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2024-04-05-accounts

Charity Registration No. 1007600

THE FRANK JACKSON FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

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 Ms Isabelle Haigh (Appointed 26 March 2024) Charity number 1007600 Principal address 24 Taylor Way Great Baddow Essex CM2 8ZG United Kingdom Auditor HW Fisher Audit Acre House 11-15 William Road London NW1 3ER United Kingdom Bankers Handelsbanken Sherwood House 5 Bluecoats Avenue Hertford SG14 1PB

THE FRANK JACKSON FOUNDATION

CONTENTS

Page
Trustees' report 1 - 5
Statement of Trustees' responsibilities 6
Independent auditor's report 7 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 21

THE FRANK JACKSON FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The Trustees are pleased to present their annual report together with the audited financial statements of the Foundation for the year ending 5 April 2024.

The report and financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the Foundation’s governing document, applicable laws, 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) (effective 1 January 2019).

1. Our Aims and Activities

a. Foundation Strategy

The Foundation's vision is a world where quality education is increasingly available to all and where environmental degradation is minimised.

Our Mission, therefore, is to support education and learning opportunities both in the UK and in South Africa and to support work being carried out for the benefit of the environment. The Trustees achieve this by funding educational organisations working for the benefit of young people and others, particularly the disadvantaged, and by funding organisations working to foster a sustainable future, countering the effects of climate change.

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 Financial Statements. To give readers a useful and informative view of the activities of the Foundation, we present below the areas of focus for our grant making activities this year and going forward.

(i) Education in the UK and South Africa

(ii) Environmental Projects

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 fifteen 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.

THE FRANK JACKSON FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

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 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 Mr David Tennant (Chairman) Mr Mark Sargeantson Ms Isabelle Haigh (Appointed 26 March 2024)

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.

THE FRANK JACKSON FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

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 having the broad aim of preserving the real value of its capital. The Trustees have discretion to give as much as they wish to charitable causes and in some years, if appropriate deserving projects are found, they may draw upon more of the capital.

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 (most recently in September 2024).

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 Trustees take a close interest in the projects supported by the Foundation. In addition to receiving annual reports from the beneficiaries the Trustees like to make regular visits to see the beneficiaries to discuss their work and, where possible, see it in action.

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 5 April 2024 as well as explaining the plans for the current financial year and beyond.

The Trustees have considered these matters and concluded:

  1. That the aims of the Foundation continue to be charitable;

  2. That the aims and the work done give identifiable benefits to the charitable sector and both indirectly and directly to individuals in need;

  3. That the benefits are for the public, are not unreasonably restricted in any way and certainly not by ability to pay; and

  4. 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 5 April 2024 £26,181,788 (2023 £25,360,127) was held as part of the investment portfolio.

THE FRANK JACKSON FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

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:

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.

THE FRANK JACKSON FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

g. Financial review

For the year ended 5 April 2024 the Foundation had incoming resources of £476,214 for the year and net expenditure of £951,894.

During the year the Foundation made 29 grants totalling £865,326, as detailed in Note 7, which compared with incoming resources of £476,214 . Since the year-end further grants of circa £176,069 have also been made.

Loss on investment assets totalled £29,432. 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 £26,181,788 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.

Total funds at 5 April 2024 were £26,703,068, which is 2.6% higher than at 5 April 2023.

i. Related parties

We refer you to Note 16 of the financial statements 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 06 Jan 2025 Dated: .........................

THE FRANK JACKSON FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2024

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:

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.

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 2024 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:

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:

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:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

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.

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) (effective 1 January 2019)" 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 Audit

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom 06 Jan 2025

.........................

HW Fisher Audit 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.

