DocuSign Envelope ID: 090CC0B4-6505-4572-847E-4D92617D2131
Company number: 03806691 Charity number: 1078282
NORMAN FOSTER FOUNDATION (UK)
UNAUDITED TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
DocuSign Envelope ID: 090CC0B4-6505-4572-847E-4D92617D2131
NORMAN FOSTER FOUNDATION (UK)
CHARITY INFORMATION
| Directors and Trustees: | Lord Norman Foster of Thames Bank OM |
|---|---|
| Lady Elena Foster of Thames Bank | |
| David Llewellyn Jenkins | |
| Professor Farshid Moussavi OBE RA | |
| Richard John Dilworth MVO | |
| The Hon Paola Elena Foster (appointed 1 November 2022) | |
| The Hon Eduardo Norman Robert Foster (appointed 1 November 2022) | |
| Secretary: | Richard John Dilworth MVO |
| Company number: | 03806691 |
| Charity number: | 1078282 |
| Registered office address: | Riverside |
| 22 Hester Road | |
| London | |
| SW11 4AN | |
| Independent examiner: | Christopher Bagnall FCA |
| Grant Thornton UK LLP | |
| 4th Floor | |
| Victoria House | |
| 199 Avebury Boulevard | |
| Milton Keynes | |
| MK9 1AU | |
| Bankers: | HSBC Bank Plc |
| 69 Pall Mall | |
| London | |
| SW1Y 5EY |
DocuSign Envelope ID: 090CC0B4-6505-4572-847E-4D92617D2131
NORMAN FOSTER FOUNDATION (UK)
CONTENTS FOR THE YEAR ENDED 31 JULY 2023
| PAGE | |
|---|---|
| Report of the trustees | 1 - 4 |
| Independent examiner’s report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 11 |
DocuSign Envelope ID: 090CC0B4-6505-4572-847E-4D92617D2131
NORMAN FOSTER FOUNDATION (UK)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
The trustees present their report together with financial statements for the year ended 31 July 2023. The trustees conform that the trustees’ report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Structure, governance and management
Please refer to the charity information page for the registration number, address of the principal office and the names of the trustees/directors who served during the year.
Norman Foster Foundation (UK) was incorporated on 14 July 1999. The Foundation is constituted as a company limited by guarantee and is governed by its memorandum and articles of association dated 14 July 1999 and modified on 10 December 2009.
The power to appoint new trustees vests with the current trustees in accordance with the Governing Documents.
Trustees and Directors
The trustees and directors who served throughout the year were:
Lord Norman Foster of Thames Bank OM Lady Elena Foster of Thames Bank David Llewellyn Jenkins Professor Farshid Moussavi OBE RA Richard John Dilworth MVO The Hon Paola Elena Foster (appointed 1 November 2022) The Hon Eduardo Norman Robert Foster (appointed 1 November 2022)
Trustee recruitment
If the board identifies a need for new trustees, it commences a process to recruit. New trustees are appointed by unanimous agreement of the existing trustees.
Training of Trustees
There is no formal training programme for trustees. The trustees have wide experience and most have many years' service as trustees.
Objectives and activities
The objects of the Foundation are the advancement of education generally and in particular by conducting and promoting the study of and research into all aspects of architecture especially contemporary architecture and by publishing the useful results of such research.
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NORMAN FOSTER FOUNDATION (UK)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
Financial review
The Foundation assessed a number of smaller-scale projects for funding.
The Charity is proud to continue its sponsorship activities with the Royal Institute of British Architects and the Bartlett School of Architecture at University College London. The next donation to UCL for the Norman Foster Foundation Scholarship is due in financial year 2023/2024.
During the year under review, the Foundation made a deficit of £608 (2022: surplus £60,075).
Unrestricted funds at 31 July 2023 amounted to £144,874 (2022: £145,482).
Grant making
The charity provides scholarships to establishments to promote study and research in all aspects of architecture.
The charity holds no funds as custodian trustee for other parties.
