REGISTERED COMPANY NUMBER.. 06782980 IEngland and Wale81 REGISTERED CHARITY NUMBER: 1127397 Rèport of the TTu$tsas and Financlal Statement¥ for the Year Ended 30 Jung 2024 for THE JOHN BOOTH CHARITABLE FOUNDATION l<nox Cropper LLP Chartergd Accountants and Statutory Audltors 65 Leadenhall Stre81 London EC3A 2AD
THE JOHN BOOTH CHARITABLE FOUNDATION Contents of the Flnanclal Stat&ment8 for the Year Ended 30 Jun8 2024 P•g& Report of the Tru$teg$ Report of the Indgpondent Auditors Statèment of F5nanclal Aetlvltle5 Balance Sheet Cash Flow Ststement 10 Notes to th? Ca¥h Flow Stalernent Note¥ to th• Flnanelal Statemonts 12 to 20
THE JOHN BOOTH CHARrrABLE FOUNDATION IREGISTERED NUMBER.. 067829BOI Report of Ihe Trustee5 for the Year Ended 30 June 2024 The trustees who ar8 also directors of the ¢harity for the purpos8s ol the Companies Act 200e, present their reportwith the financial slalemertls of the charity for the year ended 30 June 2024. The Iruslees have adopted the provislons ol Accounting and Reporhng by Chariti85'. $18lement ol Recomrnended Practice applicable lo charities preparing their accounts in accordance with the Finan81 Reporting Standard applicable in the UK and R8public of Ireland IFRS 10211gffectSve 1 January 20191. OBJECTIVES AND ACTIVITIES Oblèctlves and aim5 The object ol the Charity is th8 promotion of any charitable purpose or obj1 lor the benefit of th8 public, prfmarily in England, by the provision of grants at the ebsolule dls¢relion of the Trustee body. These are rnade large In the areas ol education. the arts and the Christian religion and the Tru8le6s believe that the Charity's grant making activities conlrlbule signif1canlly lo public b8n6fit in these areas by enabling $ubstantl81 numbers of young people to have access to education and Iralnlng, helpirig v8riou5 arts 0198nlsations lo pul on perforrnsnces, exhlbilions 8nd social prograrnmes which enhan the qualfty of lif6 of the communities they 8efve, and by empowerlng churches and faith groups to benefit the common good in a varlety of ways such a8 food banks, credit unlons and other activitie8. In additlon lo awarding grants. the Foundation occaslonally offers a loan tsn COnsSIOnary lems lo beneficSary, where the beneficiary's use of the fund8 furthers the objectives of the Foundation. The rnain activity of the Charity durlng the yeaiwas the provision of gr3TI15 predominantly lo organisallons and occasionalty to individuals in the areas above mentioned. Grants lo org3ni8atlons are generally rnade to other charitles whose aims and objectives cornplement the Charitls own,. Ih08e lo indlvSduals are largely made to enable study lo be undertaken. normally in highpr education. Conlacl is malntalned with both organlsations and individuals supported lo assess their performance a9ainsl the Found8tlon's criteria when 918nts were made to them. The FoundatSon will where necessary appoint profe8810n81 advlsors to Implement tho Charlly's strategic aims and 05sess outcomes. Publlc benefit In planning the activities forth8 year the Trustees have referred to the Charity Gommisslon's general guidance on publlc benefit. In particular the Trustees consider how planned activitie5 conlDbute to the airns and objectives that they have sel. Grantmaklng The Trust8e5 conslder all applications from charitable org8nlsatlons and from IndSvlduals known or recommended lo them and especially those falling within the areas of education, the Chri8tl8n faith and the arts. The Trustees meet three or four limes a year lo consider short Ilsted applications and dedde which of these to support. ACHIEVEMENT AND PERFORMANCE Charitable actSvltles During the period July 2023 to June 2024 the Foundation 8warded 66 grants lo organlsallons and indwiduals amounllng to £1.806,48912023.. £1,700,600). Further detai15 01 the range of organisalions to which grant8 were awarded are set out in note 7 of the financial slalernenl8. Of particular significance were.. £1,250.000 awarded lo The National Gallery for their bicentenary capital campaign. £100,000 awarded lo The Klng's Trust Iforrnerly The Prince's Trust) to en8ble the organlsation to build an endowment lo ensure ils long term finan¢ial re8ilienTr. £80,000 aw8rded lo Depaul International and Depaul UK lo alleviate homelessness. £65,000 awarded lo Walslngham College lo refurbish aecommodallon lor pilgrlms. £50,000 lo Sl Hugh's Charterhouse lor capital works on the Monastery. £45,000 to The Arts Foundation lo enable il to conllnue sponsorship of young artists, makers and musician5. Page 1
