2021-04-05-accounts - The Schroder Foundation

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

THE SCHRODER FOUNDATION Financial Statements 5 April 2021

Contents			Page
Reference and administrative		information
Report ofthe Trustees
Independent auditor's	report		5-6
Statement offinancial	activities
Balance sheet
Statement ofcash flows
Notes to the financial	statements		10-17

							2021	2020
							Total	Total
				Notes	Restrictedf	Unrestricted 6	fundsf	funds
Income and endowments		from:
Investments						440,588	440,588	489,173
Administration fees receivable						44,366	44,366	46,514
Total						484,954	484,954	535,687
Expenditure on:
Raising funds —investment		management	fees			12,884	12,884	13,924
Charitable activities:
Administration						144,543	144,543	140,490
Charitable donations						1,313,500	1,313,500	1,347,873
Governance						10,200	10,200	7,500
Total						1,481,127	1,481,127	1,509,787
Net expenditure before	gains
and losses on investments						(996,173)	(996,173)	(974,100)
Net gains/(losses) on investments						2,081,921	2,081,921	(1,523,126)
Net income/(expenditure)		being
movement in funds						1,085,748	1,085,748	(2,497,226)
Fund balances brought	forward					10,512,740	10,512,740	13,009,966
Fund balances carried forward						11,598,488	11,598,488	10,512,740

							Notes		2021	2020
									6	5
Fixed assets
investments								11,297,200		9,772,734
Current assets
Debtors									113,350	113,538
Cash at bank and		in	hand						225,470	992,238
									338,820	1,105,776
Crerfitors: amounts			due within		1 year		10		(37,532)	(365,770)
Net current	assets								301,288	740,006
Net assets								11~598)488		10)512)740
Funds
Unrestricted	funds						11	11,598,488		10,512,740
Total funds								11,598,488		10,512,740
The financial	statements			were approved		by the Trustees and authorised	for issue on	~ ' Q	l if/ g	and signed on
their behalf by:

Statement ofCas	h Flows	f	or	the y	ea	r ended	5 April	20	21
							Notes		2021	2020
									f	6
Cash flows from operating	activities:
Net cash used in operating	activities						(a)		(1,764,811)	(1,116,235)
Cash flows from investing	activities:
Dividends and interest from	investments								248,043	251,721
Proceeds from sale of investments									770,797	1,558,615
Purchase of investments									(16,096)	(48,856)
Change in investment cash									(4,701)	(9,757)
Net cash provided by investing activities									998,043	1,751,723
Change in cash and cash	equivalents	in the reporting			period				(766,768)	635,488
Cash and cash equivalents	at the beginning		ofthe reporting			period	(b)		992,238	356,750
Cash and cash equivalents	at the end	ofthe reporting			period		(b)		225,470	992,238
(a) Reconciliation ofnet income/(expenditure)				to net	cash flows from		operating	activities
Net income/(expenditure)	for the reporting		period						1,085,748	(2,497,226)
Adjustments for:
(Gains) / losses on investments									(2,081,921)	1,523,126
Dividends and interest from	investments								(440,588)	(489,173)
Decrease / (increase) in debtors									188	(7,666)
(Decrease) / increase in creditors									(328,238)	354,704
Net cash used in operating	activities								(1,764,811)	(1,116,235)
(b) Analysis ofcash and cash equivalents
Cash in hand									225,470	992,238
Total cash and cash equivalents									225,470	992,238
(c) Analysis ofchanges in	net debt:
						6April			Non-cash	5April
						2020 6	Cash flows 8		movement 6	2021f
Cash and cash equivalents						992,238	(766,768)			225,470

to the financial	st	atements	for the year en	ded 5	April 202	1
Expenditure on raising	funds				2021f	2020 8
Investment management	fees				12,884	13,924
					12,884	13,924
All costs incurred in both	2021	and 2020 were	in respect of unrestricted	funds.
Expenditure on administration		costs			2021	2020f
Salary and pension costs:
Wages and salaries					86,162	78,745
Social security costs					5,398	4,569
Pension costs					9,317	7,282
Consultancy costs					7,697	2,220
Other staff related costs					721	6,451
Office running costs					35,248	40,732
Training and travel						491
					144,543	140,490

) Charitable donations mad	e during	the year:	2021f
Age UK			50,000
Amref UK			25,000
Ashden Sustainable Solutions, Better		Lives	40,000
British German Association			20,000
Buttle UK (Chances for Children)			40,000
CAMFED International			40,000
Cancer Research UK			100,000
Children and Families Across Borders		(CFAB)	25,000
Clean Break Theatre Company			30,000
Environmental Funders Network			10,000
Family Links			30,000
Fauna &Flora International			35,000
Green Alliance Trust, The			35,000
Helpforce Community Trust			30,000
Hope and Homes for Children			20,000
Human Rights Watch			3,000
Institute for Fiscal Studies, The			25,000
IAH Charity Company Limited			25,000
Irene Taylor Trust, The			25,000
Islay &Jura Sub-Committee	(see note	6b)	40,500
Carried forward			648,500

