**Sylvia Waddilove Foundation UK Trustees’ Report and Accounts For the year ended 31[st] December 2021** 


84 Eccleston Square London SW1V 1PX 

Ref: 09360/0067 



## **Sylvia Waddilove Foundation UK** 

## **Year ended 31[st] December 2021** 

|**CONTENTS**||
|---|---|
|Trustees' annual report|1|
|Independent Examiner’s report|10|
|Statement of financial activities|12|
|Balance sheet|13|
|Principal accounting policies and Notes to the Accounts|14|





## **Sylvia Waddilove Foundation UK** 

## **Year ended 31[st] December 2021 The Trustees’ Annual Report** 

The Trustees present the annual report and financial statements of the Sylvia Waddilove Foundation UK for the period ended 31[st] December 2021. 

The financial statements have been prepared in accordance with the accounting policies set out on pages 15-17 and comply with the Foundation’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 Ireland (FRS 102) (effective 1 January 2019). 

**Name:** Sylvia Waddilove Foundation UK **Charity Registration Number:** 1118097 **Principal Address:** 84 Eccleston Square London SW1 1PX **Trustees:** Gerald Kidd Peter Spencer Christopher Perkins _(12.07.2022)_ **Bankers:** CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA **Solicitors:** Pothecary Witham Weld 84 Eccleston Square London SW1V 1PX **Independent Examiner:** Kreston Reeves LLP Second Floor 168 Shoreditch High Street London E1 6RA **Investment Managers:** Standard Bank Melville Douglas 47-49 La Motte Street St Helier Jersey JE4 8XR Tilney _(now Evelyn Partners)_ Royal Liver Building Pier Head Liverpool L3 1NY 

1 



## **Structure, Governance and Management** 

Miss Sylvia Hermione Waddilove died in Switzerland in 2001. Although she lived abroad, she supported many charities carrying on activities in the United Kingdom. 

The Executors of her Will established the Foundation by a Trust Deed dated 12 April 2006. The objects of the Trust Deed reference the charitable purposes expressed in Miss Waddilove’s Will and have regard to those purposes she favoured during her lifetime. 

The Foundation’s income, and also capital when appropriate, is applied in making grants in pursuance of the Foundation’s objectives which are set out in the Trust Deed and also summarised below. 

The Trustees engage Pothecary Witham Weld to administer the Foundation on a day to day basis, whilst retaining control of all final and financial decisions. 

Trustees are nominated and appointed by the serving Trustees. 

## **Objectives and Activities** 

The Trust Deed provides that the Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of, such exclusively charitable purposes in any part of the world as the Trustees may in their absolute discretion think fit in particular but without prejudice to the generality of the foregoing for the following purposes: 

- a) The advancement of education through: 

   - i) the promotion of the study and appreciation of organic farming; and ii) the promotion of the study and appreciation of animal husbandry especially with a view to limiting animal cruelty; 

- b) The assistance of students or prospective students who are in financial difficulty in matters relative to their education; 

- c) The relief of disabled and handicapped persons; 

- d) The provision of accommodation for those in need; 

- e) The promotion of the care, welfare and wellbeing of children; 

- f) The relief of the sick and the promotion of medical research and the dissemination of any results of such research; 

- g) The advancement of education in veterinary science, veterinary medicine, animal surgery and animal welfare; the promotion of research into animal welfare and the dissemination of any results of such research; the provision of 

2 



medical care to and the relief of suffering in animals; and the protection of animals; and 

- h) The advancement of the education of the public in the understanding and appreciation of the arts in general, and contemporary visual arts in particular, and the preservation for the public benefit of buildings of particular beauty or historical, architectural or constructional interest. 

The Foundation operates as a grant-making charity and the Trustees’ policy is to seek to distribute the income arising each financial year, together with capital where appropriate. 

The Trustees have regard to the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and determining the recipient of grants. 

## **Grant-making policy** 

The COVID 19 pandemic continued to affect the Foundation and the organisations it seeks to support throughout 2021.  As a result the Foundation continued operating the COVID Emergency Fund, initially established in 2020, until the summer of 2021. 

The Emergency Fund was set up with the intention to help small to medium sized organisations who were struggling to manage the financial impact of COVID, either because of increased demand for their services or loss of income. The Emergency Fund was targeted at organisations in a critical position, who were struggling to survive or function. Grants were for a set amount of £1,000. 

In accordance with the Trust Deed, emergency grants were available to organisations working in the following categories: 

- Education (relating to organic farming, animal husbandry, veterinary science, animal welfare and animal surgery) 

- Visual and performing arts 

- Medical Research 

- Relief of disability and severe illness 

- Accommodation of those in need 

The trustees removed the “preservation of buildings of architectural or historical significance” category from the scope of the emergency fund. This was on the basis that building projects of this type did not have an immediate social impact and in many cases such projects could be put on hold and staff furloughed where necessary. 

