## **The Buzzacott Stuart Defries Memorial Fund** 

**Annual Report and Accounts** 

30 September 2021 

Charity Registration Number: 1100855 



**Contents** 

|**Reports**||
|---|---|
|Reference and administrative information|1|
|Trustees’ report|2|
|Independent examiner’s report|8|
|**Accounts**||
|Statement of financial activities|9|
|Balance sheet|10|
|Principal accounting policies|11|
|Notes to the accounts|15|



The Buzzacott Stuart Defries Memorial Fund 



**Reference and administrative information** 

**Trustees** Scott Barber (Chair) Amanda Francis Katharine Patel **Address** 130 Wood Street London EC2V 6DL **Charity Registration Number** 1100855 **Independent examiner** John McNiff The Cottage 1 Carlisle Close Kingston upon Thames Surrey KT2 7AU **Bankers** The Royal Bank of Scotland plc 1 Fleet Street London EC4Y 1BD **Investment managers** BlackRock Investment Management Limited 12 Throgmorton Avenue London EC2N 2DL 

The Buzzacott Stuart Defries Memorial Fund **1** 



**Trustees’ report** Year to 30 September 2021 

The trustees present their statutory report together with the accounts of The Buzzacott Stuart Defries Memorial Fund (the charity) for the year to 30 September 2021. 

The accounts have been prepared in accordance with the accounting policies set out on pages 11 to 13 of the attached accounts and comply with the charity’s trust deed, applicable laws, accounting standards (United Kingdom Generally Accepted Accounting Practice) 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). 

## **INTRODUCTION** 

The Foundation was established by a trust deed dated 15 September 2003 and it was registered with the Charity Commission on 24 November 2003, Charity Registration Number 1100855. 

The charity’s principal source of income is an annual donation from the partners of Buzzacott LLP, Chartered Accountants out of the firm’s taxable profits.  The trustees apply these funds to make charitable grants and, at the same time, encourage employees of the firm to get involved with charitable and social activities that benefit others and, particularly, children and young people from disadvantaged backgrounds.  The charity is one of the means by which the firm demonstrates its ongoing commitment to social responsibility. 

## **OBJECTIVE** 

The principal objective of the charity is to support charitable organisations and, in particular (although not exclusively), those which are: 

- ♦ concerned with deprived socio-economic areas or communities; 

- ♦ situated in the City of London or in a London borough abutting the City of London; 

- ♦ benefiting young people under the age of 25. 

The trustees are mindful of the need for the charity to demonstrate that it provides public benefit and they have had regard to the general guidance on the provision of public benefit published by the Charity Commission. 

## **ACTIVITIES AND ACHIEVEMENTS** 

The Foundation awards grants to organisations in order to achieve its principal charitable objective.  In the main, the charity awards grants to charitable and not for profit organisations to apply towards particular projects or activities that fall within the criteria set out above, although the trustees are mindful of ongoing and emerging concerns that need support. 

In addition to seeking applications for grants, the charity takes a proactive approach to identifying projects.  The charity does not make grants to individuals. 

The Buzzacott Stuart Defries Memorial Fund **2** 



**Trustees’ report** Year to 30 September 2021 

## **ACTIVITIES AND ACHIEVEMENTS** (continued) 

The charity looks for organisations that have sound management and are ambitious to achieve lasting change, especially to the lives of children and young people, and where the trustees believe the grant recipients have the ability to achieve real and positive impact.  For a small number of key projects it supports, the charity aims to be an active, engaged and long-term partner. 

During the year, the charity awarded grants totalling £70,633 with the typical grant in the region of £1,000 to £2,000  although some are slightly smaller and some are greater.  Included within this total was £618 which represented matched funding given to organisations supported by Buzzacott LLP employees (see below).  The charity also oversaw initiatives within the firm to donate food, clothing and other key supplies to local food banks. 

