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. 

Page 5 



## **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 

Page 6 



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