**ANGUISH'S EDUCATIONAL FOUNDATION** REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
Registered Charity No 1169461 Registered Company No 09892592
**ANGUISH'S EDUCATIONAL FOUNDATION**
CONTENTS
|**INDEX**|**PAGE**|
|---|---|
|Reference and Administrative details|1 - 2|
|Report of the Trustees (Including the Directors’ report)|3 - 18|
|Independent Auditor’s Report|19 - 22|
|Statement of Financial Activities|23|
|Balance Sheet|24|
|Statement of cash flows and Summary Income and expenditure account|25|
|Principal accounting policies|26 - 28|
|Notes to the report and financial statements|29 - 44|
**ANGUISH’S EDUCATIONAL FOUNDATION**
REFERENCE AND ADMINISTRATIVE DETAILS
For the year ended 31 March 2026
The trustees, who are also the directors for the purposes of company law, present their report and financial statements of the charity for the year ended 31 March 2026.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006, 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 published in October 2019.
## **Administrative details**
Charity Name: Anguish’s Educational Foundation Registered Charity number: 1169461 Registered Company number: 09892592 Principal Office: 1 Woolgate Court, St Benedict’s Street, Norwich, NR2 4AP
## **Trustees**
The trustees, who are the directors of the charitable company, that served throughout the year and to the date of approval, are listed below:
**Nominated Trustees Period of office Nominated by** John-Paul Garside 4 years to 1 October 2027 Norfolk & Norwich University Hospital Foundation NHS Trust Adam Giles 4 years to 1 December 2028 Norwich City Council Kevin Maguire 4 years to 7 August 2027 Norwich City Council Laura McCartney-Gray 4 years to 1 December 2028 Norwich City Council Matthew Packer Appointed 3 April 2025 Norwich City Council Emmanuel Sheehan-Flick Appointed 3 April 2025 Norwich City Council Jeanne Southgate 4 years to 2 September 2025 Norwich City Council
The following Trustees have been co-opted by the body of Trustees at a Special Meeting:
**Co-opted Trustees Period of office** Linda Blakeway Appointed 9 April 2025 Brian Bolt Appointed 9 July 2025 Mark Davies 4 years to 4 March 2028 Ashley Ford-McAllister To 30 October 2025 David Fullman 4 years to 2 September 2027 Pamela St Leger-McConnell Appointed 10 December 2025 Beth Salmon-Reid Appointed 9 April 2025 Boyd Taylor 4 years to 5 December 2026
## **Key Management Personnel**
Chief Executive Officer David Hynes Finance Director Becky Bird Grants Manager Sandra McAfee
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REFERENCE AND ADMINISTRATIVE DETAILS
## **ANGUISH’S EDUCATIONAL FOUNDATION**
For the year ended 31 March 2026
|**Advisors**||
|---|---|
|Bankers:|Barclays Bank plc|
||3 St James Court|
||Whitefriars|
||Norwich, NR3 1RJ|
||The Charity Bank Limited|
||Fosse House|
||182 High Street|
||Tonbridge, TN9 1BE|
|Auditor:|Lovewell Blake LLP|
||Bankside 300|
||Peachman Way|
||Broadland Business Park|
||Norwich, NR7 0LB|
|Solicitors:|Cozens-Hardy LLP|
||Castle Chambers|
||Opie Street|
||Norwich, NR1 3DP|
||Anthony Collins|
||134 Edmund Street|
||Birmingham, B3 2ES|
|Property investment managers:|Brown & Co LLP|
||The Atrium, St Georges Street|
||Norwich, NR3 1AB|
|Quoted investment advisers:|Sarasin & Partners LLP|
||50 George St|
||London, W1U 7DY|
Page 2
## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
## **INCORPORATION**
The company was incorporated on 27 November 2015 and is limited by guarantee. The company received approval from the Charity Commission as a charitable company, registered number 1169461, on 3 October 2016.
From 1 April 2024 the activities and operation of the unincorporated charity, Anguish’s Educational Foundation, 311288, were transferred to Anguish’s Educational Foundation, a company limited by guarantee, company no. 09892592 and charity no. 1169461. The assets and liabilities were also transferred, with the exception of assets to the value of the original gift £8,641,000. The two entities are now linked under a Uniting Direction issued by the Charity Commission on 12 March 2025, with the company being the reporting charity. Any references to ‘Charity’ refer to the unified entities of the unincorporated charity and the company.
## **OBJECTIVES AND ACTIVITIES**
## **Our purposes as set out in our governing document**
The ‘objects’, as stated in the Memorandum and Articles of Association are:
- (A) To promote the education of persons who are in need of financial assistance and are resident in the area of benefit.
- (B) In furthering this Object, the Company must give preference to beneficiaries who are resident in the City of Norwich; with further preference to them if they have lost either or both parents.
The geographical area of benefit is the City of Norwich and the Parishes of Costessey, Hellesdon, Catton, Sprowston, Thorpe-next-Norwich and Corpusty in the County of Norfolk.
These objectives mirror those of the previous scheme dated 21 August 2002.
## **Norwich Charitable Trusts shared values statement:**
We have a common statement of values across our three grant-making charities (Norwich Consolidated Charities, Anguish’s Educational Foundation and Norwich Freemen’s Charity) as follows:
## Equity
The world is full of difference. We value and respect this. We will be inclusive, enabling, and nonjudgmental. We will not assume that we know or understand lives which are not our own and will therefore ask and seek to learn.
## Transparency
We will be transparent in all that we do other than where transparency would be damaging to individuals or organisations, to our ability to carry out our work or where it would be illegal.
_Lack of transparency can be damaging to our individual and organisational beneficiaries in many ways. It can waste their valuable time and it can provide false hope which may delay or prevent the search for alternative sources of support._
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## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
## Courage
We will have the courage to ask, to question and to challenge. We will also have the courage to take calculated risks in our grant-making. We will be ambitious, bold, agile, and unafraid to fund both the new and innovative and the ‘old’ and proven. We recognise that we don’t simply exist to make grants – rather our purpose is to enable positive change through our grant-making and through the use of our other assets and resources.
## Collaboration
We will collaborate with those we seek to support and with other organisations where we share values and vision. We will be approachable, caring, responsive, professional, and we will listen.
_We remain conscious of the inevitable power imbalance between ourselves and our beneficiaries and we will do all that we can to mitigate this. We also remain conscious of the need for second chances – for both individuals and organisations._
## **Anguish’s Educational Foundation Vision Statement**
A world in which young people below the age of 25 (who are in need of financial assistance and live in our area of benefit) are encouraged, supported, and enabled to access and make the most of the wide range of educational opportunities and experiences (formal and informal) needed to equip them to make the most of their lives.
## **Anguish’s Educational Foundation Mission Statement**
In pursuance of our vision:
- We will make grants to people below the age of 25 (who are in need of financial assistance and live in our area of benefit) where such grants encourage, support, and/or enable a young person to access and make the most of formal/informal educational opportunities.
- We will make grants to organisations whose work seeks to achieve the above.
In relation to all of our grant-making, to both individuals and organisations:
- We will ensure that our eligibility criteria and application processes are clear, simple, transparent, non-judgmental, and waste as little of our applicants’ time as possible.
- We will review our grant-making and associated policies and procedures on an ongoing basis and change and adapt these as appropriate in response to changing need and other relevant information.
## **Public benefit**
We confirm that in providing the above services and in writing this report, we have had regard to the guidance issued by the Charity Commission on public benefit.
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## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
## **Our main activities during the year**
## **Grant-making**
## Strategy
The focus of our grant-making is and always has been, on promoting the education of young people who are in financial need, with our definition of the term ‘education’ being appropriately broad. Whilst we value the major contribution that formal education makes to the lives of those we were established to benefit, we also believe strongly in the contribution that non-formal education, in all its guises, makes. We believe that every young person should have the opportunity to be exposed to many different possible future careers and lifestyles and to a wide variety of different ‘successful’ adult role models in order to ensure that they are not limited in relation to their vision of their own possible futures. In addition, we are aware that the simple _provision_ of educational opportunities is often not sufficient to enable young people to gain maximum benefit from them and that there are many complex barriers which can prevent this from happening. We therefore seek to both recognise and to remove these barriers where possible. Finally, in addition to making grants for one-off educational opportunities, we also seek ways of grant-making which will have long-term positive impact on the lives of young people.
To the above ends, we make grants both to individuals who are denied educational opportunities through lack of sufficient funds and to organisations which can provide both educational opportunities for such young people and/or the support necessary for them to gain maximum benefit from them.
## Grants to organisations
We give grants to organisations whose aims fit well with our objects. Organisations which, through their work, aim to ensure that young people in need of financial assistance have access to the same range of educational opportunities enjoyed by those young people who do not face such restrictions. We are also particularly interested in supporting organisations which address the causes of deprivation, or which provide the encouragement and support necessary to ensure that these young people are able to gain the same level of benefit from these opportunities as their peers.
During the year, our application procedure in relation to grants to organisations was as follows:
- Each organisation wishing to apply for a grant needs to secure a pre-application meeting which must be requested after the particular time and date given on our website.
- Our pre-application meetings are usually held in cafes to promote a more relaxed atmosphere and honest discussion that is often harder to enable in office-based meetings.
- The purpose of the pre-application meeting is for us to understand, discuss and advise in relation to the application that the organisation is considering making – and, where appropriate (which is in the majority of cases) to give the go-ahead for the organisation to apply.
- We also use these meetings to better establish, maintain and develop an increased feeling and level of partnership between ourselves and our beneficiary organisations and to keep ourselves up to date with the situation and needs of these organisations, the beneficiaries they serve, and the wider charitable sector.
- We hold 4 Grants Committee meetings per year in order to ensure a relatively fast response.
- On our website, we publish both the dates of our ‘windows of application’ in relation to each of our Grants Committee meetings and the amount of money in the budget for each of those meetings.
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## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
## For the year ended 31 March 2026
- We have a short and ‘to the point’ online application form which, nevertheless, exercises the minds of our organisational applicants encouraging them to state clearly the need(s) they are addressing, the ways in which they aim to address these needs, and the changes they aim their work to enable in the lives of their beneficiaries.
