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2021-04-30-accounts

Charity Registration No. 1089152

Company Registration No. 04198833 (England and Wales)

THE GARRARD FAMILY FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

THE GARRARD FAMILY FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Sir David Garrard Susan Glover Tim Garnham

Charity number 1089152 Company number 04198833 Principal Address/Registered office 73 Cornhill London EC3V 3QQ

Independent Auditors

Bankers

Gerald Edelman LLP 73 Cornhill London EC3V 3QQ Royal Bank of Scotland 1 Fleet Street London EC4Y 1BD

THE GARRARD FAMILY FOUNDATION

CONTENTS

Page
Trustees report 1 - 2
Statement of Trustees responsibilities 3
Independent auditor's report 4 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 15

THE GARRARD FAMILY FOUNDATION

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 APRIL 2021

The Trustees present their annual report and accounts for the year ended 30 April 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 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) (as amended for accounting periods commencing from 1 January 2019)”

Objectives and activities

Under the terms of the memorandum and articles of association the Trustees have the power to apply the income or capital of the charity to or for such exclusively charitable objects or purposes in any part of the world as the Trustees in their absolute discretion may determine. In particular the charity has the aim of advancing and promoting education. The Trustees confirm that they have referred to the guidance on public benefit issued by the Charity Commission when reviewing the trust's aims and objectives and setting the grant making policy for the year. In line with prior years the charity has also continued its policy of providing support to a variety of charitable institutions for the public benefit.

It is the policy of the Trustees to support individual charities mainly on a single donation basis. Applications are welcomed from other charitable institutions for grants with no geographical or other specific limitations being applied. The merits of each application are considered and if required, further research carried out prior to a grant being made.

All Trustees give of their time freely and no trustees remuneration or other benefits were paid in the year under review.

Achievements and performance

During the year under review the charity made grants of £41,650 (2020: £45,879) as detailed in note 6 to the accounts.

Financial review

The net expenditure for the year amounted to £17,388 (2020: Income £15,332). Donations and gifts were made in the year to the charity totalling £31,165 (2020: £68,009). The sum of £6,913 (2020: £6,906) was expended in the form of support costs.

The charity had reserves at the balance sheet date of £15,050 (2020: £32,348) and the Trustees are aware that the continued operation of the charity at its current levels is dependent on their future.

Reserves Policy

It is the policy of the the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has not been maintained throughout the year but the Trustees will look to provide such funding so as to achieve the targeted level of reserves.

THE GARRARD FAMILY FOUNDATION TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 APRIL 2021 StNcture. govemance and management Thg company was Incorpor￿ in the name of Ethxalion Try￿t iimltred. Tho name of the tharitatAe company was changed by S￿￿81 reyJlutK)n ￿ 12 Novertr 2013 to The Garrard Family Foundation. The dated 11 Awil 2001. were.. Sir David Garrard Susan Gbver Tim Gamham None of the Trustees has any benefi(ial interest in the company. AH of the Tr￿le8S are members d the ccxnpany and guarantee to u)ntribute £10 ￿ the event of a winding up. Derisions regarding the tha11￿$ a¢bYTITes e ffode at Trustee's meeti￿S or on a more Inforn￿l basis by tslephone. Auditor A resolution propcksing that Mgsws Gwakj Edekrwi be as audi￿ ofthe C£Anpany will ￿ wtto the forthcoming Annual General M8eling. Dlsclosure of infonnalion to auditor Eath of the Tnth has confim)ed that there is rK Inf(wMa￿n of whth are aware Ythtth is relevant to the aud¢ but of which the auditor ts unaware. They have fvllther confwmed that they have taken 8pprowi81¢ sws to identify suth relewanl infonrth and to estat4sh that the audti0￿ are awrare of such infom￿{10n. The Trustees was approved by the Boarf of Tn&*es. Mrs S Glover Trustee Dated: 21 January 2022

THE GARRARD FAMILY FOUNDATION

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 30 APRIL 2021

The Trustees, who are also the directors of The Garrard Family Foundation for the purpose of company law, 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).

Company Law 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 the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the the charity 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 the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE GARRARD FAMILY FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE GARRARD FAMILY FOUNDATION

Opinion

We have audited the financial statements of The Garrard Family Foundation (‘the charity’) for the year ended 30 April 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 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 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 gives rise to 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.

THE GARRARD FAMILY FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GARRARD FAMILY FOUNDATION

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees, who are also the directors of the the charity for the purpose of company law, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our audit procedures were primarily directed towards testing the accounting systems in operation which we have based our assessment of the financial statements for the year ended 30 April 2021.

