**Charity number: 1015427**
## **THE PEGGY RAMSAY FOUNDATION**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
## **THE PEGGY RAMSAY FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 5|
|**Independent Auditors' Report on the Financial Statements**|6 - 9|
|**Statement of Financial Activities**|10|
|**Balance Sheet**|11|
|**Statement of Cash Flows**|12|
|**Notes to the Financial Statements**|13 - 24|
**THE PEGGY RAMSAY FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Trustees**|Neil Adleman, Chair|
|---|---|
||Justin Audibert|
||Clare Holman|
||William Mortimer|
||Elizabeth H Ball|
||Georgia Gatti|
||Holly Kendrick|
||Simon P H Callow CBE|
||Tamara C Harvey|
|**Charity registered**
**number**
1015427
**Principal office**
7 Savoy Court
London
WC2R 0EX
**Independent auditors**
Nyman Libson Paul LLP
Chartered Accountants
Statutory Auditors
124 Finchley Road
London
NW3 5JS
**Bankers**
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
ME19 4JQ
**Solicitors**
Harbottle & Lewis LLP
7 Savoy Court
London
WC2R 0EX
**Investment Adviser**
Quilter Cheviot Investment Management
One Kingsway
London
WC2B 6AN||
Page 1
**THE PEGGY RAMSAY FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
The Trustees present their annual report together with the audited financial statements of The Peggy Ramsay Foundation for the year 1 January 2022 to 31 December 2022. The Trustees confirm that the annual report and financial statements of the charity comply with current statutory requirements, the requirements of the Foundation's governing document and the provision of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019)
## **Objectives and activities**
## **a. Objectives, activites and public benefit**
The objects of the Foundation are first the advancement of education by the encouragement of the art of writing. Second, the relief of poverty among those practising the arts, together with their dependants and relatives, with special reference to writers. Last, any charitable purpose, which may in the opinion of the Trustees, achieve, assist in, or contribute to, the achievement of these objectives.
## **Achievements and performance**
## **a. Review of activities**
During 2022 the Foundation continued to make grants directly to theatre writers in accordance with its published criteria. It also continued its support of a limited number of awards for theatre writing with objects allied to those of the Foundation (the Alfred Fagon Award and the Imison Award). The Foundation has seen an increase in the number of applications it receives and is continuing to fund all applications which the Trustees consider worthy of a grant. However, downturns in the income generated by the Foundation’s investments mean that this may not be possible going forwards if the Foundation’s policy of not funding expenditure out of its capital endowment is to be maintained.
2022 represented the second year of the Foundation’s initial three year programme for management of The Peggy Ramsay Foundation / Channel 4 Playwrights’ Awards, funded by the Foundation alongside Channel 4 and the Maria Bjornson Foundation. The Scheme awards bursaries to a number of playwrights on an annual basis and places them with host theatres who support their progress. The Trustees continue to feel that the Scheme provides a compliment to its main grant giving programme.
The Foundation’s investment portfolio was closely monitored during the year, given the continued shocks suffered by the markets as a result of ongoing global events and the Foundation’s reliance on the portfolio as a source of income. By the year end both the capital value and income derived from the portfolio proved to have been relatively resilient.
The Trustees keep the Foundation’s activities under regular review in order to ensure that it continues to achieve its objects and to maintain its policy of making grants only out of income, so as to safeguard its capital endowment.
Page 2
**THE PEGGY RAMSAY FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Achievements and performance (continued)**
## **b. Investment policy and performance**
The Trustees investment powers are governed by the Declaration of Trust, which permit the Foundations funds to be invested in a wide range of securities and assets.
As the charity is not permanently endowed, the Trustees investment policy aims for investments balanced for safety and reasonable growth and such income as will meet the planned spending needs of the Foundation. The Trustees will continue to manage the Foundations investments in conformity with this policy and the governing document in accordance with the advice of the investment adviser.
The Foundations fixed asset investments are held by Quilter Cheviot Investment Managements nominee company and are held by it on behalf of the Foundation.
The Foundations investments are in a mix of gilt edged stocks, general equities and investment trusts and the Foundation seeks to pursue an ethical approach to investment. The investments are managed by Quilter Cheviot Investment Management on a discretionary basis. Global events have impacted the fair value of investments resulting in a decrease to £7,800,401.
