Charity number: 1159129 THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 F. S ILIOI FOUfytsIFICN
THE T.S. ELIOT FOUNDATION CONTENTS Page Reference and administrative detalls of the Charity. its Trustees and adviser& Trustees. report 2-17 Trustees, r88ponsibilities statement 18 Independent audltors, report on the financial statements 19-22 Consolidatsd statement of financial activities 23 Consolidated balance sheet 24 Charity balance sheet 25 Consolidated statement of cash flows 26 Notes to the financial statements 27-49 T S. ÉLIOI FOUN.D*II<YI
THE T.S. ELIOT FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mrs C ReihiS1 Mr P Durrance Mrs J Bodley Charity reglstered number 1159129 Registered office Moorgate House 201 Silbury Boulevard Milton Keynes MK9 1LZ Independent auditors MHA 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 T S. ELIOI FOUNDA1108 Page 1
THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustee present their annual report together with the audited financial statements of the Charity and Group for the year 1 April 2023 to 31 March 2024. The financial statements have been prepared in accordan with the accounting policies set out in note 1 to the financial ststernents 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 (FRS102). 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 cafUllY. Achievements and perforniance Writer's Retreat- Eliot House For almost enty-five years. from T S Elioys childhood to young adulthood, The Downs, in Gloucester, Massachusetts was the family's summer house. On the shingled veranda. among the rockpools, in the woods, at sea. it was a landscape to which again and again his poetic imagination returned. The house was completed in 1896 built on land purchased by the poet's father, Henry Ware Eliot Snr.. near to the shore at Eastem Point The house remained in the family until 1919 when Eliot's father died. The Foundation 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 propety. This year saw our sixth residency and was the busiest year yet with 35 writers scheduled to come, but with three deferrals to 2024-25. in a period of five months. From our first year when we started with 12 writers, we are now at full Capacity each year. About 600A of the residents came from the east coast ranging in age from 30 - 70. The writers had opportunities to see some of Gloucester, Rockport and the Dry Salvages and to take swims and tours of the local quarries as well as having plenty of quiet writing time. During the winter months we also use the house for talks and other activities and this year a notable visitor was Peter Swanson organised by the Gloucester Writers Center. The New York Times best-selling author of crime novels, published by Faber & Faber, did a reading from his new novel to an audience of 50. The Downs. Copyright.. The T. S Eliot Estate I. S ELIOI FOUtr.DAIIoE4 Page 2
THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perforniance {continued) Gloucester's 400th Anniversary We celebrated Elioys time in GIOUster as part of Gloucester's 400th anniversary of its settlement in September 2023 by holding a lecture at the North Shore Arts Association given by Dr. Julia Daniel entitled °Water, Rock. Memory: T.S. Eliot's Gloucesterf. Her enthusiastic and energetic lecture had the audience captivated as she discussed how Eliot treasured his childhood memories of the Gloucester seascape with imagery used in his poems of tidal pools. the sea, and the local birds. Despite a severe storm, we had a full house of 110 attendees. Four Quartets Prize T. S. ELIOT FOUNDATION i)()i. I'iii. .%'()(.11.-'I"I 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 AJnerica, in 1943. Three finalists receive $1.000 each. The winner ceiVe$ an additional $20,000. The judges for the sixth year of the prize were announced as Catherine Barnett. Eduardo C. Corral and D.A. Powell. The three short listed poets were Robyn Schiff for Infonnation Desk (Penguin), Dong Li for The Orange Tre8 (University of Chicago Press) and Paisley Rekdal for West: A Translation (Copper Canyon Press) with Robyn Schiff being announced as the winner. T S. ELtOI FOVND*710F¢ Page 3
THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance Icontinued) Robyn Schiff The Judges, Citation: Robyn Schiffs Information Desk wanders the halls of both the physical space of the museum and the interior movements of the mind. It lives in the unknown questionings that are punclu8ted by almost obsessive meditations on the lives of wasps as she speaks of art, power, family, imagination, the ways in which a life is constructed as meaning is constructed. Both the syntax and the interventions of the linebreaks keep us moving fOard but encountering surprise after surprise, whether it be anecdotal memory. historical fact or meditations on the making of art ("art history explainslthis is howlto micromanage an optimal viewing distsnce from the eye"). Though the title and subject may sound dry, the narrative veers off into eros, lushness, beauty, the lack of boundary beeen the self and the subjects that surround us. Roaming the halls of the museum, Schiff is attuned to the trespasses that attend to power, collecting. curating. and the abuses and injustices of capitalism. "I could steer one on one's way towardlsomething else. The digressions lare endless." The digressions are, in fact, the pleasures of these long. fractal sentences. These poems transfonn the museum into a microcosm of both the high and the low, the symbols of power and the objects borne of affections, the dangers and the delights of human endeavour. The ingenious thinking-the shaping of these artifacts as narrdtive of both the arc of history and the intimacy of the mind when left to meditste and imagine their uses-is what gives this collection its soul, its urgency. Schiff is a docent enthralled and enthralling, intimate with all that surrounds her and ready to draw you into her world, into her captivating mind. r.s. ELIOT FOVfyDlIlCN Page 4
THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance {continued) INFORMATION DESK AN £PIC ROBYN SCHIFF A Robyn Schiff eamed an MFA at the University of lowa Writers, Workshop and an MA at the University of Bristol. She is the author of the poelry collections A Woman of Property (2016), which was a finalist for the Los Angeles Times Book Prize and named a best book of the year by the New Yorker and the Chicago Tribune. and an New York Times editor's choice" Revolver (2008). a finalist for the PEN Award. and Worth (2002). Her work has been featured in several anthologies. including Women Poets on Mentorship: Efft)rts and Affections (2007) and Legitimate Dangers: American Poets of the New Century (2006). Poet and critic Ste hanie Burt has described Schiff s poems as "well made and uncommonly elaborate." Her work frequently treats objects and historical figures in virtuosic lyric detail. In an interview with the Poelry Society of America, SchFff stated, 'more so than a specific practice in one of the other arts, curation as an art form in itself has most informed