Charity Registration No. 1007600
THE FRANK JACKSON FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
THE FRANK JACKSON FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Ms Leila Brown Mrs Mary-Anne Gribbon Mr Tim Seymour Mr David Tennant (Chairman) Mr Mark Sargeantson Charity number 1007600 Principal address 24 Taylor Way Great Baddow Essex CM2 8ZG United Kingdom Auditor HW Fisher LLP Acre House 11-15 William Road London NW1 3ER Bankers Handelsbanken Sherwood House 5 Bluecoats Avenue Hertford SG14 1PB
THE FRANK JACKSON FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 6 |
| Statement of Trustees' responsibilities | 7 |
| Independent auditor's report | 8 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 21 |
THE FRANK JACKSON FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2023
The trustees are pleased to present their annual report together with the audited financial statements of the Foundation for the year ending 5[th] April 2023
The report and accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Foundation’s governing document, applicable laws and the Statement of Recommended Practice.
1. Our Aims and Activities
a. Foundation Strategy
The Foundation's vision is a world where high quality education is equally available to all and where environmental degradation is minimised.
Our mission, therefore, is to provide unrestricted funding to excellent organisations led by good people which: provide and improve the education of the disadvantaged in the UK and South Africa; and support environmental causes that include, world class environmental research, its communication and dissemination, and practical approaches to solving the environmental crisis.
The Foundation supports a number of ‘core’ projects in line with the mission statement, which are reported on below.
A secondary objective is to support, with smaller grants, a wider spectrum of charities or charitable causes which reflect other interests or expertise of the Trustees.
The majority of the organisations supported by the Foundation are based in the United Kingdom, with some bias towards Suffolk, where our founder lived and worked, and in South Africa where the impact of small grants converted into the local currency from sterling can have a disproportionately positive effect.
b. Review of activities
Details of the Foundation's grantees, and the amount of each grant, are to be found in Note 7 to the Report and Accounts. To give readers a useful and informative view of the activities of the Foundation, we present below a selection of just some of the grants made in 2022-23. All our grant recipients continued to be impacted by the ongoing economic crisis, in various ways, and all worked tirelessly to continue to support their beneficiaries through this difficult time.
(i) Larger 'core' projects supported by the Foundation
In the UK
Sailing charities : the Foundation continues its support of the Island Trust, Cirdan Sailing Trust and Ellen MacArthur Cancer Trust with grants towards their ‘outward bound’ education for disadvantaged, vulnerable, and disabled and unwell children and young people. These three grantees represent an alternative to education for vulnerable children outside conventional classroom teaching, addressing key areas of teamwork, life skills and confidence in a young person’s education. For many it will be a first time away from home and the experience can be life changing.
Suffolk Community Foundation : to reflect the interests of our founder, who lived and worked in Suffolk, the Foundation continues to work in partnership with the Suffolk Community Foundation who distribute small grants on our behalf to community groups and charities in the county. This is seen as a strong and effective partnership by the trustees as it allows us to tap into local knowledge of charities and community groups held by the experienced team at the Suffolk Community Foundation. They also carry out high level due diligence on all the charities they present for a grant, so trustees can be assured that funds are well spent. Some of the small grants made in Suffolk this year included support to Rock Paper Scissors Art, Selig Suffolk Trust, E.P.I.C. Dads, The Befriending Scheme and Murrayside Community Development.
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THE FRANK JACKSON FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
In South Africa
Scholarships: Our partnership with Cordwalles and Clifton Preparatory Schools in South Africa is well established and this year supported 16 children coming from disadvantaged backgrounds, up to the age of 12/13, in these two exceptional schools. It has been described in some detail in previous reports. Feedback on the progress of the pupils in the two scholarship schemes is extremely encouraging. The programme has been in existence now for almost 15 years and some of the earliest beneficiaries are now at University and in the world of work. They are a great credit to the programme, having achieved at the highest levels, with high aspirations and a great future ahead of them.
