REGISTERED CHARITY NUMBER: 1121928
The Danson Foundation
Unaudited Financial Statements
31st December 2021
SD-0206541-1-6
The Danson Foundation
Contents of the Financial Statements for the year ended 31st December 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 14 |
| Detailed Statement of Financial Activities | 15 |
The Danson Foundation
Report of the Trustees for the year ended 31st December 2021
The trustees present their report with the financial statements of the charity for the year ended 31st December 2021. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims
The charity's objectives are to apply the income of the trust for the purposes that are exclusively charitable in accordance with the laws of England and Wales. The policies adopted in furtherance of these objectives are at the discretion of the trustees and there has been no change in these during the year.
The aim of the Foundation is to contribute to the quality of life of people by providing grants, loans and nonmonetary support to individuals, institutions and organisations.
The objectives for the year are set out with a view to reviewing and processing applications from individuals and institutions, maintaining a balanced programme and funding projects approved by the board.
The Foundation looks to achieve its strategic aims and carry out its operational objectives of the year through review of all application of grants from individuals and institutions.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Social investments
Details for the charities social investments are included in note 11 to the financial statements.
Grantmaking
Details for the charity's grant making activities are included in note 5 to the financial statements.
ACHIEVEMENT AND PERFORMANCE
The board of trustees are satisfied with its achievements and performance during the year.
FINANCIAL REVIEW
The Foundation received £64,499 income from its investments during the year. The net movement on funds for the year resulted in a deficit of £521,126 leaving total funds, comprising entirely of the unrestricted general fund, of £6,229,197 at 31 December 2021. The deficit primarily arose due to a strategic decision to maintain a high level of grant making to support charitable organisations and deserving causes throughout the COVID19 pandemic despite the limited returns from the investment portfolio during the year. During the year the Chief Executive Officer left the charity, so grant making decisions have temporarily been transferred to the board of trustees.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level capable of generating income equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Principal financial risks and uncertainties include:
-
investment risk, which is managed by regular investment strategy reviews conducted by the investment managers.
-
default risk on social investments, which is managed by the trustees' assessment procedures, credit checking and ongoing monitoring.
Given the significance of the charity's investment portfolio the main factor likely to impact on the future financial performance and position of the charity is the continuing volatility of investment markets.
Page 1
The Danson Foundation
Report of the Trustees
for the year ended 31st December 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is an unincorporated trust, constituted under a trust deed dated 12 November 2007 and is a registered charity.
Recruitment and appointment of new trustees
The trustees are appointed by the Board of Trustees and shall consist of such individuals, who in the opinion of the board are interested in the aims and objectives of the trust and who shall be approved and admitted as members. The Trust Deed provides for a minimum of 3 trustees. Each trustee is entitled to hold office for two years, after which period they may put themselves forward for reappointment.
Organisational structure
The Board of Trustees, administers the charity. The board meets at least twice a year and they agree broad strategy and areas of activity for the Foundation, including consideration of grant making, investment, reserves and risk management policies and performance.
Induction and training of new trustees
New trustees meet key officers and trustees, receive a brief history of the Foundation copy Board minutes, a copy of the annual report and accounts, a copy of the governing trust deed and are supplied with charity commissions guidance' The essential trustee: What you know and 'Charities and public Benefit' and encouraged to visit the Charity commissions website for information and attend appropriate external training events.
Risk management
The trustees have assessed the major risks to which the charity is exposed. It has sought advice from external sources to put in place a structure to strengthen its financial, management and operational activities and to ensure up to date accounting and to avoid inappropriate and unsuitable spending. The trustees are satisfied that systems are in place to mitigate exposure to the major risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1121928
Principal address
John Carpenter House John Carpenter Street London EC4Y 0AN
Trustees
M Danson Mrs H M Danson Miss E R E Danson
Unless otherwise stated the above trustees served during the whole of the year and to the date of approval of this report.
Independent Examiner
Smailes Goldie Chartered Accountants Regent's Court Princess Street Hull East Yorkshire HU2 8BA
Page 2
The Danson Foundation
Report of the Trustees
for the year ended 31st December 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Investment managers
Deutsche Asset & Wealth Management Winchester House 1 Great Winchester Street London EC2N 2DB
Bankers
Coutts & Co 440 Strand London WC2R 0QS
Approved by order of the board of trustees on 20th October 2022 and signed on its behalf by:
M Danson - Trustee
Page 3
Independent Examiner's Report to the Trustees of The Danson Foundation
Independent examiner's report to the trustees of The Danson Foundation
I report to the charity trustees on my examination of the accounts of The Danson Foundation (the Trust) for the year ended 31st December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
-
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.
