**Charity number: 1114949**
## **THE PUBLIC INTEREST FOUNDATION**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2021**
## **THE PUBLIC INTEREST FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 3|
|**Trustees' Responsibilities Statement**|4|
|**Independent Examiner's Report**|5 - 6|
|**Statement of Financial Activities**|7|
|**Balance Sheet**|8|
|**Notes to the Financial Statements**|9 - 15|
## **THE PUBLIC INTEREST FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021**
**Trustees** Lord T T M Agnew Lady C M Agnew Mr D C Tibble **Charity registered number** 1114949 **Principal office** Burnley Hall East Somerton Great Yarmouth Norfolk NR29 4DZ **Accountants** MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ **Bankers** C Hoare & Co 37 Fleet Street London EC4P 4DQ **Investment advisors** Barratt & Cooke Limited 5 Opie Street Norwich Norfolk NR1 3DW
Page 1
## **THE PUBLIC INTEREST FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021**
The Trustees present their annual report together with the financial statements of the charity The Public Interest Foundation for the period 6 April 2020 to 5 April 2021.
## **Objectives and activities**
## **a. Policies and objectives**
The Trustees have given due consideration to guidance published by the Charity Commission relating to public benefit and are satisfied that the activities of the charity meet these principles.
The charitable objectives are to support such charitable purposes or charitable institutions or foundations at such time and in such manner as the Trustees shall determine.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **b. Grant-making policies**
The Trustees‘ grant making policy is generally to make donations to registered charitable organisations (not individuals) which support a wide range of causes.
## **Achievements and performance**
## **a. Main achievements of the charity**
During the year the charity made grants totalling **£130,605** ( _2020 - £107,200_ ).
## **b. Investment policy and performance**
Investment advisors authorised and regulated by the Financial Conduct Authority advise the Trustees on the approach to the charity's portfolio of investments, in particular on asset allocation so as to achieve a wide diversification within the portfolio in order to spread risk. The current investment policy is to adopt a balanced return from income and capital growth.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **b. Reserves policy**
The Trustees have not set a reserves policy but monitor reserves when assessing grant awards. As at 5 April 2021 the charity had free reserves of £1,756,536.
Page 2
## **THE PUBLIC INTEREST FOUNDATION**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021**
## **c. Principal risks and uncertainties**
The Trustees have considered the major risks that the charity may face and are satisfied that systems are in place to mitigate exposure to these risks.
## **Structure, governance and management**
## **a. Constitution**
The Public Interest Foundation is a registered charity, number 1114949, and is constituted under a Trust deed dated 21 April 2006.
## **b. Methods of appointment or election of Trustees**
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Under the Trust deed there must be at least 3 Trustees. Each new Trustee is appointed by special resolution of the Trustees for a period of 2 years.
## **c. Organisational structure and decision-making policies**
The Trustees meet to assess grant applications.
## **Plans for future periods**
it is the Trustees' intention to continue to review grant applications in the future and make donations where they see fit.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ **Lord T T M Agnew**
Date: 3 June 2021
Page 3
## **THE PUBLIC INTEREST FOUNDATION**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2021**
The Trustees are responsible for preparing the Trustees' Report 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 & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and 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 4
## **THE PUBLIC INTEREST FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021**
## **Independent Examiner's Report to the Trustees of The Public Interest Foundation ('the charity')**
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2021.
## **Responsibilities and Basis of Report**
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Page 5
## **THE PUBLIC INTEREST FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021**
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. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed: Frank Shippam BSc FCA DChA
Dated: 4 June 2021
## **MA Partners LLP**
Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ
Page 6
## **THE PUBLIC INTEREST FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021**
|**Note**
**Income from:**
Donations and legacies
2
Investments
3
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
6
**Total expenditure**
**Net income before net gains/(losses) on**
**investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
**137,500**
**62,482**
**199,982**
**3,601**
**132,107**
**135,708**
**64,274**
**403,854**
**468,128**
**1,288,408**
**468,128**
**1,756,536**|**Total**
**funds**
**2021**
**£**
**137,500**
**62,482**
**199,982**
**3,601**
**132,107**
**135,708**
**64,274**
**403,854**
**468,128**
**1,288,408**
**468,128**
**1,756,536**|_Total_
_funds_
_2020_
_£_
_50,000_
_73,674_
_123,674_
_7,561_
_108,431_
_115,992_
_7,682_
_(286,274)_
_(278,592)_
_1,567,000_
_(278,592)_
_1,288,408_|
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 15 form part of these financial statements.
Page 7
THE PUBLIC INTEREST FOUNDATION
BALANCE SHEEr
AS AT S APRIL 2021
2021
2020
Nots
Flxed assots
Investments
1,624,067
1,159.909
1.024,067
1, 159,909
Currenl as80ts
Cash at bank and in hand
133,699
129,639
133.699
129,639
Creditor& amounts falling due within on8
10
11,230)
(1.140)
Net currnnt a65ets
132A69
128,499
Totsl not assets
1,756.536
1,288,408
Charlty funds
Unreslrictsd funds
11
1,756.S36
1,288,408
Totsl fu
1,756,536
1,288,408
Thè fina
statements were approve
and authorised for issue by the Trustees and signed on their behalF by..
i(>rd T T M Agnew
The notes on pages g to IS part of Ih
financial statements.
