REGISTERED NUMBER:1121928
The Danson Foundation
Unaudited Financial Statements
31st December 2022
SD-0211228-1-6
The Danson Foundation
Contents of the Financial Statements for the year ended 31st December 2022
| 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 |
The Danson Foundation
Report of the Trustees for the year ended 31st December 2022
The trustees present their report with the financial statements of the charity for the year ended 31st December 2022. 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 £55,764 income from its investments during the year. The net movement on funds for the year resulted in a deficit of £1,765,879 leaving total funds, comprising entirely of the unrestricted general fund, of £4,463,318 at 31 December 2022. The deficit arose due to a strategic decision to continue to increase levels of grant making to support charitable organisations and deserving causes, in view of the economic uncertainties faced.
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 normal grant making 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.
At the year end the charity had temporarily encashed all investments due to volatility in the market. The trustees are currently reviewing their investment strategy.
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.
Page 1
The Danson Foundation
Report of the Trustees for the year ended 31st December 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
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 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Bankers
Coutts & Co 440 Strand London WC2R 0QS
Approved by order of the board of trustees on 26 October 2023 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 2022.
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
26 October 2023
Page 4
The Danson Foundation
Statement of Financial Activities for the year ended 31st December 2022
| 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 |
2022 Unrestricted fund £ 55,764 30,234 1,000,650 106,697 1,137,581 (684,062) (1,765,879) 6,229,197 4,463,318 |
2021 Total funds £ 64,499 39,353 504,336 106,301 649,990 64,365 (521,126) 6,750,323 6,229,197 |
|---|---|---|
The notes form part of these financial statements
Page 5
The Danson Foundation
Balance Sheet
31st December 2022
| Notes FIXED ASSETS Investments Investments 10 Social investments 11 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
2022 2021 Unrestricted Total fund funds £ £ - 5,891,409 6,971 6,971 6,971 5,898,380 4,490,251 338,810 (33,904) (7,993) 4,456,347 330,817 4,463,318 6,229,197 4,463,318 6,229,197 4,463,318 6,229,197 4,463,318 6,229,197 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 26 October 2023 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 2022
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.
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The Danson Foundation
Notes to the Financial Statements - continued for the year ended 31st December 2022
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. INVESTMENT INCOME Dividends Loan interest 3. INVESTMENT MANAGEMENT COSTS Investment management costs Portfolio management |
2022 £ 54,796 968 55,764 2022 £ 30,234 |
2021 £ 64,466 33 |
|---|---|---|
| 64,499 | ||
| 2021 £ 39,353 |
4. CHARITABLE ACTIVITIES COSTS
| Grant funding of | Support costs | |||
|---|---|---|---|---|
| Direct costs | activities (See | (See note 6) | ||
| note 5) | Totals | |||
| £ | £ | £ | £ | |
| Supporting charitable causes | - | 999,450 | 1,200 | 1,000,650 |
| Internship programme | 33,219 | 71,309 | 2,169 | 106,697 |
| 33,219 | 1,070,759 | 3,369 | 1,107,347 |
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The Danson Foundation
Notes to the Financial Statements - continued
for the year ended 31st December 2022
5. GRANTS PAYABLE
| Supporting charitable causes Internship programme The total grants paid to institutions during the year was as follows: Action Aid Akshaya Patra Anxiety UK Atlas Foundation Avenue PTA AYSO MDSA Barnet Youth Zone Beyond Blue Breast Cancer Now CALM Cancer Research UK Carla Annas Chasing Rainbows Chelsea & Westminster City Harvest Colindale Food Bank Comite Int De La Cooperation Town Daily Bread Food Bank Dementia UK Dove House Hospice Essex & Herts Foothold IET Grace House Community Centre Highgate School Hull/York MIND Imizi Third Party Fund Intensive Care Society J Mally Memorial JDRF International Lions Club of Hyderabad Greenlands MAF Australia Magic Breakfast MedAid Ukraine Mental Health Millford & Vill New York Blood Centre Oak Lodge SFA Oakwood Dog Rescue Papyrus PEAS Rainbow Children's Medicare Richard HouseTrust Royal Flying Doctor Service Royal Free Charity |
2022 £ 999,450 71,309 1,070,759 2022 £ 2,000 2,000 - 20,000 - - 5,000 - 31,000 - 1,000 9,748 - - - - - 12,678 - - - - 2,000 29,097 50,000 - 17,725 - - 2,033 49,032 4,078 25,000 100,000 - - 2,033 2,000 - 20,000 218,165 19,937 1,000 2,039 - |
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 1,000 - - - 10,000 |
|---|---|---|
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The Danson Foundation
Notes to the Financial Statements - continued for the year ended 31st December 2022
5. GRANTS PAYABLE - continued
| Sai Seva Sangh Sands SANE Save the Children Scottish Veterans Sea Shepherd Sealife Trust Shaw MIND Sheldrick Wildlife Trust Small Steps Special Olympics International St Annes College St Francis School St Oswalds Hospice The Anna Freud Centre The Bradfield Foundation The Brain Tumour The Old Vic Thin Green Line Foundation Tribe Freedom Foundation Twins Trust Vivekanand Werneth Primary Care Centre Westminster School Whittington Hospital |
81,779 4,085 1,000 - - 3,000 20,000 - 1,000 - - 5,000 25,000 20,000 - 5,000 25,039 - - 2,000 - 1,033 - 100,000 - 4,000 2,000 - - 10,000 200,000 - - 1,000 10,800 10,800 - 5,000 - 1,000 - 1,000 4,287 - 980 - - 20,000 - 10,000 999,450 450,330 |
|---|---|
During the year 44 grants totalling £71,309 were paid to individuals under the foundation's intern programme (2021 - 47 grants totalling £62,071).
6. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance Management costs £ £ Supporting charitable causes - 1,200 Internship programme 969 1,200 969 2,400 |
Totals £ 1,200 2,169 |
| 3,369 |
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The Danson Foundation
Notes to the Financial Statements - continued
for the year ended 31st December 2022
6. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
| Supporting charitable Internship causes programme £ £ Wages - - Insurance - 636 Training - 333 Examiners remuneration 1,200 1,200 1,200 2,169 |
2022 Total activities £ - 636 333 2,400 3,369 |
2021 Total activities £ 63,796 583 1,800 2,340 68,519 |
|---|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2022 nor for the year ended 31st December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2022 nor for the year ended 31st December 2021.
8. STAFF COSTS
| Wages and salaries Social security costs Pension |
2022 £ - - - - |
2021 £ 53,335 7,660 2,800 |
|---|---|---|
| 63,795 |
There were no employees in the year. In the prior year no employee earned above £60,000.
The average number of employees in the year was nil (2021: 1).
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 2021 related to the unrestricted fund.
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The Danson Foundation
Notes to the Financial Statements - continued
for the year ended 31st December 2022
10. FIXED ASSET INVESTMENTS
There were no investment assets outside the UK.
| Listed | |
|---|---|
| Investments | |
| £ | |
| MARKET VALUE | |
| At 1st January 2022 | 5,891,409 |
| Revaluations | (684,062) |
| Disposals | (5,207,347) |
| ----------------- | |
| - | |
| NET BOOK VALUE | |
| At 31st December 2022 | - |
| ----------------- | |
| At 31st December 2021 | 5,891,409 |
| ----------------- |
There were no investment assets outside the UK.
11. SOCIAL INVESTMENTS
| MARKET VALUE At 1st January 2022 and 31st December 2022 NET BOOK VALUE At 31st December 2022 At 31st December 2021 |
Programme related investments £ 6,971 6,971 6,971 |
|---|---|
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.
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The Danson Foundation
Notes to the Financial Statements - continued
for the year ended 31st December 2022
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2022 £ Other creditors 33,904 13. MOVEMENT IN FUNDS Net movement At 1.1.22 in funds £ £ Unrestricted funds General fund 6,229,197 (1,765,879) TOTAL FUNDS 6,229,197 (1,765,879) Net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 55,764 (1,137,581) (684,062) TOTAL FUNDS 55,764 (1,137,581) (684,062) Comparatives for movement in funds Net movement At 1.1.21 in funds £ £ Unrestricted funds General fund 6,750,323 (521,126) TOTAL FUNDS 6,750,323 (521,126) Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 64,499 (649,990) 64,365 TOTAL FUNDS 64,499 (649,990) 64,365 |
2021 £ 7,993 At 31.12.22 £ 4,463,318 4,463,318 Movement in funds £ (1,765,879) (1,765,879) At 31.12.21 £ 6,229,197 6,229,197 Movement in funds £ (521,126) (521,126) |
|---|---|
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The Danson Foundation
Notes to the Financial Statements - continued
for the year ended 31st December 2022
14. RELATED PARTY DISCLOSURES
In the year goods and services were paid for, on behalf of the charity, by Estel Property Investments Limited, to the value of £2,703 (2021: £nil). Donations were made on behalf of the charity by Estel Property Investments Limited to the value of £19,937 (2021: £nil).
The balance owed to Estel Property Investments Limited at the year end was £22,640, (2021: £nil).
Estel Property Investments Limited is ultimately controlled by Mike Danson, a trustee of the charity.
At the year end an amount of £3,271 (2021: £nil) was owed to the trustees.
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