5.	Charitable donations (	continue	continue	d)	d)	d)
	a) Charitable donations	made		during the year:				2021f
	Brought forward							648,500
	KAA Intrepedus Trust							15,000
	London Youth Rowing	Ltd						30,000
	Medecins Sans Frontieres							75,000
	OCD Action							15,000
	One Small Thing							30,000
	Professional Teaching	Institute,		The (formerly		The Prince's Teaching	Institute)	40,000
	Remote Vision Measurement		Research Programme					20,000
	Royal Botanical Gardens, Kew							35,000
	Royal Horticultural Society, The							40,000
	Royal Marsden Cancer	Charity,		The				50,000
	Royal National Theatre,	The						30,000
	Royal Shakespeare Company,			The				25,000
	School-Home Support	Service		(UK)				35,000
	Seenaryo							30,000
	St Giles Trust							40,000
	St Mark's Hospital Foundation							25,000
	St Martin-in-the-Fields	Trust						50,000
	Scouts Association, The							25,000
	University of Exeter							30,000
	Whitley Fund for Nature							25,000
	2021 Total							1,313,500
	2020 Total							1,347,873
b)	Charitable donations approved by		the		Islay &Jure Sub-Committee:			2021f
	Argyll Piping Trust							7,000
	Coisir Ghaidlig lie (Islay	Gaelic	Choir)					750
	Finlaggan Trust							200
	Glasgow Islay Gaelic Choir							750
	Islay &Jura Community	Enterprise			Ltd			6,000
	Islay &Jure Community	Piping	and		Drumming	Club		500
	Islay &Jura Highland Dancers							3,000
	Islay Book Festival							1,000
	Islay Community Access	Group						550
	Islay Development Initiative							10,000
	Islay High School Parent	Council						500
	Islay Pipe Band Association							4,000
	Islay Quilters							1,000
	Kilarrow Parish Church							500
	Kilmeny Community Playing Fields							750
	Museum of Islay Life							500
	North West Islay Church	ofScotland						500
	Rhinn's Playing Field Association							3,000
	2021 Total							40,500
	2020 Total							51,630

Net investment gains I(losses)	Net investment gains I(losses)	Net investment gains I(losses)	Net investment gains I(losses)		2021f	2020f
Realised					95,561	32,934
Unrealised					1,986,360	(1,556,060)
					2,081,921	(1,523,126)
Net movement in	funds
Net movement in funds is stated			after charging:
					2021 6	2020f
Trustees' emoluments
Auditor's remuneration
-as auditor					10,200	6,000
-for accountancy	services					1,500
Investments					2021f	2020
Market value brought		forward			9,762,920	12,558,353
Additions at cost					208,641	286,308
Disposals proceeds					(770,797)	(1,558,615)
Net gains/(losses)	on disposals		and revaluations		2,081,921	(1,523,126)
					11,282,685	9,762,920
Portfolio cash held	by the investment			manager	14,515	9,814
Market value carried		forward			11,297,200	9,772,734
Historic cost carried forward					10,063,586	10,576,695
Investments comprise the following:
					2021 6	2020f
Equities (listed)					11,120,174	9,584,312
Private equity					162,511	178,608
					11,282,685	9,762,920
Debtors					2021 F	2020f
Dividends and interest receivable					62,271	62,072
Other administration		fees receivable			46,017	46,514
Other debtors					5,062	4,952
					113,350	113,538

10.	Creditors: amounts falling	due within one year		2021 5	2020f
	Grant creditors			23,000	355,000
	Accruals;
	Auditor's fees for audit and accountancy			10,200	7,500
	Accountancy fees			1,000
	Investment management	fee payable		3,332	3,270
				37,532	365,770
	Reconciliation of Grant creditors:
				2021 6	2020f
	Balance of grant creditors at 6April 2020			355,000
	Grants awarded in the year			1313,500	1,347,873
	Grants paid in the year			(1,645,500)	(992,873)
	Balance of grant creditors at 5April 2021			23,000	355,000
11.	Analysis of net assets between funds —2021		Restricted	Unrestricted	Total
			fundsf	fundsf	fundsf
	Investments			11,297,200	11,297,200
	Net current assets			301,288	. 301,288
				11,598,488	11,598,488

Analysis of net assets between	Restricted	Unrestricted	Total
	funds	funds	funds
	6	6	6
Investments		9,772,734	9,772,734
Net current assets		740,006	740,006
		10,512,740	10,512,740

					2021f	2020 8
Not	later	than	1	year	25,200	26,406