**Charity number: 1114949**
## **THE PUBLIC INTEREST FOUNDATION**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2024**
## **THE PUBLIC INTEREST FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent examiner's report**|5 - 6|
|**Statement of financial activities**|7|
|**Balance sheet**|8|
|**Notes to the financial statements**|9 - 16|
## **THE PUBLIC INTEREST FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024**
**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
Page 1
## **THE PUBLIC INTEREST FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024**
The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2023 to 5 April 2024.
## **Objectives and activities**
## **a. Policies and objectives**
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)'.
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.
## **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 **£32,500** ( _2023 - £93,704_ ).
## **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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
The Trustees have not set a reserves policy but monitor reserves when assessing grant awards. As at 5 April 2024 the Charity had free reserves of **£1,757,623** .
## **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.
Page 2
## **THE PUBLIC INTEREST FOUNDATION**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **Structure, governance and management**
## **a. Constitution**
The Public Interest Foundation is a registered charity, number 1114949, and is constituted under a Trust deed.
## **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 receive and review grant applications and make donations where they see fit.
## **Statement of Trustees' responsibilities**
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 period 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 judgements 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 3
THE PUBLIC INTEREST FOUNDATION
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 6 APRIL 2024
Approve
y order of the members of the board of Trustees and signed on their behalf by:
Lord T T M Agnew
Date..
Page 4
## **THE PUBLIC INTEREST FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024**
## **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 2024.
## **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 2024**
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: 31 July 2024
## **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 2024**
|**Note**
**Income from:**
Donations and legacies
3
Investments
4
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
7
**Total expenditure**
**Net income/(expenditure) 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**
**2024**
**£**
**20,000**
**70,800**
**90,800**
**4,977**
**33,872**
**38,849**
**51,951**
**45,921**
**97,872**
**1,659,751**
**97,872**
**1,757,623**|**Total**
**funds**
**2024**
**£**
**20,000**
**70,800**
**90,800**
**4,977**
**33,872**
**38,849**
**51,951**
**45,921**
**97,872**
**1,659,751**
**97,872**
**1,757,623**|_Total_
_funds_
_2023_
_£_
_-_
_56,026_
_56,026_
_2,985_
_95,225_
_98,210_
_(42,184)_
_(95,249)_
_(137,433)_
_1,797,184_
_(137,433)_
_1,659,751_|
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 16 form part of these financial statements.
Page 7
THE PUBLIC INTEREST FOUNDATION
BALANCE SHEET
AS AT S APRIL 2024
2024
2023
Nota
Flxad a880ts
Investments
10
1,695,031
1.457,059
1,695,031
Current a888ts
1,457,059
Cash at bank and in hand
65,089
203,842
65,089
203, 842
Creditors: amounts falling due within one
ye8r
11
{2,497)
(1, q50)
Not curront a880ts
62,692
202, 692
Total net a88ets
1,757,623
1,659, 751
Charlty funds
Unr88tricted funds
12
1,757,623
1,659,751
Total fund8
1,757,623
1,659, 751
The fi
ncial statements were approved and authori8ed for issue by the TrustO08 and signed on their behalf by,.
Lord TT M Agnew
Date..
The notes on pages 9 to 16 form part of these financial ststements.
Page 8
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **1. General information**
The Public Interest Foundation is a charitable trust registered in England and Wales.
## **2. Accounting policies**
## **2.1 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) and the Charities Act 2011.
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.
## **2.2 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.
## **2.3 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.
## **2.4 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.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 9
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **2. Accounting policies (continued)**
