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2021-12-31-accounts

THE CALLEVA FOUNDATION

Charity No. 1078808

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2021

The Calleva Foundation Legal and Administrative Information

Trustees C Butt S C Butt Charity Number 1078808 Principal address 4 Cottesmore Gardens London W8 5PR Auditor Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP

The Calleva Foundation Contents

Page
Trustees' Report 1 - 2
Statement of trustees responsibilites 3
Independent Auditor's Report 4 - 6
Statement of Financial Activities 7
Balance Sheet 8
Statement of cash flows 9
Notes to the Financial Statements 10 - 17

The Calleva Foundation Trustees Report For the year ended 31st December 2021

The charity was established by a charitable trust deed on 27 June 1999.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the governing document, the Charities Act 2011 and 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 (FRS 102) effective 1 January 2019.

Objects and activities

The charity's objects are to hold the capital and income of the trust so that they may be applied to charitable purposes in any part of the world. The allocation of money is at the absolute discretion of the trustees and is intended to benefit the community. None of the charity's funds consist of restricted or endowment funds.

The policies adopted in furtherance of these objects are to ensure that the charity's assets are donated for reasons that are approved by the Trustees prior to the allocation of funds.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

During the year, the charity made a number of donations in accordance with the charity's objects outlined above. The Charity intends to continue to allocate funds at the discretion of the trustees for the benefit of the community.

Financial review

The charity's total donations paid amounted to £8,574,627 (2020: £8,389,142) and were split among donations to education and academic research, children's holidays, social services, medical research, medical equipment, overseas/ international relief, environment, arts and culture and animal welfare. Donations receivable by the charity were £3,750,000 (2020: £8,125,000) during the year to 31 December 2021, and the charity held cash and investments of £715,105 (2020: £4,504,711) as at 31 December 2021.

Reserves

At the balance sheet date, the charity has negative reserves of £987,778 due to a number of grant commitments made shortly before the year end.

The charity has no formal policy on the level of reserves it may have at any one time. All reserves are kept in the charity's bank or treasury account until such time as the trustees allocate all or part of them. The trustees intend to continue to contribute sufficient funds to the charity in order to meet its future commitments and declarations of intent.

In reviewing the funds and reserves, no major risks have been identified by the trustees.

1

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The Calleva Foundation Statement of Trustees Responsibilities For the year ended 31st December 2021

The trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

3

Independent Auditor's Report To the Trustees of The Calleva Foundation

Opinion

We have audited the financial statements of The Calleva Foundation for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

4

Independent Auditor's Report (continued) To the Trustees of The Calleva Foundation

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 2, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

5

Independent Auditor's Report (continued) To the Trustees of The Calleva Foundation

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extend to which our procedures are capable of detecting ireegularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to responde appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regualtions that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or interntional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

James Cross, FCA Date: 27 October 2022 for and on behalf of Moore Kingston Smith LLP Chartered Accountants 6th Floor Statutory Auditor 9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006

6

The Calleva Foundation Statement of Financial Activities for the year ended 31 December 2021

Note
Income from:
Donations
3
Investments
4
Total
Expenditure on:
Charitable Activities
5
Total
Net income/(expenditure)
Other recognised gains and losses
Other gains or losses
10
Net movement in funds
Fund balances brought forward at
1 January 2021
Fund balances carried forward at
31 December 2021		 Unrestricted
Funds
£
3,750,000
3,134
3,753,134
8,670,406
8,670,406
(4,917,272)
-
(4,917,272)
3,929,494
(987,778)		 Total
2021
£
3,750,000
3,134
3,753,134
8,670,406
8,670,406
(4,917,272)
-
(4,917,272)
3,929,494
(987,778)		 Total
2020
£
8,125,000
63,639
8,188,639
8,494,653
8,494,653
(306,014)
90,066
(215,948)
4,145,442
3,929,494

The Statement of Financial Activities reflects the results of continuing activities for the year.

All recognised gains and losses are included in the Statement of Financial Activities.

The notes on pages 10 to 17 form part of these financial statements.

