| Page | ||||
|---|---|---|---|---|
| Reference and administrative | details ofthe Foundation, | its Trustees and advisers | ||
| Trustees' report |
2-5 | |||
| Independent auditors' |
report | on the financial statements | 6-9 | |
| Statement offinancial | activities | 10 | ||
| Balance sheet | ||||
| Statement ofcash flows | 12 | |||
| Notes to the financial | statements | 13-26 |
| Trustees | GES Robinson | ||
|---|---|---|---|
| HP Sloane | |||
| D Fisher | |||
| Charity registered | |||
| number | 1068286 | ||
| Principal office | Unit 4 Hill Farm | ||
| Kirby Road | |||
| Kirby Bedon | |||
| Norwich | |||
| Norfolk | |||
| NR14 7DU | |||
| Independent | auditors | Larking Gowen | LLP |
| Chartered Accountants |
|||
| Statutory Auditors | |||
| 1 Claydon Business Park |
|||
| Great Blakenham | |||
| Ipswich | |||
| IP6 ONL | |||
| Investment | managers | UBS Wealth Management |
|
| Sloane Robinson | LLP |
| Unrestricted | Endowment | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| Note | 2022f | 2022 E |
2022 6 |
2021 | |||
| Income and endowments | from: | ||||||
| Investments | 3 | 262,711 | 262,711 | 151,491 | |||
| Total income and | endowments | 262,711 | 262,711 | 151,491 | |||
| Expenditure on: |
|||||||
| Investment management |
costs | 6,142 | 6,142 | 26,063 | |||
| Grant making | 847,813 | 847,813 | 711,807 | ||||
| Total expenditure | 847,813 | 6,142 | 853,955 | 737,870 | |||
| Net expenditure before net |
|||||||
| (losses)/gains on |
investments | (585,102) | (6,142) | (591,244) | (586,379) | ||
| Net (losses)/gains | on investments | (2,983,626) | (2,983,626) | 3,754,816 | |||
| Net (expenditure)/income | (585,102) | (2,989,768) | (3,574,870) | 3,168,437 | |||
| Transfers between |
funds | 13 | 585,102 | (585,102) | |||
| Net movement in |
funds before other | ||||||
| recognised gains/(losses) |
(3,574,870) | (3,574,870) | 3,168,437 | ||||
| Other recognised | gains/(losses): | ||||||
| Other (losses)/gains | (414,484) | (414,484) | 42,081 | ||||
| Net movement in |
funds | (3,989,354) | (3,989,354) | 3,210,518 | |||
| Reconciliation of |
funds: | ||||||
| Total funds brought | forward | 20,477,632 | 20,477,632 | 17,267,114 | |||
| Net movement in funds |
(3,989,354) | (3,989,354) | 3,210,518 | ||||
| Total funds carried forward | 16,488,278 | 16,488,278 | 20,477,632 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| 6 | 5 | ||||
| Cash flows from operating | activities | ||||
| Net cash used in operating |
activities | (376,019) | (1,153,287) | ||
| Cash flows from investing | activities | ||||
| Proceeds from sale of investments | 18,794,264 | 27,908,205 | |||
| Purchase of investments |
('l7,144,705) | (27,190,239) | |||
| Net cash provided by investing activities |
1,649,559 | 717,966 | |||
| Cash flows from financing | activities | ||||
| Net cash provided by financing activities |
|||||
| Change in cash and cash |
equivalents in the year |
1,273,540 | (435,321) | ||
| Cash and cash equivalents | at the beginning | ofthe year | 689,985 | 1,206,421 | |
| Change in cash and cash equivalents due to exchange |
rate movements | (104,848) | (81,115) | ||
| Cash and cash equivalents | at the end ofthe year | 1,858,677 | 689,985 | ||
| The notes on pages 13to 26 form part ofthese financial | statements |