The Trustees imposed a blanket income threshold limit of £500,000 and a reserves limit of £100,000 in order to target small to medium sized organisations. The Trustees also allowed applications for revenue type costs and expenses insofar as these related to COVID. 

3 



The Trustees held four Emergency Fund meetings between January and June 2021. After this the Trustees made the decision to run the Emergency Fund concurrently with the Main Fund programme in order to provide relief to those organisations left struggling after government assistance was withdrawn. In total the trustees met 6 times in 2021 to consider Emergency Fund Applications before closing the Emergency Fund in October 2021. 

The Foundation’s Main Fund programme seeks to provide grants to charities, CIC’s, Registered Societies and individuals undertaking medical research. The Trustees set a series of income thresholds from £500,000 to £3,000,000, depending on the charitable purpose to which the application relates. 

The Foundation distributes grants in the following funding categories which are based on the objectives set out in its Trust Deed: 

- Education (relating to organic farming, animal husbandry, veterinary science, animal welfare and animal surgery) 

- Visual and performing arts 

- Medical Research 

- Relief of disability and severe illness 

- Preservation of buildings of architectural or historical significance 

- Accommodation of those in need 

During 2021 the Trustees met twice to consider Main Fund applications. Grants awarded at these meetings ranged from £500 to £5,000. 

The Trustees favour innovative projects that are less than 5 years old. Applicants must demonstrate that their projects are of a capital nature to ensure that the Foundation delivers lasting public benefit. 

Project costs can be significantly higher than the grant awarded by the Trustees. The Trustees need to be satisfied that a project is realistically deliverable before they award a grant. Applicants who can demonstrate a successful history of projects and have fundraised will be favoured. The Trustees may decide to award a pledge if they feel that an applicant has not raised sufficient funds or if there is a risk that a project will not be delivered. In these cases, the grant is subject to fulfilment of specific criteria. 

As well as lasting benefit, applicants must demonstrate that a reasonable number of beneficiaries will benefit from the project. The beneficiaries must be primarily in the UK. 

Applicants for grants must follow the application process, which is detailed on the Foundation’s webpage. The process requires applicants to complete an online application form detailing their charitable objectives, project aims, budget and financial means. The Trustees only consider applications that have been submitted within the application window which is usually opened in the month preceding a meeting. 

4 



The Trustees will not generally consider applicants who have applied within two years of a previous application. However, the Trustees determined that this would not apply to those organisations which had applied for Emergency Fund Grants. 

Final decisions to award grants will normally be made at Trustee meetings. Before any grant is paid, applicants are subjected to a financial and web-based assessment. Recipients of grants are required to sign a formal receipt. For grants over a set value, successful applicants are required to accept specific terms which ensure that the grant will be used for the intended purposes. Almost all applicants will be monitored using the Foundation’s standard reporting form. Where relevant, the Trustees request copies of receipts for expenditure. In some cases, the payment of a grant may be subject to the recipient first meeting certain conditions. 

During 2021 the Trustees re-opened the Allocated Grant Programme (“AGP”). The Trustees allocate a separate budget to advance one of the charitable purposes of the Foundation. The Trustees decide which charitable purpose to favour and then research potential applicants. 

During 2021 the Trustees invited a series of mental health charities to submit applications for grants valued between £25,000 - £30,000. In 2021 the Trustees awarded at total of £100,000 to four mental health charities operating within the UK. 

## **Achievements and Performance** 

The Trustees received 189 (2020:271) Emergency Fund applications during the year, made 78 (2020:115) Emergency Fund grants and made no Emergency Fund pledges (2020:0). 

The Trustees also received 50 (2021:50) Main Fund applications during the year, made 26 (2021:26) Main Fund grants and one pledge (2021:1). These figures cannot be compared to the previous year owing to the introduction of the emergency fund. 

The Trustees received 9 (2021: 9) applications for the AGP during the year, made 4 (2021:4) AGP grants of £25,000 each. These figures cannot be compared to the previous year owing to the suspension of the AGP in 2020. 

The Trustees made provision for grants totalling £252,500 (2020: £153,400) in grants. 

In relation to the Emergency Fund the Trustees supported a diverse range organisations. Most applications were received in the Relief of Disability and Severe Illness category, followed by the Visual and Performing Arts category. 

In relation to the Main Fund the Trustees supported a diverse range of organisations with most applications in the Medical Research funding Category. 

