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2022-04-01-accounts

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Bacon Foundation Limited

Report and financial statements

For the year ended 1 April 2022

Charity number: 1116633 Company number: 05954674

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Bacon Foundation Limited

Contents

Page
REFERENCE AND ADMINISTRATION INFORMATION 1
TRUSTEES’ REPORT 2 – 5
TRUSTEES’ RESPONSIBILITIES STATEMENT 6
INDEPENDENT AUDITOR’S REPORT 7 – 9
STATEMENT OF FINANCIAL ACTIVITIES 10
BALANCE SHEET 11
STATEMENT OF CASH FLOWS 12
NOTES TO THE FINANCIAL STATEMENTS 13 – 21

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Bacon Foundation Limited

Reference and Administration Information

for the year ended 1 April 2022

Charity name: Bacon Foundation Limited Charity registration number: 1116633 Company registration number: 05954674

Registered Office

1 Curzon Street London W1J 5HA

Directors and Trustees

The Directors of the charitable company, Bacon Foundation Limited (“the Charity”), are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees serving during the year and since the year end were as follows:

Trustees Mr Louis M Bacon Mr Lawrence M Noe Mr Patrick G Sweeney Secretary Temple Secretarial Limited 16 Old Bailey London EC4M 7EG Bankers Barclays Private Clients International Ltd PO Box 8 13 Library Place St Helier Jersey JE4 8NE Solicitors Withers LLP 16 Old Bailey London EC4M 7EG Independent Auditor Ernst & Young LLP 25 Churchill Place Canary Wharf London E14 5EY

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Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2022

The Trustees are pleased to present their annual report together with the financial statements of Bacon Foundation Limited (“the Charity”) for the year ended 1 April 2022.

The Charity is a private limited company. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the UK Charity’s trust deed, the Charities Act 2011 and 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 (effective 1 January 2015).

The severity, magnitude and duration of the current COVID‐19 pandemic is uncertain, rapidly changing, and hard to predict. While COVID‐19 has significantly impacted economic activity and markets around the world, there has been no significant impact on the Charity and its operations.

Objectives and Activities

The Charity’s objectives and principal activities are for such exclusive charitable purposes as the Trustees of the Charity may in their absolute discretion determine as set out in the Memorandum of Association dated 3 October 2006. The Charity achieves this by reviewing potential charitable organisations, and donating according to the Trustees’ discretion.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant making policy for the year.

The Charity measures its success in the year by its ability to donate to Charities according to the Trustees’ discretion. The activities undertaken by the Charity this year lined up with the Trustees’ preferences. The main activities undertaken by the Charity this year include supporting environmental causes and educational programs. Please reference Note 5 for more details. These causes and programs were supported by way of grant‐making from the Charity.

Financial review and reserves policy

During the year ended 1 April 2022 the Charity received from Moore Charitable Foundation unrestricted donations of £9,613,130.

During the year donations totalling £6,131,346 were made to seventeen charities (2021 – six) details of which are shown in note 5 to the financial statements.

Governance costs amounted to £43,617 (2021 – £14,370) and total net income amounted to £3,438,660 (2021 – loss of £63,870). Total funds held at 1 April 2022 amounted to £3,446,200 (2021 – £7,540) which is further explained under the reserves policy.

Investment powers and policy

Under the Memorandum and Articles of Association, the Charity has the power to invest in any way the Trustees wish. The Trustees, having regard to the liquidity requirements of the Charity and to the reserves policy have operated a policy of keeping available funds in an interest‐bearing deposit account and seek to achieve a rate of deposit interest which matches or exceeds inflation as measured by the retail prices index.

Achievements and performance

The charities to which the Charity donated during the year were:

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Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2022

(iii) Cape Eleuthera Foundation

The foundation develops an intimate sense of place through immersion experiences in the natural and cultural environment and creates an intentional community where students explore their abilities, limitations, and impact on others.

