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2021-06-30-accounts

Page
Report ofthe Trustees 1to9
Report ofthe Independent
Auditors		 10to 11
Consolidated Statement ofFinancial Activities 12
Consolidated Balance Sheet 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial
Statements		 17to 31

2021 2020
Unrestricted Restricted Total Total
funds funds funds Funds
Notes
INCOME AND ENDOWMENTS
FROM
Donations
and legacies		 3,4 150,433 2,181,487 2,331,920 2,207,404
Charitable
Activities
Exhibitions 4,839 4,839 88,781
Other activities for generating funds 71,591 71,591 436,696
Investment
Income		 147,525 147,525 185,632
Total 374,388 2,181,487 2,555,875 2,918,513
EXPENDITURE ON
Raising Funds 14,345 14,345 17,581
Commercial
trading activities		 212,998 212,998 546,675
Charitable
activities		 10
Exhibition
expenses		 17,677 17,677 240,249
Grants for charitable purposes 325,903 1,618,555 1,944,458 2,530,679
Total 570,923 562,932 2,189,478 3,335,184
Net gains/(losses)
on		 investments 77,462 77,462 ~225,926)
NET INCOME/ (119,073) 562,932 443,859 (642,597)
(EXPENDITURE)
Transfers
between
funds		 21
(119,073) 562,932 443,859 (642,597)
RECONCILIATION OF FUNDS
Total funds brought forward 8,823,652 276,047 9,099,699 9,742,296
TOTAL FUNDS CARRIED FORWARD 8,704,579 838,979 9,543,558 9,099,699

2021 2020
Unrestricted Restricted Iotal Io:el
funds lunds funds E)illids
y.
FIXEDASSETS
Tangible assets I 6) 5,147,673 5, )47.673 5.)76.223
Investments
Investments 17 2,6995139 2,699,139 2.286.192
Investmcnt
property		 )8 850,000 850,000 1,200 000
8,696,812 8,696.8)2 8,662,415
CURRFN r ASSF.rs
Stocks 35,300 35.300 35,370
Debtors 19 50,896 47,621 98.517 128,331
Cash at bank and in hand 83.523 I,)49,708 1,233,23) 1.061,531
)69,719 1,197,329 I,)67,048 1,2257232
CREDITORS
Amounts
falling due within		 one year 20 ~)61 952) (358,350) ~20.'02) ~787,948)
NVTCURRENT ASSETS
(LIA8ILFI1I".S)		 / 7,767 838,979 846,746 437,284
TOTAL ASSETSLLSSCURRENT
I.IABII.ITIKS 8.823,652 838,979 9543,558 9,099,699
NF.TASSETS 8.704,579 838979 9,543 558 9,099,69'1
FUNDS 2)
Unrestricted
funds		 8,7047579 8.823,652
Restricted
lunds		 838,979 276.047
TOTAL FUNDS 9,543,558 9.099,699

2021 2020
Unrestricted R«sti )ct«d Total I otal
iVot«s fund h.mds
.E		 I1!nds
f		 Funds
FIXEDASSETS
Iangible assets 16 5.061 000 5,061.000 5,061,000
Investments
lllvestnlentii 17 3&524,141 3&524,141 3 III 194
Investment
property		 18 850,000 850.000 1,200,000
9,435, f41 9,435,141 9~72,194
CURRL&r NT ASSI.'.TS
Oebtois 19 392,403 47&621 440,024 318.23S
Cash at bank and in hand 4,780 1 149 708 1,154,488 9811813
397,!83 1.197.329 I,594,512 I,277,051
CREDITORS
Amounts
falling due within		 onc year 20 (24,721) (358,350) (383,071) (600&767)
Nl'.TCURRENl' ASSETS 372,462 838,979 1,211,441 676.284
TOTAI. ASSETS LESSCURRENT
LIABILITIES 9,807,603 838,979 10,646,582 10,04S,478
&VL&"I ASSK1'S 9.807.603 8"8,979 10,646,682 10048,478
FUX&DS 21
I,inrestricted
tunds
Restricted
funds		 9&807,603
851 979		 9,772,431
276,047
TOTAI. FUNDS 106'16 382 10,048,478

