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2022-12-31-accounts

JAMES PERCY FOUNDATION REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

James Percy Foundation

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Maize fortification dosifier in Tanzania.
Photograph courtesy of Sanku – Project Healthy Children
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Annual report and financial statements For the year ended 31 December 2022

Charity Number: 1144494 Company Number: 07723208 The James Percy Foundation is a registered charity and company limited by guarantee.

JAMES PERCY FOUNDATION REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

OUR VISION

We believe in creating a fairer world where everyone has the chance of living the life that they would like to lead. Our ultimate goal is to reduce the “opportunity gap” by providing more opportunities to those born in disadvantaged environments.

As an independent grant-maker, we focus our grant-making on the first years of our beneficiaries’ lives, a period when it is possible to have a long-term positive impact on a person’s life.

ACHIEVEMENTS

In 2022 we supported partners in India and Sub-Saharan Africa to provide nutritious food, increase access to safe water, improve healthcare for mothers and new babies, and reduce the risk of malaria.

Highlights from our partners include:

New partnerships in 2022 with four organisations:

1 https://www.who.int/data/gho/indicator-metadata-registry/imr-details/1346

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JAMES PERCY FOUNDATION REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

Completion of five projects in 2022:

Disbursing grants totalling €1,984,737 (2021 €1,874,437).

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JAMES PERCY FOUNDATION REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022

CONTENTS
REFERENCE AND ADMINISTRATIVE DETAILS 4
TRUSTEE’S REPORT 5
INDEPENDENT AUDITOR’S REPORT 24
STATEMENT OF FINANCIAL ACTIVITIES 28
BALANCE SHEET 29
CASHFLOW STATEMENT 30
NOTES TO THE FINANCIAL STATEMENTS 31

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (INCORPORATING THE STRATEGIC REPORT) YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Registered name James Percy Foundation
Company number 07723208
Charity number 1144494
Governing
document		 Memorandum and Articles dated 29 July 2011 (as amended by Special
Resolution registered at Companies House on 20 October 2011, further
amended by special resolutions dated 23 May 2016 and 9 November 2020)
Charity registration Registered with the Charity Commission on 1 November 2011
Registered office 10 Queen Street Place,
London,
EC4R 1AG
From 7 February 2023:
124 City Road,
London EC1V 2NX
Trustees Mrs Martine Helene Suzanne Lhuillier
Mr Tomas Huntingford
Mr Eduard Huntingford Lhuillier
Mr Henry Charles Micklem Page
Ms Kirsty Erridge (formally appointed 15/3/2022, retired 25/11/2022)
Secretary Mr Howard Dellar
Auditor Buzzacott LLP,
130 Wood Street,
London EC2V 6DL
Bankers Wise,
56 Shoreditch High Street
London, E1 6JJ
United Kingdom
Closed on 20 January 2023:
Deutsche Bank,
Taunusanlage 12,
60325 Frankfurt am Main,
Germany
Investment
Managers		 Cazenove Capital,
1 London Wall,
London, EC2Y 5AU
Sarasin & Partners,
100 St Paul’s Churchyard,
London,EC4M 8BU
Solicitors Lee Bolton Monier-Williams,
1 The Sanctuary,
Westminster,
London, SW1P 3JT

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

The trustees are pleased to present this report and audited financial statements for the year ended 31 December 2022.

CHARITABLE OBJECTS

The objects of the Charity as set out in its statutory document are, for the public benefit:

The trustees have given due regard to the Charity Commission’s public benefit guidance. This report outlines the work that the Charity has done for the public benefit in 2022.

GRANT SELECTION

Grant Selection Policy

In 2021, the Charity performed a priority review aimed at ensuring that its grants address the most critical issues in its priority countries. A grant selection policy has been developed to give potential partners a clear understanding of the type of projects that will be considered for funding. Key elements of that policy are summarised below:

Grant Selection Criteria

Eligible projects should:

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

Focus Areas

The Charity supports work towards the achievement of the following Sustainable Development Goals:

The Charity’s focus areas for its grants are:

The Charity is keen to improve the level of care in its Priority Countries. For that reason, it welcomes applications for projects that will train government health-care workers and/or improve family and community care.

The Charity will consider education-related proposals backed by compelling evidence of the chosen approach’s effect on learning outcomes.

Priority countries

The Charity will consider projects that will be implemented in stable areas in any of the following countries:

Partner Selection

To be eligible for funding potential partners must:

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

The Charity must receive sufficient evidence to demonstrate that the potential partner has the capacity and resources required to implement the proposed project.

Grant Selection process

The Charity has a Grant Selection Committee, responsible for:

Prior to funding a project, at least one member of the Grant Selection Committee performs a field visit (either in-person or virtually) to assess the potential partner’s ability to implement programmes, its incountry presence and gain an understanding of the project context.

The trustees are actively involved in the assessment of applications.

Due Diligence

The trustees have an obligation to ensure that the Charity’s grants are only awarded to reliable and stable partners.

Therefore, the Grant Selection Committee performs a comprehensive due diligence review for every potential grant recipient; this involves an in-depth study of their latest financial statements, incorporation documents, impact measurement, monitoring policies and reference checks. No project receives funding without a satisfactory due diligence review.

Monitoring and evaluation

The Charity’s partners are asked to submit interim and annual reports to update the trustees on project implementation, progress against targets and any changes to the project. The Charity values openness and transparency and expects its partners to provide an honest and accurate assessment of progress in all reporting; including any issues or challenges faced, how said issues or challenges affect the project and any action the Partner plans to take to address said issues or challenges.

In addition, one or more members of the Grant Selection Committee may perform a field visit during project implementation to give the trustees a first-hand report on the project’s progress. The Charity views field visits as an important opportunity to build relationships with its partner organisations and foster open, trusting and responsive partnerships. This component of the grant selection process was suspended in 2020 due to the Covid-19 pandemic and has resumed now that travel restrictions have lifted.

Upon completion of a project, grantees are asked to submit a completion report to help the trustees understand the impact of the work funded by the Charity and the Charity to learn and improve as a grant-making foundation. All completion reports are fed back to the trustees, and common themes arising from such reports are identified and reviewed.

