_ REGISTERED COMPANY NUMBER: 06782980 (England and Wales) REGISTERED CHARITY NUMBER: 1127397 Report of the Trustees and Financial Statements for the Year Ended 30 June 2021 for JOHN BOOTH CHARITABLE FOUNDATION Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhail Street London EC3A 2AD JOHN BOOTH CHARITABLE FOUNDATION Contents of the Financial Statements for the Year Ended 30 June 2021 |||Page|| |---|---|---|---| |Report ofthe Trustees|1|to|4| |Report ofthe IndependentAuditors|5|to|7| |Statement of Financial Activities||8|| |Balance Sheet||9|| |Cash Flow Statement||10|| |Notes to the Cash Flow Statement||11|| |NotestotheFinancialStatements|12|to|20| JOHN BOOTH CHARITABLE FOUNDATION Report of the Trustees for the Year Ended 30 June 2021 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 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 object of the Charity is the promotion of any charitable purpose or object for the benefit of the public, primarily in England, by the provision of grants at the absolute discretion of the Trustee body. These are made largely in the areas of education, the arts and the Christian religion and the Trustees believe that the Charity's grant making activities contribute significantly to public benefit in these areas by enabling significant numbers of young people to have access to education and training, helping various arts organisations to put on performances and exhibitions which enhance the quality of life of the communities they serve and by empowering churches and_ faith groups to serve the common good in a variety of ways such as food banks, credit unions and other outreach activities. In addition to awarding grants, the Foundation occasionally offers a loan on concessionary terms to a beneficiary, where the beneficiary's use of the funds furthers the objectives of the Foundation. The main activity of the Charity during the year was the provision of grants predominantly to organisations and occasionally to individuals in the areas above mentioned. Grants to organisations are generally made to other charities whose aims and objectives complement the Charity's own; those to individuals are largely made to enable study to be undertaken, normally in higher education. Contact is maintained with both organisations and individuals supported to assess their performance against the Foundation's criteria when grants were made to them. The Charity will where necessary appoint professional advisors to implement the Charity's strategic aims and assess outcomes. ## Public benefit In planning the activities for the year, the Trustees have referred to the Charity Commission's general guidance on public benefit. In particular, the Trustees consider how planned activities contribute to the aims and objectives that they have set. ## Grantmaking The Trustees consider all applications from charitable organisations and from individuals known or recommended to them and especially those falling within the areas of education, the Christian faith and the arts. The Trustees meet three or four times a year to consider short listed applications and decide which of these to support. ## ACHIEVEMENT AND PERFORMANCE ## Charitable activities During the period July 2020 to June 2021 the Charity provided £3,392,338 (2020: £2,946, 105) of grants to organisations and individuals. Further details of the range of organisations to which grants were awarded are set out in note 7 of the financial statements. Of particular significance were: ~ £2,400,000 awarded to The Princes’ Trust to enable the organisation to build an endowment to ensure its long term financial resilience and ability to serve young people for years to come. - £500,000 awarded to Merton College, Oxford to support the endowment of the Regius Professorship in Mathematic. - £100,000 awarded to Exeter College, Oxford to support the restoration and renovation of the College Library. - £100,000 awarded to Chatsworth House Trust to support the preservation of the house and grounds at Chatsworth. Page 1 JOHN BOOTH CHARITABLE FOUNDATION Report of the Trustees for the Year Ended 30 June 2021 — , , ## ACHIEVEMENT AND PERFORMANCE ## Fundraising activities As in previous years, the Charity received a donation from its Trustees. The Foundation does not carry out any activities to raise funds from members of the public. ## Investment performance The Charity's investments were valued at £26,061,342 on 30th June 2021, an increase for the year of 25.9% compared with the ARC Sterling Steady Growth which increased by 16.6% in the same period. Since inception performance has increased by 261.3% compared with the benchmark of 165.5%. ## FINANCIAL REVIEW ## Financial position The Charity received Income of £1,312,500 from donations and associated gift aid and £153,149 in investment income. Expenditure comprised grants awarded of £3,392,338, investment management fees of £58,193 and administration and governance costs of £10,439 totalling £3,460,970. Gains on investments amounted to £5,705,080 resulting in Net Income and Net Movement in Funds of £3,709,759, increasing reserves to £26,241,562. . The Balance Sheet comprised £26,061,342 of Investments, £250,000 of Social Investments, Current Assets of £186,761 and Current Liabilities of £256,541. ## Principal funding sources The Charity's principal funding sources continued to be donations from the trustees and income generated by its investment portfolio. ## Investment policy and objectives The investment strategy of the Trustees is to grow the Charity's capital and income to keep pace with inflation over the longer term, subject to a moderate level of risk and consideration of the need for investment diversification. The portfolio is managed on a total return basis at the discretion of the Charity's investment manager, Cerno Capital Partners LLP. Reporting is monthly and the overall investment portfolio is reviewed quarterly. The Charity does not currently employ a formal ethical, social or environmental investment policy. ## Reserves policy The Charity seeks to maintain an investment portfolio capable of producing a total return to support Trustees’ objectives in grant making in line with the Charity's objects. ## Going concern It is the Trustees’ current intention to continue to fund the Charity and for the investment portfolio to be managed with a view to capital growth. The Trustees believe this will enable the Charity to continue to distribute around 5% of its capital value annually for the foreseeable future. ## FUTURE PLANS There are no current outstanding pledges but the Foundation will continue its support for many of the charities to which grants have previously been made. It is the Trustees’ goal to give away at least 5% of the Charity's capital value in each year. ## STRUCTURE, GOVERNANCE AND MANAGEMENT ## Governing document The John Booth Charitable Foundation is a registered charity and a company limited by guarantee, governed by its Memorandum and Articles of Association. ## ee Page 2 | JOHN BOOTH GHARITABLE FOUNDATION . ## Report of the Trustees for the Year Ended 30 June 2021 ## STRUCTURE, GOVERNANCE AND MANAGEMENT ## Recruitment and appointment of new trustees , New Trustees are provided with a trustee file, which includes a copy of the governing document, a copy of the latest annual accounts and a copy of CC3, The Essential Trustee published by the Charity Commission. Trustees are recruited for their knowledge of at least one of the three areas which the Charity supports, and advertising may be carried out to attract the right new trustees if necessary. ## Related parties The Charity has engaged Cerno Capital Partners LLP to manage its investments: Mr Booth, a trustee, is a partner in Cerno Capital Partners. : ## Risk management The risks to which the Charity is exposed are mainly those of fraud and of volatility of investments. The first is mitigated by the Charity's relationship with and detailed knowledge of almost ail its beneficiaries, a simple reporting structure and no employees; the second by employing experienced investment advisors, well known to the Trustees, who managea diversified portfolio with a moderate risk profile. ## REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06782980 (England and Wales) ## Registered Charity number 1127397 Registered office 9 Cambridge Gate London NW1 4JX Trustees T M Ashley JDS Booth The Right M C Warner ## Auditors Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street . , . London EC3A 2AD ## STATEMENT OF TRUSTEES' RESPONSIBILITIES The trustees (who are also the directors of John Booth Charitable Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. . Page 3 - JOHN BOOTH CHARITABLE FOUNDATION 7 Report of the Trustees for the Year Ended 30 June 2021 ## ee ## STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: - there is no relevant audit information of which the charitable company's auditors are unaware; and - - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. ## AUDITORS The auditors, Knox Cropper LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on SE Marth, 2022 and signed on its behalf by: IDS Bosh Tg eee ## ee Page 4 - Report of the Independent Auditors to the Members of John Booth Charitable Foundation ## Opinion We have audited the financial statements of John Booth Charitable Foundation (the ‘charitable