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2022-04-05-accounts

REGISTERED CHARITY NUMBER: 1112703

REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

FOR

THE EVAN CORNISH FOUNDATION

Hollis and Co Limited Chartered Accountants Statutory Auditor 35 Wilkinson Street Sheffield South Yorkshire S10 2GB

THE EVAN CORNISH FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12 to 19
Detailed Statement of Financial Activities 20

THE EVAN CORNISH FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022

The Evan Cornish Foundation was created in 2005 after the death of the late Evan Cornish, a successful businessman, who passed away in 2002, and his wife Ethel Cornish. The Trustees have decided to utilise funds from the inheritance from his estate, and the estate of his late wife who died in 2010, for the benefit of charitable good causes, hence putting something back into the local and wider community.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the Charity, as contained in the Declaration of Trust, are to hold its Trust Funds and its income upon Trust, and to apply them for all charitable purposes as are recognised under the laws of England and Wales.

The current strategy is to invest the Trust Funds wisely and securely to provide the best annual income possible within the ethical restrictions. The annual income, after organisational costs, will be used to provide grants to charitable good causes. The policy decision taken by the Trustees in 2010/11 that grants would now not be limited by the investment return but would also be paid from capital continues to be applied. This policy has been reviewed and no change has been made. Grants will continued to be made from income and capital.

Significant activities for 2021-22

The Charity's primary activity is grant making and applications, and re-applications continue to grow. UK applications continue to be northern focused and all projects have to be in the northern area (see map on Evan Cornish Foundation website) unless the project is advocacy for policy change or completely unique.

The Trustees held 1 targeted UK round, focusing on projects for refugee and asylum seekers and homelessness, 1 full UK round and 1 full Overseas round.

The impact of COVID 19 was less prominent, but there were still some projects that experienced delays or changes in outcomes. The changes tended to be more minor, but as per last year and the grant terms and conditions, any changes were discussed and agreed on a case by case basis. Some in person meetings were also able to restart in 2021.

The impact of the Ukrainian war was felt and 4 emergency grants were awarded to previous grant holders to support them in their appeals.

The Trustees continued to support Lincolnshire Community Foundation (LCF). Two meetings were held with them during the year, in April a total of £31,209.00 was awarded and in October a total of £30,181.77 was awarded to a range of projects.

One of the biggest grants awarded during this period was to Foodhall (Sheffield), a commitment of £24,970 was pledged. However, due to some uncertainty within the organisation a meeting was held to discuss the new direction the organisation would be taking and it was ensured that any potential impacts on the Food Delivery Project would be minimised. Due to these challenges, the grant was paid in two staggered instalments of £12,485.

The trustees maintained the decision to continue working remotely, but keeping the old office as a registered address in Sheffield. Current and past grant holders are still encouraged to share information and updates electronically where possible.

Public benefit

In setting the objectives and planning the activities the Directors have given careful consideration to the Charity Commission's general guidance on public benefit.

Page 1

THE EVAN CORNISH FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022

OBJECTIVES AND ACTIVITIES

Grant Making Policy

The Trustees meet to consider grant applications and make awards based on their assessment of the merits of the application and the individual circumstances. The Trustees seek to give all applications due consideration and make their decisions on a majority vote basis. The trustees designed a scoring sheet for applications and visits to try and make the process as fair as possible and these are continually refined. As part of this policy, the recipient of support is expected to provide appropriate levels of feedback on the use of any grant and the achievements deriving there from, for monitoring and evaluation purposes by way of a twelve-month progress report.

Reapplications are welcome if they continue to meet all the eligibility requirements and as long as the Foundation's requirements on formal reporting, as stated above, have been met and the applicant agrees to either a visit to the project by the Trustee(s), or to attend a meeting with the Trustee(s) if the project is international or it is not relevant or possible to visit the project in question. During Covid it was not possible to arrange visits, so meetings were moved online. Whilst it is the Trustees' intention to return to in-person visits once it is safe to do so, online meetings will still be offered if this proves to be the more efficient and preferable option.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

A total of 85 grants ranging from £1,000 to £24,977 and totalling £628,608 were made during the year.

