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Charity Registration No. 1106524<br>Company Registration No. 05249160 (England and Wales)<br>THE HARGRAVE FOUNDATION<br>ANNUAL REPORT AND FINANCIAL STATEMENTS<br>FOR THE YEAR ENDED 31 MARCH 2021<br>**----- End of picture text -----**<br>




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 st￿et
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 firtan￿al 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 CoMpan￿S 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 itsArtIc￿s 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 ￿nefi￿al 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$. partiCL*larfy as regard5 to the investrnent ol the tharily's
a5set5.
Oble¢t1￿ ond activities
The otyje¢tive of the Foundation is to make chantable and philanthropi¢ donations as the trustees see rrt.
Generating income frcrn the Foundation's endOW￿nI funds and Ma￿n9 donations remains ts primary
ncem.
The Iruslees have paid due regard to guidance issued by the Charrty Commission including the guidan￿ cn
Publi¢ Benefft, In decttding what activities the Foundation shoukg undertake. The Fcundation does not rtse
carry out hand$-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$1 Anglia lo help fund research into treatment for prostste Cancer. During the year the Charity derived
inwme of£113.009 from investrnents12020. £142,754).
Applying for funding from the Foundatlon
The trustees do not normally consider unsts11￿ed requests for funding. and lo preserve resouro$ 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 p￿viouS 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 finan￿81 statements in accordance wth applicable law
anij United KingdomAc¢ounting Standards Iunited Kingdom Generally A¢cÉptedAccounting Practi￿1.
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 ￿$Ou￿8 and applicatr'on el
resour￿5. Induding the In¢ome and expenditure. of the chantable company lor that year.
In preparing these financial statements. the trustees are required to..
select suitable accounting poliries and then apply them cfjnsi5tently",
observe the ￿thodS and principles In the Charitie$ SORP".
make judgements and estimates that ar8 reasonable and pwdent".
State whether applicab￿ UK A¢¢ouniing Standards have been followed. subject to any material departu￿9
disclosed and explained in the financial stalemenls.. and
prepa￿ the financial statements on the going concern basis Un￿SS rt is inappropriate lo pre5urne that Ihe The
Foundath'on wll continue in operatk)n.
The tnJ$tees a￿ responsib￿ for keeping adequate accountsng ￿¢￿[d5 that disclose with ￿aSOnable accuracy al
any tsme the financial p0511ion of the The Foundation and enab￿ them lo ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Th?
Foundation and hence for taking ￿aSonable steps for the p￿ventIOn and detecti¢n of Ifaud afid other
Irregularit￿$.

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 f￿nancIal 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 F￿anCIal Reporting Slandard applic8bl8 in
the UK R&publiG of I￿land 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 p￿Pared in accordan￿ wrth the requirerT*nts 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 seCt￿n 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. ind￿1ng the FRC'S
Ethical Standard, and we have fUlfil￿d our other ethi¢al responsibilities in accordance with these requirements.
We believe that the audit evid8nce we have obtained ts Suffi￿ent 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$tees' use of Ihe going ojncern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have pertorrned. we have not idenbf*d any material uncertainties relating to events or
Gondrtions that, individually or collectively. may ¢a$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 reqUI￿d 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 ref*ived all the infomation and explanations we requi￿ for our audit.
Re$ponslbilities of trustees
As explained more fully in the stgtemenl of Tnjstees, responsibilities, the trustees, who are also the directofs ol
the The Foundation for the purpose of company law, are re5pon5ibk for the p￿ParatIon of the financial
statements and for being satisf￿d that they give a true and fair view, and for such internal Contr￿ as the trustees
detem)ine is necessary lo enable the preparation of finanual statements that are free Irom material
misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible
for assessing the The Foundation's ability to continue as a going concem, di$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 iryegularil*s, induding
fraud and non-compliance wth la¥vs and regulations, was as folk)ws.
the engagernent partner ensu￿4 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 ￿MMer￿al 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 0￿Ur. by".
• rnaking enquiries of management 8$ to where they conSide￿d 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 acCount￿n9 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..
ag￿eIng 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 nOr￿COmplianCe.
Auditing standard5 a150 limit the audit procedU￿S required to identify non<ompliance with laws and regulations
to enquiry of the directors and other mènagefflenl and the in$pe¢tion of regulatory and legal correspondence, if
any.
Material misslalernenls that arise due lo fraud can be harder to detect than those that anse from error as they
may involve deliberate concealment or ￿lI￿Slon.
A further description of our responsibilities available on the Financk81 Reporting Counul's websrte at". https."Il
www.trc.org.uklauditors￿spo￿s1tsI1lt￿s. Thi8 de$￿ptIOn foms part of our audrto¢$ ￿pOrt.
This report is made SO￿lY 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
rn￿ht stale tc the charity's trustees those rnatters we are to state to them in an aUd￿Or5, 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
Chart*r•d Accountants
Statutory Audltor
4 Devonshire Street
London
W1W5DT
Harwood Hutton Lirniled is eligible for apP￿ntment 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.

iJ*-
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111-
VWPW
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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 (expend￿￿re}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$
Un￿striCted 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 a￿OUntIng ￿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
Pror*eds 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
N*t 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 Inco￿orated in England and Wales.
The re91ste￿d 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 a￿u￿t5 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 p￿pa￿LI 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 finan￿al 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 End01￿￿ent funds in the fr*rm of bank interest and dividends recelved was dassed
a5 Unre$tri¢ted Funds.
1.5 Restsurces expended
Expenditure is rec￿nIsed on an accrual basis as a liability in inwrred. Expenditure includes any VAT
wh￿h cannot be fvlly recovered, and is reported a8 part ol the expenditure lo which il relates..
al Chantable expenditure comprises those cost5 incurred by the charity in the delNery of its activrties and
services for rt5 benefioaries It Included btsth costs that can be allocated directty to such actiivite$ and
those costs of an indirect nature ne￿sSary 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
$ubsequently meaSu￿d al fair value at each reporting date. Changes in fair value are re¢ognised in net
incernellexpendrturel for Ihe year. Transaction costs a￿ expensed as incurred.
1.7 Cash and ¢a$h tqulvalents
Cash and cash equivalents include Ggsh in hand. deposits held at call with banks. other shtsrt-tem liquid
investments with onginal maturit￿8 of three months or less, and bank overdrats. Bank overdrafts 8re
shown wthin borrowings in cvrrent li8bilitie$.
B8$1¢ Ilnan¢lal a55ets
Basi¢ financial a5set5. which include debtors and cash and bank balances are measured at transa¢tion
pri(t less any provision for impairment. Loans re￿1¥able are measured initially al fair Value. nel of
Iran$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-¢u￿nt 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.
C￿tIcal a¢¢ountlng estimates and ludgtments
In the application of the The Foundation's at￿UntIng 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 conSide￿d 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 defer￿d 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 FOundat￿n
for Ihe year ended 31 March 2021 and for the fO￿Seeable 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-

¢0 o (
11 È-

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$ll4jef￿AtI forthè year
455.072
1717,6381
Adju5tmenl$ for..
Investment income recognised in statement of finan￿al 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".
(Inc￿aSe)1de¢rea$e In debtors
(Decrease) in t￿dItorS
100.000
1207.4111
Cash absorbed by oper•tlon$
1306.8241
1233,2411
18-