2022-04-05-accounts

Charlty number: 1114949 THE PUBLIC INTEREST FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2022

THE PUBLIC INTEREST FOUNDATION CONTENTS Page Roforonc• and admlni#tratlvo d•tails ol tho Charlty. It8 Tru8t••8 and •dvl80rn Tru8t••#' r•port Trust•••' Mpon8lbllltla8 $t•tgm•nt Indèp•nd8nt •xamlnorf8 report 31al•m•nt of flnanci•l actlvltl•• 8alan¢• 8ho•t Noto1 to thè flnanclal stat•m•nts 9-18

THE PUBLIC INTEREST FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED S APRIL 2022 Tru•tae# Lord T T M Agnew Lady C M Agn8W Mr D C Tibble Charlty rngitstortd numb8r 1114949 Prln¢lp41 offlc• Burnley Hall East Somerton Gre8t Yarmouth Norfolk NR29 4DZ Accountsnts MA Partners LLP Chartered Accountants 7 The Closg NOn￿1¢h Norfolk NR14DJ 8ank•rn C Hoare & Co 37 Fleet Street London EC4P 4DQ Pago 1

THE PUBLIC INTEREST FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED S APRIL 2022 The Trusteas present their annual report together with the financial Statements of the Charity for the year 6 April 2021 to 5 April 2022. ObJoCtlvo6 and •ctlvltlo8 Poll¢lo8 ond objoctlvos Thè Trustees have given due con8ideratKJn to guidance published by the Charlty Commission rolaling lo publ benefit and are satisfied that the activit￿$ of th8 Charity meet Ihgse principles. The charitsble objectives are to support such charitsble purposes or charitable in¥lilulion8 or foundations al Such timg and in such manngr a5 tha Trustses shall determine. In 88tting objoclives and planning for aclivilies, the Trustees have given due consideration to genaral guidance published by the Charity Commission relating lo public benefit, inGluding the guidan¢e 'Public ben8fit'. running harity IPB21'. b. Grant4naklng pollcle• Tha Tru81ees' grant making policy 1$ gonerally to mak& donation8 to registeréd charitable OTgan18allon8 Inol individualsl whi¢h Support a wide range of causes. Achl•v•m•nt• •nd p•rfornian¢• . Maln achl•v•m•nt8 of th• Charfty DLtring the year the Charity made grant8 tolalling £1 $4.25012021- £130,605). b. Inv••tm•nt pollcy and p•rlorm*nc• Investrnenl advi8ors authorlsgd and règulated by thg Financial Conduct Authority advise the TruBt&e8 on the pproaGh lo the Charity'8 Portfolio of inve81menl$, in particular on asset allocation so as to achieve a wido diversrfiealion within the portfolio in order to spread ri8k. The Currènt investment policy is to adopt a b81on¢¢d return from income and cspital growth. Flnanclal rovlow . Golng concom Aft8r making appropriate enquirieg, the Trustees have a reasonable exp¢¢tation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem b88is in preparing the financial statements. Further details regarding the adoption of the going conc8rn basi5 ¢8n be found in the a¢¢ounllng polici8s. b. Ro8ar4108 pollcy The Trustees have not set a reserves policy bul monitor reserve8 when asse881ng grant awards. As at S April 2022 the Charity had free reserves of £1,797,184. Page 2

THE PUBLIC INTEREST FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 6 APRIL 2022 ¢. Prln¢lpal rl8k8 and un¢frrtalntl The Trustees have ¢on$idorgd thè major rt$k$ th* the Charlty may faco and are satisfied that system8 are in place to mitigate exposure lo these risks. Structur•, govornanc• and manag•m•nt •. Con•tltutlon The Publi¢ Interost Foundation 18 a registered ¢harSty, number 1114949, and is Constituted undar 8 Trust deed. b. M•thod• of appolntm•nt or •l•ctlon of Tru•t•o8 Th8 management of the Charity 18 the responsibility of the Tru8te88 who are elected and Cowopled undgr the terms of the Trust deed. Under the Trust deed there musl b8 at least 3 Trustees. Each new Trustee 18 appointed by 8peci81 resolution of the Trustees for a period of 2 y8ar8. G. Organl8atlonal •tructur• and d•cl•lon4naklng pollclg8 Th¥ TN8t•o8 meet to a8$0$$ grant appli¢ation$. Plan• for futur• P•flod• It 18 the Truslee8' Inlentlon lo conllnue to recelve and ravlew grant applicallon8 and make donations where they see fil. Approved by order of the memb8TS of tho board of Tru51885 and signed on their behalf by.. Lord T T M Agn•w Dale.. 28 November 2022 Pago 3