Since the reporting date, the continued effect of global events and the cost of living crisis, has impacted on the fair value of investments although the market value of investments at 30 September 2023 remains largely unchanged.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. The Trustees continue to ensure that the investment portfolio managers maintain a diverse range of investments to reduce its exposure to the risk and the impact of high rates of inflation as a result of the conflict in Ukraine and the ongoing impact of the Covid-19 pandemic on the financial markets. As described above, a sustained reduction in the income generated by the Foundation’s investments may necessitate a review of grant making policy. For this reason the Trustees continue to adopt the going concern basis in preparing the Foundation's financial statements. Further details regarding the adoption of the going concern basis can be found in Accounting Policy note 1.2.
## **b. Reserves policy**
The Foundation's reserves are represented by substantial investment holdings which form the main source of income. Accordingly the Trustees' reserves and funding policy runs in unison with its investment policy as described above.
At the balance sheet date £7,860,786 was held in unrestricted reserves.
## **c. Principal risks and uncertainties**
The charity's significant assets are listed investments susceptible to fluctuations in fair value. The Trustees continue to monitor closely the performance of the investments and funding of charitable activities is adapted appropriately where there is a significant reduction in the income generated from investments. Consequently the Trustees are satisfied that the major risks identified have been mitigated.
Page 3
**THE PEGGY RAMSAY FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **d. Financial review**
The year ended 31 December 2022 saw incoming resources decrease to £273,081 (2021: £474,679) as a result of a legacy received in the prior year. Income from investments increased slightly to £226,095 (2021: £225,553). Total expenditure for the year increased to £384,504 (2021: £254,426) due to an increase in grant awards. Net realised losses on disposals of investments amounted to £313,507 (2021: gains of £16,523) and unrealised losses on investments amounted to £1,152,389 (2021: unrealised gain of £963,187) due to fluctuations in the stock market caused by the conflict in Ukraine and inflation. As a result the net decrease in funds for the year amounted to £1,577,319 (2021 increase of £1,199,963) and total unrestricted funds decreased to £7,860,786 (2021: £9,438,105) as at 31 December 2022.
## **Structure, governance and management**
## **a. Constitution**
The charity is constituted by a Deed of Trust dated 1 June 1992 and registered with the Charity Commission under charity number 1015427. There have been no amendments since its inception and no specific restrictions imposed by the Deed.
## **b. Goveranance and decision making**
All major decisions are made by all the Trustees who usually meet at least four times a year. Investment performance is reported to and reviewed by the Trustees at the Trustee Meetings.
The Trustees are appointed by a Resolution of Trustees, and whenever a Trustee is appointed a Memorandum of Appointment is signed by the Trustee presiding at such meeting and attested by two other Trustees present thereat. Whenever the Trustees are less than three, new Trustees must be appointed to bring the number up to three. This has never happened. At every Annual General Meeting the longest serving Trustees (chosen alphabetically if necessary) to the extent of one third of the Trustees for the time being (or if their number is not three or a multiple of three then the number nearest to one third) resign and become eligible for reappointment.
Apart from occasional minor expenses the Trustees are unpaid. No fundraising activities are undertaken or contemplated.
## **c. Risk management**
The Board of Trustees is responsible for the management of risks faced by the Foundation. If necessary, risks are identified, assessed and controls established. The Trustees are satisfied that no immediate major risks have been identified. The Foundation's general policy is only to make grants out of income so that its capital base is maintained.
## **Future developments**
The Trustees intend to continue to make grants in accordance with the grant making policy and in furtherance of the charity's objectives. Grants are made from the funds generated from the fixed assets investments and the Trustees continue to delegate management of the investments to the Foundation's investment managers in order to maximise return.