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 6 |
2022f | 2021 6 |
|
| UK listed investments | 162,185 | 182,185 | 35,392 |
| Non UK listed investments | 77,543 | 77,543 | 114,966 |
| Bank interest receivable | 2,983 | 2,983 | 1,113 |
| 262,711 | 262,711 | 151,491 | |
| Total 2021 | 151,491 | 151,491 |
| Endowment | Total | Total | ||||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| 2022 | 2022 | 2021 | ||||
| 5 | 8 | L' | ||||
| Management | fees | 5,924 | 5,924 | 8,779 | ||
| Research | investment | fees | 218 | 218 | 17,284 | |
| 6,142 | 6,142 | 26,063 | ||||
| Total 2021 | 26,063 | 26,063 |
| Grant | |||||
|---|---|---|---|---|---|
| funding of |
Support | Total | Total | ||
| activities | costs | funds | funds | ||
| 2022 | 2022 | 2022 | 2021 | ||
| 6 | E | ||||
| Grant making | 681,648 | 140,280 | 821,928 | 671,427 | |
| Governance | costs | 25,885 | 25,885 | 40,380 | |
| 681,648 | 166,165 | 847,813 | 711,807 | ||
| Total 2021 | 547,264 | 164,543 | 711,807 |
| Charitable | Total | Total | |||
|---|---|---|---|---|---|
| activities | Governance | funds | funds | ||
| 2022 | 2022 | 2022 | 2021 | ||
| 6 | 6 | 6 | |||
| Professional | costs | 5,409 | 16,228 | 21,637 | 42 116 |
| Consultancy | costs | 24,348 | 24,348 | 23,919 | |
| Accountancy | fees | 4,239 | 4,239 | 8,478 | 8,450 |
| Audit fees | 5,418 | 5,418 | 5,105 | ||
| Bank charges | and interest | 1,436 | 1,436 | 3,838 | |
| Exchange losses | 104,848 | 104,848 | 81,115 | ||
| 140,280 | 25,885 | 166,165 | 164,543 | ||
| Total 2021 | 124,163 | 40,380 | 164,543 |
| 2022f | 2021f | |||||
|---|---|---|---|---|---|---|
| Grant making | 681,648 | 547,264 | ||||
| The total grants paid to institutions |
during | the | year was as follows: | |||
| 2022f | 2021f | |||||
| Chase Africa | 15,000 | |||||
| Eagle Height Academy | 350 | 550 | ||||
| Future Hope UK | 5,000 | |||||
| Garsington Opera |
50,000 | |||||
| Karta Initiative | 100,000 | 100,000 | ||||
| Kathera Girls School | 480 | |||||
| Keble College, Oxford | 158,500 | 124,500 | ||||
| Lincoln College, Oxford | 150,400 | 147,900 | ||||
| Reuben College. Oxford | 30,000 | 30,000 | ||||
| RSPB | 17,750 | |||||
| Turquoise Mountain |
5,000 | |||||
| Tutor the Nation | 50,000 | |||||
| United World Schools |
45,097 | 46,660 | ||||
| University ofOxford Department |
of | Continuing | Education | 15,000 | 15,000 | |
| University of Oxford Psychiatry |
Department | 52,500 | 50,300 | |||
| Veerni Foundation | 9,091 | 9,604 | ||||
| Visitation Board Primary School |
230 | |||||
| 681,648 | 547,264 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| 5 | |||||
| Fees payable | to the Foundation's | auditor | for the audit ofthe Foundation's | ||
| annual accounts | 5,418 | 5,105 | |||
| Fees payable | to the Foundation's | auditor | in respect of: | ||
| All non-audit | services not included | above | 4,470 | 4,410 |
| 2022 | 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 5 | ||||||||||
| Financial | assets | ||||||||||
| Financial | assets | measured | at | fair | value | through | income | and | expenditure | 14,665,624 | 19,833,542 |
| Listed | Unlisted | ||
|---|---|---|---|
| Investments | investments | Total | |
| 5 | 5 | 6 | |
| Cost or valuation | |||
