| Pages | ||
|---|---|---|
| Trustees' annual report |
1to7 | |
| Independent auditor's |
report to the members | 8to11 |
| Statement offinancial | activities | 12 |
| Statement offinancial | position | 13 |
| Notes to the financial | statements | 14to 27 |
| The trustees | present | their | report | report | and the |
financial | financial | statements | statements | statements | of the | of the | charity | charity | for the year ended |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5April 2022. | |||||||||||||||
| Reference and administrative | details | ||||||||||||||
| Registered | charity name | Polden Puckham | Charitable | Foundation | |||||||||||
| Charity registration | number | 1003024 | |||||||||||||
| Principal office | BM PPCF | ||||||||||||||
| London | |||||||||||||||
| WC1N 3XX | |||||||||||||||
| The trustees | |||||||||||||||
| D Ball | |||||||||||||||
| SFisher | |||||||||||||||
| J Gillett | |||||||||||||||
| S Pittam | |||||||||||||||
| ASeay | |||||||||||||||
| F M Duggan | (Appointed | 12May 2021) | |||||||||||||
| C Forde | (Appointed | 13November 2021) | |||||||||||||
| Trust secretary | Christine Oliver |
||||||||||||||
| Auditor | BSN Associates | Limited | |||||||||||||
| Chartered | accountants | 8 statutory | auditor | ||||||||||||
| 38Swallowfield | Courtyard | ||||||||||||||
| Wolverhampton | Road | ||||||||||||||
| Oldbury | |||||||||||||||
| West Midlands | |||||||||||||||
| B692JG | |||||||||||||||
| Bankers | Triodos Bank NV | ||||||||||||||
| Deanery Road | |||||||||||||||
| Bristol | |||||||||||||||
| BS15AS | |||||||||||||||
| Investment | manager | Rathbone | Greenbank | Investments | |||||||||||
| 10Queen | Square | ||||||||||||||
| Bristol | |||||||||||||||
| BS14NT |
| Key s | tatistics: | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||
| Income | |||||||||
| Legacy | 15,000 | ||||||||
| Investment | income and | bank interest | 265,647 | 282,708 | |||||
| Expenditure | 1,875,370 | 870,122 | |||||||
| Key items: | |||||||||
| Investment | management | and advice | 58,796 | 60,223 | |||||
| Support and governance | costs | 62,524 | 55,181 | ||||||
| Grants | 1,754,050 | 754,718 | |||||||
| Grant | breakdown: | ||||||||
| 2022 | 2021 | ||||||||
| Total number of | recipient | organisations | 72 | 58 | |||||
| Average amount | per organisation | 24,362 | 13,012 | ||||||
| No. of | |||||||||
| No. | ofgrants | 2021 | grants | 2021 | |||||
| Peace and security | 33 | 775,991 | 20 | 267,927 | |||||
| Environmental | |||||||||
| sustainability | 39 | 978,059 | 38 | 486,791 |
| Year ended 5April 2 | 02 | 2 | ||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Unrestricted | ||||||
| funds | Total funds | Total funds | ||||
| Note | ||||||
| Income and endowments | ||||||
| Donations and legacies |
4 | 15,000 | 15,000 | |||
| Investment income |
5 | 265,647 | 265,647 | 282,708 | ||
| Total income | 280,647 | 280,647 | 282,708 | |||
| Expenditure | ||||||
| Expenditure on raising funds: |
||||||
| Investment management |
costs | 6 | 58,796 | 58,796 | 60,223 | |
