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2023-06-30-accounts

REGISTERED COMPANY NUMBER: 06782980 (England and Wales) REGISTERED CHARITY NUMBER: 1127397

Report of the Trustees and

Financial Statements for the Year Ended 30 June 2023

for

THE JOHN BOOTH CHARITABLE FOUNDATION

Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD

THE JOHN BOOTH CHARITABLE FOUNDATION

Contents of the Financial Statements for the Year Ended 30 June 2023

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 22

THE JOHN BOOTH CHARITABLE FOUNDATION (REGISTERED NUMBER: 06782980)

Report of the Trustees for the Year Ended 30 June 2023

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 2023. 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, exhibitions and social programmes which enhance the quality of life of the communities they serve, and by empowering churches and faith groups to benefit 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 Foundation 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.

Page 1

THE JOHN BOOTH CHARITABLE FOUNDATION (REGISTERED NUMBER: 06782980)

Report of the Trustees for the Year Ended 30 June 2023

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the period July 2022 to June 2023 the Foundation awarded 54 grants to organisations and individuals amounting to £1,700,600 (2022: £2,297,911). 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:

Fundraising activities

As in previous years, the Foundation 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 £21,814,160 on 30th June 2023, an increase for the year of 3.6% compared with the ARC Sterling Steady Growth which increased by 3.2% in the same period. Since inception, investment performance is 215.0% compared with the benchmark of 154.5%.

FINANCIAL REVIEW

Financial position

The Charity received Income of £687,500 from donations and associated gift aid and £327,470 in investment income.

Expenditure comprised grants awarded of £1,700,600, investment management fees of £55,270 and administration and governance costs of £14,156 totalling £1,770,026.

Realised and unrealised gains on investments amounted to £861,023 resulting in Net Income and Net Movement in Funds of £105,967, increasing total funds to £22,081,801.

The Balance Sheet comprised £21,814,160 of Investments, £150,000 of Social Investments, Current Assets of £130,198 and Current Liabilities of £12,557.

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.

Page 2

THE JOHN BOOTH CHARITABLE FOUNDATION (REGISTERED NUMBER: 06782980)

Report of the Trustees for the Year Ended 30 June 2023

FINANCIAL REVIEW

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.

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.

Organisational structure

The Charity employs no staff, with all decisions being made by the Trustees.

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 Trustees have considered the major risks to which the Charity is exposed and satisfied themselves that systems and procedures are established to manage those risk.

The major 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 all its beneficiaries, a simple reporting structure and no employees; the second by employing experienced investment advisors, well known to the Trustees, who manage a 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

Page 3

THE JOHN BOOTH CHARITABLE FOUNDATION (REGISTERED NUMBER: 06782980)

Report of the Trustees for the Year Ended 30 June 2023

Trustees

T M Ashley J D S Booth The Right Revd Dr 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 The 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

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:

AUDITORS

The auditors, Knox Cropper LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 4

THE JOHN BOOTH CHARITABLE FOUNDATION (REGISTERED NUMBER: 06782980)

Report of the Trustees for the Year Ended 30 June 2023

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 ............................................. and signed on its behalf by: 25 March 2024

.................................................................... J D S Booth - Trustee

Page 5

Report of the Independent Auditors to the Members of The John Booth Charitable Foundation

Opinion

We have audited the financial statements of The John Booth Charitable Foundation (the 'charitable company') for the year ended 30 June 2023 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).

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 to a 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:

Page 6

Report of the Independent Auditors to the Members of The John Booth Charitable Foundation

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:

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 control 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.

Page 7

Report of the Independent Auditors to the Members of The 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:

There are inherent limitations in the audit procedures described above and, the further removed non-compliance 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

Date: .............................................