The organisation focuses on projects aimed at showing the link between water‐ecosystems and human communities, through conservation and restoration activities.

A non‐profit, non‐government, membership organisation that relies on donations to continue conserving and protecting the Bahamian environment.

Multiplier’s project portfolio includes crucial land and ocean conservation efforts alongside an array of cross‐sector strategies in public health, environmental, education, economic development, etc.

A global environmental non‐profit that aims to conserve the lands and waters on which all life depends.

RUSI is an independent think tank engaged in cutting‐edge defence and security research.

Eton College is a charity for the advancement of education.

The Renewable Energy Foundation is a registered charity promoting sustainable development for the benefit of the public by means of energy conservation and the use of renewable energy.

(xii) National Fish & Wildlife Foundation

Foundation dedicated to sustaining, restoring and enhancing the nation’s fish, wildlife, plants and habitats for current and future generations.

(xiii) Natural Resources Defense Council

Natural Resources Defense Council works to safeguard the earth – its people, its plants and animals, and the natural systems on which all life depends.

Supports research and teaching on global issues.

The foundation supports school projects and formed a vital stream of funding for bursaries at Gresham’s.

(xvi) Partnership for Policy Integrity

The partnership for Policy Integrity uses science, litigation, policy analysis and strategic communications to promote policies that protect climate, ecosystems, and people.

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Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2022

(xvii) Association of Polish Knights of Malta UK

The Association of Polish Knights of Malta UK provides humanitarian assistance and medical and social activities.

Reserves policy

The Trustees’ reserves policy is to maintain a revenue balance to enable the Charity to make grants in accordance with its charitable objectives. The amount of reserves at 1 April 2022 amounted to £3,446,199 (2021 – £7,539). The Trustees will continue to monitor this in future years.

To ensure the Charity will sustain its operations, specific consideration will be given by the Trustees as to whether additional funds should be set aside for use to cover ongoing expenditures.

Going Concern

The Trustees believe the Charity to be a going concern due to donations from related parties and past donors. The Charity is reliant on the donations it receives from such parties to ensure that it is able to continue to meet its obligations as they become due. As a result of the donations received, the Charity is able to meet its obligations for at least the period of 12 months from the date that the financial statements are issued.

Plans for future years

The Trustees will consider charitable distributions once they have sufficient funds in order to support the future activities of the Charity and in furtherance of their objectives.

Structure, governance and management

Governing document

Bacon Foundation Limited is a charitable private company limited by shares, incorporated on 3 October 2006 and registered as a charity on 15 November 2006. The Charity was established under a Memorandum of Association dated 3 October 2006 which established the objects and powers of the charitable company and is governed under its Articles of Association.

Recruitment and Appointment of Trustees

New Trustees are inducted and trained by undergoing a briefing on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision‐making processes, the business plan and recent financial performance of the Charity.

As set out in the Articles of Association unless otherwise decided by ordinary resolution the minimum number of Trustees shall be two and there shall be no maximum number. The Trustees shall be appointed (and may be removed) by ordinary resolution of the shareholders and shall serve until their period of office is terminated under Article 35 or by Article 28 of the Articles of Association.

Organisational structure

The Board of Trustees governs the Charity. A Secretary is appointed by the Trustees to manage the day‐ to‐day operations of the Charity. To facilitate effective operations, the Secretary has delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance.

The Charity does not have employees.

Related parties

Mr Lawrence Noe, a Trustee of the Charity is also a Director of The Belvedere Charitable Foundation, the sole shareholder of the Charity.

Mr Louis Bacon, a Trustee of the Charity is also a Director of Moore Charitable Foundation. Moore Charitable Foundation forms the prime source of income for the Charity.

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Bacon Foundation Limited

Trustees’ Report

for the year ended 1 April 2022

Risk management

The Trustees have a risk management strategy which comprises:

The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and the Trustees are satisfied that the systems in place mitigate those risks. Risk factors are discussed below:

Interest rate risk represents the potential financial loss that the Charity might suffer due to interest rate movements. The Charity pays 0% interest on outstanding creditors and does not rely on interest earnings to fund its programmes. It is therefore not exposed to any significant interest rate risk.

