiliscd to Lompciis1£ tc t'or thc loss of quiirry inLomc.
I nvestment policy
The Truslees, poliLy on iiive,%tmciit is a prudenl approaLlI which combine%:
miiintcnanLL and., if possiblc, enhanLeincnt ol, the valuc of invesled funds.
adL'qLialL l iiiancial rclurn.
Hall's Exhibition Foundation Statement of fjnancial activities Year ended 31 March 2023 Notes Accumulated Endowment Fund Fund Total 2023 2022 Incomin2 resources Inve8tmLnt incom¢ kjiiiik dn(I Iiih¥r inlLrest Rcni on Carrsione Quury and adjoining land Qu<in'y infill ¢inil oiher ¢h4ioyes Radin Musl nt ()IhLr- IIK POWLI. Nctwcirk Otlicr- M¢l:aughcrty Donktlion 66,443 1.6x2 25,181 41,043 5,000 58,665 41) 25,181 1,6X2 25,l8l 5,000 Totul Incominx resourL'e 13l),349 13(),349 l)8,237 Resourcey Lxpended Adniinistralion E,xpenses ALLuunlanLy Qyranls approvcd and paid diiring year'.- Iii(IiviLliial.% IILS4 I-LPilytllLiI151 Sclioolslorgunisulions Prolossion411 I'ie8 5.720 620 5.720 620 4.186 7011 8%,840 811.840 70.025 Total resourees expended )5,180 74.1)1 I Net inconiinb) rc'%ourcc8 ffyr yCc2r bLtore othLr rccogi)i%cd LTU1(li)Iscj 44,169 44,169 23,326 ()ther recognised galns G&iiiI(lv.5SUtsj uii invLslmLiII a%s¢L (Ci,527) (25,101) (31,628) 128.058 Net movLYncnt in fundty for ihe year 3and4 37.642 (25.101) 12.541 151,384
Hall's Exhibition Foundation Balance sheet- 31 March 2023 Notes 2023 2022 Flxed Assety Investhcnts 1.947.636 1,979,2C)4 CurrL'nt As&¢'t$ Bank biildll¢¢S Deblot8 321,174 266.002 Current Llabllitie& Crcdiiors and accrulls (18.635) (18.635) NLt Assets 2,250,175 2,2.37,()34 Represented Ily: PcrmanLnl Bnd()wmeiit Fiiiid 1.531.996 1,557,097 Accumiilalcd In¢oine Fund 7111,179 680,537 2.250.175 2237.6.14 ApprOvl by thL frusteL% . .lliid si&inLd (bn thLir bLhalf by:" Chainnan Truslce Adminii or
Hall's Exhibition Foundation Notes to the financial statements - 31 March 2023 Accounting policies The fin<inLial statements Lire PTepared in accordance with appliciible accounting StIdardS and on the basis that the charity can continue to operate &8 a going concern. The Trusteeg belicvc this basi8 lo bc appropriate ag the Foundation has Sufficient fund8 available lo finance ilg operations t'or the foresceable tuture. The financial 8tstL'ments of the charily, which is a public bcnefil cntity undcr FRS 102, havL bLcn prLpurL'd iii ilLL(IrdanLL willi thL C;hariliL% SORP (14llS 102) ' ALLouiitingi iiiid RL'portiiig by C,hariiics'. Statcnicn.i ofRccoinmended Practice applicable to charities prcpariiigy Ihcir aLLounls iii accordance with thc b inancial Reportin&y Slandard applicable in the IJK an(1 RLpublic of Ireland ( FR8 I02) ( effective l JanLiary 2015), Financial Reporting Standard 102 ' Thc Financial Reporting Stand(ud applicablc in the U K and RL'piibliL of IrLland" ¢md ÈhL C,haritics ALt 201 l. Thc financial statLmLnls havc bLLn prcp<ll'Ld undcr the histOriLiil cost convcntion with ihL cxLeplion of invibtinents which arL' iiicludcd al markct V<iluc, as Inodificd by LhL' rLviilu<ltion ofLLrtaiii ÉlS,%Cts. iiii) Invcstmcnt gains¢ 1 nd losses include any gyid in or luss on ihc %iilc of invcstiMLnts and <iny gain or108s rLsultingT from revaluing investmcnt4 to markLt value at the end of the year. iv) IiivL%linents quotL'd On a rccobTniscd sL()Lk Lxcliangc arc Viilucd at markct value at thc yr Lnd. All inL()me is rcLogiiiscd in the Slalcmeiit of14inaiicirfil ALtivilics ()nee ihe Lhiwily has entitleincnt to the funds. it is probabl¢ that the incomc will be rcceived and the amount Lan bl. mcasurL'd rLli<ibly. vi) Liabililics <irL rcco&Tniscd as LxpcndilurL a% %voii as ihLrL is a ILb<il or Lonstruclivc obligatioii coinmilliiigv ihc charily lo tliaL expcndilurc, it 18 probal)le Lliat a trail81 cr of cconoiniL benclits will bc required in seiilciiienl and the amouni ol. thc oblibyation can bc mLa%urLd rLliahly. ExpL'nditure 1% acLountLd for on an aLcruals basis and has bel'n classified under heading8 that aggregate al I cost relutcd to the category.
Investments Book vallle l April 2022 Purchases Book value Market value Market value Change 31 March 2023 31 March 2023 3J March 2U22 in year Permanent Elldowent Charinco Charisharc 52.682 628,215 52.682 628,215 3LI.864 .797,373 45.462 (6,598) 1.815,876 (18,503) (25.101) Illcome Accumulation Lh<irinc() Charishare 40,000 30,000 40,O(111 30,0011 39,475 7%,4.51 (5,7211) (7(}()) 77.652 750.R97 7.50,X()7 1 ()47.636 1.979,2CA IC),$271 PrL'viuu% yknar 750,%97 7511,1197 1,979,264 1,851,21)6 1211,0511 Thc book V<iluc of iijvcslment% at 31 Miirch 2021 rL'preseniS ihe mdl.kct value as ai M(irLh 1985 with sub4cqucnt add.ilioiis at cost. In addition to the abovc fixcd asget invcstmLnts, thc Found<ition owns the Snettisham Carrstone QuLifry cond the %urrouiidiTJgF IIL nd whiLh aro%L' frc)m the bLnLfactOPi d()nation Inany year%. aLI(). It 1.% not pos.%iblc to plaLL a market valuc on the quarry as thc Tnislcc% have no intcnlion of disposing of il ]d, in any LilSL, di%po,sJl woiild rLquirL Charity Coinmi%sioii approval. lii viLw ol. Iliis, <iiid ih unusual nature of the asset, a fonnal valualion is nol Considered praclical or meaniiigful. CoiigequcnLly ihe quarry is nol showii in the baldnLe %hcct. Permanent Fndowment Fund 2023 2022 BalanLL br()u¥hi lonv 1,557,097 1,431,432 (iain81(lok%c.8) on illvr51JnLlIt assets (25,101) 125,665 Balance carriLd fiTrrwgrd .531,996 1,557.097 AcLumulated Income Fund Balance brought fmvard 680,5.37 Net movemcnt in funds fur the year 37,642 B21allce carriLd furward 718,179
Hall's Exhibition Foundation
Independent examiners, report
We report on the accounts of the Trust for the year ended 3 l March 2023 which are set out on pages
3to6.
Respective responsibilities of in4Stees and examiner
The charity's trustees are responsible for the preparation of the accounL8. The charity'% tru8tee8
consider that an audit is not required for this year (under section 144(2) of the Charities Act 201 l (the
201 l Act), and that an ind¢pendent examin