THE FRANK JACKSON FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2024

Unrestricted
funds
2024
Notes
£
Income and endowments from:
Donations and legacies
3
-
Investments
4
472,064
Other income
5
-
Total income
472,064
Expenditure on:
Charitable activities
6
949,899
Net gains/(losses) on investments
11
1,160,151
Net movement in funds
682,316
Fund balances at 6 April 2023
26,018,597
Fund balances at 5 April 2024
26,700,913		 Restricted
funds
2024
£
4,150
-
-
4,150
1,995
-
2,155
-
2,155		 Total
Unrestricted
funds
2024
2023
£
£
4,150
30
472,064
454,288
-
5,936
476,214
460,254
951,894
853,602
1,160,151
(2,023,949)
684,471
(2,417,297)
26,018,597
28,435,894
26,703,068
26,018,597

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE FRANK JACKSON FOUNDATION

BALANCE SHEET

AS AT 5 APRIL 2024

2024
Notes
£
Fixed assets
Investments
12
Current assets
Cash at bank and in hand
567,733
Creditors: amounts falling due within one year
14
(46,453)
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
15
Unrestricted funds
06 Jan 2025		 £
26,181,788
521,280
26,703,068
2,155
26,700,913
26,703,068		 2023
£
700,454
(41,984)		 £
25,360,127
658,470
26,018,597
-
26,018,597
26,018,597

The financial statements were approved by the Trustees on .........................

David Tennant .............................. Mr David Tennant (Chairman)

Trustee

THE FRANK JACKSON FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2024

Notes
Cash flows from operating activities
Cash absorbed by operations
18
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		 2024
£
£
(943,275)
810,554
810,554
-
(132,721)
700,454
567,733		 2023
£
£
(866,597)
795,000
795,000
-
(71,597)
772,051
700,454

THE FRANK JACKSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

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).

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) (effective 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 current version of the Statement of Recommended Practice 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 financial statements 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 effects of the current economic and political situation, on the charity's activities. The Trustees saw 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, including the charity's significant investments, to be able to continue its activities. The Trustees are confident that the charity can continue as a going concern for the foreseeable future. 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.

Donations and legacies in 2024 was restricted for the Amathuba Foundation. All other income and expenditure in 2024 and 2023 was unrestricted.

Restricted funds are donations that can only be used for particular restricted purposes within the objects of the charity.

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.

THE FRANK JACKSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

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 Financial Instruments

The charity 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.”

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.

THE FRANK JACKSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

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

Restricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 4,150 30

4 Investments

Unrestricted Unrestricted
Funds Funds
2024 2023
£ £
Income from investments 451,883 452,075
Interest receivable 20,181 2,213
472,064 454,288

Investment income is net of investment management fees. The Trustees estimate of management fees is approximately 0.75% of managed investments.

5 Other income

Total Unrestricted
funds
2024 2023
£ £
Other income - 5,936

THE FRANK JACKSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

6 Charitable activities

Unrestricted
Restricted
2024
2024
£
£
Bank charges
734
-
Accountancy
19,079
-
Office expenses
99
-
Administrative fees
35,352
-
Travel and subsistence
11,886
-
Insurance
493
-
Sundry expenses
175
-
67,818
-
Grant funding of activities (see note 7)
863,331
1,995
Share of governance costs (see note 8)
18,750
-
949,899
1,995
Analysis by fund
Unrestricted funds
949,899
-
Restricted funds
-
1,995
949,899
1,995		 Total
2024
Unrestricted
2023
£
£
734
1,212
19,079
22,825
99
1,492
35,352
32,256
11,886
13,747
493
483
175
1,000
67,818
73,015
865,326
763,087
18,750
17,500
951,894
853,602
949,899
853,602
1,995
-
951,894
853,602		 Total
2024
Unrestricted
2023
£
£
734
1,212
19,079
22,825
99
1,492
35,352
32,256
11,886
13,747
493
483
175
1,000
67,818
73,015
865,326
763,087
18,750
17,500
951,894
853,602
949,899
853,602
1,995
-
951,894
853,602
73,015
763,087
17,500
853,602
853,602
-
853,602

Charitable activities includes payments to the auditors of £18,750 (2023: £17,500) for audit fees and £19,079 (2023: £15,023) for other services.