The range of projects funded through the year was very exciting. The largest grants of £15,000 were given to each of Medical Aid for Palestinians and The Fund for Global Human Rights.

The policy to visit local charity applications and all re-applications from previously funded charities began to restart, but the majority of meetings still took place online.

FINANCIAL REVIEW

Financial review

The Financial Statements of the Charity for the year ended 5 April 2022 are attached to this report.

Page 2

THE EVAN CORNISH FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022

FINANCIAL REVIEW

Investment policy and objectives

The Trustees appointed Rathbones Investment Management Limited to create and manage an investment portfolio in line with an agreed Policy Statement for the investment of funds. Initial funds of £5 million were invested, with a further £1 million invested in 2014 and a further £1 million invested in 2015, and have been placed with Rathbones for this purpose. £2 million was also invested in a new portfolio with Greenbank. The main investment objectives of the Policy Statement were as follows:-

General

In managing investments and making or varying their investments the Investment Managers must have regard to the following criteria, in the context of the Trustees' objectives and risk profile:

Current Investment Profile

To provide an income of not less than £150,000 per annum based on a portfolio value of £9 million, and to maintain the capital value of the investment fund at least in line with inflation.

Investment Philosophy and Risk Profile

A balanced approach between income and capital should be adopted. The Trustees wish to maintain the capital value of the investment funds or at least in line with inflation.

The Trustees have accordingly requested the Investment Managers to adopt a medium risk investment strategy.

The Investment Managers are not to recommend to the Trustees any underwriting or similar obligations.

Income/Capital Requirements

The Trustees will normally look to distribute the annual income on charitable purposes and organisations, a decision has been taken to also distribute unrestricted portion of our capital until income rates improve or the need reduces.

Marketability

The investments should generally be marketable and the Trustees would not, unless specific authorisation is given, wish to acquire investments in markets where marketability is limited.

Time Horizon

A long term investment strategy is adopted, minimum 5 years.

Geographical and Sector Allocation and Ethical/Other Constraints

Our current ethical restraints are as follows:

No investment in businesses that have known connections to human rights violations;

No direct exposure to armaments, tobacco, pornography, mining, nuclear, animal testing and gambling.

A 'best of class approach' is applied to investment within the oil and gas sector. It is our intention to review this so that it is 'best of class' environmentally and collective investments have been permitted in this financial year but we are screening to make sure they do not contain any investments that would not fit our ethical constraints. It is our aim to reduce our collective holdings.

Page 3

THE EVAN CORNISH FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022

FINANCIAL REVIEW

Reserves policy

The Charity's reserves are all unrestricted.

The Trustees have considered their policy in relation to retained financial reserves. On an annual basis the Trustees will seek to undertake charitable activities in the form of making grants and financial support from the income from the investments but also from the capital reserves as well. The Trustees have decided for the time being not to retain the capital reserves at the present level. The Trustees will continue to do so as long as it does not put the ongoing financial viability of the Charity at risk.

FUTURE PLANS

The Trustees main aims for the coming periods are:-

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is constituted under a Declaration of Trust dated 27 June 2005 and is registered with The Charity Commission with effect from 12 January 2006.

Recruitment and appointment of new trustees

There are three Trustees, being Rachel Cornish, Sally Cornish and Barbara Ward, who were all appointed upon creation of the Charity.

The Trustees, by majority, have the power to appoint or remove Trustees.

Organisational structure

The Trustees are responsible for the day to day management of the organisation. No other person acted as a Trustee at any time during the year. The Trustees formally meet regularly throughout the year and all decisions are made by the Trustees on a majority basis.

A part-time administrator works remotely, with regular online / in-person meetings held with the Trustees.