Amathuba Foundation : Taking over the baton as our scholarship students move onto High School, Amathuba Foundation provides mentoring and guidance to young disadvantaged students and their families to support them towards University and careers. Last year Amathuba organised a successful reunion of a great many of the young people who had been supported by the Foundation and Amathuba over the last 15 years, which trustees had the honour of attending. It was truly uplifting to meet the young people now forging ahead in careers, who we last saw when they were shy youngsters at Primary school, and terrific to meet their very proud parents and carers.
The Learning Trust: Working across South Africa to fund, encourage, improve and promote after school learning, The Learning Trust have become a leader in ensuring that South African youngsters have somewhere safe and productive to go once the school day is over. Last year their “Lights on After School” Campaign celebrated the after-school sector and put the spotlight on the critical role that after school programmes play in bridging the academic and psycho-social gaps where government support falls short. They use a grant from the Frank Jackson Foundation to provide funding, training and mentoring to 3 small programmes in the Greater Cape Town area which cater to 100s of children.
The Environment
Oxford University: The Foundation's largest 'core' project in this area is the support of a number of senior academic posts in environmental research in partnership with the internationally renowned and influential Environmental Change Institute at Oxford University (with funding channelled through Oriel College). The quality of the individuals in the posts we support has attracted further third-party funding to support their projects, resulting in a high gearing factor attached to the Foundation’s grants. Research is focused on key issues facing the future of our planet and humankind, including energy, carbon, land use, biodiversity and forests.
(ii) Smaller grants
During the year the Foundation made 10 of the small grants referred to above which reflect trustee interests. All these charities we believe make a significant impact in their chosen charitable activity in the UK and beyond.
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THE FRANK JACKSON FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
c. Plans for the future
The trustees aim at least to maintain, and may increase, the budget for grant expenditure, but will review this annually alongside income and reserves. The Trustees continue to seek out opportunities to expand the existing partnerships with our grantees where appropriate. The trustees also aim to be alert to opportunities to provide links between our grant partners, promote dialogue between likeminded people and organisations, and be proactive in working together with other grant makers to achieve mutual aims. With a strong base built up over more than ten years, we are confident that our grants programme will continue to provide identifiable benefits to the charitable sector in the UK and South Africa, and both directly and indirectly to a wide range of individuals in need.
2. Structure, governance and management
a. Structure and management
The Settlor of the Foundation was the late Mr Frank Jackson M.B.E., a well-known businessman and philanthropist from Woodbridge in Suffolk.
The Foundation is constituted under a Declaration of Trust dated 25 November 1991 amended by Deeds dated 9 March 2009 and 29[th] April 2013 and is a registered charity (no. 1007600).
The Foundation is governed by a maximum of ten Trustees. Trustees serve for four years before retiring by rotation and are eligible for re-election.
The day-to-day affairs of the Foundation run with the support of a part time Administrator who is supported by a volunteer advisor in South Africa to strengthen relationships with partners in that country.
The Trustees who served during the year and up to the date of signature of the financial statements were:
Ms Leila Brown Mrs Mary-Anne Gribbon Mr Tim Seymour Mrs Amanda Taylor (Retired 4 June 2022) Mr David Tennant (Chairman) Mr Mark Sargeantson Mr T Sheldon (Retired 1 June 2022)
b. Governance
All Trustees have full access to all the Foundation's files and details of its grants, strategy, policies and procedures. At the core of these procedures is the object of having adequate and relevant information and advice available to the Trustees when approving grants or when engaged in the administration of the Foundation, together with proper record keeping and full transparency. Trustees usually meet 4 times each year to assess grant applications, review progress of on-going projects, review the budget and investment portfolio and discuss and agree strategy.
The Trustees review, annually, governance policies and protocols that cover, risk assessment, investment, conflicts of interest, data protection, safeguarding, and payment procedures. The trustees consider that they have examined the major strategic, business, and operational risks which the Foundation faces and confirm that they believe systems have been established to enable these risks to be managed properly. An important part of our due diligence in grant making is being confident in the abilities of those managing the organisations we fund. Therefore, Trustees are willing to approve grants to registered charities and educational institutions only after having visited and/or met with key management to assess suitability, and often take up references from other supporters.