THE FRANK JACKSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

7 Grants payable

Unrestricted
Restricted
£
£
Grants to institutions:
Alexandra Education Committee
23,782
Amathuba Foundation
26,908
1,995
Ashburnham Christian Trust
10,000
Cirdan Sailing Trust
15,000
Clifton Preparatory School
67,081
-
Cordwalles Preparatory School
92,042
-
Ellen MacArthur Cancer Trust
15,000
-
Envision
-
-
Fellowship Afloat Charitable Trust
-
-
Green Light Trust
25,000
-
Gresham College Trust
13,500
The Learning Trust
24,048
National Youth Ballet
-
-
Oriel College Development Trust
159,006
Physics Partners
-
-
Practical Action
-
-
Protec Academy
-
-
Resurgo Trust
-
-
Seckford Foundation
-
-
Suffolk Community Foundation
-
-
The Island Trust
15,000
-
The Sozo Foundation
25,800
-
The Vula Programme at Hilton College
21,620
-
West Kent Debt Advice
10,000
-
Western Cape Primary Science Programme (PSP)
28,104
-
Wordworks
14,886
-
Other grants less than £9,999
49,915
-
863,331
1,995		 Total
£
23,782
28,903
10,000
15,000
67,081
92,042
15,000
15,000
-
25,000
13,500
24,048
10,000
159,006
30,000
-
-
110,500
-
61,139
15,000
25,800
21,620
10,000
28,104
14,886
49,915
865,326		 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
76,379
15,000
25,000
32,601
-
31,370
13,566
29,500
763,087

During the year 29 (2023: 35) grants were given to institutions.

8
Support costs
Support costs
Governance
costs
£
£
Audit fees
-
18,750
-
18,750
Analysed between
Charitable activities
-
18,750		 2024
Support costs
Governance
costs
£
£
£
18,750
-
17,500
18,750
-
17,500
18,750
-
17,500		 2023
£
17,500
17,500
17,500

THE FRANK JACKSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Foundation during the year but 5 trustees were reimbursed a total of £1,306 travelling expenses (2023: £1,716 to 6 Trustees).

Key management personnel were paid a fee of £35,362 (2023: £32,256) for his services managing the Foundation on a day to day basis.

10 Employees

There were no employees during the year (2023: none).

11 Net gains/(losses) on investments

Revaluation of investments
Gain on sale of investments		 2024
2023
£
£
1,189,583
(1,999,540)
(29,432)
(24,409)
1,160,151
(2,023,949)

THE FRANK JACKSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

12 Fixed asset investments

Investments Cash
£
Cost or valuation
At 6 April 2023
25,213,882
Additions
311,583
Valuation changes
1,189,583
Cash Withdrawals
-
Dividends and interest received
-
Disposals
(648,469)
At 5 April 2024
26,066,579
Carrying amount
At 5 April 2024
26,066,579
At 5 April 2023
25,213,882
13
Financial instruments
Carrying amount of financial assets
Equity instruments measured at market value
14
Creditors: amounts falling due within one year
Grants payable
Accruals and deferred income		 in portfolio
146,245
(311,583)
-
(810,554)
472,064
619,037
115,209
115,209
146,245
2024
£
26,066,579
2024
£
13,231
33,222
46,453		 Total
£
25,360,127
-
1,189,583
(810,554)
472,064
(29,432)
26,181,788
26,181,788
25,360,127
2023
£
25,213,882
2023
£
13,566
28,418
41,984

THE FRANK JACKSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
6 April 2023 resources expended 5 April 2024
£ £ £ £
- 4,150 (1,995) 2,155

Amathuba foundation

The Foundation receives a small number of donations from UK donors, mostly individuals, on behalf of Amathuba Foundation in South Africa. The Foundation claims gift aid on these donations, where it applies, and then re-grants the restricted donations and gift aid income on to Amathuba Foundation.

16 Analysis of net assets between funds

Unrestricted
funds
2024
£
Fund balances at 5 April 2024 are represented by:
Investments
26,181,788
Current assets/(liabilities)
519,125
26,700,913		 Restricted
funds
2024
£
-
2,155
2,155		 Total
Unrestricted
funds
2024
2023
£
£
26,181,788
25,360,127
521,280
658,470
26,703,068
26,018,597		 Total
Unrestricted
funds
2024
2023
£
£
26,181,788
25,360,127
521,280
658,470
26,703,068
26,018,597
26,018,597

17 Related party transactions

The Foundation paid £21,620 (2023: £32,601) to the VULA programme at which, Mr Tim Seymour's sister, Mrs Susan Southwood, is employed as a co-ordinator. The Foundation also paid £30,000 (£2023 - £30,000) to Physics Partners at which Isabelle Haigh is also a Trustee.

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.