## **2.5 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.
## **2.6 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.
## **2.7 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.
## **2.8 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.9 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.
## **3. Income from donations and legacies**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Donations|20,000|**20,000**|_-_|
Page 10
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **4. Investment income**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Listed investments|70,800|**70,800**|_56,026_|
## **5. Investment management costs**
|**Unrestricted**
**funds**
**2024**
**£**
Investment management fees
639
Irrecoverable tax
4,338
**Total 2024**
4,977
_Total 2023_
_2,985_|**Total**
**funds**
**2024**
**£**
**639**
**4,338**
**4,977**
_2,985_|_Total_
_funds_
_2023_
_£_
_509_
_2,476_|
|---|---|---|
|||_2,985_|
||||
Page 11
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **6. Analysis of grants**
|Grants, Arts and culture
Grants, Community care
Grants, Education
Grants, Health
Grants, Human Rights
**Total 2024**
_Total 2023_|**Grants to**
**Institutions**
**2024**
**£**
2,000
6,500
15,000
4,000
5,000
32,500
_93,704_|**Total**
**funds**
**2024**
**£**
**2,000**
**6,500**
**15,000**
**4,000**
**5,000**
**32,500**
_93,704_|_Total_
_funds_
_2023_
_£_
_40,250_
_-_
_28,454_
_25,000_
_-_|
|---|---|---|---|
||||_93,704_|
|||||
The Charity has made the following material grants to institutions during the year:
|**Name of institution**
Inspiration Trust
Harrop HR Missions Ltd
Norwich Cathedral Trust
East Coast Hospice
Policy Exchange
Other grants to institutions|**2024**
**£**
**10,000**
**5,000**
**-**
**-**
**-**
**15,000**
**17,500**
**32,500**|_2023_
_£_
_-_
_-_
_25,000_
_25,000_
_20,000_|
|---|---|---|
|||_70,000_
_23,704_|
||||
|||_93,704_|
Page 12
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **7. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2024**
**£**
Education
15,000
Community care
6,500
Human Rights
5,000
Health
4,000
Arts and culture
2,000
Expenditure on governance
1,347
Bank charges
25
**Total 2024**
33,872
_Total 2023_
_95,225_
**8.**
**Independent examiner's remuneration**
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts|**Total**
**2024**
**£**
**15,000**
**6,500**
**5,000**
**4,000**
**2,000**
**1,347**
**25**
**33,872**
_95,225_
**2024**
**£**
**1,347**|_Total_
_2023_
_£_
_28,454_
_-_
_-_
_25,000_
_40,250_
_1,204_
_317_|
|---|---|---|
|||_95,225_|
|||_2023_
_£_
_1,204_|
## **9. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ .
During the year ended 5 April 2024, no Trustee expenses have been incurred _(2023 - £NIL)_ .
Page 13
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **10. Fixed asset investments**
|**Cost or valuation**
At 6 April 2023
Additions
Disposals
Revaluations
At 5 April 2024
**Net book value**
At 5 April 2024
_At 5 April 2023_|**Listed**
**investments**
**£**
**1,457,059**
**229,830**
**(39,958)**
**48,100**|
|---|---|
||**1,695,031**|
||**1,695,031**|
||_1,457,059_|
## **11. Creditors: Amounts falling due within one year**
|Trade creditors
Accruals and deferred income|**2024**
**£**
**1,332**
**1,165**
**2,497**|_2023_
_£_
_-_
_1,150_
_1,150_|
|---|---|---|
Page 14
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **12. Statement of funds**
## **Statement of funds - current year**
||**Balance at 6**|||**Gains/**|**Balance at 5**|
|---|---|---|---|---|---|
||**April 2023**|**Income**|**Expenditure**|**(Losses)**|**April 2024**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds - all funds|**1,659,751**|**90,800**|**(38,849)**|**45,921**|**1,757,623**|
|**Statement of funds - prior**|**year**|||||
||_Balance at_|||_Gains/_|_Balance at_|
||_1 April 2022_|_Income_|_Expenditure_|_(Losses)_|_5 April 2023_|
||_£_|_£_|_£_|_£_|_£_|
|**Unrestricted funds**||||||
|General Funds|_1,797,184_|_56,026_|_(98,210)_|_(95,249)_|_1,659,751_|
## **13. Analysis of net assets between funds**
**Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**£**
Fixed asset investments
1,695,031
Current assets
65,089
Creditors due within one year
(2,497)
**Total**
1,757,623|**Total**
**funds**
**2024**
**£**
**1,695,031**
**65,089**
**(2,497**|
|---|---|
||**1,757,623**|
Page 15
## **THE PUBLIC INTEREST FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **13. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_1,457,059_
_203,842_
_(1,150)_
_1,659,751_|_Total_
_funds_
_2023_
_£_
_1,457,059_
_203,842_
_(1,150)_
_1,659,751_|
|---|---|---|
## **14. Related party transactions**
During the year the Charity received a donation from one of the Trustees' of £20,000 ( _2023 - £NIL_ ).
Trustees Lord T T M Agnew and D C Tibble are Directors of Inspiration Trust. During the year, the Charity paid grants to Inspiration Trust totalling £10,000 ( _2023 - £NIL_ ).
Page 16