**Charity registration number 1078601** ## **JOHN FOSTER CHARITABLE TRUST** # **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022** ## **JOHN FOSTER CHARITABLE TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mrs S M Hargreaves Mrs S Ferro Mr J C Rodriguez (Appointed 21 March 2022) Ms E S Rodgers (Appointed 24 March 2022) Mr D R Whelan (Appointed 29 October 2022) **Charity number** 1078601 **Principal address** 2 Norwich Place Bispham Blackpool FY2 OBD **Independent examiner** Azets Audit Services Thorpe House 93 Headlands Kettering Northamptonshire United Kingdom NN15 6BL **Bankers** HSBC PO Box 7 9 High Street Kettering NN16 8ST **Investment advisors** Charles Stanley & Co Limited 55 Bishopsgate London EC2N 3AS ## **JOHN FOSTER CHARITABLE TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|4| |Statement of financial activities|5 - 6| |Balance sheet|7| |Notes to the financial statements|8 - 18| ## **JOHN FOSTER CHARITABLE TRUST** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 30 JUNE 2022**_ The trustees present their annual report and financial statements for the year ended 30 June 2022. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. ## **Objectives and activities** The trust deed requires the trustees to hold and apply the Trust’s funds and its income for the housing, care, education and training in agricultural or other local industries of children mainly in the States of South India. The trustees consider that the most effective means of meeting the charity’s objectives is to make grants for the running and upkeep of the John Foster Memorial Home, in Mangalamcombu, South India, which provides food, clothes, safe shelter and a guaranteed education for destitute children. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives, in planning future activities and setting the above grant making policy. ## **Achievements and performance** During the year, the Trust was able to make grants, excluding support costs, totalling £22,773 (2022: £25,723). Grants of £11,486 (2021: £12,566) were made towards the general running costs of the John Foster Memorial Home, £Nil (2021: £4,841) was paid to fund building work and maintenance, £Nil (2021: £237) was paid for equipment, £9,585 (2021: £6,079) was paid to meet salary and similar costs of the Home employees and £1,702 was paid for childrens' school and college fees. In 2021, a grant of £2,000 for Covid-19 relief aid was paid to the Home to enable it to purchase food, PPE and sanitiser for distribution to local families. To comply with changes in the Indian Government's legislation on youth boarding homes, the trustees hope to be able to support the development of new accommodation that will enable the Home to offer places to 40 residents (at present only 28 residents can be accommodated). Between 2019 and 2022 the charity's trustees, with the aid of the Knights of St Columba, an order of Catholic men across Britain, launched an appeal for funds to support the work of the Trust. In the year, the Trust received a grant of £10,000 from the Knights of St Columba benevolent fund. A further £13,500 was received after the balance sheet date. - 1 - ## **JOHN FOSTER CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_ ## **Financial review** Incoming resources for the year totalled £33,752 (2021: £16,618). Income from listed investments increased from £14,999 in 2021 to £22,512 in 2022. In 2021 many companies made significant cuts in dividend payments in response to the Covid-19 pandemic. These cuts have been reversed in 2022. Expenditure on grant making was £26,983 (2021: £29,841). Further details of grants made are provided in the notes to the accounts. Net resources expended, before investment gains and losses, were £519 (2021: £19,887). In the year ended 30th June 2020, the Covid-19 pandemic triggered a fall in financial market prices of more than 17%. At 30 June 2021, market prices had recovered by more than 14% and as a result, an unrealised gain of £260,987 was recognised in 2021 financial statements. World events and worsening economic conditions in the year ended 30 June 2022 are reflected by the level of unrealised losses of £158,000 recognised in the financial statements. Realised gains on investments in the year totalled £9,350 (2021 losses: £1,085). ## **Reserves policy** General reserves freely available at 30th June 2021 were £24,700 (2021: £15,475). The free reserves comprise the unrestricted funds of the Trust not invested in tangible fixed assets. The receipt of substantial restricted fund income in 2014 will allow the Trust to ensure continuity in the level of support provided to the John Foster Memorial Home for the foreseeable future and will allow activity in this area to be developed as and when necessary. Free reserves, which were previously held for this purpose, will now be available to support the general objectives of the trust. The trustees have therefore adopted the policy of retaining free reserves at or near their current level in