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

APPOINTMENT AND TRAINING OF TRUSTEES

Trustees are appointed to the trustee board by the existing trustees through a nomination and election process. A list of the trustees that served during the period of this report is provided on page 3.

Trustee training is provided by the Charity’s advisors and other training organisations as required and a tailored trustee board training is normally conducted every two years, the last board training was conducted in June 2022 following the AGM. Trustees are encouraged to attend appropriate external training courses / seminars throughout the year to enhance their expertise.

Over the course of the year, members of the trustee board completed training courses on topics ranging from finance to international charity work and exchanged relevant articles, research, case studies and relevant information.

REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS

James Percy Foundation’s charitable spend in 2022, in decreasing order

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Maternal,
5 projects, with 1
€847,988 Newborn and overlapping with
Child Health Education
€494,069 Nutrition 4 projects
Total
2 projects, with 1
€387,981 Education overlapping with charitable
Child Health
spend
Water,
€381,008 Sanitation 5 projects €1,984,737
and Hygiene
1 project,
€160,876 Malaria completed August 2022
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Grant-making

Outgoing grants was €1,984,737 in 2022 (2021 €1,874,437). All outgoing grants are awarded in line with the charity’s purposes for the public benefit.

During this reporting period, the Charity awarded funding to four new projects and continued funding eight ongoing projects. Members of the Grant Selection Committee performed field visits to projects in Tanzania and Zambia.

Over the course of the coming years, the Charity aims to develop a pool of stable, long-term partners to ensure a steady project pipeline.

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

PROJECTS SUPPORTED IN 2022

MATERNAL, NEWBORN, AND CHILD HEALTH

Children face the greatest risk of death in their first 28 days of life. According to the World Health Organization, a child born in sub-Saharan Africa or in Southern Asia is 10 times more likely to die in the first month than a child born in a highincome country. Survival and health of new-borns can be achieved by providing high coverage of quality antenatal care, skilled care at birth, postnatal care for mother and baby, and care of small and sick new-borns. James Percy Foundation is working with partners to improve the level of care for mothers and babies to ensure safe births and a healthy start to life.

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Project: Increasing access to quality reproductive, maternal, new-born and
child health services
Location: Kofele and Aleta Chuko woredas, Ethiopia
Organisation: International Rescue Committee UK
Total grant: £600,000
Grant paid in 2022: £30,000
Beneficiaries: 71,393 direct beneficiaries
Project dates: March 2019 - February 2022

In Ethiopia, the Southern Nations, Nationalities and Peoples’ Region (SNNPR) and the Oromia region have high rates of infant mortality. The rates are higher than the national average and are caused by low immunisation coverage, lack of access to related health services, and shortage of vaccines at health facilities. Around only a quarter of deliveries are attended by health personnel, and a high number of women have an unmet need for family planning.

International Rescue Committee delivered this project to address limited access to, and the low quality of, maternal, neonatal and child healthcare as well as family planning in the Kofele woreda, Oromia region and Aleta Chuko woreda, SNNPR.

The project provided training for Health Extension Workers in the target area on integrated community case management of malaria, pneumonia and diarrhoea, immunisation, and family planning. Community mobilisation sessions were held with local leaders on institutional deliveries, family planning and child health. Tools were provided to improve provision of vaccinations and referral linkages were strengthened between health posts, health centres and hospitals for obstetric and newborn care.

The project:

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

Project: Scaling up a digitally enabled community health system
Location: Zanzibar, Tanzania
Organisation: D-tree International
Total grant: US$769,253
Grant paid in 2022: US$256,986
Impact population: 87,500
Project dates: September 2020 – August 2023

In Zanzibar, approximately one third of births happen at home and more than half of all mothers and babies have no postnatal check-ups. Since 2011, D-Tree have been training and supporting community health volunteers in Zanzibar to provide maternal, new-born and child health care, with the assistance of digital technology.

D-Tree supports the roll-out of the Jamii ni Afya ‘Community is Health’ programme in the Central District of Zanzibar.

In 2022, D-Tree:

As of September 2022, Jamii ni Afya is operating in all 11 districts of Zanzibar. The Jamii ni Afya mobile app system is now integrated into the Ministry of Health’s national information systems, helping to ensure that community-level health data can be utilised by the Government. Once fully scaled, this programme will ensure that all of Zanzibar’s 1.6 million people can access high quality health services.

Through this three-year project, D-Tree aims to increase the number of pregnant women who attend four or more antenatal visits during pregnancy by 12% and increase the number of babies delivered in a health facility by 20%.

Project: Keeping kids healthy so they can learn
Location: Copperbelt region, Zambia
Organisation: Healthy Learners
Total grant: US$834,000
Grant paid in 2022: US$278,000
Impact population: 700,000
Project dates: July 2021 – June 2024

Children living in Zambia are at risk of malaria, diarrheal diseases and poor health that can interrupt their school attendance and potentially cause long-term health problems. The majority of child health programmes focus only on early childhood, and the needs of school-aged children are often underserved.

Since 2015, Healthy Learners have worked in Lusaka, Zambia to train teachers as school health workers to deliver medical care and health education for children in school.

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

School health workers use tablets equipped with diagnostic software developed by a tech partner, THINKMD[2] , enabling accurate clinical assessments, decision support, data collection and quality monitoring.

Healthy Learners provide teachers with training and IT support to identify, treat or refer sick students. School health workers are able to treat simple and minor conditions at the school and provide fasttracked referral to local government health clinics for more serious or complex issues. Evidence has shown that this model reduces illness and increases effectiveness of national healthcare programmes, including coverage of deworming medication and vitamin A supplements.

Healthy Learners are working with the Ministries of Health and Education to establish the model as a national programme. They are now expanding their school health workers programmes to the Copperbelt region and each of the country’s provincial capitals.

Over three years, Healthy Learners intends to:

Project: The Rwanda Perinatal System Strengthening Programme
Location: Rwanda
Organisation: The Royal College of Paediatrics and Child Health
Total grant: £599,274
Grant paid in 2022: £199,844
Impact population: 221,417
Project dates: September 2021 – August 2024

Over the last 25 years, the health sector in Rwanda has improved and rates of childhood mortality have fallen. But the country continues to struggle with high rates of maternal and newborn mortality and morbidity. One of the major barriers to further improvement in perinatal survival is the quality of clinical care, and the delivery of care across the country’s hospital network. The programme will support sustainable improvement in the quality of perinatal care for delivering mothers and newborns in the first month of life across 14 Provincial and District Hospitals. This will embed improved practices to reduce newborn and maternal mortality and morbidity.

