Charity number: 1159129
THE T.S. ELIOT FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE T.S. ELIOT FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 9 |
| Trustees' responsibilities statement | 10 |
| Independent auditors' report on the financial statements | 11 - 13 |
| Consolidated statement of financial activities | 14 |
| Consolidated balance sheet | 15 |
| Charity balance sheet | 16 |
| Consolidated statement of cash flows | 17 |
| Notes to the financial statements | 18 - 38 |
THE T.S. ELIOT FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
| Trustees | Mrs C Reihill |
|---|---|
| Mr P Durrance | |
| Mrs J Bodley | |
| Charity registered number 1159129 Principal office Moorgate House 201 Silbury Boulevard Milton keynes MK9 1LZ Independent auditors MHA MacIntyre Hudson Chartered Accountants Statutory Auditors Moorgate House 201 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1LZ Solicitors Withers LLP 20 Old Bailey London EC4M 7AN Investment Managers Waverton Investment Management 16 Babmaes Street London SW1Y 6AH |
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THE T.S. ELIOT FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustee present their annual report together with the audited financial statements of the Charity and Group for the year 1 April 2020 to 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the charities Act 2011 and ‘’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)’’(as amended for accounting period periods commencing from 1 January 2019).
Objectives and activities
The primary object of the charity is to increase knowledge and appreciation of any matters of literary, musical, theatrical, historic, artistic, architectural or aesthetic interest.
The charity however is not limited to that primary object and considers all worthwhile causes carefully.
Achievements and performance
Writer’s Retreat – Eliot House
For almost two decades, from childhood to adolescence, The Downs, the Eliot summer house, in Gloucester Massachusetts, was the setting for one half of Eliot’s youth – on the shingled veranda, among the rockpools, in the woods, at sea, a landscape to which again and again his poetic imagination returned. The house was completed in 1896 built at the instigation of the poet’s father, Henry Ware Eliot Snr, on land he had purchased near to the shore at Eastern Point. The house remained in the family until 1919 when Eliot’s father died.
The Trust purchased the house in 2015 with the refurbishment complete in April 2017. The first writers’ retreat programme ran from May 2017 to November 2017 with poets, playwrights, essayists and editors able to spend up to 3 weeks at the house cared for by Eliot House director, Dana Hawkes, a former owner of the property.
Due to the Pandemic the Foundation decided to close the Retreat for 2020 for the safety of the writers and those that run the Retreat. However, with guidance and reduced numbers we were able to reopen in May 2021.
Our House Director Dana Hawkes, apart from looking after the Retreat, took the time to research and seek out organisations in Gloucester, MA, that would benefit from emergency covid 19 grants from the Foundation and we were able to help The Open Door, Action Inc, Gloucester Writers Centre, MARS, Windhover, The Rocky Neck Art Colony and Gloucester Stage Company.
Copyright: The T.S. Eliot Estate
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THE T.S. ELIOT FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (continued)
Harvard T.S Eliot Memorial Reading
The Foundation arranged for Claudia Rankine, introduced by Professor Henry Louis Gates to read at the renowned Woodberry Room. Postponed from April 2020 due to lockdowns this took place on 22 April 2021.
Born in Jamaica in 1963, Claudia Rankine is the author of five collections of poetry, including Citizen: An American Lyric (Graywolf Press, 2014), which received the 2014 National Book Critics Circle Award in Poetry. She served as a Chancellor of the Academy of American Poets from 2013 to 2018.
The Foundation intend to arrange a similar event each year to mark both T S Eliot’s connection with Harvard and the annual opening of the house in Gloucester to writers.
T.S. Eliot Poetry Prize
The Trust took on the administration and sole financial support of the annual T.S. Eliot Poetry Prize following the closure of the Poetry Book Society in 2016. The first award following this change, took place in January 2017 for the best collection published in 2016. Described by past poet laureate Andrew Motion as 'the prize most poets want to win' and 'the world's top poetry award' (Independent), it is awarded to the author of the best new collection of poetry published in the UK and Ireland for the previous year.
There were 153 submissions for the 2020 prize (158 in 2019) and the short list of 10 poets comprised work from five men and five women; two Americans; as well as poets of Native American, Chinese Indonesian and British, Indian and mixed race ancestry. Nine publishers were represented, more than for many years, with five titles from new or recently-established presses. There were three debut collections. The full list was as follows:
Natalie Diaz Postcolonial Love Poem Faber & Faber Sasha Dugdale Deformations Carcanet Press Ella Frears Shine, Darling Offord Road Books Will Harris RENDANG Granta Poetry Wayne Holloway Smith Love Minus Love Bloodaxe Books Bhanu Kapil How to Wash a Heart Pavilion Poetry Daisy Lafarge Life Without Air Granta Poetry Glyn Maxwell How the hell are you Picador Poetry Shane McCrae Sometimes I Never Suffered Corsair Poetry J O Morgan The Martian’s Regress Cape Poetry
Hosted by poet Ian McMillan, as always, the 10 short listed poets read from their collections which was streamed from Southbank on 24 January 2021 with live events still being impossible due to the pandemic and the national lockdown.
The judges were Lavinia Greenlaw (Chair), Mona Arshi and Andrew McMillan. Lavinia Greenlaw said: ‘My fellow judges, Mona Arshi, Andrew McMillan and I have been reading books written in a different world, the one before Covid-19. The urgency and vitality of the ten books on this shortlist commanded our attention nonetheless. We were unsettled, captivated and compelled. Poetry is the most resilient, potent, capacious and universal art we have.’