Page 4
**THE PEGGY RAMSAY FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Statement of Trustees' responsibilities**
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 & 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 23 October 2023 and signed on their behalf by:
## **Neil Adleman**
(Chair of Trustees)
Page 5
**THE PEGGY RAMSAY FOUNDATION**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PEGGY RAMSAY FOUNDATION**
## **Opinion**
We have audited the financial statements of The Peggy Ramsay Foundation (the 'charity') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) 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 been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
Page 6
**THE PEGGY RAMSAY FOUNDATION**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PEGGY RAMSAY FOUNDATION (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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, except to the extent otherwise explicitly stated in our report, 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 7
**THE PEGGY RAMSAY FOUNDATION**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PEGGY RAMSAY FOUNDATION (CONTINUED)**
## **Auditors' 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 Auditors' 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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, reading minutes of meetings of those charged with governance and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 8
**THE PEGGY RAMSAY FOUNDATION**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PEGGY RAMSAY FOUNDATION (CONTINUED)**
## **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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Nyman Libson Paul LLP**
Chartered Accountants
Statutory Auditors 124 Finchley Road
London NW3 5JS
## 25 October 2023
Nyman Libson Paul LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9
**THE PEGGY RAMSAY FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022**
|Note
**Income from:**
Donations and legacies
2
Other trading activities
Investments
3
**Total income**
**Expenditure on:**
Raising funds
4
Charitable activities
**Total expenditure**
**Net (expenditure)/income before net**
**(losses)/gains on investments**
Net (losses)/gains on investments
**Net (expenditure)/income**
Transfers between funds
10
**Net movement in funds before other**
**recognised gains/(losses)**
**Other recognised gains/(losses):**
(Losses)/gains on revaluation of fixed
asset investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|Restricted
funds
2022
£
43,000
-
-
43,000
-
72,231
72,231
(29,231)
-
(29,231)
5,798
(23,433)
-
(23,433)
23,433
(23,433)
-|Unrestricted
funds
2022
£
-
3,986
226,095
230,081
40,789
271,484
312,273
(82,192)
(313,507)
(395,699)
(5,798)
(401,497)
(1,152,389)
(1,553,886)
9,414,672
(1,553,886)
7,860,786|Total
funds
2022
£
43,000
3,986
226,095
273,081
40,789
343,715
384,504
(111,423)
(313,507)
(424,930)
-
(424,930)
(1,152,389)
(1,577,319)
9,438,105
(1,577,319)
7,860,786|Total
funds
2021
£
247,309
1,817
225,553|
|---|---|---|---|---|
|||||474,679|
|||||51,599
202,827|
|||||254,426|
|||||220,253
16,523|
|||||236,776
-|
|||||236,776
963,187|
|||||1,199,963|
|||||8,238,142
1,199,963|
|||||9,438,105|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 24 form part of these financial statements.
Page 10
## **THE PEGGY RAMSAY FOUNDATION**
## **BALANCE SHEET AS AT 31 DECEMBER 2022**
|Note
**Fixed assets**
Investments
8
**Current assets**
Cash at bank and in hand
Creditors: amounts falling due within one
year
9
**Net current assets**
**Total net assets**
**Charity funds**
Restricted funds:
Restricted funds
10
Total restricted funds
10
Unrestricted funds
Designated funds
10
General funds
10
Total unrestricted funds
10
**Total funds**|108,502
108,502
(48,117)
-
74,202
7,786,584|2022
£
7,800,401
7,800,401
60,385
7,860,786
-
7,860,786
7,860,786|92,423
92,423
(30,865)
23,433
40,000
9,374,672|2021
£
9,376,547|
|---|---|---|---|---|
|||||9,376,547
61,558|
||||||
|||||9,438,105|
|||||23,433
9,414,672|
||||||
|||||9,438,105|
The financial statements were approved and authorised for issue by the Trustees on 23 October 2023 and signed on their behalf by:
**Neil Adleman** (Chair of Trustees)
**Elizabeth H Ball** (Trustee)
The notes on pages 13 to 24 form part of these financial statements.
Page 11
**THE PEGGY RAMSAY FOUNDATION**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
**Net cash provided by/(used in) investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**|2022
£
(320,266)
226,095
958,480
(759,762)
424,813
-
104,547
199,377
303,924|2021
£
4,414
225,553
996,791
(1,368,095)
(145,751)
-
(141,337)
340,714
199,377|
|---|---|---|
The notes on pages 13 to 24 form part of these financial statements
Page 12
**THE PEGGY RAMSAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011
The Peggy Ramsay Foundation constitutes a public benefit entity as defined by FRS 102.
## **1.2 Going concern**
The charity meets its day to day working capital requirements from the revenue generated by its fixed asset investments.
Grant payments are made at the discretion of the Trustees and are not contractual. The Trustees' investment policy creates diversity across the portfolio reducing the risk to which the charity is exposed.
After reviewing the company's forecasts and projections, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. The Trustees therefore continue to adopt the going concern basis in preparing the Foundation's financial statements.
## **1.3 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Foundation for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 13
**THE PEGGY RAMSAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1. Accounting policies (continued)**
## **1.4 Income**
All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the Foundation is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Foundation has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Foundation, or the Foundation is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on the accruals basis. All expenses including support costs and governance costs are all allocated to the applicable expenditure headings
Expenditure on raising funds comprises investment management fees and professional fees.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation's objectives, as well as any associated support costs.
Governance costs are those incurred in connection with administration of the Foundation and compliance with constitutional and statutory requirements.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
## **1.6 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest paid or payable by the Bank.
Page 14
**THE PEGGY RAMSAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1. Accounting policies (continued)**
## **1.7 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Realised nvestment gains and losses are shown with the heading ‘Gains/(losses) on investments’ and unrealised gains and losses are shown with the heading 'Gains/(losses) on revaluations of fixed assets' in the Statement of Financial Activities.