| Expenditure on charitable |
activities | 7,8 | 1,816,574 | 1,816,574 | 809,899 | |
| Total expenditure | 1,875,370 | 1,875,370 | 870,122 | |||
| Net gains on investments | 11 | (1,366,389) | (1,366,389) | (1,837,702) | ||
| Net (expenditure)/income | and net movement | in funds | (228,334) | (228,334) | 1,250,288 | |
| Reconciliation offunds |
||||||
| Total funds brought forward |
15,387,076 | 15,387,076 | 14,136,788 | |||
| Total funds carried forward | 15,158,742 | 15,158,742 | 15,387,076 |
| 5April 2022 | |||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Note | |||||
| Fixed assets | |||||
| Tangible fixed assets | 16 | 2,050 | 3,075 | ||
| Investments | 17 | 8,306,295 | 12,995,368 | ||
| 8,308,345 | 12,998,443 | ||||
| Current assets | |||||
| Debtors | 18 | 2,802 | 10,900 | ||
| Investments | 19 | 5,592,483 | 1,862,258 | ||
| Cash at bank and | in | hand | 1,296,900 | 535,918 | |
| 6,892,185 | 2,409,076 | ||||
| Creditors: amounts | falling due within one year | 20 | 41,788 | 20,443 | |
| Net current assets | 6,850,397 | 2,388,633 | |||
| Total assets less | current liabilities | 15,158,742 | 15,387,076 | ||
| Net assets | 15,158,742 | 15,387,076 | |||
| Funds ofthe charity | |||||
| Unrestricted funds |
15,158,742 | 15,387,076 | |||
| Total charity funds | 22 | 15,158,742 | 15,387,076 |
| 4. | Donations | and legaci | es | ||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||
| Funds | 2022 | Funds | 2021 | ||||
| R | |||||||
| Legacies | |||||||
| Legacies Income | 15,000 | 15,000 | |||||
| 5. | Investment | income | |||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||
| Funds | 2022 | Funds | 2021 f |
||||
| Income from UK listed | investments | 167,961 | 167,961 | 189,700 | 189,700 | ||
| Income from Overseas | listed | ||||||
| investments | 69,646 | 69,646 | 82,013 | 82,013 | |||
| Interest on bank deposits | 28,040 | 28,040 | 10,995 | 10,995 | |||
| 265,647 | 265,647 | 282,708 | 282,708 |
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |||||||
| Investment | management | fees | 58,796 | 58,796 | 60,223 | 60,223 | ||||
| 7. | Expenditure | on charitable | activities by | fund type | ||||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||||||
| Funds | 2022 | Funds | 2021 | |||||||
| F | ||||||||||
| Grant making | 1,754,050 | 1,754,050 | 754,718 | 754,718 | ||||||
| Support costs | 62,524 | 62,524 | 55,181 | 55,181 | ||||||
| 1,816,574 | 1,816,574 | 809,899 | 809,899 | |||||||
| 8. | Expenditure | on charitable | activities by | activity type | ||||||
| Grant funding | Total funds | Total fund | ||||||||
| ofactivities Support costs | 2022 | 2021 | ||||||||
| F | ||||||||||
| Grant making | 1,754,050 | 56,207 | 1,810,257 | 805,018 | ||||||
| Governance | costs | 6,317 | 6,317 | 4,881 | ||||||
| 1,754,050 | 62,524 | 1,816,574 | 809,899 | |||||||
| 9. | Analysis ofsupport costs | |||||||||
| Support costs | can be analysed as follows: | |||||||||
| 2022 | 2021 | |||||||||
| Staff costs | 38,284 | 36,169 | ||||||||
| General office | 1,556 | 1,321 | ||||||||
| Governance | costs | 6,317 | 4,881 | |||||||