The 2020 TS Eliot Prize for poetry went to Bhanu Kapil for her "radical and arresting" collection How To Wash a Heart (Pavilion Poetry).
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THE T.S. ELIOT FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
T.S. Eliot Poetry Prize (continued)
Kapil, born in England to Indian parents, now lives in the UK and the US, where she spent 21 years at Naropa University in Boulder, Colorado. How To Wash a Heart is her sixth book, but her first to have been published in the UK. It was the "unanimous" choice of the judges. She was announced the winner of the £25,000 prize at the streamed event.
The shortlisted poets receive £1,500 each.
Joining a prestigious list of previous winners, including Ted Hughes, Seamus Heaney, Don Paterson, Ocean Vuong and Carol Ann Duffy, Bhanu will also be just the third poet inducted into the new TS Eliot prize winners’ archive, which was established in 2018 to preserve online the voices of winning poets for posterity.
The T.S. Eliot Poetry Prize is firmly established as the most valuable and prestigious prize in the UK for a new collection of poetry. It is distinct among poetry prizes in being judged by a panel of established poets. To mark the 25th anniversary of the establishment of the Prize the T.S. Eliot Foundation announced that the value of the Prize for the best collection for 2017 was to be increased to £25,000 and that the ten shortlisted poets would each receive £1,500.
For the fourth year the Foundation also commissioned videos and reviews of the poets' work which were available on tseliot.com and through the Prize's weekly newsletter.
T.S Eliot Lecture – Abbey Theatre Dublin
The Foundation and the Abbey Theatre announced the fifth lecture in its series of annual T.S. Eliot Lectures inspired by T.S. Eliot’s impact on modern literature and his 1939 lecture at the Abbey in honour of W B Yeats. The lecture entitled The Leap which was delivered by internationally renowned literary titan Edna O’Brien on the occasion of her 90th birthday, on 15th December 2020, on the subject of Eliot and Joyce was, due to the Pandemic restrictions, held at the Irish Embassy in London by invitation from Ambassador O’Neill and streamed from the Abbey Theatre You Tube Channel, free for one month following the lecture.
The talk was introduced by the Ambassador and a poetry reading from actor Sinead Cusack and followed by an “in conversation” with Edna O’Brien and Scottish novelist Andrew O’Hagan.
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THE T.S. ELIOT FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
T.S Eliot Lecture – Abbey Theatre Dublin (continued)
Enda O’Brien has written more than twenty works of fiction. She is the recipient of many awards, including the Irish PEN Lifetime Achievement Award, the American National Arts Gold Medal, the Frank O’Connor Prize, the PEN/Nabokov Award for Achievement in International Literature and the David Cohen Prize for Literature. Born and raised in the west of Ireland, she has lived in London for many years.
Four Quartets Prize
In 2017 the Poetry Society of America announced the Four Quartets Prize, a new prize presented in partnership with the T.S. Eliot Foundation. The prize is for a unified and complete sequence of poems published in America in a print or online journal, chapbook, or book. The prize was launched in the 75th anniversary year of the original publication of Four Quartets in a single volume, in America, in 1943. Three finalists receive $1,000 each. The winner receives an additional $20,000.
The judges for the fourth year of the prize were Carolyn Forche, Arthur Sze, and Donika Kelly.The three short listed poets were John Murillo's for "A Refusal to Mouth the Deaths, By GunFire, of Three Men in Brooklyn" from Kontemporary Amerikan Poetry (Four Way Books, 2020), Srikanth Reddy, Underworld Lit (Wave Books, 2020) and Don Mee Choi, DMZ Colony (Wave Books, 2020).
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THE T.S. ELIOT FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Four Quartets Priz e (continued)
The award ceremony had to again be cancelled due to the Pandemic and instead the winner was announced digitally in May 2021 as John Murillo's sonnet sequence "A Refusal to Mouth the Deaths, By GunFire, of Three Men in Brooklyn" from Kontemporary Amerikan Poetry (Four Way Books, 2020).
John Murillo
The Judges’ Citation: “John Murillo's "A Refusal to Mourn the Deaths, by Gunfire, of Three Men in Brooklyn" lights a match and holds us in the flame. In this extraordinary fifteen-sonnet redoublé, the speaker meditates on the recent history of murderous racism in America that makes of Black men targets, and centers in the lyric space Black anger and Black pain. Murillo reminds us that his is a long lineage and each sonnet’s epigraph marks the genealogy of resistance Black poets continue to enact. Murillo’s anti-elegy demonstrates a lyrical virtuosity, passion, and command of language that makes this work urgent, essential, and enduring.”
Additional T S Eliot Projects
Fisher Center for the Performing Arts at Bard College – The Foundation awarded $20,000 for support of an audiobook recording of Four Quartets read by Kathy Chalfant, to cover the total project budget for the recording, which will be available for streaming via Bard’s streaming platform, UPSTREAMING, in tandem with streaming archival performance footage of Pam Tanowitz Dance’s Four Quartets. The audiobook recording was released in the week of 26th October 2020.