Investments held as fixed assets are shown at cost less provision for impairment.
## **1.8 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.9 Creditors and provisions**
Creditors and provisions are recognised where the Foundation has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
## **1.10 Financial instruments**
The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 15
**THE PEGGY RAMSAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **2. Income from donations and legacies**
|Donations
Legacies
**Total 2022**
Total 2021|Restricted
funds
2022
£
43,000
-
43,000
43,000|Unrestricted
funds
2022
£
-
-
-
204,309|Total
funds
2022
£
43,000
-
43,000
247,309|Total
funds
2021
£
43,000
204,309|
|---|---|---|---|---|
|||||247,309|
||||||
## **3. Investment income**
|Income from local listed investments
Investment income - foreign listed investments
Investment income - other local unlisted
Investment income - local cash
**Total 2022**
Total 2021|Unrestricted
funds
2022
£
94,675
88,879
41,288
1,253
226,095
225,553|Total
funds
2022
£
94,675
88,879
41,288
1,253
226,095
225,553|Total
funds
2021
£
102,448
87,636
35,465
4|
|---|---|---|---|
||||225,553|
|||||
Page 16
**THE PEGGY RAMSAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **4. Expenditure on raising funds**
## **Costs of raising voluntary income**
|Professional and investment management fees
Total 2021|Unrestricted
funds
2022
£
40,789
51,599|Total
funds
2022
£
40,789
51,599|Total
funds
2021
£
51,599|
|---|---|---|---|
|||||
## **5. Analysis of grants**
|Grants to individuals
The Alfred Fagon Award Limited
PRF C4 Playwright Bursaries
The Society of Authors
Total 2021|Grants to
Institutions
2022
£
-
10,000
-
3,000
13,000
13,000|Grants to
Individuals
2022
£
203,501
-
60,000
-
263,501
117,739|Total
funds
2022
£
203,501
10,000
60,000
3,000
276,501
130,739|Total
funds
2021
£
117,739
10,000
-
3,000|
|---|---|---|---|---|
|||||130,739|
||||||
Page 17
**THE PEGGY RAMSAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **6. Analysis of expenditure by activities**
|Professional fees
VAT on professional fees
Grants to individuals
Grants to institutions
Administrative expenses
Auditors remuneration
Bank charges
PRF C4 Playwright Bursaries
The Society of Authors
Total 2021|Activities
undertaken
directly
2022
£
18,800
3,760
-
-
12,231
-
143
-
-
34,934
42,365|Grant
funding of
activities
2022
£
-
-
203,501
10,000
-
-
-
60,000
3,000
276,501
130,739|Governance
costs
2022
£
16,000
3,200
-
-
-
13,080
-
-
-
32,280
29,723|Total
funds
2022
£
34,800
6,960
203,501
10,000
12,231
13,080
143
60,000
3,000
343,715
202,827|Total
funds
2021
£
34,843
6,968
117,739
10,000
19,567
10,500
210
-
3,000|
|---|---|---|---|---|---|
||||||202,827|
|||||||
## **7. Auditors' remuneration**
The Auditor's remuneration amounts to an Audit fee of £11,100 (2021: £10,500) inclusive of VAT.
Page 18
**THE PEGGY RAMSAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **8. Fixed asset investments**
|**Market value**
At 1 January 2022
Additions
Disposals
Profit/(loss) on disposal
Investment income received
Net gain/(loss) on revaluation
Transfers in/(out)
Management fees
At 31 December 2022
**Net book value**
At 31 December 2022
At 31 December 2021
**Creditors: Amounts falling due within one year**
Accruals|Listed
investments
£
9,269,593
759,762
(958,480)
(313,507)
-
(1,152,389)
-
-
7,604,979
7,604,979
9,269,593|Other fixed
asset
investments
£
106,954
(759,762)
958,480
-
225,911
-
(300,092)
(36,069)
195,422
195,422
106,954
2022
£
48,117|Total
£
9,376,547
-
-
(313,507)
225,911
(1,152,389)
(300,092)
(36,069)
7,800,401
7,800,401
9,376,547
2021
£
30,865|
|---|---|---|---|
## **9. Creditors: Amounts falling due within one year**
Page 19
**THE PEGGY RAMSAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **10. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted**
**funds**
**Designated**
**funds**
The Peggy
Ramsay
Foundation and
Film4 Playwright
Scheme
**General funds**
General Funds
**Total**
**Unrestricted**
**funds**
**Restricted**
**funds**
The Peggy