5 



## **What the beneficiaries say** 

The Trustees continued to monitor grants paid in 2020 as well as those paid in the reporting year. Selected comments from 2020’s grant making cycle and the 2021 Emergency Fund are reported below: 

## Emergency Grants awarded in 2020: 

- The Trustees awarded an Emergency Grant to _Harper Asprey Wildlife Rescue_ to enable the charity to continue its lifesaving work rescuing and rehabilitating injured wildlife throughout the COVID pandemic. The grant helped to cover the cost of additional PPE and social distancing screens. 

- _Unexpected Places_ is a touring theatre company whose income dropped by 93% during the COVID pandemic. The Foundation was able to award a grant of £1,000 to help meet the theatre’s critical costs whilst restrictions eased and the theatre returned to theatre sessions for over 500 children. 

- The Foundation was able to help _Solent Youth Action_ support vulnerable young people when they needed it most during the COVID pandemic. The Foundation provided funding to establish an online youth club for over 18 year olds with disabilities who were prevented from attending vital face to face support sessions during the pandemic. 

- The Trustees awarded an Emergency Grant to _The Shrewsbury Ark_ , an organisation which supports individuals who are homeless transition into new accommodation and reduce the numbers who return to the streets. The COVID pandemic dramatically increased demand for this organisation’s services whilst also reducing their usual income. The Foundation’s grant was able to provide funding for basic household equipment to those transitioning into new accommodation. 

## Grants awarded in 2021: 

- _Tyler’s Trust_ is a charity which supports seriously ill children and their families by providing support days, hospital hygiene packs and gift boxes. The Foundation was able to provide a grant for new laptops and software licences enabling charity workers to continue supporting those most in need safely via virtual and non-contact means. 

- The Trustees awarded a grant to the _Hubbub Theatre Company_ enabling them to safely provide 16 Actor Training sessions to learning disabled performers providing them with a lifeline of human connection. 

- _Pathways for All People_ is a charity which provides safe accommodation to individuals recovering from lives of substance abuse. To meet increased need during the COVID pandemic the organisation opened 3 new houses. The Trustees awarded a grant to cover the organisations core costs to enable them to continue housing their vulnerable beneficiaries. 

6 



- The Trustees awarded a grant of £3,000 to the _Springhead Trust Limited_ to enable them to preserve and improve the energy efficiency of the 18[th] century grade II listed mill building from which the organisation runs an environmental and arts centre in North Devon. 

- The Foundation was able to help _Oxford City Farm_ expand their operations by awarding a grant of £2,000 to provide proper safe fencing to protect their animals. The organisation provides opportunities for people of all ages and backgrounds to engage with farming, nature and each other. 

The Trustees’ strategy to spend income and capital (of up to 5% a year) continued in this year and is set to continue for the following year. 

## **Financial Review/Reserves Policy** 

The Trustees have presented the Statement of Financial Activities with the total of unrestricted funds split between capital and income. 

During the year, the Trustees continued to invest funds in the Foundation’s portfolios with Standard Bank and Tilney whilst also retaining an account with the Epworth Investment managed Affirmative Deposit fund, which has performed well to date. 

The unrestricted ‘capital’ fund represents the total capital available at the start and end of the year. The ‘income’ fund represents the income and expenditure throughout the year, except for those costs directly attributable to, and paid directly out of capital funds such as investment management fees. At the year end there are unrestricted reserves of £2,839,117 (2020: £2,800,169). 

Incoming resources totalled £115,451 in the year (2020: £52,944). Resources expended totalled £362,355 (2020: £259,520). £300,000 has been transferred (2020: £210,000) from capital to balance the deficit arising on the income account and enable to pay all the awarded grants. 

The Trustees are of the opinion that the current liquidity of the Foundation’s funds provides sufficient flexibility to cover temporary shortfalls in incoming resources and meet its objectives adequately. 

The Trustees are satisfied that the Foundation’s objectives have been met during this period and the use of the Foundation’s funds towards its charitable purposes is appropriate. 

## **Investment Policy** 

There are no restrictions on the Foundation’s power to invest. The investment strategy is set by the Trustees and takes into account income requirements, the decided risk profile and the appointed investment managers’ advice on market prospects in the medium term. The overall investment policy will be to maximise total return through diversified portfolios, aiming to provide the level of income required by 

7 



the Trustees and, at the same time, with a view to ensuring that capital appreciation of the funds exceeds inflation in the medium term. 

The Trustees meet with both the investment managers twice in 2021. 

## **Risk Management** 

The Trustees have identified and recorded in their annual risk assessment the risks to which the Foundation is exposed and have implemented systems to mitigate those risks.  The principle risk faced by the Foundation is the under-performance of investments. 