2021 2020
Notes
Cash flows from operating activities:
Cash generated
from operations		 26,945 ~395,643)
Net cash provided
by (used
activities		 in) operating 26,945 ~395,643)
Cash flows from investing activities:
Purchase offixed asset investments (609,333) (433,728)
Purchase oftangible
fixed assets		 (11,285) (8,025)
Sale offixed asset investments 623,848 449,928
Interest received
Dividends
received		 80,778 95,785
Rentals received 60,747 89,847
Net cash provided
by (used		 in) investing 144,755 193,807
activities
Change in cash and cash equivalents in the
reporting
period		 171,700 (201,836)
Cash and cash equivalents at the beginning of
the reporting
period		 1,061,531 1,263,367
Cash and cash equivalents at the end ofthe
reporting
period		 1,233,231 1,061,531

RECONCILIATION
OF		 NET INCOME/(EXPENDITURE) INCOME/(EXPENDITURE) INCOME/(EXPENDITURE) TO NET CASH
FLOW		 FROM
OPERATING ACTIVITIES
2021 2020
Net income/(expenditure)
for		 the reporting period (as per the statement
offinancial activities) 443,859 (642,597)
Adjustments
for:
Depreciation 39,835 41,569
(Gain)/losses
on investments		 (77,462) 225,926
(Gain)/losses
on fixed assets		 220
Interest received
Dividends
received		 (80,778) (95,785)
Rentals received (60,747) (89,847)
Decrease/(increase)
in debtors		 29,814 (11,491)
(Decrease)/increase
in creditors		 (267,646) 192,447
Decrease/(increase)
in stock		 70 ~16,0853
Net cash provided
by (used in) operating		 activities 26,945 (395,6433

THE FORE
2021 2020
Grant receivable 2,181,487 2,092,350
Grants receivable
in		 the year to support The Fore are made up as follows:
The Tides Foundation 250,000 500,000
The Four Acre Trust 120,000
LGT Vestra LLP 50,000 250,000
Rothschild
Son Ltd		 155,000
Postcode Local Trust 150,000
The Golden Bottle Trust 600,000 10,000
The Garfield Weston Foundation 180,000 500,000
The Postcode Local Trust 150,000
Power to Change 120,262
The Fore Partners 561,225 1,177,350
2,181,487 2,092,350
Grants approved
and		 payable during the year are as follows:
2021 2020
Grants payable
in		 conjunction with T he Fore
ReMade Wigan 8,200
Lifting Limits 30,000
Trust Leeds 26,005
Ann Matthews
Trust		 28,030
Spring Into Action 30,000
Better Community Business Network 25,800
Woking Mind 29,808
Raising Futures Kenya 24,264
Sports Connections Foundation 28,010
2020 Change 30,000 30,000
Goldhill Play Association 30,000
Neath Port Talbot Mind 29,500
Bounceback 30,000
PEGS 28,000
Azuko 13,380
The Family Counselling Trust 30,000
BelEve 20,000
ACE Music Therapy 23,073
Feathers Futures 29,310
Mindsum 15,000
Black Therapy
Matters		 15,000
Nightingales
Cafe		 13,296
Dogs for Autism 15,000
Code Brave 15,000
Making Families Count 15,000
Rory's Wells 15,000
Collaborative
Women
Community
1"Herefordshire		 stershire
4 Worce		 10,000
14,957
Nour DV 15,000
OLMEC 15,000
Finding Your Feet CIC 15,000
London Basketball Association 15,000
Young People's Counselling Service 15,000
Plant Your Future 15,000