Page 8

THE JOHN BOOTH CHARITABLE FOUNDATION

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 30 June 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Grantmaking
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2023
2022
Unrestricted
Total
fund
funds
£
£
687,500
1,250,000
327,470
237,827
1,014,970
1,487,827
55,440
71,493
1,714,586
2,310,595
1,770,026
2,382,088
861,023
(3,371,467)
105,967
(4,265,728)
21,975,834
26,241,562
22,081,801
21,975,834

The notes form part of these financial statements

Page 9

THE JOHN BOOTH CHARITABLE FOUNDATION (REGISTERED NUMBER: 06782980)

Balance Sheet 30 June 2023

Notes
FIXED ASSETS
Investments
Investments
12
Social investments
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
16
Unrestricted funds
TOTAL FUNDS		 2023
Total
funds
£
21,814,160
150,000
21,964,160
38,059
92,139
130,198
(12,557)
117,641
22,081,801
22,081,801
22,081,801
22,081,801		 2022
Total
funds
£
21,607,945
250,000
21,857,945
27,941
101,169
129,110
(11,221)
117,889
21,975,834
21,975,834
21,975,834
21,975,834

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 25 March 2024

............................................. J D S Booth - Trustee

The notes form part of these financial statements

Page 10

THE JOHN BOOTH CHARITABLE FOUNDATION

Cash Flow Statement

for the Year Ended 30 June 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Foreign exchange movement
Net cash used in operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Cash held by investment managers
Investment management fees
Net cash provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash in cash and cash equivalents due
to exchange rate movements
Cash and cash equivalents at the end
of the reporting period		 2023
£
(944,203)
10,783
(933,420)
(255,083)
925,756
152,573
144,990
22,207
(55,270)
935,173
1,753
101,169
(10,783)
92,139		 2022
£
(937,855)
(18,397)
(956,252)
(201,044)
-
51,025
120,494
963,256
(71,393)
862,338
(93,914)
176,686
18,397
101,169

The notes form part of these financial statements

Page 11

THE JOHN BOOTH CHARITABLE FOUNDATION

Notes to the Cash Flow Statement for the Year Ended 30 June 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
(Gain)/losses on investments
Interest received
Dividends received
Non-cash investment income
Non-cash grants paid
Investment management fees
Increase in debtors
Increase/(decrease) in creditors
Net cash used in operations		 2023
£
105,967
(861,023)
(152,573)
(144,990)
(40,690)
100,000
55,270
(7,500)
1,336
(944,203)		 2022
£
(4,265,728)
3,371,467
(51,025)
(120,494)
(47,911)
349,763
71,393
-
(245,320)
(937,855)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.22 Cash flow At 30.6.23
£ £ £
Net cash
Cash at bank 101,169 (9,030) 92,139
101,169 (9,030) 92,139
Total 101,169 (9,030) 92,139

The notes form part of these financial statements

Page 12

THE JOHN BOOTH CHARITABLE FOUNDATION

Notes to the Financial Statements for the Year Ended 30 June 2023

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.

2. ACCOUNTING POLICIES

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.

Page 13

continued...

THE JOHN BOOTH CHARITABLE FOUNDATION

Notes to the Financial Statements - continued for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Investments

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.

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 settled 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 14

continued...

THE JOHN BOOTH CHARITABLE FOUNDATION

Notes to the Financial Statements - continued for the Year Ended 30 June 2023

3.
DONATIONS AND LEGACIES
Donations
Gift aid
4.
INVESTMENT INCOME
Dividends receivable
Interest receivable
Interest on social investments
Currency gains/(losses)
5.
RAISING FUNDS
Investment management costs
Portfolio management
Support costs
6.
CHARITABLE ACTIVITIES COSTS
Grantmaking		 Grant
funding of
activities
(see note
7)
£
1,700,600		 2023
£
550,000
137,500
687,500
2023
£
181,562
142,726
13,965
(10,783)
327,470
2023
£
55,270
170
55,440
Support
costs (see
note 8)
£
13,986		 2022
£
1,000,000
250,000		 2022
£
1,000,000
250,000		 2022
£
1,000,000
250,000
1,250,000
2022
£
152,039
60,970
6,421
18,397
237,827
2022
£
71,393
100
71,493
Totals
£
1,714,586		 2022
£
152,039
60,970
6,421
18,397
237,827
2022
£
71,393
100
71,493

Page 15

continued...