Ramsay
Foundation and
Film4 Playwright
Scheme
**Total of funds**|Balance at 1
January
2022
£
40,000
9,374,672
9,414,672
23,433
9,438,105|Income
£
-
230,081
230,081
43,000
273,081|Expenditure
£
-
(312,273)
(312,273)
(72,231)
(384,504)|Transfers
in/out
£
34,202
(40,000)
(5,798)
5,798
-|Gains/
(Losses)
£
-
(1,465,896)
(1,465,896)
-
(1,465,896)|Balance at
31
December
2022
£
74,202|
|---|---|---|---|---|---|---|
|||||||7,786,584|
|||||||7,860,786|
|||||||-|
|||||||7,860,786|
Page 20
**THE PEGGY RAMSAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **10. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
**Designated**
**funds**
The Peggy
Ramsay
Foundation and
Film4 Playwright
Scheme
**General funds**
General Funds
**Total**
**Unrestricted**
**funds**
**Restricted**
**funds**
The Peggy
Ramsay
Foundation and
Film4 Playwright
Scheme
**Total of funds**|Balance at
1 January
2021
£
-
8,238,142
8,238,142
-
8,238,142|Income
£
-
431,679
431,679
43,000
474,679|Expenditure
£
-
(234,859)
(234,859)
(19,567)
(254,426)|Transfers
in/out
£
40,000
(40,000)
-
-
-|Gains/
(Losses)
£
-
979,710
979,710
-
979,710|Balance at
31
December
2021
£
40,000|
|---|---|---|---|---|---|---|
|||||||9,374,672|
|||||||9,414,672|
|||||||23,433|
|||||||9,438,105|
Page 21
**THE PEGGY RAMSAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **11. Summary of funds**
## **Summary of funds - current year**
|Designated
funds
General funds
Restricted funds|Balance at 1
January
2022
£
40,000
9,374,672
23,433
9,438,105|Income
£
-
230,081
43,000
273,081
Income
£
-
431,679
43,000
474,679|Expenditure
£
-
(312,273)
(72,231)
(384,504)
Expenditure
£
-
(234,859)
(19,567)
(254,426)|Transfers
in/out
£
34,202
(40,000)
5,798
-
Transfers
in/out
£
40,000
(40,000)
-
-|Gains/
(Losses)
£
-
(1,465,896)
-
(1,465,896)
Gains/
(Losses)
£
-
979,710
-
979,710|Balance at
31
December
2022
£
74,202
7,786,584
-|
|---|---|---|---|---|---|---|
|||||||7,860,786|
|||||||Balance at
31
December
2021
£
40,000
9,374,672
23,433|
|**Summary of funds - prior year**|||||||
|Designated
funds
General funds
Restricted funds|Balance at
1 January
2021
£
-
8,238,142
-
8,238,142||||||
|||||||9,438,105|
## **12. Analysis of net assets between funds Analysis of net assets between funds - current year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2022
£
7,800,401
108,502
(48,117)
7,860,786|Total
funds
2022
£
7,800,401
108,502
(48,117)|
|---|---|---|
|||7,860,786|
Page 22
**THE PEGGY RAMSAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **12. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|Endowment
funds
2021
£
23,433
-
-
23,433|Restricted
funds
2021
£
-
23,433
-
23,433|Unrestricted
funds
2021
£
9,353,114
68,990
(30,865)
9,391,239|Total
funds
2021
£
9,376,547
92,423
(30,865)
9,438,105|
|---|---|---|---|---|
## **13. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the year (as per Statement of Financial
Activities)
**Adjustments for:**
Dividends and interests from investments
Loss/(profit) on the sale of fixed asset investments
Increase in creditors
**Net cash provided by/(used in) operating activities**
**Analysis of cash and cash equivalents**
Cash in hand
Cash held by investment managers
**Total cash and cash equivalents**|2022
£
(424,930)
(226,095)
313,507
17,252
(320,266)
2022
£
108,502
195,422
303,924|2021
£
236,776
(225,553)
(16,523)
9,714
4,414
2021
£
92,423
106,954
199,377|
|---|---|---|
## **14. Analysis of cash and cash equivalents**
Page 23
**THE PEGGY RAMSAY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **15. Analysis of changes in net debt**
|Cash at bank and in hand|At 1 January
2022
£
92,423
92,423|Cash flows
£
16,079
16,079|At 31
December
2022
£
108,502|
|---|---|---|---|
||||108,502|
## **16. Related party transactions**
The Foundation engage the services of a firm of solicitors in which one of the Trustees is also a partner. The total fees charged amounted to £40,000 (2021: £40,050) net of VAT. The Trustee received no direct benefit from these fees.
Page 24