Hall’s Exhibition Foundation
Financial Statements Year ended 31 March 2025
Hall’s Exhibition Foundation
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Financial Statements Year ended 31 March 2025
INDEX
Page Nos
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|Trustees'|Report|1-3|
|Statement of Financial Activities|4|
|Balance|Sheet|5|
|Notes to the Balance|Sheet|6-7|
|Examiners report|8|
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Hall’s9 Exhibitioney eye Foundatione
Charity Registration Number:
325128
Correspondence Address:
The Round House, 131 Lynn Road, Snettisham, King’s Lynn, Norfolk, PE31 7QG
Administrator:
K Wood
The Trustees have pleasure in presenting their Trustees’ Report and the financial statements of the charity for the year ended 31 March 2025.
Statement of trustees’ responsibilities , Charity law requires the Trustees to prepare accounts which give a true and fair view ofthe charity | and of its income and expenditure for the financial year. In doing so the Trustees are required to:| | e Select suitable accounting policies and apply them consistently;
° Make judgements and estimates that are reasonable and prudent; | ° State whether applicable accounting standards have been followed, subject to any material | departures disclosed and explained in the financial statements; and : :° Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. reasonable accuracy at any time the financial position of the charity and which enable them to ensure . The Trustees are responsible for maintaining proper accounting records which disclose with : that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection offraud and other irregularities.
Legal status & organisation
The Foundation is a registered charity (Charity Number 325128). The governing documents of the : Foundation are the Schemes ofthe Charity Commissioners dated 2 June 1915, 6 September 1974 and | 22 September 1987.
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Principal Bankers Investment Advisors Accountants Barclays Bank Plc BlackRock Investment Mapus-Smith & Lemmon LLP Leicester Management (UK) Limited 48 King Street LE87 2BB 33 King William Street King's Lynn London Norfolk ECAR 9A3 PE30 1HE
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<< ee LL / Hall’s9 Exhibitionoy eye Foundation. gg peraor the year ended is 31 an unincorporatedMarch 2025 were association as follows:- and is administered by duly appointed Trustees who
| MrEN Stanton |
MrA JCave |
|---|---|
| MrPNorris | Mr IDevereux |
| MrELangford MrMWright[ViceChairman] LadyMPonder |
MrNMadgett MrMHoward[Chairman] MrPSheerin |
The Trustees meet during the year to review and manage the affairs of the Foundation. Incoming Trustees are appointed by a resolution ofthe Trustees passed at a Trustees’ meeting. The Trustees are responsible for the governance of the charity and ensure that it pursues the objects for which it was founded.
Objectives and activities of the charity for the public benefit The object ofthe Foundation is to allocate its income for the benefit ofthe education ofyoung people in Snettisham between the ages of 11 and 25. Educational grants may also be made at the Trustees discretion to local educational establishments which serve Snettisham students.
The Trustees havehad regard to the Charity Commission’s guidance on public benefit andhave sought to ensure that all activities undertaken have been in line with the charity’s objectives.
Achievements and performance
The Foundation has enjoyed another normal year. There has been a general increase in applications across the range of educational provision that the foundation supports.
The Foundation has been fully involved with supporting the children in the village and has every intention of continuing to do so for the foreseeable future.
Mrs H Wheal resigned as administrator as of 3 15* March 2025, and the trustees would like to thank her for her services to the Foundation. The trustees are pleased to welcome Katie Wood as her successor and are looking forward to working with her.
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'g Hall’s9 ExhibitionCS en Foundation
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Financial Review, Investment policy and Reserves
The attached documents demonstrate in financial terms the activities of the charity for the past year. As can be seen the Charity has an excess of income over expenses in the current year of £44,173 compared with an excess of £35,444 in the previous year. There are gains in the year on investment assets of £76,492 compared with gains of £52,767 in 2024. The charity retains sufficient reserves to meet its indirect charitable expenditure for aperiod of at least 12 months. The direct charitable expenditure is mostly met with Investment income and rent on the carrstone quarry and adjoining land.