THE JOHN BOOTH CHARITABLE FOUNDAfON (REGISTERED NUMBER.. 067829801 Report of the Tru8te85 for lh8 Year Ended 30 June 2024 ACHIEVEMENT AND PERFORMANCE Fundraising actlvlties As in previous years. the Foundation re¢eived a donation from 113 truslegs. The Foundallon does not carry out any 8ctlvilies lo rai59 funds from mernbers of the public. Inv8Stment performance The Charity's investments were valued al £23,778.282 on 30th June 2024, an increase for the year of13.8Y4 compared with the ARC Sterling Steady Growth which Increased by 11.OQh in the same peritsd. Since incepllon, inveslmgnl perfornance is 287.5¥0 compared with the benchmark of 187.9Qh. FINANCIAL REVIEW Finanelal posltion The Charity received Income of £437,500 Irom donations and as50cialed Glft and £307,037 in investment income, Expenditure compri88d grants awarded of £1.806,469, Investment management fee8 of £81,079 and administration and governance costs of £14,975 lolalling £1,882.523. Reali8ed and unrealised gains on inveslrnents amounted to £2.865,421 reEulling In Nel Incomtr and Nel Movernenl in Funds of £1,727,435, increasing lotsl funds lo £23,809,236. Prfncipal lunding sources The Charity's principal funding sources conlinutrd to be donations from the IruEl&gs and income gener8led by its investment portfolio. In¥tM+t pollcy and obltellves The inve81ment strategy of the Trustees 13 lo grow the Charity's caprtal and iricomè to keep pace wllh inflation over the longer term. 5ubj8¢t to a moder818 level of risk and consideration of the need for Investment diver5ifieèlion. The portfollo is managed on a total return basis al the discretion of the Charilrfs inveslrnenl m8nÈger. Cerno Capltal Partners LLP. Reporting is monthly and the overall Investment portfollo is reviowed quarterly. The Charity does not currently employ a lomal ethical, 3ocial or environmental investment policy. R•serveB poll¢y The Charity seeks to maintain an invèstment portfolio capable of produclng a total return lo support Trustees, objectives in grant making in line with the Charity's Dbjects. The Cttarily had total funds of £23,809,23e al 30 June 2024. After deducting social inve¥trnenls of £150,000, re$eNes arnounl to £23,659.238. The Trustees consider the level of reserves held to be conslstenl with the resoNes policy. Golng ¢on¢grrb It is the Trustees, current inlenllon lo continue to lund the Charity and for the investmènt portfolio lo be managed with a viewto capital growth. TheTruslee8 belleve this will enable the Charity lo contlnue lo dislribulg al least 5.10 of ils capltal value annually for the foreseeable future. FUTURE PLANS There ar8 no current oulslandin9 pledges bul Ihg Foundation will cgntinue Its support foi many of the charftles lo which giants have prevlously b¢en made.111s the Truslee3' yoal lo give away al lea$15% of the Chaiity's Capital value in each year. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The John Booth ChaAtable Foundation is a gIStered tharlty and a cornpany Ilmlled by guarBnleo. governed by 5ts Mernorandurn and Articles of Association. Paga 2
THE JOHN BOOTH CHARITABLE FOUNDATION IREGISTERED NUMBER.. Q87B29801 Report of the Tru$te88 for thg Year Ended 30 June 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Rècruitment and appointment of new trustee$ N8w Trustees ar¢ provided with a Iruslee file, which includes a CDPY of the 9oveming document. a wpy of the lalg51 annual accounts and a copy of CC3, The Essential Trustee published by the Chority Commission. Trustees are reeiuited for their knowledge ol al least one of the three area3 whlch the Charity supports and advertising may be carried out to attract the right new trustees if necessary. Organigatlonal structur¥ The Charbty employs no staff, whh all decisions being made by the Trustees. Related parties The Charity has engaged Cerno Capital Partners LLP lo rnanage ils investments., Mr Booth, a Iru51ee, is partnei1n Cerno capital Partners. Rlsk rnanagèment The Trustee5 have considered the major risks to which the Charity 15 exposed and 5atlsfied themSeS Ih8t systems 8nd procedures are established lo manage thos8 risk. The malor risks lo which the Charity is exposed are main5y Ihtsse of fraud and of volat111ty of inve81menls. The rsl is miligaled by the Charity's relallonship with and detailed knowledge ol almost all ils bEnefielaries, a slmple reportln9 Structure and no employees.. the second by employing experienced investment advlsors, well known to tho Trustees, who manage 8 diversili8d portfolio with a moderate risk profjle. REFERENCE AND ADMINISTRATIVE DETAILS Registerèd Company numb?r 06782980 IEng13nd and Wales) Regi¥tgred Charlty number 1127397 Reglstered offlee 9 Cambridgè Gate London NW14JX Trustee8 T M Ashley JDSBoolh The Rl Revd Dr M C Warner Audltors Knox Cropper LLP Chartered Accounlarils and Slalutory Auditors 65 Leadenhall Street London EC3A 2AD STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directois of The John Booth Charitable Foundation for the purposes of company lawl are responsib18 for pparIng the Report of the Trustees and the financlal statements In accordan with appli¢able law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlcel. Pag8 3