Pam Tanowitz
To set a dance to a recitation of T. S. Eliot’s valedictory “Four Quartets” is to court disaster or the sublime. Yes, the image-rich poem often alludes to dance and dancers, but its paradoxical ruminations on time could all too easily overburden a dance. The miracle of Tanowitz’s “Four Quartets,” from 2018—available Oct. 31-Nov. 1 on the Fisher Center at Bard College’s Upstreaming site—is how the painfully beautiful choreography is irradiated, rather than weighed down, by the text (read here by Kathleen Chalfant). Gorgeous paintings by Brice Marden and a tremulous score by Kaija Saariaho heighten the effect, and Eliot’s sudden illuminations are sustained in a timeless eighty-minute moment, making for one of the headiest dance experiences of our time – Brian Seibert
Sweny’s, Dublin The Foundation has awarded an annual grant of £5,000, commencing in 2020/21, every Bloomsday to Sweny’s, Dublin’s Joycean Pharmacy to mark and celebrate the connection between literary giants T.S. Eliot and James Joyce who first met at the Hotel de l’Elysee in Paris in August 1920. Joyce, renowned for his grubby tennis shoes, put on black patents for the occasion and was not amused by the ‘crumply . . . hopelessly knotted’ parcel containing a pair of brown shoes, a present from Eliot. They dined. Joyce paid and two years later, in 1922, these two geniuses gave the world their brilliant works The Waste Land and Ulysses . The first grant was awarded on 16 June 2020.
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THE T.S. ELIOT FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Additional T S Eliot Projects (continued)
When Leopold Bloom’s purchases a cake of lemon soap in Sweny Chemist Druggist, in James Joyce’s masterpiece, Ulysses [1922], it became one of literature’s more sensuous and memorable moments. Bloom, on Thursday 16 June 1904, walks the city streets and during his wanderings he calls into Sweny’s to buy his wife Molly her favourite face cream. And drawn to the sweet wax smell of Sweny’s lemon soap he buys a bar.
Sweny’s today is no longer a pharmacy but is dedicated to Joyce and is open to the public very day of the year. Run by volunteers, these enthusiasts hold readings from Joyce’s works and cakes of lemon soap can still be purchased. A charity, Sweny’s is limited by guarantee and overheads are covered by the sale of Sweny’s lemon soap, books and donations.
Additional Notable projects
92Y - A grant of £22,575 was awarded in 2020/21 to support 92Y’s fledgling poet-in-residence program, which was meant to kick off in spring 2020 but was postponed due to COVID. This support allows 92Y to encourage, even in a virtual setting, the work of emerging writers and also allow them to foster meaningful exchanges between the writers and student communities, which include not only those who are school age but the newimmigrant groups 92Y serve in collaboration with East Harlem's Union Settlement House.
In alignment with 92Y’s commitment to support underrepresented artists and the creative process and engage new and diverse audiences while advancing cultural awareness and artistic collaboration, the Poetry Centre will initiate a Spanish-Speaking Poet’s Residency by inviting a poet from Puerto Rico to work with 92Y. 92Y’s Resident Poet will develop new works to help seed a Spanish language literary community by and for the diaspora. 92Y will celebrate, cultivate and amplify Spanish language work, creativity and culture.
The residency culminates with the publication of a portfolio of work via Words Without Borders, an international magazine opened to international exchange through translation, publication, and promotion of the world's best writing and authors who are not easily accessible to English-speaking readers.
Stinging Fly – THE STINGING FLY, based in Dublin, is a literary magazine, a book publisher, an education provider, and an online platform. They are independent and not for profit. Their mission is to seek out, nurture, publish and promote the very best new writers and new writing. The Foundation has agreed to become a Patron and provide annual support of €17,500 with the first grant being awarded in May 2021(postponed from 2020/21). Our funding will help continue to grow the press, the magazine, the website and their programme of workshops and seminars and employ a member of staff to assist in these areas. About Us - The Stinging Fly
Plans For The Future
The worldwide pandemic severely affected the Foundation’s plans for 2020/21, however at the time of writing the Writers’ Retreat had reopened for the 2021 season in May 2021 and the delayed plans to launch a biannual TS Eliot Festival in Gloucester, MA in September 2022 were well advanced.
The third TS Eliot Memorial Reading will take place at the Woodberry Poetry Room at Harvard in April 2022 supported with a grant of $15,000 from the Foundation. The reader is yet to be announced.
The trustees will continue working with the Poetry Society of America on establishing The Four Quartets Prize as an important Poetry Prize in USA and hope to be able to return to an award ceremony in April 2022.
We intend to proceed with the sixth annual T.S. Eliot Lecture which was due to be held at the Abbey Theatre in Dublin in December 2021 with Es Devlin but we hope will instead be delivered digitally from London and at the time of writing plans are underway. We hope to return to Dublin in December 2022.
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THE T.S. ELIOT FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Plans For The Future (continued)
Plans are strongly underway for a festival marking the centenary of The Waste Land in April 2022 which will incorporate, readings, music and live events in London culminating in performances by our subsidiary Dead Poets Live at Wilton’s Hall on 11 and 12th April 2022
The Foundation continues to support its subsidiary, Dead Poets Live Ltd, with grants to assist its work in writing scripts and bringing performances to the Coronet Theatre, Notting Hill and Wiltons Music Hall. These are evenings based around the work, lives and friendships of dead poets. All funds made from box office receipts and waived actors fees are donated via the Foundation to Safe Passage a charity dedicated to bringing child refugees to the UK safely and legally. Every year thousands of unaccompanied child refugees arrive in Europe in search of safety. They find themselves stuck in squalid camps or sleeping rough on city streets unaware of their legal right to travel safely through Europe. Safe Passage help child refugees access their rights. The 2020/21 season was largely postponed due to the pandemic but will be back in theatres in 2021/22.
