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Charity Registration No. 1106524
Company Registration No. 05249160 (England and Wales)
THE HARGRAVE FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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THE HARGRAVE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trn¥tees S T Hargrave D R S Moseley M A Pat*in Charlty numbor 1106524 comyny nurnber 05249160 Prfnclpal addre$s Flat 2. 47 Lamt)s Conduit Street London WC1N 3NG Registe Office Alexandra Houst Sl. Johns Street Salisbury Wiltshi SP12SB AudMors Harwood Hutton Lirnited 4 Devonshirè Street London WIW 5DT Soll¢Sto IMl$ons Alexandra House St. Johns stet Salisbury Wiltshire SP1 2SB
THE HARGRAVE FOUNDATION CONTENTS Page Trustees, report Stalernent of Trustees, responsibilities Independent auditorfs port statement of finanryal activrties Summary income and expenditure a¢¢ount Balance sheet Statement ol cash flows 10 Notes to the finanGal statements 11_ 18
THE HARGRAVE FOUNDATION TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2021 The trustees present the port and firtanal statements for the year ended 31 March 2021. The financial 8latement$ have been prepared in 8¢cordanct wrth the accounting polic$ set out in note I to the financial statements and comply with the The Foundation's Igoverning do¢umenti. the CoMpanS ArA 2006 and "Accounting and Reporting by Charrties Statement of Recommended Practice applicable to charities prepanng their account5 in accordance with the Financial Reporting Standard applic4ble in the UK and Republic of Ireland IFRS 102118ffective 1 January 20191" Structure, 9overnance and management The Foundation is a charitable company Iimrted by guarantee, incAirporated on 4 October 2004 and registerèd as a charity on 1 November 2004. 11 was established under a Mernorandum olAssociation which specdfies the objects and powers ofthe charitable company. and 15 govema under itsArtIcs ofAssoazlion. The tnJ$tees, who are also the direGlors for thè purpose of company law. and who served during the year and up lo the date of Signatu of the financial statements were. S T Hargrave D R S Moseley M A Parkn'n The trustees named above are its first trustees. Trv$tee$ may be appointed in future a$ the company see8 fit. Deosion5 are made by the trustees in board meeting$ which may or rnay not involve the attendance of certain trustees from time to lime by telephone. The Foundation has no employees. None of the trustees has any nefial interest in Ihe c4)rnpany. All of the lstee8 a rnembers of the company and guarantee to contribute £1 in the event of a wnding up. The rnajor risks lo which the charity is exposed have been revEwed and in the opinion ol the Iruslees procedures are in place Its rnanage those risk$. partiCL*larfy as regard5 to the investrnent ol the tharily's a5set5. Oble¢t1 ond activities The otyje¢tive of the Foundation is to make chantable and philanthropi¢ donations as the trustees see rrt. Generating income frcrn the Foundation's endOWnI funds and Man9 donations remains ts primary ncem. The Iruslees have paid due regard to guidance issued by the Charrty Commission including the guidan cn Publi¢ Benefft, In decttding what activities the Foundation shoukg undertake. The Fcundation does not rtse carry out hand$-on charitable activitie$. but strICt5 itself to funding those who do. In rare cA$es the trustees tnay make grants to individuals. The tNstees intend that the bulk of the Foundation's grants for the forseeable future will be dire¢ted lowards charitable organisations prornoting111 the heahh and psychological wellbeing of n, and121 freedom of speech and of the Press. Use of volunt¥¢rs The Foundation does not make any use of volunteers.
