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|Contents|||Page|
|---|---|---|---|
|Report ofthe|Trustees|||
|Independent|Auditors'|Report|10|
|Statement of|Financial|Activities|13|
|Balance Sheet|||14|
|Statement of|Cash Flows||15|
|Notes forming|part of|the Financial Statements|16|
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|Area||Totalspend
(E)|5Loftotalspend|Number ofgrants|
|---|---|---|---|---|
|Education||8,386,403|37.1Yv|202|
|Civil Soaety||6,682,204|29.5'Yo|142|
|Research||4,846,265|21.41v|17|
|Arts & Non-strategic||1,951,708|8,7Yv|124|
|Community|Ik Health|758,989|3.3YO|51|
|TOTAL||F22,625,569||536|
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|Donmar Warehouse||||10,000|Arts||
|---|---|---|---|---|---|---|
|Hampstead
Theatre||||10,000|Arts||
|National
Youth Jazz|Orchestra|||10,000|Arts||
|Performa||||30,007|Arts||
|Philharmonia
Orchestra||||30,000|Arts||
|Death Penalty Project||||45,000|Civil Society —Human|Rights|
|Global LegalAction|Network|||40,000|Civil Society - Human|Rights|
|Prisoners Abroad||||35,000|Civil Society - Human|Rights|
|Corruption
Watch South Africa||||45,562|Civil Society —Governance||
|Inkululeko
South Africa Media||||65,812|Civil Society —Governance||
|Trust for the Bureau|of Investigative|Journalism,|the|100,000|Civil Society - Governance||
|Access Project, the||||20,000|Education||
|Brilliant Club, the||||35,000|Education||
|Challenge
Partners||||36,658|Education||
|Engineering
Development
Trust||||35,800|Education||
|Ikamva Youth||||35,438|Education||
|MygigCareer||||25,000|Education||
|University
of Cape Town||||111,846|Education||
|British Red Cross||||10,000|Non-Strategic||
|Disasters
Emergency|Committee|||40,000|Non-Strategic||
|Listening
Place, the||||10,000|Non-Strategic||
|TOTAL GRANTS AWARDED 2022||||6781,123|||
|Highlights
of major|grants awarded|in 2022|||||
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|produced
a gain of|3.42'Yo (2021 —|sterling
gain of6.4|6Y0).||||
|---|---|---|---|---|---|---|
||||2019|2020|2021|2022|
|Values in Sterling|||E|E|E|E|
|Investment
income|||377,245|186,536|150,782|94,371|
|Donations
and legacies|||149,187|121,805|120,407|59,433|
|Total income|||526,432|308,341|271,189|153,804|
|Opening
funds|||18,727,191|17,475,603|16,472,210|16,586,609|
|Costs ofinvestment|management|and charitable|(1,279,551)|(1,157,158)|(1,061,424)|(1,054,019)|
|activities|||||||
|Movement
on capital funds|||(498,469)|(154,576)|904,634|525,548|
|Closing funds|||17,475,603|16,472,210|16,586,609|16,211,942|
|Total return
in Sterling per annum|||(1.04)Yo|(0.15)'Yo|6.46Yo|3.42%|
|Global Currency
Index (GCI)|||||||
|Exchange rate currency index/E January 1st|||0.8122|0.7795|0.7926|0.7796|
|Exchange rate currency index/E December 31st|||0.7795|0.7926|0.7796|0.8229|
|Increase/(Decrease)|in value ofSterling versus||||||
|GCI|||4.20Yo|(1.68)Yo|1.67Yo|(5.26)%|
|Values in GCI|||GCI|GCI|GCI|GCI|
|Investment
income|—GCI, year end||675,346|213,994|203,218|118,327|
|Opening
funds|||23,057,364|22,421,842|20,878,391|21,342,002|
|Income less grants|and expenses||(1,641,502)|(1,115,752)|(1,064,636)|(1,093,954)|
|Movement
on capital funds|||1,005,980|(427,699)|1,528,247|(547,061)|
|Closing funds|||22,421,842|20,878,391|21,342,002|19,700,987|
|Total return
in GCI|per annum||3.11Y0|(1.80)Y0|8.24Y0|(2.03)%|
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|||||2022|2021|
|---|---|---|---|---|---|
||||Notes|f|f|
|Income from:||||||
|Donations
and legaoes||||59,433|120,407|
|Investments||||||
|||||94,371|150,782|
|Total income||||||
|||||153,804|271,189|
|Investment
management||costs||138,251|147,089|
|Charitable
activities||||915,768|914,335|
|Total resources|expended|||1,054,019|1,061,424|
|Net gains/(losses)|on investments||11|525,548|904,634|
|Net movement|in funds|||(374,667)|114,399|
|Fund balances at 1January 2022||||16,586,609|16,472,210|
|Fund balances at 31December 2022||||16,211,942|16,586,609|