- We insist that, whilst that we do require successful applicants to submit monitoring information, we make it clear that this should not be an onerous task. It should address whether the organisation has carried out the work they said they would and, in addition and in particular, whether the changes they hoped to see in the lives of their beneficiaries as a result of the work have actually taken place. Unless the work that we funded was large scale or particularly complex, this can usually be achieved in the equivalent of around two sides of A4.
In addition to the above, we also encourage organisations to meet with us informally to discuss the challenges they are facing and the ways, other than in addition to grant-making, in which we may be able to help/support them and/or to discuss projects which are currently at the ‘ideas stage’.
## Grants to individuals
Following a review, we now have two grant streams for grants to individuals. These are Standard Grants and Non-Standard Grants. The sub-categories of each of these are listed below:
## Standard Grants
- School Uniform/School Clothing grant
- Residential School Trips grant
- Further Education grant
- University Maintenance grant
- Vocational and Academic Course grant
## Non-Standard Grants
- We assess applications for non-standard grants on an individual basis.
- For a non-standard grant application to be considered, the need must fall within our Objects but outside of the areas of support listed above under our Standard Grants stream.
- All applicants for Non-Standard grants will have an initial discussion with one of our Grants Officers.
The rationale for our Standard Grants is as follows:
School clothing: This represents a significant cost to families, especially to those with several growing children at school. In our view, no child should be marked out as poor by virtue of the standard of their attire as this may lead to bullying and abuse, the consequences of which often live with people for the rest of their lives. We regularly review the actual cost of a complete set of school clothing for children of various ages, but are conscious that, with our finite resources, we can only make a contribution to the total cost.
Residential School Trips: We believe that the opportunities for learning which educational travel offers are crucial to a young person’s development and achievement. We are also aware of instances where, were it not for our grants, children and young people would not have had the opportunity to leave their locality - let alone seen the sea and the coast or experience another European culture. As a result, their experience of life would have been immeasurably more limited and this opportunity to learn, grow and imagine denied. We support residential trips only, not day outings, since the former are obviously a
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## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
greater cost for a parent or parents to bear. At the time of writing, we are giving thought to the possibility that some schools, when planning overseas trips, could give more thought to the educational element of these and how we could use our growing links with the city of Rouen to support this.
Further Education Grant: We also consider grants to support young people who stay on at school, attend college or undertake an apprenticeship or traineeship up to the age of 18 particularly important. Having to cope with significant financial hardship at this time may make it extremely difficult for a young person to be successful in their training or studies.
University Maintenance Grant: We are aware that the cost of going to university is increasingly a barrier to able young people. Although university education is not everyone’s choice, we consider that we should do what we can to at least to lower this real barrier which affects young people from poorer backgrounds disproportionately.
Vocational and Academic Course Grant: We recognise that the University route is not the right route for everyone and that Vocational and alternative Academic courses are of equal importance and value to the future lives of the young people undertaking them.
Non-Standard Grants: We recognise that there are situations in which, whilst a particular need cannot be met under our Standard Grants stream, it fits our broader objectives, and the provision of a grant to enable that need to be met would make a significant positive difference to the life of the young person concerned.
## **ACHIEVEMENTS AND PERFORMANCE (INCLUDING STRATEGIC REPORT)**
## **Grant-making to organisations**
During the year we made 33 grants to other organisations totalling £538,220 (note 20). The largest grant we made was for £117,595 and the smallest was for £4,500 – making our average grant £16,310.
The work and projects which we funded/contributed to funding during the year included:
- The supply of food and other items (clothing, bedding etc.) to pupils and families in need.
- A number of music-related projects – performances and workshops by professional music groups in schools.
- Music therapy.
- Free/subsidised musical instrument tuition.
- The touring of a play aimed at preventing suicide and encouraging young people to seek help and support when needed to a number of schools.
- History-related activities for young people.
- Opportunities for young people to be involved in a professional theatre and music production.
- Testicular cancer awareness talks in schools.
- Two projects working with young D/deaf people – one promoting positive D/deaf-awareness and self-esteem, the other providing high-quality arts experiences.
- Sessions and resources promoting positive attitudes amongst young people towards relationships and sex.
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## **ANGUISH'S EDUCATIONAL FOUNDATION**
## REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
- Education and skills development workshops, experiences and coaching for young people in care/who are care-experienced.
- Education and cultural activities for young people of Polish heritage.
- Accessible spaces and activities for young people with SEND (special educational needs and disabilities) at a number of events.
- Opportunities for young people with additional needs to meet and engage with older people.
- Two projects teaching young people about food – growing, cooking, eating, selling.
- Workshops for young people involving bicycle repairs and building technical, social and creative skills and confidence.
- A project aiming at developing emotional control, accountability and self-belief amongst young people.
- A ‘Tecathon’ (a competitive tech-focussed event) for young people.
- An arts network for primary schools.
- One grant to fund a group of young people from Norwich to meet with a similar group of young people in Rouen (our twinned city in Normandy).
- Two grants in relation to youth work and activities in the area of Norwich on which we are focussing our place-based funding.
- Towards the core costs of an organisation working with young asylum seekers and refugees
- Two grants to organisations working with young people - one to support their strategic planning process the other to provide training and peer support to their staff.
- A grant of £117,595 to the SAW Trust (Science Arts and Writing) this will be a jointly funded project with Norwich Freemen’s Charity, with NFC making grant of an equal amount early next financial year. This project will see the SAW Trust leading a science education programme in three primary schools over the coming two years which will nurture curiosity and inspire creativity amongst the pupils. Some highlights of the programmes will include working scientists spending time in the schools and pupils visiting local and national science activity centres.
## **Grant-making to individuals**
School clothing: During the year we agreed 669 grants for school clothing totalling £149,637 (including irrecoverable VAT of £457) – with the average grant being £224.
Residential School Trips: During the year we agreed 189 grants for residential school trips totalling £37,520 – with the average grant being £198.
Further Education Grant: During the year we agreed 120 grants in relation to further education totalling £86,400 – with the average grant being £720.
University Maintenance Grant: During the year we agreed 78 grants in relation to the costs of attending university totalling £85,440 – with the average grant being £1,095.
Vocational and Academic Course Grant: During the year we agreed 3 grants in relation to college fees totalling £15,445 – with the average grant being £5,148.
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## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
Non-Standard Grants: During the year we agreed 3 Non-Standard grants totalling £741.
## **The investment and distribution of our funds**
Whilst this is not an ‘activity’ in the same sense that the provision of our grants is, it is nevertheless a vital ‘activity’, indeed an absolutely essential part of what we do. Our ability to allocate funds now and in the future depends entirely on the effective investment of our endowment.
In seeking to manage our investment effectively, our two overall objectives continue to be:
- To treat current and future beneficiaries equally, given that the Charity is intended to exist in perpetuity.
- To achieve an optimum balance between risk and total return so as to set a consistent short-tomedium term budget for expenditure on our charitable objects. Expenditure is planned at 4% per annum of the value of the fund for investment as at 31 March 2012, uprated by inflation per annum to protect its value in real terms.
We assess the appropriateness of our investment policy in terms of average performance of the Fund for Investment over the period of an economic cycle of 7-10 years. This is against the stated objective of an average overall 7% total return per annum, which when inflation, estimated at 3% per annum, is deducted gives a real rate of 4% on the Fund for Investment. For 2026-27, we have budgeted using an overall average return of 7%, with 3% for inflation, based on expectations for the forthcoming economic cycle.
We delegate the day-to-day management of our quoted investments and investment properties to professional advisers (Sarasin & Partners LLP and Brown & Co). They discharge this responsibility in line with the objectives above and performance in the year ended 31 March 2026 is considered to have been satisfactory given economic and market conditions, and in line with our long term objectives.
The value of our Fund for Investment at 31 March 2026 was £26,028k (2025: £26,217k) comprising £13,382k (51%) (2025: £13,457k) in directly-owned property and £11,861k (46%) (2025: £12,542k) in quoted investments, and surplus cash of £785k (3%) (2025: £218k) – the latter being an amount held at bank in excess of the anticipated day-to-day requirements of the charity, to support additional strategic and project work.
## **Fundraising**
We do not actively engage in fundraising activities and instead generate income through our investment assets. We do not engage individuals or entities to fundraise on our behalf. We are however very open to approaches from individuals who recognise the value of our work and wish to leave us legacies or otherwise contribute financially to our work. We are also open to approaches from other grant-making organisations which wish to consider becoming part of Norwich Charitable Trusts whilst retaining their own independent board of Trustees and working to their own Scheme/Memorandum and Articles.
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## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
## **REPORTING ON OUR IMPACT**
## **The achievement of our aims**
Our aims are laid out clearly in our statements of values and vision in this report. We saw no reason or need to change them for this year as they continued to feel relevant and appropriate both to our work and to the situations in which our individual beneficiaries, and the beneficiaries of the organisations we fund, find themselves.
## **Our Values**
## _Equity_
Our grants programmes (individual and organisational) are open to all whose needs fit with our geographical area of benefit and our Objects/preferred areas of impact.
We fund a broad range of organisations which seek to meet the needs of a broad range of people. We recognise that we are almost always less knowledgeable about the field of work that the organisations we fund operate in relation to – so we meet with all of them (pre-application meetings) to listen and learn – as well as to consider whether their application is eligible and, if it is, to support them in making it.
## _Transparency_
We continue to publish our grant application procedures and the amount of money in the grants ‘pot’ for each grants meetings on our website. At our pre-application meeting we discuss honestly and openly how our Trustees make decisions concerning which applications to fund and which not to.
## _Courage_
We have difficult conversations with applicants where necessary (e.g. in relation to an individual seeking a grant when we are aware that they have a serious gambling problem and in relation to attitudes and beliefs concerning the LGBTQ+ community and others when they are, for example, an organisation with a faith base seeking funding towards the costs of a youth group).