THE JOHN BOOTH CHARITABLE FOUNDATION IREGSSTERED NUM8ER: 067829BOI Report of the Trustee$ for the Yoar Ended 30 June 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES - ¢ontlnued Company law r6quiie5 the trustees to prepare financial Statements for each financial year which give a true ond fair view of the stale ol affairs of Ihtr charitable company and of the incoming resources and application of resources, including the income and expenditure, of the ch8rilable company for that perfod. In preparing those financial stalemgrils, the trustee8 are required lo select suitable ac¢ounling policie5 and then apply Ihetn eonsistently., observe the methods and principle8 in the Charity SORP., make judgements and esllmales that are ieasonab1e and prudent., prepare the financial slalemenls on the going concotn basis unles5 1115 Inappropriate lo presume that the charitable company will continue in business. The Iwslees are responsibltr for keeping proper accounting recoids which disclose wlh re8$0nable accuracy al any timè the financial p0511ion of the charitablè ¢ompany and lo enable them lo ensure IhAt the financial slalemen18 compty wlth the Companles Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps lor the prevenllon and detection of fraud and other irregularities. In so far as the trustee5 are aware.. there is no relevant audit inlorm8lion of whkh the charitable companys auditors 8re unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to eslabli$h that the auditor8 gre aware of that inforrnatlon. AUDITORS The aLJdilors. Knox Cropper LLP. will be proposed for re-appoinlrn8nl at the forthcoming Annual General Meeting. Thls report has been prepared in accordance With the special provlslons of Part 15 of tho Companies Act 2006 relating to sma15 ¢ompanles. Approved by tsrder of the board of Iruslees on 121112025 and 51gned on ils behalf by.. 7 rIVL..r0. J D S Booth - Trustee Paye 4
Report of the Independgnt Audltors to the Members 01 Th8 John Booth Charltable Foundatlon Opinic*n We h8V8 audited the financial slalemenls of The John Booth Charitable Foundation lthe'¢harStable company'l lor the year ended 30 June 2024 which comprise the Statement of Finaricial Activities. the Balanc¢ Sheet, the Cash Flow Statèment and not88 lo the financl81 statements, including a summary of significant a¢¢ounling policies. The financial rgporting framewprk that has been applied in their preparation Is opplicable law and United Klngdom Accounting Standards (United Kingdom Generally A¢cepted Accountlng Practice). In our oplnion the financl81 staternents.. give 8 true and falr view of the slate of the charitable comparils affairs as al 30 June 2024 and of its incorlling resources and application tsf resource¥, Induding its inwme and expenditure, for the year then ended,, have been properly prep8red in accordance with United Kingdom Generalty Accepted Accounting Pra¢tice.' 8nd have been prepared in accordan wlh the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance wlth Inlematlonal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responslblllties underlhose standards are further de8¢ribed In the Auditors, respon3ib111ties for the audit ol the financial slgtements section of our report. We are indep8ndent of the charitable company in accordance wblh the ethical requirements th81 are relevant lo our 8udit of the financial stalem¢nts in Ihe UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical respon5ibilitles in accordance with these requirements. We believe th81 the audit evidence we have Dbtained 15 suificlent and 8ppropriale lo provlde a basi. for our opinion. Conclusion5 relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the golng conrn basis of accounting in the preparation of the flnanual slalpments Is approprfate. Based on the work we have perfomed, we have not identified any material uncertainties relating lo events or ¢ondilions that, indNldually or collectively, tnay cast signific8nt doubl on the charitable company's ability lo contlnue as a golng concern IDr a period of at least twelve month5 from when the finanGlal stalernents are authorised for Issue. Our responsibilities and the SpOnsibl5111e3 of the Iruslees with respect to going concern are described in the r&levanl sections ol this report. Other inforniatlon The trustees are responsible foi the other information. Tho Other information comprSse8 the inforrnalion induded in the Annual Report, oth¢r than the financial slalements and our Report of the Indepèndent Auditors Ihereon. Qur opinion on the financial statements does not cover th¢ other informallon and, except to the oxlent othetwise expllciuy slated in our report. we do not expres8 any form of assurance condusion Ihereon. In oonnects'on wth our audit of the flnancial slatemenls, our responsibility 18 19 read the other inforrnalion and, in doing so, conslder whether the other information 18 mal6rially inconsistent with the financial statements or our knowledge obtained in the audit or othetwise appe8rs to be rnalerially mis81aled. 11 we identify such rnaterial Ineonsislencies or apparent rnalerlal misstalernenls, we are reqLJlred to determine whether this glves rise lo a material miss18lement in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a rn8terial rnisstslement ol thi3 othèr information, we are required to report that fact. We have nothing lo report in this regord. Oplnlons on other mattors prescribed by the Companles Act 2006 In our opinion. based oll the work undertaken in the course of the audit.. the inforrnallon given in the Report ol the Trustee5 for Ibe financial year for which the finpnclal slalements are prep8red is consislenl with the financial stalemenls., and the Report of Ihe Trustee8 has been prepared in accordance with applicable legal requirements. Poge S