The trustee’s policy on the induction and training of new trustees aims to ensure that all trustees are eligible to act, are fully cognisant of their responsibilities (legal and otherwise) and understand the vision, strategy, procedures and policies within which the Foundation operates. This includes the sharing of key documents such as Articles, Strategy, Minutes, Annual reports, policies and all grant applications and reports. The induction process includes meetings with key advisors, partners and trustees, visits to grant recipients and access to charity commission guidance and other training if appropriate.
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THE FRANK JACKSON FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
c. Grant making policy
The Board of Trustees have sought to distribute substantially all the income of the Foundation, taking one year with the next, while preserving the real value of its capital. The trust deed is silent on employment of capital, and the trustees could utilise a modest amount of capital, if a project with the reasonable prospect of an especially beneficial outcome were to present itself.
The Board of Trustees are widely empowered to support charitable causes or purposes, but have chosen to set these in the context of a Strategic Plan to inform their grant making policy, which is reviewed at regular intervals.
The Strategic Plan includes a number of giving principles such as the need for regular feedback and assessment where possible and where appropriate. In addition, all new grant applications are subject to an agreed form of due diligence to check organisational health and that projects are well planned. Grants to organisations are, as much as possible, in support of their core costs. Furthermore, Trustees avoid any open-ended commitment, which implies that all support programmes involving regular payments should have an end date.
The Strategic Plan is silent on the size of any individual grant, but envisages broadly that a small number of 'core' grants are of significant size and consume circa three quarters of the Foundation’s annual income. The remaining quarter is consumed by a number of small grants lead by Trustee interests. Core grants fall into two categories which are to benefit, through education, the disadvantaged and to support world-class research (particularly in the environmental area) together with the effective communication or practical action thereof.
d. Public benefit statement
The sections in this report entitled “Our Aims and Activities” and “Grant making policy” set out the Foundation's charitable objectives and report on the activities in the year to 5th April 2023 as well as explaining the plans for the current financial year and beyond.
The Trustees have considered these matters and concluded:
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That the aims of the Foundation continue to be charitable;
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That the aims and the work done give identifiable benefits to the charitable sector and both indirectly and directly to individuals in need;
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That the benefits are for the public, are not unreasonably restricted in any way and certainly not by ability to pay; and
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That there is no detriment or harm arising from the aims or activities.
e. Investment policy
Substantially all the assets of the Foundation are managed professionally by Handelsbanken Wealth Management and Sarasin & Partners. The Board of Trustees have agreed a similar investment policy with each of the fund managers, both of which use a Sustainable or Climate active strategy. The essence of the policy is to adopt a medium risk strategy which seeks as a minimum to preserve, in real terms, the value of the portfolio and to generate an income consistent with our grant making aims. The Trustees review their investment strategy and policy annually, and meet with investment managers annually to review performance.
At 5th April 2023 £25,360,127 (2022 £27,724,788) was held as part of the investment portfolio.
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THE FRANK JACKSON FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
f. Risk management
The Trustees have overall responsibility for ensuring that the Foundation has appropriate procedures in place to mitigate risks. The Board consider the risks to which the Foundation is exposed in an annual risk review, where they also review the systems that have been established to mitigate them. In this financial year trustees believed the principal risks faced were:
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Potential loss of income or capital due to fluctuations in investment markets, which is mitigated by employing experienced and well-regarded investment managers and giving them a clear mandate of strategy and benchmark, and regular review points. This risk is under scrutiny, particularly in the current climate, as the markets are being influenced by the world economic crisis, political turmoil and continued high inflation. Trustees take a long-term view on investments, and believe that the mitigations to minimise the impact seem to be appropriate. Trustees continue to monitor this area at every trustee meeting.
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Failure or fraud by grant recipients, which is carefully managed with a thorough due diligence process before grants are approved, and regular contact with and reporting from grant recipients once a grant has been awarded. Trustees made periodic visits to potential and current grant recipients to keep check on organisational health and processes, as well as how funds are spent. Grant recipients are expected to submit regular reports, including audited financial statements. This process is enhanced by our advisor in South Africa who is able to pay close attention to the progress of grant recipients there.
