Charity number: 1114949
THE PUBLIC INTEREST FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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 2025
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 2025
The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2024 to 5 April 2025.
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 £100,100 ( 2024 - £32,500 ).
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 2025 the Charity had free reserves of £1,797,895 .
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.
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THE PUBLIC INTEREST FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
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 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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
24 September 2025
THE PUBLIC INTEREST FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025
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 2025.
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:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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 2025
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:
Dated: 26 September 2025
Frank Shippam BSc FCA DChA
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 2025
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 7 Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward as previously stated Prior year adjustment Total funds brought forward as restated Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 28,125 78,678 106,803 4,247 102,055 106,302 501 39,365 39,866 1,757,623 406 1,758,029 39,866 1,797,895 |
Total funds 2025 £ 28,125 78,678 106,803 4,247 102,055 106,302 501 39,365 39,866 1,757,623 406 1,758,029 39,866 1,797,895 |
As restated Total funds 2024 £ 20,000 71,206 |
|---|---|---|---|
| 91,206 | |||
| 4,977 33,872 |
|||
| 38,849 | |||
| 52,357 45,921 |
|||
| 98,278 | |||
| 1,659,751 - |
|||
| 1,659,751 98,278 |
|||
| 1,758,029 |
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
24 September 2025
THE PUBLIC INTEREST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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 2025
2. Accounting policies (continued)
2.5 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.
2.6 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.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 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.
2.9 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.
2.10 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.
2.11 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.
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THE PUBLIC INTEREST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Donations | 28,125 | 28,125 | 20,000 |
4. Investment income
| Unrestricted funds 2025 £ Listed investments 77,717 Interest 961 78,678 |
Total funds 2025 £ 77,717 961 78,678 |
As restated Total funds 2024 £ 70,464 742 |
|---|---|---|
| 71,206 |
5. Investment management costs
| Unrestricted funds 2025 £ Investment management fees 631 Irrecoverable tax 3,616 Total 2025 4,247 Total 2024 4,977 |
Total funds 2025 £ 631 3,616 4,247 4,977 |
Total funds 2024 £ 639 4,338 |
|---|---|---|
| 4,977 | ||
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THE PUBLIC INTEREST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
6. Analysis of grants
| Grants, Arts and culture Grants, Community care Grants, Education Grants, Health Grants, Human Rights Total 2025 Total 2024 |
Grants to Institutions 2025 £ 26,500 12,250 36,350 25,000 - 100,100 32,500 |
Total funds 2025 £ 26,500 12,250 36,350 25,000 - 100,100 32,500 |
Total funds 2024 £ 2,000 6,500 15,000 4,000 5,000 |
|---|---|---|---|
| 32,500 | |||
The Charity has made the following material grants to institutions during the year:
| Name of institution Inspiration Trust Civic Future Addenbrooke's Charitable Trust Norwich Cathedral Trust The Norwich Philharmonic Society The Pharos Foundation Dereham Cancer Care East Anglian Air Ambulance The Big C Appeal Limited Harrop HR Missions Ltd Other grants to institutions |
2025 £ 15,000 15,000 10,000 7,500 7,500 5,000 5,000 5,000 5,000 - 75,000 25,100 100,100 |
2024 £ 10,000 - - - - - - - - 5,000 |
|---|---|---|
| 15,000 17,500 |
||
| 32,500 |
Page 12
THE PUBLIC INTEREST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2025 £ Education 36,350 Community care 12,250 Human Rights - Health 25,000 Arts and culture 26,500 Expenditure on governance 1,595 Bank charges 360 Total 2025 102,055 Total 2024 33,872 8. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Total 2025 £ 36,350 12,250 - 25,000 26,500 1,595 360 102,055 33,872 2025 £ 1,595 |
Total 2024 £ 15,000 6,500 5,000 4,000 2,000 1,347 25 |
|---|---|---|
| 33,872 | ||
| 2024 £ 1,347 |
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - £NIL) .
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THE PUBLIC INTEREST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
10. Fixed asset investments
| Cost or valuation At 6 April 2024 Additions Disposals Revaluations At 5 April 2025 Net book value At 5 April 2025 At 5 April 2024 Debtors Due within one year Tax recoverable Creditors: Amounts falling due within one year Trade creditors Accruals and deferred income |
2025 £ 2,500 2,500 2025 £ - 1,410 1,410 |
Listed investments £ 1,695,031 299,967 (339,679) 66,175 1,721,494 1,721,494 1,695,031 2024 £ - - 2024 £ 1,332 1,165 2,497 |
|---|---|---|
11. Debtors
12. Creditors: Amounts falling due within one year
13. Prior year adjustments
The prior period figures have been adjusted for understated interest receivable of £406 in the prior year.
Page 14
THE PUBLIC INTEREST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
14. Statement of funds
Statement of funds - current year
| As restated | |||||
|---|---|---|---|---|---|
| Balance at 6 | Gains/ | Balance at 5 | |||
| April 2024 | Income | Expenditure | (Losses) | April 2025 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 1,758,029 | 106,803 | (106,302) | 39,365 | 1,797,895 |
| Statement of funds - prior | year | ||||
| As restated | |||||
| Balance at | As restated | Gains/ | Balance at | ||
| 1 April 2023 | Income | Expenditure | (Losses) | 5 April 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,659,751 | 91,206 | (38,849) | 45,921 | 1,758,029 |
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2025 £ Fixed asset investments 1,721,494 Current assets 77,811 Creditors due within one year (1,410) Total 1,797,895 |
Total funds 2025 £ 1,721,494 77,811 (1,410) |
|---|---|
| 1,797,895 |
Page 15
THE PUBLIC INTEREST FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
15. 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 As restated |
As restated Unrestricted funds 2024 £ 1,695,031 65,495 (2,497) 1,758,029 |
As restated Total funds 2024 £ 1,695,031 65,495 (2,497) 1,758,029 |
|---|---|---|
16. Related party transactions
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 £15,000 ( 2024 - £10,000 ).
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