Building on the Royal College of Paediatrics and Child Health’s track record working in partnership with the Rwandan Paediatrics Association, the Rwandan Ministry of Health and UNICEF Rwanda, the programme will support development of advanced neonatal intensive care units. Quality Improvement Teams will be created comprising a permanent cohort of Rwandan clinicians and rotating six-month deployment of UK clinicians, including paediatric doctors, neonatal specialists and nurses, obstetricians and midwives.

2 https://thinkmd.org/thinkmd-healthy-learners-partner-to-bring-healthcare-to-school-age-children-in-zambia/

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

The teams will draw on globally accredited, evidence-based training and quality improvement protocols and methods to improve care delivery for mothers through labour and delivery, and for newborns in their first 28 days of life. Over three years, the Royal College of Paediatrics and Child Health and the Rwandan Paediatrics Association aim to achieve a reduction of at least 25% in rates of neonatal mortality.

Progress so far:

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Project: Improving survival of mothers and babies at off-track primary
health facilities
Location: Copperbelt region, Zambia
Organisation: King’s Global Health Partnerships
Total grant: £442,523
Grant paid in 2022: £64,502
Impact population: 41,565
Project dates: December 2021 – August 2024

Many mothers in the Copperbelt region of Zambia are giving birth in healthcare facilities that lack skilled staff, medical equipment and basic supplies. Babies are dying from complications due to prematurity, asphyxia, and sepsis. These deaths are preventable if women and babies access high quality care quickly. The proposed project aims to improve the quality of care at primary health care level and increase the number of safe referrals to more specialist care, thereby improving chances of survival of mothers and new-borns.

King’s Global Health Partnerships draw on the academic, clinical, and international development expertise from King’s College London and three leading NHS Hospitals: Guys and St Thomas’s, King’s College Hospital and the South London and Maudsley NHS Foundation Trusts. In the Copperbelt Province of Zambia, KGHP has a longstanding partnership with the country’s only children’s hospital - the Arthur Davison Children’s Hospital - and the main adult hospital - Ndola Teaching Hospital.

The project will establish and embed quality training processes to enable staff to deliver low-cost, proven interventions that can reduce maternal and neonatal deaths. Training, development and support for staff at primary healthcare facilities will be led by senior staff from the Zambian hospitals, with advice and support from visiting UK health professionals. The project focuses on 11 health facilities identified as being off-track, where effective improvements in health care could provide significant results.

Achievements so far:

3 https://apps.who.int/iris/bitstream/handle/10665/277276/9789241550420-eng.pdf

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

NUTRITION

Nearly half of all deaths in children under five years of age are linked to undernutrition. Poor nutrition can lead to reduced productivity, increased healthcare costs and contributes to perpetuating the cycle of poverty. Improving nutrition in the first 1,000 days of life, from conception to a child’s second birthday, ensures the best start in life. James Percy Foundation is supporting partners to help these at-risk groups to gain access to quality, nutritious food and gain the knowledge to provide healthy diets for their families.

Project: Small Scale Fortification
Location: Arusha and Kilimanjaro Regions, Tanzania
Organisation: Project Healthy Children - Sanku
Total grant: US$767,208
Grant paid in 2022: US$94,291
Beneficiaries: 473,281 direct beneficiaries
Project dates: September 2019 - September 2022

In Tanzania, lack of access to nutritious food has led to high rates of malnutrition among children. Fortified food can help provide families with vital nutrients at affordable prices. Despite the increasing adoption of large-scale fortification programs throughout the developing world, the majority of individuals living in rural and remote areas do not have access to centrally processed food.

Sanku fortifies maize flour to increase its nutritional value. 95% of the Tanzanian population rely on small maize flour mills for 60% of their daily calorie intake. Sanku has developed a one-size-fits-all dosifier machine used to fortify maize with key nutrients in small-scale Tanzanian flour mills.

By bulk buying and then reselling empty flour bags to millers, Sanku is able to generate revenue and thus provide micronutrients to millers for free, thereby offsetting the cost of fortification for millers in a sustainable manner. Millers are now able to brand their produce as fortified, and consumers can buy the flour without an increase in price.

Through this project, Sanku has expanded throughout Northern Tanzania by providing 209 additional small and medium-scale millers with the necessary tools and training to fortify their produce enabling local communities to consume fortified maize flour. Sanku have installed 212 dosifiers at 209 partner mills, providing 473,281 people with fortified flour amounting to over 2,321 tons of fortified maize flour a month.

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

Project: Addressing the prevalence of iron deficiency anaemia through rice
fortification
Location: Assam, India
Organisation: PATH
Total grant: US$976,426
Grant paid in 2022: US$0
Target beneficiaries: Up to 14.5 million beneficiaries
Project dates: December 2021 – November 2024

In India, hunger is a public health concern and anaemia is a major public health problem. Backed by scientific evidence from successful pilot programmes, the Government of India is pursuing fortification in all major food-based safety net programs. Rice fortification is playing a pivotal role in food and nutrition security as it is consumed by the majority of the Indian population. The goal is for all rice provided in the government safety net program to be fortified by the year 2024.

PATH is a global leader in rice fortification with over two decades of experience working with both government programs and the open market. For this project, PATH is supporting the government of India and other relevant stakeholders as a technical partner to support distribution of fortified rice within India’s Public Distribution System.

Through this project, PATH addresses the prevalence of iron deficiency anaemia in the State of Assam by strengthening the supply and demand of fortified rice, and the rice value chain. PATH supports the state in introducing cost-effective technology to enable affordable large-scale food fortification and improve quality control. By the end of the project PATH expects up to 80% of government-subsidised rice to be fortified, helping to reduce rates of anaemia and improving overall health.