THE JOHN BOOTH CHARITABLE FOUNDATION

Notes to the Financial Statements - continued for the Year Ended 30 June 2023

7.
GRANTS PAYABLE
Grantmaking
The Prince's Trust
Blackburn Cathedral
The Royal Opera House
Pallant House Gallery
Walsingham College
Depaul International
National Gallery Trust
Depaul UK
Tate Foundation
National Portrait Gallery
Royal Academy of Arts
The Amber Foundation
PCC of St James's Church, Piccadilly
Royal Academy of Music
Boxgrove Priory
Muscular Dystrophy
Merton College, Oxford
Opera Holland Park
Red Cross
Opera North
Royal College of Music
Royal National Theatre
St Mary's Bourne Street
Other institutions (<£5,000)
Grants to individuals		 2023
£
1,700,600
2023
£
1,250,200
100,000
100,000
54,800
50,000
42,000
12,100
12,000
10,680
9,500
8,150
5,000
5,000
5,000
3,000
100
-
-
-
-
-
-
-
30,820		 2022
£
2,297,912
2022
£
1,265,000
-
100,000
500,000
-
76,000
7,500
-
10,680
-
8,150
5,000
-
-
5,000
5,000
219,763
11,000
11,000
10,000
5,000
5,000
5,000
32,100
2,281,193
16,719
2,297,912
1,698,350
2,250
1,700,600

Page 16

continued...

THE JOHN BOOTH CHARITABLE FOUNDATION

Notes to the Financial Statements - continued for the Year Ended 30 June 2023

8. SUPPORT COSTS

SUPPORT COSTS
Governance
Management
costs
£
£
Investment management costs
170
-
Grantmaking
9,486
4,500
9,656
4,500		 Totals
£
170
13,986
14,156

Support costs, included in the above, are as follows:

2023 2022
Investment
management Total Total
costs Grantmaking activities activities
£ £ £ £
Bank charges 170 495 665 760
Administration - 8,991 8,991 7,793
Auditors' remuneration - 2,490 2,490 2,340
Auditors' remuneration for non audit work - 2,010 2,010 1,890
170 13,986 14,156 12,783

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£ £
Auditors' remuneration 2,490 2,340
Auditors' remuneration for non audit work 2,010 1,890

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022.

Page 17

continued...

THE JOHN BOOTH CHARITABLE FOUNDATION

Notes to the Financial Statements - continued for the Year Ended 30 June 2023

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Grantmaking
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
12.
FIXED ASSET INVESTMENTS
Shares
Loans		 2023
£
20,814,160
1,000,000
21,814,160		 Unrestricted
fund
£
1,250,000
237,827
1,487,827
71,493
2,310,595
2,382,088
(3,371,467)
(4,265,728)
26,241,562
21,975,834
2022
£
20,607,945
1,000,000
21,607,945

Page 18

continued...

THE JOHN BOOTH CHARITABLE FOUNDATION

Notes to the Financial Statements - continued for the Year Ended 30 June 2023

12. FIXED ASSET INVESTMENTS - continued

Additional information as follows:

MARKET VALUE
At 1 July 2022
Additions
Disposals
Unrealised gains/(losses)
Movement in cash
Exchange differences
At 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022
At 1 July 2022 and 30 June 2023		 Cash and
Listed
Unlisted
settlements
investments
investments
pending
£
£
£
19,867,507
536,712
203,726
175,023
118,132
-
(546,848)
(87,280)
-
569,395
-
-
-
-
(11,424)
-
-
(10,783)
20,065,077
567,564
181,519
20,065,077
567,564
181,519
19,867,507
536,712
203,726		 Totals
£
20,607,945
293,155
(634,128)
569,395
(11,424)
(10,783)
20,814,160
20,814,160
20,607,945
Other
loans
£
1,000,000

There were no investment assets outside the UK.