me. Of course at museums I'm moved by so many individual workA)ut it's the crosstalk between seemingly disparate objects that really inspires me.. Schiffs honours include an award from the Academy of American Poets Greenwall Fund and inclusion in the Poetry Society of America's 2007 Festival of New American Poets. In 2021. Schiff completed a fellowship at Ma¢Dowell where she worked on her book-length poem "Infornats"on Desk: An Epic.. about her experiences as a stsff member at the info desk at the Metropolitsn Museum of Art. Excerpts from the poem have been published by the New Yorker, Yale Review, Best American Poetry. and elsewhere. She is the coeditor of Canarium Books, an independent poetry press. and coeditor of the literary joumal The Canary and a professor at Emory University. Harvard T.S Eliot Memorial Readlng In Fall 2023 the TSE Memorial Reading took place at the renowned Woodberry Room. An event which takes place each year to mark T.S.Eliot's connection with Harvard where he spent every academic year but one beleen 1906 and 1914 and wrote his first mature poems. T S. ELIOI FOVNDAIlOtr+ Page S
THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance (contlnued> This year the reading was given by Kim Hyesoon, one of the most celebrated South Korean poets of the 21 st century).and her translator Don Mee Choi. Kim Hyesoon is one of the most influential contemporary poets of South Korea. She is the first female poet to receive the prestigious Midang and Kim Su-yong awards, and her collections indude I'm OK. I'm Pig! (Bloodaxe Books, 2014), Poor Love Machine (Action Books, 2016). and Autobiography of Death (New Directions, 2018). Her work has been translated into many languages, including Chinese, French. GenTsan, Japanese, Spanish, and Swedish. According to her English translator Don Mee Choi, "Kim's poetry goes beyond the expectations of established aesthetics and traditional 'female poetr {y?ryusi). which is characterised by its passive, refined language.. Kim's poetics are rooted in her attempt to resist conventional lrterary fomis and language long defined by men in Korea.. Kim lives in Seoul and teaches creative writing at the Seoul Institute of the Arts. T.S. Eliot Poetry Prize T. S. ELIOT PRIZE I S. ELIOI FOUhDA"IlOM Page 6
THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance (continued) The prize celebrated its thirtieth anniversary in January 2024 'Though it's a decade ago now - inexorably, another ten years has passed - and though winning is never a given. but rather an extraordinary stroke of brightly-10Ured luck- being awarded the T. S. Eliot Prize changed my lrfe., Sinead Morrissey. winner 2013 'The real gift is that for the first time I feel as though I can write, that I have a right to write. I'm indebted to the judges and the Prize and am running hard at every opportunity it offers me., Joelle Taylor, winner 2021 1 5 EIIOT FOUNDA"&ll>Y Page 7
THE T.S. EUOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfom7ance (continued) la 21 oJkiryf•!I T. S. Eliot Prize winners.. (top row. from left) Ocean Vuong. Michael Longley, Carol Ann Duffy, Paul Muldoon. Seamus Heaney. Sarah Howe, Don Paterson,. (second row) Bhanu Kapil, Ted Hughes, Sean O'Brien, Sharon Olds, Roger Robinson, Alice Oswald, Philip Gross- (third row) Joelle Taylor, Anthony Joseph, John Burnside, Les Murray. Hannah Sullivan. Jen Hadfietd,. (fourth row) Mark Doty, Ciaran Carson. Derek Walcott, Jacob Polley, Anne Carson. Hugo Williams. George Szirtes, Sinéad Morrissey, David Harsent. To celebrate the 30th anniversary of the prEe in January 2024 we asked members of the Southbank Centre's New Poets Collectives if they would help us mark the 30th anniversary of The T.S.Eliot Prize. Members of the Collectives made video recordings recorded indoors and out and these can all be viewed on the T.S.Eliot Prize YouTube Channel. We also produced a film celebrating the 30th anniversary of the Eliot Prize film which can also be viewed on our YouTube channel: https:Ilwww.youtube.comlwatch?v=jeEH27V2SpO The Foundation 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, who had devised and run the prize since 1993 with the financial help of Valerte Eliot. Described by past poet laureate Andrew Motion as 'the prize most poets want to win, and 'the worfd'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. The T.S. Eliot Poetry Prize is fimily 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 estsblished 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. CRACK POETS AND VIBRANT NEW VOICES DELIVER COLLECTIONS 'IMBUED WITH ENERGY AND JOY. IN DISRUPTIVE T. S. ELIOT PRIZE 2023 SHORTLIST T S ELLOI FOitNDK4fiON Page 8
THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance (contlnued> On 3rd October 2023 The Foundation was thrilled to announce the T. S. Eliot Prvze 2023 shortlist. chosen by judges Paul Muldoon (Chair), Sasha Dugdale and Denise Saul from 186 poetry collections submitted by British and Irish publishers. The list comprised a former winner and tsvo previously shortlisted poets, as well as iwo debuts and second collections. Poets hailed from the UK, Ireland, Jamaica, Hong Kong and the USA. Chair of judges Paul Muldoon said 'We are confident that all ten shortlisted titles not only meet the high standards they set themselves but speak most effectivety to, and of. their moment. If there's a single word for that moment it is surely 'disrupted', and all these poets properly reftect that disruption. Shot through with images of grief. migration. and conflict, they are nonetheless imbued with energy and joy. The names of some poets will be familiar, others less so- all will find a place in your head and heart,. The full list was as follows= Jason Allen-Paisant Joe Carri¢k-Varty Jane Clarke Kit Fan Katie Farris Ishion Hutchinson Fran Lock Eilean Ni Chuilleanain Sharon Olds Abigail Parry Self-Portrait as Othello More Sky A Change in the Air The Ink Cloud Reader Standing in the Forest of Being Alive School of Instructions Hyenal The Map of the World Balladz l Think We're Alone Now Carcanet Press Carcanet Press Bloodaxe Books Carcanet Press PavilionPoetry Faber & Faber Poetry Bus Press Gallery Press Cape Poetry Bloodaxe Books We celebrated the 30th anniversary of the T. S. Eliot Prize with a stirring film (produced by Sam Dunstall of Simon Williams Independent Media Production). lan Mcmillan providing a lively commentary over a rousing soundtrack and archival images and footage. The readings, hosted with his usual aplomb by poet lan Mcmillan, had the 10 short listed poets read from their collections at the Royal Festival Hall. Southbank on 14 January 2024 to our largest audience yet and the event was also live streamed. r. S. ELIOT FOuNDAfiON Page 9
THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perforniance {¢ontlnued) Judges Paul Muldoon (Chair), Sasha Dugdale and Denise Saul announced the winner of the 2023 T. S. Eliot Prize at a ceremony at the Wallace Collection on 15 January as Jason Allen-Paisant with Self- Portrait as Oth811o with a prize of £25.000. The ten short listed poets received £1,500 each. The judges. Chair Paul Muldoon, Sasha Dugdale and Denise Saul said: 'Self-Portrait as Othello is a book with large ambitions that are met with great imaginative capacity, freshness and technical flair. As the title would suggest, the poetry is delivered with theatricality and in a range of voices and registers. across geographies and eras. It takes real nerve to pull off a work like this with such style and integrity. We are confident that Self-Portrait as Othello is a book to which readers will return for many years.. Jason Allen-Paisant is a Jamaican writer and academic who works as a senior lecturer in Critical Theory and Creative Writing at the University of Manchester. He's the author of iwo poetry collections, Thinking with Trees (Carcanet Press, 2021). winner of the 2022 OCM Bocas Prize for poetry, and Self-Portrait a5 Othello (Carcanet Press. 2023), which won the Forward Prize for Best Collection. His non-fiction book, Scanning the Bush. will be published by Hutchinson Heinemann later this year. He lives in Leeds. Joining a prestigious list of previous winners. including Ted Hughes. Seamus Heaney. Don Paterson, Paul Muldoon, All Oswald and Carol Ann Duffy. Jason will also be the sixth poet inducted into the new T.S.ESiot prize winners, archive. which was estsblished in 2018 to preserve online the voices of winning poets for posterity. Clare Reihill. Trustee with Jason Allen-Paisant the 2023 TS Eliot Poetry Prize Winner r. s ÉLIOI FOUP4D*iION Page 10
THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance (continued) 'It's a stamp of approval and when you come to something like the T. S. Eliot Prize, then, clearly, we're not just talking about any award, are we?, _ Jason Allen-Paisant, intervFewed by Jonny Dymond. BBC Radio 4's The World Thi5 Weekend For the sixth 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. Young Critics Scheme When the T.S.Eliot Prize founded the Young Crttics scheme with The Poetry Society's Young Poets Network, the aim was to empower young critics. to offer a different critical viewpoint on the shortlisted collecbons, and to engage more young readers with the Prize. sloL CKrwEti I U7. h4wR Following a series of workshops led by The Poetry Society's Cia Mangat, writer and reviewer Helen Bowell, and guest expert Jen Campbell, this year's Young Critics- Evelyn Byrne, Daniel Clark, Oliver Cooney, Godelieve de Bree, Chloe Elliott, Leo Kang, Urussa Malik, Sinead O'Reilly, Natslie Perman and Gabrielle Tse - produced astonishingly engaging and insightful video reviews of the 2023 T.S.Eliot Prize Shortlist. The wdeos combine both dazzling critiques and visuals, and are a brilliant way to deepen the readerfs experience and understanding of the collections. ¥.S EI107 FOUNDA TIIY Page11
THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance (continued) .1 mean - it's straight-up one of the most acute and careful responses anyone's offered to something I've written. And some of the best visual language I've seen in a video essay. Seriously, it's a gift. Thank you., Abigail Parry 'Evelyn Byrne's response to A Change in the Air is wonderful - insightful. illuminating and beautifully worded. I love that the collection is meaningful to someone of her generation. Christine Macgregor has already added it to the Bloodaxe website and I will add it to mine too., Jane Clarke 'What a wonderful, thoughthjl review! Thanks so much for sharing it with me. I remember seeing these last year and thinking what an amazing, wellexecuted idea!. _ Jason Allen-Paisant T.S Eliot Poetry Prize Events Newcastle Poetry Festival. 11 May 2023 The opening event at the Newcastle Poetry Festival was a T. S. Eliot Prize Showcase event with readings by Zaffar Kunial and Fiona Benson. both shortlisted in 2022. The organisers were delighted with the success of the event and the opening of the Festival being associated with as prestigious a poet as T. S. Eliot. Cheltenham Literature Festival. 12 October 2023 We staged a brilliant reading by 2022 winner Anthony Joseph and an amazing danc&poetry performan by Safiya Kamaria Kinshasa {AnthonVs choice, Forward Prize-nominated) at Cheltenham Literature Feslival's The Hive. Mike Sims. Prize Director, read out the newly announced Shortlist. T.S.Eliot Lecture- Abbey Theatre Dublin The Foundation and the Abbey Theatre announced the eighth lecture in its Series of annual T.S. Eltot Lectures inspired by T.S. Eliot's impact on modern literature and his 1939 lecture at the Abbey in honour of W B Yeats. Presented at the Abbey Theatre since 2016, previous speakers include Paul Muldoon, Steven Pinker, Samantha Power. Sean Scully, Edna O'Brien. Es Devlin and Sally Rooney. This yearfs lecture, Journey of the Magi, on the subject of Artificial Intelligence, was named for T.S.ElioYs 1927 poem of the same name and was delivered by acclaimed writer Jeannette Winterson at the Abbey Theatre on 17 December 2023. followed by an in-conversation with Mark O'connell. Jeanette Winternon CBE is a British writer. After gfaduating from Oxford University, she published her first novel at 25. Oranges Are Not The Only Fruit is based on her own upbringing but using herself as a fictional character. She scripted the novel into a BAFTA winning BBC drama. 27 years later she re-visited that material in her intemationalEy bestselling memoir Why Be Happy When you Could be Normal? She has written thirteen novels for adults, three collections of short stories, as well as children's books. non- fiction and secreenplays. Drawing on her years of thinking and reading about Al, Winterson published her first non-fiction book on Al. 12 Bytes: How Artificial Intelligence Will Change the Way We Live and Love, In Ju 2021. Night Side of The River:Ghost Stories is her latest book. T S. EL101 FOU%D*lION Page 12
THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perforniance (continued) Jeanette Winterson Additional Notable projects T.S.Eliot International Summer School 2023. www.tseliotschool.com Every July the Summer School brings together renowned scholars and students from around the world for a nine-day. immersive exploration of the lrfe and work of Nobel Prize winning poet. crttic and dramatist T.S.Eliot. The 2023 Inaugural address was delivered by Ruth Padel and since it was founded over a decade ago the School has assembled the most distinguished scholars of T.S.Eliot and Modern Literature. In recent years it has featured lecturers and poets such as Simon Armitage, Jewel Spears Brooker, Robertt Crawford, Mark Ford, Lyndall Gordon, Professor Ron Schuhard, John Haffenden, Craig Raine and Sir Tom Stoppard. The Foundation continues its annual support by awarding 20 bursaries to students unable to afford the fees and by funding the opening reception. r.s ELIOT FOV14DA110N Page 13
THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perfom)an¢e (contlnued) Sweny's. Dublin The Foundation has awarded an annual grant of £5.000, commencing in 2020121, every Bloomsday (16th June) to Sweny's, Dublin's Joycean Pharrnacy to mark and celebrate the connection bebmeen literary giants T.S. Eliot and James Joyce who first met at the Hotel de I'Elysee in Paris in August 1920. Joyce, renowned for his grubby tennis shoes, put on blad( patents for the occasion and was not amused by the 'crumply hopelessly knotted, parcel containing a pair of brown shoes, a present delivered by Eliot from Wyndham Lewis. 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. When Leopold Bloom's purchases a cake of lemon soap in Sweny Chemist Druggist, in James Joyce's masterpiece, Ulysses119221, 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 fa 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. It is dedicated to Joyce and is open to the public every 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, Swenrf overheads are covered by the sale of Swenls lemon soap. books and donations. 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 É35,000 with the third grant being awarded in April 2023. 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. )NWW.Stin in Yeats Society - "The T S Eliot Foundation celebrating the life and work of poet T S Eliot has come to the aid of the SoCty dedicated to the life and work of WB Yeats.. Yeats Summer School Valerie Eliot wlth Seamus Heaney at the 1997 Summer School when Valerie gave the opening address at the Hawk'8 Well Theatre The Yeats Society Sligo has announced that the T S Eliot Foundation in London has committed to supporting it to the tune of £125,000 (É147,500) in totsl over the period 2022 to 2027 with the first grant of £25,000 awarded in 2022-23. The paths of the American poet, who spent most of his life in London, and WB Yeats crossed during their lifetimes. Following Yeats, death, Eliot delivered the first annual Yeats lecture at the Abbey Theatre in which he discussed the influence of Yeats on poetry and on his own work, and now lebrated by the annual TS Eliot Lecture at the Abbey Theatre. The Yeats Society has expressed its gratitude to the foundation, with chair Chris Gonley saying the "generous supporv, will allow the society to continue to pursue its work. r 5. £LIOI FOU%DIIION Page 14
THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perfomiance (continued) Trustee, Clare Reihill said the Foundation was "delighted to support the further understanding of the work of this continuingly vital poet" To my father. Sligo was home. Sligo was his initial literary inspiration, and the real importance of the Summer School has been to intem)ingle its academic activities with the haunting beauty of the Sligo countryside. Only in the 'Yeats Country, could such a venture have been Considered. Michael Yeats August, 1990 Southbank Centre's New Poets Collective - The Foundation awarded its third annual grant of £25,400 as part of a 4 year commitrnent to fully fund a new poetry endeavour. The New Poets Collective programme is a free talent development programme offered by Southbank Centre through their Emerging Artists activity. Based in their world-famous National Poetry Library. the scheme supports a rolling annual cohort of up to 15 poets to hone their skills and expand their knowledge and confidence. They especially welcome applications from underrepresented communities, including Black. Asian and Ethnically Diverse poets, LGBTQl+ poets, disabled or neuro-diverse poets, and poets from disadvantaged socio*conomic backgrounds. Lead tutors Vanessa Kisuule and Will Harris devise and lead monthly workshops for the group, with the assistance of special guest poets. These sessions are designed to help the group's members develop as versatile creative artists with skills and confidence across a range of genres. from page poetry to performative poetry and spoken word. During their time on the course. the Collective is able to explore and be inspired by all the art fonns and cross-arts events held at the Royal Festival Hall. the Queen Elizabeth Hall and the Hayward Gallery, whilst contributing in their own right to the rich and varied artistic life of the Southbank Centre. The group also has the chance to respond to the Southbank Centfe'sown unique archive and history. The programme culminates in presentations at the London Literature Festival and a printed and digital anthology. It also includes industry insight sessions designed to provide tools for this group of emerging poets to build their writing careers in the years ahead. The Academy of American Poets Each year we support the Academy of American Poets Fellowship prize with an award of $12,500 towards the $25.000 annual prize together with a residency at T. S. Eliot's summer home in Gloucester, Massachusetts. The Authors Guild Foundation The Foundation made a grant of $20.000 to the Authors Guild who endeavour to support authors, livelihoods. defend free speech, fight book banning, and safeguard authors, interests in an ever-evolvin9 publishing landscape. Specifically. our support will go towards paying commissions to four poets writing "plays for voices." The four poets are Ilya Kaminsky, Danez Smith, Ara115 Girmay and Alice Oswald. The Pilgrlm The Foundation awarded an annual grant of $10,000 commencing in January 2024 (having already made a one off grant of $5,000 in 2022-23. The Pilgrim is a quarterly literary magazine from the homeless Community of downtown Boston, edited by James Parker and Christie Towers and published out of the Cathedral Church of St. Paul, on Tremont Street. r.s. EItOT FOUhDAIION Page 15
THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance {contlnued) Since its founding in December 2011, The Pilgrim has published the wort( of hundreds of homeless, transitional or recently housed writers. All are part of the Black Seed Writers Group who meet every Tuesday morning in the Cathedral's basement. What's in The Pilgrim? Poetry, protest, memoir, prayer. rant. reportage, jubiLgtion and despair. Dispatches from the psychic frontline of American society- The master metaphor of the magazine is pilgrimage, and its proposition to the reader is that homelessness is a state of acute pilgrimage a condition of material and occasionally moral emergency, and thus a place where the world reveals itself under the pressure, or the pouring-in. of a higher ality- Plans For The Future The Write¢s Retreat in Gloucester MA is now fully operating and we hope to run other local readings and lectures. In March 2023 the Foundation purchased a second Writer's Retreat in East Coker, Somerset. close to St Michael & All Angels Church the final resting place of T.S. Eliot and his widow Valerie Eliot. Consents for renovations to the Grade 1 properties were received in April 2024 and the next few years will see the renovation and refurbishment of the property with the aim to open for writers in 2025. The sixth T.S. Eliot Memorial Reading will take place at the Woodbery Poetry Room at Harvard in Fall 2023 with the reader being announced in Summer 2023. The twstees will continue working with the Poetry Society of America on establishing The Four Quartets Prize as an important Poety Prize in USA The Foundation will hold the ninth annual T.S. Eliot Lecture at the Abbey Theatre in Dublin in December 2024. 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, Noth"ng 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. vmw.dead oets.live The Foundation will also continue to make further grants to institutions and indtviduals in line with the charity's charitable activities. Working with such institutions as the Arvon Foundation, The Koestler Trust. Poetry at the Coronet Theatre, Poetry London, Cheltenham Literary Festival and other organisations that the Trustees feel closely align with the aspirations of the Foundation. And individuals such as the Poet Laureate Simon Armitage enabling him to seek out small, disadvantaged groups in the North of England and to support libraries across the UKwith his annual library tour. T S. ELIOI FOVt4D•IION Page 16
THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Public Benefft In addition to the activities described under achievements, The Foundation has also pledged a further three years support to Hampstead Theatre for core funding with a grant of £30.000 per annum with the second grant being paid in 2023-24. Hampstead lost theirArts Council Funding, so our support is more important than ever to ensure this vibrant theatre can continue commissioning and provide an exciting season of WOTk for new and loyal audiences. The Foundation exiended its support of new writing by awarding a Grant of £1 OOK to The Royal Court Theatre to support its first season under new Artistic Director David Byme, Additionally the Foundation will be supporting the theatre with an annual grant of £1 OK from 2025 to 2029. The Trust has continued to support a Poet Educator at St Elizabeth's Catholic Primary School and Cardinal Pole School and to work with Christian Foley in seeking out other schools who may benefit from this programme. as well as supporting Christian through his Masters at Goklsmith's College. The Foundation made its third annual grant of £35.000 in a three-year commitment to support English PEN with core funding for the period 2021 to 2023, to support their literary work and fund the role of a UK Campaigns Manager. English PEN is the founding centre of PEN Intemational, 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. www.en lish n.or EN4LISII Approved by ord of the mem ers of the board of Trustees and signed on their behalf by: Mrs C Reihiil Trustee Date.. 1. 5. ELIOT FOIJNDts71014 Page 17
THE T.S. ELIOT FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are responsible for preparing the Trustees, report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Klngdom Generally Accepted Accounting Practice}. The law applicable to charities in England & Wales requires the Trustees to prepare financial ststements for each financial 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.. select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements: 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 responsib 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 Charty and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity {A¢counts 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 order of the members of the board of Trustees and signed on its behatf by: Mrs C Reihill Trustee 1. 5 EIIOI F¢)Vt¥D*IIQI Page 18
THE T.S. ELIOT FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE T.S. ELIOT FOUNDATION Oplnlon 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 2024 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 Untted Kingdom Accounting Standards, induding 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 wtth 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 Fegulations 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= give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources. including tts income and expenditure for the year then ended., have been property prepared in accordan with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan with Intemational 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 audrt 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 obtsined 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 concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitls 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. I S ELIOT FOU%DArioM Page 19
THE T.S. ELIOT FOUNDATION INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE T.S. ELIOT FOUNDATION (CONTINUED) other infomiatlon The other information comprises the infom)ation 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 Of our knowle(fge 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 detemiine whether thi5 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 materia5 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 rf, in our opinion= the infom)ation given in the Trustees, report is inconsistent in any material respect wtth the financial statement5,' or the parent Charity has not kept sufficient accounting records" or the parent Charity financial statements are not in agreement with the accounting records and returns: or 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 ststement. the Trustees are responsible for the preparation of the financial ststements 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 concem. disclosing, as applicable. matters related to going concern and using the going conrn basis of accounting unless the Trustees either intend to liquidate the Group or the parent charty or to cease operab'ons. or have no realistic altemative but to do so. I S. ELIQI FOVP.'OArioN Page 20
THE T.S. ELIOT FOUNDATION INDEPENDENT AUDtTORS' REPORT TO THE MEMBERS OF THE T.S. ELIOT FOUNDATION (CONTINUED) Audltors. responsibllltles for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordan with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free from material misstatement. whether due to fraud or error, and to issue an Auditors, report that indudes 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 alway5 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 misslatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below- Enquiry of management around actual and potential litigation and claims,. Enquiry of entity staff in compliance functions to identfy any instance of non-compliance with laws and regulations-, Perfomiing audit work over the risk of management override of controls, including testing ofjournals entries and other adjustments for appropriateness. evaluation the business rationale of signfficant transactions outside the normal course of business and reviewing accounting estimates for bias; Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with appli¢able jaws and regulations. Because of Ihe inherent limitations of an audit. there is a risk that we will not detect all irregularFties, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a taw or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non<ompliance. The risk is also greater regarding iegUlar1tieS occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusn. omission or misrepresentation. 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.or .uklauditorsres onsibilities. 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 a¢pt 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 opinion5 we have formed. F. 5 ELIOI FOV.5gAfioN Page 21