THE HARGRAVE FOUNDATION TRUSTEES. REPORT ICONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2021 Achlevements and perfomianc• The tru$lees ¢onsider that the year under VIeW the Foundation has succeeded in its aim of generating income from rts endowrnent while broadly maintaining the investment base of the Foundation. In this way the trustees are hopeful that the Foundation will be ab lo support good causes for years to wme. In the year ended 31 Mar¢h 2021 the Foundation made donation$ tolalling £301.250. which compares with £120.475 in the previous yeèr. A one-off grant of £200.000 was made io Holborn Comrnunily Association fof whith restricted funding had been donated in a prior year. Otherwse the largest donation was £30,000 to Universty of Ea$1 Anglia lo help fund research into treatment for prostste Cancer. During the year the Charity derived inwme of£113.009 from investrnents12020. £142,754). Applying for funding from the Foundatlon The trustees do not normally consider unsts11ed requests for funding. and lo preserve resouro$ the Foundation does not reply to unsoliryted ¢¢Spondente. We do not employ any staff, nor do the trustees daim personal expenses. Flnanclal revlew The investrnenl policy tsf the tru5tee5 IS to generate income and to preseNe and if possiblt increase the val of the Foundation's endowment. Most of the Company's funds are invested In collectwe investrnent Vehic$. The value of these Investrnents Increased substantially during the course of the year as the worfd economy began its recovery from the shock caused by the Covid-19 epidemic the pviouS year. At the time of wrib'ng around 8 per ¢ent of the Foundathon s assets were in bank deposits. 01 our invested fijnds, just over half were he in a Lqr9e investment tTusl which Inve51s in a wide spread of blue-d)ip companies and has a long record of increasing Its annual di¥end. one-third was invested in an intemabonal growtb-onented fund, and 13 per cent in a major UK property REIT. The total of grants made by the Foundabon Since inception is £1.622 At the time of approving the financial Statements. the Trustees have a reasonab expactation that Iht Foundation has adequale resources 10 Continue its operational existen for the foreseeabk future. The finanual statements have therefore been prepared on a going concern basis. Audltor Harwood Hutton Limited were appointed audrtor to the company and in acCOrd8n with secbon 485 of the Companies Act 2006. a Tesolub'on proposing that they be re-appThnted will be put at a General Meetin9. Dlsclosure of Inforniallon to audltor Each of the trustees has confitmed thal there is no information of which they are aware which 18 relevont to the audit. but of which the auditor is unaware. They have further ujnfimied that they have taken appropriate steps lo identify such levant Infomiation and to establish that the auditor is awa of suth inforrnation. rhks report tta5 been prepaTrd in accordance wth the speoal proviBions relating to small companies within Part 15 ofthe Cornpan*s Act 2006. The Twstees, report was approved by the 8oard ofTruslees. S T Hargrzve Trustee 22 October 2021
THE HARGRAVE FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021 The trustee5, who are also the directors of The Hargrave Foundation for Ihe purpose of company law, are responsibkg for prepanng the Trustees, Report and the finan81 statements in accordance wth applicable law anij United KingdomAc¢ounting Standards Iunited Kingdom Generally A¢cÉptedAccounting Practi1. Company Law requires the trustees lo prepare financial staternents for each finanual year bvhich give a twe and lair view ol the stale of affaits of the The Foundation and of the incoming $Ou8 and applicatr'on el resour5. Induding the In¢ome and expenditure. of the chantable company lor that year. In preparing these financial statements. the trustees are required to.. select suitable accounting poliries and then apply them cfjnsi5tently", observe the thodS and principles In the Charitie$ SORP". make judgements and estimates that ar8 reasonable and pwdent". State whether applicab UK A¢¢ouniing Standards have been followed. subject to any material departu9 disclosed and explained in the financial stalemenls.. and prepa the financial statements on the going concern basis UnSS rt is inappropriate lo pre5urne that Ihe The Foundath'on wll continue in operatk)n. The tnJ$tees a responsib for keeping adequate accountsng ¢[d5 that disclose with aSOnable accuracy al any tsme the financial p0511ion of the The Foundation and enab them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Th? Foundation and hence for taking aSonable steps for the pventIOn and detecti¢n of Ifaud afid other Irregularit$.