company’) for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ## In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 30 June 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - - have been prepared in accordance with the requirements of the Companies Act 2006. ## Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern : In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise toa material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## Opinions on other matters prescribed by the Companies Act 2006 - In our opinion, based on the work undertaken in the course of the audit: - the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - ~ the Report of the Trustees has been prepared in accordance with applicable legal requirements. ## me Page 5 : Report of the Independent Auditors to the Members of John Booth Charitable Foundation ## ee Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. - We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or . - the financial statements are not in agreement with the accounting records and returns; or . - - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to take advantage of the small companies’ exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. ## Responsibilities of trustees As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial Statements and for being satisfied that they give a true and fair view, and for such internal contro! as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## ee Page 6 Report of the Independent Auditors to the Members of . ## John Booth Charitable Foundation ## Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: o We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are the Statement of Recommended Practice ‘Accounting and Reporting by Charities' (SORP), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) and the Companies Act 2006. o We gained an understanding of how the charitable company complied with its legal and regulatory framework, including the requirement to properly account for restricted funds, through discussions with management and a review of the documented policies, procedures and controls. o The audit team, which is experienced in the audit of charities, considered the charitable company's susceptibility to material misstatement and how fraud may occur. Our considerations include the risk of management override. o Our approach was to check that the income from donations and investment were properly identified and accurately disclosed, that expenditure complied with the control procedures and was appropriately charged. We also reviewed journal adjustments and unusual transactions for management override, and considered the identification and disclosure of related party transactions. There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. ## Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. G N Stevenson (Senior Statutory Auditor) . for and on behalf of Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD pate 21S Maypl, 202% , Page 7 , ; , ## JOHN BOOTH CHARITABLE FOUNDATION ## Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 30 June 2021 ; **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |2021|2020| |Unrestricted|Total| |fund|funds| |Notes|£|£| |INCOME|AND|ENDOWMENTS|FROM| |Donations|and|legacies|3|1,312,500|851,315| |Investment|income|4|153,149|349,010| |Total|1,465,649|1,200,325| |EXPENDITURE|ON| |Raising|funds|5|,|58,193|60,336| |Charitable|activities|6| |Grantmaking|3,402,777|2,954,674| |Total|3,460,970|3,015,010| |Net gains|on|investments|5,705,080|1,855,710| |NET INCOME|3,709,759|41,025| |RECONCILIATION|OF|FUNDS| |Total|funds|brought forward|22,531,803|22,490,778| |TOTAL FUNDS|CARRIED|FORWARD|26,241,562|22,531,803| **----- End of picture text -----**
> The notes form part of these financial statements ee Page 8 ' JOHN BOOTH CHARITABLE FOUNDATION (REGISTERED NUMBER 06782980) : Balance Sheet 30 June 2021 **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |me| |2021|2020| |Total|Total| |funds|funds| |Notes|£|£| |FIXED|ASSETS| |Investments| |Investments|12|26,061,342|21,837,912| |Social|investments|13|250,000|259,401| |26,311,342|22,097,313| |CURRENT ASSETS| |Debtors|14|10,075|19,403| |Cash|at bank|176,686|421,145| |186,761|440|548| |CREDITORS| |Amounts|falling|due|within|one year|15|(256,541)|(6,058)| |NET CURRENT (LIABILITIES//ASSETS|(69,780)|434,490| |TOTAL|ASSETS|LESS|CURRENT| |LIABILITIES|26,241,562|22,531,803| |NET ASSETS|26,241,562|22,531,803| |FUNDS|16| |Unrestricted|funds|26,241,562|22,531,803| |TOTAL FUNDS|26,241,562|22,531 803| **----- End of picture text -----**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies’ regime. ve financial statements were approved by the Board of Trustees and authorised for issue on 18... Witsth.. 