| Secretary's | travel expenses | 1,006 | 1,021 | |||||||
| Subscriptions | 13,567 | 10,781 | ||||||||
| Conferences, | meetings | and | travel | 769 | (17) | |||||
| Depreciation | 1,025 | 1,025 | ||||||||
| 62,524 | 55,181 | |||||||||
| Governance | costs can | be analysed as follows: | ||||||||
| 2022 | 2021 | |||||||||
| Audit fees | 2,980 | 2,951 | ||||||||
| Auditors other |
services | 1,945 | 1,915 | |||||||
| Legal and professional | fees | 1,255 | ||||||||
| Bank charges | 137 | 15 | ||||||||
| 6,317 | 4,881 |
| Analysis ofgrants | |||
|---|---|---|---|
| 2022 | 2021 | ||
| Grants to institutions | |||
| Grants for environmental | sustainability | 978,059 | 457,191 |
| Grants for peace and security | 775,991 | 297,527 | |
| 1,754,050 | 754,718 | ||
| Total grants | 1,754,050 | 754,718 |
| Analysis ofgrants (conttnuect) |
Analysis ofgrants (conttnuect) |
Analysis ofgrants (conttnuect) |
||
|---|---|---|---|---|
| Grants can be analysed as follows: | ||||
| Environmental Sustainability |
2022 | |||
| Biofuel Watch | 15,000 | |||
| CHEM Trust | 20,000 | |||
| Climate &Ecological | Bill Alliance | 20,000 | ||
| Climate 2025 | 174,000 | |||
| Climate Heroes | 5,000 | |||
| Corporate Watch | 10,000 | |||
| Culture Unstained |
2,000 | |||
| Ecological Land Cooperative | 15,000 | |||
| Ella Daish - ¹endperiodplastic | campaign | 1,500 | ||
| Energy Democracy Project | 7,500 | |||
| Environmental Rights |
Centre Scotland | 15,000 | ||
| Faith for the Climate | Network | 10,000 | ||
| Finance for the Future | 70,000 | |||
| Food Ethics Council | 10,000 | |||
| Giki Social Enterprise | 10,000 | |||
| Green Future Associates | 16,000 | |||
| Green New Deal UK | 150,000 | |||
| International Lawyers |
Projects | 20,000 | ||
| Jubilee Scotland | 10,599 | |||
| Navigate | 10,000 | |||
| People &Planet | 16,000 | |||
| Platform | 30,000 | |||
| Policy Research in Macroeconomics |
(PRIME) | 20,000 | ||
| Positive Money | 15,000 | |||
| Power for People | 15,000 | |||
| Promoting Economic |
Pluralism | 20,000 | ||
| Seeds for change | 15,000 | |||
| Size ofWales | 10,000 | |||
| Stamp Out Poverty | 20,000 | |||
| Stop Ecocide International | 122,500 | |||
| Students Organising |
for Sustainbility | UK | 5,000 | |
| Sustainable Soils Alliance |
15,000 | |||
| Swarm Dynamics |
5,000 | |||
| Tarian Hafren Severn | Shield | 3,000 | ||
| The Big Picture | 15,000 | |||
| This is Rubbish | 10,000 | |||
| Tripod | 15,000 | |||
| Twenty First Century |
20,000 | |||
| Wildlife &Countryside | Link | 15000 | ||
| Total Environmental | Sustainability | 978059 |
| Analysis ofgrants (continued) |
|||||||
|---|---|---|---|---|---|---|---|
| 2022 f |
|||||||
| All Party Parliamentary Group on Extraordinary |
30,000 | ||||||
| Bretton Woods Project | 20,000 | ||||||
| British American Security Information |
Council | 12,000 | |||||
| British Friends ofQCEA | 10,000 | ||||||
| Children and Youth International |
20,000 | ||||||
| Commonwealth Foundation |
3,000 | ||||||
| Compass | 10,000 | ||||||
| Corporate Europe Observatory |
100,030 | ||||||