Reserves policy
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The Trustees’ policy is twofold:e all royalties received from the extraction of carrstone at the Foundation’s quarry are applied to the Permanent Endowment Capital Fund, because the quarry is a wasting asset and the Trustees wish to have established an equivalent asset when the quarry 1s exhausted.
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© allother income is available for distribution to students. In certain years applications for grants are not sufficient to utilise the income and a balance is carried forward, which the Trustees hope will be paid out in grants in future years. The Trustees do not wish to have large fluctuations in the value of individual grants from year to year and therefore appreciate that there will be an undistributed balance on the Accumulated Income Fund for anumber ofyears. In time this fund will be utilised to compensate for the loss of quarry income. .
Investment policy
The Trustees’ policy on investment is a prudent approach which combines:
- e _ maintenance and, ifpossible, enhancement ofthe value of invested funds; e _ adequate financial return, and e minimising risk. To this end the Trustees have appointed investment advisors to manage the investment offunds. Funds are invested in Charinco and Charishare Distribution Units.
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The Trustees are satisfied with the transactions of the Foundation and its financial position as at
31 March 2025 as shown in the accompanying accounts.
J Z
Chairma
‘Trustee
Date:
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EEeee
yr
_
xhibition Foundation
Statement of financial activities Year ended 31 March 2025
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|Notes|Accumulated Endowment|Total|
|Fund|Fund|2025|2024|
|£|£|£|£|
|Incoming|resources|
|Investment income|70,451|-|70,451|68,295|
|Bank and other interest|7,761|-|7,761|“on|
|Rent|on|Carrstone Quarry and adjoining land|41,188|-|pe|ao|
|Quarry infill and other charges|23,024|«|230|a|
|OtherRadio - Mast Barclays rent|compensation for error|5,000=|-2|5,000.|ie|
|Total incoming resources|147,424|-|147,424|129,985|
|Resources expended|
|z|4,336|
|zat”|ie|
|Administration Expenses|4,97|2|67|-|4,97|2|67|,693|
|Accountancy|fees|
|GrantsIndividuals approved [less and repayments] paid during year:-|97,598:|#-|97,598-|89,512=|
|Schools/Organisations|
|Total resources expended|103,251|-|103,251|94,541|
|Net incomingother|recognised resources gain/(losses) for|yearbefore|44,173|-|44173|35,444|
|Gains/(losses)Other recognised on investment gains|assets|2,424|74,068|76,492|52,767|
|Net|movement in funds for the year|3 and 4|46,597|74,068|120,665|88,211|
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CEhl
y
Hall’s9 Exhibition® e,e Foundation
Balance sheet - 31 March 2025
| Notes | 2025 £ |
-_- | ||
|---|---|---|---|---|
| FixedAssets | ||||
| ae | 2 | 2,076,896 | 2,000,403 | |
| a | ||||
| CurrentAssets | ||||
| Bankbalances | 400,790 | 356,618 eeotil |
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| Current Liabilities | ||||
| Creditorsandaccruals | (18,635) | el8,635) | ||
| =i | ||||
| NetAssets | 2,459,051 | 6 2,338,38 |
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| RepresentedBy: PermanentEndowmentFund |
3 | 1,657,039 | / | ,582,971 |
| AccumulatedIncomeFund | 4 | 802,012 | 755,415 | |
| 2,459,051 | 2,338,386 |
Approved by the Trustees on aeSB Torr 25. and signed on their behalf by:-
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Fi
/
Chairman
/ ae
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jitall’s9 Exhibition eyeon Foundation, Notes to the financicial statements - 31 March 2025
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J Accounting policies .
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i) The financi : onthedtee are prepared in accordance with applicable accounting standards and e charity can continue to operate as a going concern. The Trustees believe
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this basis tbo be appropriate as the Foundation has sufficient funds available to finance its 0perations. for the foreseeable future.
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ii) ae statements ofthe charity, which is a public benefit entity under FRS 102,4 rate een prepared in accordancewith the Charities SORP (FRS 102)" Accounting 20 eporting by Charities: Statement ofRecommended Practice applicable to charities
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preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 Januaty 2015), Financial Reporting Standard 102 " The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception ofinvestments which are included at market value, as modified by the revaluation of certain assets.