order that the trust can respond to emergency situations in the area of benefit and review its current activities and consider opportunities for new activities. This policy will be reviewed on a regular basis. ## **Investment policy** In conjunction with the Trust’s investment managers, the trustees have developed an investment policy and consider that a balanced approach between income and capital should be adopted to maintain the capital value of the portfolio at least in line with inflation. The investment of the funds has been delegated to the investment managers and our investment policy will be reviewed with them from time to time. ## **Risk management** The trustees have considered the major risks to which the charity is exposed and have considered how those risks should be managed. The major financial risk concerns potential variations in returns from and performance of the trust’s investments. This risk has been addressed by developing an investment policy with the trust’s investment managers and by delegating management of the portfolio. The major operational risk concerns the effectiveness of how grants paid are applied in meeting the specific objects of the restricted fund and the general objectives of the trust. The trustees manage this risk by maintaining communications with the John Foster Memorial Home and assessing its performance. Review visits have been carried out to assist this assessment. - 2 - ## **JOHN FOSTER CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_ ## **Structure, governance and management** The charity was registered on 15th December 1999 and was established by a declaration of trust dated 26th May 1999. The trustees who served during the year and up to the date of signature of the financial statements were: Mr J K Hargreaves KCSG (Deceased 7 February 2023) Mrs S M Hargreaves Mrs S Ferro Mr J C Rodriguez (Appointed 21 March 2022) Ms E S Rodgers (Appointed 24 March 2022) Mr D R Whelan (Appointed 29 October 2022) It is with sadness that we report that Ken Hargreaves passed away in February 2023. He will be greatly missed by all at the John Foster Charitable Trust and John Foster Memorial Home. The first trustees were appointed by the trust deed dated 26th May 1999, which requires that there shall be at least three trustees and that every future trustee shall be appointed by a resolution of the trustees passed at a special meeting. So long as there shall be fewer than two trustees none of the powers or discretions vested in the trustees by the trust deed or by law shall be exercisable except for the purpose of appointing new trustees. In selecting persons to be appointed as trustees, the existing trustees take into account the benefits of appointing a person who through residence, occupation, employment or otherwise has special knowledge of the Trust’s area of benefit, or who is otherwise able, by virtue of his or her personal or professional qualifications, to make a contribution to the pursuit of the objects or management of the Trust. The trustees hold at least two ordinary meetings in each year. At their first ordinary meeting in each year the trustees elect one of their number to be chairman until the commencement of the first ordinary meeting in the following year. Special meetings may be called at any time by the chairman or by any two trustees. Every matter is determined by a majority of votes of the trustees present and voting. The chairman has a casting vote. The day to day administration of the Trust is dealt with by the trustees, assisted by the Trust’s accountants, and, with reference to investment matters, by its investment managers. The trustees' report was approved by the Board of Trustees. ## **Mrs S M Hargreaves** Trustee Dated: 21 June 2023 - 3 - ## **JOHN FOSTER CHARITABLE TRUST** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF JOHN FOSTER CHARITABLE TRUST** I report to the trustees on my examination of the financial statements of John Foster Charitable Trust (the charity) for the year ended 30 June 2022. ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) 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 now been withdrawn. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 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 financial statements to be reached. Paul Tyler FCA Institute of Chartered Accountants in England and Wales Azets Audit Services Thorpe House 93 Headlands Kettering Northamptonshire NN15 6BL United Kingdom Dated: 23 June 2023 - 4 - ## **JOHN FOSTER CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 30 JUNE 2022**_ ## **Current financial year** |**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2022**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
11,240
-
11,240
Investments
**4**
3
22,509
22,512
**Total income**
11,243
22,509
33,752
**Expenditure on:**
Raising funds
Investment management costs
**5**
-
7,288
7,288
Charitable activities
**6**
2,168
24,815
26,983
**Total expenditure**
2,168
32,103
34,271
Net gains/(losses) on investments