2021 2020
Iraqi Community
Association		 15,000
Rare Charity 15,000
Bedazzle 15,000
The Veterans Farm Able Foundation 15,000
Rethink Food 15,000
Green Squirrel 15,000
Marmalade
Trust		 14,904
Arts on Prescription 15,000
Kunsaka 15,000
Baby Bank Network 15,000
On the Out 15,000
Transport for All 12,100
Love Music 15,000
Changing
Tunes		 15,000
Our Time 15,000
High Peak CVS 13,961
Barons Court Project 12,600
Tyneside Women's Health 14,323
Noah's Ark Childrens Centre 14,978
Senseability
CIC		 14,891
Compass Collective 14,891
Active Horizons 15,000
Iconic Steps 15,000
My Time 15,000
Medbourne
Village		 Hall 13,364
Street Connect 14,868
Reach Up Youth 15,000
Crosslight Advice 25,844
Euan's Guide 30,000
Head2Head
Theatre		 30,000
Hope For The Young 29,213
The Turnaround
Project		 30,000
Young Urban Arts Foundation 30,000
Coda Dance 30,000
DECSY 19,328
Connected Routes 30,000
Teach 2 Teach 30,000
VCHP 30,000
Greater Change 29,437
The Philosophy
Foundation		 30,000
RIFT 30,000
Breadwinners 28,000
EmbraceAbility 30,000
Huckleberries
Nurture		 Farm 21,700
Just Psychology
CIC		 27,104
Lorna Young Foundation 30,000
On Call Africa 28,800
Play Physio 28,000
Skills Enterprise 30,000
South Shields Surf 30,000
Street Paws 30,000
The Sleep Charity 30,000
The Woodland
Presents		 28,500
Together Productions 29,800

2021 2020
We Are Family Adoption 30,000
Veterans Woodcraft 21,700
1,107,513 865,726
Add RAFT grants of55,000 or less 989,765
Add Havering
Partnership
Less grants written off		 grants 153,588
78,415
~)0,000)~23,300)
Total grants payable in conjunction with The Fore 1,251,101 1,910,406
THE FORE - continued
Grants by category: 2021 2020
Youth and Education 120,000 204,022
Arts and Culture 74,799 309,728
Health and Wellbeing 457,113 419,913
Economic, Development and Employability 137,113 290,450
Human
Rights, Law and		 Justice 80,067
Sport 9,337 31,000
Environment 43,803 81,401
Disability 144,689 160,222
Housing
and Homelessness		 28,616 129,891
Poverty and Disadvantage 135,371 159,981
Women and Girls 100,260 43,731
1,251,101 1,910,406
4. THE BULLDOG TRUST
2021 2020
Donations received 150,433 115,054
150,433 115,054
Grants approved
and		 payable during the year are as follows: 2021 2020
National
Opera Studio		 10,000
Sundry donations ofless than K10,000 from The Bulldog Trust 48,265 30,806
48,265 40,806
Grants by category: 2021 2020
Youth and Education 4,329 20,548
Arts and Culture 10,500 7,100
Health
and Wellbeing		 15,623 8,429
Human
Rights, Law and		 Justice 10,735 229
Environment 6,500 2,000
Poverty and Disadvantage 578 2,500
Disability 2,500
48,265 40,806

5. INCOME FROM EXHIBITIONS AND EVENTS - GROUP INCOME FROM EXHIBITIONS AND EVENTS - GROUP INCOME FROM EXHIBITIONS AND EVENTS - GROUP
2021 2020
Income from Exhibitions and events 4,839 88,781
6. OTHER ACTIVITIES FOR GENERATING FUNDS —GROUP
2021 2020
Events 66,591 344,496
Grant income 5,000
Commissions receivable 92200
71,591 436,696

hare capital of8 25,002 ordinary shares off. l. A summary
ofthe tra		 ding results
is shown below:
2021 2020
Turnover 71,430 431,352
Other income 5,000 92,200
Cost ofsales and
Interest payable		 administrative expenses (230,283)
~392		 (785,517)
~),407)
(154,245) (263,372)
Tax on profit on ordinaiy
activities
Amount
gift aided to charity
Net profit/(loss) for the year ~134,243 ~263,372
The assets and liabilities ofthe subsidiary were:
Fixed assets 86,673 115,223
Current
assets		 212,559 260,419
Current
liabilities		 (577,254) (499,419)
Long term liabilities
Total net assets ~278,022 (123,777)
Aggregate
share		 capital and reserves ~278,022 ~123,777)