7

The Calleva Foundation Balance Sheet as at 31 December 2021 2011 2020 FvAed Assets Tangible assets 413.525 462.541 Current A%sets Debtors Cash at bank and in hand 9.882 4.504.711 4514.593 715,105 724.987 Creditor5: Amoun15falling dup wlthln oneyear 11.48L29) 11.047,6401 1756.3031 3.466,953 Creditors: Afflr￿￿ fal[l￿due overone ye3r I645.￿￿￿) 987.778 3,929,494 Funds Unre5trirted fvnd5: General funds 1987.7781 3,929.494 987,7781 3,929,494 The actountswere approvd tryttEtnJstee5 and sigr*d on th￿r behaw by C Blrtton Charity No. 1078808

The Calleva Foundation Statement of Cash Flows for the year ended 31 December 2021

Notes
Cash flows from operating activities:
Cash (absorbed by)/generated from operations
18
Investing activities
Purchase of tangible fixed assets
Interest received
Net cash generated from/(used in) investing activities
Change in cash in the reporting period
Cash at the beginning of the period
Cash at the end of the reporting period		 2021
£
(3,770,688)
(22,052)
3,134
(18,918)
(3,789,606)
4,504,711
715,105		 2020
£
(707,208)
(47,659)
63,639
15,980
(691,228)
5,195,939
4,504,711

9

The Calleva Foundation Notes to the Financial Statements For the year ended 31st December 2021

1. Accounting Policies

Charity Information

The Calleva Foundation is an unincorporated Charity.

a) Accounting convention

Basis of preparation of financial statements

The accounts 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 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 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 company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adoped are set out below.

b) Going Concern Basis

The directors have carried out a detailed review of the company's financial position including a review of cash flows and forecasts taking into account the broad effects of COVID-19 as a result of its negative impact on the global economy.

Although the charity had negative reserves of £987,778 at the balance sheet date due to a number of grant commitments, the trustees have provided further donations since the balance sheet date to cover these commitments.

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.

c) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

d) Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

e) Expenditure and its basis of allocation

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

10

The Calleva Foundation Notes to the Financial Statements (continued) For the year ended 31st December 2021

1. Accounting Policies (continued)

f) Tangible fixed assests

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:

Musical instruments

15% on reducing balance basis

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 net income/(expenditure) for the year.

g) 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).

h) Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

i) 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.

11

The Calleva Foundation Notes to the Financial Statements (continued) For the year ended 31st December 2021

1. Accounting Policies (continued)

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.

j) Foreign Exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure for the period.

Outgoing resources

Grants payable include declarations of intent payable within one year of the balance sheet date. Declarations of intent payable after more than one year are disclosed in the accounts but not accrued for in the current year.

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. Grants and donations

Donations Unrestricted
£
3,750,000
3,750,000		 Total
2021
£
3,750,000
3,750,000		 Total
2020
£
8,125,000
8,125,000

12

The Calleva Foundation Notes to the Financial Statements (continued) For the year ended 31st December 2021

4. Investments

Interest receivable
Charitable activities
Depreciation and impairment
Bank charges
Postage and stationery
Instrument collection repairs
Auditors remuneration
Legal and professional fees
Grant funding of activities (see note 6)
Grants payable
Grants to institutions:
Academic research
Children's holiday
Social services
Medical research
Overseas/International relief
Environment
Animal welfare/Other
Education
Education international
Instruments		 Unrestricted
£
3,134
3,134
Unrestricted
£
71,068
572
360
16,219
7,560
-
95,779
8,574,627
8,670,406
Unrestricted
£
425,000
55,000
404,500
6,683,333
288,104
11,635
1,000
507,624
198,431
-
8,574,627		 Total
2021
£
3,134
3,134
Total
2021
£
71,068
572
360
16,219
7,560
-
95,779
8,574,627
8,670,406
Total
2021
£
425,000
55,000
404,500
6,683,333
288,104
11,635
1,000
507,624
198,431
-
8,574,627		 Total
2020
£
63,639
63,639
Total
2020
£
81,625
467
352
15,657
3,840
3,570
105,511
8,389,142
8,494,653
Total
2020
£
6,785,000
36,500
734,180
16,000
332,500
33,000
1,000
374,040
74,948
1,974
8,389,142

5. Charitable activities

6. Grants payable

13

The Calleva Foundation Notes to the Financial Statements (continued) For the year ended 31st December 2021

6. Grants payable (continued)

Institutional Donations of £50,000 and over made during the financial year:

2021
£
Academic Research
Kew CF - PAFTOL 400,000
Education
Portsmouth Grammar School Bursaries 160,000
West London Zone Literacy catch up 75,000
RAM Bursary Calleva Foundation Scholars 51,000
Education International
University of Cape Town Trust 56,790
International Relief
Angels International 62,166
MapAction 148,000
Medical Research
Jenner Institue 6,673,333
Social Services
Glass Door, Kensington and Chelsea 57,000

14

The Calleva Foundation Notes to the Financial Statements (continued) For the year ended 31st December 2021