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||||||||2022||2021||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||Notes|||||
|Fixed assets|||||||||||
|Investments||||||12||16,170,832||16,643,785|
|Current assets|||||||||||
|Debtors|||||||50,933||111,907||
|Cash at bank and|in|hand|||||159,945||303,088||
||||||||210,878||414,995||
|Creditors:amounts||fallingdue||within|one year|14|(169,768)||(457,976)||
|Net current assets/(liabikties)||||||||41,110||(42,981)|
|Total assets less|current||liabilities|||||16,211,942||16,600,804|
|Creditors: amounts||falling due||after|more||||||
|than one year||||||15||||(14,195)|
|Net assets||||||||16,211,942||16,586,609|
|Income funds|||||||||||
|Unrestricted
funds||||||||16,211,942||16,586,609|
|||||||||16,211,942||16,586,609|
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|||||2022|||2021||
|---|---|---|---|---|---|---|---|---|
||||Notes|6||6|||
|Cash flows from operating|activities||||||||
|Cash absorbed
by operations|||17||(1,196,145)|||(748,550)|
|Investing activities|||||||||
|Withdrawals
from investment
fund||||1,053,002||950,000|||
|Net cash generated
from|investing|activities|||1,053,002|||950,000|
|Net cash used
in financing|activities||||||||
|Net (decrease)/increase|in cash and||cash equivalents||(143,143)|||201,450|
|Cash and cash equivalents|at beginning||ofyear||303,088|||101,638|
|Cash and cash equivalents|at end of||year||159,945|||303,088|
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|3
Do|nations
a|nd legacies|||
|---|---|---|---|---|
||||Unrestricted|Unrestricted|
||||funds|funds|
||||2022|2021|
||||E|E|
|Donations|and gifts||||
|In-Kind volunteer||support|8,500|8,500|
|Gift Aid|||50,933||
|Donation|from Dr|David Potter||111907|
|Total||||12 47|
|4|Investments|||||
|---|---|---|---|---|---|
|||||Unrestricted|Unrestricted|
|||||funds|funds|
|||||2022|2021|
|||||E|E|
||Income from|fixed asset|investments|94,371|150,782|
|5|Investment|management|costs|||
||||Unrestricted|Unrestricted|
|---|---|---|---|---|
||||funds|Funds|
||||2022|2021|
||||E|E|
|Goldman|Sachs||39,870|35,181|
|Delft Investments||Limited|98,381|111,908|
||||138,251|147,089|
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|Forthe year|ended 31December 2022|Arts|Non-|Civil Society|Education|Total|
|---|---|---|---|---|---|---|
||||strategic||||
|||2022|2022|2022|2022|2022|
|||E|E|E|E|E|
|Grant funding|ofactivities (see note 7)|90,007|60,000|331,374|299,742|781,123|
|Share ofsupport costs (see note 8)||26,209|9,425|51,987|47,024|134,645|
|||116,216|69,425|383,361|346,766|915,768|
|Forthe year|ended 31December 2021|Arts|Non-|Civil Society|Education|Total|
||||strategic||||
|||2021|2021||2021|2021|
|||E|E||E|E|
|Grant funding|ofactivities (see note 7)|90,000||391,953|312,099|794,052|
|Share ofsupport costs (see note 8)||15,111||58,131|47,041|120,283|
|||105,111||450,084|359,140|914,335|
|7
Grants awarde|d||||
|---|---|---|---|---|
|||Total|Tota|I|
|||2022|2021||
|Arts|||||
|Almeida Theatre|||10,000||
|Donmar Warehouse||10,000|||
|Hampstead
Theatre||10,000|||
|National
Youth Jazz|Orchestra|10,000|||
|Performa||30,007|30,000||
|Philharmonia||30,000|50,000||
|Sub-total- Arts||90,007|90,000||
|Non-Strategic|||||
|British Red Cross||10,000|||
|Disasters
Emergency|Committee|40,000|||
|Listening
Place||10,000|||
|Sub-total- Non-strategic||60,000|||
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|7
Grants awarded|7
Grants awarded|(continuedj|(continuedj||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Total|Tota
I||
|||||||||2022|2021||
|Civil Society|||||||||||
|Border Forensics|||||||||41,953||
|Corruption
Watch South Africa||||||||45,562|||
|Death Penalty Project||||||||45,000|35,000||
|Global LegalAction
Network||||||||40,000|||
|Index on Censorship|(Writers &Scholars Educational||||||Trust)||40,000||
|Inkululeko
South Africa||Media||||||65,812|||
|Open Trust (openDemocracy)|||||||||40,000||
|Prisoners Abroad||||||||35,000|||
|Reprieve|||||||||50,000||
|Spotlight
