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|---|---|---|---|---|
|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|
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|||||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|
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|||||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|||
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||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||
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|||||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||
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|||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||
##
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||||||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|
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|||||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|
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|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|
##
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||||||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|