Investment policy
The trustees consider that available funds are held in a satisfactory manner by the Foundation’s bankers having regard to the need to maintain the charity's grant making activities.
Application of funds and reserves policy
The funds of the charity have been applied throughout the year in pursuance of the objects of the Foundation.
The Foundation holds financial reserves to secure and protect its ability to fulfil its mission and charitable purpose. Funding received is allocated towards funded projects and operational costs to achieve the Foundation’s objectives based on the level of reserves at any given time. The Foundation is also in recognition of the in-kind contributions which have been absorbed by Foster + Partners Limited.
The Foundation’s level of reserves is carefully monitored and will be annually reviewed to ensure it is deemed sufficient to exceed the criteria outlined above.
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NORMAN FOSTER FOUNDATION (UK)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
Review of major risks
The trustees examine the major risks that the charity faces each financial year when reviewing operational procedures. These are the safeguarding of funds and ensuring that funds are only used for operational expenses and grant purposes.
The charity has developed systems to monitor and control these risks to mitigate any impact that they may have on the charity in the future.
Public benefit
The trustees of Norman Foster Foundation (UK) accept the need to have regard to the Charity Commission's guidance on public benefit. They recognise that it is their responsibility to ensure that the benefits offered by the charity are realised by promoting the charity within the country. The objects are summarised above. The organisation believes in being fair, open and inclusive.
Trustees’ responsibilities for the financial statements
The trustees (who are also directors of Norman Foster Foundation (UK) for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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NORMAN FOSTER FOUNDATION (UK)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
Trustees’ responsibilities for the financial statements (continued)
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees and signed on their behalf.
YAnpnizg
Lord Foster of Thames Bank OM Trustee
Date: 23rd April 2024
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NORMAN FOSTER FOUNDATION (UK)
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORMAN FOSTER FOUNDATION (UK)
I report to the charity trustees on my examination of the accounts of Norman Foster Foundation (UK) (‘the Charitable Company’) for the year ended 31 July 2023.
Responsibilities and basis of report
As the charity trustees of Norman Foster Foundation (UK) (who are also the directors of the Charitable Company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
I have completed my examination. I confirm that, no matter has come to my attention in connection with the examination which gives me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the Charitable Company as required by section 386 of the Companies Act 2006; or
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the accounts do not accord with these records; or
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the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination: or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities 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).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Our report is made solely to the Charitable Company's trustees, as a body, in accordance with section 154 of the Charities Act 2011. Our work has been undertaken so that we might state to the Charitable Company's trustees those matters we are required to state to them in an independent examiner's 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 Charitable Company and the Charitable Company's trustees as a body, for our work or for the independent examiner’s report, or for the opinions we have formed.
Christopher Bagnall FCA
The Institute of Chartered Accountants in England and Wales Grant Thornton UK LLP Chartered Accountants Milton Keynes
Date 24/4/2024
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NORMAN FOSTER FOUNDATION (UK)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023
| Note INCOMING RESOURCES Donations received Total incoming resources RESOURCES EXPENDED Charitable activities 3 Support costs 4 Total resources expended Net movement in funds for the year Fund balance as at 1 August 2022 Fund balance as at 31 July 2023 |
Unrestricted funds 2023 £ 40,000 |
Unrestricted funds 2022 £ 82,000 |
|---|---|---|
| 40,000 | 82,000 | |
| (37,000) (3,608) |
(18,500) (3,425) |
|
| (40,608) | (21,925) | |
| (608) 145,482 |
60,075 85,407 |
|
| 144,874 | 145,482 |
There are no recognised gains or losses other than those included in the statement of financial activities.
All amounts relate to continuing activities and unrestricted funds.