During 2020/21, the issues faced by people experiencing hardship and destitution continued to deepen as a result of the Covid-19 pandemic – both directly and indirectly.  As a result, the trustees decided to offer funding to organisations that offer bed spaces and hot meals to those who are homeless.  They decided also to further increase funding to local foodbanks that work to alleviate obstacles to peoples’ immediate and long-term needs.  The communities local to the Buzzacott office experience some of the highest rates of child poverty in the country.  The trustees are mindful that without their basic needs being met, children will not be able to thrive. This year, the trustees took time to research three organisations that are tacking these issues head on: 

- ♦ A total of £14,495 was donated to Bow Foodbank providing short-term emergency support to those experiencing food poverty. 

- ♦ £13,400 was donated to First Love Foundation, an organisation offering person-centric rapid support to those who have recently hit a crisis.  This sometimes means that food parcels are offered to such people to keep them going until alternative income can be found although the organisation’s main aim is to empower people to support themselves. 

- ♦ £13,400 was given also to Lighthouse CIO whose food banks provide practical help to those most in need, which includes regular food distribution and drop-in lunch sessions across multiple locations in East London.  In the last year the CIO has opened three new sites to reach more people in their local communities. 

The charity has continued also to provide funding to those organisations providing opportunities that benefit children’s education – an issue given increased resonance in the light of missed school hours throughout the pandemic. The aim of the trustees is always to donate to organisations where smaller grants can have a meaningful impact on people in need. 

The trustees encourage staff suggestions for funding where team members can recommend charities that hold a more personal meaning to them or people they know.  An example of this would be the grant of £500 to The Jordan Legacy – a charity set up to explore and help implement ideas to improve the support available to people who have lost hope and so work towards reducing the likelihood of suicide. 

The Buzzacott Stuart Defries Memorial Fund **3** 



**Trustees’ report** Year to 30 September 2021 

## **ACTIVITIES AND ACHIEVEMENTS** (continued) 

The trustees also actively encourage employees of Buzzacott LLP to take part in activities on a voluntary basis and, as part of this, enable all such employees to use up to a maximum of 14 hours per person per year of their contracted working hours towards agreed voluntary activity.  During the Covid-19 pandemic, there was a shift towards virtual volunteering opportunities with a variety of charitable causes.   In-person opportunities were reintroduced towards the end of the financial year.  During the course of the year, many employees have volunteered with experiences ranging from food redistribution warehouses to city farms.  A specific example was the 12 employees who volunteered for Writing Partners which pairs volunteers from local businesses with primary school students to help improve their reading, writing and comprehensions skills. 

In addition, the charity makes available matched giving funds to be spent on matching the personal donations or sponsorship funding of employees of Buzzacott LLP, Chartered Accountants, up to the value of £50 per person per year although the value is increased to £100 per year if the employee makes use of their full volunteering allowance 

## **PLANS FOR THE FUTURE** 

The trustees aim to continue the work of the charity with no significant changes anticipated to either focus or activities. 

## **FINANCIAL REVIEW** 

## **Results for the year** 

A summary of the results for the period can be found on page 9 of this report and accounts. 

During the year, total income amounted to £97,660 (2020 - £72,553) of which £90,452 (2020 - £67,947) comprised donations. 

During the year, total expenditure amounted to £71,512 (2020 51,207), which consisted of grants payable to institutions totalling £70,633 (2020 - £49,503) and support costs comprising administration and governance costs totalling £879 (2020- £1,704). 

Net income for the year before investment losses, therefore, was £26,148 (2020 - £21,346). Investment gains for the year of £20,941 (2020 – investment losses of £16,923) resulted in the net increase in funds being £47,089 (2020 - £4,423). 

## **Reserves policy and financial position** 

## _**Reserves policy**_ 

The trustees' policy is to operate on the basis of having free reserves of up to £350,000 at any time.  They believe this level of reserves is sufficient to enable the charity to meet its charitable objects and to accord with its principal aims.  The trustees are of the opinion that this provides sufficient flexibility, provides adequate working capital to cover core costs, and will allow the charity to cope and respond to the unexpected such as the Covid-19 pandemic (see below). 