## _Collaboration_
We stress to all of our organisational applicants and grantees that we see the relationship between our two organisations as a partnership. The primary reason we exist is not to ‘give away money’ rather it is to enable positive change in the world. Currently, we do this mainly, but not exclusively, through our grant-giving. The nature of the partnership is therefore that the organisations we give grants to are enabling us to meet our Objects as well as theirs.
## **Our Vision**
_A world in which all young people below the age of 25 (who are in need of financial assistance and live in our area of benefit) are encouraged, supported and enabled to access and make the most of the wide range of educational opportunities and experiences (formal and informal) needed to equip them to make the most of their lives._
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## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
We recognise that, unfortunately, the current situation in our area of benefit is far from the above and that we don’t have the resources to effect such a significant change. During the year we have however made grants to many organisations which have provided the above to large numbers of young people.
## **The difference we made**
In respect of our grants to individuals:
- The number and type of grants that we have made to individuals is listed elsewhere in this report as is the fact that, although many of these grants have not in themselves enabled long term change in people’s lives, they have made those lives better in the short term.
In respect of our grants to organisations:
- Every grant that we have made to an organisation has enabled the organisation concerned to provide much needed services to its beneficiaries – this applies both to the grants that we have made for particular projects and those that we have made towards staffing or core costs of the organisation.
## **The long-term effects of our work**
- The long-term effects of our work are experienced in the lives of the beneficiaries of our grants and of the work of organisations we fund.
- It is neither appropriate nor financially viable to track the impact of our work on the lives of those above over many years (which we would need to do in order to report on the long-term effects of our work).
- Having said the above, we do often get glimpses into the potential long-term positive impact that our work has – e.g.
- The confidence gained by a young person involved in one of the youth activity projects we have funded where the environment has been very different from that which they experience at school.
- A young person who seeks help as a result of watching a ‘suicide prevention’ play where his/her own difficulties are mirrored in the characters.
## **Volunteer impact**
- All of our Trustees are volunteers and, in these roles, acting as ‘critical friends’ have contributed a great deal to our organisation.
- We do not use volunteers in relation to our grant-making.
## **FINANCIAL REVIEW**
## **Principal funding sources**
Our principal funding sources are the rental income from our investment properties and dividend income from our quoted investments.
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## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
## **Review of our financial position at the end of the year.**
Our financial results for the year ended 31 March 2026 and our financial position as at 31 March 2026 are set out in the Financial Statements accompanying this report, commencing with the Statement of Financial Activities on page 23. During the year our financial planning, monitoring and control have continued to be of a good standard. The outturn for the year was in line with the management accounts produced regularly throughout the year. Actual performance was in line with budget and largely in line with expectations. Our quoted investment portfolio has performed satisfactorily despite the volatility in the market, and our investment property portfolio has all but maintained its’ value throughout a difficult economic period. Both investment portfolios have maintained their income levels. As long-term investors we focus on the longer term scenario, and our cash flow remains satisfactory.
As long-term investors we focus on the longer term scenario, and trustees regularly review the composition of our portfolios. Overall, our portfolio and asset base remain strong and well diversified.
## **Reserves policy**
Our reserves policy is set having regard to the principal risks and uncertainties facing the Charity e.g. potential changes to the present economic, political and social environments. Such risks highlight the need for us to consider the appropriate custody and management of assets, for now and for the future, and the appropriate use of funds. The former risk is addressed by the use of appropriate professional advice and the latter by a rigorous review of all fund applications.
The Charity’s policy regarding the level of reserves to be maintained is to reference the funds available under the TRA (Total Return Approach). In effect, our available reserves are represented by the UTR (Unapplied Total Return), i.e. the Fund for Investment less the value of the ‘Original Gift’. We are the long term custodian of the fund, it being expendable only to the extent that we can warrant that any residual sum is sufficient to protect, on an equal basis, the interests of future beneficiaries compared with current beneficiaries. It would be a matter of judgement based on professional advice at the time if any exceptional expenditure from reserves was required, as has been the case from time to time. We maintain a buffer element to guard against adverse market movements, in order to maintain stability in our annual budget and grant expenditure. The level of such unapplied funds is shown in Note 15 (b) to the accounts, standing at £16,996,820 as at 31 March 2026 (2025: £17,099,861).
Within unrestricted funds (note 14) there are both general and designated funds. Designated funds are funds that the trustees have set aside to reflect particular intentions for the use of those funds and amount to £203,305 (2025: £147,124). Unrestricted funds not designated in this way are general funds. The general surplus at 31 March 2026 amounted to £676,104 (2025: £893,302). Excluding unrestricted tangible fixed assets gives a net current unrestricted assets figure of £839,810. This is maintained to enable us to provide additional support outside of our annual budgeted expenditure. The Trustees have reviewed the level of unrestricted reserves and consider these remain appropriate.
## **Transfer to the Trust for Application (income) for 2025/26**
In accordance with clause 3(6)b of the Order, the Trustees must give _“an explanation of the consideration and policies relevant to the Trustees’ determination of the part of the UTR that is allocated to the trust for application”_ (the income of the Charity) in 2025/26.
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## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
## For the year ended 31 March 2026
We received and considered the advice of Sarasin & Partners relating to the agreement of a strategic asset allocation for the investment of the Charity’s funds, including its directly-owned property. Taking account of the risks and returns associated with different asset classes, they agreed an asset allocation which would generate an average annual total return of 6%. They also advised that 2% of this should be retained in the Fund for Investment to maintain its real terms value as the basis for treating future beneficiaries equally. The Trustees have reviewed this policy every year since 2013 with their advisers. Prior to 2019 we worked with an expectation of the annual total return and inflation at 7.1% and 3.0% respectively. From 2024 we are working with an expectation of 7% and 3%. Consequently, the SOFA includes transfer in 2025/26 from the Fund for Investment to the Trust for Application of £956,000 (2024/25: £928,000).
The outturn for the year shows a decrease in the value of the Fund for Investment of 0.72% (2024/25 decrease 0.01%, 2023/24 increase 0.56%) following the transfer to the Trust for Application. This falls short of the inflationary increase needed to maintain the real terms value of the Fund to protect the interests of future beneficiaries. The increases in previous years have, on average, exceeded the required level. The actual value of the Fund on 31 March 2026 exceeds the notional value by £1,412k, so the condition is still more than met.
The balance remaining unspent in the Trust for Application on 31 March 2025 and carried forward to 2025/26 was £140,847. An equivalent sum of £56,580 remained on 31 March 2026 and was carried forward to 2026/27.
## **PLANS FOR THE FUTURE**
## **Review of our future direction**
This review is an ongoing process and is informed through our membership of the ACF (Association of Charitable Foundations) and of the associated SIIG (Social Impact Investors Group). It is also informed by the considerable contact that we have with our individual and organisational grantees.
We have been working through the ACF’s ‘Pillars of Stronger Foundations’. There is much in common between these Pillars and the Charity Code of Governance – however a significant difference is that the former is focussed on grant-making organisations whilst the latter is focussed more generally on all charities – hence our decision to work through the Pillars first. Once we have worked through all of the Pillars, we will then check whether there remain any elements of the Charity Code of Governance that we have not covered through this process.
The last Pillar that we addressed was the Investment Pillar and we have paused our progress to other Pillars whilst we work on the matters which arose from this – namely the concepts of Impact Investment and Social Investment and how we will implement them as part of our work.
During the coming year we will be taking advice from a range of appropriate professionals and seeking to move approximately £1million of our quoted investments into Impact Investments – i.e. these will be investments that we choose because the organisations/work that we invest in make a positive impact on the world. We will be seeking such investments for both their social and their financial return. The other two charities which, with us, are part of Norwich Charitable Trusts will be seeking to do the same.
Page 13
## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
One of our above ‘sister’ charities will be taking the first steps into Social Investment and we will observe this and decide whether/when to do the same based on this observation.
The range of issues which have exercised us and which we continue to discuss and debate, include:
- Our desire to work towards striking an appropriate balance between ‘sticking plaster’ work and ‘breaking the cycle’ work.
- Our desire to attract applications from organisations which are ambitious in the way that they seek to enable people to achieve permanent positive change in their lives.
- The balance between our grants to individuals and our grants to organisations.
- The balance between benefitting our current and our future beneficiaries and the consequent release of an appropriate amount of funds from our unrealised total return to enable us to make grants which are additional to our normal grant rounds.
- The potential of longer-term place-based funding to enable negative cycles to be broken and longterm positive change to happen.
- Our desire to continue to avoid unnecessarily taking up significant amounts of time (and therefore the financial and other resources) of organisations exploring the possibility of, and making, applications to us.
- How, each year, we might include the making of a number of multi-annual grants to organisations whose work we support alongside making one-year grants to others.
Earlier in this report we have listed projects we have funded, the total amount of money we have given in grants and the range of work which this has made possible. As with our grant-making to individuals, behind these figures are many people whose experience of life is significantly better as a result, sometimes admittedly only in the short term – hence our ongoing discussions about and search for projects which encourage and enable long-term positive change in people’s lives.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
Anguish’s Educational Foundation, registered charity number 1169461 and registered company number 09892592, is governed by a Memorandum and Articles of Association dated 27 November 2015 and was approved by the Charity Commission on 3 October 2016.
## **Trustee appointment and training**
The Board of Trustees comprises six Trustees who are nominated by Norwich City Council and a further one by the Norfolk & Norwich University Hospital NHS Foundation Trust, the principal district general hospital of Norfolk. The Trustees they nominate are not accountable to these bodies and cannot be removed before the expiry of their term of office.
A further seven Trustees are co-opted by the plenary body of Trustees at a Special Meeting. We recruit these Trustees through a process of advertising and interviewing. This process continues to form part of our commitment to increase the diversity of our board members in order to better reflect and serve the communities which make up our area of benefit. We remain committed to undertaking all future recruitment of our complement of co-opted Trustees in this way and to also interviewing those nominated by the City Council and the Hospital so that both those put forward for nomination in this
Page 14
## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
way and ourselves can be sure that the person is an appropriate fit for the role at the time the vacancy arises.