The Trustees consider the major financial risk to be the variability of returns on their investments. This is mitigated by retaining expert investment managers and having a diversified portfolio. 

The major operational risk faced by the Foundation is the misuse of grant funding by recipients. The Trustees manage this risk by their phased assessment of applicants and by scheduled monitoring. 

## **Future Plans** 

The biggest associated risk to the Foundation continues to be a drop in income and a reduction in the value of its investments. At the time of signing the accounts, the Foundation’s investment advisers are cautiously monitoring the markets with a view to preserving and growing the Foundation’s investments. 

## **Trustees’ Responsibilities in relation to the financial statements** 

The charity trustees are responsible for preparing the trustees’ annual report and 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 and Wales requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. 

In preparing accounts that give a true and fair view, the Trustees are required to: 

1. Select suitable accounting policies and then apply them consistently; 

2. Observe the methods and principles in the applicable Charities SORP; 

3. Make judgements and estimates that are reasonable and prudent; 

4. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

8 



5. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation. 

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy, at any time, the financial position of the Foundation and which enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Foundation and for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the Foundation’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. 

## **Signed on behalf of the Trustees by Gerald Kidd (Trustee)** 


## **Dated:    3 November 2022** 

9 



## **Independent Examiner's Report** 

## **Trustees of the Sylvia Waddilove Foundation UK** 

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2021 set out on pages 12 to 25. 

## **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 2019. 

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. 

10 



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. 


Stephen Tanner BSc (Econ) FCA Kreston Reeves LLP Second Floor 168 Shoreditch High Street London E1 6RA 

Dated:  4 November 2022 

11 



## **Sylvia Waddilove Foundation UK** 

## **Statement of Financial Activities Year ended 31 December 2021** 

|||Unrestricted Funds|Unrestricted Funds|Unrestricted Funds|||||
|---|---|---|---|---|---|---|---|---|
||**_Notes_**|Income||Capital||Total funds||Prior year<br>funds|
|||**£**||**£**||**£**||**£**|
|**Income and endowments**<br>**from:**|||||||||
|Bequests and legacies||-||70,811||<br>70,811||-|
|Investment income|_1_|44,640||-||44,640||52,944|
||||||||||
|**Total**||**44,640**||**70,811**||**115,451**||**52,944**|
||||||||||
|**Expenditure on:**|||||||||
||||||||||
|Raising funds|_2_|-||20,440||20,440||18,362|
||||||||||
|Charitable activities|_3, 4_|341,915||-||341,915||241,158|
||||||||||
|**Total**||**341,915**||**20,440**||**362,355**||**259,520**|
||||||||||
|Net gains/(losses) on<br>investments||-||285,852||285,852||63,357|
|**Net income/(expenditure)**||**(297,275)**||**336,223**||**38,948**||**(143,219)**|
||||||||||
|**Transfers between funds**||300,000||(300,000)||-||-|
||||||||||
|**Net movement in funds**||**2,725**||**36,223**||**38,948**||**(143,219)**|
||||||||||
||||||||||
|**Reconciliation of Funds:**|||||||||
||||||||||
|**Total funds brought forward**||**4138**||**2,796,031**||**2,800,169**||**2,943,388**|
||||||||||
|**Total funds carried forward**||**6,863**||**2,832,254**||**2,839,117**||**2,800,169**|
||||||||||



12 



## **Sylvia Waddilove Foundation UK** 

## **Balance Sheet** 

## **As at 31 December 2021** 

||||**Total funds**|||**Prior year**<br>**funds**|
|---|---|---|---|---|---|---|
||||**£**|||**£**|
||**_Notes_**||||||
|**Fixed assets**|||||||
||||||||
|Investments|_5_|2,783,708|||2,708,257||
||||||||
|**Total fixed assets**|||**2,783,708**|||**2,708,257**|
||||||||
|**Current assets**|||||||
||||||||
|Debtors|_6_|-|||766||
||||||||
|Cash at bank and in hand|_7_|146,223|||95,406||
||||||||
|**Total current assets**||**146,223**|||**96,172**||
||||||||
|**Creditors:**|||||||
||||||||
|Amounts falling due within<br>one year|_8_|90,814|||4,260||
||||||||
||||||||
|Net current assets/(liabilities)|||55,409|||91,912|
||||||||
||||||||
|**Total assets less current**<br>**liabilities**|||**2,839,117**|||**2,800,169**|
||||||||
||||||||
|**Total net assets**|||**2,839,117**|||**2,800,169**|
||||||||
||||||||
|**Funds of the Charity**|||||||
|Unrestricted funds|_9_||2,839,117|||2,800,169|
||||||||
||||||||
||||||||
|**Total funds**|||**2,839,117**|||**2,800,169**|
||||||||
||||||||



The Financial statements were approved by the Trustees on 3 November 2022 


Gerald Kidd 

13 



## **Sylvia Waddilove Foundation UK** 

## **Principal Accounting Policies and Notes to the Accounts** 

## **Accounting Policies** 

The accounts have been prepared under the historical cost convention modified to include the revaluation of fixed asset investments. 