Induction and training of new trustees

To date no formal policy or procedure has been adopted for the induction and training of the Trustees. However, the Trustees have attended training courses, conferences and talks to keep them up to date with their current roles and responsibilities, and intend to continue attending such courses on a regular basis.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1112703

Principal address

The Innovation Centre 217 Portobello SHEFFIELD S1 4DP

Page 4

THE EVAN CORNISH FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022

Trustees

Mrs Barbara J Ward Ms Sally A Cornish Ms Rachel E Cornish

Managing Trustee Ms Rachel E Cornish

Administrator

Ms Laura Thomas

Auditors

Hollis and Co Limited Chartered Accountants Statutory Auditor 35 Wilkinson Street Sheffield South Yorkshire S10 2GB

Bankers Triodos Bank Dearnery Road Bristol BS1 5AS

Investment manager

Rathbones Investment Management Limited 1 Curzon Street London W1J 5FB

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.

Page 5

THE EVAN CORNISH FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022

Approved by order of the board of trustees on 31 January 2023 and signed on its behalf by:

Ms Rachel E Cornish - Trustee

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE EVAN CORNISH FOUNDATION

Opinion

We have audited the financial statements of The Evan Cornish Foundation (the 'charity') for the year ended 5 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE EVAN CORNISH FOUNDATION

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our examination should not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance as may exist.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE EVAN CORNISH FOUNDATION

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Hollis and Co Limited Chartered Accountants Statutory Auditor 35 Wilkinson Street Sheffield South Yorkshire S10 2GB

2 February 2023

Page 9

THE EVAN CORNISH FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
Grant making activities
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2022
Unrestricted
fund
£
179,247
64,468
627,489
691,957
559,350
46,640
10,427,300
10,473,940		 2021
Total
funds
£
171,496
56,826
1,365,308
1,422,134
2,804,499
1,553,861
8,873,439
10,427,300

The notes form part of these financial statements

Page 10

THE EVAN CORNISH FOUNDATION

BALANCE SHEET 5 APRIL 2022

Notes
FIXED ASSETS
Investments
8
CURRENT ASSETS
Debtors
9
Cash at bank
10
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
12
Unrestricted funds
TOTAL FUNDS		 2022
Unrestricted
fund
£
9,997,592
11,981
566,147
578,128
(101,780)
476,348
10,473,940
10,473,940
10,473,940
10,473,940		 2021
Total
funds
£
10,311,456
2,914
480,689
483,603
(367,759)
115,844
10,427,300
10,427,300
10,427,300
10,427,300

The financial statements were approved by the Board of Trustees and authorised for issue on 31 January 2023 and were signed on its behalf by:

Ms Rachel E Cornish - Trustee

The notes form part of these financial statements

Page 11

THE EVAN CORNISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been fully met at the year end date are accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 20% on cost Computer equipment - 33% on cost

Tangible assets are stated at cost. Amounts are capitalised if they can be used for more than one year and cost at least £250.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investments

Investments quoted on a recognised stock exchange are valued at market value at the balance sheet date.

Unrealised gains and losses on investments are calculated as the difference between the closing market value and the opening market value, or cost for additions.

Realised gains and losses on investments are calculated as the difference between the disposal value and the opening market value, or cost for additions.

continued...

Page 12

THE EVAN CORNISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022

2. INVESTMENT INCOME

INVESTMENT INCOME
Dividend and investment income
Deposit account interest
Treasury Stock interest		 2022
£
171,424
244
7,579
179,247		 2021
£
163,252
406
7,838
171,496

20.45% of investment income arises from investment assets held outside the UK (2021 19.60%)

3. RAISING FUNDS
Investment management costs
2022 2021
£ £
Investment management costs 64,468 56,826
4. GRANTS PAYABLE
2022 2021
£ £
Grant making activities 605,002 1,341,368

continued...