7. Grants and donations paid and payable

Education
Overseas/International relief
Social services
Academic research
Education international
Children's holiday
Medical research
Environment
Animal welfare/Other
Instruments		 Intentions
b/f
(125,000)
(122,000)
(1,000)
(785,000)
(7,500)
-
-
-
-
-
(1,040,500)		 Paid
2021
£
506,624
350,104
404,500
1,210,000
166,641
55,000
4,790,833
11,635
1,000
-
7,496,337		 Intentions
c/f 2021
£
126,000
60,000
1,000
0
39,290
-
1,892,500
-
-
-
2,118,790		 Total
2021
£
507,624
288,104
404,500
425,000
198,431
55,000
6,683,333
11,635
1,000
-
8,574,627

8. Trustees' Remuneration and Reimbursed Expenses

None of the trustees (or any persons connected with them) received any remuneration during the year and no expenses were reimbursed to trustees.

9. Employees

There were no employees in the year (2020: nil)

10. Other gains or losses

Foreign exchange gains Total
2021
£
-		 Total
2020
£
90,066

11. Tangible fixed assets

Musical
Cost
At 1 January 2021
Additions
At 31 December 2021
Depreciation and impairment
At 1 January 2021
Depreciation charged in the year
At 31 December 2021
Carrying amount
At 31 December 2021
At 31 December 2020		 instruments
£
986,880
22,052
1,008,932
524,339
71,068
595,407
413,525
462,541

15

The Calleva Foundation Notes to the Financial Statements (continued) For the year ended 31st December 2021

11. Tangible fixed assets (continued)

Fixed assets relate to the purchase of musical instruments which are then lent to students. The Foundation retains ownership and therefore the risks and rewards of their ownership remain with the Foundation.

The Foundation has committed to purchase further musical instruments amounting to £nil (£2020: £77,000).

12. Debtors
Amounts falling due within one year:
Other Debtors
13. Creditors: Amounts falling due within one year
Other creditors
Accruals
14. Creditors: Amounts falling due over one year
Other creditors		 2021
£
9,882
9,882
2021
£
1,473,790
7,500
1,481,290
2021
£
645,000
645,000		 2020
£
9,882
9,882
2020
£
1,040,500
7,140
1,047,640
2020
£
-
-

15. Events after the reporting date

The foundation has made declarations of intent to pay out grants and donations amounting to £1,473,790 (2020: £1,040,500) within one year of the balance sheet date which have been included in other creditors due within one year.

16. Related Party Transactions

During the year, the charity received donations amounting to £3,000,000 (2020: £6,500,000) from Mr S C Butt to fund its charitable purposes in any part of the world. He has also committed to pay donations of £1,473,790 (2020: £1,040,500) in the next twelve months.

No trustee has received remuneration or expenses in the year (2020: £Nil).

16

The Calleva Foundation Notes to the Financial Statements (continued) For the year ended 31st December 2021

17. Commitments and Declarations of Intent

On the assumption that the Foundation continues as a going concern, the Trustees' intention as at 31 December 2021 is to pay out grants and donations amounting to £2,452,736 (2020: £1,277,000) to the following institutions:

House of Good Health - £40,000 (2020: £24,000) NHM CGHER - £Nil (2020: £535,000) Reading University - £Nil (2020: £100,000) University of Cape Town Trust - £240,236 (2020: £15,000) Nicholas School Supplementary Food - £Nil (2020: £70,000) Royal Academy of Music Bursary - £103,000 (2020: £150,000) Magdalen College - £Nil (2020: £150,000) Portsmouth Academy Bursaries - £120,000 (2020: £120,000) Silchester Playground Association - £2,000 (2020: £3,000) Chalke Valley History Trust - Festival for Schools - £15,000 (2020: £30,000) Mercy Ships Specific Project - £40,000 (2020: £80,000) Jenner Institute - £1,892,500 (2020: £Nil)

Declarations of intent of £1,473,790 (2020: £1,040,500) are payable within one year and have been included in the balance sheet as other creditors.

Declarations of intent of £645,000 (2020: £nil) are payable in over one year and have been included in the balance sheet as other creditors due over a year.

Declarations of intent amounting to £333,946 (2020: £236,500) are payable after more than one year and have not been accounted for in the year.

At 31 December 2021, the Foundation had committed to purchasing musical instruments amounting to £33,618 (2020: £77,000).

18. Cash generated from operations

(Deficit)/surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in debtors
Increase/(Decrease) in creditors
(Decrease) in deferred income
Cash (absorbed by)/generated from operations		 2021
£
(4,917,272)
(3,134)
-
71,068
-
1,078,650
-
(3,770,688)		 2020
£
(306,014)
(63,639)
90,066
81,625
8,014
(492,260)
(25,000)
(707,208)

17