## **a) Basis of preparation and assessment of going concern** 

The financial statements have been prepared in accordance with the accounting policies set out on pages 15-17 and comply with the Foundation’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 Ireland (FRS 102) (effective 1 January 2019). 

The trust constitutes a public benefit entity as defined by FRS102. 

The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management section of the trustees' annual report for more information). 

Whilst the impact of the COVID-19 pandemic has been assessed by the Trustees, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustees believe that the Charity will be able to continue in operational existence for the foreseeable future. 

## **b) Funds structure** 

The charity funds are wholly unrestricted and comprise an income and capital fund. The capital fund is expendable and is invested to provide income which the Trustees are free to use in furtherance of the charitable objects. 

## **c) Incoming recognition** 

Incoming resources are recognised in the period in which the Foundation has entitlement, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Dividend income is taken into account by reference to the date on which the charity is entitled to receipt. Interest on funds held on deposit is included when receivable 

14 



and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. 

## **d) Expenditure recognition** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation as a result of a past event, it is more than likely that settlement will be required and the amount of the obligation can be measured reliably. 

All expenditure is accounted for on an accruals basis. 

Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which had not been met at the year-end are noted as a commitment, but not accrued as expenditure. 

Support costs have been allocated between governance costs and other support costs.  Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs also relate to statutory audit and legal fees. Support costs relating to the cost of grant making have been apportioned based on the number of individual grant awards made in recognition that the administrative costs of awarding, monitoring and assessing grants across all categories is broadly equivalent. The allocation of support and governance costs is analysed in note 4. 

## **e) Costs of raising funds** 

The costs of raising funds consist of investment management costs. 

## **f) Fixed asset investments** 

Fixed asset investments are initially recognised at the transaction value and subsequently at fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities include the net gains and losses arising on revaluation and disposals throughout the year. 

Realised and unrealised gains (or losses) are credited (or debited) to the Statement of Financial Activities in the year in which they arise. 

## **g) Realised gains and losses** 

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening value or their purchase value if acquired after the first day of the accounting year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. 

15 



## **h) Taxation** 

The Foundation is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities as they fall within the exemptions available to registered charities. 

## **i) Foreign Currency Accounting Policy** 

The Foundation adopts Sterling as its base currency. Investments and funds held in other currencies are converted into their Sterling equivalent at quarterly valuation dates using exchange rates agreed by the Foundation’s investment managers. Exchange rate variances are taken to the statement of financial activities on the date when the transaction takes place. 

## **j) Related party transactions and trustees' expenses and remuneration** 

The trustees all give their time and experience freely to the Foundation without any form of personal remuneration. One of the trustees, Gerald Kidd, is a partner in the firm Pothecary Witham Weld which provides legal advice and administration services to the Foundation. Fees during the year totalled £78,388 (2020: £91,620) 

There were no expenses paid to trustees in the year (2020: £Nil). 

## **1. Incoming Resources** 

||**2021**<br>**£**|**2020**<br>**£**|
|---|---|---|
||||
|Dividends|44,616|51,882|
|Interest|24|290|
|Tax reclaimed|-|772|
||||
||**44,640**|**52,944**|



## **2. Cost of generating funds** 

||**2021**<br>**£**|**2020**<br>**£**|
|---|---|---|
|Investment management fees & exchange losses|**20,440**|**18,362**|



16 



## **3. Analysis of expenditure on charitable activities** 

|**Grants payable**|||
|---|---|---|
|Commitments made in the year<br>Grants no longer required/ withdrawn<br>Payable in the year<br>Grant making support costs_(note 4)_<br>Grants paid in the year<br>Commitments as at 31 December 2021|**2021**<br>**£**|**2020**<br>**£**|
||252,500|153,400|
||-|(6,435)|
||**252,500**|**146,965**|
||**32,141**|**36,816**|
||**284,641**|**183,781**|
||**179,000**|**146,965**|
||**73,500**|**-**|



## **Analysis of grant making programme** 

||**Institutional**<br>**Grants**<br>**£**|**Support**<br>**Costs**<br>**£**|**Total 2021**<br>**£**|**Total 2020**<br>**£**|
|---|---|---|---|---|
|Allocated Grant<br>Programme|100,000|12,729|112,729|-|
|Education|9,500|1,209|10,709|20,460|
|Visual and<br>Performing Arts|27,500|3,500|31,000|69,936|
|Medical Research|50,000|6,365|56,365|16,740|
|Relief of disability<br>and severe illness|51,000|6,492|57,492|70,680|
|Preservation of<br>buildings|10,500|1,337|11,837|5,580|
|Accommodation of<br>those in need|4,000|509|4,509|6,820|
||**252,500**|**32,141**|**284,641**|**190,216**|



17 



Support costs relating to the cost of grant making are allocated between programmes proportionally based on the value and number of grants made. 