| Corporate Justice Coalition | 20,000 | ||||||
| Counter Balance | 17,500 | ||||||
| Demilitarise Education |
9,011 | ||||||
| Drone Wars UK | 10,000 | ||||||
| Global Inequality Project |
20,000 | ||||||
| Green House | 9,950 | ||||||
| Heart Politics | 20,000 | ||||||
| The Israeli Committee Against House |
Demolitions | 2,000 | |||||
| Leeds Tidal | 15,000 | ||||||
| Medact | 11,000 | ||||||
| New Internationalist | 20,000 | ||||||
| Protection Approaches | 13,000 | ||||||
| Public Interest Research Centre | 14,000 | ||||||
| Quaker United Nations Office |
10,000 | ||||||
| ReCommon APS | 15,000 | ||||||
| Resourcing Racial Justice |
30,000 | ||||||
| Rethinking Security |
15,000 | ||||||
| Saferworld | 100,000 | ||||||
| Shadow World Investigations | 15,000 | ||||||
| Stop Cambo Campaign (via Social Change Nest) |
5,000 | ||||||
| The Association ofCommunity |
Organisations | for | Reform Now | 20,000 | |||
| Uplift (via the Social Change Nest) | 150,000 | ||||||
| Tipping Point North South |
8,000 | ||||||
| UNA-UK | 10,000 | ||||||
| Women for Women | 11500 | ||||||
| Total Peace and Security | 775991 | ||||||
| Net gains on investments | |||||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||||
| Funds f |
2022 f |
Funds | 2021 | ||||
| Gains/(losses) on listed investments |
519,601 | 519,601 | 3,394,488 | 3,394,488 | |||
| Gains/(losses) on other investment |
|||||||
| assets | 846,788 | 846,788 | (1,556,786) | (1,556,786) | |||
| 1,366,389 | 1,366,389 | 1,837,702 | 1,837,702 |
| Net (expenditure)/income | Net (expenditure)/income | is stated after charging/(crediting): | |||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| f | |||||
| Depreciation | oftangible | fixed assets | 1,025 | 1,025 | |
| 13. | Auditors remuneration |
||||
| 2022 | 2021 | ||||
| Fees payable | to the charity's auditor and its associates for other services: | ||||
| Audit-related | assurance | services | 2,980 | 2,950 | |
| Other non-audit services |
1,945 | 1,915 | |||
| 4,925 | 4,865 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Wages and salaries | 34,793 | 33,490 | ||
| Employer contributions | to pension | plans | 3,491 | 2,679 |
| 38,284 | 36,169 |
| Tangible fixed assets | |
|---|---|
| Equipment | |
| Cost | |
| At 6April 2021 and 5April 2022 | 6,347 |
| Depreciation | |
| At 6 April 2021 | 3,272 |
| Charge for the year | 1,025 |
| At 5April 2022 | 4,297 |
| Carrying amount |
|
| At 5April 2022 | 2,050 |
| At 5 April 2021 | 3,075 |
| Listed | Other | |||
|---|---|---|---|---|
| investments | investmentsf | Total | ||
| Cost orvaluation | ||||
| At 6 April | 2021 | 12,695,735 | 299,633 | 12,995,368 |
| Additions | 497,720 | 497,720 | ||
| Disposals | (6,553,962) | (6,553,962) | ||
| Fair value | movements | 519,601 | 846,788 | 1,366,389 |
| Non market transaction | 780 | 780 | ||
| At 5April | 2022 | 7,159,874 | 1,146,421 | 8,306,295 |
| Carrying | amount | |||
| At 5April | 2022 | 7,159,8?4 | 1,146,421 | 8,306,295 |
| At 5 April | 2021 | 12,695,735 | 299,633 | 12,995,368 |
| Investments can be analysed by category as follows: |