Included in listed investments is £20,065,077 (2022: £19,867,507) measured at fair value through profit or loss. These are the only financial assets measured at fair value through profit or loss. Fair value movements on these financial assets amounted to gains of £569,395 (2022: losses of £3,736,264).

Analysis of investment gains and losses reported in Statement of Financial Activities.
Proceeds of investments sold
Carrying value
Realised gains on disposal of investments
Unrealised gains on investments
Gains on investments		 925,756
(634,128)
291,628
569,395
861,023

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continued...

THE JOHN BOOTH CHARITABLE FOUNDATION

Notes to the Financial Statements - continued for the Year Ended 30 June 2023

13. SOCIAL INVESTMENTS

MARKET VALUE
At 1 July 2022
Other movements
At 30 June 2023
NET BOOK VALUE
At 30 June 2023
At 30 June 2022		 Loans
£
250,000
(100,000)
150,000
150,000
250,000

The concessionary loan is unsecured and bears interest at 4%. The concessionary loan is wholly repayable in more than one year. During the year £100,000 of the amount outstanding was converted into a grant to the loan recipient Blackburn Cathedral, as shown in Note 7.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Accrued expenses
16.
MOVEMENT IN FUNDS
At 1.7.22
£
Unrestricted funds
General fund
21,975,834
TOTAL FUNDS
21,975,834		 2023
£
38,059
2023
£
-
5,057
7,500
12,557
Net
movement
in funds
£
105,967
105,967		 2022
£
27,941
2022
£
3,912
129
7,180
11,221
At
30.6.23
£
22,081,801		 2022
£
27,941
2022
£
3,912
129
7,180
11,221
22,081,801

Page 20

continued...

THE JOHN BOOTH CHARITABLE FOUNDATION

Notes to the Financial Statements - continued for the Year Ended 30 June 2023

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
1,014,970
1,014,970		 Resources
expended
£
(1,770,026)
(1,770,026)		 Gains and
losses
£
861,023
861,023		 Movement
in funds
£
105,967
105,967

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.7.21
£
26,241,562
26,241,562		 Net
movement
in funds
£
(4,265,728)
(4,265,728)		 At
30.6.22
£
21,975,834
21,975,834

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
1,487,827
1,487,827		 Resources
expended
£
(2,382,088)
(2,382,088)		 Gains and
losses
£
(3,371,467)
(3,371,467)		 Movement
in funds
£
(4,265,728)
(4,265,728)

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continued...

THE JOHN BOOTH CHARITABLE FOUNDATION

Notes to the Financial Statements - continued for the Year Ended 30 June 2023

17. OTHER FINANCIAL COMMITMENTS

The Foundation has committed to invest a total of £250,000 in Episode 1 Investments 2 LP of which £225,000 has been called up as at the balance sheet date resulting in a remaining commitment to invest £25,000.

The Foundation has committed to invest a total of £750,000 in Episode 1 Investments 3 LP of which £218,132 has been called up as at the balance sheet date resulting in a remaining commitment to invest £531,868.

18. RELATED PARTY DISCLOSURES

During the period the Charity received donations of cash from Mr Booth, a trustee, totalling £550,000 (2022: donations totalling £1,000,000).

Mr Booth is a partner in Cerno Capital Partners LLP, the Charity's investment manager, to whom fees of £45,475 inclusive of VAT (2022: £59,040) were payable in the period. The Charity has an investment in Maintel Holdings Plc, a company of which Mr Booth is a director and shareholder. There were no transactions with Maintel Holdings Plc in the current or preceding year.

The Charity made grants to the following organisations of which Mr Booth is also a trustee, or was at the time of making the grant:

Page 22