**10**
-
(148,650)
(148,650)
**Net movement in funds**
9,075
(158,244)
(149,169)
Fund balances at 1 July 2021
15,987
891,785
907,772
**Fund balances at 30 June 2022**
25,062
733,541
758,603|**Total**
**2021**
**£**
1,619
14,999| |---|---| ||16,618| ||6,664| ||29,841| ||36,505| ||259,902| ||240,015
667,757| ||907,772| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 5 - ## **JOHN FOSTER CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 30 JUNE 2022**_ ## **Prior financial year** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
1,619
-
Investments
**4**
1
14,998
**Total income**
1,620
14,998
**Expenditure on:**
Raising funds
Investment management costs
**5**
-
6,664
Charitable activities
**6**
2,412
27,429
**Total expenditure**
2,412
34,093
Net gains/(losses) on investments
**10**
-
259,902
**Net movement in funds**
(792)
240,807
Fund balances at 1 July 2020
16,779
650,978
**Fund balances at 30 June 2021**
15,987
891,785|**Total**
**2021**
**£**
1,619
14,999| |---|---| ||16,618| ||6,664| ||29,841| ||36,505| ||259,902| ||240,015
667,757| ||907,772| - 6 - ## **JOHN FOSTER CHARITABLE TRUST** ## **BALANCE SHEET** ## _**AS AT 30 JUNE 2022**_ |**Notes**
**Fixed assets**
Tangible assets
**11**
Investments
**12**
**Current assets**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**15**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**16**
Unrestricted funds|**2022**
**£**
7,650
10,632
18,282
(5,532)|**£**
362
745,491
745,853
12,750
758,603
733,541
25,062
758,603|**2021**
**£**
4,294
11,622
15,916
(9,248)|**£**
512
900,592| |---|---|---|---|---| |||||901,104
6,668| |||||907,772| |||||891,785
15,987| |||||907,772| The financial statements were approved by the Trustees on 21 June 2023 Mrs S M Hargreaves **Trustee** - 7 - ## **JOHN FOSTER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 JUNE 2022**_ ## **1 Accounting policies** ## **Charity information** The John Foster Charitable Trust is an unincorporated charity, established by a declaration of trust dated 26 May 1999 and registered in England and Wales.The charity constitutes a public benefit entity as defined by FRS 102. ## **1.1 Accounting convention** 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 the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice. The Trust’s financial statements present information about it as an individual undertaking. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Income** All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and the amount can be quantified with reasonable accuracy. Dividends are recognised once the dividend has been declared and notification has been received from our investment manager of the dividend due. Donations are recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. ## **1.5 Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. - 8 - ## **JOHN FOSTER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_ ## **1 Accounting policies** ## **(Continued)** Expenditure is accounted for on an accruals basis, including irrecoverable value added tax where appropriate. All expenses, including support costs and governance costs, are allocated to the applicable expenditure heading in the statement of financial activities. Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities for its beneficiaries and include grants payable and administration costs, which comprise direct costs associated with the grant decision making process. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust. ## **Allocation of support and governance costs** Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office, finance, travel, and governance costs. Governance costs include those incurred in the governance by the trustees of the charity’s assets and are primarily associated with constitutional and statutory requirements of operating the charity. The bases on which support costs have been allocated is set out in the notes to the accounts. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Computers 20% of cost The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Fixed asset investments** Investments are initially recognised at their transaction value and subsequently measured at their market value at the balance sheet date using the closing quoted market price. The statement of financial activities includes net gains and losses arising on revaluation and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses on investments are calculated as the difference between their market value at the year end and their carrying value. ## **1.8 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks. - 9 - ## **JOHN FOSTER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_ ## **1 Accounting policies** ## **(Continued)** ## **1.10 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.11 Taxation** As a registered charity, the Trust is exempt from tax on income and gains to the extent that these are applied to its charitable objects. The Trust is not registered for Value Added Tax. ## **1.12 Foreign