The Foundation will also continue to make further grants to institutions and individuals in line with the charity's charitable activities. Working with such institutions as the Arvon Foundation, PEN, the Poet Laureate Simon Armitage enabling him to seek out small disadvantaged groups in the North of England and to support libraries across the UK, The Koestler Trust and other organisations that the Trustees feel closely align with the aspirations of the Foundation.
Southbank Centre's Young Poets Collective – The Foundation has awarded an annual grant of £25K for two years commencing in April 2021 to fully fund a new poetry endeavour.
Southbank Centre is the home of literature and spoken word events in the UK and houses the National Poetry Library - the largest public collection of modern poetry in the world. The aim of this programme is to provide opportunities for talented young writers aged 16 - 25 to discover, develop and hone their skills and experience, thereby expanding their horizons, knowledge and confidence. Through a regular and sustained programme, the aim of the Collective will be to influence significantly the diversity of the next generation of the UK’s creative writers, poets and spoken word artists, ensuring that the many barriers to cultural participation experienced by some of our communities are addressed. The programme will provide a vital pathway for young artists at a time when pursuing a career in the sector may feel particularly challenging and precarious as a result of the COVID-19 pandemic.
Having a year-round presence, the Young Poets, alongside the other young artists and creatives on the Emerging Artist programmes, will form part of the Southbank Centre’s tiered offer for young creatives. The artists completing the scheme will continue as ambassadors for the programme as they progress their careers. The young artists will also form an important link with their communities and our local partner arts, learning and outreach organisations by bringing their experience and practise back into those settings. In addition, Southbank Centre will form relationships with the next generation of relevant, diverse and representative artists who will help inform the programme and the literature and spoken word scene in the future.
Public Benefit
In addition to the activities described under achievements and performance the Foundation made a significant contribution to the National Portrait Gallery of £25K for 2020/21 and £10K per annum thereafter to support the Heron portrait of TS Eliot as one of the star portraits and the display surrounding this. We also hope to support additional activities in the Learning centre which might focus on Eliot’s poetry when the gallery reopens to the public.
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THE T.S. ELIOT FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Public Benefit (continued)
The Foundation has also supported a second year with Hampstead Theatre establishing a TS Eliot Commissioning Fund to support two full Main Stage and two full Downstairs commissions and finance readings for each of the commissions. The three-year commitment of £28,400 per annum, commencing in 2019-20, represents a significant contribution to new writing for the stage. Hampstead have managed to carry on with this work commissioning the plays and working digitally with the writers and, since the relationship began in February 2020, four productions have been staged (or slated for production) of the ten T. S. Eliot Foundation commissioned writers.
The Trust has continued to support a Poet Educator at St Elizabeth’s Catholic Primary School and to work with Christian Foley in seeking out other schools who may benefit from this programme.
The Foundation made its third annual grant of £35K in a three-year commitment to support English PEN with core funding for the period 2018 to 2020 to support their literary work. English PEN is the founding centre of PEN International, a worldwide writers’ association with 145 centres in more than 100 countries. PEN campaign to defend writers and readers in the UK and around the world whose human right to freedom of expression is at risk. They work to remove inequalities, where they exist, which prevent people’s enjoyment and learning from literature. PEN facilitate and promote translation into English of published work in foreign languages they consider to be of outstanding literary merit. The Foundation also provides emergency funding on an ad hoc basis for writers in desperate situations and has committed to a further 3 year grant of £35K annually commencing in 2021/22 to fund a UK Campaigns Manager.
Emergency Funding due to the Covid 19 Pandemic
It became clear towards the end of 2019/20 that many plans for 2020/21 would have to be postponed or worse cancelled indefinitely and we spent March 2020 working with our grant recipients to see where the Trust might provide some emergency funding and we have continued with this wherever possible seeking out projects where we could be of most help.
Last year we provided a fund of £10,000 for each theatre we work with - those being Hampstead Theatre, National Theatre, and the Royal Court In order to help their work with freelancers who have been hit extremely hard with the loss of theatre and other freelance work and in 2020/21 a further grant of £10,000 to the Old Vic and $10,000 to 92Y in NYC. In 2019/20 we provided £20,000 towards the emergency fund set up by the Society of Authors to award grants to writers in dire straits who had lost speaking engagements at the various annual literary festivals. Additionally in 2020/21, the Foundation provided further funding of £5,000 for The Big Issue and supported the Cheltenham, Hay and Edinburgh Literary Festivals who all lost income due to the pandemic. The Foundation also supported the Oxford Literary Festival awarding a grant of £10,000 as the Festival had suffered significant losses during the pandemic.
The Foundation also contributed £20,000 to the Bronte Parsonage Campaign in their efforts to secure the immediate future of the Parsonage as a result of the losses they suffered during the lockdown.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ Mrs C Reihill Trustee
Date:
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THE T.S. ELIOT FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
................................................ Mrs C Reihill Trustee
Date:
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THE T.S. ELIOT FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE T.S. ELIOT FOUNDATION
Opinion
We have audited the financial statements of The T.S. Eliot Foundation (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 March 2021 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
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give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 March 2021 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent charity'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.