THE FRANK JACKSON FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

18 Cash generated from operations 2024 2023
£ £
Surplus/(deficit) for the year 684,471 (2,417,297)
Adjustments for:
Investment income recognised in statement of financial activities (472,064) (454,288)
Loss on disposal of investments 29,432 24,409
Fair value gains and losses on investments (1,189,583) 1,999,540
Movements in working capital:
(Increase)/decrease in debtors - 24,319
Increase/(decrease) in creditors 4,469 (43,280)
Cash absorbed by operations (943,275) (866,597)
19 Analysis of changes in net funds

The Foundation had no debt during the year.

Issuer

HW Fisher

Document generated Mon, 6th Jan 2025 14:48:57 GMT

Document fingerprint dab36cbde7a4ca694855eca3fdb1b502

Parties involved with this document

Document processed

Party + Fingerprint

Mon, 6th Jan 2025 17:27:35 GMT Mon, 6th Jan 2025 18:16:28 GMT

David Tennant - Signer (1e581aba2edc01fea14556b65918af91) Andrew Rich - Signer (736faaac9559e9b1660bb60b4f976196)

Audit history log

Date

Action

Mon, 6th Jan 2025 14:48:57 GMT Mon, 6th Jan 2025 14:48:57 GMT

Mon, 6th Jan 2025 14:48:57 GMT

Mon, 6th Jan 2025 14:48:57 GMT

Mon, 6th Jan 2025 14:56:41 GMT

Mon, 6th Jan 2025 14:56:41 GMT Mon, 6th Jan 2025 17:23:07 GMT Mon, 6th Jan 2025 17:23:17 GMT Mon, 6th Jan 2025 17:27:36 GMT Mon, 6th Jan 2025 17:27:38 GMT Mon, 6th Jan 2025 17:27:38 GMT

Mon, 6th Jan 2025 17:27:39 GMT Mon, 6th Jan 2025 17:32:50 GMT

Mon, 6th Jan 2025 17:33:55 GMT

Envelope generated by Stephen Best185.105.75.177 Document generated with fingerprint 74e1c9e95b9b9a643ba435280cf50d75185.105.75.177 Document generated with fingerprint 2aefa6e8640cca3e57865d696566565d185.105.75.177 Document generated with fingerprint dab36cbde7a4ca694855eca3fdb1b502185.105.75.177 Sent the envelope to David Tennant (dht@tonbridge-school.org) for signing185.105.75.177 Document emailed to dht@tonbridge-school.org3.8.196.56 David Tennant opened the document email.165.120.3.15 David Tennant viewed the envelope165.120.3.15 David Tennant signed the envelope165.120.3.15 Document emailed to arich@hwfisher.c.o.uk18.168.205.63 Sent the envelope to Andrew Rich (arich@hwfisher.c.o.uk) for signing165.120.3.15 David Tennant viewed the envelope165.120.3.15 Party email (arich@hwfisher.c.o.uk) has bounced back. The reason given is: error dialing remote address: dial tcp 198.21.5.83:0->185.151.30.166:25: connect: connection refused3.84.179.99 Stephen Best has changed the party Andrew Rich's email to arich@hwfisher.co.uk185.105.75.177

Mon, 6th Jan 2025 17:33:55 GMT

Sent the envelope to Andrew Rich (arich@hwfisher.co.uk) for

Mon, 6th Jan 2025 17:33:55 GMT Mon, 6th Jan 2025 18:15:31 GMT Mon, 6th Jan 2025 18:15:31 GMT Mon, 6th Jan 2025 18:15:36 GMT Mon, 6th Jan 2025 18:16:17 GMT Mon, 6th Jan 2025 18:16:28 GMT Mon, 6th Jan 2025 18:16:28 GMT Mon, 6th Jan 2025 18:16:29 GMT

signing185.105.75.177 Document emailed to arich@hwfisher.co.uk18.168.205.63 Andrew Rich opened the document email.31.94.64.255 Andrew Rich opened the document email.31.94.64.255 Andrew Rich viewed the envelope31.94.64.255 Andrew Rich viewed the envelope31.94.64.255 Andrew Rich signed the envelope31.94.64.255 This envelope has been signed by all parties31.94.64.255 Andrew Rich viewed the envelope31.94.64.255