The notes on pages 8 - 11 form part of these financial statements
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NORMAN FOSTER FOUNDATION (UK)
BALANCE SHEET AS AT 31 JULY 2023
| Note | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| Current assets | |||
| Cash and cash equivalents | 148,216 | 148,654 | |
| Creditors: amounts falling due within one year | |||
| Accruals and deferred income | 5 | (3,342) | (3,172) |
| Net assets | 144,874 | 145,482 | |
| Funds | |||
| Unrestricted funds | 8 | 144,874 | 145,482 |
| Total charity funds | 144,874 | 145,482 |
The trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Act.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 July 2023 and of its surplus for the period in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with section 1A of Financial Reporting Standard 102.
The financial statements were approved and authorised for issue by the Board and were signed on its behalf.
Lord Foster of Thames Bank OM Trustee
Date: 23rd April 2024
The notes on pages 8 - 11 form part of these financial statements
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NORMAN FOSTER FOUNDATION (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
Accounting Policies
1.1 General Information
The Norman Foster Foundation (UK) is an incorporated charity registered in England and Wales.
Please refer to the charity information page for the registration number and principal office address.
1.2 Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with section 1A of the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - Charities (SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) section 1A and the Companies Act 2006.
1.3 Company status
The charity is a company limited by guarantee and does not have any share capital. Each member of the company promises, if the company is dissolved while he, she or it remains a member or within 12 months afterwards, to pay up to one pound towards the costs of dissolution and the liabilities incurred while the contributor was a member.
1.4 Incoming resources
Income is accounted for on an accruals basis and includes any income tax recoverable.
Donations are recognised as income when the amount can be quantified with reasonable certainty and the foundation is legally entitled to the income.
1.5 Going concern
The trustees have considered the charities ability to continue in operation for a period of no less than 12 months from the date of signing. The trustees examine the major risks that the charity faces each financial year when reviewing operational procedures. These are the safeguarding of funds and ensuring that funds are only used for operational expenses and grant purposes.
The charity has developed systems to monitor and control these risks to mitigate any impact that they may have on the charity in the future. As such, the trustees are satisfied that the charity remains a going concern.
1.6 Resources expended
Resources expended are accounted for on an accruals basis.
Grants payable are recognised when the charity has made a commitment to make such funds available to beneficiaries.
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NORMAN FOSTER FOUNDATION (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
1.6 Resources expended (continued)
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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity.
Charitable activities are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
1.7 Cash and cash equivalents
Cash and cash equivalents 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.
1.8 Financial instruments
The charity 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.
Basic Financial liabilities, which include trade and other payables, bank loans and other loans, are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
1.9 Fund accounting
All funds held by the charity are unrestricted.
Remuneration and employees
During the year no remuneration was paid to directors/trustees nor were any expenses reimbursed.
The charity had no employees during the year (2022: none). As such, no employees received remuneration in excess of £60,000 (2022: none).
During the year, no Trustees received any remuneration, benefits in kind or reimbursement of expenses
(2022: £Nil).
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NORMAN FOSTER FOUNDATION (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
Charitable expenditure
4
5
| UCL Bartlett School of Architecture During the year, 1 donation was made to UCL (2022: 1). Support costs Bank charges Accountancy and independent examination Total Support costs are allocated 100% to charitable activities. Creditors: amounts falling due within one year Accruals |
2023 £ 37,000 |
2022 £ 18,500 2022 £ 215 3,210 |
|---|---|---|
| 2023 £ 278 3,330 |
||
| 3,608 | 3,425 | |
| 2023 £ 3,342 |
2022 £ 3,172 |
Related party transactions
The charitable company receives support and general assistance from Foster + Partners Limited, a company of which Lord Foster is a director. No charge is made for these services (2022: £Nil).
7 Taxation
As a charity, The Norman Foster Foundation (UK) is exempt from tax on income and gains to the extent that these are applied to its charitable objects.
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NORMAN FOSTER FOUNDATION (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds |
Balance at 1 August 2022 £ 145,482 |
Income £ 40,000 |
Expenditure £ (40,608) Expenditure £ (21,925) |
Balance at 31 July 2023 £ 144,874 Balance at 31 July 2022 £ 145,482 |
|
|---|---|---|---|---|---|
| Balance at 1 August 2021 £ 85,407 |
Income £ 82,000 |
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