From time to time the trustees authorise certain grants which are subject to the recipient fulfilling certain conditions. These pledges are ‘active’ for 4 years from the date they are issued. One pledge was made in 2021 to Muscular Dystrophy UK for £2,500. The total amount authorised but not accrued as expenditure at 31 December 2021 was £41,000. This amount was constituted as follows: 

||**(£)**|
|---|---|
|Hopefield Animal Sanctuary|1,000|
|Scropton Ridingfor the Disabled Centre|5,000|
|Good News FamilyCare(Homes)Ltd|5,000|
|Tolpuddle Old Chapel Trust|4,000|
|Above and Beyond|3,000|
|Meanwood ValleyUrban Farm|5,000|
|Bourne Foundation|3,500|
|Hearth Historic Buildings(Riddles Warehouse)AGP|12,000|
|Muscular DystrophyUK|2,500|
|**Total**|**41,000**|



## **Grants awarded during the period ended 31 December 2021 but not paid out as a result of paperwork delays and COVID/lockdown:** 

||**(£)**|
|---|---|
|Haworth Riding for the Disabled|3,500|
|MENCAP|25,000|
|Hogarth House|5,000|
|Oxford City Farm|2,000|
|Sudden Productions|1,000|
|The Primary Shakespeare Company|1,000|
|Reach Inclusive Arts|1,000|
|Prostate Cancer Research|2,500|
|Children’s Heart Surgery Fund|2,500|
|Animal Free Research UK|2,500|
|Motor Neurone Disease Association|2,500|
|The Macular Disease Society|2,500|
|Tommy's|2,500|
|RNID|2,500|
|Weston Hospicecare|2,000|
|CHOICE in Hackney|2,000|
|Together Dementia Support|2,500|
|St Clare West Essex Hospice Care Trust|2,000|
|Cornwall Hospice Care|2,000|
|The West of England MS Therapy Centre|2,000|
|Trinity Theatre & Arts Centre|3,500|
|**Total**|**73,500**|



18 



## **The Foundation made the following grants (by category and grant type) in the reporting period:** 

|**Education in organic farming and animal husbandry**|**Emergency**<br>**Fund (£)**|**Main**<br>**programme**<br>**(£)**|
|---|---|---|
|Alpacaly Ever After CIC|1,000||
|Glenview Farm Equine Learning Centre CIC|1,000||
|Cetacean Research & Rescue Unit|1,000||
|Will Tree Family Farm|1,000||
|South of Scotland Wildlife Hospital|1,000||
|The Millennium Farm Trust||2,500|
|Oxford City Farm||2,000|
|**Total**|**5,000**|**4,500**|
||||
|**Visual and performing arts**|**Emergency**<br>**Fund (£)**|**Main**<br>**programme**<br>**(£)**|
|Rage Arts|1,000||
|Regal Theatre|1,000||
|Make it Write CIC|1,000||
|David Dale Gallery & Studios|1,000||
|Jazz Hands CIC|1,000||
|Teatro Vivo|1,000||
|WorleWind Band|1,000||
|Y Ty Celf–The Art House Ltd CIC|1,000||
|TramShed Theatre Company|1,000||
|Theatre@41|1,000||
|Wayward Productions|1,000||
|Peer Productions|1,000||
|Red Dog Productions|1,000||
|Odd Eyes Theatre|1,000||
|BOOK Music and Lyrics|1,000||
|Pateley Bridge Dramatic Society|1,000||
|Next door but one CIC|1,000||
|Hubbub Theatre Company|1,000||
|Kingdom Theatre Company|1,000||
|Tin Roof Arts Collective|1,000||
|Bare Productions CIC|1,000||
|Head2Head Sensory|1,000||
|Sudden Productions||1,000|
|The Primary Shakespeare Company||1,000|
|Reach Inclusive Arts||1,000|
|Iris Theatre|500||
|The Bernard Leach (St Ives) Trust Limited|2,000||
|**Total**|**24,500**|**3,000**|