Stephen T Bramall BSc., FCA Smailes Goldie Chartered Accountants Regent's Court Princess Street Hull East Yorkshire HU2 8BA
20th October 2022
Page 4
The Danson Foundation
Statement of Financial Activities for the year ended 31st December 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Investment management costs 3 Charitable activities 4 Supporting charitable causes Internship programme Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 Unrestricted fund £ 64,499 39,353 504,336 106,301 649,990 64,365 (521,126) 6,750,323 6,229,197 |
2020 Total funds £ 138,727 38,469 906,863 77,863 1,023,195 (287,371) (1,171,839) 7,922,162 6,750,323 |
|---|---|---|
The notes form part of these financial statements
Page 5
The Danson Foundation
Balance Sheet
31st December 2021
| Notes FIXED ASSETS Investments Investments 10 Social investments 11 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
2021 2020 Unrestricted Total fund funds £ £ 5,891,409 5,827,044 6,971 6,971 5,898,380 5,834,015 - 2,249 338,810 924,840 338,810 927,089 (7,993) (10,781) 330,817 916,308 6,229,197 6,750,323 6,229,197 6,750,323 6,229,197 6,750,323 6,229,197 6,750,323 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 20th October 2022 and were signed on its behalf by:
M Danson - Trustee
The notes form part of these financial statements
Page 6
The Danson Foundation
Notes to the Financial Statements for the year ended 31st December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation and apportionment of costs
Costs that directly relate to specific charitable activities are allocated to that activity.
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and staff costs. They are incurred directly in support of expenditure on the objects of the charity and include project management and other central office costs. Where support costs cannot be directly attributed to particular headings they have been allocated to charitable activities on a basis consistent with use of the resources as determined by the trustees..
Social investments
Social investments are measured at the amount received or paid, with the carrying amount adjusted for any repayments and any accrued interest.
Taxation
The charity is exempt from tax on its charitable activities.
Page 7
continued...
The Danson Foundation
Notes to the Financial Statements - continued for the year ended 31st December 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
2.
3.
| INVESTMENT INCOME Dividends Loan interest INVESTMENT MANAGEMENT COSTS Investment management costs Portfolio management |
2021 £ 64,466 33 64,499 2021 £ 39,353 |
2020 £ 138,332 395 |
2020 £ 138,332 395 |
|
|---|---|---|---|---|
| 138,727 | ||||
| 2020 £ 38,469 |
4. CHARITABLE ACTIVITIES COSTS
| Support | ||||
|---|---|---|---|---|
| Grant funding of | costs (See | |||
| Direct costs | activities (See | note 6) | ||
| note 5) | Totals | |||
| £ | £ | £ | £ | |
| Supporting charitable causes | - | 450,330 | 54,006 | 504,336 |
| Internship programme | 29,717 | 62,071 | 14,513 | 106,301 |
| 29,717 | 512,401 | 68,519 | 610,637 |
Page 8
continued...
The Danson Foundation
Notes to the Financial Statements - continued for the year ended 31st December 2021
5. GRANTS PAYABLE
| Supporting charitable causes Internship programme The total grants paid to institutions during the year was as follows: Action Tutoring Anxiety UK Avenue PTA AYSO MDSA Barts Charity Income Boston Food Bank Beyond Blue CALM Camden Food Bank Chalk Farm Foodbank Chasing Rainbows Chelsea & Westminster City Harvest Civil De Estudios Colindale Food Bank Comite Int De La Compassion London Daily Bread Food Bank Dementia UK Dove House Hospice Dreamchasing Education Support Essex & Herts Grace House Community Centre Hammersmith Food Bank Highgate School Homeless Link Hull/York MIND Intensive Care Society J Mally Memorial Kangaroo Island Keshava Seva Samithi Lulu Dillon Mental Health Meryl Praill Millford & Vill NYC Food Bank Oak Lodge SFA Oakwood Dog Rescue Oasis Community Hub One Life One Tree P1F Ltd Papyrus |
2021 £ 450,330 62,071 512,401 2021 £ - 7,000 1,000 2,635 - - 4,078 3,000 - - 1,000 10,000 5,000 - 5,000 2,036 - 2,030 2,000 2,000 - - 1,000 3,600 - 150,000 - 2,000 10,000 1,033 - - - 5,000 - 2,000 - 3,000 2,000 - - - 10,000 |
2020 £ 829,735 57,123 886,858 2020 £ 3,500 - - - 24,500 3,296 5,912 44,916 1,500 2,000 - - - 232 1,500 - 3,900 - - - 4,500 20,000 - 13,938 2,000 25,000 2,100 - 4,000 - 10,060 36,286 2,500 - 4,000 - 12,951 - - 2,000 5,030 3,500 - |
|---|---|---|
The total grants paid to institutions during the year was as follows:
Page 9
continued...