Pag& 8
## **THE PUBLIC INTEREST FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Public Interest Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **1.2 Going concern**
Based on the charity's level of net current assets and total net assets, the Trustees do not consider there to be any material uncertainties regarding the charity's going concern status.
## **1.3 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **1.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and comprise investment management fees.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
## **1.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 9
## **THE PUBLIC INTEREST FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **1. Accounting policies (continued)**
## **1.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
## **1.7 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.8 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
## **1.9 Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **1.10 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Page 10
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **2. Income from donations and legacies**
|Donations
**3.**
**Investment income**
Listed investments
Unlisted investments
Bank interest
**4.**
**List of Institutional grants payable**
**Name of institution / grant**
Enterprise Fund UEA
The Stradivari Trust
Norfolk Accident and Rescue
Open Europe
The Parish of Gt Yarmouth
Other grants to institutions
Burma Star Memorial
European Squirrel Institute
Songbird Survival
Cambridge Arts Theatre
Rotary Club of Aylsham|**Unrestricted**
**funds**
**2021**
**£**
137,500
**Unrestricted**
**funds**
**2021**
**£**
54,482
8,000
-
62,482|**Total**
**funds**
**2021**
**£**
**137,500**
**Total**
**funds**
**2021**
**£**
**54,482**
**8,000**
**-**
**62,482**
**2021**
**£**
**-**
**-**
**-**
**-**
**-**
**40,605**
**50,000**
**10,000**
**10,000**
**10,000**
**10,000**
**130,605**|_Total_
_funds_
_2020_
_£_
_50,000_|
|---|---|---|---|
||||_Total_
_funds_
_2020_
_£_
_73,643_
_-_
_31_
_73,674_|
||||_2020_
_£_
_30,000_
_15,000_
_10,000_
_10,000_
_10,000_
_32,200_
_-_
_-_
_-_
_-_
_-_
_107,200_|
Page 11
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **5. Investment management costs**
|Investment management fees
Irrecoverable tax|**Unrestricted**
**funds**
**2021**
**£**
492
3,109
3,601|**Total**
**funds**
**2021**
**£**
**492**
**3,109**
**3,601**|_Total_
_funds_
_2020_
_£_
_4,972_
_2,589_
_7,561_|
|---|---|---|---|
## **6. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Arts and culture
Community care
Education
Health
Bank charges
Expenditure on governance|**Unrestricted**
**funds**
**2021**
**£**
45,000
25,500
59,505
600
272
1,230
132,107|**Total**
**funds**
**2021**
**£**
**45,000**
**25,500**
**59,505**
**600**
**272**
**1,230**
**132,107**|_Total_
_funds_
_2020_
_£_
_51,200_
_2,000_
_36,001_
_18,000_
_-_
_1,230_
_108,431_|
|---|---|---|---|
## **7. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £1,230 ( _2020_ - _£1,230_ ).
## **8. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2020 - £NIL)_ .
During the year ended 5 April 2021, no Trustee expenses have been incurred _(2020 - £NIL)_ .
Page 12
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **9. Fixed asset investments**
|**Cost or valuation**
At 6 April 2020
Additions
Disposals
Revaluations
**At 5 April 2021**
**Net book value**
**At 5 April 2021**
_At 5 April 2020_
**10.**
**Creditors: Amounts falling due within one year**
Accruals and deferred income|**Listed**
**investments**
**£**
**1,059,909**
**206,221**
**(37,839)**
**395,776**
**1,624,067**
**1,624,067**
_1,059,909_|**Unlisted**
**investments**
**£**
**100,000**
**-**
**(100,000)**
**-**
**-**
**-**
_100,000_
**2021**
**£**
**1,230**|**Total**
**£**
**1,159,909**
**206,221**
**(137,839)**
**395,776**
**1,624,067**
**1,624,067**
_1,159,909_
_2020_
_£_
_1,140_|
|---|---|---|---|
Page 13
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **11. Statement of funds**
## **Statement of funds - current year**
||**Balance at 6**|||**Gains/**|**Balance at 5**|
|---|---|---|---|---|---|
||**April 2020**|**Income**|**Expenditure**|**(Losses)**|**April 2021**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds|**1,288,408**|**199,982**|**(135,708)**|**403,854**|**1,756,536**|
|**Statement of funds - prior year**||||||
||_Balance at_|||_Gains/_|_Balance at_|
||_1 April 2019_|_Income_|_Expenditure_|_(Losses)_|_5 April 2020_|
||_£_|_£_|_£_|_£_|_£_|
|**Unrestricted funds**||||||
|General Funds|_1,567,000_|_123,674_|_(115,992)_|_(286,274)_|_1,288,408_|
## **12. Analysis of net assets between funds Analysis of net assets between funds - current year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2021**
**£**
1,624,067
133,699
(1,230)
1,756,536|**Total**
**funds**
**2021**
**£**
**1,624,067**
**133,699**
**(1,230)**
**1,756,536**|
|---|---|---|
Page 14
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **12. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2020_
_£_
1,159,909
129,639
(1,140)
1,288,408|_Total_
_funds_
_2020_
_£_
_1,159,909_
_129,639_
_(1,140)_
_1,288,408_|
|---|---|---|
## **13. Related party transactions**
The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 5 April 2021.
Page 15