THE HARGRAVE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HARGRAVE FOUNDATION Oplnlon We have audited the finanrial statements of The Hargrave Foundation I 'The Foundatyon'l for the year ended 31 March 2021 which compnse the statement of fnancIal a¢tivitie5, the summ8ry income and expendrture account. the balance sheet, the slaternent of cash flows and the notes t¢ the financial statements. induding signifir2nt a¢¢ounting policies. The finanaal reporting framework that has been applEd in their preparathon is applicable law and United Kingdom Acwunling Standards. including FRS 102 The FanCIal Reporting Slandard applic8bl8 in the UK R&publiG of Iland Iunited Kingdom Generally A¢cepted Accounting Pra¢ti(el. In our opnion, the finanual statements.. give a true and fair vew ol the state of the charitable compèny's affairs as al 31 March 2021 and of its in¢otning resour$ and application of resources. for the year then ended", have been propedy prepared in zccordanr wrth United Kingdom Generally Accepted Aecounting Practice.. and have been pPared in accordan wrth the requirerTnts of the CharitiesA¢t 2011. Ba$ls for oplnlon We condvded our audit in accordanr wrth Intemafr'onal Standards on Audrting IUKI IISAS IUKII and applicable law. Our responsibilib"e$ under those sland8rd$ are further described in the Auditorfs respon5ibilitres for the audit of the finanual slateTnent5 seCtn of our report. We a Independent of the The Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK. ind1ng the FRC'S Ethical Standard, and we have fUlfild our other ethi¢al responsibilities in accordance with these requirements. We believe that the audit evid8nce we have obtained ts Suffient and appropriate to pmide a ba81$ for our opinion. ¢on¢luslon8 relatlng to golng ¢one8rn In auditing the finan¢ial statements. we have concluded that Ihe Tru$tees' use of Ihe going ojncern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have pertorrned. we have not idenbfd any material uncertainties relating to events or Gondrtions that, individually or collectively. may ¢a$t significant doubl on the The Foundation's ability to continue as a going concem fv a period of zt least Nvelve months trorn when the finana81 Statements are aulhorised for issue. Our rèspon5ibilities and the respon&bilitvès of the trustees wrth respect to going ¢onc*m are described in the relevant 5ection$ of this report. Other Infonnatlon The other Infomiation comprises the information included in the annual report other than the financial statements and our audito¢s report Ihereon. The tru51ees are responsible for the other information ¢ontsined ¥vithin the annual report. Our opinion on the financial statements does not ¢over the other infom)alion and we (%) not exp$5 any form of a$$uran(t condusion thereon Our spOnsIbl111Y is to read the other information and, in doing so, consider whether the other Information 18 materially incLinsislent with the financial ststements or our knovAedge obtained in the course of the audit, or olheMse appears to be materially rnisststed. 11 we Identify such matenal inconsistencE$ or apparent material misstatements. we are required to delemine whether thi5 give$ rise lo a material misstatement In the financial statements themselves. 11, ba8ed on the worf( we have perfom)ed. we eonclude that there is a material rn158tatement of this other infomation, we are reqUId to report that fact. We have nothing to report in th regard.
THE HARGRAVE FOUNDATION INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF THE HARGRAVE FOUNDATION Mattern on whlch we are r¢qulr•d to rnport by •xc¢pVon We have nothing to report In respect of the foll?n9 matters In relation to which the CharitiesAct 2011 require us lo report to you if. in our opinion". the Infomiation given in the financial Statements is inconsistent n any material respect 1th the Trustees, report,. or suffi¢ient aecounting records have not been k8Pt', or the financial statement8 are not In agreement wth the accounting records,. or we have not refived all the infomation and explanations we requi for our audit. Re$ponslbilities of trustees As explained more fully in the stgtemenl of Tnjstees, responsibilities, the trustees, who are also the directofs ol the The Foundation for the purpose of company law, are re5pon5ibk for the pParatIon of the financial statements and for being satisfd that they give a true and fair view, and for such internal Contr as the trustees detem)ine is necessary lo enable the preparation of finanual statements that are free Irom material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the The Foundation's ability to continue as a going concem, di$d05ing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either inten(I to liquidate the charitable ¢ornpany or to cease operations. or have no reali5ti¢ attemative but to do 50. Avditorfs re$pon$ibilitie5 for the audlt of th• Ilnancial statsments We have been appointed as auditor under section 144 of the Charit18s Act 2011 and report in acccrdanr wrth the Ad and relevant regulations made or having effect Ihereunder. Our obj'ectives a to obtain reasonabJ2 assuran about whether the finantyal