THE T.S. ELIOT FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE T.S. ELIOT FOUNDATION (CONTINUED) MHA Chartered Accountants Statutory Auditors Milton Keynes Date: k/ 2 MHA are eligible to act as audttors in temis of section 1212 of the Companies Act 2006. MHA is the trading name of Maclntyre Hudson LLP. a limited liabilrty partnership in England and Wales (registered number OC312313) S. S. ELIOI FOVhDA Trlot Page 22
THE T.S. ELIOT FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and gifts Trading operations Investment income 250 974,329 1,163,516 641 250 974,329 1,163.516 641 3,150.000 1,372,437 871,012 1,021 other income Totsl income 2.138,736 2,138,736 5,394,470 Expenditure on: Raising funds Charitable activities 1.556,484 1,046,954 1.556,484 1,046.954 1,553,032 1,087,086 Total expenditure 2,603,438 2.603,438 2,640,118 Net (expenditure)lin¢ome befo taxation Taxation (464,702) (898) (464,702} (898) 2, 754.352 (303. 701) 13 Net movement in funds before other re¢ognised gainsl(losses) {465,600) (465,600) 2,450,651 Other recognised gainsl{losses): Gainsl(losses) on revaluation of fixed assets 2,876.036 2,876.036 (516,481) Net movement in funds 2,410,436 2,410.436 1.934. 170 Reconciliation of funds". Total funds brought forward Net movement in funds 42,616.134 2.410,436 42,615,934 2,410.436 40,681. 764 1,934, 170 Total funds carrled forward 45,026,570 45,026.570 42,615,934 I S EIIOT SOUP*DAIION Page 23
THE T.S. ELIOT FOUNDATION CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Intangible assets Tangible assets Investments Investment property 14 53.935 238.927 33,938,691 8.551,222 69,499 255, 744 31,784.392 8,511,937 15 17 16 42,782,775 40,621,572 Current assets Debtors Cash at bank and in hand 18 25 338,259 2.996.923 541.865 2.497.285 3.335.182 3,039, 150 Creditors". amounts falling due within one year 19 (227,540} (181,685) Net Current assets 3.107.642 2,857.465 Total assets less current liabilities 45,890.417 43,479.037 Provisions for liabilities 21 1863,847) (862,903) Net assets excluding pension asset 45,026,570 42.616, 134 Total net assets 45,026.570 42.616.134 Charity funds Restricted funds Unrestricted funds 22 22 45,026,570 42,616, 134 Total funds 45,026.570 42,616.134 The financia tements wer proved and authorised for issue by the Trustees and signed on their behalf by= Mrs C Reihill Trustee Date: L 11,, |%ovI The notes on pages 27 to 49 fomi part of these financial statements. I 5 ILIOT FOUNDAIIOPI Page 24
THE T.S. ELIOT FOUNDATION CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments Investment propety 15 17 16 50,834 15.377.41 S 8,551,222 37, 767 14,379, 718 8.511,937 23,979,471 22.929,422 Current assets Debtors Cash at bank and in hand 18 22,935 376,759 31.163 206, 128 399,694 237,291 Creditors= amounts falling due within one year 19 {58,267) (59,991) Net current assets 341.427 177,300 Total assets less ¢urTrnt liabilities 24.320.898 23,106, 722 Total net assets 24,320.898 23,106. 722 Charity funds Restricted funds Unrestricted funds 24.320.898 23,106. 722 Total funds 24.320.898 23. 106, 722 The financial sta ents were approved and authorised for issue by the Trustees and signed on their behalf by: Mrs C Relhill Trustee Date: 11,.lryovÈ The notes on pages 27 to 49 fonn part of these financial statements. r s £LIOI FOVPIOAIION Page 25
THE T.S. ELIOT FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating actlvities Net cash used in operating activities 1,663,062 1,388,251 Cash flows from investing activitles Dividends, interests and rents from investments Proceeds from the disposal of tangible ftxed assets Purchase of intangible assets Purchase of tangible fixed assets Investment disposals Purchase of investment5 Purchase of Investrnent property Revaluation of investments 1,163,516 330 (8,873) (1, 735) (24,813) (4,550) 3.061.292 6.478. 923 (2,808,168) (6,820,033) (39,285) (3,047, 748) (2A07,423) 950,613 871,012 Net cash used in investing activities (1.063,424) {1,573.518) Cash flows from financing activities Net cash provided by financing activlties Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 499,638 (185,267) 2,682, 552 2.497.285 Cash and cash equivalents at the end of thè year 2.996,923 2.497,285 The notes on pages 27 to 49 fonn part of these financial statements I S £LIOT FOUfvDAllOt4 Page 26
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infomiation The Charity is a registered charity in England and Wales and is unincorporated. The registered office is Moorgate House, 201 Silbury Boulevard. Milton Keynes, MK9 1 LZ. its principal place of business is Flat 3. Kensington Court Gardens, London. W8 5QE. Figures in the financial statements and the notes have been rounded to the nearest Who number in GBP. 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 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 otheISe stated in the relevant accounting policy. The Consolidated ststement 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 receivabEe 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 existen 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. T. S ELSOT FOUP.DAIION Page 27
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 benefrts 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. Dired 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 beeen those activtties 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 activtties 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 Interest receivable Interest on funds hekl on deposit is included when receivable and the amount can be measured reliably by the Group: this is nofmally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Taxation The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finan A 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Chartty is potentially exempt from taxation in SpeCt 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. 2.6 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 impaimient 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 follow5- S ELIOI FOU.SDAIION Page 28
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continued) 2.6 Intangible assets and amortisation (continued) Development expenditure Trademarks 5 years 9 years 2.7 Tanglble 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 reliabSy. Tangible fixed assets are initially recognised at cost. After recognits"on. under the cost model. tsngible 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. using the straight-line method. Depreciation is provided on the following basis.. Fixtures and fittings 15 years of useful economic life 2.8 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 reltably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses) on investments, in the Consolidated statement of financial activities. Investments in associates are stated at the amount of the Group's share of net assets. The Consolidated statement of financial acts-vities 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. 2.9 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. 2.10 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 acquisttion or opening of the deposit or similar account. T. S. ELtOT FOLt4D*IIO Page 29