24022... and were signed on its behalf by: J DS Booth - Trustee The notes form part of these financial statements ## ee Page 9 : . : for the Year Ended 30 June 2021 ## JOHN BOOTH CHARITABLE FOUNDATION ## Cash Flow Statement . **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |2021|2020| |Notes|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from|operations|1|(1,580,393)|(2,629,124)| |.| |Net cash|used|in|operating|activities|(1,580,393)|(2,629,124)| |Cash|flows|from|investing|activities| |Purchase|of fixed|asset|investments|(826,285)|(169,786)| |Sale|of fixed|asset|investments|;|1,770,055|4,049,029| |Dividends|and|interest|received|142,760|281,597| |Investment|management|fees|paid|(58,193)|(60,336)| |Net cash|provided|by|investing|activities|1,028,337|4,100,504| |Change|in|cash|and|cash|equivalents| |in|the|reporting|period|(552,056)|1,471,380| |Cash|and|cash|equivalents|at|the| |beginning|of the|reporting|period|2|1,912,389|437,354| |Cash|in|cash|and|cash|equivalents| |due to exchange|rate movements|(16,665)|3,655| |Cash|and|cash|equivalents|at|the|end| |of the|reporting|period|2|1,343,668|1,912,389| **----- End of picture text -----**
The notes form part of these financial statements ee Page 10 / JOHN BOOTH CHARITABLE FOUNDATION : Notes to the Cash Flow Statement for the Year Ended 30 June 2021 : ## Fo | . **----- Start of picture text -----**
|||||||||| |---|---|---|---|---|---|---|---|---| |1.|RECONCILIATION|OF|NET INCOME|TO|NET CASH|FLOW FROM|OPERATING| |ACTIVITIES| |2021|2020| |£|£| |Net|income|for the|reporting|period|(as|per the|Statement|of| |Financial|Activities)|3,709,759|41,025| |Adjustments|for:| |Gain|on|investments|(5,705,080)|(1,855,710)| |Investment|income|(153,149)|(349,010)| |Investment|management|fees|58,193|60,336| |Non-cash|grants|paid|250,000|-| |Non-cash|donations|received|-|(498,815)| |(Increase}/Decrease|in|social|investment|9,401|23,614| |Increase/(decrease)|in|creditors|250,483|(50,564)| |Net cash|used|in|operations|(1,580,393)|(2,629,124)| |ANALYSIS|OF|CASH|AND|CASH|EQUIVALENTS| |Cash|at|bank and|in|hand|176,686|421,145| |Cash|with|investment|managers|1,166,982|1,491,244| |Cash|and|cash|equivalents|1,343,668|1,912,389| **----- End of picture text -----**
2. - 3. ANALYSIS OF CHANGES IN NET FUNDS **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |At|1.7.20|Cash|flow|At|30.6.21| |£|£|£| |Net|cash| |Cash|at|bank|421,145|(244,459)|176,686| |Cash|with|investment|managers|1,491,244|(324,262)|1,166,982| |Total|1,912,389|(568,721)|1,343,668| **----- End of picture text -----**
> The notes form part of these financial statements eee Page 11 ‘ JOHN BOOTH CHARITABLE FOUNDATION Notes to the Financial Statements for the Year Ended 30 June 2021 2. ACCOUNTING POLICIES - 1. STATUS The John Booth Charitable Foundation is a private company limited by guarantee, incorporated in England and Wales, with company registration number 06782980. The Foundation is also registered as a charity with the Charity Commission, registered number 1127397. The registered office of the Foundation is 9 Cambridge Gate, London, NW1 4JX. ## Basis of preparing the financial statements The financial statements of the charitable company, 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 Companies Act 2006. 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 Trustees consider there are no material uncertainties about the charitable company's ability to continue as a going concern. . . ## 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. Donations, legacies and other forms of voluntary income are recognised as income when the charity is entitled to receipt. All other income is accounted for on an accruals basis. Foreign exchange gains and losses arise on non-sterling cash balances held within the investment portfolio and are accounted for as a component of investment income. ## 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. 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. Investments Listed Investments Listed Investments are a form of basic financial investment and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year. : Realised gains and losses on listed investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. 