| At 1 March 2021 | 15,916,527 | 3,548,064 | 19,464,591 |
| Additions | 17,144,705 | 17,144,705 | |
| Disposals | (19,705,876) | (19,705,876) | |
| Revaluations | (1,782,869) | (454,927) | (2,237,796) |
| At 28 February 2022 | 11,572,487 | 3,093,137 | 14,665,624 |
| 2022 6 |
2021f | |||
|---|---|---|---|---|
| Listed | in | the UK | 5,237,278 | 8,693,565 |
| Listed | outside the UK | 6,335,209 | 7,222 962 | |
| Unlisted | outside the UK | 3,093,137 | 3,548,064 |
| 2022 | 2021 | |
|---|---|---|
| 6 | ||
| Due within one year | ||
| Other debtors | 375,632 | |
| 375,632 |
| 2022 | 2021 | ||
|---|---|---|---|
| 6 | 5 | ||
| Other | creditors | 36,023 | 52,576 |
| Statement of fun | ds - prior year | |||||
|---|---|---|---|---|---|---|
| Balance at | Balance at | |||||
| 1 March | Transfers | Gains/ | 28 February | |||
| 2020 | income | Expenditure | inlout | (Losses) | 2021 | |
| E | 6 | L | ||||
| Unrestricted | ||||||
| funds | ||||||
| General Funds- | ||||||
| all funds | 151,491 | (711,807) | 560,316 | |||
| Endowment | ||||||
| funds | ||||||
| Endowment | ||||||
| Funds - all funds | 17,267,114 | (26,063) | (560,316) | 3,796,897 | 20,477,632 | |
| Total offunds | 17,267,114 | 151,491 | (737,870) | 3796897 | 20477632 |
| Endowment | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022f | |
| Fixed asset investments | 14,665,624 | 14,665,624 |
| Current assets | 1,858,677 | 1,858,677 |
| Creditors due within one year | (36,023) | (36,023) |
| Total | 16,488,278 | 16,488,278 |
| Analysis | of net assets between funds - prior year |
||
|---|---|---|---|
| Endowment | Total | ||
| funds | funds | ||
| 2021 | 2021 | ||
| Fixed asset investments | 19,464,591 | 19,464,591 | |
| Current | assets | 1,065,617 | 1,065,617 |
| Creditors | due within one year | (52,5761 | (52,576) |
| Total | 20,477,632 | 20,477,632 |
| 15. | Reconciliation of net |
movement | movement | in funds to net cash flow | in funds to net cash flow | in funds to net cash flow | in funds to net cash flow | from operating | activities | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022f | 2021f | ||||||||||
| Net income/expenditure |
for | the | year | (as | per | Statement | of Financial | ||||
| Activities) | (3,574,870) | 3,168,437 | |||||||||
| Adjustments for: |
|||||||||||
| Decrease/(increase) in |
debtors | 375,632 | (375,632) | ||||||||
| Decrease in creditors |
(16,553) | (314,472) | |||||||||
| (Gains)/Losses on revaluation |
of | investments | 3,149,408 | (3,754,816) | |||||||
| Other gains/(losses) | (414,484) | 42,081 | |||||||||
| Foreign exchange gains/(losses) | recognised | in P&L | 104,848 | 81,115 | |||||||
| Net cash used in operating | activities | (376,019) | (1,153,267) |
| 2022 | 2021 | ||
|---|---|---|---|
| 6 | |||
| Cash | in hand | 1,858,677 | 689,985 |
| Total | cash and cash equivalents | 1,858,677 | 689,985 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| 5 | ||||||
| Foreign exchange gains/(losses) | on investments | held at year end | 165,783 | (1,268,453) | ||
| (Loss)/gain | on foreign exchange | forward contracts | (414,484) | 42,081 | ||
| (Loss)/gain | on revaluation | of investments | (2,237,795) | 3,894,755 | ||
| (Loss)/gain | on disposal of | investments | (911,614) | 1,128,514 | ||
| (3,398,110) | 3,796,897 |