Each of our fourteen Trustees (at the time of writing we have one vacancy which we are in the process of recruiting to) serves a four-year term of office, except where a new Trustee fills a ‘casual vacancy’ in the first instance; Trustees may serve further terms.
Those who served in these capacities during 2025/26 and/or are Trustees at the time of the approval of these financial statements are shown on page 1.
Trustees are required to disclose all relevant interests to the Chief Executive and to their colleagues and to withdraw from decisions where a conflict of interest arises.
David Fullman was elected Chair and Boyd Taylor Vice-Chair of the Trustees for 2025. At the December 2025 meeting of the plenary body, David Fullman was re-elected as Chair and Boyd Taylor as Vice-Chair of the Trustees for 2026.
The Chair of the Board of Trustees and the Chief Executive oversee the induction and training of new trustees, supported by the Chairs of the sub committees and the key management personnel.
## **Organisational Structure**
The plenary body of Trustees meets every three months, with the appropriate officers and advisers, to agree plans, programmes and budgets; agree and review policies; and to monitor progress and review performance.
There is devolution of authority to formal Committees of Trustees and to senior staff, within the terms of the Memorandum and Articles of Association, and agreed policies and budgets.
Membership of the Committees is reviewed annually, and Chairs are elected at their first meeting of the year. The Chair and Vice-Chair of the plenary body are elected for the following year at its last meeting of the preceding calendar year. The appropriate officers, including the Grants Officers, attend all Committee meetings to advise the Trustees and to report on the exercise of their delegated responsibilities.
The external advisers to the Trustees – auditor, bankers, solicitors, investment advisers and managers and property advisers and managers - are set out on page 2 of the financial statements. Senior members of their staff attend relevant meetings of the Trustees and provide written and oral advice; they also have free access to the Trustees.
Nigel Hodge BSc (Hons) MRICS, a partner in Brown & Co LLP, was appointed Steward to the charity from 1 April 2025, responsible for the management of the estate, including the endowed properties, and for advising the Trustees on these matters. His services are received through a service level agreement with Brown & Co LLP.
Page 15
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
## **ANGUISH'S EDUCATIONAL FOUNDATION**
For the year ended 31 March 2026
## **Key Management Personnel remuneration**
The Trustees consider our Chief Executive, our Director of Finance and our Grants Manager as comprising the key management personnel of the Charity (the executive team) in charge of directing and controlling the Charity and running and operating the Charity on a day-to-day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year.
We are a proud to be a real living wage employer, accredited by The Living Wage Foundation. When implementing the Real Living Wage increase, the Trustees’ policy is to take heed of the Consumer Prices Index when considering salary increases for all employees. The Chief Executive’s pay is treated in the same way as that of other staff.
Details of Trustee expenses and remuneration of key management personnel are disclosed in note 7 to the accounts and related party transactions are disclosed in note 19 to the accounts.
## **Risk**
As with any organisation of any significant size or complexity, there are many risks. In order to mitigate these, the Trustees have a formal risk management process in place to assess strategic, financial, and operational risks and to develop and implement appropriate risk management strategies. Particular areas of risk and the ongoing management of these are delegated as appropriate to managers who are responsible for those areas of our operation. Trustees review our risk register on an annual basis, and as and when needed should significant new risks be identified.
## **Connected Charities**
We share a common administration and office with two other endowed Charitable Companies, Norwich Consolidated Charities and the Norwich Freemen’s Charity. The informal ‘group name’ for the Charities is ‘Norwich Charitable Trusts’. In accordance with the Memorandum and Articles of those Charities we, the Trustees of Anguish’s Educational Foundation, also serve as Trustees of Norwich Consolidated Charities; we also nominate eight of our Trustees to serve as Trustees of the Norwich Freemen’s Charity. In this situation, while the Charities retain their independence, a common administration promotes greater efficiency and co-ordination and lower costs.
Each Charity is a separate, registered Charity, with its own governance and specific objectives. Norwich Consolidated Charities, Anguish’s Educational Foundation and Norwich Freemen’s Charity have each been in the process of becoming incorporated as a Charitable Company Limited by Guarantee, therefore three dormant companies existed in preparation for this. From 1 April 2024 the activities and operations of each charity, along with the staff, assets and liabilities, were transferred to the respective companies.
## **Governance related to the Total Return Approach (TRA)**
There are particular duties placed on Trustees as a result of our decision on 12 January 2012 to take the powers conferred by an Order of the Charity Commission dated 24 January 2011 with effect from 1 April 2012. The trustees of the charitable company passed a resolution on 10 July 2024 under s104A(2) and s104AA(2) of the Charities Act 2011 to adopt a Total Return approach. The power permits the Trustees to invest permanently endowed funds to maximise total return. It also enables the Trustees to decide
Page 16
## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
each year how much of the Unapplied Total Return is transferred to income funds and be available for expenditure. There are particular duties placed on Trustees as a result of this.
The key elements of the statutory governance framework for TRA within which Trustees must operate are:
- A specific ‘duty of care’.
- A duty only to use the power in a way that will enable the Trustees to meet the needs of the present and future beneficiaries of each of the Charities.
- A duty to obtain and consider ‘proper advice’.
- Trustees will need to establish a rational policy to determine periodically what part of the UTR is allocated from time to time to the trust for application.
- Trustees should take a strategic view (including fluctuations in asset values, investment risk, inflation, changes in the Charities’ service provision) of how much of the UTR they take to spend, rather than taking an annual view of returns on the investments.
- Trustees must be able to justify the level of UTR at any time.
The accompanying financial statements and this Trustees’ Annual Report comply with the Directions in the form of Duties set out in the Order in relation to the adoption of the TRA by the Charity.
In relation to the accounts, these are:
- _“The Trustees shall, in notes to their accounts for each financial year, give particulars of:_
- _a. The aggregate value of the assets representing the unapplied total return at the beginning of the financial year;_
- _b. Any increase or decrease during the year in the value of the assets representing the unapplied total return;_
- _c. The part of the unapplied total return which the Trustees have, in the financial year, allocated to the trust for application (income) for the purposes of the_ charity;
- _d. The aggregate value of the assets representing the unapplied total return at the balance sheet date”._
All of this information is shown in Note 15(a) and (b) to these accounts.
The advice relating to the feasible and sustainable level of transfer to the Trust for Application for 2025/26 on the basis of the agreed strategic asset allocation, long term outlook and Total Return Approach assumptions was received by the Trustees from:
- Sarasin & Partners LLP – quoted investment advisers and managers
- Brown & Co LLP – property advisers and managers.
## **Statement of Trustees’ Responsibilities**
The trustees (who are also directors for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 17
## **ANGUISH'S EDUCATIONAL FOUNDATION**
REPORT OF THE TRUSTEES (INCLUDING THE DIRECTORS’ REPORT)
For the year ended 31 March 2026
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity 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 in the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards 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 charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Insofar as the trustees are aware:
- there is no relevant audit information of which the charity’s auditor is unaware, and
- the trustees have taken all steps that they ought to have taken to make the members aware of any relevant audit information and to establish that the auditor is aware of that information.
## **Thanks**
Thanks are due to all of our Trustees who have given their time during the year: to Sandra McAfee, Grants Manager and all members of the grants team; to Becky Bird, Director of Finance and all members of the finance and Woolgate Court team; to our Steward Nigel Hodge and his colleagues, and to David Hynes, Chief Executive. Without their dedication and skill, the Charity’s work could not be as effective and valued as it is.
FOR AND ON BEHALF OF THE TRUSTEES
David Fullman Chair of the Board of Trustees 1 Woolgate Court, St Benedicts Street Norwich, NR2 4AP 8 July 2026
Page 18
**ANGUISH’S EDUCATIONAL FOUNDATION**
AUDIT REPORT
Year ended 31 March 2026
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ANGUISH’S EDUCATIONAL FOUNDATION**
## **Opinion**
We have audited the financial statements of Anguish’s Educational Foundation (the ‘charitable company’) for the year ended 31 March 2026 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cashflows, Summary Income and Expenditure Account and notes to the financial statements, including 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).
- In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2026, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006 and 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Page 19
**ANGUISH’S EDUCATIONAL FOUNDATION**
AUDIT REPORT
Year ended 31 March 2026
## **Other information**
The other information comprises the information included in the trustees' annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and 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.
## **Opinions on matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ report, which includes the strategic report and the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit **.**
Page 20
**ANGUISH’S EDUCATIONAL FOUNDATION**
AUDIT REPORT
Year ended 31 March 2026
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
## _**The extent to which the audit was considered capable of detecting irregularities including fraud**_
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- we identified the principal laws and regulations applicable to the charitable company through discussions with management and our wider knowledge and experience;
- identified laws and regulations were considered in our planning of the audit and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; and
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the principal accounting policies were indicative of potential bias.