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THE T.S. ELIOT FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE T.S. ELIOT FOUNDATION (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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the parent Charity has not kept sufficient accounting records; or
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the parent Charity financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 Group's and the parent charity'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 Group or the parent charity or to cease operations, or have no realistic alternative but to do so.
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THE T.S. ELIOT FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE T.S. ELIOT FOUNDATION (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 Auditors' 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:
• Discussions held with management and those charged with governance around any legal claim, frauds or breach of laws during the year which they are aware of;
• Audit work performed over key risks areas identified such as management override of controls and reviewing accounting estimates for bias.
- Review of financial statement disclosures to ensure accounting policies have been correctly followed.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
MHA MacIntyre Hudson Chartered Accountants Statutory Auditors Milton Keynes
Date:
MHA MacIntyre Hudson are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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THE T.S. ELIOT FOUNDATION
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 3 Trading operations 4 Investment income 5 Other income 6 Total income Expenditure on: Raising funds: Investment Managers fees Trading expenditure Charitable activities Total expenditure Net (expenditure)/income before taxation Taxation 13 Net (expenditure)/income after taxation Transfers between funds 22 Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Gains/(losses) on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ - 668,315 745,050 908 1,414,273 49,994 1,273,497 619,433 1,942,924 (528,651) (343,458) (872,109) - (872,109) 3,589,055 2,716,946 34,764,999 2,716,946 37,481,945 |
Total funds 2021 £ - 668,315 745,050 908 1,414,273 49,994 1,273,497 619,433 1,942,924 (528,651) (343,458) (872,109) - (872,109) 3,589,055 2,716,946 34,764,999 2,716,946 37,481,945 |
Total funds 2020 £ 100 1,761,790 837,470 3,323 2,602,683 56,956 1,371,078 703,848 2,131,882 470,801 (20,592) 450,209 18,966,452 19,416,661 (603,623) 18,813,038 15,951,961 18,813,038 34,764,999 |
|---|---|---|---|
Page 14
THE T.S. ELIOT FOUNDATION
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Intangible assets 14 Tangible assets 15 Investments 17 Investment property 16 Current assets Debtors 18 Cash at bank and in hand Creditors: amounts falling due within one year 19 Net current assets Total assets less current liabilities Provisions for liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 22 Unrestricted funds 22 Total funds |
143,623 3,813,552 3,957,175 (198,421) |
2021 £ 112,270 329,405 28,414,342 5,455,017 34,311,034 3,758,754 38,069,788 (587,843) 37,481,945 37,481,945 - 37,481,945 37,481,945 |
538,905 4,573,868 5,112,773 (298,587) |
2020 £ 126,997 367,501 24,265,180 5,455,017 30,214,695 4,814,186 35,028,881 (263,882) 34,764,999 34,764,999 - 34,764,999 34,764,999 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Mrs C Reihill
Trustee
Date:
The notes on pages 18 to 38 form part of these financial statements.
Page 15
THE T.S. ELIOT FOUNDATION
CHARITY BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Tangible assets 15 Investments 17 Investment property 16 Current assets Debtors 18 Cash at bank and in hand Creditors: amounts falling due within one year 19 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 22 Unrestricted funds 22 Total funds |
3,975 511,001 514,976 (64,949) |
2021 £ 45,319 10,723,414 5,455,017 16,223,750 450,027 16,673,777 16,673,777 16,673,777 - 16,673,777 16,673,777 |
44,326 848,617 892,943 (44,314) |
2020 £ 49,095 9,196,805 5,455,017 |
|---|---|---|---|---|
| 14,700,917 848,629 |
||||
| 15,549,546 | ||||
| 15,549,546 | ||||
| 15,549,546 | ||||
| - 15,549,546 |
||||
| 15,549,546 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Mrs C Reihill
Trustee Date:
The notes on pages 18 to 38 form part of these financial statements.
Page 16
THE T.S. ELIOT FOUNDATION
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Purchase of intangible assets Purchase of tangible fixed assets Investment disposals Purchase of investments Transfer of funds on acquisition of subsidiary Intangible assets recognised on acquisition of subsidiary Tangible assets recognised on acquisition of subsidiary Purchase of Investment property Investments recognised on acquisition of subsidiary Revaluation on investments Net cash (used in)/provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 18 to 38 form part of these financial statements |
2021 £ 2,656,351 745,050 (9,835) (2,720) 3,924,729 (4,345,885) - - - - - (3,728,006) (3,416,667) - (760,316) 4,573,868 3,813,552 |
2020 £ (999,456) 837,470 - - 4,480,669 (4,383,616) 18,966,452 (122,140) (318,406) (5,900) (15,391,366) 905,085 4,968,248 - 3,968,792 605,076 4,573,868 |
|---|---|---|
Page 17
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. General information
The Charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is Moorgate House, 201 Silbury Boulevard, Milton Keynes, MK9 1LZ. Its principal place of business is Flat 3, Kensington Court Gardens, London, W8 5QE.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The T.S. Eliot 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.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 18
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Research and development
Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project.
Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Consolidated statement of financial activities.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 19
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.7 Intangible assets and amortisation
Intangible assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.