19 



|**Medical Research**|**Emergency**<br>**Fund (£)**|**Main**<br>**programme**<br>**(£)**|
|---|---|---|
|Sunbeams Play|1,000||
|Tyler's Trust|1,000||
|Ability North London|1,000||
|North Tyneside Disability Forum Ltd|1,000||
|The Woodland Centre Trust|1,000||
|Berkshire Vision|1,000||
|Us in a Bus|1,000||
|Yad Voezer Day Centre Limited|1,000||
|RDA Abingdon Group|1,000||
|Sussex Association for Spina Bifida & Hydrocephalus|1,000||
|Bridge the Gap Mental Health CIC|1,000||
|Positive Futures Well Being Services CIO|1,000||
|Age Concern Colchester and North East Essex|1,000||
|The Thomas Morley Trust aka the Disabled Sailors<br>Association|1,000||
|Dancing for Well-Being Community Interest Company|1,000||
|Music24|1,000||
|Race Against Multiple Sclerosis (RAMS)|1,000||
|Yorkshire's Brain Tumour Charity|1,000||
|Stroke Association||3,000|
|Griffin Institute||4,000|
|Crohn's & Colitis UK||5,000|
|Prostate Cancer Research||2,500|
|Children’s Heart Surgery Fund||2,500|
|Muscular Dystrophy UK||2,500|
|Animal Free Research UK||2,500|
|Motor Neurone Disease Association||2,500|
|The Macular Disease Society||2,500|
|Tommy's||2,500|
|RNID||2,500|
|**Total**|**18,000**|**32,000**|



|**Relief of disability and illness**|**Emergency**<br>**Fund (£)**|<br>**Main**<br>**programme**<br>**(£)**|
|---|---|---|
|Axminster and Lyme Cancer Support|1,000||
|The KidsAid Foundation|1,000||
|Maendeleo CIC|1,000||
|Your Future Education CIO|1,000||
|Haemochromatosis UK|1,000||
|The Lewis Foundation|1,000||
|Disability Advice Service (East Suffolk)|1,000||
|Entrust Care Partnership C.I.C|1,000||



20 



|A Breath for Life Children's Charity|1,000||
|---|---|---|
|Sandwell Deaf Community Association|1,000||
|Headway West London|1,000||
|Helping Angels Charitable Association|1,000||
|Berkshire Autistic Society (working name Autism<br>Berkshire)|1,000||
|Ebor Vale Riding for the Disabled|1,000||
|Mid Devon Mobility|1,000||
|Tonic Music for Mental Health|1,000||
|The London Reading Centre|1,000||
|OXSRAD|1,000||
|Headway Lincolnshire|1,000||
|Restore Support Network|1,000||
|The HealthBus Trust|1,000||
|Lucy Air Ambulance for Children|1,000||
|Sam's Diamonds Cancer Support|1,000||
|Hospice AID UK|1,000||
|The Peasholme Centre, York (Known as Peasholme<br>Charity)|1,000||
|Crossfire Trust|1,000||
|Pathways for all people|1,000||
|Lifeline Harrogate Ltd|1,000||
|The Movement Centre|1,000||
|Cherry Orchard Garden Services|1,000||
|Shropshire Peer Counselling & Advocacy Service|1,000||
|Headway Salisbury & South Wiltshire|1,000||
|Newry City Afc Special Olympic Club|1,000||
|InterAct Stroke Support||2,000|
|Haworth Riding for the Disabled Group||3,500|
|Weston Hospicecare||2,000|
|CHOICE in Hackney||2,000|
|Together Dementia Support||2,500|
|St Clare West Essex Hospice Care Trust||2,000|
|Cornwall Hospice Care||2,000|
|The West of England MS Therapy Centre||2,000|
|**Total**|**33,000**|**18,000**|



|**Preservation of buildings**|**Emergency**<br>**Fund (£)**|**Main**<br>**programme**<br>**(£)**|
|---|---|---|
|The Springhead Trust Limited||3,000|
|Trinity Theatre & Arts Centre||2,500|
|Hogarth House||5,000|
|**Total**|**-**|**10,500**|



21 



|**Accommodation for those in need**|**Emergency**<br>**Fund (£)**|<br> <br>**Main**<br>**programme**<br>**(£)**|
|---|---|---|
|Southern Domestic Abuse|-|4,000|
|**Total**|**-**|**4,000**|



|**Allocated Grant Programme**|**(£)**|
|---|---|
|MENCAP|25,000|
|Mind|25,000|
|Alzheimer’s Society|25,000|
|Young Minds|25,000|
|**Total**|**100,000**|