R8POrt of tho Independent Audltor8 to the Mernbers of The John Booth Charltsbl8 Foundatlon Matters on which wo are requlred to rsport by ex¢optlon In the light of the knowledgè and underslgndln9 of the charitable ¢ornpany and it8 envlronmenl obtained in the course of the audit, we have not identified materlal misslalemenls In the Report of the Trustees. We have nothing lo report in re3pect of the following matters where the Companies Act 2006 require5 u810 report lo you rf, in our opinion.. adequate awounling records have not been kept OT returns adequate lor our audit have not been receNed from branches not vlsited by us., OT the financial slalemgnts are not in 89reement with the 8ocounling records and relums., or certaln disclosures of Iwstees, rernunerallon specified by law are not made.. or we have not received all the information and explanation8 we rgquire for our audit., ¢r the Iruslees wore not entitled lo take advantage of the small comp8ni6s exemption from the requirement la prepare a Strategic Report or in preparfng the Report of the Trustees. Re¥ponslbllies of tru$t?0S As gxplalned more lully in the Slalemenl of Trustees, Re8ponslbilitles, the trustees (who are also the dlrectors of the ¢harflable company for the purposes of wmpany lawl arg responsible for the preparation of the financial slalemen15 and for being sali5fled that they give a true and fair vlew. and for such Intemal conlrtsS gs the trustees delerrlllne is necessary to enable the preparation of financial statements that 8re free from material misstalemenl, whether due lo fraud or error. In preparing the finan¢l81 stalemenls, Ihtr trustees are iesponsible for a85es51ng the charitable company's Bbility to continue a5 a going concern, disclosing, as applicable. matt015 related to going eoncem and using the going concerri basls of accounting unless the trustees either intend lo Ilquidate the charitable company or to cease operations, or have no realistic allemalive but lo do so. Page 6
Report of the Indepgndent Audltors to th8 M8mbers of Thp John Booth ChaTltoble Foundatlon Our re¥ponslbilitles for th¢ audlt of the financlal statements Our objectiv85 are lo obtain ieasonable assurance about whether the financial slalements as a wholg are free from material rlli55tstement. whether due lo fraud or error, and 10 155ue a Report of the Independent Auditors that includes our opinion. Rea3onab18 assurance is a high level of assurance. but is not a guarantee that an audit conduct8d in accordance with ISAS IUKI will athay5 detect a material mi551atemenl when It exists. Misslaletnenls can arise from fraud or error and are considered material il, indivldually or in the aggregate, they could r88sonably be expected to influence the econornic decisions of users taken on the basis of these financial stslemenls. The extent lo whlch our procedures are capable of deteding irregularities, indudiny fraud is detailed below.. We obtained an understanding of th9 lttgal and regulatory frameworks that are applicable to the charitable company and determined that the most 5ignifi¢anl are the Slalernerit of RecoTvrnBnded Praclice'Accounling and Reporting by Charitie5' ISORPI, in accordance wlth the Financial Reporting standard applicablo in the UK IFRS 1021 and the Companies Act 2006. - We gained an understanding ol how the charitable company cornplied with ils legal and regulatory framework, induding the requliemenl lo properly account for reslricled fvnds. through discussions with management and 8 revlew of the documented policies. procedures and controls. The audit learn, which is experienced in thg audit of charities, considered the charitable company's SU5CgPtibilily to rnaleri81 misstalemenl and how fraud may occur. Our consideration$ include the risk of management override. Our approach was lo check that the income from donations and inweslmen15 We properly Identified and accur8lely disclosed, that expenditure complied with the control procedures and was appropriately charged. We also reviewed journ81 adjustments and unusual trans8Ctions for management overrlde, and considered the identification and disdosure of related party Iran5action$. There are inherent Ilmilations in the audit procedures described above and, the further removed non- compliance wilh18ws and regulations is from the events and Iransactlons refleded in the financial statements, the less Ilkely we would become aware of it. The iisk of not detecting a material misstatement dup lo fraud is higher than the iisk of not detecting one resuSting from error, as fr8ud may involve d8liberate concealment by. for example, loigery or intentional misrepresenlatlOll5, or through collusion. A further descripllon of Dur responsibilitie3 for the audit of the financlal slalements Is located on the Financial Reporting Council's website al www.frc.org.ukJaudilorsresponsibililies. Thls description forms part of our Rèport of the Indep8nd¢nt Auditors. Usg of our report This report Is made solely lo the charitable Company's mernbers, as a body. in ac¢ordance with Ghapler 3 01 Part 16 Of the Companies Act 2006. Our audlt work has b8en undertaken so that we might stale to the charitable company's members those matters we are required to state lo Ihern in an auditors. report and lor no other purpose. To the fullest extent permitted by law, we do not accept OT a8sum¢ responsibility lo anyone other than the charitable cotnpany and the charitable cornpany's members as a body, for our audit work, for this r8P or lor the opinions we have forTll8d. G N Stevenson (Senior Slalulory Auditor) for and on behalf of Knox Cropper LLP Chartered Accountants and Slalulory Auditors 65 Leadenhall Street London EC3A 2AD Dale.. IL4 .1..5...1.2oL5 Pagg 7