The Buzzacott Stuart Defries Memorial Fund **4** 



**Trustees’ report** Year to 30 September 2021 

## **FINANCIAL REVIEW** (continued) 

## _**Financial position**_ 

The balance sheet shows total funds of £346,952 at 30 September 2021 (2020 - £299,863) all of which were unrestricted and, ultimately, are free reserves controlled by the trustees. The size of the unrestricted funds sustains and supports the level of donations which the trustees wish to make over time. The trustees consider free reserves to be adequate but not excessive in the light of the charity's reserves policy set out above. 

## **Covid-19** 

The impact on the charity's income and expenditure has not been significant although, as noted above, the impact of the pandemic on those people experiencing hardship and destitution has deepened and has resulted in the charity increasing its grant making expenditure. The trustees will continue to keep both income and expenditure under review. 

## **Investment policy** 

The charity holds investment funds managed by BlackRock Investment Management Limited which had a market value of £189,237 at 30 September 2021 (2020 - £168,296). 

The investment policy of the charity is to seek a balanced return from capital growth over the medium term whilst maintaining in real terms the value of the capital base. 

The trustees seek to minimise risk by monitoring and periodically reviewing the performance of investments.  There are no restrictions on the charity’s power to invest.  However, the trustees invest only in Charity Authorised Investment Funds and other investments designed specifically for charities and with an ethical bias. 

## **GOVERNANCE, STRUCTURE AND MANAGEMENT** 

## **Constitution** 

The charity is governed by a trust deed dated 15 September 2003. The charity is registered under the Charities Act 2011, Charity Registration Number 1100855. 

## **Trustees** 

The names of the trustees who were in place at the date of approving these accounts and throughout the year are set out as part of the reference and administrative details on page 1 of this annual report and accounts. 

The trustees hold a full board meeting at least four times a year. 

Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises. 

The power of appointing new trustees is vested in the trustees. 

The trustees hold ultimate responsibility for the policies, activities and assets of the charity. The trustees agree the broad strategy of the charity, review and confirm policy decisions, review proposals, approve grants, assess and discuss grant-holder performance reports where relevant and discuss financial and investment issues and performance. 

The Buzzacott Stuart Defries Memorial Fund **5** 



**Trustees’ report** Year to 30 September 2021 

## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued) 

## **Trustees** (continued) 

When necessary, the trustees seek advice and support from professional advisors, including legal advisors. 

## **Statement of trustees’ responsibilities** 

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Charity law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity at the year end and of its income and expenditure during the year. In preparing accounts giving a true and fair view, the trustees are required to: 

- ♦ select suitable accounting policies and then apply them consistently; 

- ♦ observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 (FRS 102); 

- ♦ make judgements and estimates that are reasonable and prudent; 

- ♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and 

- ♦ prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations 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. 

The trustees are ultimately responsible for the policies, activities and assets of the charity. They review the developments with regard to the charity, its grant giving activities and make any important decisions. When necessary, the trustees seek advice and support from the charity's professional advisers including solicitors and accountants. 

## **Key management** 

The trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. 

The Buzzacott Stuart Defries Memorial Fund **6** 



**Trustees’ report** Year to 30 September 2021 

## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued) 

## **Risk management** 

The trustees have a sound understanding of the charity sector and also have experience of the business world.  Additional relevant expertise and internal control is maintained by delegating responsibilities and performance measurement when needed.  Procedures and policies are kept under regular review. 

The trustees regularly assess the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity and its finances.  The trustees believe that by monitoring grants made, by ensuring controls exist over key finance systems and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks. The trustees’ work on risk assessment is subject to regular ongoing review. 

The trustees always ensure that they are fully briefed about and familiar with the work of a potential recipient of funds, that proof of receipt is obtained and that, wherever possible feedback on how the monies have been utilised and applied is obtained from the recipient. 

The charity's principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets.  The investments are managed by a reputable investment manager. The investment strategy is assessed regularly to ensure it remains appropriate to the charity's needs – both now and in the future. During the current Covid-19 pandemic, the trustees have continued to review investment performance and, whilst there are concerns over the volatility in world stock markets, they acknowledge also that the charity is a long-term investor.  As such, the charity will be able to wait for markets to stabilise over time whilst the trustees keep a watching brief. 

