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COMPANY REGISTRATION NUMBER: 03991892
CHARITY REGISTRATION NUMBER: 1082252
THE HILDON FOUNDATION
Company Limited by Guarantee
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
THE HILDON FOUNDATION
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Page
Trustees' annual report (incorporating the director's report)
1
Statement of financial activities (including income and expenditure account)
3
Statement of financial position
4
Notes to the financial statements
5
THE HILDON FOUNDATION
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
YEAR ENDED 31 DECEMBER 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023 .
The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019.
Reference and administrative details
Registered charity name
The Hildon Foundation
Charity registration number
1082252
Company registration number
03991892
Principal office and registered
The Hildon Foundation
office
Broughton
Stockbridge
Hampshire
SO20 8DQ
The trustees
D A Jones
(Resigned 31 March 2023)
A D Sklut
A Ramamoorthy
Structure, governance and management
The organisation is a charitable company limited by guarantee, incorporated on 9 May 2000. Company registration number 03991892 and registered as a charity on 1 September 2000 with charity number 1082252.
The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association. Under those Articles, the trustees may be appointed at any time by ordinary resolution.
The Hildon Foundation has a board of two trustees, all of whom are active directors.
Objectives and activities
The Hildon Foundation is a Registered Charity number 1082252.
The objectives of The Hildon Foundation is to support talented individuals and institutions in their chosen field. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
Achievements and performance
During the year £8,320 of donations were received with £4,320 of grants paid out. There is no preferred cause with applications welcome from all areas; music, sport, art, education, science, technology and organisations for the disabled all being considered.
Financial review
The incoming resources for the year amounted to £8,460, with total reserves carried forward of £11,076.
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity. This provides sufficient funds to respond to emergency applications for grants, which arise from time to time and other grant applications arising from the normal running of the charity. Each grant application is considered on its merits and is welcomed from all areas.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 18 October 2024 and signed on behalf of the board of trustees by:
A Ramamoorthy
Trustee
THE HILDON FOUNDATION
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 DECEMBER 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
8,320
8,320
9,056
Investment income
6
140
140
22
------
------
------
Total income
8,460
8,460
9,078
------
------
------
Expenditure
Expenditure on charitable activities
7,8
( 7,694)
( 7,694)
( 7,371)
------
------
------
Total expenditure
( 7,694)
( 7,694)
( 7,371)
------
------
------
------
------
------
Net income and net movement in funds
766
766
1,707
------
------
------
Reconciliation of funds
Total funds brought forward
10,310
10,310
8,603
-------
-------
-------
Total funds carried forward
11,076
11,076
10,310
-------
-------
-------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
THE HILDON FOUNDATION
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Current assets
Cash at bank and in hand
12,516
11,750
Creditors: amounts falling due within one year
13
( 1,440)
( 1,440)
-------
-------
Net current assets
11,076
10,310
-------
-------
Total assets less current liabilities
11,076
10,310
-------
-------
Net assets
11,076
10,310
-------
-------
Funds of the charity
Unrestricted funds
11,076
10,310
-------
-------
Total charity funds
14
11,076
10,310
-------
-------
For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
A Ramamoorthy
Trustee
Company registration number: 3991892
THE HILDON FOUNDATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is The Hildon Foundation, Broughton, Stockbridge, Hampshire, SO20 8DQ.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - voluntary income is received by way of donations and gifts and are recognised in full when they are received. - investment income is recognised when receivable.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Members of the charitable company guarantee to contribute an amount not exceeding £10 to the assets of the charitable company in the event of winding up. The total number of such guarantee as at 31 December 2023 was 2.
5. Donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Donations
8,320
8,320
9,056
9,056
------
------
------
------
6. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Bank interest receivable
140
140
22
22
----
----
----
----
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Grants paid
4,320
4,320
3,252
3,252
Bee preservation project
36
36
30
30
Support costs
3,338
3,338
4,089
4,089
------
------
------
------
7,694
7,694
7,371
7,371
------
------
------
------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Grant funding of activities
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
£
Grants paid
4,320
4,320
3,252
Bee preservation project
36
36
30
Governance costs
3,338
3,338
4,089
----
------
------
------
------
36
4,320
3,338
7,694
7,371
----
------
------
------
------
9. Analysis of support costs
Governance costs
Total 2023
Total 2022
£
£
£
Other office costs
40
40
40
Accountancy fees
2,912
2,912
3,692
Bank charges
387
387
357
------
------
------
3,339
3,339
4,089
------
------
------
10. Analysis of grants
2023
2022
£
£
Grants to institutions
Friends of Broughton School
200
Friends of Stoneham Park Academy
300
The Hampshire & IOW Wildlife Trust
2,100
1,200
Broughton Football Club
250
Shooters Football Club
544
Queen Elizabeth Scholarship Trust
258
Royal West of England Academy
1,000
Wessex Heartbeat
670
500
Bipolar UK
100
Wessex Children Hospice
200
Wessex River Trust
250
------
------
4,320
3,252
------
------
Total grants
4,320
3,252
------
------
11. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
12. Trustee remuneration and expenses
No remuneration or expenses have been paid to the trustees during the current and previous year.
13. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,440
1,440
------
------
14. Analysis of charitable funds
Unrestricted funds
At 1 January 2023
Income
Expenditure
At 31 December 2023
£
£
£
£
General funds
10,310
8,460
(7,694)
11,076
-------
------
------
-------
At 1 January 2022
Income
Expenditure
At 31 December 2022
£
£
£
£
General funds
8,603
9,078
(7,371)
10,310
------
------
------
-------
15. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Current assets
12,516
12,516
Creditors less than 1 year
(1,440)
(1,440)
-------
-------
Net assets
11,076
11,076
-------
-------
Unrestricted Funds
Total Funds 2022
£
£
Current assets
11,750
11,750
Creditors less than 1 year
(1,440)
(1,440)
-------
-------
Net assets
10,310
10,310
-------
-------
16. Related parties
During the year the charity received donations of £7,750 (2022: £9,000) from Hildon Ltd, a company instrumental with the original set up of the charity.