THE JOHN BOOTH CHARITABLÉ FOUNDATION statement of Flnan¢lal Actlvltles Ilneorporatlng an Income and Éxpendlture Accounti fL)r th& Year ended 30 June 2024 2024 UnT88trlcted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and logacies 437,500 687,500 Investment income 307 037 327.470 Total 1014970 EXPENOITURE ON Raislng funds 61,089 55,440 Charitable activities Granlmaking 1821434 1714 586 Total 1882 523 1770 026 Net gains on investments 2 865 421 861023 NET INCOME 1,727,435 105,967 RECONCILIATION OF FUNDS Total funds brought forward 22,061,801 21,975,834 TOTAL FUNDS CARRIED FORWARD 23 809,236 22.081801 The nol88 form part of the8e finaD¢lal slalem&nl$ Page 8
THE JOHN BOOTH CHARITABLE FOUNDATION (REGISTERED WUMBER.. 067829601 Balance Sheet 30 JU 2024 2024 Total funds 2023 Total lund$ Notes FIXED ASSETS Investrnents Investmonls Social inve8lm$nls 12 13 23,628,282 21,814,160 150 000 150 000 23,778,282 21,964.160 CURRENT ASSETS Debtors Cash at bank 14 23,792 38,059 92,139 38,774 130.198 CREDITORS Amount$ falling due within one year 15 17,8201 112,55n NET CURRENT ASSETS 117.641 TOTAL ASSETS LESS CURRENT LIABILITIES 23,809,236 22,081.801 NET ASSETS 23 809 236 22.081801 FUNDS Unrestrlcted funds 16 23 809 236 22 061801 TOTAL FUNDS 23,809 236 22,061801 Th&s8 financSal slalernenls have been prepared in accordance with the provision8 appllcable lo charilablg companles subject lo the srnall ¢ompanles regimè. The financlal statements weie approved by the Board of Trustees and aulhorised lor Sssue On .l%lli.¥.o.a¥........... and were signed on ils behalf by.. J D S Booth- Trustee The note$ form part of these fin3nGlal Btalements Page 9
THE JOHN BOOTH CHARITABLÉ FOUNDATION Cash Flow Statsmenl for the Year Ended 30 June 2024 2024 2023 Notes Cash flows from operatin9 aetlvitig$ Cash generated Iiom operaliDns For8lgn exchange movement 11,381,545) 1944,2031 10.783 Nel Cash used in operating activities 1 381,5451 933 420 Ca$h flows from Investing aetlvities Purchase ol fixed asset investments Sale ol fixed asset investments Interest received Dividends reeelved Cash held by inve51menl managers Investment rnanagemenl fees 1671,5991 1,675,824 115,788 147,170 94,671 1255,0831 925,756 152,573 144,990 22,207 Net cash provided by investing activities 1300 775 935,173 Change In cash ?nd Cash egulvalents in the roportlng period Cash and cash equlvalents at the beginning of the reportlll9 perlod Cash in cash and cash equivalents du¢ to exchange rate movements 180,7701 1,753 92,139 101,169 10,783 Cash and cash 8qulvalents at the end of the reporting perlod 14,982 92,139 The nots8 fomi part Df 11888 finanGlal slatsmenls Pag¢ 10
THE JOHN BOOTH CHARITABLE FOUNDATION Notes to the Cash Flow Statement for the Yedr Ended 30 June 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVlllES 2024 2023 Net Incom* for the reportlng period las per the Stsfrment of Financlal ActivStlesl Adjustments for: Galn on inv951ments Interest received Dividends received Non-cash Inveslrnenl income Non-ca5h grants paid Investment m8nagernent fees Deoreasellincr8a5el in debtors IDecreaselfincrease In creditors 1,727,435 105,967 12,865,421) 1115,7881 1147,1701 144,0791 1861,0231 1152,5731 1144,990} 140,6901 100,000 55,270 17,5001 61,079 7,136 Net cash used in operatlons 1381,5451 944,203 ANALYSIS OF CHANGES IN NET FUNDS Exchange rats movemgnls At 1.7.23 Cash flow At 39.8.24 Net ca¥h Cash al bank 92.139 60 7701 14,982 Totsl The notes form part of Ihe$B flnanclal stalemenl$ Page11
THÉ JOHN BOOTH CHARITABLÈ FOUNDATION Notes to the Fln#n¢lal Statemonts for the Y8ar Ended 30 June 2024 STATUS The John Booth Charitable Foundallon Is a private company limited by guarantee, incorporated in England and Wales, with company regislratlon number 06782980. The Foundallon Is also registered as a charity with the Charity Commis51on, registered number 1127397. The registered officg of the Foundation Is g Cambridge Gale, London. NW14JX. ACCOUNTING POLICIES Basis of preparing the flnancial statements The Ilnancial s18lemenls of the charrtable company, whlch is a public benefrt enlily under FRS 102, hav¢ been prepared In accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Ghaii11es.' StaleTll8nl of Recommended Practlee applicable to charities preparing their accounts In accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effectSve 1 January 20191.. Finanual Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companie3 Act 2006. The financial