Operational risk is defined as the risk of monetary loss resulting from inadequate or failed internal processes, people and systems or from external events. The Trustees ensure effective controls are in place to reduce this risk through the segregation of tasks and duties, appropriate workforce utilisation and good management information systems and contingency planning.

Law and regulation risks represent a breach of charity law, company law and regulative requirements of particular activities undertaken by the Charity. The Trustees are advised by specialists in areas of Charity law, Company law and financial regulation. There are no significant law or regulation risks perceived by the Charity.

Foreign currency exchange risk is a financial risk that exists when a financial transaction is denominated in a currency other than that of the base currency of the Charity. The frequency of these transactions is limited and is therefore not exposed to any significant foreign currency exchange risk.

Exemptions from disclosure

The Charity qualifies as a small company under section 419(2) of the Companies Act 2006 and has taken advantage under Section 414 B of the exemption in preparing a Strategic Report.

Approved by the Trustees and signed on its behalf by:

Signed: _____ Lawrence Noe

Date: 23 December 2022

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Bacon Foundation Limited

Trustees’ Responsibilities Statement

for the year ended 1 April 2021

Company law requires the Trustees to prepare a Trustees’ Report and the financial statements that give a true and fair view of the state of affairs of the Charity at the end of the financial year and of its surplus or deficit for the financial year. In doing so the Trustees are required to:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enables them to ensure that the financial statements comply with the Companies Act 2006. The Trustees 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.

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (effective 1 January 2015) and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to smaller companies.

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Bacon Foundation Limited

Independent Auditor’s Opinion

for the year ended 1 April 2022

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF BACON FOUNDATION LIMITED

Opinion

We have audited the financial statements of Bacon Foundation Limited for the year ended 1 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and the related notes 1 to 12 , including as summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting standard applicable in the UK and Republic of Ireland”.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in the Trustee’s Responsibilities Statement and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the trustee’s ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained in the annual report.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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Bacon Foundation Limited

Independent Auditor’s Opinion

for the year ended 1 April 2022

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non‐compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

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Bacon Foundation Limited

Independent Auditor’s Opinion

for the year ended 1 April 2022

A further description of our responsibilities for the audit of the financial statements is located on the

Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Statutory Auditor

London

29 December 2022

Ernst & Young LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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Bacon Foundation Limited

Statement of Financial Activities

for the year ended 1 April 2022

2022 2021
Note £ £
Incoming from:
Donations 4 9,613,130 62,500
Interest 493 0
––––––––––––––– –––––––––––––––
Total 9,613,623 62,500
––––––––––––––– –––––––––––––––
Expenditure on:
Charitable activities 5 (6,174,963) (126,370)
––––––––––––––– –––––––––––––––
Total (6,174,963) (126,370)
––––––––––––––– –––––––––––––––
Reconciliation of funds:
Net movement in funds 3,438,660 (63,870)
Total funds brought forward 7,540 71,410
––––––––––––––– –––––––––––––––
Total funds carried forward 3,446,200 7,540
––––––––––––––– –––––––––––––––

The statement of financial activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing activities.

The accompanying notes on pages 13 to 21 form an integral part of these financial statements.

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Bacon Foundation Limited (company number: 05954674)

Balance Sheet

at 1 April 2022

Note
Current assets
Cash at bank and in hand
Total current assets
Liabilities
Creditors: amounts falling due within one year
8
Net current assets/(liabilities)
Creditors: amounts falling due after more than one year
9
Net assets/(liabilities)
The Funds of the Charity
Share capital
10
Unrestricted funds
11
Total charity funds		 2022
£
3,893,005
–––––––––––––––
3,893,005
(156,280)
–––––––––––––––
3,736,725
(290,525)
–––––––––––––––
3,446,200
–––––––––––––––
1
3,446,199
–––––––––––––––
3,446,200
–––––––––––––––		 2021
£
19,300
–––––––––––––––
19,300
(11,760)
–––––––––––––––
7,540
0
–––––––––––––––
7,540
–––––––––––––––
1
7,539
–––––––––––––––
7,540
–––––––––––––––

These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The accompanying notes form an integral part of these financial statements.