The estimated useful lives are as follows:
Amortisation is provided on the following bases:
| Development expenditure | - | 5 | years |
|---|---|---|---|
| Trademarks | - | 9 | years |
2.8 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
- Fixtures and fittings 15 years of useful economic life
2.9 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Investments in associates are stated at the amount of the Group's share of net assets. The Consolidated statement of financial activities includes the Group's share of the associated companies' net income or expenditure using the equity accounting basis. As the associate is a charity, the investment is presented within restricted funds.
Page 20
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.10 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.12 Liabilities
Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.
2.13 Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
2.14 Financial instruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 21
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.15 Pensions
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
2.16 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Donations | - | - | 100 |
4. Income from other trading activities
Income from non charitable trading activities
| Unrestricted funds 2021 £ Royalties and income from productions 663,327 Other income 4,988 668,315 |
Total funds 2021 £ 663,327 4,988 668,315 |
Total funds 2020 £ 1,726,161 35,629 |
|---|---|---|
| 1,761,790 |
Page 22
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
5. Investment income
| Unrestricted funds 2021 £ Investment income - local investment properties 7,052 Dividends - Overseas equities & securities 87,121 Dividends - UK equities and unit trusts 145,706 Dividend income from participating interests 161,878 Bank interest 12,808 Interest on bonds 73,640 Dividends received - listed investments 166,393 Profit/(loss) on disposal of investments 90,452 745,050 Other income Unrestricted funds 2021 £ Other royalty income 908 |
Total funds 2021 £ 7,052 87,121 145,706 161,878 12,808 73,640 166,393 90,452 745,050 Total funds 2021 £ 908 |
Total funds 2020 £ 8,781 92,627 61,729 151,829 12,682 51,055 213,284 245,483 |
|---|---|---|
| 837,470 | ||
| Total funds 2020 £ 3,323 |
6. Other income
Page 23
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
7. Running costs of writers' retreat
| Depreciation & impairment Travel & subsistence Staff costs Other fees Office expenses Currency exchange difference Sundry expenses Repairs & maintenance Light & heat Property management Subscriptions Insurance Computer & internet |
2021 £ 3,776 1,280 - - 27 7,342 854 9,393 6,480 37,077 193 8,730 541 75,693 |
2020 £ 3,776 28,192 3,954 2,700 439 (1,632) 1,360 24,046 6,707 48,284 351 6,668 546 125,391 |
|---|---|---|
Page 24
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. Analysis of grants
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Festival of writing and ideas - Borris Festival | - | 1,138 |
| Safe Passage International (for DPL) | - | 13,771 |
| Seawatch (for DPL) | - | 4,690 |
| Grenfell Foundation (for DPL) | - | 3,500 |
| Reve De Cinema (Lambert et Charlotte) | - | 1,000 |
| St Elizabeths Catholic Primary School - poet in residence | 5,000 | 5,000 |
| Beachcroft AP Academy - Poet in residence | - | 5,000 |
| Cardinal Pole School - poet in residence | - | 7,000 |
| The Poetry Archive - Children's Archive Website | - | 21,200 |
| Coronet Theatre/Printroom (Poetry) | 2,500 | 6,000 |
| Poetry London | - | 2,000 |
| English PEN - core funding | 35,000 | 35,000 |
| English PEN - emergency funding | - | 5,000 |
| Academy of American Poets US$12,500 | 9,860 | 10,396 |
| The Koestler Trust | 10,000 | 5,000 |
| Barbican Centre Trust -Four Quartets Production | - | 15,000 |
| Arvon Foundation | 10,100 | 8,350 |
| The Big Issue | 5,000 | - |
| The Old Vic | 10,000 | - |
| FW Sweny Company | 5,000 | - |
| PCC of the Charltons (St Mary the virgin) | 6,944 | - |
| Suzannah Evans - Laforgue translation project | 3,000 | - |
| The Oxford Literary Festival | 10,000 | - |
| The National Portrait Gallery | 25,000 | - |
| Bronte Parsonage | 20,000 | - |
| Bard College Four Quartets audiobook US$20,000 | 15,692 | - |
| Scena Mundi | - | 10,000 |
| Safe Passage | - | 15,000 |
| Simon Armitage Laureate Fund - Library tour | 10,000 | 10,000 |
| Simon Armitage Laureate Fund - The Poetry Business | - | 5,000 |
| Simon Armitage Laureate Fund - Wordsmith Awards | - | 5,000 |
| The Wordsworth Trust | 5,000 | - |
| Hampstead Theatre | 28,400 | 28,400 |
| Nick Roth - Wasteland perfromances | - | 8,400 |
| The Literary Heritage of Anglo-Dutch Relations | - | 8,000 |
| International TS Eliot Society - endowment for newsletter | - | 16,600 |
| TS Eliot memorial reading - Harvard | 11,037 | 5,081 |
| Cheltenham Festival | 7,650 | - |
Page 25
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Edinburgh Festival 92Y - Poet in residence The Open Door Action Inc Gloucester Writers Center MARS Windhover Rocky Neck Art Colony Gloucester Stage Company Leighton Buzzard Foodbank Hampstead Theatre National Theatre Royal Court - The English Stage Company Society of Authors The Trussell Trust Tithe Farm Primary School (foodbank) Poetry Society of America - Four Quartets Prize TS Eliot Prize TS Eliot Prize expenses TS Elot Prize event TS Eliot Memorial Lecture, Irish Embassy, London |
2,500 22,575 7,724 7,724 1,931 3,862 3,862 1,931 11,587 374 - - - - - - 33,895 40,000 45,254 9,931 20,499 448,832 |
- - - - - - - - - - 10,000 10,000 10,000 20,000 10,000 2,000 39,847 40,000 47,276 27,534 20,983 |
|---|---|---|
| 498,166 |
9. Analysis of expenditure by activities
| Resources expended Total 2020 |
Running costs of writers' retreat 2021 £ 75,693 125,391 |
Grant funding of activities 2021 £ 448,832 498,166 |
Support costs 2021 £ 94,908 80,291 |
Total funds 2021 £ 619,433 703,848 |
Total funds 2020 £ 703,848 |
|---|---|---|---|---|---|
Page 26
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
9. Analysis of expenditure by activities (continued)
Analysis of support costs
| Bank charges Consultancy fees Support costs Governance costs |
Support & governance costs 2021 £ 774 41,500 6,300 46,334 94,908 |
Total funds 2021 £ 774 41,500 6,300 46,334 94,908 |
Total funds 2020 £ 1,100 36,000 - 43,191 |
|---|---|---|---|
| 80,291 |
10. Governance costs
| Unrestricted funds 2021 £ Audit fee 7,560 Accountancy fees 10,038 Legal fees 5,156 Irrecoverable VAT 23,580 46,334 |
Total funds 2021 £ 7,560 10,038 5,156 23,580 46,334 |
Total funds 2020 £ 9,070 7,200 5,629 21,292 |
|---|---|---|
| 43,191 |
11. Auditors' remuneration
The auditors' remuneration amounts to an auditor fee of £7,560 ( 2020 - £7,200 ).