7 Page 12 continued... JOHN BOOTH CHARITABLE FOUNDATION , Notes to the Financial Statements - continued for the Year Ended 30 June 2021 - 2. ACCOUNTING POLICIES - continued ## Unlisted Investments Unlisted Investments are initially recognised at their transaction value and subsequently measured at cost less impairment as the Trustees consider that fair value cannot be measured reliably. . ## Social Investments Concessionary loans made to beneficiaries in furtherance of the Foundations's charitable purposes are accounted for as a social investment. These are initially recognised at their transactions value and subsequently measured to reflect repayments and any accrued interest and adjusted if necessary for any impairment. ## Taxation The charity is exempt from corporation tax on its charitable activities. ## 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. ## Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash bank and cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settied the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## Financial instruments ; The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 13 continued... : JOHN BOOTH CHARITABLE FOUNDATION ; Notes to the Financial Statements - continued for the Year Ended 30 June 2021 ## me - . |3...|DONATIONS AND LEGACIES||||| |---|---|---|---|---|---| |||||2021|2020| ||Donations
Gift aid|||£
1,050,000
262,500|£
780,815
70,500| |||||1,312,500|851,315| |4,|INVESTMENT INCOME||||| |||||2021|2020| |||||£|gO.| ||Dividends receivable
Interest receivable
Intereston social investments
Currency gains/(losses)|||119,996
40,443
9,375
(16,665)|145,848
188,982
10,525
3,655| |||||153,149|349,010| |5.|RAISING FUNDS||||| ||Investment management costs||||| |||||2021|2020| |||||£|£| ||Portfolio management|||58,193|60,336| |6.|CHARITABLE ACTIVITIES COSTS||||| ||||Grant||| ||||funding of||.| |||,|activities|Support|| ||||(see note|costs (see|| ||||7)|note 8)|Totals| ||Grantmaking||£
3,992,338|£
10,439|£-
3,402,777| |7.|GRANTS PAYABLE||||| |||||2021|2020| ||Grantmaking|||£
3,392,338|£
2,946,105| Page 14 continued... : : Notes to the Financial Statements - continued for the Year Ended 30 June 2021 : - ## JOHN BOOTH CHARITABLE FOUNDATION ## 7. GRANTS PAYABLE- continued ||2021|2020| |---|---|---| ||£|£| |The Princes’ Trust|2,400,500|2,510,000| |Merton College, Oxford|500,000|-| |Chatsworth House Trust|100,000|-| |Exeter College, Oxford|100,000|-| |St Hugh's Charterhouse|50,000|-| |Depaul International|30,000|31,000| |Art Fund|33,725|| |Blackburn Cathedral|25,000|-| |PCC of St Nicholas, Arundel|11,000|10,000| |Tate Foundation|10,680|60,680| |Depaul UK|10,000|-| |National Portrait Gallery|10,000|10,000| |Opera Holland Park|10,000|11,000| |Outside In Art|10,000|-| |National Gallery Trust|9,100|-| |Walsingham College|8,000|-| |Lancing College Chapel|5,000|-| |MOCA London|5,000|-| |Royal College of Music|5,000|~| |The World’s Big Sleep Out Trust|1,000|25,000| |Society of St Stephen's House|-|175,000| |Opera North|-|25,000| |Pallant House Gallery|-|10,000| |Roundhouse Trust|-|10,000| |Project for Modern Democracy|-|7,000| |Dogs Trust|-|5,000| |Felix Project London|os|5,000| |Naz Legacy Foundation|-|5,000| |St Michael & All Angels|-|5,000| |White Cube|-|5,000| |Other institutions (<£5,000)|44,233|35,425| ||3,378,238|2,945,105| |Grantstoindividuals|14,100|1,000| Page 15 continued... JOHN BOOTH CHARITABLE FOUNDATION : Notes to the Financial Statements - continued for the Year Ended 30 June 2021 ## ee ; ## 8. ## SUPPORT COSTS |8.|SUPPORT COSTS||||| |---|---|---|---|---|---| |||||Governance|| ||||Management|costs|Totals| ||Grantmaking||£
6,527|£
3,912|£
10,439| ||Support costs, included in the above,|are as follows:|||| |||||2021|2020| ||||||Total| |||||Grantmaking|activities| |||||£|£| ||Bank charges
Administration
Auditors' remuneration
Auditors’ remuneration for non audit|||623
5,904
2,112|345
4,396
2,028| ||work|||1,800|1,800| |||||10,439|8,569| |9.|NET INCOME/(EXPENDITURE)||;||| ||Net income/(expenditure) is stated aftercharging/(crediting):||||| |||||2021|2020"| |||||£|£| ||Auditors’ remuneration
Auditors’ remuneration for non auditwork|||2,112
1,800|2,028
1,800| |10.|TRUSTEES' REMUNERATION AND BENEFITS||||| ||Therewerenotrustees’ remuneration orotherbenefits fortheyearended 30June
ended 30 June 2020.|||June2021 nor|for theyear| ||Trustees’ expenses||||| ||There were no trustees' expenses paid
30 June 2020.||for the year ended 30 June 2021 nor for the||year ended| |11.||COMPARATIVES FORTHESTATEMENTOFFINANCIALACTIVITIES||||| ||||||Unrestricted| ||||||fund| ||.
INCOME AND ENDOWMENTS FROM||||£| ||Donations and legacies||||851,315| ||Investmentincome||||349,010| ||Total||||1,200,325| ||EXPENDITURE ON||||| ||Raisingfunds||||60,336| There were no trustees’ remuneration or other benefits for the year ended 30 June 2021 nor for the year ended 30 June 2020. ## ee Page 16 continued... . JOHN BOOTH CHARITABLE FOUNDATION . Notes to the Financial Statements - continued for the Year Ended 30 June 2021 ## ee ## 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Unrestricted| |fund| |&| |Charitable|activities| |Grantmaking|2,954,674| |Total|3,015,010| |Net|gains|on|investments|1,855,710| |NET INCOME|41,025| |RECONCILIATION|OF|FUNDS| |Total funds|brought forward|22,490,778| |TOTAL|FUNDS|CARRIED|FORWARD|22,531,803| |12.|FIXED|ASSET|INVESTMENTS| |2021|2020| |£|£| |Shares|25,426,212|21,202,782| |Loans|635,130|635,130| |26,061,342|21,837,912| **----- End of picture text -----**