THE PUBLIC INTEREST FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2022 The Tru$l¢es are responsible for preparing the Trustees, report and the finanelal sLitements in accordance with applicable law and United Kin9dom Accounting Standards (United Kingdom Generally Accepted Accounting Practi￿1. The law applic8ble lo charitie8 in England & Wales requires the Trustees lo prepare financial statements for each financial year which give a Ifue and fair view of the slate of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing the$9 financial statements, thè Trustees are required lo.. select suilablo accounting policies and then apply them consistently., observg the methods and principle8 of the Charities SORP IFRS 1021., make judgements and accountsng e8tlmale8 Ihot are reasonable and prudent,. 8tate whether applicable LIK A￿OUntIng Standards IFRS 1021 have been followed, 8ubj0¢1 to any materi81 departures disclosed and explainèd in the financial 8tatements.' prepare the financial 81al8menl$ on the goino eoncorn basi8 unless il 1$ inappfopriate lo pr8sum& that thè Charity will continue in bu8ina88. The Tru81868 are rg$pon6ible for keeping adequate ac¢ounling rocords that are Sufficient 10 8how and explain the Charltys tr8n$oclions and disclos9 with rea80nable accuracy 81 any lime tho financial po811ion of the Charity and enable them to ensure that the financial $talements comply with the Charf(ies Act 2011, the Charity (Accounts and Reports) Regulations 2008 and thè provisions of tha Trust dged. They are also r8sponsibl8 for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and d¢leclion of fraud and other irregularities. Approved by order of the members of the board of Tru$lee8 and sign¢d on Ils behaw by.. Lord T T M Agnow Dale,. 28 November 2022 Page 4

THE PUBLIC INTEREST FOUNDATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2022

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 2022.

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.

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THE PUBLIC INTEREST FOUNDATION

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

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: 28 November 2022

MA Partners LLP

Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ

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THE PUBLIC INTEREST FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2022 Unrestri¢t•d fund8 2022 Total fund8 2022 Total funds 2021 Incomg from: Donations and legacle8 Investments 25.000 54,076 2S,000 54,076 137,500 62.482 Total Incom• 79.076 79.076 799,982 Expondlturn on: Raising fund8 Charitsble 8clivitlg8 3,595 150,918 3,595 185,918 3,607 732, 107 Total expondltur• 159,513 1 $9.613 135. 708 N•t lexp•ndltur•lllncom• b￿Or• n•t galnl on Inv•8tm•nts Net 98in8 on investment8 {80,437 121,088 180,43n 121.086 64,274 403,854 Not mov•mont In fund• 40,648 40,848 468,128 R•conclllatlon ot fund•: Total fiJnd$ brought forward N81 movement in fund8 1.766,536 1,758.536 1,288,408 468,128 Total funds carrled forwlrd 1,797.184 1.797.184 1,756,536 The Statement of financial activille8 include8 all gain8 •nd108888 recognised in the year. The notes on pages 9 10 16 form part of these financlal statements. P8ge 7

THE PUBLIC INTEREST FOUNDATION BALANCE SHEET AS AT 5 APRIL 2022 2022 2021 Not• Flxed as80ts Investment6 10 1,595,216 1,624,067 1,595.216 1,624,067 Curr•nt 8880t• Cash at bank and in hand 203,228 133.699 203.228 133,699 Creditors.. amounts falling due within one {1,260) (1,230) N•t curr•nt a•••ts 201,968 132,469 Tot•1 n•t a•••ts 1.797,184 1,756,536 Charfty fund8 Unrestricted funds 12 1,797,184 1, 756,536 Total fund• 1,797,184 1, 756,536 The finanaal statemonts were approved and authorised for i$$ue by the Tru8tee8 and signed on their beha￿ by.. Lord T T M Agnow Date.. 28 November 2022 The notes on pages 9 10 16 form part of Ihe8e financial statements. Pag8 8