exchange** Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities. - 10 - ## **JOHN FOSTER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_ ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Donations and legacies** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2022**|2021| ||**£**|£| |Donations and gifts|11,240|1,619| |**Donations and gifts**||| |Knights of St Columba - National Action Project|10,000|-| |Other|1,240|1,619| ||11,240|1,619| The Trust was chosen by the Knights of St Columba to benefit from its National Action Project 2019 - 2022. The aim of the projects is to raise funds for chosen charities. An exceptional donation of £10,000 was received in the year. The Trustees gratefully acknowledge receipt of all donations. ## **4 Investments** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Dividend income from
listed investments
-
22,509
Interest receivable
3
-
3
22,509|**Total**
Unrestricted
Restricted
funds
funds
**2022**
2021
2021
**£**
£
£
22,509
-
14,998
3
1
-
22,512
1
14,998|Total
2021
£
14,998
1| |---|---|---| |||14,999| - 11 - ## **JOHN FOSTER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_ ## **5 Raising funds** |**Restricted**
Restricted
**funds**
funds
**2022**
2021
**£**
£
Investment management costs
7,288
6,664
7,288
6,664
**Charitable activities**
**Grant**
**making**
**Grant**
**making**
**2022**
**2021**
**£**
**£**
Grant funding of activities (see note 7)
22,773
25,723
Share of support costs (see note 8)
281
260
Share of governance costs (see note 8)
3,929
3,858
26,983
29,841
**Analysis by fund**
Unrestricted funds
2,168
2,412
Restricted funds
24,815
27,429
26,983
29,841|**Restricted**
Restricted
**funds**
funds
**2022**
2021
**£**
£
Investment management costs
7,288
6,664
7,288
6,664
**Charitable activities**
**Grant**
**making**
**Grant**
**making**
**2022**
**2021**
**£**
**£**
Grant funding of activities (see note 7)
22,773
25,723
Share of support costs (see note 8)
281
260
Share of governance costs (see note 8)
3,929
3,858
26,983
29,841
**Analysis by fund**
Unrestricted funds
2,168
2,412
Restricted funds
24,815
27,429
26,983
29,841|**Restricted**
Restricted
**funds**
funds
**2022**
2021
**£**
£
Investment management costs
7,288
6,664
7,288
6,664
**Charitable activities**
**Grant**
**making**
**Grant**
**making**
**2022**
**2021**
**£**
**£**
Grant funding of activities (see note 7)
22,773
25,723
Share of support costs (see note 8)
281
260
Share of governance costs (see note 8)
3,929
3,858
26,983
29,841
**Analysis by fund**
Unrestricted funds
2,168
2,412
Restricted funds
24,815
27,429
26,983
29,841| |---|---|---| ||**2022**
**£**
22,773
281
3,929
26,983
2,168
24,815
26,983|**2021**
**£**
25,723
260
3,858| |||29,841| |||2,412
27,429| |||29,841| ## **6 Charitable activities** ## **7 Grants payable** |**Grant making**
Grant
**2022**
**£**
**Grants to institutions:**
Salaries and benefits
11,486
General running costs
9,585
Equipment and furnishings
-
Children's school and college fees
1,702
Covid-19 relief aid
-
Building work and maintenance
-
22,773|**Grant making**
Grant
**2022**
**£**
**Grants to institutions:**
Salaries and benefits
11,486
General running costs
9,585
Equipment and furnishings
-
Children's school and college fees
1,702
Covid-19 relief aid
-
Building work and maintenance
-
22,773|making| |---|---|---| ||**2022**
**£**
11,486
9,585
-
1,702
-
-
22,773|2021
£
6,079
12,566
237
-
2,000
4,841| |||25,723| - 12 - ## **JOHN FOSTER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_ ## **7 Grants payable** ## **(Continued)** The charity undertakes its charitable activities through grant making and awards grants to individuals and institutions in furtherance of its charitable activities. All grants awarded in the year and the previous year were paid to the John Foster Memorial Home. In 2021, a grant of £2,000 for Covid-19 relief aid was paid to the Home to enable it to purchase food, PPE and sanitiser for distribution to local families. - ## **8 Support costs** |**Support costs**||| |---|---|---| |**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Bank charges
131
-
Sundry expenses
-
-
Depreciation
150
-
Independent examiners'
remuneration
-
3,732
Trustees' expenses
-
197
281
3,929
Analysed between
Charitable activities
281
3,929|**2022**Support costs Governance
costs
**£**
£
£
131
109
-
-
1
-
150
150
-
3,732
-
3,858
197
-
-
4,210
260
3,858
4,210
260
3,858|2021
£
109
1
150
3,858