Key achievements:

Project: Project Vruddhi (growth): Strengthening nutrition and health
services
Location: Gujarat, India
Organisation: CARE International
Total grant: US$793,644
Grant paid in 2022: US$264,548
Target beneficiaries: 263,100
Project dates: January 2022 – December 2024

Gujarat has high rates of undernutrition; an estimated 39% of children under six years old are stunted and 10.6% are severely wasted. Anaemia is a significant public health challenge affecting 65% of women aged 15-49.

In December 2017, India launched the National Nutrition Mission to reduce undernutrition – including child stunting, wasting, low birthweight and anaemia. To improve nutrition outcomes in Gujarat, this project will support the state government as it implements the National Nutrition Mission by ensuring

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

robust coordination; strengthening planning, health worker capacity, monitoring; and increasing demand for nutrition services and support in target communities. The project will focus on established, evidence-based interventions proven to improve maternal and child nutrition, including promotion of early and exclusive breastfeeding, promotion of complementary feeding, treatment of severe acute malnutrition, deworming for children aged 6-59 months and handwashing promotion.

Through this project, CARE International aims to avert stunting cases in children and prevent under5 deaths. CARE International will leverage training and education to increase breast feeding, increase health care worker visits for pregnant and new mothers, and increase referrals for treatment for malnutrition in children.

Project: Savings Children’s Lives with Vitamin A
Location: Three districts in Malawi
Organisation: Nutrition International
Total grant: US$749,580
Grant paid in 2022: US$156,162
Target beneficiaries: 2,000,000 annually
Project dates: July 2022 – June 2025

In Malawi, nearly one in four child deaths are associated with undernutrition. Vitamin A supplementation is a cost-effective interventions to reduce child mortality. Two doses of vitamin A per year can save a child’s life, prevent blindness, strengthen their immune system, reduce stunting and make children more resistant to sickness and diseases.

Historically, vitamin A supplementation has been delivered through mass campaign events to children aged between 6-59 months. The Government of Malawi has started the process of transitioning to a routine delivery model to integrate this distribution into the existing health system. This project will help Malawi with this transition in three target districts, ensuring that coverage rates are kept high in the short-term and helping to strengthen the health system to provide vitamin A in the long-term.

In this project, Nutrition International aims to increase the coverage of vitamin A supplements to address childhood stunting and mortality.

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

EDUCATION

Access to inclusive and equitable quality education plays a central role in building sustainable, inclusive and resilient societies. Education is essential for sustainable development and good child health and nutrition are essential for securing learning outcomes – not only in terms of increased class attendance, but also for improving educational achievements. Half of the global illiterate population lives in Southern Asia, and a quarter live in sub-Saharan Africa. SubSaharan Africa faces the biggest challenges—at the primary and lower secondary levels, less than half of schools have access to electricity, the Internet, computers, and basic drinking water.

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Project: Scaling quality pre-primary education in Tanzania
Location: Dodoma region, Tanzania
Organisation: Children in Crossfire
Total grant: £600,000
Grant paid in 2022: £112,141
Target beneficiaries: 121,302 direct beneficiaries
Project dates: October 2022 – September 2025

In 2016 the Government of Tanzania announced free and compulsory pre-primary education for all children to help them be ready for entering primary school. Enrolment increased rapidly and schools were not able to cope with the number of new students, resulting in overcrowding, insufficient trained teachers and limited understanding of how to effectively implement pre-primary education.

Children in Crossfire have been working with the government to demonstrate how play-based learning can be implemented effectively to help prepare students for primary school. They are currently working in 232 schools and this project will scale their model to a total of 733 schools in the Dodoma region, reaching 120,000 children.

The project aims to:

WATER, SANITATION AND HYGIENE

Access to safe drinking water, sanitation and hygiene (WASH) are vital to ensuring healthy, resilient communities. They can reduce the risk of disease, improve people’s livelihoods and increase school attendance. James Percy Foundation is supporting partners in Africa and India to provide safe drinking water and access to improved sanitation and hygiene so that communities can thrive in healthy environments.

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

Project: Canning II - Improving health through WASH, nutrition and
healthcare
Location: West Bengal, India
Organisation: Terre des hommes
Total grant: £290,536
Grant paid in 2022: £0
Beneficiaries: 55,252 direct beneficiaries
Project dates: January 2019 - January 2022

The Canning-II block of West Bengal is prone to floods and has poor access to safe water. Villagers, mostly women and girls, have to walk long distances to obtain water from wells that are often contaminated. Combined with insufficient sanitation and inadequate dietary intake, communities are vulnerable to waterborne diseases such as diarrhoea. As a result, more than a third of rural children under five years’ old in West Bengal suffer from stunting and a quarter of women of reproductive age are underweight.

Terre des hommes improved mother and child health in the area by enhancing water, sanitation and hygiene, and improving nutrition and health care practices. The project has constructed 30 communal wells with platforms raised above the maximum flood level with contribution from the government. 250 ecological sanitation toilets have been built to improve access to reliable sanitation. Community members have created 280 keyhole gardens, providing a valuable supply of organic vegetables. These improvements have proven resilient to the frequent monsoons and heavy flooding that affect the area.

The impact of Covid-19, and related closures and restrictions, affected the impact of the project. This reduced the number of training sessions for nutrition workers and community meetings that could be held. Despite the challenges, more than half of the population now has access to safe drinking water in all weather conditions. The percentage of young children receiving a minimum acceptable diet has increased from 24% to 93%.

Project: Transforming the Water Supply
Location: Chazanga, Zambia
Organisation: Water and Sanitation for the Urban Poor (WSUP)
Total grant: US$836,346
Grant paid in 2022: US$187,740
Beneficiaries: 62,266 direct beneficiaries
Project dates: September 2019 - January 2023

Many families in Lusaka lack access to safe water. Chazanga, in the northern part of the city, has experienced cholera outbreaks in recent years. Water and Sanitation for the Urban Poor (WSUP) aim to improve safe water and sanitation access as well as hygiene practices in urban areas. WSUP is delivering a project on a three-year grant from James Percy Foundation to support the governmentmandated water utility and a local water trust to improve the water supply in Chazanga.