Page 21
**ANGUISH’S EDUCATIONAL FOUNDATION**
## AUDIT REPORT
Year ended 31 March 2026
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing material financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance; and
- enquiring of management and trustees as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, 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 law 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-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Mark Proctor FCA DChA Senior Statutory Auditor For and on behalf of Lovewell Blake LLP Statutory Auditor, Chartered Accountants Norwich 6 August 2026
Lovewell Blake LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 22
**ANGUISH'S EDUCATIONAL FOUNDATION**
## STATEMENT OF FINANCIAL ACTIVITIES
For the year ended 31 March 2026
|**Note**
**Income and endowments from:**
Donations and Legacies
Investments
- Rental income
3
- Interest receivable
4
- Dividends and Rebates
4
Other income
**Total income**
**Expenditure on:**
Raising funds
- Property expenses
3
- Investment charges
Charitable activities
- Grants payable and related costs
5
Governance costs
6
**Total expenditure**
**Sub total**
**Transfers between funds**
15 (b)
**Net income/(expenditure)**
**Unrealised gains/(losses) on investments**
- Quoted Investments
11 (d)
- Investment Properties
11 (b, c)
**Realised gains on investments**
- Quoted Investments disposal
11(d)
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
14, 15
**Total funds carried forward**
14, 15|**Unrestricted**
**funds**
**Endowment**
**funds**
**Total**
**2026**
Total
2025
**£**
**£**
**£**
£
**23,233**
**-**
**23,233**
155,000
**-**
**577,520**
**577,520**
571,591
**362**
**12,122**
**12,484**
7,964
**9,936**
**332,700**
**342,636**
436,167
**150**
**-**
**150**
75|
|---|---|
||**33,681**
**922,342**
**956,023**
1,170,797|
||**-**
**(260,181)**
**(260,181)**
(241,936)
**(1,437)**
**(48,112)**
**(49,549)**
(53,105)
**(1,100,139)**
**-**
**(1,100,139)**
(790,576)
**(57,724)**
**-**
**(57,724)**
(70,405)|
||**(1,159,300)**
**(308,293)**
**(1,467,593)**
(1,156,022)|
||**(1,125,619)**
**614,049**
**(511,570)**
14,775
**956,000**
**(956,000)**
**-**
-|
||**(169,619)**
**(341,951)**
**(511,570)**
14,775
**9,091**
**304,386**
**313,477**
130,113
**-**
**(75,000)**
**(75,000)**
(180,000)
**255**
**8,524**
**8,779**
-|
||**(160,273)**
**(104,041)**
**(264,314)**
(35,112)
**1,142,750**
**25,740,861**
**26,883,611**
26,918,723
**982,477**
**25,636,820**
**26,619,297**
26,883,611|
There are no other recognised gains or losses on the continuing activities in either year.
The Statement of Financial Activities above reflects the Uniting Order and aggregates the performance of both the charity and the company. Further details can be found in note 22.
The accompanying accounting policies and notes form an integral part of these financial statements (including comparative information for the Statement of Financial Activities at note 21).
Page 23
**ANGUISH'S EDUCATIONAL FOUNDATION**
## BALANCE SHEET
For the year ended 31 March 2026
|**Note**
**Fixed assets**
Tangible assets
10
Investments
11
Total fixed assets
**Current assets**
Debtors
12
Cash at bank and in hand
Total current assets
**Liabilities**
Creditors: falling due within one year
13
Net current assets
Total assets less current liabilities
**Total net assets**
**The funds of the charity:**
Unrestricted
16
Endowment
16
**Total charity funds**
16|**2026**
**£**
**£**
**142,667**
**25,242,924**
**25,385,591**
**87,517**
**1,481,321**
**1,568,838**
**(335,132)**
**1,233,706**
**26,619,297**
**26,619,297**
**982,477**
**25,636,820**
**26,619,297**|**2026**
**£**
**£**
**142,667**
**25,242,924**
**25,385,591**
**87,517**
**1,481,321**
**1,568,838**
**(335,132)**
**1,233,706**
**26,619,297**
**26,619,297**
**982,477**
**25,636,820**
**26,619,297**|2025
£
£
147,124
25,999,373
26,146,497
288,545
648,050
936,595
(199,481)
737,114
26,883,611
26,883,611
1,142,750
25,740,861
26,883,611|2025
£
£
147,124
25,999,373
26,146,497
288,545
648,050
936,595
(199,481)
737,114
26,883,611
26,883,611
1,142,750
25,740,861
26,883,611|
|---|---|---|---|---|
||**87,517**
**1,481,321**||288,545
648,050||
||**1,568,838**
**(335,132)**||936,595
(199,481)||
||||||
|||**26,619,297**||26,883,611|
|||**26,619,297**||26,883,611|
|||**982,477**
**25,636,820**||1,142,750
25,740,861|
|||**26,619,297**||26,883,611|
These financial statements were approved by the Trustees of Anguish’s Educational Foundation and authorised for issue on 8 July 2026 and signed on their behalf by:
David Fullman **Chair**
Boyd Taylor **Vice Chair**
Company number 09892592
The Balance Sheet above reflects the Uniting Order and aggregates the performance of both the charity and the company. Further details can be found in note 22.
The accompanying accounting policies and notes form an integral part of these financial statements.
Page 24
## **ANGUISH'S EDUCATIONAL FOUNDATION**
STATEMENT OF CASH FLOWS AND SUMMARY INCOME AND EXPENDITURE ACCOUNT
For the year ended 31 March 2026
## **Reconciliation of net (expenditure)/income to net cash flow**
|**Net (expenditure)/income for the year**
**Adjustments for:**
Depreciation charges
Dividends, rebates, interest and rents from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash (used in) operating activities**
**Cash flows from investing activities:**
Dividends, rebates, interest and rents from investments
Proceeds from withdrawal of capital
Management fees and other costs
Purchase of investments
**Net cash provided by investing activities**
**Net cash inflow/(outflow)**
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**
**Summary Income and Expenditure account**
Total Income
Total Expenditure
Net income/(expenditure) for the year
Gains/(losses on investments
Net movement in Funds|**2026**
2025
**£**
**£**
£
£
**(511,570)**
14,775
**4,457**
5,076
**(932,640)**
(1,015,722)
**201,028**
(123,877)
**135,651**
(20,636)
**(591,504)**
(1,155,159)
**(1,103,074)**
(1,140,384)
**932,640**
1,015,722
**1,000,000**
-
**50,621**
52,066
**(46,916)**
(93,522)
**1,936,345**
974,266
**833,271**
(166,118)
**833,271**
(166,118)
**648,050**
814,168
**1,481,321**
648,050
**2026**
2025
**£**
£
**956,023**
1,170,797
**(1,467,593)**
(1,156,022)
**(511,570)**
14,775
**247,256**
(49,887)
**(264,314)**
(35,112)|£
5,076
(1,015,722)
(123,877)
(20,636)|2025
£
14,775
(1,155,159)|
|---|---|---|---|
|||||
||||(166,118)|
||||(166,118)
814,168|
||||648,050|
||||2025
£
1,170,797
(1,156,022)|
||||14,775
(49,887)
(35,112)|
The accompanying accounting policies and notes form an integral part of these financial statements.
Page 25
**ANGUISH’S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **1 GENERAL INFORMATION**
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 1 Woolgate Court, St Benedict’s Street, Norwich, NR2 4AP.
## **2 ACCOUNTING POLICIES**
## **a. BASIS OF ACCOUNTING AND PREPARATION**
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 October 2019, the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The Charity Commission issued a uniting direction on 12 March 2025 such that the financial statements should show the aggregation of the results of Anguish’s Educational Foundation (‘the charitable company’’) registered number 09892592 and Anguish’s Educational Foundation (‘’the charity’’) registered number 1169461-1 for submission to the Commission. An aggregation combines the results of the two entities as if they were one entity. The charitable company is the sole trustee of the charity and accordingly is the beneficial owner of the Charity’s assets. The uniting direction requires the charitable company to file one set of financial statements aggregating the results of the charitable company and the charity. Information in respect of the charity has been identified separately within these financial statements to allow proper identification of the assets and liabilities of the charitable company as required by the Companies Act 2006.
Anguish’s Educational Foundation is a public benefit entity as defined by FRS 102.
## **b. INCORPORATION - 2025**
The 2025 financial statements comprise the financial statements of Anguish’s Educational Foundation and its linked charity using merger accounting and aggregate the results, assets and liabilities of Anguish’s Educational Foundation for which the charitable company is the sole trustee. Further details can be found in note 22.
## **c. GOING CONCERN**
The Charity has generated sufficient financial resources from its activities, and holds a significant level of funds to allow the Trustees to believe that the Charity is well placed to manage its operational and financial risks successfully in the current economic climate.
Accordingly, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
## **d. INCOME**
All income is included within the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Rental income is recognised on an annualised basis as it falls due. Investment income (including bank interest) is recognised when receivable. Rebates on investment charges are included within income. This reflects the nature of the charging structure.
Page 26
**ANGUISH’S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **e. LEGACY INCOME**
Pecuniary legacies are recognised as receivable once probate has been granted and notification has been received. Residuary legacies are recognised as receivable once probate has been granted, notification has been received and where they can be valued. Residuary legacies with a life interest are only valued where legal title has passed to the Charity.
## **f. FUND STRUCTURE**
Anguish’s Educational Foundation has two types of fund, Endowment Funds, which are Permanent Endowments, and Unrestricted Funds.
Regarding Endowment Funds, the investment power of the Total Return Approach was granted to Anguish’s Educational Foundation by a Charity Commission Order on 24 January 2011 and was taken up with effect from 1 April 2012. The trustees of the charitable company passed a resolution on 10 July 2024 under s104A(2) and s104AA(2) of the Charities Act 2011 to adopt a Total Return approach. The power permits the Trustees to invest permanently endowed funds to maximise total return. It also enables the Trustees to decide each year how much of the Unapplied Total Return is transferred to income funds and be available for expenditure.
Unrestricted Funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted Funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose.
Further details of each fund and designations are disclosed in notes 14 and 15.
## **g. FIXED TANGIBLE ASSETS**
Assets included in this category, which are used for direct charitable purposes, are stated at cost which includes the cost of acquisition plus further development and expenditure.
Depreciation is provided on these assets using the following methodology:
|Depreciation is provided on|these assets using the following methodology:||
|---|---|---|
|**Assets**
|**Basis**|**Useful Life**|
|Long leasehold property|Straight Line over Estimated Useful Life|50 years|
|Equipment|Straight Line over Estimated Useful Life|3-5 years|
## **h. FIXED ASSET INVESTMENTS**
Investment properties including ancient endowment properties are professionally revalued every three years. Indicative value changes are provided by the Steward in the intervening periods.
The cost of improvements is generally written off to revenue and is only capitalised if the improvements contribute to an increase in valuation. No depreciation is provided on investment properties or ancient endowment properties.
Investment properties and ancient endowment properties are shown at their fair value as at 31 March 2026.
Disposals are recognised when there is certainty as to the quantum and timing of the sale.
Traded investments are shown at fair value with historical cost separately disclosed. Net gains and losses arising on revaluations and disposals during the year are included in the Statement of Financial Activities.