The Charity obtained an audit for the year ending 1 April 2022 as its gross income exceeded £1 million.

For the year ending 1 April 2021 the Charity was entitled to the exemption from audit under section 477 of the Companies Act 2006.

The Trustees acknowledge their responsibility for:

These financial statements were approved by the Trustees on 23 December 2022 and signed on their behalf by:

Lawrence Noe

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Bacon Foundation Limited (company number: 05954674)

Statement of Cash Flows

for the year ended 1 April 2022

2022 2021
£ £
Cash flows from operating activities
Cash from donations 9,613,130 62,500
Cash from interest 493 0
Cash spent on charitable activities (5,739,918) (141,940)
––––––––––––––– –––––––––––––––
Net cash from operating activities 3,873,705 (79,440)
––––––––––––––– –––––––––––––––
Change in cash and cash equivalents during the year 3,873,705 (79,440)
Cash and cash equivalents at the beginning of the year: 19,300 98,740
Cash and cash equivalents at the end of the year: 3,893,005 19,300

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Bacon Foundation Limited

Notes to the financial statements

at 1 April 2022

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.

The financial statements have been prepared under the historical cost convention on a going concern basis with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements have been prepared 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 effective 1 January 2015) (Charities SORP FRS 102), Update Bulletin 1 issued on 2 February 2016, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

All of the funds available to the Charity are unrestricted and are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.

All incoming resources are included in the Statement of Financial Activities when the Charity is entitled to the income and the amount can be measured reliably and it is probable that the income will be received. The following specific policies are applied to particular categories of income:

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Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2022

1. Accounting policies (continued)

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to make a payment 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.

All expenditure is accounted for on an accruals basis. Expenditure comprises support costs only.

Charitable activities comprise donations payable in supporting charities and emergency appeals and the cost of administering the donation programme. Donations payable are included in the Statement of Financial Activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. Donations approved but not paid at the end of the financial year are accrued for. Donations for which the beneficiary has not been informed or has to meet certain conditions before the donation is released are not accrued for but are noted as financial commitments in the notes to the financial statements.

Governance costs comprise the costs involving the public accountability of the Charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are apportioned based on the size of each activity undertaken during the year.

The unrestricted funds represent funds available for the general charitable purposes of the Charity at the discretion of the Trustees.

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern.

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Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2022

1. Accounting policies (continued)

Interest income is recognised in profit or loss using the effective interest method.

2. Legal status of the charity

The Charity has authorised 2 ordinary shares of £1.

1 ordinary share of £1 was allotted to Belvedere Charitable Foundation on incorporation.

The Bacon Foundation Limited was incorporated under the Companies Act 1985 and not under the latest Companies Act 2006. Under the 1985 Act, a company with a share capital was required to state in its memorandum the amount of capital that the company was authorised by its shareholders to issue together with the number and nominal value of the shares into which it was divided.

The Charity has since not resolved to remove the authorised share capital requirement and as such the authorised share capital of 2 ordinary shares remains in place. Furthermore, the remaining 1 authorised share has not been allotted either.

3. Related party transactions

The Trustees were not paid or reimbursed expenses during the year and no Trustee received any emolument or payment for professional or other services.

Mr Lawrence Noe, a Trustee of the Charity is also a Director of The Belvedere Charitable Foundation, the sole shareholder of the Charity. The Belvedere Charitable Foundation did not incur any expenses on behalf of the Charity during the year (2021 – nil).

Moore Charitable Foundation, a related party entity, donated £9,613,130 during the year (2021 – nil).