The Trustees are satisfied that at present they have available to them all the appropriate financial, legal, accounting and investment management information and advice required to assess and plan for all risks that the Foundation may face.
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THE FRANK JACKSON FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
g. Financial review
For the year ended 5th April 2023, the Foundation had net expenditure of £853,602 and net incoming resources of £460,254 for the year.
During the year the Foundation made 35 grants totalling £763,087, as detailed in Note 7, which compared with incoming resources of £460,254 . Since the year-end further grants of circa £257,775 have also been made.
Loss on investment assets totalled £24,409. Substantially all of the Foundation's assets are professionally managed in a balanced investment portfolio, in which the Foundation has invested £18 million (market value of £25,360,127 at the year-end).
After the fall in investments at the start of the global Covid19 pandemic, which was followed by a strong period of recovery and growth, the investments have been impacted during the last 2 years as rising inflation, increased interest rates and the current economic downturn and global political unrest lead to market losses. Although markets are currently struggling and investments have taken a slight dip, the trustees feel confident in the Investment Managers’ strategies to mitigate the risks and work forward through the challenges. Volatility is expected to continue for some time, but trustees maintain a long-term approach to finances and hold significant reserves to allow planned expenditure to continue.
h. Reserves policy
As stated above, the Foundation's policy is to distribute substantially all its income, taking one year with the next. The invested endowment is, in effect, a financial reserve. Historically, the grants made in recent financial years have been broadly equivalent to the Foundation’s income, however due to weaker financial markets in recent years, this has not been the case within the previous two years. It is planned that this level of expenditure can be maintained in the future, but will be reviewed annually.
Unrestricted funds at 5th April 2023 were £26,018,597, which is 8.5% lower than at 5th April 2022.
i. Related parties
We refer you to Note 15 of the accounts for all related party transactions. All transactions in connection with related parties are on a wholly arm’s length basis.
The Trustees' report was approved by the Board of Trustees.
David Tennant
..............................
Mr David Tennant (Chairman)
Trustee 21 Dec 2023 Dated: .........................
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THE FRANK JACKSON FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2023
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE FRANK JACKSON FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE FRANK JACKSON FOUNDATION
Opinion
We have audited the financial statements of The Frank Jackson Foundation (the ‘Charity’) for the year ended 5 April 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the Charity’s affairs as at 5 April 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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THE FRANK JACKSON FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE FRANK JACKSON FOUNDATION
Responsibilities of Trustees
As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
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We enquired of management the systems and controls the Charity has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The Charity did not inform us of any known, suspected or alleged fraud.
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We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: the Charity SORP, FRS 102, Charities Act 2011 and Employment Law.
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We considered the incentives and opportunities that exist in the Charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
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Using our knowledge of the charity, together with the discussions held with the Charity at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
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Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
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Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
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Testing key income lines, in particular cut-off, for evidence of management bias.
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Assessing the validity of the classification of income, expenditure, assets and liabilities as unrestricted funds.
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Obtaining third-party confirmation of material bank and investment balances.
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Documenting and verifying all significant related party balances and transactions.
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Reviewing documentation such as the charity board minutes for discussions of irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the Charity.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.
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THE FRANK JACKSON FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE FRANK JACKSON FOUNDATION
Other matters
Your attention is drawn to the fact that the Charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
Use of our report
This report is made solely to the Charity’s Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Rich