stalerrents a$ a whole are free from material misstatement. whether due to fraud or error. an4 to Issue an auditorf$ report that includes our opinion. Reasonable assurance is a high level of assuranc but Is not a guarantee that an audit conducted in accordan with ISA5 IUKI will always dete a Fnaterial misststement when it exist$. Misstatements can arise from fraud or error and are conside material If, individually or in the aggregalÈ. they ¢ould asOnablY be expected lo influence the econornic deosions of users taken on the basis of these financial statements. Irregularities, including fravcl, are instances of nO[COmpli8nce wrth laws and re9ulations. We de%gn procedures in line wth our responsibilities. outlined above. lo detect material misslalemenls in respect of irregularrties. including traud. The extent to which our pror£dures are capable of detecting irregularrties. including fraud. is detsiled below. Our approach lo identifying and assessing the nsk5 of matenal misstatement in re$pe¢t ol iryegularils, induding fraud and non-compliance wth la¥vs and regulations, was as folk)ws. the engagernent partner ensu4 that the engagement team collectively had the appropriate ¢ompelenre. capabilitEs and skill$ to Idenbfy or recognise non-compliance with applicable laws 8nd regulations". we Identified the laws and gUlationS applicab to the Charity through discussions wrth trustee5 and other managernent. and from our MMeral knowledge and expenence of the sectOT'. we focused on specific laws and re9ulathon$ which we conside fflay have a dire¢t material effect on the financial Statements or the operations of the Charity. Including the charit$ Act 2011. taxation legislation and dats protection, anli4Jribery, èmploymenl environmentsl and health and safety we assessed the extent of compliance with the Lqw5 and regulations identified 8bove through making enquiries of management and inspecting legal corresponden('. and identified laws and regulations were ¢omtnunicated within the audit tearn regularfy an(1 the team remained alert to instances of non-complianct Ihroughout the audit.
THE HARGRAVE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HARGRAVE FOUNDATION We assessed the susceptibility of Ihe Charitys finan¢rdl 51atements to material Misstatement. in¢luding obtaining an understanding of how fraud might 0Ur. by". • rnaking enquiries of management 8$ to where they conSided there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., considerin9 the intemal control8 in pla to rnrtigate ri5k$ of traud and non-compliance 1th laws and regulations". and understanding the design of the Charitys remuneration polic$. To addres5 the risk of fraud through management bias and overrrde Qf controls, we". pertomied analytical procedures lo identify any unusual or unexpected relationship,. review finan¢ial records for any unusual transaLlion5, • assessed whelher judgements and as$umplions made in detemiining the acCountn9 estimates set out n note 2 Whe Indicative of potential bias,. and investigated the rationale behind signifi¢ant or unusual transactions. In response to the nsk of irregularib'es and non-cornpliance wth laws and regulations. we design8d procedure$ which included. but were not limited to.. ageIng finanaal statement disdosures to undertying supporting documentation.. ading the minutes of meetings of those charged th governance.. enquiring of management as lo actual and potential Iitlgation and clairns.. and reviewing Corresponden %wlh HMRC. relevant regulatots and the company's legal advisors. There are inherent Iirnitation8 in our audrt procedures described above. The more removed that laws and regulations a from finanual transactsons, the le55 likely it is that we would become aware of nOrCOmplianCe. Auditing standard5 a150 limit the audit procedUS required to identify non<ompliance with laws and regulations to enquiry of the directors and other mènagefflenl and the in$pe¢tion of regulatory and legal correspondence, if any. Material misslalernenls that arise due lo fraud can be harder to detect than those that anse from error as they may involve deliberate concealment or lISlon. A further description of our responsibilities available on the Financk81 Reporting Counul's websrte at". https."Il www.trc.org.uklauditorsspos1tsI1lts. Thi8 de$ptIOn foms part of our audrto¢$ pOrt. This report is made SOlY to the chanty's trustees. 88 a body, in accordance wrth Seclion 144 of the Chari'es Act 2011 and with regulations made under Section 154 of that A¢t. Our audit work has been undertaken so that we rnht stale tc the charity's trustees those rnatters we are to state to them in an aUdOr5, report and for no other putpose. To the fullest extent petrnrtted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity'$ trustee5 as a body, for our audit woth, for this pOrt. or foi the opinions we have ormed. Harwood Hutton Llmlted Chartr•d Accountants Statutory Audltor 4 Devonshire Street London W1W5DT Harwood Hutton Lirniled is eligible for apPntment as auditor of the The Foundation t)y virtue of its eligibility for appoinlment a3 auditor of a company under of sects.on 1212 of Ihe CompaTriesAct 2006.