The project increased the water supply and reduce water losses through the installation of new infrastructure such as water tanks and a borehole, and repairing leaks within the network. Installation of pre-paid dispensers has expanded the network and provided access for local residents. The disruptions and restrictions caused by Covid-19 caused delays in procuring equipment and implementing activities. WSUP worked to actively manage the project to ensure the financial viability of the local water trust, who are responsible for managing the water supply in the long-term. After losses during Covid-19, the water trust has now returned to profitability. Maintenance work on more than 16km of pipes, and installation of 9km of new pipe, has improved the water supply and reliability for a larger number of households.

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

Project: Supporting early years’ development: WASH, improved nutrition
and hygiene behaviour change for under-5s
Location: Mchinji District, Malawi
Organisation: Pump Aid
Total grant: £268,686
Grant paid in 2022: £39,068
Impact population: 19,819
Project dates: October 2020 – September 2022

In Mchinji District, in western Malawi, schools have limited access to safe drinking water and sanitation facilities. This leads to high rates of diarrhoea and lower rates of school attendance among young children.

Pump Aid’s pre-school project has provided children under five with a chance to reach their full potential by promoting safe environments in which to learn, grow and thrive. Pump Aid engaged local communities and worked in 15 pre-schools to provide sustainable access to water, sanitation and nutrition; building capacity to improve feeding, reduce illness and promote stimulating learning environments for young children. Pump Aid has constructed waterpoints, latrines and handwashing stations in 15 pre-schools, developing income generation plans to cover the cost of maintenance, established kitchen gardens and delivered nutrition training.

Through this project, Pump Aid reduced the percentage of under-fives at the target pre-schools suffering from diarrhoea from baseline of 27% to 4%, improved attendance by 54%, and increased the percentage of target under-fives washing their hands at critical times from 25% to 70%.

Project: Improving Sustainable Sanitation and Hygiene Services
Location: Kabarole and Bunyangabu districts, Uganda
Organisation: IRC WASH
Total grant: €681,818
Grant paid in 2022: €150,000
Target beneficiaries: 186,900
Project dates: March 2022 – February 2025

In this region of Uganda, around a third of households have no access to any sanitation facility, and hygiene facilities at schools and healthcare centres are very limited. IRC WASH have been working in this region of Uganda since 2010. They take a long-term, district-wide approach to their work. Their goal is to strengthen the planning and implementation of local systems supporting sanitation and hygiene, promote private sector support and create opportunities for the innovations necessary to reach universal WASH coverage.

The objective of the grant is to improve local water systems providing sanitation and hygiene to schools, healthcare centres and communities. This is expected to contribute to reduced rates of diarrhoea, lower risk of infection at health centres and improved school attendance. The project will also support the private sector to expand waste management businesses.

Through this project, IRC WASH aims to provide health care facilities with access to appropriate water, sanitation, and hygiene facilities. IRC WASH will also provide schools and some households with access to safe drinking water and sanitation facilities.

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JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

MALARIA

Children under five years old are the most vulnerable group affected by malaria, accounting for more than half of all malaria deaths worldwide. The disease, caused by parasites that are transmitted through mosquito bites, is responsible for more than 600,000 deaths worldwide each year – but it can be prevented. James Percy Foundation is supporting work that is empowering communities to have the knowledge and tools they need to protect their families from malaria.

In 2021 the Foundation made the decision after reviewing priorities to no longer support projects solely focused on malaria, but to continue considering proposals that tackle malaria alongside other factors that affect newborn and child health. The belief that the Foundation can build more effective long-term partnerships by focusing on these inter-related health areas. The Foundation will still consider projects focused on our priority areas, such as maternal and child health, where malaria is among one of the health risks being addressed alongside other issues like diarrheal or infectious diseases.

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Project: Strengthening
community-based
malaria		 prevention and
surveillance interventions
Location: Southern Nations, Nationalities and People´s Region (SNNPR), Ethiopia
Organisation: Malaria Consortium
Total grant: US$762,792
Grant paid in 2022: US$164,771
Beneficiaries: 324,849 direct beneficiaries
Project dates: March 2019 - August 2022

Malaria is one of the top 10 causes of mortality among children under five in Ethiopia, and SNNPR has one of the highest malaria burdens in the country. Knowledge about malaria is low, with nearly a third of respondents to a national survey not aware that malaria is transmitted by mosquitoes; or that nets treated with insecticide can prevent the disease.

James Percy Foundation is supporting the Malaria Consortium to reduce malaria morbidity and severity in two districts of SNNPR (Boloso Sore and Damot Sore). The project supported application of long-lasting insecticides in order to kill adult vector mosquitos, distribute treated nets and improve malaria care-seeking behaviour and household practices.

Through this project:

19

JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

In the year to 31 December 2022 the Charity generated interest and investment income of €596,330. Cost of generating and raising financial investment funds totalled €262,513.

€1,984,737 was awarded to charitable projects.

The Charity’s net reserves decreased from €33,302,420 at the end of 2021 to €27,510,240 at the end of 2022 primarily due to the realised and unrealised loss in the value of financial portfolios. The Charity has adequate reserves to continue in operational existence for the foreseeable future.

RESERVES POLICY

At the end of the accounting period ended 31 December 2022, the Charity held unrestricted net reserves of €27,510,240 consisting of investments and cash reserves.

The Charity uses income and distributions from the Charity’s investment portfolios to finance the Charity’s grant-making programme, administration and support (and other) costs.

Given the high liquidity of the Charity’s investment portfolios, the trustees do not require the Charity to hold significant cash reserves and therefore their policy is to maintain cash available for the following 3-6 months’ normal expenditure. Typically, the Charity holds cash of between €400,000 and €600,000.

The trustees accept that there can be fluctuations, both up and down, in the value of the Charity’s investments, for that reason they monitor the Charity’s investment portfolio carefully throughout the year and meet with the investment managers on a regular basis.

As (i) incoming donations are highly volatile and (ii) the trustees do not expect the Charity to receive any material donations in the near future, the current level of unrestricted reserves is considered necessary in order to ensure the long-term viability of the Charity.

The trustees continuously review the Charity’s reserves and liquidity and are satisfied that the Charity is in a position to meet all its current and anticipated future commitments. They will review this reserves policy on an annual basis.