Andrew Rich (Senior Statutory Auditor) for and on behalf of HW Fisher LLP
Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER
21 Dec 2023 .........................
HW Fisher LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
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THE FRANK JACKSON FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 3 | 30 | - |
| Investments | 4 | 454,288 | 454,105 |
| Other income | 5 | 5,936 | - |
| Total income | 460,254 | 454,105 | |
| Expenditure on: | |||
| Charitable activities | 6 | 853,602 | 845,323 |
| Net income/(expenditure) for the year | (391,218) | (560,834) | |
| Net gains/(losses) on investments | 11 | (2,023,949) | 593,850 |
| Net movement in funds | (2,417,297) | 202,632 | |
| Fund balances at 6 April 2022 | 28,435,894 | 28,233,262 | |
| Fund balances at 5 April 2023 | 26,018,597 | 28,435,894 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE FRANK JACKSON FOUNDATION
BALANCE SHEET
AS AT 5 APRIL 2023
| 2023 Notes £ Fixed assets Investments 12 Current assets Debtors 13 - Cash at bank and in hand 700,454 700,454 Creditors: amounts falling due within one year 14 (41,984) Net current assets Total assets less current liabilities Income funds Unrestricted funds 21 Dec 2023 |
£ 25,360,127 658,470 26,018,597 26,018,597 26,018,597 |
2022 £ 24,319 772,051 796,370 (85,264) |
£ 27,724,788 711,106 |
|---|---|---|---|
| 28,435,894 | |||
| 28,435,894 | |||
| 28,435,894 | |||
The financial statements were approved by the Trustees on .........................
.............................. David Tennant Mr David Tennant (Chairman) Trustee
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THE FRANK JACKSON FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2023
| Notes Cash flows from operating activities Cash absorbed by operations 16 Investing activities Cash withdrawn from/ (transferred to) investment portfolio Net cash generated from investing activities Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2023 £ £ (866,597) 795,000 795,000 - (71,597) 772,051 700,454 |
2022 £ £ (851,921) 818,382 818,382 - (33,539) 805,590 772,051 |
|---|---|---|
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THE FRANK JACKSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
Charity information
The Frank Jackson Foundation is constituted under a Declaration of Trust dated 25 November 1991 amended by Deeds dated 9 March 2009 and 29 April 2013 and is a registered charity (registration number. 1007600). The charity meets the definition of a public benefit entity under FRS102.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Foundation'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)” (as amended for accounting periods commencing from 1 January 2019). The Foundation is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
The Trustees have considered the current economic and political situation, on the charity's activities. The Trustees saw the effects of these events during the period of the financial statements, with a fall in the market value of its investments in 2023 which has since stabilised. The trustees therefore consider that the events are unlikely to cause material disruption to the charity's activities and believe that there are adequate resources and also have significant investments to be able to continue its activities. The Trustees are confident that the charity can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
All income and expenditure in 2023 and 2022 was unrestricted.
1.4 Incoming resources
Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Investment income is shown net of investment management costs charged directly to the Foundation. Indirect charges and commission relating to the professional management of the investments are incorporated within the acquisition and disposal costs of investments.
Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received by our investment advisor of the investment portfolio.
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THE FRANK JACKSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(Continued)
1.5 Resources expended
Liabilities are recognised as expenditure once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated to the one charitable activity in the statement of financial activities.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the charity.
Provisions for grants are made when the intention to make the grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
A provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payments, settlement is probable, and the effect of discounting is material. The discount rate used is the rate offered on government bonds (Gilts) for a commensurate or similar time period offered in the year in which the grant award is made.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
1.6 Fixed asset investments
Gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated by reference to the value at which the investment was included in the previous year's accounts, or the cost if acquired during the year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
1.7 Financial instruments
The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
- 15 -
THE FRANK JACKSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Foundation does not acquire put options, derivatives or other complex financial instruments.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2 Critical accounting estimates and judgements
In the application of the Foundation’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Trustees do not believe there to be any judgements or estimates critical to the financial statements.
3 Donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 30 | - |
- 16 -
THE FRANK JACKSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
4 Investments
| Income from investments Interest receivable |
2023 £ 452,075 2,213 454,288 |
2022 £ 454,019 86 |
|---|---|---|
| 454,105 |
Investment income is net of investment management fees. The Trustees estimate of management fees is approximately 0.75% of managed investments.