Having assessed the major risks to which the charity is exposed, including giving consideration to any challenges that have arisen due to the Covid-19 pandemic, the trustees believe that by ensuring controls exist over key financial and grant making systems which are subject to regular monitoring, including periodic reviews of performance against benchmarks, they have established effective systems to mitigate those risks. 

Signed on behalf of the trustees: 


Approved by the trustees on: 25 July 2022 

The Buzzacott Stuart Defries Memorial Fund **7** 



Indopendont oxamIn•￿8 r•port Year to 30 S8Ptemb8r 2021
Indopgndont oxamlnoVs roportto th• trusl••s of Th? 8uzz¥cott Stuart Dofrios Memorial
Fund
I report to the trustO8s on my examination of the accounts of The Buzzacott Stuart Defries
Memrial Fund (tho 'charityl for the year ended 30 September 2021.
R•sponslbllltles and basls of r•port
As the trustees of the charity. you are respcmsible for the preparation of the accounts in
acc￿lanCa with the rsquir8m8nts of thè Charitiès Act 20111.the Act.).
I report in respect of my examinati￿ of the thart￿8 acrnunts carried out under Séction 145
ofthe 2011 Act and in earying tsjl my examination I have followed all tho appll¢ab$8 Dir8ctSon8
given by the Charity Ccffimi&8M)n under 8eL*on 145(5Xb} of the Ad.
Indownd•nl •xamln•rf* 8tat•mont
I hav8 completed my examinab'on. I c(Nffimi thal no matters have com8 to my atténtlon In
cOnn￿￿'0n with the examination giving ¢8use to bdieve that in any materfal respe¢t'.
• 8c(X￿nting recAYd8 ¥**re not kopt in rosr*t of thè a8 ￿uIred by 88Ctlon 130 of
the Act; or
• the accA)unts do not a￿a)r￿ th088 r￿￿rdS,. or
the 8ccryJnts (xywy tfvhth tho 8pplicabf• rwJulr8mnls ￿n(￿rnIng tho fom and
contsnt ol acc¥)unts sol out in tho Charities {Accg)unts and Reports) Ragulations 2008
other than any requir8mant that the aco)unts gN8 a 'tru6 and fair vlff4¥ whith 18 not
mattor ￿sIdered as part of an irKlepend8nt examination
I have Conc￿n8 arKI have com& rKm88 no ott￿r matters in c￿n@cli0n with the
oxaminalion to vthith attention sh￿Id be drawn in thi8 report in trd8r to onable a prO￿r
unoorstsnding of ￿ a￿Ounts to bo reached.
Signed:
John McNiff FCA
Address."
1 Carfisle Ckxe
Kingston upon Tham8S
Surrey
Kf2 7AU
Date:
25 July..2022
The Buzzarx)tt Stuart Defri8s M8m(rial Fund 8

## **Statement of financial activities** Year to 30 September 2021 

|Notes|<br>**2021**<br>**£**|<br> <br>2020<br>£|
|---|---|---|
|**Income from:**<br>Donations and legacies<br>1<br>Investments and bank interest<br>2<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>. Promoting and enhancing charitable work<br>3<br>**Total expenditure**<br>**Net income before investment gains**<br>Net gains (losses) on listed investments<br>8<br>**Net income for the year and net movement in funds**<br>**Reconciliation of funds**<br>Total funds brought forward at 1 October 2020<br>Total funds carried forward at 30 September 2021|<br>**90,452**<br> <br>**7,208**|<br>67,947<br> <br>4,606|
||**97,660**|<br>72,553|
||<br>**71,512**|<br>51,207|
||**71,512**|<br>51,207|
||**26,148**<br> <br>**20,941**|<br>21,346<br> <br>(16,923)|
||**47,089**<br>**299,863**|<br>4,423<br> <br>295,440|
||**346,952**|<br>299,863|



All income and expenditure in both years related to unrestricted funds. 

All of the charity’s activities derived from continuing operations during the above two financial periods. 

All recognised gains and losses are included in the above statement of financial activities. 