statements have been prepared under the hislorlcal cost conv8nlion, with the exception of investments which arg induded al market value, as modified by the revaluatlon of certaln assets. The Trustees conslder there ore no malerfal uncert•lnlSes about the charitablo wmpanys ability lo contlnue as 3 golng concern. Critical a¢counting judgements and key sourcts of estimation uncertainty Unllsted Investment The FDundatlon's unlisted investments compiise shares in companies and interests in limilad partnerships. The limi18d partnershlps the Foundation has invested in inve51 In early Slago busine58es for which there is no active market. VaSuations of Ih8se bu5ine83es are typicalW derived from the prictr achieved at the lalesl fundraise carrled out and as such remain sensitive lo market conditions. Income AIS incom8 is recogni88d In the Slalem$nt of Fin8ncial Activities gnca the charity has enli118ment lo the funds, il is probable that the income will be received and the arnount can be mtrasured reliably. Donations, legaeies and other forms of voluniary incoTHg are recogllised as income when the charity is trntitd lo receipt. All other income is accounted lor on an accruals basls. Foreign exohange gains and losse8 arise on non-81gdlng cash balan¢es held wllhln the investment portfolio and ale accounted for as a cornponent of investment income. Expgndlture Liabililles are recognlsed as expenditure as 800n as there is a legal or constructive obligation committing the charity to that exp8ndilure, rft is probable that a Iransler of economlc benefi15 will be required in Settlement 8nd the amounl of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis 8nd has been cla55ified under heading5 that a9gregale all eosl related lo tho category. VVh8re Costs cannot be directly attrlbuted lo particular headings they have been allocated lo activities on 8 basis consl$tent with the uso of resourc88. Grants offered subject lo conditlons which have nDI been met al tha year end date are noted as a commilmonl but not accrued as expenditure. Inve¥tments Llsted Investments Listed Investments are a form ol basic flnanclal investment and are inlllalty recognlsed al their transaction value and Subsequent measured at fair value a8 at the balance sheet dale uslng the dosing quoted market price. The statement of financial activilles includes the net gains and losses arising on revaluation8 and disposals throughout the year. Page 12 contlnued...
THE JOHN BOOTH CHARITABLE FOUNDATION Notes to the Flnanclal Statements. ¢ontlnued for th8 Year Ended 30 June 2024 ACCOUNTING POLICIES- continued Investments Realised salns and Ioss85 on listed investments are calculated as the difference between Sales proceeds and thelr opening carrying value or their purchase value il 8cquired subsequent lo the first day of the financial year. Unrealised gains and105ses are calculated 8$ the difference between the fair value al the year end and their Carrying value. Unlisted Irhvèstments Unlisted Inve8lTllenls are Initially recognlsod 81 their Iran58ction value and Subsequently measured al cost less impairment or, if il can be measured reliably, the fair value. Social Invgslments Concessionary108ns made to beneflciaries in furtherance ol the Foundation's charitable purposes are accounted lor as a so31 investment. These are initially recognlsed al their Iransact5ons value and subsequently measured 1¢ rèflect repayrnent8 ond any accrued interest and adjusted il necessary for ny Itnpalrment. Taxation The chaiity is exempl from corporation lax on 118 charitable aclivilie5. Fund accounting UnstriCted funds can be used in accordance with the charKable objectives 8t the discretion of the trustees. Restricted funds Can only be used for particular reslricled purposes within the objects of the charty. Reslriclions arise when specified by the donor or when fund$ are raised for p8rtl¢ular restricted purposes. Further explanation OY the nature and purposè of each fund 18 included in the note5 to the finandal sl8lement5. DebtOTS Trade and other debtors are recogni5ed 81 the setllemeril arnount due after any trade discount offered. Prepaymenls are valued al the amount prepald net of any trade dis¢ounls due. Cash at bank and in hand Cash bank and cash and 3hort term highly liquid Investments with a short malurily of Ihr&e months or le33 from the date of acquisillon or opening of the dèposit or slrnilar account. Credltors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probab result in the transfer ol funds lo a third party and the amount due to settled the obligallon can be measured or estimated reliab5y. Creditors and provisions aro normally recognised at Ihelr selU6menl amount after allowirig for any trade discounts due. Financrol instruments The Charity only has financial assets and financial Ilabllrties of a kind that qualify as basic finaneial In81tuments. Basic financial instruments are initially recognised al Iransa¢lion value and sub8equenlly measured at their settlement value with the ex¢ept1on of bank loans which are subsequently me8sured al amortised cost using the effective interest mothod. Page 13 ¢onllnu8d...