2021 2020
Rents received 60,747 89,847
UK listed investments 80,778 95,785
147,525 185,632
9. RAISING FUNDS - GROUP
Investment
management		 costs
2021 2020
Portfolio management 14,345 17,581
10. CHARITABLE ACTIVITIES COSTS —GROUP
Grant funding
Direct costs ofactivities Support costs Totals
(Seenote 11) (Seenote 12)
Exhibition
and event		 expenses 17,677 17,677
Grants payable
in conjunction		 with 367,454 1,251,101 1,618,555
The Fore
Other grants payable 269,958 48,265 7,680 325,903
655,089 1,299,366 7,680 1,962,135
11. GRANTS PAYABLE
2021 2020
Grants for charitable purposes 1,299,366 1,951,212
12. SUPPORT COSTS —GROUP
Governance
costs Totals
Group management expenditure 7,680 7,695
13. NET INCOME/(EXPENDITURE) —GROUP
Net income/(expenditure) is stated after charging/(crediting):
2021 2020
Auditors'
remuneration		 10,980 12,320
Depreciation 39,835 41,568
14. TRUSTEES' REMUNERATION AND BENEFITS

15. STAFF COS TS —G ROUP
2021 2020
Wages and salaries 508,646 555,415
Social security costs 49,476 48,818
Pension 14,462 15,602
572,584 619,835
The average monthly number ofemployees during the year was as follows:
2021 2020
Charitable & Support 12 18
The number of employees, included in the above, whose emoluments, excluding pension contributions,
fell
within the following range:
2021 2020
Employees
earning F100,001-F110,000
16. TANGIBLE FIXEDASSETS —GROUP
At 1 July At 30June
2020 Additions Disposals 2021
COST OR VALUATION
Improvements to property 809,939 809,939
Freehold property 5,000,000 5,000,000
Plant and machinery 323,511 11,285 334,796
Paintings 61,000 61,000
6,194,450 11,285 6,205,735
At I July Charge for At 30 June
2020 the year Disposals 2021
DEPRECIATION
Improvements to property 728,781 31,095 759,876
Freehold property
Plant and machinery 289,446 8,740 298,186
Paintings
1,018,227 39,835 1,058,062
At I July At 30 June
2020 2021
NET BOOK VALUE
Improvements to property 81,158 50,063
Freehold property 5,000,000 5,000,000
Plant and machinery 34,065 36,610
Paintings 61,000 61,000
5,176,223 5,147,673

TANGIBLE FIXEDASSETS - CHARITY
Freehold
property Paintings Totals
COST
At 1st July 2020 and 30th June 2021 5,000,000 61,000 5,061,000
NET BOOK VALUE
At 30th June 2021 5,000,000 61,000 6,061 000
At 30th June 2020 5,000,000 61,000 5,061,000
Cash and
Listed settlements
investments pending Totals
MARKET VALUE
At 1st July 2020 2,109,916 176,276 2,286,192
Additions 697,337 625,115 1,322,452
Disposals (557,873) (713,119) (1,270,992)
Revaluations 361,486 361,486
At 30th June 2021 2,610,867 88,272 2,699,139
NET BOOK VALUE
At 30th June 2021 2,610,867 88,272 2,699,139
At 30th June 2020 2,109,916 176,276 2,286, 192

Cash and
Listed Unlisted settlements
investments investments pending Totals
MARKET VALUE
At 1st July 2020 2,109,916 825,002 176,276 3,111,194
Additions 697,337 625,115 1,322,452
Disposals (557,873) (713,119) (1,270,992)
Revaluations 361,486 361,486
At 30th June 2021 2,610,867 825,002 88,272 3,524,141
NET BOOK VALUE
At 30th June 2021 2,610,867 825,002 88,272 3,524, 141
At 30th June 2020 2,109,916 825,002 127,982 3,111,194
Investments
that are material
to the investment		 portfolio are detailed as follows:
2021 2020
Law Debenture
Corp Ord GBP0.05		 129,875
Prusik Investment
Asian Equity Income Units		 108,617
Guinness
Asset Management
Global Equity Income Fund		 180,922 206,290
Witan Investment
Trust		 124,133
North America Inc Ord GBP0.25 142,800
Schroder Oriental Ord GBP0.01 112,875