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iiii) Investment gains and losses include any gain or loss on the sale ofinvestments and any gain or loss resulting from revaluing investments to market value at the end ofthe yeat.
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iv) Investments quoted ona recognised stock exchange ate valued at market value at the year end. v) All income is recognised in the Statement ofFinancial Activities once the charity has entitlement to the funds; it is probable that the income will be received and the amount can be measured reliably.
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vi) Liabilities are recognised as expenditure as soon as there is a legal orconstructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount ofthe obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.
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D Investments
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|reeA|° Value|
|Pril2024|Purchases|me value|Market value|Market value|vee|
|'|permanent Endowment|f|¢|ma 2025|31 March 2025£|31 March 2024|‘i|
|CharishareCharinco|628,215see682|°|628,21552,682|1,923,85237,428|Fagone|Be938)|
|74,068|
|Income Accumulations|
|CharishareCharinco|40,000|:|40,000|32,499|ish|bey816|
|30,000|.|30,000>|83,116|—|ba|roe|
|—|——_-|—_=—|eared|2,424|
|7|6|2,000,403|;|
|ciao|:|750,897|eS|oe|
|3|Benn|2|eee|
|Previous year|1.947 636|76,492|
|750,897|-|750,897|2,000403|
|h|1985|with|
|The|book value ofinvestments at 31 March 2025 represents the market value as at Mare.|
|subsequent|additions|at|cost.|
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|3|isham|Carrstone|
|wee|
|In|addition|to|the above|fixed|asset|investments,|the|Foundation|owns the|—cents ak|
|Quarry and the surrounding land|which arose from the benefactors donation|many|Y ;|qinoing of it|
|possible to place a market value on the quarry as the Trustees have no intention ©|-e fris)|Bnd 2|
|and,|in any|case,|disposal|would require Charity Commission|approval. In ae a eas|[ofl.]|
|unusual|nature|of|the|asset,|a|formal|valuation|is|not|considered|practica|
|Consequently the quarry is not shown in the balance sheet.|
|3|Permanent Endowment Fund|
|2025|2024|
|£|
|£|
|1,582,971|1,531,996|
|Balance brought forward|
|Gains/(losses) on investment|assets|74,068|50,975|
|Balance carried forward|1,657,039|1,582,971|
|4|Accumulated Income Fund|
|Balance brought forward|755,415|
|Net movement in funds for the year|46,597|
|Balance carried forward|802,012|
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L
all’s’ Exhibition“hee Independent : examiners? report We report on the account 3 to 7. S of the Trust for th€ year ended 31 March 2025 which are set out on pages
Respective res Dene Ponsibiliti 5 oftrustees and examiner The charity’s| trustees are responsi ity’ tees consider that an audit is not Ponsible for the preparation of the accounts. The charity s trus ‘A 2011 Act)), and that an inden en this year (under section 144(2) of the Charities Act 2011 (the ependent examination is needed.
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Itis. our Tesponsibility to: eexamine[;] the accounts (under section 145 of the 2011 Act), 1 a follow the procedures laid down in the General Directions given by the Charity ommissioners (under section 145(5)(b) of the 2011 Act), and
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- to state whether particular matters have come to our attention.
Basis ofindependent examiners "report
Our examination was carried out in accordance with the General Directions given by the ia Commissioners. An examination includes a review ofthe accounting records kept by the charity an a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as aaaat concerning any such matters. The procedures undertaken do not provide all the evidence that wo be required in an audit and, consequently, we do not express an audit opinion on the view given by the accounts.
Independent examiners’ statement
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In connection with our examination, no matter has come to our attention: (1) which gives us reasonable cause to believe that, in any material respect, the trustees have not met the requirements to ensure that: e proper accounting records are kept (in accordance with s41 ofthe Act); and e accounts are prepared which agree with the accounting records and to comply with the accounting requirements of the Act; or
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(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mapus-Smith & Lemmon LLP Chartered Accountants 48 King Street King’s Lynn Norfolk PE30 1HE
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