Additional information as follows: **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |Cash|and| |Listed|Unlisted|settlements| |investments|investments|pending|Totals| |MARKET VALUE|£|£|£|£| |At|1|July 2020|19,548,938|162,600|1,491,244|21,202,782| |Additions|650,703|211,964|-|862,667| |Disposals|(2,020,055)|-|-|(2,020,055)| |Unrealised|gains/(losses)|5,705,080|-|-.|§,705,080| |Realised|gains/(losses)|-|-|(307,597)|(307,597)| |Exchange|differences|-|-|(16,665)|(16,665)| |At 30|June|2021|23,884,666|374,564|1,166,982|25,426,212| |NET|BOOK VALUE|;| |At 30|June|2021|23,884,666|374,564|1,166,982|25,426,212| |At 30|June 2020|19,548,938|162,600|1,491,244|21,202,782| **----- End of picture text -----**
eee Page 17 continued... JOHN BOOTH CHARITABLE FOUNDATION , Notes to the Financial Statements - continued for the Year Ended 30 June 2021 ## ee 12. FIXED ASSET INVESTMENTS- continued Other loans £ At 1 July 2020 and 30 June 2021 635,130 There were no investment assets outside the UK. Included in listed investments is £23,884,666 (2020: £19,548,938) measured at fair value through profit or loss. These are the only financial assets measured at fair value through profit or loss. Fair value gains on these financial assets amounted to £5,455,808 (2020: £1 653,175). ° 13. SOCIAL INVESTMENTS |SOCIAL INVESTMENTS||| |---|---|---| |||Loans| |||g| |MARKETVALUE||| |At 1 July2020
Interestaccrued|:|259,401
(9,401)| |At30 June 2021||250,000| |NET BOOKVALUE||| |At 30 June 2021||250,000| |At30June2020||259,401| The concessionary loan is unsecured and bears interest at 3% above base rate. The concessionary loan is wholly repayable in more than one year. . 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors |2021|2020| |---|---| |£|£| |10,075|19,403| ee Page 18 continued... . JOHN BOOTH CHARITABLE FOUNDATION . ; Notes to the Financial Statements - continued for the Year Ended 30 June 2021 ## aan **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |15.|CREDITORS: AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR| |2021|2020| |Other|£|£| |creditors|:|129|30| |Grants|payable|250,000|-| |Accrued|expenses|6,412|6,028| |256,541|6,058| |16.|MOVEMENT|IN|FUNDS| |Net| |movement|At| |At|1.7.20|in|funds|30.6.21| |Unrestricted|funds|£|£|£| |General|fund|22,531,803|3,709,759|26,241,562| |TOTAL FUNDS|22,531,803|3,709,759|26,241,562| **----- End of picture text -----**
Net movement in funds, included in the above are as follows: . **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|in|funds| |Unrestricted|funds|£|£|£|£| |General|fund|1,465,649|(3,460,970)|5,705,080|3,709,759| |TOTAL FUNDS|1,465,649|(3,460,970)|5,705,080|3,709,759| |Comparatives|for movement|in|funds| |,|movementNet|At| |At|1.7.19|in|funds|30.6.20| |UnrestrictedGeneral|fund|funds|22,490,778£|41,025£|22,531,803£|;| |TOTAL FUNDS|22,490,778|41,025|22,531,803| **----- End of picture text -----**
eee Page 19 continued... . JOHN BOOTH CHARITABLE FOUNDATION . Notes to the Financial Statements - continued for the Year Ended 30 June 2021 ## eee 16. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows: **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Incoming|Resources|Gains|and|Movement| |resources|expended|losses|in|funds| |Unrestricted|funds|£|£|£|£| |General|fund|1,200,325|(3,015,010)|1,855,710|41,025| |TOTAL FUNDS|1,200,325|(3,015,010)|1,855,710|41,025| **----- End of picture text -----**
17. OTHER FINANCIAL COMMITMENTS The Foundation has committed to invest a total of £250,000 in Episode 1 investments 2 LP of which £162,500 has been called up as at the balance sheet date resulting in a remaining commitment to invest £87,500. 18. RELATED PARTY DISCLOSURES During the period the Charity received donations of cash from Mr Booth, a trustee, totalling £1,050,000 (2020: donations of investments totalling £780,01 9). Mr Booth is a partner in Cerno Capital Partners LLP, the Charity's investment manager, to whom fees of £47,325 (2020: £51,058) were payable in the period. The Charity made grants to the following organisations of which Mr Booth is also a trustee: - The Prince's Trust £2,400,500 - Walsingham College Trust Association £8,000 - Tate Gallery £10,680 - PCC of St Nicholas £11,000 - - The National Gallery £9,100 eee Page 20