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THE HARGRAVE FOUNDATION SUMMARY INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 All Ineomè fund8 2021 2020 Gross income 113,009 142.754 Total expenijilure Irom income funds 306,824 125,830 Net (expendre}llnComo for tho year 1193,8161 16.924
THE HARGRAVE FOUNDATION BALANCE SHEEr ASAT31 MARCH 2021 2021 2020 Notss Flxed assets InvestrHents 11 3.647.720 2.998.833 Current a$$ets Cash at bank and in hand 324.896 518,711 CredltoYs'. amounts falling due wkthln one year 13 14,1401 14.1401 Net current assets 320.756 514,571 Total a$$ets less current liabilities 3,968,476 3,513.404 Capltal funds Endowment fund5- general In¢ome fund$ UnstriCted funds 3.564.521 2.915,634 403.955 597.770 3,968.476 3.513.404 The ctrmpany is entitled to the exemplion from the audit requirernent ntaIned in section 477 of the Companies AGt 2006, for the year ended 31 March 2021. although an audit has been carried out under section 144 of the Charbtie5 Act 2011. The directors acknowledge their re5PDn5ibilities for complyin9 Wth the requirement5 01 the Companies A 2006 with respect to aOUntIng cordS and the preparation of finanryal statements. The mernbers have not required the company to obtain an audrt of 115 finanual ststements Ltnder the requirements olth8 Companie$ Act 20. forthe y*ar in question in accordance with 8edion 478. These financial statements have been prepared in accordance wbth the provL%ions applicab t9 COrnFonie$ Subject to the small companies 91M•. 22 October 2021 The finan¢Aal Statements were approved by the Twstees on ......................... S T Hargrave TNstse Company Registrttion No. 06249180
THE HARGRAVE FOUNDATION STATEMEpif OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Nots8 Ca8h flows from operating activltles Cash absorbed by operation$ 1306.8241 1233.2411 Investing a¢tlvltle8 Purchase of investments Proreds on disposal of investments Interest and dividends received 1466,5791 383,380 142,754 113,009 Net cash 9enernted from investing activities 113,009 59.555 Net ca¥h used In financing activitie8 Nt de¢rna5e In ca$h and ¢a$h e4uivalents 1193,8151 1173,6861 Cash and cash equNalènt5 at beginnirvj ol year 518.711 692.397 Cash and cash Èquivalents at ewtd of year 324.896 518.711 10-
THE HARGRAVE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accountlng policies Company Infomiatlon The Hargrave Foundation is a private company limited by guarantee Incoorated in England and Wales. The re91sted office Is Alexandra House. St. Johns Street. Salisbury, ¥MftSh1. SP12S8. 1.1 Ae¢ountlng ¢onventlon The finanryal statements have been prepared in ac¢ordaftce wrth the The Foundation's Igovemin9 documentl. the Cornpanies Act 2006 and "Accounting and Reporting by Charities Statement of Recornrnended Pradice applicable lo charities preparing their aut5 in accordance with the Financkql Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive l January 20191" The The Foundation Is a Public Benefit Entity as defined by FRS 102. The finanual Statements have departed frorn the Charitie$ IAccounls and Reports) Regulations 2008 only lo the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charrties applying FRS 102 rather than the version of the Slaternenl of Recommended Practice which 1$ rele[d to In the Regulations but which has Sin been wthdrawn. The financi81 statements are prepared in Steding. which is the functional tuffency of the The Foundation. Monetary amounts in these financial statements are roundèd to the nearest £. The financial ststements have been ppaLI under the historical ¢o$t ¢onvents"on, modified lo indude the revaluation of freehold properties and to in¢lude investrnent propertie$ and rtain financial instruments at fair value. The prin¢ipal a¢counting policies adopted a set out below. 1.2 Golng ton¢em At the lirlle of approving the finanoal Statements. the trust88s have a reasonable expectstion that the The Foundation has adequate resources lo continue in operational existen for the foreseeab future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the finanal statements. 1.3 Charltable fund$ Unrestri¢ted funds a available for use al the discretion of the trustees in turtherance of their chantab objectives. Restricted funds are subject to specific Conditions by donors as to how they tnay be used. The purposes and uses of the restricted funds are set out in the note5 to the financkql Statements. Endowment funds are subjed to specthe condrtions by donors that the capital must be maintained by the The Foundation. 1.4 Incomlng re8011r¢¢$ Income is rewgnised when the The Foundation is legally entrtled to il after any perfomianf* Conditions have been mel, the amount5 can be measured reliably, and il Is probable that income will be received.