The Buzzacott Stuart Defries Memorial Fund **9** 



## **Balance sheet** 30 September 2021 

|Notes<br>**Fixed assets**<br>Investments<br>8<br>**Current assets**<br>Debtors<br>9<br>Cash at bank and in hand<br>**Current liabilities**<br>Creditors: amounts falling due within<br>one year – Grants payable<br>**Net current assets**<br>**Total net assets**<br>**Funds and reserves**<br>Total funds (all unrestricted)|**2021**<br>**£**|**2021**<br>**£**|2020<br>£|<br> <br>2019<br>£|
|---|---|---|---|---|
||**84,138**<br>**79,227**|**189,237**<br>**157,715**|78,500<br>53,067|168,296<br> <br> <br> <br>131,567|
||**163,365**<br>**(5,650)**||131,567<br>—||
||||||
|||**346,952**||299,863|
|||**346,952**||299,863|



Approved by the trustees and signed on their behalf by: 


Approved by the trustees on: 25 July 2022 

The Buzzacott Stuart Defries Memorial Fund **10** 



**Principal accounting policies** Year to 30 September 2021 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. 

## **Basis of preparation** 

These accounts have been prepared for the year to 30 September 2020, with comparative information given in respect to the year to 30 September 2019. 

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. 

The accounts 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The charity constitutes a public benefit entity as defined by FRS 102. 

The accounts are presented in sterling and are rounded to the nearest pound. 

## **Critical accounting estimates and areas of judgement** 

Preparation of the accounts requires the trustees to make significant judgements and estimates. 

The principal item in the accounts where a judgement or an estimate has been made is in respect to estimating future income and expenditure flows for the purpose of assessing going concern (see below). 

## **Assessment of going concern** 

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts and in light of the recent Covid-19 pandemic. 

The Buzzacott Stuart Defries Memorial Fund **11** 



**Principal accounting policies** Year to 30 September 2021 

## **Assessment of going concern** (continued) 

The charity’s income is unlikely to be impacted significantly as its principal source of income consists of donations from Buzzacott LLP.  The charity’s investment income may continue to be affected whilst the corporate sector, in particular, recovers after initially reducing dividend payments in response to the pandemic. In terms of expenditure, the trustees believe there may be an increase in demand for grants to assist with the impact of Covid-19.  However, the trustees are able to exercise a significant degree of control over such expenditure. The trustees will continue to keep both income and expenditure under review. 

The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.  They are of the view that the charity will have sufficient resources to meet its liabilities as they fall due. 

## **Income recognition** 

Income is recognised in the year in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. 

Donations are recognised when the charity has confirmation of both the amount and the settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that the donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either the conditions are fully met, or the fulfilment of these conditions are wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. 

All other income is recognised to the extent that it is probable that the economic benefit will flow to the charity and the revenue can be measured reliably. It is measured at fair value and is accounted for on an accruals basis. 

## **Expenditure recognition** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligations can be measured reliably. 

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. 

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. Grants approved but not paid at the end of the financial year are accrued for. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the notes to the accounts. 

All expenditure is stated inclusive of irrecoverable VAT. 

The Buzzacott Stuart Defries Memorial Fund **12** 



**Principal accounting policies** Year to 30 September 2021 

## **Allocation of support and governance costs** 

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of administration services. 

Governance costs comprise the costs involving the public accountability of the charity and costs in respect of its compliance with regulation and good practice. 

Support costs and governance costs are apportioned directly to the one charitable activity. 

## **Investments** 

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. 

The charity does not acquire put options, derivatives or other complex financial instruments. 

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year.  Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date.  Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise 

## **Debtors** 

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. 

## **Cash in bank and in hand** 

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits. 

## **Creditors and provisions** 

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. 

## **Fund accounting** 

The unrestricted fund represents funds available for the general charitable purposes of the charity which may be applied at the discretion of the trustees. 

The Buzzacott Stuart Defries Memorial Fund **13** 



**Principal accounting policies** Year to 30 September 2021 

## **Statement of cash flows** 

The accounts do not include a statement of cash flows because the charity is deemed to be a small charity and is therefore exempt from the requirement to prepare such a statement under the provisions of the Charities SORP FRS 102. 