on Corruption|||||||||35,000||
|Transparency
International|||UK||||||50,000||
|Trust for the Bureau|of|Investigative||Journalism||||100,000|100,000||
|Sub-total —Civil Society||||||||331,374|391,953||
|Education|||||||||||
|Access Project, the||||||||20,000|||
|Brilliant Club, the||||||||35,000|||
|Centre for Evaluation|and||Monitoring,||University|of|Durham||(5,079)||
|Challenge
Partners||||||||36,658|||
|Engineering
Development|||Trust|||||35,800|||
|Future Frontiers|||||||||35,000||
|Ikamvayouth||||||||35,438|24,434||
|IntoUniversity|||||||||100,000||
|MygigCareer||||||||25,000|||
|Nuffield
College, University|||ofOxford||||||50,000||
|University
of Cape Town||||||||111,846|107,744||
|Sub-total - Education||||||||299,742|312,099||
|TOTAL||||||||781,123|794,052||
||||||||2022|2022|2021|2021|
||||||||Number|E|Number|E|
|Grants paid to|institutions||||||21|781,123|18|794,052|
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|Support costs|Support costs|||||||
|---|---|---|---|---|---|---|---|
|||Support costs|Governance|2022|Support costs|Governance|2021|
||||costs|||costs||
|||E|6|||E||
|Staff costs||85,316||85,316|83,245||83,245|
|Audit fees|||14,760|14,760||12,332|12,332|
|Accountancy|services||6,090|6,090||||
|Bank charges||119||119|482||482|
|Other expenses||1,921||1,921|2,549||2,549|
|Website, web|hosting and|||||||
|grant system|costs|4,985||4,985|4,945||4,945|
|Foreign exchange||||||||
|(gain)/loss||4,854||4,854|8,230||8,230|
|Volunteer
in-kind costs||8,500||8,500|8,500||8,500|
|Legalfees||8,100||8,100||||
|Analysed
between||||||||
|charitable
activities||||||||
|||113,795|20,850|134,645|107,951|12,332|120,283|
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|erage monthly
number of employees
during the year|was:||
|---|---|---|
||2022|2021|
||Number|Number|
|Employment
costs|2022|2021|
||E|E|
|Wages and salaries|44,528|44,674|
|Social security costs|21,618|19,401|
|Other pension costs|19,170|19,170|
||85,316|83,245|
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||Investments|gains / (losses)|
|---|---|---|
|12|Fixed asset|investments|
|Unrestricted|Unrestricted|
|---|---|
|funds|funds|
|2022|2021|
|6|6|
|525,548|904,634|
||||Listed|Cash and cash|Other|Total|
|---|---|---|---|---|---|---|
||||investments|equivalent|investments||
||Cost or valuation||||||
||At 1January 2022||6,219,886|10,445,805|(21,906)|16,643,785|
||Dividends
and interest||received|94,371||94,371|
||Valuation
changes||1,072,686|(602,096)|54,958|525,548|
||Withdrawals
from investment
fund|||(1,053,002)||(1,053,002)|
||Investment
manager's||fees|(39,870)||(39,870)|
||At 31December 2022||7,292,572|8,845,208|33,052|16,170,832|
||Carrying amount||||||
||At 31December 2022||7,292,572|8,845,208|33,052|16,170,832|
||At 31December 2021||6,219,886|10,445,805|(21,906)|16,643,785|
|13|Debtors||||||
||||||2022|2021|
||Amounts
falling due within one year:||||6|6|
||Other debtors||||50,933|111,907|
|14|Creditors: amounts|falling due within one year|||||
||||||2022|2021|
||||||6|6|
||Grants payable||||121,814|265,975|
||Other creditors and|accruals|||47,954|192,001|
||||||169,768|457,976|
|15|Creditors: amounts|falling due after more than one year|||||
||||||2022|2021|
||||||6|6|
||Grants payable|||||14,195|
##
|17|Cash generated
from operations|Cash generated
from operations||2022|2021|
|---|---|---|---|---|---|
|||||6|6|
||(Deficit) / surplus
for the year|||(374,667)|114,399|
||Adjustments
for:|||||
||Investment
income recognised|in statement|offinancial activities|(94,371)|(150,782)|
||Investment
management
fees paid from portfolio|||39,870|35,181|
||Fair value (gains) and losses on|investments||(525,548)|(904,634)|
||Movements
in working capital:|||||
||(Increase) / decrease
in debtors|||60,974|(20,307)|
||Increase / (decrease)
in creditors|||(302,403)|177,593|
||Cash absorbed
by operations|||(1,196,145)|(748,550)|
|18|Analysis ofchanges
in net debt|||||
|The|Foundation
had no debt during the year.|||||