INVESTMENT POLICY DISCLOSURE

The charity has two investment portfolios managed by two separate investment managers : Cazenove Capital and Sarasin & Partners LLP, and are governed by their own Investment Policy Statements (IPSs). The primary investment objective is for the portfolio to meet, on an inflation-adjusted basis, the distribution needs of the charity as outlined in the charity’s long-range plan. The Investment Managers structure the portfolios in a manner that ensures that the distribution schedule can be met, where possible, without needing to sell assets at prices below their fundamental value. A secondary objective is for the portfolio to deliver positive returns above inflation (benchmarked by Eurozone HICP), provided this does not put the primary objective at risk. Investment performance is monitored by the trustees by reviewing regular reports from the investment managers.

The portfolios are invested into equities, bonds and funds, all directly held by the Charity. There are some investment constraints whereby the portfolios should not be exposed to the following sectors:

20

JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

Tobacco, Alcohol, Gambling, Armaments and Adult Entertainment (with a 5% revenue tolerance for all but alcohol which has a 10% revenue tolerance).

FUNDRAISING STATEMENT

The charity does not actively fundraise and seeks to meet its charitable objectives through the careful stewardship of its existing resources.

RISK MANAGEMENT

The Charity maintains a risk register, which sets out the main risks to the Charity and describes the processes that have been put in place to ensure that those risks are mitigated, and that appropriate action is taken. The trustees review the risk register on a regular basis.

The main risks to the Charity relate to the effective management of the Charity’s investments and the recipient organisations’ use of grants. The trustees address these risks through their close and active involvement in grant monitoring and through regular reviews and meetings with the Charity’s appointed lawyers, investment managers and bankers.

The trustees conduct reviews of the Charity’s investment managers every 3-5 years (and more frequently if considered necessary) to ensure that the Charity’s investment managers perform at the highest standard, that their fees are in line with market rates and that the appointed investment managers are the most capable of achieving the Charity’s investment aims. The last review was conducted in 2019.

In addition, the Charity performs due diligence on potential grant recipients, as well as all its advisors and financial institutions.

The Charity’s trustees have little or no contact with the Charity’s beneficiaries, but to mitigate against the Charity’s limited safeguarding risk, Disclosure and Barring Service (or equivalent) checks have been obtained for all trustees and staff. In addition, the trustees and staff are required to abide by the Charity’s code of conduct.

The trustees have considered the potential impact of the Ukraine war on the Charity, project beneficiaries and grantees. As the Charity’s investments and cash (valued at €27,510,240 as of the end of 2022) currently cover several times its committed expenditure, they do not believe that market fluctuations related to the Ukraine war will affect the Charity’s ability to continue as a going concern. The trustees are closely monitoring the financial situation with the assistance of the Charity’s investment managers.

COMPLAINTS

A complaints handling policy was developed and approved in 2019 and further updated annually. The last update took place in September 2022. Information on how to notify the Charity of complaints is available on the Charity’s website. No complaints were received in 2022.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The James Percy Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 29 July 2011 as amended by Special Resolution registered at Companies House on 20 October 2011, further amended by Special Resolution dated 23 May 2016

21

JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

increasing the maximum number of trustees to 6, and further amended by Special Resolution dated 9 November 2020 to delete “but at least one meeting in each year must be held in person” from 4.3. It is registered with the Charity Commission as a charity. The Charity had 4 trustees as of 31 December 2022.

Key management

The trustees consider the trustee board comprise the key management personnel of the Charity in charge of directing and controlling, running and for certain trustee board members, operating the Charity on a day-to-day basis. All trustees give of their time freely and no director received remuneration in the year. Details of directors’ expenses and related party transactions are disclosed in note 3 to the accounts.

The Charity employed two staff, one Grants Manager (full time) and one Charity Administrator (part time) in 2022. Our grant manager resigned at the end of December 2022 and a new Charity Manager joined the team in January 2023, who oversees the overall running of the charity including finance and grant management.

Related parties and co-operation with other organisations

Any connection between a trustee of the Charity with any of the Charity’s contractual partners must be disclosed to the full board of trustees. In the current year, no such related party transactions were reported.

FUTURE PLANS

In 2023, the Charity will continue to work with a stable partner pool to ensure a steady flow of fundable projects in the years to come. The Grant-Selection Committee is currently reviewing several promising applications and the Charity aims to ensure that its grant expenditure on projects continues to meet its grant selection-criteria (see page 5). The Charity will continue to coordinate with other funders supporting its Priority Areas to ensure that its grants are effective and aligned with best practice in the sector. The Charity will continue to work closely with partners to adapt project delivery in light of the continuing challenges presented by the war in Ukraine.

The Charity is also exploring adjusting the way we select partners and make grants, focusing on semirestricted or unrestricted grants.

22

JAMES PERCY FOUNDATION TRUSTEES’ REPORT (continued) YEAR ENDED 31 DECEMBER 2022

TRUSTEES’ RESPONSIBILITIES STATEMENT

The trustees, who are also directors of the charitable company, are responsible for preparing the Report of the trustees and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the directors is aware at the time the report is approved:

The trustees have taken advantage of the exemption available to small companies and have not prepared a strategic report.

BY ORDER OF THE BOARD OF TRUSTEES

Tomas Huntingford Trustee

Dated: 5 June 2023

23

JAMES PERCY FOUNDATION INDEPENDENT AUDITOR'S REPORT YEAR ENDED 31 DECEMBER 2022

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF JAMES PERCY FOUNDATION

Opinion

We have audited the financial statements of James Percy Foundation (the ‘charitable company’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the cashflow statement, and the notes to the financial statements including the principal accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 auditor’s 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 other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report and Financial Statements. 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.

24

JAMES PERCY FOUNDATION INDEPENDENT AUDITOR'S REPORT (continued) YEAR ENDED 31 DECEMBER 2022

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 course of 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:

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 trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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.

25

JAMES PERCY FOUNDATION INDEPENDENT AUDITOR'S REPORT (continued) YEAR ENDED 31 DECEMBER 2022

Auditor’s 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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

26

JAMES PERCY FOUNDATION INDEPENDENT AUDITOR'S REPORT (continued) YEAR ENDED 31 DECEMBER 2022

In response to the risk of irregularities and noncompliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 auditor's 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.