MARKET VALUE
At 1st July 2020
Revaluations		 1,200,000
~350,000)
At 30th June 2021 850,000
NET BOOK VALUE
At 30th June 2021 850,000
At 30th June 2020 1,200,000
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP CHARITY
2021 2020 2021 2020
Trade debtors 92,094 100,509
Prepayments and accrued income 5,519 11,861 6,000
Amounts
due		 from related undertakings 400,024 312,238
Intercompany loan 40,000
VAT 904 15,961
98,517 128,331 440,024 318,238
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
GROUP CHARITY
2021 2020 2021 2020
Trade creditors 60,263 30,564
Other creditors 2,878 2,846 2,878 2,846
Grants committed 358,350 574,915 358,350 574,915
Social security and other taxes 14,039 15,156 14,039 15,156
VAT
Net wages 50 50
Accruals and deferred income 84,772 164,417 7,804 7,800
520,302 787,948 383,071 600,767

Net movement Transfers Transfers
At 1.7.20 in funds between funds At 30.6.21
Unrestricted funds
General fund 8,823,652 (119,073) 8,704,579
Restricted
fund
The Fore 276,047 562,932 838,979
TOTAL FUNDS 9,742,296 443,859 9,543,558
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
in
resources expended losses funds
Unrestricted funds
General fund 374,388 (570,923) 77,462 (119,073)
Restricted funds
The Fore 2,181,487 (1,618,555) 562,932
TOTAL FUNDS 2,555,875 ~2, 189,478 77,462 443,859
Comparatives for movement in funds
Net movement Transfers
At 1.7.19 in funds between funds At 30.6.20
Unrestricted funds
General
fund		 9,286,274 (562,622) 100,000 8,823,652
Restricted
fund
Hoare Centre —Winchester Business School 40,000 (40,000)
The Fore 416,022 (139,975) 276,047
Arts Council England Museum Resilience
Fund 60,000 60,000
456,022 79,975 276,047
TOTAL FUNDS 9,742,296 642,597 9,099,699

Incoming Resources Gains and Gains and Movement
in
resources expended losses funds
Unrestricted funds
General fund 759,604 (1,096,300) (225,926) (562,622)
Restricted
funds
The Fore 2,098,909 (2,238,884) (139,975)
Arts Council England Museum Resilience
Fund 60,000 60,000
),484,425 ~2,238,884) ~79,975)
TOTAL FUNDS 2,425,680 3,335,184 225,926 ~642,597)
21. MOVEMENT IN FUNDS —CHARITY
Net movement Transfers
At 1.7.20 in funds between funds At 30.6.21
Unrestricted funds
General
fund		 9,772,431 35,172 9,807,603
Restricted
funds
The Fore 276,047 562,932 838,979
TOTAL FUNDS 10,048,478 598,104 10,646,582
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
in
resources expended losses funds
Unrestricted funds
General fund 297,958 (340,248) 77,462 35,172
Restricted
funds
The Fore 2,181,487 (1,618,555) 562,932
TOTAL FUNDS 2,479,445 (1,958,803) 77,462 598,104

Comparatives for movement for movement for movement in funds
Net movement Transfers
At 1.7.19 in funds between
funds		 At 30.6.20
Unrestricted funds
General fund 9,971,681 (299,250) 100,000 9,772,431
Restricted
funds
Hoare Centre —Winchester Business School 40,000 (40,000)
The Fore 416,022 (139,975) 276,047
Arts Council
Fund		 England Museum Resilience 60,000 ~60,000)
456,022 (79,975) (100,000) 276,047
TOTAL FUNDS 10,427,703 ~379,225) 10,048,478
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
in
resources expended losses funds
Unrestricted funds
General
fund		 236,052 (309,376) (225,926) (299,250)
Restricted
funds
The Fore 2,098,909 (2,238,884) (139,975)
Arts Council England Museum Resilience
Fund 60,000 60,000
2,158,909 (2,238,884) (79,975)
TOTAL FUNDS 2,394,961 (),548,260) ~225,926) (379,225)