Page 27
**ANGUISH’S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **i. ALLOCATION OF SUPPORT COSTS AND OVERHEADS**
Support costs and overheads have been allocated between charitable activities and governance. Staff costs are allocated on the basis of a best estimate of the time spent by each member of staff and their cost on each activity. Similarly, other costs are allocated on the basis of a best estimate of the purpose of the expenditure. No allocation has been made to the cost of generating funds as these activities have been outsourced to professional organisations for which specific charges are received. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
## **j. GOVERNANCE COSTS**
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to the statutory audit, any legal fees incurred for Trustee advice and an apportionment of support costs and overheads.
## **k. GRANTS PAYABLE**
Grants are recognised as expenditure in the year in which they are approved by the Trustees. Grants which are unpaid at the year end are carried forward as creditors.
## **l. PENSIONS**
The charity contributes to a group defined contribution personal pension scheme. The pension cost represents the annual contributions payable by the charity under the rules of the scheme.
## **m. JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
In the application of the Charity's accounting policies the trustees are required to make judgements, estimates and assumptions. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
**Fair value of investment properties:** Investment properties including ancient endowment properties are recorded at their fair value. Such values require the application of judgement with regard to the nature of such properties taking account of current market conditions, lease terms and factors specific to individual properties. An independent valuer is retained to provide an estimate of fair values for financial statement purposes. Further information is provided in Note 11(b) and (c).
**Depreciation of Fixed Assets:** Tangible fixed assets, against which depreciation has been charged in line with accounting policy; the quantum of the charge and the carrying value of the assets can be found in note 10.
Page 28
## **ANGUISH’S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **3 PROPERTY RENTAL**
|**Rental income**
**Property expenses**
Repairs and maintenance
Business Rates, Council Tax and Water
charges
Insurances
Steward's fees
Legal and professional costs
Bad debt provision
Irrecoverable VAT
**Net income/(expenditure)**|**2026**
2025
**Agricultural**
**property**
**Residential**
**property**
**Commercial**
**property**
**Total**
Agricultural
property
Residential
property
Commercial
property
Total
**£**
**£**
**£**
**£**
£
£
£
£
**70,174**
**52,818**
**454,528**
**577,520**
70,629
72,050
428,912
571,591
**17,611**
**62,500**
**69,721**
**149,832**
38,382
25,963
77,287
141,632
**-**
**3,682**
**3,267**
**6,949**
-
-
1,907
1,907
**10,105**
**2,854**
**9,392**
**22,351**
10,537
2,958
9,746
23,241
**7,007**
**6,092**
**22,413**
**35,512**
6,607
5,015
21,906
33,528
**3,104**
**3,126**
**11,042**
**17,272**
5,773
2,065
16,501
24,339
**-**
**-**
**(986)**
**(986)**
-
-
1,673
1,673
**6,308**
**19,738**
**3,205**
**29,251**
8,671
5,862
1,083
15,616|
|---|---|
||**44,135**
**97,992**
**118,054**
**260,181**
69,970
41,863
130,103
241,936|
||**26,039**
**(45,174)**
**336,474**
**317,339**
659
30,187
298,809
329,655|
Page 29
NOTES TO THE FINANCIAL STATEMENTS
## **ANGUISH’S EDUCATIONAL FOUNDATION**
For the year ended 31 March 2026
## **4 INTEREST RECEIVABLE, DIVIDENDS AND REBATES**
|Bank and other interest
- Unrestricted funds
- Endowment funds
Investment income (Dividends and Rebates) from securities within:
- Unrestricted funds
- Endowment funds
**5**
**GRANTS PAYABLE AND RELATED COSTS**
**Grants payable**
Further education
Residential school trips
Broadening Horizons
School clothing
University maintenance
Non standard
Vocational and Academic
Other organisations (note 20)
Irrecoverable VAT (School clothing)
**Grant-making support costs**
Staff costs
General Office Expenses
Irrecoverable VAT
**Total**
A total of 1,064 (2025: 1,118) grants have been made to individuals.
**6**
**GOVERNANCE AND SUPPORT COSTS**
Staff costs
Audit
General Office Expenses
Irrecoverable VAT|**2026**
**£**
**362**
**12,122**
**9,936**
**332,700**
**355,120**
**2026**
**£**
**86,400**
**37,520**
**180**
**149,180**
**85,440**
**741**
**15,445**
**538,220**
**457**
**913,583**
**2026**
**£**
**129,993**
**49,068**
**7,495**
**186,556**
**1,100,139**
**2026**
**£**
**32,498**
**11,085**
**12,267**
**1,874**
**57,724**||2025
£
7,964
-
12,649
423,518
444,131
2025
£
79,200
41,378
195
160,340
92,640
9,553
15,237
195,647
295|
|---|---|---|---|
||||594,485|
||||2025
£
134,078
55,982
6,031|
||||196,091
790,576
2025
£
33,519
12,455
21,048
3,383
70,405|
Non audit fees payable to the auditor amounted to £365 for taxation services (2025: £800).
Page 30
**ANGUISH’S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **7 STAFF COSTS**
From 1 April 2024 all staff are jointly employed by Norwich Consolidated charities, Anguish’s Educational Foundation and Norwich Freemen’s Charity. Norwich Consolidated Charities runs the payroll, and the costs of the staff at Woolgate Court (the charities’ main office) are recharged to AEF and NFC.
The following staff costs were recharged from Norwich Consolidated Charities during the year. This amounts to a one third share of the cost of Officers, Senior Executives and all staff at Woolgate Court.
|Wages and salaries
Social security costs
Pension costs
Life insurance
**Allocation:**
Grant-making support costs
Governance costs|**2026**
**£**
**131,869**
**17,017**
**12,435**
**1,170**
**162,491**
**2026**
**£**
**129,993**
**32,498**
**162,491**|2025
£
142,242
11,540
12,613
1,202|
|---|---|---|
|||167,597|
|||2025
£
134,078
33,519
167,597|
The Charity considers its key management personnel to be the Chief Executive Officer, Director of Finance, and Grants Manager.
The total gross employment benefits of the key management personnel (before recharges to Anguish’s Educational Foundation and Norwich Freemen’s Charity) were:
|Wages and salaries
Social security costs
Pension contribution costs|**2026**
**£**
**219,985**
**30,746**
**21,697**
**272,428**|2025
£
225,886
27,406
22,111
275,403|
|---|---|---|
No remuneration was paid to Trustees (2025: £Nil) and £251 travel expenses and event fees were reimbursed to 2 trustees (2025: £86 travel expenses to 3 trustees).
The following numbers of employees had remuneration falling within the bands below, before recharges to related charities.
|to related charities.|||
|---|---|---|
||**Number of employees**||
||**2026**|2025|
|£70,001 - £80,000|**1**|-|
|£80,001 - £90,000|**-**|1|
|£100,001 - £110,000|**1**|1|
Page 31
**ANGUISH’S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **7 STAFF COSTS (CONTINUED)**
The average number of employees was:
|Officers and senior executives
Full time – Woolgate Court
Part time – Woolgate Court|Number of employees
**2026**
2025
**3**
3
**3**
3
**4**
4
**10**
10|
|---|---|
## **8 TAXATION**
Anguish's Educational Foundation is a Charity within the meaning of the Taxes Acts and is, therefore, eligible to claim certain exemptions to income tax and capital gains tax. As a consequence no charge to taxation arises for the year. The Charity is subject to Value Added Tax under the partial exemption rules.
## **9 NET INCOME**
Net income is started after charging:
|**ET INCOME**
Net income is started after charging:|||
|---|---|---|
||**2026**|2025|
||**£**|£|
|Operating lease payments (Recharged from NCC)|**428**|428|
|Depreciation|**4,457**|5,076|
## **10 TANGIBLE FIXED ASSETS**
|**Cost**
At 1 April 2025 and 31 March 2026
**Depreciation**
At 1 April 2025
Charge for the year
At 31 March 2026
Net book value at 31 March 2026
Net book value at 31 March 2025|**Long leasehold**
**property**
**Equipment**
**Total**
**£**
**£**
**£**
222,871
2,758
225,629|
|---|---|
||75,747
2,758
78,505
4,457
-
4,457|
||80,204
2,758
82,962|
||**142,667**
**-**
**142,667**|
||147,124
-
147,124|
Page 32
**ANGUISH’S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **11 FIXED ASSET INVESTMENTS**
## **(a) Summary**
|Investment properties in UK at open market value (note 11b)
Ancient endowment properties in UK at open market value (note 11c)
Quoted Investments (note 11d)
**b)**
**Investment Properties within the UK**
At 1 April 2025
Revaluation
At 31 March 2026|**2026**
**£**
**3,190,000**
**10,191,750**
**11,861,174**
**25,242,924**
**2026**
**£**
**3,250,000**
**(60,000)**
**3,190,000**|2025
£
3,250,000
10,206,750
12,542,623
25,999,373
2025
£
3,380,000
(130,000)
3,250,000|
|---|---|---|
## **(b) Investment Properties within the UK**
The investment properties have a historical cost of £1,208,626 (2025: £1,208,626).
Investment properties and Ancient endowment properties are professionally re-valued every year by our Steward. A full valuation is carried out every three years, and a desk top update is carried out each year between the triennial valuations. The basis of the valuations is fair value and the last full valuation was carried out on 31 March 2024.
## **(c) Ancient endowment properties within UK**
|At 1 April 2025
Revaluation
At 31 March 2026|**2026**
**£**
**10,206,750**
**(15,000)**
**10,191,750**|2025
£
10,256,750
(50,000)
10,206,750|
|---|---|---|
The ancient endowment properties, originally having been gifted to the charity, have a historical cost of £2,882,753 (2025: £2,882,753).
Note 11(b) provides commentary on the basis of valuation at 31 March 2026.