THE HARGRAVE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 A¢countSng pollcl88 Icontlnuedl al Voluntary Income Is rec8wed by way of grants. donations and gifts and is induded in full in Staternent of Financial A¢tivilies wthen receivable. bl Donations receivable for the general purposes ol the Charity are Credited lo Unrestricted Funds. Donations for purposes restricted by the wshes ol the donor are taken to Restricted Funds where these wishes are legally binding on The Hargrave Foundation trustees. except that any amounts required to be tained capital In accordance wth the donoY$ wi$he$ are accounted for instead as Endowments- pernanent or expendable according to the nature of the restridK)n. cl Investment in¢ome 1$ ineluded when receNable. Income generaled from End01ent funds in the fr*rm of bank interest and dividends recelved was dassed a5 Unre$tri¢ted Funds. 1.5 Restsurces expended Expenditure is recnIsed on an accrual basis as a liability in inwrred. Expenditure includes any VAT whh cannot be fvlly recovered, and is reported a8 part ol the expenditure lo which il relates.. al Chantable expenditure comprises those cost5 incurred by the charity in the delNery of its activrties and services for rt5 benefioaries It Included btsth costs that can be allocated directty to such actiivite$ and those costs of an indirect nature nesSary 10 SUPPOrt them. bl Govemance c08t5 indude those wsts associated Nmth eting the ¢onstrtutional and statutory requirements of the chanly and indude the independent examiner feelaudil fees and costs linked to the strategic management of the charity. 1.6 Flxed asset investments Fixed asset investments are Initsally measured at transaction price excluding transaction Costs, and are $ubsequently meaSud al fair value at each reporting date. Changes in fair value are re¢ognised in net incernellexpendrturel for Ihe year. Transaction costs a expensed as incurred. 1.7 Cash and ¢a$h tqulvalents Cash and cash equivalents include Ggsh in hand. deposits held at call with banks. other shtsrt-tem liquid investments with onginal maturit8 of three months or less, and bank overdrats. Bank overdrafts 8re shown wthin borrowings in cvrrent li8bilitie$. B8$1¢ Ilnan¢lal a55ets Basi¢ financial a5set5. which include debtors and cash and bank balances are measured at transa¢tion pri(t less any provision for impairment. Loans re1¥able are measured initially al fair Value. nel of Iran$a¢titsn ¢05t5 and are subsequently ¢arried ai amortised costs using the effective interest method. less any provision lor impairment. 12-
THE HARGRAVE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 AccounWng poll¢les Icontinuedl B•$k Ilnanclal Ilabllld•s Basi¢ financKg1 liabilities, including creditors and bank loans are inrtially recognised al transaction price Un$$ the arrangement cA)nstrtuies a finanung transadion, where the debl instrument 15 measured at the present value of the futu payrnents discounted at a matht rate of interest. Financial liabilities classified 8$ payable within one year are not amortised. Debt instrument5 are subsequently carried at amottised ¢ost. using Ihe effective interest rale method. Trade dItorS are oblvJalion$ lo pay for goods or servi$ thal have been acouired in the ordinary Course of operations frorn suppliers. Amounts payable are dassified as current liabilities if payrnent is due wrthin one year or less. If not. they a presented as nOn-¢unt liabilitie5. Trade ¢re(lilots are recognised initially at tran$a¢tion price and subsequently rneasured at amortised c051 using the effective interest method. Dem¢ognKlon olllnancl8111?blllti•$ Financial liabilitie5 are derecxjgnised when the The FoundatK)n's contractual obligation$ expire or 8re discharged or cancelled. 