Mr Louis Bacon, a Trustee of the Charity, donated nil during the year (2021 – £62,500). There were no outstanding debtors or creditors with any related party at 1 April 2022 (2021 – nil).

The Charity had no employees during the year.

4. Donations

Donations
2022 2021
£ £
Income tax on gift aid donation 0 12,500
Donations 9,613,130 50,000
––––––––––––––– –––––––––––––––
9,613,130 62,500
––––––––––––––– –––––––––––––––

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Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2022

5. Charitable Activities
Charitable activities Grants to institutions Activities Gover 2022
undertaken nance Total
directly costs £
£ £
Assist victims and refugees from Association of Polish 2,500 18 2,518
Ukraine Knights of Malta UK
Secure online management Bahamas National 7,487 53 7,540
platform for training courses Trust
that will support citizen science
initiatives at the Lucayan
National Park and Bonefish Pond
National Park
Support Cape Eleuthera Island Cape Eleuthera 18,533 132 18,665
School to facilitate capacity Foundation
building and sustaining the
Bahamian stone crab fishery for
the future
Support student enrichment at Eton College 490,525 3,489 494,014
the College in accordance with
the College’s charitable
purposes
Support the carbon offset Wetlands 71,480 508 71,988
program through blue carbon International Panama
opportunities in mangrove
wetland areas. Develop an
integrated approach to support
wetlands conservation in the
Gulf of Chiriqui
Support research and policy Game & Wildlife 60,000 427 60,427
programme in the Uplands, to Conservation Trust
bring Salmon School to COP26 at
Glasgow, and general use
Support MarViva grants that Multiplier 30,256 215 30,471
contribute to improved marine
enforcement capacity for
effective Marine Special
Planning implementation in the
Great Gulf of Chiriqui

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Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2022

5. Charitable Activities (continued)
Support the Rio Grande National Fish & 56,730 404 57,134
Headwaters Riparian Wildlife Foundation
Restoration Program; support
projects that address the leading
factors in aquatic species
decline, including habitat
alteration, environmental
change and invasive species, and
promote healthy headwater
streams
Support the Our Forests Aren’t Natural Resources 75,640 538 76,178
Fuel Campaign and its efforts to Defense Council
reduce demand for biomass by
advocating for science‐based
policies. Support the North
Carolina CAFOs Campaign;
address the harms from CAFOs
on North Carolina communities
and environment, and advocate
for policy change
Support public relations Partnership for Policy 111,198 791 111,989
campaign to end subsidies for Integrity
forest biomass in meeting the
EU’s renewable energy targets
and related efforts
Support the church The PCC of St Mary 86,000 612 86,612
with St Peter and St
Jude
Support data publication and The Renewable Energy 25,000 178 25,178
analysis related to renewable Foundation
energy

17

DocuSign Envelope ID: 42C2EA3E-2D3A-4BEA-AA15-D53AB849B5E2DocuSign Envelope ID: 3236E107-CEFD-48AA-9679-7C5A1BFB4E11

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2022

5.
Charitable Activities (continued)
Support the Shark Conservation
Fund which is dedicated to
protecting sharks and rays
worldwide. Support Oceans 5
grants that build political will
among government officials,
increasing fisheries data,
strengthening science‐based
decision‐making, creating new
management regimes,
increasing enforcement
activities, prohibiting oil
development, and securing new
MPAS.
Rockefeller
Philanthropy Advisors
Support the redevelopment
appeal for 61 Whitehall
RUSI
Support the Columbia University
Mailman School of Public
Health’s Center for Infection and
Immunity efforts to establish a
Global Alliance for Preventing
Pandemics hub in Zambia to
conduct infectious diseases
surveillance and research and
serve as a regional resource
Trustees of Columbia
University in the City
of New York
Establish a scholarship program
for American students at
Gresham’s School
The Gresham’s
Foundation
Support the continued work of
the Rio Grande Water Fund and
its associated
communications/outreach
activities
The Nature
Conservancy
Total expenditure		 2,488,645
17,703
2,506,348
756,401
5,381
761,782
756,401
5,381
761,782
1,000,000
7,114
1,007,114
94,550
673
95,223
6,131,346
43,617
6,174,963