## **(d) Quoted Investments**
|Market value at 1 April 2025
Additions
Realised gains reinvested
Unrealised revaluation gains
Withdrawal of capital
Management fees and other costs
Market value at 31 March 2026
Historic cost at 31 March 2026|**2026**
**£**
**12,542,623**
**46,916**
**8,779**
**313,477**
**(1,000,000)**
**(50,621)**
**11,861,174**
**8,306,611**|2025
£
12,371,054
93,522
-
130,113
-
(52,066)|
|---|---|---|
|||12,542,623|
|||9,014,220|
Page 33
NOTES TO THE FINANCIAL STATEMENTS
## **ANGUISH’S EDUCATIONAL FOUNDATION**
For the year ended 31 March 2026
## **11 FIXED ASSET INVESTMENTS (CONTINUED)**
|**11 FIXED ASSET INVESTMENTS (CONTINUED)**||||
|---|---|---|---|
|**Units**
_Endowment Funds_
8,929,341
Sarasin Endowments Fund Class A INC
60,855
Cash
_General Funds_
266,685
Sarasin Endowments Fund Class A INC
1,818
Cash
**At 31 March 2026**
At 31 March 2025
**12 DEBTORS**
Rents receivable
Other debtors
Amounts owed by connected charities (note 19)
Prepayments||**Market**
**Value**
**£**
11,456,345
60,855
11,517,200
342,156
1,818
343,974
**11,861,174**
12,542,623
**2026**
**£**
**73,131**
**1,000**
**10,046**
**3,340**
**87,517**|**Cost**
**£**
8,004,865
60,855|
||||8,065,720|
||||239,073
1,818|
||||240,891|
||||**8,306,611**|
||||9,014,220|
||||2025
£
93,228
179,300
10,346
5,671
288,545|
|**13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Grants to Other Organisations - committed in year ended 31 March 2026
Grants to Other Organisations - committed in year ended 31 March 2025
Grants to individuals
Other creditors
Amounts owed to connected charities (note 19)
Other taxes and social security
Accruals
Deferred income
Deferred rental income at the beginning of the year
Income released in the year
Income deferred in the year
Deferred rental income at the end of the year|**2026**
**£**
**156,095**
**10,000**
**26,980**
**35,266**
**30,710**
**11,982**
**45,241**
**18,858**
**335,132**
**2026**
**£**
**32,854**
**(32,854)**
**18,858**
**18,858**|2025
£
-
27,000
9,089
46,360
33,428
5,424
45,326
32,854
199,481
2025
£
32,740
(32,740)
32,854
32,854|
|---|---|---|
Page 34
**ANGUISH’S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **14 UNRESTRICTED FUNDS**
|Balance at 1 April 2025
Net expenditure before gains on investments
Transfer - Allocation from the Unapplied Total Return
Gains on revaluation of Quoted Investments
Gains on disposal of Quoted Investments
Legacy transferred to Project Funds
SAW Grant awarded from Project Funds
Transfer from designated fund
Balance at 31 March 2026|**General**
**Surplus**
**Quoted**
**Investment**
**Revaluation**
**Reserve**
**Project Fund**
**Woolgate**
**Court**
**Total**
**£**
**£**
**£**
**£**
**£**
**893,302**
**102,324**
**-**
**147,124**
**1,142,750**
(1,125,619)
-
-
-
**(1,125,619)**
956,000
-
-
-
**956,000**
-
9,091
-
-
**9,091**
8,587
(8,332)
-
-
**255**
(178,233)
-
178,233
-
**-**
117,595
-
(117,595)
-
**-**
4,457
-
-
(4,457)
**-**
**676,089**
**103,083**
**60,638**
**142,667**
**982,477**|
|---|---|
The Investment Revaluation Reserve represents the increase in fair value of the quoted investments above their historical cost.
## **Designated funds:**
The Project Fund represents funds set aside to enable us to fund some strategic/long term projects.
The Woolgate Court Fund represents the Charity’s 1/3[rd] share of the net book value of the office premises at Woolgate Court. The transfer from this to General Surplus represents the depreciation charge for the year.
Page 35
## **ANGUISH’S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **15 ENDOWMENT FUNDS**
## **(a) ANALYSIS OF ENDOWMENT FUNDS**
|Balance at 1 April 2025
Net income before gains on investments
Transfer– Allocation to the Trust for Application
Losses on revaluation of Investment Property
Gains on revaluation of Quoted Investments
Gains on disposal of Quoted Investments
Balance at 31 March 2026|**Capital**
**Fund**
**Investment**
**Property**
**Revaluation**
**Reserve**
**Quoted**
**Investment**
**Revaluation**
**Reserve**
**Total**
**£**
**£**
**£**
**£**
**12,949,411**
**9,365,371**
**3,426,079**
**25,740,861**
614,049
-
-
**614,049**
(956,000)
-
-
**(956,000)**
-
(75,000)
-
**(75,000)**
-
-
304,386
**304,386**
287,509
-
(278,985)
**8,524**
**12,894,969**
**9,290,371**
**3,451,480**
**25,636,820**|
|---|---|
The Investment Property Revaluation Reserve represents the increase in fair value of the properties above their historical cost.
The Quoted Investment Revaluation Reserve represents the increase in fair value of the quoted investments above their historical cost.
Page 36
**ANGUISH'S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **15 ENDOWMENT FUNDS (CONTINUED)**
## **(b) THE UNAPPLIED TOTAL RETURN AND FUND TRANSFERS**
The investment power of Total Return was granted to Anguish’s Educational Foundation (the unincorporated charity) by a Charity Commission Order on 24 January 2011 and was taken up with effect from 1 April 2012. The Trustees of the charitable company passed a resolution on 10 July 2024 under s104A(2) and s104AA(2) of the Charities Act 2011 to adopt a Total Return approach. The power permits the Trustees to invest permanently endowed funds to maximise total return. It also enables the Trustees to decide in each year how much of the Unapplied Total Return is transferred to income funds and be available for expenditure. In doing so, the Trustees have regard to maintaining the value of the fund in real terms, and of meeting the needs of both current and future beneficiaries.
This table records the movements within the Unapplied Total Return during the financial year.
|Value of the Total Endowment Funds at 1 April 2025
Less value of the Original Gift
Opening value of the Unapplied Total Return
Add:
Investment income from Rentals
Investment income from Dividends, rebates and interest
Realised gain on disposal of Quoted Investments
Unrealised gain on revaluation of Quoted Investments
Less:-
Property expenses
Investment charges
Unrealised loss on revaluation of Investment Properties
Less allocation to the Trust for Application
Closing value of the Unapplied Total Return
Add value of the Original Gift
**Value of the Total Endowment Funds at 31 March 2026**|**2026**
£
£
25,740,861
(8,641,000)
17,099,861
577,520
344,822
8,524
304,386
1,235,252
(260,181)
(48,112)
(75,000)
(383,293)
(956,000)
16,995,820
8,641,000
**25,636,820**|**2026**
£
£
25,740,861
(8,641,000)
17,099,861
577,520
344,822
8,524
304,386
1,235,252
(260,181)
(48,112)
(75,000)
(383,293)
(956,000)
16,995,820
8,641,000
**25,636,820**|
|---|---|---|
||577,520
344,822
8,524
304,386||
||(260,181)
(48,112)
(75,000)||
||||
|||16,995,820
8,641,000|
|||**25,636,820**|
Page 37
NOTES TO THE FINANCIAL STATEMENTS
## **ANGUISH'S EDUCATIONAL FOUNDATION**
For the year ended 31 March 2026
## **16 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Fund balances at 31 March 2026 are represented by:
|**Fixed assets**
Tangible assets
Quoted Investments
Investment Properties
**Net current assets**|**Unrestricted funds Endowment funds**
**Total**
**£**
**£**
**£**
142,667
-
142,667
343,974
11,517,200
11,861,174
-
13,381,750
13,381,750|
|---|---|
||486,641
24,898,950
25,385,591
495,836
737,870
1,233,706
**982,477**
**25,636,820**
**26,619,297**|
Fund balances at 31 March 2025 were represented by:
|**Fixed assets**
Tangible assets
Quoted Investments
Investment Properties
**Net current assets**|**Unrestricted funds Endowment funds**
**Total**
**£**
**£**
**£**
147,124
-
147,124
363,736
12,178,887
12,542,623
-
13,456,750
13,456,750|
|---|---|
||510,860
25,635,637
26,146,497
631,890
105,224
737,114|
||**1,142,750**
**25,740,861**
**26,883,611**|
## **17 ANALYSIS OF CHANGES IN NET DEBT**
||**At the start**|Cash Flows|**At the end**|
|---|---|---|---|
||**of the year**||**of the year**|
||**£**|**£**|**£**|
|Cash at bank and in hand|**648,050**|833,271|**1,481,321**|
## **18 PENSION COMMITMENTS**
The charity contributes to a group personal pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The pension charge represents contributions payable to the fund and recharged to the charity, and amounted to £12,435 in the year (2025: £12,613).
Page 38
**ANGUISH'S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **19 CONNECTED CHARITIES AND OTHER RELATED PARTIES**
## **(a) Connected Charities**
The Charity is connected to Norwich Consolidated Charities and Norwich Freemen’s Charity as defined by the Statement of Recommended Practice; "Accounting by Charities" and is a related party as defined by Financial Reporting Standard 102 due to the common membership of the Board of Trustees as described in the Trustees’ Report on page 16.
Anguish’s Educational Foundation, Norwich Consolidated Charities and Norwich Freemen’s Charity share equally the cost of the administration function based at Woolgate Court. The principal address is the same for all three charities. All three charities were in the process of becoming incorporated as Charitable Companies limited by guarantee. Therefore three dormant companies have existed in preparation for this.
From 1 April 2024 the activities and operation of the unincorporated charity, number 311288, were transferred to Anguish’s Educational Foundation a company limited by guarantee, company no. 09892592 and charity no. 1169461. The assets and liabilities also transferred, with the exception of endowment assets to the value of £8,641,000 which were retained in the unincorporated charity.
During the year, Anguish’s Educational Foundation charged Norwich Consolidated Charities with £67,982 in costs (2025: £64,856) and Norwich Freemen’s Charity with £44,094 (2025: £40,524).
A settlement of £18,625 (2024: £26,250) was made by Norwich Consolidated Charities to Anguish’s Educational Foundation.
During the year, Anguish’s Educational Foundation also received charges from Norwich Consolidated Charities amounting to £180,750 (2025: £186,738).