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.11 Liabilities LÉabilities 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 Charty anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or seniices 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. 2.12 Deferred tsxation 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 tsxable surpluses from which the future reversal of the underfying 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. 2.13 Financial Instruments The Group only has financial assets and financial liabilities of a kind that qualrfy 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. F. S. ELtOl FOUNDAIIQ Page 30
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.14 Penslons 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. 2.15 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. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 250 250 3,150, 000 Income from other trading activities Income from non charitable trading actlvities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Royalties and income from productions other income 967,229 7,100 967,229 7,100 1,330,081 42.356 974,329 974,329 1,372.437 T S. ELIOT FOUNQAIIQN Page 31
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment Income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Dividends - Overseas equities & securities Dividends- UK equities and unit trusts Dividend income from participating interests Bank interest Interest on bonds Dividends received - listed investrnents Profit on disposal of investments 90,239 65,148 2,926 11.762 191,073 147.264 655,104 90,239 65,148 2,926 11.762 191.073 147.264 655,104 82,185 106,283 176,376 3,907 110.374 165.369 226,518 1,163.516 1.163.516 871.012 other income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Other royalty income 641 641 1.021 T S. ELIOI FOUNDATTON Page 32
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Running costs of writers. retreats 2024 2023 Depreciation & impairment Travel & subsisten Office and house expenses Currency exchange difference Sundry expenses Repairs & maintenance Light & heat Property management Subscriptions Insurance 5,647 33.723 653 1,693 3. 776 25,919 671 (7,293) 44,358 23.064 87,782 704 26,351 9,340 49.273 715 13,378 34,424 3,892 Professional fees 235,940 122, 130 5 5. ÉLIO? FOVNt)IillON Page 33
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ActiVFties run by the TS Eliot Foundation 2024 2023 UK TS Eliot Prize TS Eliot Prize event TS Eliot Prize expenses Cheltenham Festival - Prize Events The Wasteland Centenary 40,000 40.743 66.396 5,750 40,000 28, 578 55.867 9.152 297,945 152.889 431.542 USA Dry Salvages Festival - Gloucester MA Poetry Society of America - Four Quartets Prize 57,910 36.237 47,261 Ireland 47,261 88.747 TS Eliot Memorial Ledure. Dublin 38.358 25.027 38,358 25,027 T S ELIQI FOVNDATIO Page 34
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Direct UK Grants Arvon Foundation Goldsmiths College - C Foley Avonmore Primary School Cardinal Pole School - poet in residence St Elizabeths Catholic Primary School - poet in residence Camden Town Shed Coronet TheatrelPrintroom (Poetry) Coronet TheatrelPrintroom (Spotlight support) English PEN - core funding English PEN- emergency funding Ezra Pound event Final Boss Pictures Hampstead Theatre Institute of English Studies Simon Amiitsge Laureate Fund - Library tour P Stuckes- Poet Laureate Grant Shivanee Naomi Ramlochan - Poet Laureate Grant Yorkshire Sculpture Park- Poet Laureate Grant Poetry London The Poetry Society The Koestler Trust The London Library Friends of the National Libraries Southbank Centre Prism Refugees at home Literature Prize Foundation Michael Donaghy memorial event Montgomeryshire Youth Theatre Morecambe Poetry Festival Not Beckett Festival Poet in the City Poetry Translation Society Ltd Read Easy The English Stage Company The Tablet Trust Trojan Women University of Oxford University of Newcastle Unreal Cities Hospital Help 9,600 2,250 450 9,000 2,204 3, 500 5,000 5.000 1.000 3.000 2,500 35,000 35,000 7, 500 500 2,000 30,000 2, 640 15,000 5,000 5.000 10,000 2,000 1,650 30,000 12.500 4.500 10.000 10,000 10.000 25,400 5.000 5, 000 25,400 10.000 4,000 1,000 10,000 7,500 15,000 3,000 5,000 100.000 4,000 5,000 7,200 250 5,000 500 F. 5. ELIOI FOUNDAIIQN Page 35
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Pancreatic Cancer Dalgarno Trust Foodbank Doctors Without Borders 2,110 1,000 501 322,261 191,394 Direct USA Grants Academy of American Poets Bosoma Youth Company (Gloucester MA) MAGMA (Gloucester MA) Cape Ann Art Haven (Gloucester MA) Gloucester Stage Company (Gloucester MA) Gloucester Writers Center (Gloucester MA) Planned Parenthood (Donation on behalf of Johanna Day) Harvard Library Jayme Stayer MANNA-Black Seed Writers Group 92-Y-Young Men's & Young Hebrew Society Bard College Fisher Center The Authors Guild Foundation Inc 10,350 20, 606 813 813 813 1,951 976 2, 033 4,685 1.825 4.065 2,473 8.840 8,008 16.262 30.000 15,883 89.343 41.053 Dirèct Irish Grants Festival of writing and ideas - Borris Festival Swenvs Pharmacy Happy Days (EIBF) Stinging Fly Yeats Society 600 5.000 1.020 5,000 25.000 30,536 25,000 30.829 25,000 61.429 86.556 Total 711,S41 863,443 T 5. ELIOI FOVNDA*i014 Page 36
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities Running costs of writers. retreats 2024 Grant funding of activities 2024 Support costs 2024 Totsl funds 2024 Total funds 2023 Resources expended 235.940 711,542 99,472 1.046,954 1,087,086 Total 2023 122, 130 863.443 101,513 1, 087,086 Analysis of support costs Support & governance costs 2024 Total funds 2024 Total funds 2023 Bank charges Consultancy fees Support costs Govemance costs 433 433 1.284 49,150 2.913 48.166 42,000 2.340 54.699 42.000 2.340 54.699 99,472 99,472 101,513 F s ELIOI FOYf4DA"IlON Page 37
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Governance costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Audit fee Accountsncy fees Legal fees Irrecoverable VAT 10,000 19.000 1.361 24.338 10,000 19.000 1,361 24.338 8.286 15,689 (672) 24,863 54.699 54.699 48,166 Total 2023 48, 166 48,166 11. Auditors. remuneration The auditors, remuneration amounts to an auditor fee of £10,000 (2023 - £8.286). 12. Trustees, remuneration and expenses During the year, no Trustees re¢eived any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred {2023- £19.483). T. S. ELIOT FOUNDATIOF4 Page 38