-| |||4,118| |||4,118| Grant related and other support costs have been allocated to activities based on their usage. Governance and support costs attributable to charitable activities are then apportioned pro rata to the grants awarded. All costs incurred in the year and the previous year have been allocated to grants awarded to the John Foster Memorial Home. Amounts payable to the independent examiner totalling £3,732 (2021: £3,858), comprise independent examination fees of £480 (2021: £450) and accountancy and other services fees of £3,252 (2021: £3,408). ## **9 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. During the year, a total of £197 was reimbursed for travel expenses incurred by two trustees. In the previous year, no expenses were paid or reimbursed to trustees. - 13 - ## **JOHN FOSTER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_ ## **10 Net gains/(losses) on investments** ||**Restricted**|Restricted| |---|---|---| ||**funds**|funds| ||**2022**|2021| ||**£**|£| |Revaluation of investments|(158,000)|260,987| |Gain/(loss) on sale of investments|9,350|(1,085)| ||(148,650)|259,902| |**11**|**Tangible fixed assets**|| |---|---|---| |||**Computers**| |||**£**| ||**Cost**|| ||At 1 July 2021|749| ||At 30 June 2022|749| ||**Depreciation and impairment**|| ||At 1 July 2021|237| ||Depreciation charged in the year|150| ||At 30 June 2022|387| ||**Carrying amount**|| ||At 30 June 2022|362| ||At 30 June 2021|512| - 14 - ## **JOHN FOSTER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_ ## **12 Fixed asset investments** ||**Listed**||**Cash in**||**Total**| |---|---|---|---|---|---| ||**investments**||**portfolio**||| ||||**£**||| ||**£**||||**£**| |**Cost or valuation**|||||| |At 1 July 2021|899,343||1,249||900,592| |Additions|111,273||5,394||116,667| |Valuation changes|(158,000)||-||(158,000)| |Disposals|(113,768)||-||(113,768)| |At 30 June 2022|738,848||6,643||745,491| |**Carrying amount**|||||| |At 30 June 2022|738,848||6,643||745,491| |At 30 June 2021|899,343||1,249||900,592| ||||**2022**||**2021**| ||||**£**||**£**| |Investments at fair value comprise:|||||| |Listed investments|||738,848||899,343| ## **Fixed asset investments revalued** All listed investments are carried at their fair value. Investments in equities are all traded in quoted public markets, primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. All investment assets are held within the UK. The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review section of the Report of the Trustees. The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The charity is in part reliant on dividend yield to finance its work and it has significant holdings in international companies, the values of which, together with their yield are exposed to exchange rate risk when converting the holdings into sterling. Liquidity risk is anticipated to be low. The charity‘s investments are traded in a market with good liquidity and high trading volumes. The charity has no material investment holdings in markets subject to exchange controls or trading restrictions. The charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for diversification of holdings that are quoted on a recognised stock exchange. The charity does not make use of derivatives and similar complex financial instruments ## **Fixed asset investments not carried at market value** Cash in portfolio is carried at cost. - 15 - ## **JOHN FOSTER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_ |**13**
**Financial instruments**
**Carrying amount of financial assets**
Instruments measured at fair value through profit or loss
**14**
**Debtors**
**Amounts falling due within one year:**
Other debtors
**15**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**2022**
**£**
738,848
**2022**
**£**
7,650
**2022**
**£**
5,532|**2021**
**£**
899,343| |---|---|---| |||**2021**
**£**
4,294| |||**2021**
**£**
9,248| - 16 - ## |**Restricted funds**|The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:|**Movement in funds**
**Movement in funds**|**Balance at**
**Incoming**
**Resources**
**Revaluations,**
**Balance at**
**Incoming**
**Resources**
**Revaluations,**
**Balance at**|**1 July 2020**
**resources**
**expended**
**gains and**
**1 July 2021**
**resources**
**expended**
**gains and**
**30 June 2022**|**losses**
**losses**|**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**£**|John Foster Memorial Home Fund
650,978
14,998
(34,093)
259,902
891,785
22,509
(32,104)
(148,649)
733,541||**Description, nature and purpose of restricted funds**|The John Foster Memorial Home Fund was established by a legacy received in 2014 from the founder of the Trust, the late John Foster. Under the terms of the will, the|legacy is to be applied for the continued upkeep, service and proliferation of the John Foster Memorial Home.| |---|---|---|---|---|---|---|---|---|---|---|---| |**16**|||||||||||| ## **JOHN FOSTER CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_ |**17**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2022**
**2022**
**£**
**£**
Fund balances at 30
June 2022 are
represented by:
Tangible assets
362
-
Investments
-
745,491
Current assets/(liabilities)
24,700
(11,950)
25,062
733,541|**Total**
Unrestricted
funds
Restricted
funds
**2022**
2021
2021
**£**
£
£
362
512
-
745,491
-
900,592
12,750
15,475
(8,807)
758,603
15,987
891,785|Total
2021
£
512
900,592
6,668| |---|---|---| |||907,772| Current assets/liabilities include an inter fund loan of £23,868 (2021: £14,716). ## **18 Related party transactions** There were no disclosable related party transactions during the year (2021 - none). - 18 -