1.8 Irre¢ovÈrable VAT Irrecoverable VAT is charged against the category of resourcès expended for it was incurred. CtIcal a¢¢ountlng estimates and ludgtments In the application of the The Foundation's atUntIng policies. the tru5tee5 are required to rnake iudgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other Sources. The estimates and assoaated assurDption5 are based on histoncal expenence and other factors that are conSided to be relevant. Actual resutt5 may differ from these estrmates. The estirnate5 and underlyin9 as5urnpb.ons are reviewed on an ongoing basis. Revisions to artounting estimate5 are recognised in the period in which the estimate is revised Whe Ihe vIsion affects only Ihat period, or In the period of the vIsion and future penods where the revision affects both current and future perKxls. In¥e8tments Unrestrictsd Unreslri¢ted fvnds fund5 2021 2020 Dividends Interest on cash deposits 112,827 182 141,646 1,108 113,009 142.754 13
THE HARGRAVE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 Charitable activltle$ Research Re8earch and welfare and welfare 2021 2020 Grant bjnding of activities Isee note 51 sha of 9overnance costs (see note 61 301.250 5.574 120,475 5,355 306,824 125,830 Analy$l$ by fund Unrestricted funds Restricted funds 106,824 200.000 125.830 306,824 125,830 Grants payable Re8earch Research and welfare and welfare 2021 2020 Grants to institutions.. The Virtual Doctors Universrty of Ea51 Anglia Other 10.000 30.000 261,250 120.475 301,250 120,475 The Charity undertook no direct charitable actwities but awarded grant to 12 instr"tutions 12020 to 14 ingtitutionsl in lurtheranct of it5 charit8ble aims. 14-
THE HARGRAVE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Govemance tosts 2021 2020 Audit fees Non audit fees Legal and professional Bank and broker ch8rge$ 3,140 1.000 367 1.067 3.140 1,000 367 848 5.574 5.355 Tru$teÈs None of the trustees lor any persons connected wrth Ihernl received any rernuneralion or benefits from the Foundation during the year. Ernploy•¢$ 2021 Nurnber 2020 Numbor Total Taxatlon Th• cornpany 1$ a registered charity and no provlsion 1$ considered necessary for taxation. 10 Net galnslllossesl on inve8tments 2021 2020 ILo$sesllgains on listed investment5 GaiThlllessl on sak of inve5trnents 648.887 1734,5221 1401 648,887 1734.5621 15-
THE HARGRAVE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 11 FSx¢d ass•t Investments Ltst•d Inv•8kntnts Cost or valuotlon At 1 April 2020 Valuation changes 2.998,833 648.887 At 31 Mar¢h 2021 3.647.720 Carylng amoun¢ At 31 March 2021 3.647.720 At 31 March 2020 2,998.833 Flxttd asset Investments revalued The trustees consder that the carying amounts of financial assets carried at amort15ed c¥J$t in the financial stalemenl$ approximate to their fair values. 12 Flnanclal In$trumonts 2021 2L120 Carrying arnount of finanebal asset$ Instrurnents measured at fair value through profrt or10$6 3.647,720 2.998,833 13 Cmditors: amoynts falling due wlthln one year 2021 2020 A¢cnJaL5 and deferd income 4.140 4.140 14 COVIO.19 A¥ set out in the Trustees, Report. the Trustees have ¢onsidered the impact of Covi&19 on The FOundatn for Ihe year ended 31 March 2021 and for the fOSeeable future. The Trustees continue lo keep le¥aft1 matters under vIeW. The Trustees are of the opinion that The Foundation Is a going con¢ern for the fore8ee8bk future. 16-
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THE HARGRAVE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 16 Related party transactions Tran$actSons wlth r•lotsd partl•s Dunng the year under review, The Foundatk)n has rnade a one-off grant of £200,000 to Holborn Community Association, of which it shares a common Ifustee with The Foundalion. 17 An•ty$l$ of changes In n¢t funds The The Foundation had no debt during the yeaf. 18 Ca$h genelated from operatlon$ 2021 2020 Surplu$ll4jefAtI forthè year 455.072 1717,6381 Adju5tmenl$ for.. Investment income recognised in statement of finanal activities IGainlfl05s on disposal of inveslrnenl property Fair value gains and losses on Investments 1113.0091 1142.7541 40 7Y.522 1648,8871 Movements in working Capital". (IncaSe)1de¢rea$e In debtors (Decrease) in tdItorS 100.000 1207.4111 Cash absorbed by oper•tlon$ 1306.8241 1233,2411 18-