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .
Page 27
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13. Taxation
| Corporation tax Current tax on net (expenditure)/income for the year Foreign tax on income for the year Total current tax Deferred tax Origination and reversal of timing differences Total deferred tax Taxation on net (expenditure)/income |
2021 £ (206) (206) 19,703 19,497 323,961 323,961 343,458 |
2020 £ - |
|---|---|---|
| - 17,822 |
||
| 17,822 | ||
| 2,770 | ||
| 2,770 | ||
| 20,592 |
There were no factors that affected the tax charge for the year which has been calculated on net (expenditure)/income at the standard rate of corporation tax in the UK of 19% (2020 - 19%).
Page 28
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
14. Intangible assets
Group
| Cost At 1 April 2020 Additions At 31 March 2021 Amortisation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 15. Tangible fixed assets Group Cost or valuation At 1 April 2020 Additions At 31 March 2021 |
Freehold property £ 512,770 - 512,770 |
Website £ 9,400 - 9,400 4,543 1,880 6,423 2,977 4,857 Plant and machinery £ 12,032 1,689 13,721 |
Trademarks £ 194,387 9,835 204,222 72,247 22,682 94,929 109,293 122,140 Fixtures and fittings £ 138,913 1,031 139,944 |
Total £ 203,787 9,835 |
|---|---|---|---|---|
| 213,622 | ||||
| 76,790 24,562 |
||||
| 101,352 | ||||
| 112,270 | ||||
| 126,997 | ||||
| Total £ 663,715 2,720 |
||||
| 666,435 |
Page 29
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
15. Tangible fixed assets (continued)
Group (continued)
| Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 Charity Cost or valuation At 1 April 2020 At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Freehold property £ 245,423 26,735 272,158 240,612 267,347 |
Plant and machinery £ 8,644 2,106 10,750 2,971 3,388 |
Fixtures and fittings £ 42,147 11,975 54,122 85,822 96,766 |
Total £ 296,214 40,816 |
|---|---|---|---|---|
| 337,030 | ||||
| 329,405 | ||||
| 367,501 | ||||
| Fixtures and fittings £ 56,647 |
||||
| 56,647 | ||||
| 7,552 3,776 |
||||
| 11,328 | ||||
| 45,319 | ||||
| 49,095 |
Page 30
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 16. Investment property Group Valuation At 1 April 2020 At 31 March 2021 Charity Valuation At 1 April 2020 At 31 March 2021 |
Freehold investment property £ 5,455,017 |
|---|---|
| 5,455,017 | |
| Freehold investment property £ 5,455,017 |
|
| 5,455,017 |
The investment property is measured at fair value and revaluations recognised in the profit or loss.