The Danson Foundation
Notes to the Financial Statements - continued for the year ended 31st December 2021
5. GRANTS PAYABLE - continued
| Passion for Learning PEAS Pembroke Rd Church Place2be Friends Princess Trust Royal Free Charity Sai Seva Sangh San Fran Food Bank SANE Sea Shepherd Sealife Trust Shanti Mikethan Shaw MIND Sheffield Hospitals Small Steps Social Pantry Southampton Hospital Special Olympics International St Annes College St Francis School Syneos Health TATA Institute The Anna Freud Centre The Brain Tumour The Childhood Trust The Hygiene Bank The Old Vic Thin Green Line Foundation Tribe Freedom Foundation Twins Trust UCL Hospitals Charity Western Primary School Westminster School Whittington Hospital Willow Primary School Womens Trust WWF Youthnet UK Ltd ZSL |
- 3,500 1,000 232,749 - 2,000 - 5,000 - - 10,000 - 4,085 - - 5,691 3,000 - 5,000 - 20,000 - - 22,040 5,000 - - 105,204 2,000 - - 3,437 - 8,000 1,033 - 100,000 100,000 4,000 - - 900 - 3,293 10,000 - 1,000 - - 3,000 - 3,000 10,800 20,800 5,000 - 1,000 - 1,000 - - 10,000 - 2,000 20,000 - 10,000 - - 2,000 - 3,000 - 25,000 - 5,000 - 25,000 450,330 829,735 |
|---|---|
During the year 47 grants totalling £62,071 were paid to individuals under the foundation's intern programme (2020 - 42 grants totalling £57,123).
Page 10
continued...
The Danson Foundation
Notes to the Financial Statements - continued for the year ended 31st December 2021
6. SUPPORT COSTS
| Governance Management costs £ £ Supporting charitable causes 52,836 1,170 Internship programme 13,343 1,170 66,179 2,340 Support costs, included in the above, are as follows: 2021 Supporting charitable Internship Total causes programme activities £ £ £ Wages 51,036 12,760 63,796 Insurance - 583 583 Training 1,800 - 1,800 Bank charges - - - Examiners remuneration 1,170 1,170 2,340 54,006 14,513 68,519 |
Totals £ 54,006 14,513 68,519 2020 Total activities £ 94,361 698 - 469 2,340 97,868 |
|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2021 nor for the year ended 31st December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2021 nor for the year ended 31st December 2020.
8. STAFF COSTS
| Wages and salaries Social security costs Pension |
2021 £ 53,335 7,660 2,800 63,795 |
2020 £ 80,000 6,502 4,800 |
|---|---|---|
| 91,302 |
No employee earned above £60,000 in the year. In the comparative year one employee between £70,000 and £80,000.
The average number of employees in the year was 1 (2020: 1).
Page 11
continued...
The Danson Foundation
Notes to the Financial Statements - continued for the year ended 31st December 2021
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
The total income and expenditure reported in the Statement of Financial Activities for the year ended 31st December 2020 related to the unrestricted fund.
10. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1st January 2021 Revaluations At 31st December 2021 NET BOOK VALUE At 31st December 2021 At 31st December 2020 |
Listed investments £ 5,827,044 64,365 5,891,409 5,891,409 5,827,044 |
|---|---|
There were no investment assets outside the UK.
Cost or valuation at 31st December 2021 is represented by:
| Valuation in 2021 SOCIAL INVESTMENTS MARKET VALUE At 1st January 2021 and 31st December 2021 NET BOOK VALUE At 31st December 2021 At 31st December 2020 |
Listed investment £ 5,891,409 Programme related investments £ 6,971 6,971 6,971 |
|
|---|---|---|
11. SOCIAL INVESTMENTS
In 2011 the charity made a loan to The Venture Partnership Foundation Limited (VPF) in support of the Revenue Participation agreement between the registered charity, Riders for Health (RfH) and VPF. During the year no repayment was made leaving an outstanding balance of £6,971.
Page 12
continued...
The Danson Foundation
Notes to the Financial Statements - continued
| for the year ended 31st December 2021 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 14. MOVEMENT IN FUNDS At 1.1.21 £ Unrestricted funds General fund 6,750,323 TOTAL FUNDS 6,750,323 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 64,499 (649,990) TOTAL FUNDS 64,499 (649,990) Comparatives for movement in funds At 1.1.20 £ Unrestricted funds General fund 7,922,162 TOTAL FUNDS 7,922,162 |
|
|---|---|
Page 13
continued...
The Danson Foundation
Notes to the Financial Statements - continued for the year ended 31st December 2021
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 138,727 138,727 |
Resources expended £ (1,023,195) (1,023,195) |
Gains and losses £ (287,371) (287,371) |
Movement in funds £ (1,171,839) (1,171,839) |
|---|---|---|---|---|
15. RELATED PARTY DISCLOSURES
There were no related party transactions in the year.
Page 14
The Danson Foundation
Detailed Statement of Financial Activities for the year ended 31st December 2021
| INCOME AND ENDOWMENTS Investment income Dividends Loan interest Total incoming resources EXPENDITURE Investment management costs Portfolio management Charitable activities Intern dinner Grants to institutions Grants to individuals Support costs Management Wages Insurance Training Finance Bank charges Governance costs Examiners remuneration Total resources expended Net expenditure |
2021 £ 64,466 33 64,499 64,499 39,353 29,717 450,330 62,071 542,118 63,796 583 1,800 66,179 - 2,340 649,990 (585,491) |
2020 £ 138,332 395 138,727 138,727 38,469 - 829,735 57,123 886,858 94,361 698 - 95,059 469 2,340 1,023,195 (884,468) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 15