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

THE GARRARD FAMILY FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GARRARD FAMILY FOUNDATION

Extent to which the audit was considered capable of detecting irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Fraud due to management override

To address the risk of fraud through management bias and override of controls, we:

Irregularities and non-compliance with laws and regulations

In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to:

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the charity and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the trustees.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditors responsibilities. This description forms part of our auditor's report.

THE GARRARD FAMILY FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE GARRARD FAMILY FOUNDATION

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and 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 anyone other than the charitable company and, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Coleman ACA (Senior Statutory Auditor) for and on behalf of Gerald Edelman LLP

21 January 2022

Chartered Accountants Statutory Auditor

73 Cornhill London EC3V 3QQ

THE GARRARD FAMILY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 APRIL 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes £ £
Income from:
Donations and legacies 3 31,165 68,009
Investment income 4 10 108
Total income 31,175 68,117
Expenditure on:
Charitable activities 5 48,563 52,785
Net (expenditure)/income for the year/
Net movement in funds (17,388) 15,332
Fund balances at 1 May 2020 32,438 17,106
Fund balances at 30 April 2021 15,050 32,438

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE GARRARD FAMILY FOUNDATION BALANCE SHEEr ASAT30APRIL 2021 2021 2020 Current ass•ts Debtors Cash at bank aThJ in hand 10 13.602 21.236 11.2(Kl 17.450 Creditors: amounts falling dug within one year 11 (14￿} 12.400 Net curTent assets 15.050 32,438 Income funds Unrestricted funds 15,050 32,438 15,050 32.438 The financial statements were approved by the TnK*es (4121 Janu￿ 2022 Mrs S Gbver Trustee Company Registration No. 04198833

THE GARRARD FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

1 Accounting policies

Charity information

The Garrard Family Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 73 Cornhill, London EC3V 3QQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the the charity's governing document the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2019). The the charity is a Public Benefit Entity as defined by FRS 102.

The the charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention. 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.

1.4 Incoming resources

Income is recognised when the 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.

Donations and other forms of voluntary income are recognised as incoming resources when receivable. Assets donated to the charity are included at their open market value at the date of transfer.

Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the receipt of such donation.

1.5 Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive oblication committing the charity to the expenditure. All resources expended are accounted for onn an accruals basis. The irrecoverable element of vat is included to the expense which it relates.

Charitable expenditure includes grants made to institutions and appropriate support costs.

Support costs include governance costs represented by audit costs and other professional fees incurred in connection with the meeting of the charity's constitutional and statutory obligations.

THE GARRARD FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2021

1 Accounting policies

(Continued)

1.6 Cash and cash equivalents

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

1.7 Financial instruments

The 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 the charity's balance sheet when the 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 the charity’s contractual obligations expire or are discharged or cancelled.

1.8 Taxation

As a registered charity the Society is exempt from taxation on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992.

THE GARRARD FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2021

2 Critical accounting estimates and judgements

In the application of the 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
2021 2020
£ £
Donations and gifts 31,165 68,009

4 Investment income

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Interest receivable 10 108

THE GARRARD FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2021

5 Charitable activities

Grant funding of activities (see note 6)
Support costs
Support costs include:
Audit fees
Other accountancy services
6
Grants payable
Grants to institutions:
Rotary Club of London
Womens Interfaith Network
University College Hospital
Interdisciplinary Center, Herzlia
Lifeline 4 Kidz
Anne Frank Trust
Jewish Leadership Council
Police Memorial Trust
West London Synagogu
Shishhukunj
Campaign Against Anti Semitism
UK Friends of Israel
Cedars Sinai Medical Center		 Total
2021
£
41,650
6,913
48,563
2,400
4,513
6,913
2021
£
10,000
10,000
10,000
-
-
-
5,000
6,000
-
650
-
-
-
41,650		 Total
2020
£
45,879
6,906
52,785
2,400
4,506
6,906
2020
£
-
-
-
9,410
4,100
500
-
6,000
3,500
-
10,000
3,000
9,369
45,879

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were reimbursed to Trustees in the year.

THE GARRARD FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2021

8 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Total - -
9 Financial instruments 2021 2020
£ £
Carrying amount of financial liabilities
Measured at amortised cost 2,400 2,400
10 Debtors
2021 2020
Amounts falling due within one year: £ £
Income tax recoverable 6,250 13,602
11 Creditors: amounts falling due within one year
2021 2020
£ £
Accruals and deferred income 2,400 2,400

12 Share capital

The company has no share capital being limited by guarantee. The guarantors will contribute to a maximum of £10 each in the event of liquidation.

THE GARRARD FAMILY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2021

13 Related party transactions

Donations totalling £31,165 (2020: £68,009) were made by the Trustees to the charity in the year. There were no other related party transactions in the year.