Gumayel Miah (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 13 July 2023

27

JAMES PERCY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT) FOR YEAR ENDED 31 DECEMBER 2022

STATEMENT OF FINANCIAL ACTIVITIES

Notes
Income On:
Investment Income
Property Income
Total Income
Expenditure From
Raising funds
Property costs
Other investment management costs
Bank interest
Total Cost of Raising Funds
6
Charitable Activities
Grants in support of education and the poor
4
Support costs
5
Total Cost of Charitable Activities
Total Expenditure
6
Net expenditure before investment
gains/(losses)
(Losses)/gains on Investments
Loss on Disposal of Investment Property
7
Net expenditure and net movement in funds
before tax
Tax payable
11
Net movement in funds after tax
Funds bought forward at 1 January
Funds carried forward at 31 December		 Total
2022
€
594,652
1,678
596,330
352
262,161
0
262,513
1,984,737
125,237
2,109,974
2,372,487
(1,776,157)
(4,017,634)
0
(5,793,791)
1,610
(5,792,181)
33,302,421
27,510,240		 Total
2021
€
474,047
261,979
736,026
96,620
190,405
56,575
343,600
1,874,437
116,536
1,990,973
2,334,573
(1,598,547)
3,313,774
(681,743)
1,033,484
(308,815)
724,669
32,577,751
33,302,420

28

JAMES PERCY FOUNDATION BALANCE SHEET AT 31 DECEMBER 2022

BALANCE SHEET
Notes
FIXED ASSETS
Investments
8A & 8B
CURRENT ASSETS
Cash at bank and in hand
Debtors
9
Liabilities
Creditors: falling due within 1 year
10
NET ASSETS
GENERAL FUNDS		 31 Dec 2022
€
26,667,590
1,083,345
-
(240,695)
27,510,240
27,510,240		 31 Dec 2021
€
31,976,246
1,417,759
35,630
(127,215)
33,302,420
33,302,420

The notes on pages 31 - 36 form part of these financial statements.

29

JAMES PERCY FOUNDATION STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 DECEMBER 2022

CASHFLOW STATEMENT

Reconciliation of net income/(expenditure) to net cash
used in operating activities
Net (expenditure)/Income after tax
- Financial Investments Income
+/- Financial Investments Losses/Gains
+/- Financial Investment FX Losses/Gains
+ Investment Management Fees
Adjusted Net Income
+/- Increase/decrease in creditors
+ Decrease in debtors
Cash Flow from Operations
+ Sale of Investment Property
- Repayment of Investment Property Loan
+ Distributions from Cazenove
+ Distributions from Sarasin
+ Net Contributions to Savings Account
- Investment Management Fees and Other Adjustments
Net Cash Flow
Opening cash
Closing cash		 2022
2021
€
€

(5,792,181)
724,670
(594,652)
(474,047)
3,677,156
(3,503,786)
340,478
190,012
262,161
190,405
(2,107,038)
(2,872,746)
113,480
12,133
35,630
24,291
(1,957,928)
(2,836,322)
-
10,125,000
-
(4,150,000)
775,000
(3,450,000)
900,000
650,062
-
452,707
(51,486)
-
(334,414)
791,447
1,417,759
626,313
1,083,345
1,417,759

Approved by the trustees and authorised for their issue on 5 June 2023 and signed on their behalf by:

…………………………………. Mr Tomas Huntingford Trustee

James Percy Foundation Company number: 07723208 Charity number: 1144494

The notes on pages 31 - 36 form part of these financial statements.

30

JAMES PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102) (Second Edition, effective 1 January 2019)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The James Percy Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements are prepared in Euros on the basis that this is considered the functional currency of the Charity. The financial statements are prepared to the nearest Euro.

Preparation of accounts on a going concern basis

The trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The Trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements. The review of the Charity’s financial position, reserves levels and future plans gives the trustees confidence that the Charity remains a going concern for the foreseeable future.

Income recognition

All income is recognised once the Charity has entitlement to income, it is probable that income will be received and the amount of income receivable can be measured reliably.

Investment income

Investment income is recognised on a receivable basis once the amounts can be measured reliably.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Expenditure is allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity is included within ‘Support (and other) costs.’

31

JAMES PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

Accounting estimates and judgements

In applying the Charity’s accounting policies, the Trustees are sometimes required to make judgements, estimates and assumptions about the value of assets and liabilities that are not readily apparent from other sources. There have been no estimates or assumptions needed that have significant risk of causing future adjustments in the preparation of these accounts. With regard to the next accounting period (i.e. the year ending 31 December 2023), the most significant areas that may affect the carrying value of the assets held by the Foundation are the level of investment return and the performance of global investment markets.

Financial Instruments

The Charity holds only 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 recognised at settlement value.

Investments

Investments are a form of basic financial instrument and are initially shown in the financial statements at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Movements in the market values of investments are shown as gains and losses in the Statement of Financial Activities. Realised gains and losses on the disposal of 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.

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 settle 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.

Funds

Unrestricted funds are donations and other income receivable or generated for the objects of the Charity.

Fixed assets

Only assets of value greater than €1,500 will be capitalised.

2. NET MOVEMENT IN FUNDS 2022 2021
€ €
This is stated after charging:
Auditors’ remuneration (including VAT) 8,796 14,292
====== =======

3. TRUSTEES’ REMUNERATION AND REIMBURSED EXPENSES

The key management personnel of the Charity are the trustees.

No trustee received remuneration for their services during the year.

The trustees received reasonable reimbursed expenses in connection with their roles as trustees of the Charity during the year. For the year ended 31 December 2022, the reimbursed expenses increased to €1,552 to three trustees (2021: €765 to three trustees) as a result of additional travel as the organisation begins to return to pre-COVID levels of in-person meetings and project onsite visits.