Page 31
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
17. Fixed asset investments
| Group Cost or valuation At 1 April 2020 Additions Disposals Revaluations At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 Charity Cost or valuation At 1 April 2020 Additions Disposals Revaluations At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Investments in associates £ 3,777,060 - - - 3,777,060 3,777,060 3,777,060 |
Listed investments £ 18,296,196 4,207,162 (3,924,729) 3,728,006 22,306,635 22,306,635 18,296,196 Investments in subsidiary companies £ 100 100 - - 200 200 100 |
Unlisted investments £ - 131,373 - - 131,373 131,373 - Listed investments £ 7,004,681 1,108,581 (1,102,059) 1,512,737 8,523,940 8,523,940 7,004,681 |
Other investments £ 2,191,924 7,350 - - 2,199,274 2,199,274 2,191,924 Trade investments £ 2,191,924 7,350 - - 2,199,274 2,199,274 2,191,924 |
Total £ 24,265,180 4,345,885 (3,924,729) 3,728,006 28,414,342 28,414,342 24,265,180 Total £ 9,196,705 1,116,031 (1,102,059) 1,512,737 10,723,414 10,723,414 9,196,705 |
|---|---|---|---|---|---|
Page 32
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
17. Fixed asset investments (continued)
Principal subsidiaries and associates
The following were subsidiary undertakings of the Charity:
| Names | Company | Registered office or principal | Principal activity | Class of | Holding | Included in |
|---|---|---|---|---|---|---|
| number | place of business | shares | consolidation | |||
| Dead Poets Live Limited | 10657275 | Moorgate House, 201 Silbury | Producers and script | 100 | 100% | Yes |
| Boulevard, Milton Keynes, MK9 | writers of poetry | |||||
| 1LZ | productions | |||||
| Set Copyrights Limited | 00654302 | Moorgate House, 201 Silbury | Exploitation of | 100 | 100% | Yes |
| Boulevard, Milton Keynes, MK9 | copyrights | |||||
| 1LZ |
The financial results of the subsidiaries for the year were:
| Names | Income | Expenditure | Profit/(Loss | Net assets |
|---|---|---|---|---|
| £ | £ | )/ Surplus/ | £ | |
| (Deficit) for | ||||
| the year | ||||
| £ | ||||
| Dead Poets Live Limited | 25,400 | (27,278) | (1,878) | 1,826 |
| Set Copyrights Limited | 3,387,889 | (1,449,848) | 1,938,041 | 3,309,878 |
Page 33
THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
17. Fixed asset investments (continued)
The following was an associate of the Charity:
| Name Faber & Faber Limited 18. Debtors Due within one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable |
Group 2021 £ 115,224 9,679 18,504 216 143,623 |
Group 2020 £ 470,086 42,265 26,554 - 538,905 |
Fair value of investment at 31 March 2021 £ 3,777,060 Charity Charity 2021 2020 £ £ - - 1,786 42,265 2,189 2,061 - - 3,975 44,326 |
Fair value of investment at 31 March 2021 £ 3,777,060 Charity Charity 2021 2020 £ £ - - 1,786 42,265 2,189 2,061 - - 3,975 44,326 |
|---|---|---|---|---|
| 44,326 |
19. Creditors: Amounts falling due within one year
| Corporation tax Other taxation and social security Accruals and deferred income |
Group 2021 £ 2 53,051 145,368 198,421 |
Group 2020 £ - 53,966 244,621 298,587 |
Charity 2021 £ - - 64,949 64,949 |
Charity 2020 £ - - 44,314 |
|---|---|---|---|---|
| 44,314 |
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THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
20. Financial instruments
| Group | Group | Charity | Charity | |
|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Financial assets | ||||
| Financial assets measured at fair value | ||||
| through income and expenditure | 3,944,925 | 4,573,868 | 511,001 | 848,617 |
21. Deferred taxation
Group and Charity
| Recognised on acquisition of subsidiaries Charge for the year The deferred tax liability is made up as follows: Accelerated capital allowances Tax losses carried forward Revaluation of investments |
Group 2021 £ (18,961) 73,830 (642,712) (587,843) |
2021 £ 263,882 323,961 |
|---|---|---|
| 587,843 | ||
| Group 2020 £ (16,770) - (247,112) |
||
| (263,882) |
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THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
22. Statement of funds
| Balance at | ||||||
|---|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 31 March | ||||
| April 2020 | Income | Expenditure | Taxation | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted | ||||||
| funds | ||||||
| General Funds | ||||||
| - all funds | 34,764,999 | 1,414,273 | (1,942,924) | (343,458) | 3,589,055 | 37,481,945 |
23. Analysis of net assets between funds
| Unrestricted funds 2021 £ Tangible fixed assets 329,405 Intangible fixed assets 112,270 Fixed asset investments 26,215,068 Trade investments 2,199,274 Investment property 5,455,017 Current assets 3,957,175 Creditors due within one year (198,421) Provisions for liabilities and charges (587,843) Total 37,481,945 |
Total funds 2021 £ 329,405 112,270 26,215,068 2,199,274 5,455,017 3,957,175 (198,421) (587,843) 37,481,945 |
|---|---|
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THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
24. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Amortisation charges Gain/(loss) on investments Dividends, interests and rents from investments Decrease/(increase) in debtors Increase in creditors Net cash provided by/(used in) operating activities 25. Analysis of cash and cash equivalents Cash at bank Total cash and cash equivalents 26. Analysis of changes in net debt |
Group 2021 £ (872,109) 40,816 24,562 3,589,055 (745,050) 395,282 212,758 2,645,314 Group 2021 £ 3,813,552 3,813,552 |
Group 2020 £ 450,209 5,656 - (603,623) (837,470) (534,921) 520,693 (999,456) Group 2020 £ 4,573,868 4,573,868 |
|---|---|---|
| Cash at bank and in hand | At 1 April 2020 £ 4,573,868 4,573,868 |
Cash flows £ (760,316) (760,316) |
At 31 March 2021 £ 3,813,552 |
|---|---|---|---|
| 3,813,552 |
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THE T.S. ELIOT FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
27. Related party transactions
| Donation made to Old Possum's Practical Trust | 2021 £ - - |
2020 £ 10,000 |
|---|---|---|
| 10,000 |
28. Recognition of Subsidiary
On 31 March 2020 the shares in Set Copyrights limited with a nominal value of £100 were gifted from Old Possum’s Practical trust to The T. S. Eliot Foundation.
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