||
|---|---|---|
| 2022 | 2021 | |
| UK fixed interest | 949,790 | 1,667,227 |
| Overseas fixed interest | 501,014 | 1,245,735 |
| UK listed equities and unit trusts | 3,598,116 | 6,446,197 |
| Overseas listed equities and unit trusts |
2,110,954 | 3,336,576 |
| UK unlisted equities |
1,146,421 | 299,633 |
| 8,306,295 | 12,995,368 |
| Investments by organis |
at | ion a |
re listed below: | ||
|---|---|---|---|---|---|
| Market | |||||
| Cost | Value | ||||
| A2 Dominion Housing |
Group | Ltd | 102,237 | 104,488 | |
| A2D Funding PLC |
190,115 | 186,535 | |||
| Aegon Asset Mgmt UK | 97,472 | 94,498 | |||
| Alfen NV | 61,005 | 79,207 | |||
| Aquila European Renewables |
Inc | 105,244 | 93,011 | ||
| ASML Holdings NV |
22,951 | 94,842 | |||
| Assa Abloy NPV | 62,518 | 94,946 | |||
| Autodesk Inc |
88,611 | 72,501 | |||
| Beyond Meat Inc | 101,490 | 36,099 | |||
| CHR Hansen HLDG AS |
93,496 | 109,053 | |||
| Civitias Social Housing | PLC | 112,840 | 91,832 | ||
| Dechra Pharmaceuticals | PLC | 7,585 | 69,546 | ||
| Deutsche Bahn finance |
BV | 171,231 | 163,932 | ||
| Ecofin US Renew lnfrastucture | 88,958 | 97,457 | |||
| Ecotricity | 30,160 | 30,000 | |||
| Ethical Property Co | 43,607 | 42,500 | |||
| Euro Investment Bank |
214,567 | 202,837 | |||
| FDM Group Holdings | PLC | 60,099 | 71,958 | ||
| Foresight Solar Fund Ltd | 115,385 | 123,618 | |||
| Fund Partners Ltd |
162,979 | 288,272 | |||
| Genuit Group PLC | 54,142 | 78,160 | |||
| Glaxosmithkline PLC |
144,786 | 143,119 | |||
| Good Energy Group PLC | 36,050 | 41,210 | |||
| Gore Street Energy Storage PLC | 79,954 | 88,027 |
| Market | ||||||||
|---|---|---|---|---|---|---|---|---|
| Cost | Value | |||||||
| Greencoat UK Wind PLC | 97,402 | 134,801 | ||||||
| Halma PLC | 2,369 | 72,184 | ||||||
| Hannon Armstrong Sustainable |
Infrastructur | 99,634 | 93,303 | |||||
| Harmony Energy Income |
TST pic | 77,712 | 83,540 | |||||
| Home Reit PLC | 89,000 | 111,606 | ||||||
| Impax Asset Mgmt Group | PLC | 1,052 | 52,836 | |||||
| Impax Funds (IRE)PLC (Asain | Environ | Mkt | XAcc) | 62,770 | 146,256 | |||
| Impax Funds (IRE) PLC (Environmental | Mkt | XAcc) | 33,038 | 154,448 | ||||
| IP Group PLC | 68,346 | 60,743 | ||||||
| Kreditanst Fur Wie |
145,129 | 134,245 | ||||||
| Legal &General Group PLC | 67,038 | 79,083 | ||||||
| Marshalls Group PLC |
39,150 | 75,570 | ||||||
| Mayfair Capital Invest | Mgmt | 230,920 | 266,419 | |||||
| Mirova Funds | 149,169 | 136,767 | ||||||
| Motability Operations |
Group | 94,673 | 83,912 | |||||
| National Grid PLC |
53,343 | 144,327 | ||||||
| Octopus Renew Infra | Trust PLC | 76,702 | 86,213 | |||||
| Orsted AS | 51,922 | 115,682 | ||||||
| Orsted AS | 124,938 | 125,669 | ||||||
| Our Power Social Purpose | 30,000 | |||||||
| Parry People Movers | Ltd | 22,516 | 3,721 | |||||
| Places for People | 166,325 | 160,387 | ||||||
| Renewables Infrastructure |
GRP | 164,041 | 205,494 | |||||
| Renewi PLC | 41,925 | 54,119 | ||||||
| Robeco Capital Growth Funds | 96,068 | 202,760 | ||||||
| Rockwool A/S | 71,152 | 102,497 | ||||||