Page 13

THE EVAN CORNISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022

4. GRANTS PAYABLE - continued

Recipient £
UK June 2021
Abigail Housing 9,400
Albert Kennedy Trust 10,000
Hear Me Out (formerly Music in Detention) 12,000
Manchester City Galleries Trust 5,000
Migrant and Refugee Childrens Legal Unit 10,160
Nottingham & Nottinghamshire Refugee Forum 15,645
Waging Peace (Previously Article 1) 12,500
Womens Health Matters 5,000
Oct 2021 UK Round
Age Concern Wigan Borough or Age UK Wigan Borough 5,000
Age UK Lancashire 5,000
Alexandra Rose Charity 3,000
Amnesty International UK Charitable Trust 7,500
Arts on the Run 5,000
ASSIST Sheffield 10,000
Asylos 5,000
Baobab Centre for Young Survivors in Exile 5,000
Barnados 12,000
Blue Sky Trust 5,000
Cavendish Cancer Care 9,720
Centre for Applied Human Rights University of York 24,977
Centre for Military Justice 5,000
Christ Church Armley Community Projects 10,000
Copeland Age and Advice Services CIC 3,000
Dance United Yorkshire 9,454
Dementia UK 2,000
FareShare Midlands 5,000
Grow 5,000
Harrogate and District Community Action 6,905
Health Poverty Action 10,000
Helen Bamber Foundation 12,000
Home To Work Limited 5,000
Intergenerational Music Making 5,000
Liverpool Cares 5,000
Macular Society 9,000
Maison Foo 10,000
MAP Middlesborough 3,000
Mermaids 5,000
Moor Allerton Elderly Care 10,621
National AIDS Trust 8,082
National Schizophrenia Fellowship 10,000
Not Beyond Redemption 5,000
Palce2Be 12,000
Reengage 3,000
Refuge 10,000
Right To Remain 10,000
Rooted in Hull 5,000
Safer Living Foundation 5,000
Safety Net UK 5,000
Saffron Sheffield (Sheffield Womens Council) 10,000

continued...

Page 14

THE EVAN CORNISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022

4. GRANTS PAYABLE - continued

Sophie Hayes Foundation 5,000
Streetwise Opera 5,000
The Big Issue Foundation 8,000
The Bike Project 7,764
The Choir With No Name 8,000
The Food Chain 10,000
The Lowry Centre Trust 5,000
The Reader 10,000
The Separated Child Foundation 3,000
The Sheffield Wheat Experiment 2.000
Torture ID 5,000
Visyon 9,999.53
Vulture Club 5,000
West Cumbrian Woman to Woman 5,000
West Yorkshire Destitute Asylum Network WYDAN 7,500
Whitehaven Community Trust Limited 10,000
Who is Your Neighbour 7,500
Young Asian Voices 4,800
Young Minds 8,500
Youth Association South Yorkshire 3,000
Multi/Emergency
Golddigger Trust - Multi Grant Year 2/2 10,100
Musical Connections 5,000
Refugee Action York - Multi Grant Year 2/2 4.996
Afghanaid 5,000
APPEAL - Multi Grant Year 2/2 10,000
Rory Peck Trust - Multi Grant Year 2/2 10,000
Age International 5,000
Foodhall Project 12,485
Lincolnshire Community Foundation (LCF) 5,000
Railway Children 5,000
Refugee Council 5,000
Shelter - Multi Grant Year 3/3 10,000
British Refugee Council 10,000
British Refugee Council 5,000
Minority Rights Group 5,000
Cancelled
Dance United -9,454
Farm Africa (amended) -4,153

Page 15

continued...

THE EVAN CORNISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.

Trustees' expenses

Trustee expenses of £166l (2021 £nil) relating to travel and meeting expenses were reimbursed to the trustees during the year.

6. STAFF COSTS

The average monthly number of employees during the year was as follows:

2022 2021
Administration 1 1

No employees received emoluments in excess of £60,000.

TANGIBLE FIXED ASSETS

7.