The Buzzacott Stuart Defries Memorial Fund **14** 



**Notes to the accounts** Year to 30 September 2021 

## **1 Income from: Donations and legacies** 

|**Income from: Donations and legacies**|||
|---|---|---|
|**Total:**Donations|**2021**<br>**£**<br>**90,452**|2020<br>£|
|||67,947|



- **2 Income from: Investments and interest receivable** 

|**Income from: Investments and interest receivable**|||
|---|---|---|
||**2021**<br>**£**|2020<br>£|
|Income from listed investments<br>Interest receivable<br>**Total**|**7,205**<br>**3**|4,562<br>44|
||**7,208**|4,606|



## **3 Expenditure on: Promoting and enhancing charitable work** 

||**Year to**<br>**30 September**<br>**2021**<br>**£**|Year to 30<br>September<br>2020<br>£|
|---|---|---|
|Grants payable to institutions (note 4)<br>Grant and other administrative costs (note 5)<br>**Total**|**70,633**<br>**879**|49,503<br>1,704|
||**71,512**|51,207|



The Buzzacott Stuart Defries Memorial Fund **15** 



**Notes to the accounts** Year to 30 September 2021 

## **4 Grants payable to institutions** 

Grants payable to institutions during the year comprised the following: 

||**2021**<br>**£**|2020<br>£|
|---|---|---|
|Afghan and Central Asian Association<br>Afghan Association Paiwand<br>Ballet Black<br>Big Give School home support<br>Body & Soul<br>Bow Foodbank<br>Caras Community Action for Refugees and Asylum Seekers<br>Caris Camden<br>Chance UK<br>City YMCA London<br>Clapton Common Boys Club<br>Downs Syndrome Association<br>EcoActive<br>Evergreen Play Association Ltd<br>First Love Foundation<br>Friends of Brookmill Park<br>Grove Adventure Playground<br>Hackney City Farm Ltd.<br>Housing Justice<br>HSHH and WF<br>Inspire Education Business Partnership<br>Islington Peoples Rights<br>Janice Smith Foundation<br>Janki Saye Foundation<br>Just Finance Foundation<br>Kids Out UK<br>LEAP Federation<br>Lighthouse CIO<br>Live 4 Health CIC<br>London Legal Support Trust<br>Manorfield Charitable Foundation<br>Mouth that Roars<br>Murdered Abroad<br>New Hackney Education Business Partnership<br>Pans Pandas<br>Pursuing Independent Paths<br>Ronald McDonald House Charities<br>Safe Families for Children<br>Safer London<br>Sequal Trust<br>School Home Support<br>Shelter from the Storm<br>Smart Works Charity<br>Soho Theatre<br>Spitafields City Farm<br>Success Club CIO<br>Survivors UK<br>Team Up<br>Teenage Cancer Trust<br>The Advice Services Alliance<br>**_Carried forward_**|**750**<br>**750**<br>**1,050**<br>**-**<br>**-**<br>**14,945**<br>**750**<br>**-**<br>**2,500**<br>**-**<br>**1,000**<br>**500**<br>**1,000**<br>**-**<br>**13,400**<br>**-**<br>**1,000**<br>**750**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**500**<br>**-**<br>**-**<br>**-**<br>**13,400**<br>**-**<br>**1,000**<br>**-**<br>**-**<br>**-**<br>**1,000**<br>**500**<br>**1,000**<br>**-**<br>**900**<br>**-**<br>**500**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**1,000**<br>**500**<br>**1,000**<br>**500**<br>**-**|-<br>-<br>-<br>800<br>3,000<br>800<br>-<br> <br>1,000<br>-<br>1,000<br>-<br>-<br>-<br>800<br>3,000<br> <br>500<br>-<br>-<br>1,000<br>1,000<br>750<br>1,000<br>800<br>-<br>1,000<br>1,000<br>500<br>800<br>-<br>1,000<br>800<br>500<br>-<br>-<br>-<br>500<br>-<br>3,000<br>-<br>3,000<br>4,000<br>500<br>750<br>270<br>-<br>-<br>-<br>-<br>1,000|
||**60,195**|34,070|