THE PUBLIC INTEREST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Goner41 Infomiatlon The Public Interest Found81ion Is a ¢harilable trust registered In England and Wal0$. Accountlng pollcl 2.1 Bafjls of preparntlon of flnanclal #tatem•nt• The financial ststemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charitsos.. Ststement of Recommended Practice applicable to charitiès preparlng thelr a￿oUntS in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 and the Charities Act 2011. The Public Interest Found8llon meets the definition of a publlc benefit entity under FRS 102. Ass815 and liabilities are initially racognisod al historical cost or Irans8clion valuo unl888 otherwise 81aled In th8 r6l¢vant accounting policy. 2.2 Golng conc•m 8888d on the ChariV8 level of nel currgnt a88818 and total nel assets, th8 Trustees do not congld•r Iherg to be any material uncertalnlies regarding the Charity's golng concern slalus. 2.3 Incom• All income is recognised once the Charity has enlitlemenl to the income, il is probable that the income will be received and the amount of income rtrcoivabl• be measured reliably. 2.4 Expondltur• Expenditure Is recognised on¢0 there is a legal or constructive obliggtion lo tran8fer economic benefit to a third party, il is probablo that a transfer of economic benefits will be required in setlement and the amount ol the obligation can be m8a$urod reliably. Expenditure on raising fund8 includes 811 expenditure incurred by the Charity to raise funds ft>r its charitable purposes and comprise inveglment management f8e8. Expondilure on charftsble aelivi1189 is incurrod on directly undertaking the aclivib'as which further the Charity's objeclivgs, as well as any associated support costs. Grants payable are char9ed in the year when the offer18 made except in those cases where the offer is conditional, such grants being recognised a8 expenditure when thg ¢ondrtion8 attachlng are fulfilled. Grants off8rad Subject lo conditions whKh have not baen mel at the year end are noted a5 a commitment, but not accrugd as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.S Intor•Bt ro¢glvable Intergst on funds held on deposit is includod when receSvable and the amount can bè measured reliably by the Charity., this is nomially upon notification of the inler9St paid or payable by the in$trtution with whom the funds are deposited. Page 9

THE PUBLIC INTEREST FOUNDATION NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED S APRIL 2022 Accoun*lng pollclo8 (contlnuod} 2.6 Inv88tm•nti Fixed asset investrmenl8 are a fomi of finanaal instrument and are inmially wogni$¢d 8t their transaction cost and subsequently measured at fair v81ue at the Balance sheet dale, unless the value cannot be meosured reliably in which case il is measured at CO811oss impaiment. Investment gains and losses, whelhgr r80lised or unrealised, are combined and presanlad as 'GainsllLosses on inve8tmenl8' in the Statement of financial activities. 17 Cash at bank and Sn hand Cash at bank and in hand includes cash and short-lem hlghly Ilquld inve8lmenls wbth 8 8hort maturrty of three monthg or less from the date of a¢qul$ilk)n or opening of the depJ811 or Similar account. 2A Llabllltlo8 and provl8lon8 Liabiliti66 are rocognised whèn ther818 an obllgalion at the Balance shoet dalg as a ro$ull of a pa$t event, il is probable that a Ir8nsfer of eeonomic beneflt will be required in settlement. 8nd the amount of the ￿ttlement Gan be esttmaled ffjliably. Liabilitie8 ar8 r8cffjnised at the amount that the Charity anticipate8 It will pay lo $0tt1o th¢ dobl or tho amount it ha¥ woived a8 8dvanc8d payments for the goods or 8eNice8 Il musl provide. 2.9 FSnan¢l•l In•twm•nts The Charity only has financial a88ets and financial liabiliti08 of a kind that qualify as bas1¢ flnandal Instruments. 8a8lc finan¢i8I in8trumenl8 are initiglly reco9nls•d at tr8nsoctlon value and ¥ub$equenlty me8$urod al Ih¢lT yolllemont value with the excepl¢on of bank loan8 which are subsequently measured at amortised c08t U8ing the effective inlerost method. 2.10 Fund accountlng Gener81 funds aro unrestriclod lunds which ar8 availabl8 for u88 at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been (Jesignated for other PLbrposes. Incom• from don•tlon8 •nd l•gacl•• Unrestrfctsd fund8 2022 Total funds 2022 rotal funds 2021 Donations 25,000 25,000 137.500 Page 10

THE PUBLIC INTEREST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Investmont income Unrn8trf¢t•d fund 2022 Total fund8 2022 Totsl funds 2027 Listed inve81ment8 Unlistod investments S4,076 64.076 54,482 8,000 54,076 S4,076 62,482 Inv••tm•nt manag•m•nt co•t• Unr•strlctod fund• 2022 Total funds 2022 Total fvnds 2021 Inveslmenl managemnt fees Irrecoverable tax 508 3,087 608 3,087 492 3,709 Total 2022 3,595 3.595 3,601 Total 2021 3,601 3,601 Page11