THE JOHN 800TH CHARITABLÉ FOUNDATION Notes to the Flnancial Statement$. continued for the Year Ended 30 June 2024 DONATIONS AND LEGACI&8 2024 2023 Donations Gift aid 350,000 550,000 437,500 687 500 INVESTMENT INCOME 2024 2023 Dlvidends reTrlvable Interest receiv8ble Interest on social inveslments Currency gainslllossesl 194,767 102,641 6,016 3,613 181.562 142,726 13,965 10,783 307 037 327,470 RAISING FUNDS Invgstment management eosts 2024 2023 Portfolio management Support costs 61.079 10 55,270 170 55,440 CHARITABLE ACTIVITIES COSTS Grant funding of Support ¢ost81see nots 81 (see note 71 Totals Granlmaking 1806 489 1,821434 GRANTS PAYABLE 2024 2023 Granlmaking 1.806 469 1700,600 Page 14 contlnued...
THE JOHN BOOTH CHARITABLE FOUNDATION Notes to the Flnan¢lal Staternents- contlnu•d for the Year Ended 30 Jun8 2024 GRANTS PAYABLE- continued 2024 2023 The National Gallery The Prince's Trust Walsingham College Depaul International St Hugh's Charterhouse Th? Arts Foundatlon Grange Festlval University of Derby Tale Foundation Royal Drawing S¢hool Sl Matthew's PCC Royal Academy ol Music St Paul's Brighton PCC The Charleston Tru51 Chefs In Schools Art Fund Scrum Theatre The Blg Ge (Arts For Impacti Merton College, Oxford National Portrait Gallery Royal Academy ol Arts Blackburn Cathedral The Royal Opera House Pallant Hous8 Gallery Depaul UK The Arnber Foundation PCC of Sl James's Church. Piccadilly Other ins1ilulions1<£5,0001 1,268,200 12.100 100,000 1,250,200 65,000 50,000 80,000 42,000 50,000 45,000 25,000 25,000 21,360 15,000 15,000 10.000 10,000 10,000 7,500 7,113 6.000 s,000 5,000 1,500 275 10,680 5.000 2,113 9,500 8,150 100.000 100.000 54,800 12,000 5,000 5,000 31.807 33,821 1,805,769 1,698,350 700 Giants lo individuals 1,80e.469 1.700,800 Pag8 15 continued...
THE JOHN BQQTH CHARITA8LE FOUNDATION Notes to the Flnancl81 Statements- contlnu8d for the Year Ended 30 June 2024 SUPPORTCOSTS GovemanGe ¢o$ls Managamenl Tota15 Investment rnanagemenl costs Gralltmaking 10 10 14,975 Support costs, induded in the above, are as follow5.. Investment management costs 2024 2023 Total Totsl Granlmaklng Bank charges AdminislralSon Auditors, remuneration Auditors, remuneration for non-audll work 10 733 9,462 2,640 743 9,462 2,640 665 8,991 2,490 2,130 10 14,965 975 14,156 NET INCOMEIIEXPENDITUREI Nel Incomel{expendlturel is stated after ehargingll¢reditingl'. 2024 2023 Auditors. iemuneralion Auditors. remuneration for non-audlt work 2,640 2.130 2,490 2,010 10. TRUSTEES, REMUNERATION AND BENEFITS There were no trus1t0$' remunerallon or other benefilg for the year ended 30 June 2024 nor for the year ended 30 June 2023. Trustees. gxpense There were no Iruslèes, expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023. P#ge 18 GDnlinuad...
THEJOHN BOOTH CHARITABLE FOUNDATION Notes to th6 Flnanclal Statements. ¢ontlnu8d lor the Year Ended 30 June 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES untriCted fund INCOME AND ENDOWMENTS FROM Donations and legacie5 887,500 Inve8lm8nl Income 327.470 Total 1014,970 EXPENDITURE ON Raising fund5 55,440 Charltabl? a¢tivitlés Granlmaking 1714586 Total 1770,026 Net gains on inveslrnenl8 861023 NET INCOME 105.967 RECONCILIATION OF FUNDS Total funds brought forward 21.975.834 TOTAL FUNDS CARRIED FORWARD 22 081801 12, FIXED ASSET INVESTMENTS 2024 2023 Shares Loans 22,628,282 20,814,160 1,000 000 1,(X)O,000 23 628 282 21814,160 P8g8 17 contlnued...