5 Other income
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| 2023 | 2022 | |
| £ | £ | |
| Other income | 5,936 | - |
6 Charitable activities
| Welfare and | Welfare and | |
|---|---|---|
| education | education | |
| 2023 | 2022 | |
| £ | £ | |
| Bank charges | 1,212 | 840 |
| Accountancy | 22,825 | 15,025 |
| Office expenses | 1,492 | 643 |
| Administrative fees | 32,256 | 30,865 |
| Travel and subsistence | 13,747 | 914 |
| Insurance | 483 | 483 |
| Sundry expenses | 1,000 | 194 |
| 73,015 | 48,964 | |
| Grant funding of activities (see note 7) | 763,087 | 778,038 |
| Share of governance costs (see note 8) | 17,500 | 18,321 |
| 853,602 | 845,323 |
Charitable activities includes payments to the auditors of £17,500 (2022: £18,321) for audit fees and £15,023 (2022: £15,025) for other services.
- 17 -
THE FRANK JACKSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
7 Grants payable
| Grants to institutions: Ablestay African Gifted Foundation Alexandra Education Committee Aldeburgh Cinema Trust Amathuba Foundation Children on the Edge Cirdan Sailing Trust Clifton Preparatory School Cordwalles Preparatory School Ellen MacArthur Cancer Trust Envision Fellowship Afloat Charitable Trust Friends of Tsiba UK Greenlight Trust Gresham College Trust Ikamva Youth National Youth Ballet Oriel College Development Trust Physics Partners Pinotage Youth Pioneer Sailing Trust Practical Action Protec Academy Resurgo Trust Seckford Foundation Suffolk Community Foundation The Island Trust The Sozo Foundation The Learning Trust The Vula Programme at Hilton College Western Cape Primary Science Programme (PSP) Winston Churchill Memorial Trust Wordworks Other grants less than £9,999 |
2023 £ - - 19,305 - 25,531 - 15,000 78,306 98,663 15,000 15,000 20,000 - 25,000 13,500 - 10,000 154,375 30,000 - - 10,000 (12,500) 10,500 11,991 76,380 15,000 25,000 - 32,601 31,370 - 13,566 29,500 763,087 |
2022 £ 10,000 50,000 13,436 (24,319) 27,047 17,000 15,000 75,606 81,397 15,000 10,000 - 14,895 15,000 27,000 7,660 10,000 91,707 - 8,362 15,000 13,000 7,226 10,500 11,887 58,477 15,000 35,982 51,137 33,615 23,909 10,000 13,793 13,723 778,038 |
|---|---|---|
During the year 35 (2022: 36) grants were given to institutions.
- 18 -
THE FRANK JACKSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
8 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Audit fees - 17,500 - 17,500 Analysed between Charitable activities - 17,500 |
2023 Support costs Governance costs £ £ £ 17,500 - 18,321 17,500 - 18,321 17,500 - 18,321 |
2022 £ 18,321 |
| 18,321 | ||
| 18,321 |
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Foundation during the year but 6 trustees were reimbursed a total of £1,716 travelling expenses (2022: £624 to 2 Trustees).
10 Employees
There were no employees during the year (2022: none).
11 Net gains/(losses) on investments
| 2023 £ Revaluation of investments (1,999,540) Gain on sale of investments (24,409) (2,023,949) |
2022 £ 577,876 15,974 |
|---|---|
| 593,850 |
- 19 -
THE FRANK JACKSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
12 Fixed asset investments
| Investments Cash £ Cost or valuation At 6 April 2022 27,597,831 Valuation changes (1,999,540) Movement in cash - Dividends and interest received - Disposals (384,409) At 5 April 2023 25,213,882 Carrying amount At 05 April 2023 25,213,882 At 05 April 2022 27,597,831 13 Debtors Amounts falling due within one year: Other debtors 14 Creditors: amounts falling due within one year Grants payable Accruals and deferred income |
in portfolio 126,957 - (795,000) 454,288 360,000 146,245 146,245 126,957 2023 £ - 2023 £ 13,566 28,418 41,984 |
Total £ 27,724,788 (1,999,540) (795,000) 454,288 (24,409) 25,360,127 25,360,127 27,724,788 2022 £ 24,319 2022 £ 50,000 35,264 85,264 |
|---|---|---|
15 Related party transactions
There were no related party transactions during the year, however, in 2022 the Foundation paid £33,615 to the VULA programme at which, Mr Tim Seymour's sister, Mrs Susan Southwood, is employed as a co-ordinator.