THE PUBLIC INTEREST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Analy$h of grants Grants to In¥lltutlon8 2022 Total funds 2022 Totol funds 2021 Grants, Art8 and culture Gr8nls, Community csre Grants, Education Gran18, Health 22,500 7.500 114.500 9,750 22.500 7.500 114,600 9,780 45,000 25,5C 59.505 600 Total 2022 154.250 154,2SO 130,605 Total 2021 130,605 130,605 The Charity ha8 made the folk)wlng malgfi81 grants to Inst￿ul10ns during the year.. 2022 2021 Nam• of In8titutlon Inspirallon Trust Beeslon Foundation UK Onward Bumia Star Memorial 53,000 30.000 20,000 50.000 108,000 46,2SO 50,000 Other grants lo in8lbtutions 80,605 164,250 130, 605 Page 12

THE PUBLIC IKfEREST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2022 Analy818 of expendlturn on oharitable actlvltl88 Summary by fund typ• Unro•trfetod fund8 2022 Tot•1 2022 Tot81 2021 Arts and cullurg Community care Education Health Bank charg88 Exp8ndiluro on govemance 22,500 7,500 114,500 9,750 390 1,278 22,500 7,600 114,600 9,750 390 1,278 45,000 25,500 59,505 600 272 1.230 Total 2022 15S,918 1 S6,918 132, 107 Total 2021 132,107 132, 107 Ind•pgnd•nt •xamln•rf• r•mun•rntlon 2022 2021 Fee8 payable to the Charity8 independent examinor for the Independent exomlnalion of the Ch8rty's annu81 accounts 1,278 1,230 Tru•loM' r•mun•r•tlon and expense• Ou￿n9 the year. no TTu$tses received any remuneration or othar ￿nefItS (2021- £NIL). During tho year endod 5 April 2022. no Trustee gxpgnses have been incurred (2021- £NIL). Page 13

THE PUBLIC INTEREST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 10. Flxod a•88t invostm•nts L18tèd Invg¥tmgnts Cost or valuatlon At 6 April 2021 Addition8 Disposals Rev81ualions 1.624,067 103,299 {198,9901 68,840 At S Aprfl 2022 1.596,218 N•t Ix>ok valu• At 5 Aprfl 2022 1.696.216 At S Aphl 2021 1,624,067 11. Cr￿ltOrn. Amounts falllng du& wlthln on• yolr 2022 2021 Accruals and deferred In¢oms 1.260 1,230 Page 14

THE PUBUC INTEREST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 12. Statomont of fvnd8 ststom•nt of fund8- ¢urr•nt yoar 8alanco at 6 Aprll 2021 Galn81 Bal•ncg at s ILo8801) Aprll 2022 Incomg Exp•ndltur• Unrostrlctsd fund8 Goneral Fund8 1,756.536 79,078 1159.S13) 121,085 1,797.184 Statement of fund8- prlor y•ar B81anc8 8t 6 April 2020 Gain Balance at (Losses) 5 April 2021 Income Expenditure Unr••trfcted fund• Gener81 FLsnd8 1,288,408 199,982 (135, T08) 403,854 1, 756,536 13. Analy•l• of not a••ot• b•twwn lund8 An#ty•l• of not a•••t• betrw••n fund• . curr•nt y•ar Unre8trlcted fund8 2022 Total fund• 2022 Fixed assèt investments Currant asset$ Crgdilors du6 within one yèar 1.595,216 203,228 11.2601 1,595,216 203.228 11,260) Total 1,797,184 1.797,184 Page15

THE PUBLIC INTEREST FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 13. An*ly$is of not a8$0ts botwo•n fund8 Icontlnu•d) Analys18 of ngt assat8 betwg•n fund8 - prfor year Untsstricled funds 2021 rol81 funds 2021 Fixgd asset invo31ments Current asse18 Creditors du8 wlthin one year 1,624,067 133,699 (1,230) 1,624,057 133, 699 (1,230) Total 1, 756,536 1,756,536 14. R•lat•d party trnn••ctlon• During the year the Charity r8eaived a donation from one of thg Tru81ee8' of £25,00012021- £100,000). Tru81•8 Lord T T M Agnew is a Director of the Insplration Tru81. During the year, th¢ Charity pald gr8n18 to th6 Inspiratton TN8t lolalling £63.00012021- £niQ. Page 16