A settlement of £134,486 (2025: £161,110) was made by Anguish’s Educational Foundation to Norwich Consolidated Charities and £44,393 (2025: £59,400) was received from Norwich Freemen’s Charity during the year.
At 31 March 2026 a balance of £25,960 was owed to Norwich Consolidated Charities (2025: £29,053) and £10,046 was owed by Norwich Freemen’s Charity (2025: £10,346).
## **(b) Other Related Parties**
|**Organisation**|**Grant**|**Related party**|
|---|---|---|
|**2025/26**|||
|St Edmunds Society|£5,580|David Fullman is a trustee and Chair|
|||Kevin Maguire is a trustee|
|Henderson Trust|£17,500|Laura McCartney-Gray is a trustee|
|**2024/25**|||
|St Edmunds Society|£9,500|David Fullman is a trustee and Chair|
|Norwich Theatre|£8,490|David Fullman is a trustee|
|The £400 balance owed to|St Edmunds Society was cancelled during the year.||
Page 39
**ANGUISH'S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **20 GRANTS TO OTHER ORGANISATIONS**
|**Organisation**|**Purpose of Grant**|**Amount £**|
|---|---|---|
|The Magdalene Group|Workshops for young people focussing on positive attitudes|33,940|
||to relationships and sex||
|St. Edmunds Society|Career enrichment visits and other support for students|5,580|
||facing emotional and personal challenges||
|The Forum Trust|Norwich Science Festival SEND provision|7,200|
|Norfolk International|A Polish language and culture programme for children of|11,400|
|Language School|Polish heritage||
|FUSE Network|Training and Peer support for professionals working in|5,000|
||organisations providing services to young people||
|Unity Schools Partnership|'Happy Top Up Sheds' in a number of schools providing food,|5,000|
||clothing, bedding etc. for families in need||
|The Country Trust|A food discovery programme for primary school children -|4,583|
||growing, cooking, tasting, selling.||
|The Forum Trust|Accessible spaces and activities for people with Special|14,000|
||Educational Needs and Disabilities at all Forum Festivals||
|The Brook Street Band|Baroque music performances and workshops in schools|6,840|
|Trust|||
|Curiosity Events CIC|Norwich History Festival's events and activities for young|6,500|
||people||
|Curious Directive|Young people's involvement in a professional theatre and|5,000|
||music production||
|Musical Keys|Music and music and music therapy programmes for children|5,000|
||with disabilities||
|Step into Tech CIC|Towards the cost of a Tecathon for young people|19,020|
|Friend in Deed|Opportunities for young people with additional needs to|8,740|
||meet and engage with older people||
|Into Opera|Towards the cost of an arts network for primary schools|20,000|
|The Garage Trust Limited|Jenny Lind Youth Festival|5,000|
|Norfolk Community Arts|Free access to learning and playing a musical instrument for|15,000|
||young people in financial need||
|Into Opera|Towards the cost of strategic planning for an organisation|9,250|
||working with young people||
|Ormiston Victory Academy|Free or subsidised musical instrument lessons for young|19,493|
||people in financial need||
|Bee N Spired|Creative and enterprise workshops for care-experienced and|25,000|
||vulnerable young people||
|High Performance|Towards a project aimed at developing resilience, emotional|9,600|
|Foundation|control, accountability and self-belief amongst young people||
|Food and Farming|Engaging young people with science, food and farming|7,140|
|Discovery Trust|||
|It's On The Ball|Testicular cancer awareness talks in schools|17,179|
|Villiers Park Educational|1:1 coaching, social action projects to widen the Horizons in|20,000|
|Trust|relation to education and career opportunities for young||
||people||
Page 40
**ANGUISH'S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **20 GRANTS TO OTHER ORGANISATIONS (CONTINUED)**
|Toy Like Me CIC
A role played 'Bear Ear Clinic' for deaf and hearing children in
schools to promote positive self-esteem and education
around deafness
Nest Community Art CIC
High quality arts experiences for deaf young people
Your Own Place CIC
Practical education and skills development workshops and
1:1 coaching for young people who are care-experienced,
seeking asylum or living independently.
Henderson Trust
Workshops for young people focussing on bicycle repair
building both technical, social, creative skills and confidence
INK
Towards the cost of touring a Suicide Prevention Play to a
number of Norwich schools
MAP
International Youth Exchange (Rouen)
NR2 Community Skillshare
Children's art group
Norwich International
Youth Project
Towards core costs of an organisation working with young
asylum seekers and refugees
SAW Trust
Science in Primary Schools
**Total 2026**
Total 2025|20,000
4,500
15,000
17,500
20,000
30,000
13,160
15,000
117,595|
|---|---|
||**538,220**|
||£195,647|
Page 41
**ANGUISH'S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **21 SOFA - COMPARATIVES (YEAR ENDED 31 MARCH 2025)**
|**Note**
**Income and endowments from:**
Donations and Legacies
Investments
- Rental income
3
- Interest receivable
4
- Dividends and Rebates
4
Other income
**Total income**
**Expenditure on:**
Raising funds
- Property expenses
3
- Investment charges
Charitable activities
- Grants payable and related costs
5
Governance costs
6
**Total expenditure**
**Sub total**
**Transfers between funds**
15 (b)
**Net income/(expenditure)**
**Unrealised gains/(losses) on investments**
- Quoted Investments
11 (d)
- Investment Properties
11 (b, c)
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**Endowment**
**funds**
**Total**
**2025**
**£**
**£**
**£**
**155,000**
**-**
**155,000**
**-**
**571,591**
**571,591**
**7,964**
**-**
**7,964**
**12,649**
**423,518**
**436,167**
**75**
**-**
**75**|
|---|---|
||**175,688**
**995,109**
**1,170,797**|
||**-**
**(241,936)**
**(241,936)**
**(1,540)**
**(51,565)**
**(53,105)**
**(790,576)**
**-**
**(790,576)**
**(70,405)**
**-**
**(70,405)**|
||**(862,521)**
**(293,501)**
**(1,156,022)**|
||**(686,833)**
**701,608**
**14,775**
**928,000**
**(928,000)**
**-**|
||**241,167**
**(226,392)**
**14,775**
**3,773**
**126,340**
**130,113**
**-**
**(180,000)**
**(180,000)**|
||**244,940**
**(280,052)**
**(35,112)**
**897,810**
**26,020,913**
**26,918,723**
**1,142,750**
**25,740,861**
**26,883,611**|
Page 42
**ANGUISH'S EDUCATIONAL FOUNDATION**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **22 INCORPORATION AND LINKED CHARITY**
On 1 April 2024 Anguish’s Educational Foundation, unincorporated charity number 311288, transferred all of its assets and liabilities, except for assets to the value of £8,641,000 being the value of the original gift, to Anguish’s Educational Foundation, company number 09892592 and registered charity number 1169461. This has been accounted for as a merger.
The value of the original gift was required to be retained in the unincorporated charity for legal reasons. There being no specific requirement for particular assets to be retained, it was judged appropriate to retain a portfolio of quoted investments.
From 1 April 2024, the unincorporated charity has no activity. All income and expenditure is included in the incorporated charity. The unincorporated charity retains any gains and losses on its quoted investment portfolio.
Analysis of principal SoFA components for the year ended 31 March 2026:
|Total Income
Total Expenditure
Net (expenditure)/income
Other gains/(losses)
Net movement in funds|**AEF Unincorporated**
**Charity**
**AEF Incorporated**
**Charity**
**Combined total**
£
£
£
-
956,023
**956,023**
-
(1,467,066)
**(1,467,066)**|
|---|---|
||-
(511,043)
**(511,043)**
237,660
9,069
**246,729**
237,660
(501,974)
**(264,314)**|
The net assets of the unincorporated charity as at 31 March 2026 were:
|Quoted Investments
**Total**|**Unrestricted**
**funds**
**Endowment**
**funds**
**Total**
**£**
**£**
**£**
-
8,979,557
8,979,557
**-**
**8,979,557**
**8,979,557**|
|---|---|
Analysis of principal SoFA components for the year ended 31 March 2025:
|Total Income
Total Expenditure
Net income/(expenditure)
Other gains/(losses)
Net movement in funds|**AEF**
**Unincorporated**
**Charity**
**(pre-merger)**
**AEF**
**Incorporated**
**Charity**
**(pre-merger)**
**AEF**
**Unincorporated**
**Charity**
**(post-merger)**
**AEF**
**Incorporated**
**Charity**
**(post-merger)**
**Combined**
**total**
£
£
£
£
£
-
-
-
1,170,797
**1,170,797**
-
-
-
(1,156,022)
**(1,156,022)**|
|---|---|
||-
-
-
14,775
**14,775**
-
-
100,897
(150,784)
**(49,887)**
-
-
100,897
(136,009)
**(35,112)**|
Page 43
## **ANGUISH'S EDUCATIONAL FOUNDATION**
## NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2026
## **22 INCORPORATION AND LINKED CHARITY (CONTINUED)**
Analysis of net assets at 31 March 2024:
|Total Fixed assets
Current assets
Current liabilities
**Total net assets**
Represented by
Unrestricted funds
Endowment Funds
**Total Funds**|**AEF**
**Unincorporated**
**Charity**
**(pre-merger)**
**AEF**
**Incorporated**
**Charity**
**(pre-merger)**
**Combined**
**total**
**(pre-merger)**
**£**
**£**
**£**
26,160,004
-
26,160,004
978,836
-
978,836
(220,117)
-
(220,117)|
|---|---|
||**26,918,723**
**-**
**26,918,723**|
||897,810
-
897,810
26,020,913
-
26,020,913
**26,918,723**
**-**
**26,918,723**|
Assets to the value of the original gift, £8,641,000 were retained in the unincorporated entity as at 1 April 2024, as follows:
|Quoted Investments
**Total**|**Unrestricted**
**funds**
**Endowment**
**funds**
**Total**
**£**
**£**
**£**
-
8,641,000
8,641,000
**-**
**8,641,000**
**8,641,000**|
|---|---|
Quoted Investments were transferred at market value.
Page 44