Fixtures
and
Computer
fittings
equipment
£
£
COST
At 6 April 2021 and 5 April 2022
1,454
3,686
DEPRECIATION
At 6 April 2021 and 5 April 2022
1,454
3,686
NET BOOK VALUE
At 5 April 2022
-
-
At 5 April 2021
-
-
FIXED ASSET INVESTMENTS
MARKET VALUE
At 6 April 2021
Additions
Disposals
Cash movements
Realised (loss)/gain on disp
Unrealised gain on revaluation
At 5 April 2022
NET BOOK VALUE
At 5 April 2022
At 5 April 2021		 Totals
£
5,140
5,140
-
-
Listed
investments
£
10,311,456
1,653,785
(2,615,228 )
(16,371)
1,272,091
(608,141)
9,997,592
9,997,592
10,311,456

8. FIXED ASSET INVESTMENTS

At 5 April 2022 33.02% of investment assets by market value are invested outside the UK (2021 45.28%).

Page 16

continued...

THE EVAN CORNISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022

8. FIXED ASSET INVESTMENTS - continued

At 5 April 2022 no investment made up more than 5% of the total market value of investments (2021 none).

Cost or valuation at 5 April 2022 is represented by:

Valuation in 2022
Cost
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR		 Listed
investments
£
2,628,370
7,369,222
9,997,592
Rathbone income accounts
Wages prepaid
10.
CASH AT BANK
Bank account
Bank deposit account
Fixed Term Deposit account
Total
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Grant commitments
Pension creditor
Accrued expenses		 2022
£
11,350
631
11,981
2022
Total
funds
£
432,111
54,770
79,266
566,147
2022
£
16,442
-
292
59,431
-
25,615
101,780		 2021
£
2,914
-
2,914
2021
Total
funds
£
346,733
54,749
79,207		 2021
£
2,914
-
2,914
480,689
2021
£
16,000
876
292
328,278
41
22,272
367,759

continued...

Page 17

THE EVAN CORNISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022

12. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Net
movement At
At 6/4/21 in funds 5/4/22
£ £ £
Unrestricted funds
General fund 10,427,300 46,640 10,473,940
TOTAL FUNDS 10,427,300 46,640 10,473,940
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 179,247 (691,957) 559,350 46,640
TOTAL FUNDS 179,247 (691,957) 559,350 46,640
Comparatives for movement in funds
Net
movement At
At 6/4/20 in funds 5/4/21
£ £ £
Unrestricted funds
General fund 8,873,439 1,553,861 10,427,300
TOTAL FUNDS 8,873,439 1,553,861 10,427,300
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 171,496 (1,422,134 ) 2,804,499 1,553,861
TOTAL FUNDS 171,496 (1,422,134 ) 2,804,499 1,553,861

continued...

Page 18

THE EVAN CORNISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022

12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 6/4/20
£
8,873,439
8,873,439		 Net
movement
in funds
£
1,600,501
1,600,501		 At
5/4/22
£
10,473,940
10,473,940

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
350,743
(2,114,091 )
3,363,849
1,600,501
350,743
(2,114,091 )
3,363,849
1,600,501

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2022.

Page 19

THE EVAN CORNISH FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

INCOME AND ENDOWMENTS
Investment income
Dividend and investment income
Deposit account interest
Treasury Stock interest
Total incoming resources
EXPENDITURE
Investment management costs
Investment management costs
Charitable activities
Grants to institutions
Support costs
Management
Wages
Pensions
Insurance
Telephone
Postage and stationery
Office running costs
IT costs
Meeting costs
Events
Finance
Bank charges
Governance costs
Auditors' remuneration
Auditors' remuneration for non audit work
Professional fees
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net income/(expenditure)		 2022
£
171,424
244
7,579
179,247
179,247
64,468
605,002
9,387
94
244
525
-
390
681
166
-
11,487
35
4,000
6,965
-
10,965
691,957
(512,710)
1,167,491
654,781		 2021
£
163,252
406
7,838
171,496
171,496
56,826
1,341,368
14,579
250
221
1,072
185
(1,152)
428
-
200
15,783
36
3,555
4,447
119
8,121
1,422,134
(1,250,638 )
623,811
(626,827)

This page does not form part of the statutory financial statements

Page 20