All successful grant applications or decisions or directions in relation to all grants, whether involving related parties or not, have been approved by a majority of independent Trustees and all such related party arrangements are on a wholly arms length basis.
- 20 -
THE FRANK JACKSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
| 16 Cash generated from operations 2023 £ (Deficit)/surpus for the year (2,417,297) Adjustments for: Investment income recognised in statement of financial activities (454,288) Loss/(gain) on disposal of investments 24,409 Fair value gains and losses on investments 1,999,540 Movements in working capital: Decrease/(increase) in debtors 24,319 (Decrease)/increase in creditors (43,280) Cash absorbed by operations (866,597) 17 Analysis of changes in net funds |
2022 £ 202,632 (454,105) (15,974) (577,876) (24,319) 17,721 (851,921) |
|---|---|
The Foundation had no debt during the year.
- 21 -
Issuer
Issuer HW Fisher Document generated Thu, 21st Dec 2023 10:40:36 UTC Document fingerprint 0d3b3e56bc0a76cbfcf7ef20c78564db
Parties involved with this document
Document processed Party + Fingerprint Thu, 21st Dec 2023 12:34:54 UTC David Tennant - Signer (75855647e3e4fa8d4976615fbae44ea2) Thu, 21st Dec 2023 12:40:24 UTC Andy Rich - Signer (d173a326c06723b22b86bf324daf2406) Audit history log Date Action Thu, 21st Dec 2023 12:40:26 UTC Andy Rich viewed the envelope (217.207.100.70) Thu, 21st Dec 2023 12:40:25 UTC This envelope has been signed by all parties (217.207.100.70) Thu, 21st Dec 2023 12:40:25 UTC Andy Rich signed the envelope (217.207.100.70) Thu, 21st Dec 2023 12:40:15 UTC Andy Rich viewed the envelope (20.254.157.196) Thu, 21st Dec 2023 12:40:01 UTC Andy Rich viewed the envelope (217.207.100.70) Thu, 21st Dec 2023 12:34:55 UTC David Tennant viewed the envelope (86.145.73.199) Thu, 21st Dec 2023 12:34:55 UTC Document emailed to arich@hwfisher.co.uk (3.10.154.163) Thu, 21st Dec 2023 12:34:54 UTC Sent the envelope to Andy Rich (arich@hwfisher.co.uk) for signing (86.145.73.199) Thu, 21st Dec 2023 12:34:54 UTC David Tennant signed the envelope (86.145.73.199) Thu, 21st Dec 2023 12:31:26 UTC David Tennant viewed the envelope (86.145.73.199) Thu, 21st Dec 2023 12:31:17 UTC David Tennant opened the document email. (86.145.73.199) Thu, 21st Dec 2023 11:02:12 UTC Document emailed to dht@tonbridge-school.org (3.10.154.163) Thu, 21st Dec 2023 11:02:12 UTC Sent the envelope to David Tennant (dht@tonbridge-school.org) for signing (185.105.75.178) Thu, 21st Dec 2023 10:43:48 UTC Andy Rich has been assigned to this envelope (185.105.75.177) Thu, 21st Dec 2023 10:43:48 UTC David Tennant has been assigned to this envelope (185.105.75.177) Thu, 21st Dec 2023 10:41:02 UTC Document generated with fingerprint 209c7bd87c016b8b3fe27184a81d99cf (185.105.75.177) Thu, 21st Dec 2023 10:41:02 UTC Document generated with fingerprint 0d3b3e56bc0a76cbfcf7ef20c78564db (185.105.75.177)
Thu, 21st Dec 2023 10:41:02 UTC
Thu, 21st Dec 2023 10:41:02 UTC Document generated with fingerprint 9400e44d0419b7be710449688835aa7b (185.105.75.177) Thu, 21st Dec 2023 10:40:36 UTC Envelope generated by Stephen Best (185.105.75.177)