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Taxation 2024 2023 Corporation tax Current tax on net (expenditure)lincome for the year Adjustments in respect of previous periods 14,010 (46) 14.010 Foreign tax on income for the year 14.631 Total current tax (46) 28,641 Deferred tax Origination and reversal of timing differences 944 275.060 Total deferred tax 944 275.060 Taxation on net {expenditure)lincome 898 303. 701 There were no factors that affected the tax charge for the year which has been calculated on net (expenditure)lincome at the stsndard rate of corporation tax in the UK of 25% (2023 - 19Yo). On 24 May 2021 the Finance Bill 2021 was substantially enacted, meaning that the main corporation tax rate will increase to 25% from 1 April 2023. 1. S. ELIOI FOVhDAplCN Page 39
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Intangible assets Group Website Trademarks Total Cost At 1 April 2023 Additions 9,400 211,137 8,873 220,537 8.873 At 31 March 2024 9,400 220,010 229,410 Amortisation At 1 April 2023 Charge for the year 9,400 141.638 24A37 151,038 24,437 At 31 March 2024 9.400 166,075 175,475 Net book value At 31 March 2024 53,935 53,935 At 31 March 2023 69,499 69.499 15. Tangible fixed assets Group Freehold property Plant and Fixtures and machinèry fittings Totsl Cost or valuation At 1 April 2023 Additions Disposals 512.770 13,576 2,549 (2.801) 144,494 22,264 670,839 24,813 (2,801) At 31 March 2024 512,770 13.323 166.758 692,851 T S ELIOI FOUN'DA Tiof4 Page 40
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Tanglble fixed assets (continued) Group (continued) Freehold property Plant and Fixtures and machinery fittings Total Depreciation At 1 April 2023 Charge for the year On disposals 325,628 26,735 11,212 2.343 (2,471) 78,255 12,222 415,095 41,300 (2,471) At 31 March 2024 352.363 11,084 90.477 453.924 Net book value At 31 March 2024 160.407 2.239 76,281 238,927 At 31 March 2023 187.142 2.363 66,239 255. 744 ¥. S. ELIOT FOVNDAII¢Pé Page 41
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 S. Tangible tixed assets {continued) Charlty Fixtures and fittings Cost At 1 April 2023 Additions 56,647 18,714 At 31 March 2024 75.361 Depreciation At 1 April 2023 Charge for the year 18,880 5,647 At 31 March 2024 24,527 Net book value At 31 March 2024 50,834 At 31 March 2023 37,767 I. S E¢ioi FOUNDAIIO Page 42
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Investment property Group Freehold investment property Valuatlon At 1 Aprs12023 Additions 8.511,937 39.285 At 31 March 2024 8,551.222 Charity Freehold investment property Valuation At 1 April 2023 Additions 8,511,937 39.285 At 31 March 2024 8,551.222 T. S. ELIOT FOVNDh¥ioN Page 43
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Fixed asset investments Investments in Llsted Unlisted Other associates investments Investments investments Total Group Cost or valuation At 1 April 2023 Addrtions Disposals Revaluations 4,477,428 21 N98,534 2,424,939 (3,061,292) 2,407.423 338.871 226.129 5.469,559 31,784,392 157,100 2.808,168 (3,061,292) 2,407.423 At 31 March 2024 4,477,428 23,269,604 565.000 5,626,659 33,938.691 Net book value At 31 March 2024 4,477,428 23,269,604 565,000 5,626.659 33,938,691 At 31 March 2023 4,477,428 21,498,534 338,871 5,469.559 31,784,392 Investments in Listed Trade a$slat&S investments investments Total Charity Cost or valuation At 1 April 2023 Additions Disposals Revaluations 700,368 8.209.791 909,047 (1,072,149) 1,003.699 5.469,559 14,379,718 157,100 1,066,147 (1,072,149) 1,003.699 At 31 March 2024 700.368 9.050,388 5.626,659 15,377,415 Net book value At 31 March 2024 700,368 9,050,388 5.626.659 15,377,415 At 31 March 2023 700.368 8,209, 791 5,469,559 14,379, 718 T S ELIOI FOUNDAIIQN Page 44
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Prlncipal associates The following were associates of the Charity.. Names Falr value of nvestment at 31 March 2024 Faber & Faber Limited Geoffrey Faber Holdings Limited 4,287,060 190,168 18. Debtors Group 2024 Group 2023 Charity 2024 Chan"ty 2023 Due within one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable 268,335 497, 749 3.603 40,358 155 1.044 21,891 9, 084 22.079 66,225 155 338,259 541.865 22,935 31, 163 19. Creditors: Amounts falling due within one year Group 2024 Group 2023 Charity 2024 Chan"ty 2023 Bank overdrafts Corporation tax Other taxation and social security Other creditors Accruals and deferred income 987 987 46 42, 796 59,824 259 166,470 102 67.178 138,843 59.991 227,540 181,685 58,267 59.991 I. S. EIIOT FOVNP*lIOP4 Page 45
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Financlal Instrum8nts Group 2024 Group 2023 Charlty 2024 Charity 2023 Financial assets Financial assets measured at fair value through income and expenditure 3.561,923 2,836.156 376.759 206, 128 21. Deferred taxation Group and Charity 2024 2023 Recognised on acquisition of subsidiaries Charge for the year 862.903 944 587,843 275, 060 863,847 862, 903 The deferred tax liability is made up as follows.. Group 2024 Group 2023 Accelerated capital allowances Tax losses carried forward Short term timing differences Deferred tax charged in profit and loss Revaluation of investments (20,123) 2,986 (193) (944) {275,060) {845,573) (642. 712) (18,961) 73,830 {863.847) (862,903) T S £LIOI ÉOUND*IlON Page 46
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Statement of funds Balance at 31 March 2024 Balance at 1 Aprll 2023 Gatnsl (Losses) Income Expenditure Taxation Unrestricted fund8 General Funds all funds Share capital Reserves 23,106.722 200 19.509.212 853,639 (1,111,775) 1.472.312 24,320,898 200 1 A03.724 20,705.472 1.285,097 (1,491,663) (898) 42.616,134 2,138,736 {2,603,438) (898) 2,876,036 45.026.570 23. Analysis of net assets between funds Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Intangible fixed assets Fixed asset investments Trade investments 238,927 238,927 53,935 53,935 28,312,032 28,312,032 5,626,659 5,626,659 8,551,222 8,551.222 3,335,182 3.335.182 (227,540) (227,540) (863,847) (863,847) Investment propety Current assets Creditors due within one year Provisions for liabilits-es and charges Total 45,026.570 45,026.570 I. S ELIOI FOV.%DATION Page 47
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. Reconcillation of net movement in funds to net cash flow from operatlng actlvities Group 2024 Group 2023 Net incomelexpenditure for the period (as per Statement of Financial Activities) (465.600) 2.450, 651 Adjustments for. Depreciation charges Amortisation charges Gainl{loss) on investments Dividends, interests and rents from investments Decreasel(increase) in debtors Increase in creditors Increase in provisions 41,300 41.363 24,437 24.548 2.876,036 (516.481) (1,163,516) (871.012) 203.606 (27,855) 45,855 11,977 275, 060 Net cash provided by operating activities 1,563,062 1.388,251 25. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash at bank 2,996,923 2,497,285 Total cash and cash equivalents 2,996.923 2.497,285 26. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand Bank overdr8fls repayable on demand 2.497,285 499,638 (987) 2,996,923 (987) 2,497,285 498.651 2,995,936 E.S. EIIOI FOVPiD*IIOM Page 48
THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 27. Related party transactions 2024 2023 Donation received from Old Possum's Practical Trust 3,150.000 3. 75Q, 000 I. S. £L107 FOUtr*OAiIQN Page 49