32

JAMES PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

4. GRANTS

4.
GRANTS
2022 2021
Recipients Focus Area(s) € €
International Rescue Committee
Increasing access to quality reproductive maternal,
new-born and child health services in Kofele and		 Maternal and new-
born child health		 36,314 197,866
Aleta Chuko woredas, Ethiopia
Malaria Consortium
Strengthening community-based malaria prevention
and surveillance interventions, SNNPR, Ethiopia		 Malaria 160,876 -
Path
Addressing the prevalence of iron deficiency Nutrition - 167,576
anaemia through rice fortification in India
Sanku- Project Healthy Children
Small scale fortification in Tanzania		 Nutrition 87,282 217,631
Water and Sanitation for the Urban Poor
Transforming water supply in Chazanga, Zambia		 Water, Sanitation
and Hygiene		 185,164 235,651
Water For People
Everyone Forever, Rwanda		 Water, Sanitation
and Hygiene		 - 226,973
D Tree*
Scaling up a digitally enabled community health
system in Zanzibar, Tanzania		 Maternal and new-
born child health		 246,171 222,186
Pump Aid
Supporting early year’s development: WASH,
improved nutrition and hygiene behaviour change		 Water, Sanitation
and Hygiene		 45,844 146,977
for under-5s in rural Malawi.
Healthy Learners
School health workers in the Copperbelt region, Child health 260,150 175,081
Zambia
King's Global Health Partnership
Improving survival of mothers and babies at off-
track primary health facilities in the Copperbelt		 Maternal and new-
born child health		 73,986 90,606
province, Zambia
RCPCH
The Rwanda Perinatal System Strengthening
Programme		 Maternal and new-
born child health		 231,367 117,824
IRC WASH
Improving Sustainable Sanitation and Hygiene
services in Kabarole and Bunyangabu districts,		 Water, Sanitation
and Hygiene		 150,000 -
Uganda
CARE International
Project Vruddhi (growth): Strengthening nutrition Nutrition 257,952 -
and health services in Gujarat, India
Nutrition International
Saving Children’s Lives with Vitamin A, Malawi		 Nutrition 148,835 -
Children in Crossfire
Scaling quality pre-primary education in Tanzania		 Education 127,832 -

33

JAMES PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

Return of Underspend

Return of Underspend Return of Underspend
Terre des Hommes
Canning II – Improving health through WASH,
nutrition and healthcare in West Bengal, India		 Water, Sanitation
and Hygiene		 -27,036 76,066
---------------------- -----------------------
Total 1,984,737 1,874,437
=========== ===========
*D-Tree grant of 182,310 was accrued for in 2022 and paid in Jan 2023.
5. ANALYSIS OF SUPPORT COSTS
2022 2021
€ €
Consultants Cost 4,231 10,473
Audit and Accountancy 14,398 16,449
Staff Costs 92,305 77,875
Other Support Costs 14,303 11,740
------------------- ------------------
125,237 116,537
========= =========

The above includes governance costs of €15,516 (2021: €15,129).

5A. ANALYSIS OF STAFF COSTS
2022 2021
€ €
Wages and Salaries 81,297 71,259
Social Security Costs 2,889 575
Pension Costs 8,119 6,041
----------------- -----------------
92,305 77,875
========= =========

The charity employs two employees (one full time and one part-time). No employee draws a salary above €70,000 per annum. Employers allowance has been deducted from the Social Security costs.

34

JAMES PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

6. ANALYSIS OF EXPENDITURE 2022 2021
€ €
Grants payable 1,984,737 1,874,437
Costs of raising funds 262,513 343,600
Support (and other) costs 125,237 116,537
--------------------- ---------------------
2,372,487
 2,334,573
========= =========

Costs of raising funds includes an extra quarter of Investment Management expenses to accrue for the full year of 2022 as 2021 had been done on a cash basis. Going forward all years will include amounts accrued and are expected to be only four quarters.

7. LOSS ON DISPOSAL OF INVESTMENT PROPERTY

The Investment Property was bought in 2015 for €8,423,163 and by 31 December 2020 had been gained in value to €10,125,000. It was sold for this value in July 2021 and the following costs, which were a direct result of the sale, have been deducted from the proceeds.

2022 2021
€ €
Gross Sale Proceeds - 10,125,000
Less:Direct Costs of Sale
Agents Fees - (294,346)
Legal Fees - (36,223)
Loan Early Repayment Fees and Interest - (351,174)
Net Sale Proceeds - 9,443,257
Value of Asset brought Forward - 10,125,000
-------------------- ---------------------
Loss on Disposal of Investment Property - (681,743)
========= =========
8A. FINANCIAL INVESTMENTS 2022 2021
€ €
At 1 January 31,976,246 25,578,892
Net (disposals)/additions (1,630,326) 2,799,938
Net Income 648,906 283,641
Net (loss)/gain (4,327,236) 3,313,774
----------------------- -----------------------
At 31 December 26,667,590 31,976,246
=========== ===========
Analysis of Investments
Fixed income 4,877,256 5,367,550
Equities 14,747,073 19,734,835
Alternatives 4,325,853 5,041,046
Cash 2,717,408 1,832,814
----------------------- -----------------------
At 31 December 26,667,590 31,976,246

35

JAMES PERCY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2022

=========== ===========
8B. PROPERTY INVESTMENT 2022 2021
€ €
At 1 January -
10,125,000
Disposal - (10,125,000)
-------------------- --------------------
At 31 December - -
========== ==========
9. DEBTORS: amounts falling due 2022 2021
Within one year € €
-------------------- --------------------
Trade debtors - 35,630
========== ==========
10. CREDITORS: amounts falling 2022 2021
due within one year € €
Grants payable* 182,310 97,818
Accruals and other creditors 58,385 29,397
-------------------- --------------------
240,695 127,215
========== ==========

*D-Tree grant of €182,310 was accrued for in 2022 and paid in Jan 2023.

11. TAXATION

The James Percy Foundation is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities within the United Kingdom, as they fall within the exemptions available to registered charities.

In 2021, the charity had a tax liability from the sale of the property of €308,815, but when this was paid in 2022, there was a refund due of €1,610. This is reflected in the Statement of Financial Activities.

12. LIABILITY OF MEMBERS

The Charity is constituted as a company limited by guarantee and has no share capital. The liability of each of the four members is limited to the sum of £1 per member.

13. RELATED PARTIES

Other than expenses reimbursed to trustees as disclosed in note 3, there were no transactions with related parties (2021: nil).

No donations were received from trustees in the year (2021: nil).

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