| Schrdoer Investment | Global Energy Transiti | on QAcc | 276,122 | 282,786 | ||||
| Schroder BSCSocial | impact TST | 95,000 | 100,225 | |||||
| Shimano Inc |
14,987 | 51,997 | ||||||
| Smith &Nephew PLC |
36,271 | 93,708 | ||||||
| Smith (DS)PLC | 96,249 | 96,145 | ||||||
| Spirax-Sarco Engineering | PLC | 4,986 | 76,595 | |||||
| Swiss REAG | 123,860 | 107,708 | ||||||
| Thera Trust PLC | 30,000 | 30,054 | ||||||
| Thorpe (FW) PLC | 53,600 | 73,600 | ||||||
| Thrive Renewables PLC |
156,393 | 176,960 | ||||||
| Thrive Renewables | 110,000 | 111,654 | ||||||
| Tomra Systems ASA | 15,323 | 68,654 | ||||||
| Umicore NPV | 83,543 | 91,589 | ||||||
| Unilever PLC | 69,286 | 77,803 | ||||||
| Vestas Wind Systems | 89,426 | 143,729 | ||||||
| Vodafone Group PLC | 111,456 | 96,189 | ||||||
| Wind Prospect | 40,180 | 40,000 | ||||||
| Xylem Inc | 43755 | 56248 | ||||||
| Total Listed Investments | 5,854,253 | 7,159,874 | ||||||
| Unlisted | ||||||||
| C &J Clark Limited E1 Ordinary | Shares | 455,000 | 1,146,421 |
| Cost | Market Value | ||||
|---|---|---|---|---|---|
| Total Unlisted | Investments | 455 000 | 1 146421 | ||
| Total Investments | 6309253 | 5306295 | |||
| 18. | Debtors | ||||
| 2022 | 2021 | ||||
| Prepayments | and accrued income | 2,802 | 3,469 | ||
| Other debtors | 7,431 | ||||
| 2,802 | 10,900 | ||||
| 19. | Investments | ||||
| 2022 f |
2021 | ||||
| Other investments | 4,604,594 | 609,643 | |||
| Short-term deposits |
987,889 | 1,252,615 | |||
| 5,592,483 | 1,862,258 | ||||
| 20. | Creditors: amounts | falling due within one year | |||
| 2022 | 2021 | ||||
| F | |||||
| Accruals and deferred | income | 41,788 | 20,167 | ||
| Other creditors | 276 | ||||
| 41,788 | 20,443 |
| At | Gains and | At | |||||
|---|---|---|---|---|---|---|---|
| 6Apr 2021 | Income | Expenditure | Transfers | losses | 5Apr 2022 | ||
| General funds | 15,387,076 | 280,647 | (1,875,370) | (15,000) | 1,366,389 | 15,143,742 | |
| Designated | Fund | ||||||
| Legacy | 15,000 | 15,000 | |||||
| 15,387,076 | 280,647 | (1,875,370) | 1,366,389 | 15,158,742 | |||
| At | Gains and | At | |||||
| 6Apr 2020 | Income | Expenditure | Transfers | losses | 5Apr 2021 | ||
| General funds | 14,136,788 | 282,708 | (870,122) | 1,837,702 | 15,387,076 | ||
| Designated | Fund | ||||||
| Legacy | |||||||
| 14,136,788 | 282,708 | (870,122) | 1,837,702 | 15,387,076 |
| Analysis ofnet as | sets between funds | |||
|---|---|---|---|---|
| Designated | Unrestricted | Total Funds | ||
| Funds | Funds | 2022 | ||
| Tangible fixed assets | 2,050 | 2,050 | ||
| Investments | 8,306,295 | 8,306,295 | ||
| Current assets | 15,000 | 6,877,185 | 6,892,185 | |
| Creditors less than | 1 year | (41,788) | (41,788) | |
| Net assets | 15,000 | 15,143,742 | 15,158,742 | |
| Unrestricted | Total Funds | |||
| Funds | 2021 | |||
| E | ||||
| Tangible fixed assets | 3,075 | 3,075 | ||
| Investments | 12,995,368 | 12,995,368 | ||
| Current assets | 2,409,076 | 2,409,076 | ||
| Creditors less than | 1 year | (20,443) | (20,443) | |
| Net assets | 15,387,076 | 15,387,076 |