THE JOHN BOOTH CHARITABLE FOUNDATION Not85 to the Flnanclal Stat8rnentS- ¢C+nllnued for the Year Ended 30 June 2024 12. FIXED ASSET INVESTMENTS- contlnued Additional information a5 follows.. Ca3h and 5ettlem8nts pending Liste Investments Unllsled Inv¢stments Totals MARKET VALUE At 1 July 2023 Addition5 Disp05als Unrealised gain$lllossesl Movement in cash Exchange differences 20.065,077 817,826 11,488,285) 2,600,210 567,564 101,370 15,9791 83,651 181,519 20,814,160 719,198 11,494,264) 2,683,861 198,284} 3.613 198,2841 At 30 June 2024 21794 828 746,606 86 848 22 628 2B2 NET BOOK VALUE At 30 June 2024 21794,828 86 848 22 628 282 AI 30 June 2023 20,085 077 567,564 181,519 20814,160 other Al 1 July 2023 and 30 June 2024 1000.000 There were no investment asset8 Outslde the UK. Included In listed investments Is £21.794.828 12023.. £20,065,077) and in unllsled investmen15 Is £746,60612023.' £Nill rneasured at fair value through profil or loss. These are the only financial assets measured al fairv¥lue through profil or loss. Fair value rnovemenls on these financial as581E amounted lo galns of £2,683,86112023'. gains of £569,395). Analysis of inveslrnent gains and1058es report¢d in Slalemenl of FinsnelAI Activitie5. Proceeds of investments 501d Carrying value 1,675,825 1494 265 Reallsed gains on disposal of Invaslmenls Unr8alised gains on inve5tmeTrts 181,560 2.883 861 Gain8 on Investments 2.865,421 Page 18 COnued...
THE JOHN BOOTH CHARITABLE FQUNDAnON Notes to th8 Flnanclal Statements- continued for the Year Ended 30 Jun* 2024 13. SOCIAL INVESTMENTS Loan5 MARKETVALUE Al 1 July 2023 and 30 June 2024 150,000 NET BOOK VALUE At 30 June 2024 150.000 AI 30 June 2023 The conce55lonary108n 1$ un$e¢ured and bears interest al 4Vo. The concesslonary loan is wholly repayable in more than one year. 14, DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors 38,059 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors Aecrued expenses 5,059 16. MOVEMENT IN FUNDS Net rnovement In fund5 At 30.6.24 Al 1.7.23 Unre¥trictsd funds Genero1 fulld 22,081,801 1,727.435 23,809.236 TOTAL FUNDS 22,081,801 1,727.435 23 809 236 Nel rnovemenl In funds, Included In the above are as follows.. InttomSng re50urce5 Resourc88 expendèd Gains and lo$ses Movement in funds Unrestricted funds General fund 744,537 11,882,523) 2,865,421 1,727,435 TOTAL FUNDS 1882,5231 2 885 421 1,727 435 Page 19 conlnued...
THE JOHN BOOTH CHARITABLE FOUNDATION Not¢$ to thè Flnanclal Statements. contlnued for the Year Ended JO Jun¢ 2024 16. MOVEMENT IN FUNDS - ¢ontlnued Comparatlves for movement in funds Net mov8ment n lund$ At 30.6.23 Al 1.7.22 Unrestrlcted funds General fund 21.975.834 105,967 22.081,801 TOTAL FUNDS 21.975,834 105 967 22 081801 Comparalwe nel movernent in funds, Includ8d in the abov8 are 8$ follows.. In¢omlng resources Resourc8S expended Galns and losses Movement Unrestricted funds General fund 1,014,970 11,770,026> 861.023 105,967 TOTAL FUNDS 861023 105,967 17. OTHER FINANCIAL COMMITMENTS The Foundation h85 eommilled lo invest a total of £750,000 in Eplsode 1 Investments 3 LP of which £300,000 has been called up as at the balance sheel date resulting in a remaining cornmilmenllo invest £450,000. 18. RELATED PARTY DISCLOSURES Durin9 the period the Ch8rily rec8lved donations of cash from Mr Booth. a Iruslee. totalling £350,000 12023.. donats'ons lotalling £550,000). Mr Booth Is a partner In Cemo Capital Partners LLP, the Charity's inveslrnenl manager, lo whom fees 01 £50,812 inc]usive of VAT12023', £45,475> were payable in the period. The Charlty has an investrnenl in Mainlel Holdings Plc, a company of which Mr Boolhls h dirèctor and shareholder. There were no transactions with Mainlel Holdings PIC in the current or precedlng ye8r. The Charity made gran15 to the following oryanisalions of which Mr Booth is also 8 Irusle&. or was al the lime of making the grant.. . The Prince's Trust £100,000 The National Gallery £1,268,200 Vvalsingham College Tru51 Association £S5,000 - Art8 Foundation £45,000 Page 20