18

DocuSign Envelope ID: 42C2EA3E-2D3A-4BEA-AA15-D53AB849B5E2DocuSign Envelope ID: 3236E107-CEFD-48AA-9679-7C5A1BFB4E11

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2022

5. Charitable Activities (continued)

Charitable activities
Grants to institutions
Support the use of sports to
engage young people and
improve their life choices
Greenhouse Sports
Limited
Support Macfie Hall Re‐Hub
renovations
Macfie Hall Committee
Increase the amount of
financial support for
environmental causes and to
improve its overall
effectiveness
Environmental Funders
Network
Advance the education of the
public in subjects relating to
sustainable development and
the protection, enhancement
and rehabilitation of the
environment
Renewable Energy
Foundation
Support upland waders work
by producing a ‘whole dale’
count of breeding pairs of
curlew
Game & Wildlife
Conservation Trust
Provide early years, pre‐
school and out of school care
for the children in the Heriot
and surrounding
communities
Heriot Country Kids
Total expenditure		 Activities
undertaken
directly
£
Governance
costs
£
2021
Total
£
25,000
3,208
28,208
15,000
1,925
16,925
3,000
385
3,385
50,000
6,414
56,414
14,000
1,796
15,796
5,000
642
5,642
112,000
14,370
126,370

All support costs during the year relate solely to governance costs. Governance costs are detailed within note 6.

19

DocuSign Envelope ID: 42C2EA3E-2D3A-4BEA-AA15-D53AB849B5E2DocuSign Envelope ID: 3236E107-CEFD-48AA-9679-7C5A1BFB4E11

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2022

6. Governance Costs

Governance Costs
2022 2021
£ £
Bank charges/(refund) 529 47
Independent auditors fee 24,000 6,000
Accounting fees and services 2,370 7,410
Solicitors fees 3,090 913
FX (loss) 13,628 0
––––––––––––––– –––––––––––––––
43,617 14,370
––––––––––––––– –––––––––––––––

The Charity does not have any employees.

7. Taxation

The Charity is a registered charity and no provision is considered necessary for taxation. As a charity, Bacon Foundation Limited is exempt from tax on income and gains to the extent that these are applied to its charitable objects.

8. Creditors: amounts falling due within one year

Accruals
Grants Creditors
Creditors: amounts falling due after more than one year
Grants Creditors		 2022
£
29,280
127,000
–––––––––––––––
156,280
–––––––––––––––
2022
£
290,525
–––––––––––––––		 2021
£
11,760
0
–––––––––––––––
11,760
–––––––––––––––
2021
£
0
–––––––––––––––

9. Creditors: amounts falling due after more than one year

20

DocuSign Envelope ID: 42C2EA3E-2D3A-4BEA-AA15-D53AB849B5E2DocuSign Envelope ID: 3236E107-CEFD-48AA-9679-7C5A1BFB4E11

Bacon Foundation Limited

Notes to the financial statements (continued)

at 1 April 2022

10. Share capital

The authorised share capital of the Charity is £2 divided into 2 ordinary shares of £1 each.

2022 and 2021
Allotted called up and fully paid
No £
Ordinary shares of £1 each 1 1
––––––––––––––– –––––––––––––––

Shareholders are entitled to attend general meetings either personally or by an authorised representative. Every shareholder present in person shall have one vote.

11. Movements on reserves

Unrestricted
income
funds Total
£ £
At 2 April 2021 7,539 7,540
Gain for the period 3,438,660 3,438,660
––––––––––––––– –––––––––––––––
At 1 April 2022 3,446,199 3,446,200
––––––––––––––– –––––––––––––––

12. Subsequent Events

Subsequent to the year end, the Charity made donations totaling £2,866,744.

21