The Buzzacott Stuart Defries Memorial Fund **16** 



**Notes to the accounts** Year to 30 September 2021 

## **4 Grants payable to institutions** (continued) 

|**Grants payable to institutions**(continued)|||
|---|---|---|
||**2021**<br>**£**|2020<br>£|
|**_Brought forward_**<br>The Children’s Literacy Charity<br>The Congregation of the Little Sisters of the Poor<br>The Garden Classroom<br>The Jordan Legacy<br>The Literacy Pirates<br>The Out Runners Charity<br>The Turing Trust<br>The Spires Centre<br>The Winchester Project<br>Tower Hamlets EBP<br>United Kingdom for UNHCR<br>Universify Education<br>Women's Inclusive Team<br>Young Urban Arts Foundation<br>YMCA St. Pauls Group (Walthamstow)<br>Buzzacott employees matched giving|**60,195**<br>**1,000**<br>**-**<br>**1,000**<br>**500**<br>**1,000**<br>**1,000**<br>**1,000**<br>**-**<br>**-**<br>**2,320**<br>**1,000**<br>**-**<br>**-**<br>**1,000**<br>**-**<br>**618**|34,070<br>-<br>550<br>-<br>-<br>-<br>-<br>-<br>3,000<br>1,000<br>1,646<br>-<br>1,000<br>1,000<br>-<br>5,552<br>685|
|**Total**|**70,633**|49,503|



At 30 September 2021, the charity had no grant commitments in respect to grants awarded but payable only on the fulfilment of certain conditions (2020 nil). 

## **5 Grant and other administrative costs** 

|**Grant and other administrative costs**|||
|---|---|---|
||**Year to**<br>**30 September**<br>**2021**<br>**£**|<br>Year to 30<br>September<br>2020<br>£<br>100<br>1,550<br>54<br>1,704|
|Membership fee: Association of Charitable foundation<br>Reading programme support costs<br>Other costs<br>**Total**|**100**<br>**770**<br>**9**||
||**879**||



## **6 Staff costs and trustees’ remuneration** 

The charity employed no staff during the year (2020 – none). 

No trustee received any remuneration in respect of their services during the year (2020 – none). 

No trustees were reimbursed for expenditure incurred in the performance of their duties during the year (2020 – none). 

## _**Key management personnel**_ 

The key management personnel of the charity in charge of directing and controlling the charity comprise the trustees. 

The total remuneration (including taxable benefits but excluding employer's pension contributions) of the key management personnel for the year was £nil (2020 – none). 

The Buzzacott Stuart Defries Memorial Fund **17** 



**Notes to the accounts** Year to 30 September 2021 

## **7 Taxation** 

The Foundation is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities as they fall within the various exemptions available to registered charities. 

## **8 Investments** 

|**Investments**|||
|---|---|---|
||**2021**<br>**£**|2020<br>£|
|Market value at start of year<br>Unrealised gains (losses)<br>**Market value at end ofyear**|**168,296**<br>**20,941**|185,219<br>(16,923)|
||**189,237**|168,296|
|**Historical cost**|**130,000**|130,000|



At 30 September 2021 all listed investments comprised units in either the BlackRock Charities Equity Fund or the BlackRock Charities Bond Fund. 

## **9 Debtors** 

|**Debtors**|||
|---|---|---|
||**2021**<br>**£**|2020<br>£|
|Amount due from Buzzacott LLP – donations receivable<br>Other accrued income|**82,740**<br>**1,398**|78,500<br>-|
||**84,138**|78,500|



## **10 Related party transactions** 

The three trustees are all partners of Buzzacott LLP. 

During the year to 30 September 2021, Buzzacott LLP made unrestricted donations to the charity totalling £82,740 (2020 - £54,230) of which £82,740 was receivable at the balance sheet date and included within the year end debtors (2020 54,230). 

There were no other related party transactions in the year to 30 September 2021 (2020 – none). 

The Buzzacott Stuart Defries Memorial Fund **18**