## **4. Analysis of support costs** 

||**Institutional**<br>**grants**<br>**£**|**Total 2021**<br>**£**|**Total 2020**<br>**£**|
|---|---|---|---|
|Cost of grant making|32,141|32,141|36,816|
|Governance costs (see<br>below)|57,168|57,168|57,050|
|Other professional costs|-|-|-|
|||||
|Other Costs|107|107|327|
||**89,416**|**89,416**|**94,193**|



## **Governance Costs:** 

|Pothecary Witham Weld fees|54,804|54,804|
|---|---|---|
||||
|Independent examination fee|2,160|2,160|
||||
|Trustee meeting expenses|-|-|
||||
|Bank charges|204|86|
||**57,168**|**57,050**|



22 



## **5. Fixed Asset Investments** 

||**Listed**<br>**investment**<br>**£**|**Cash Held**<br>**£**|**Total**<br>**£**|**2020**<br>**£**|
|---|---|---|---|---|
|**Carrying value at**<br>**beginning of year**|2,701,944|6,313|2,708,257|2,873,336|
|Additions to investments<br>at cost|525,476|28,670|554,146|541,154|
|Disposals at market value|(762,374)|-|(762,374)|(721,284)|
|Net gain/ (loss) on<br>revaluation|283,679|-|283,679|15,051|
||||||
|**Carrying value (market**<br>**value) at end of year**|**2,748,725**|**34,983**|**2,783,708**|**2,708,257**|
||||||
|Historical Cost|1,837,245|34,983|1,872,228|1,884,492|



## **Material Investments** 

Included in the above is the following investment, which represents greater than 5% of the total market value. 

||**Cost**|**Market Value**|
|---|---|---|
|Alphabet Inc|£29,080|£139,078|
|Microsoft Corp Com USD|£10,354|£150,279|
|Invesco|£166,226|£201,482|
|M&G Guernsey|£128,467|£147,481|



Investment transactions on the Foundation's Standard Bank Euro and Dollar deposit accounts gave rise to net loss of £1,881 (2020: gain of £260). The loss arose from fluctuations in the exchange rate whilst funds were held in deposit accounts, and form part of any gain or loss on the acquisition, disposal or revaluation of investments. 

23 



## **Investments at market value comprise:** 

||**2021**<br>**£**|**2020**<br>**£**|
|---|---|---|
|Listed investments|2,748,725|2,701,944|
|Cash|34,983|6,313|
||**2,783,708**|**2,708,257**|



Cash is also invested in the Epworth Deposit fund, detailed at note 7 below. 

## **6. Debtors** 

|**6. Debtors**|||
|---|---|---|
||**2021**<br>**£**|**2020**<br>**£**|
|HMRC tax reclaim|-|766|
||**-**|**766**|



## **7. Cash at bank and in hand** 

||**2021**<br>**£**|**2020**<br>**£**|
|---|---|---|
|Standard Bank (Melville) earnings account|-|-|
|Deutsche Bank (Tilney) earnings account|205|1,358|
|Pothecary Witham Weld Client Account|18,057|7,474|
|CAF Bank|89,815|48,435|
|Epworth Affirmative Deposit|38,146|38,139|
||**146,223**|**95,406**|



24 



## **8. Creditors** 

|**8. Creditors**|||
|---|---|---|
||**2021**<br>**£**|**2020**<br>**£**|
|Pothecary Witham Weld fees|15,154|-|
|Independent Examination fee|2,160|4,260|
|Grants approved not yet paid (awaiting bank details)|73,500|-|
||**90,814**|**4,260**|



## **9a.  Summary of funds – Current Year** 

||**Brought**<br>**forward**|**Incoming**<br>**resources**|**Resources**<br>**expended**|**Gains /**<br>**(losses)**|**Transfers**|**Carried**<br>**forward**|
|---|---|---|---|---|---|---|
|Unrestricted<br>capital fund|2,796,031|70,811|(20,440)|285,852|(300,000)|2,832,254|
|Unrestricted<br>income<br>fund|4,138|44,640|(341,915)|-|300,000|6,863|
||**2,800,169**|**115,451**|**(362,355)**|**285,852**|**-**|**2,839,117**|



## **9b.  Summary of funds – Prior Year** 

||**Brought**<br>**forward**|**Incoming**<br>**resources**|**Resources**<br>**expended**|**Gains /**<br>**(losses)**|**Transfers**|**Carried**<br>**forward**|
|---|---|---|---|---|---|---|
|Unrestricted<br>capital fund|**2,961,111**|**-**|**(18,362)**|**63,357**|**(210,000)**|**2,796,106**|
|Unrestricted<br>income<br>fund|**(17,723)**|**52,944**|**(241,158)**|**-**|**210,000**|**4,063**|
||**2,943,388**|**52,944**|**(259,520)**|**63,357**|**-**|**2,800,169**|



25