Trustees’ Report
and Financial Statements for the year ended 31 December 2020
Registered Charity Number 1170045
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
INDEX
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2 |
| Independent Auditor’s report | 4 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Statement of Cash Flows | 9 |
| Accounting policies | 10 |
| Notes to the financial statements | 12 |
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
CHARITY INFORMATION
Trustees Mrs Marit Mohn (Chair) Mr Robert Westlake Ms Diana Gerald Mr Stian Westlake Coutts & Co Principal office Coutts & Co Trustee Department 440 The Strand London WC2R 0QS Registered charity number 1170045 Independent Auditor Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY Bankers and investment managers Coutts & Co 440 The Strand London WC2R 0QS DnB Luxemburg S.A. 13, rue Goethe L- 1637 Luxembourg
Page 1
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE MOHN WESTLAKE FOUNDATION
TRUSTEES’ REPORT
The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the period ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
The Mohn Westlake Foundation is a registered charity constituted under a trust deed dated 20 May 2016 and registered as a charity 4 November 2016.
The charity is controlled by the trustees (listed on page 1). Trustees are appointed by the Trustees from time to time in accordance with section 8 of the trust deed.
On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans. Additionally they are provided with a copy of the latest trust deed and most recent set of financial statements.
The charity is managed by the trustees, with all decisions taken by the trustees.
The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems incorporating Coutts & Co’s systems and controls they have established effective systems to mitigate those risks.
OBJECTIVES AND ACTIVITIES
The charity’s objects are:
-
a) The prevention and relief of poverty, hardship and distress, and the relief of those in need because of youth, age or disadvantage; b) The advancement of education for the public benefit;
-
c) The advancement of health and the saving of lives;
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d) The advancement of the arts, culture, heritage and science;
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e) The advancement of environmental protection and preservation; and
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f) Any other purpose recognised as charitable in law, which may be regarded as analogous to, or within the spirit of the aforesaid purposes.
The Trustees shall apply the income and, in their absolute discretion, the capital of the Trust in promoting the objects. In order to further the charity’s objects the Trustees’ apply the income and capital by making grants to charitable organisations for the public benefit. These grants are made to organisations whose core purposes meet the charity’s objects and the trustees consider in making these grants the charity is fulfilling its aims for the public benefit.
In determining how the charity should pursue its objects, the trustees have had regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENTS AND PERFORMANCE
During the period under review the charity made grants in furtherance of the objects amounting to £18,329,440 (2018: £5,616,070).
The charity’s trustees invested its cash reserves during the period under review with Coutts & Co and are satisfied with the return from and performance of the portfolio.
FUNDRAISING STANDARDS INFORMATION
The charity does not solicit funds from the general public nor does it engage any third parties to act on its behalf in raising funds for the charity. As such the charity is not bound by any scheme for regulating fundraising.
Page 2
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
TRUSTEES’ REPORT
FINANCIAL REVIEW
Donations to the Foundation’s capital fund totalled £10,000,000 (2019: £10,000,000) from the settlor trustees. In addition £323,618 (2019: £414,566) was received in investment returns from the charity’s investment portfolio and bank deposits.
At 31 December 2020 the charity’s total funds amounted to £10,831,287 (2019: £18,342,763) with its reserves a deficit of £11,331,211 (2019 deficit: £7,691,631). The deficit on free reserves at the balance sheet date arises due to the timing of the recognition of liabilities and the transfer of funds from the endowment fund. Given the availability of the expendable endowment fund the trustees do not consider that the charity needs to maintain any significant free reserves although they recognise reserves may arise from time to time.
The trustees have continued their investment policy of holding funds in a mix of fixed interest securities and equities to provide income and maintain capital.
PLANS FOR FUTURE PERIODS
The trustees intend to continue the charity’s grant-making activity in furtherance of the charity’s objects.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources 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;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
APPOINTMENT OF INDEPENDENT AUDITOR
During the period under review the charity appointed Blue Spire Limited as auditor to the charity. Blue Spire Limited have expressed their willingness to continue as auditor to the charity for subsequent financial years.
Approved by the trustees and signed on their behalf.
Sam Pride on behalf of Coutts & Co / Trustee Trustee
21 October 2021 Date
Page 3
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
INDEPENDENT AUDITOR’S REPORT
Independent Auditor’s Report to the Trustees of The Mohn Westlake Foundation
Opinion
We have audited the financial statements of The Mohn Westlake Foundation (the ‘charity’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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 charity’s affairs as at 31 December 2020, and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Page 4
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
INDEPENDENT AUDITOR’S REPORT
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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:
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Enquiry of those charged with governance around actual and potential litigation and claims and any instances of noncompliance with laws and regulations;
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Reviewing minutes of meetings of those charged with governance;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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 Financial Reporting Council’s website at: https://www.frc.org.uk/Our Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
Page 5
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
INDEPENDENT AUDITOR’S REPORT
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Blue Spire Limited, Statutory Auditor
Cawley Priory South Pallant Chichester West Sussex PO19 1SY
21 October 2021 Date
Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Page 6
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Total EXPENDITURE ON: Raising funds - Investment management fees 3 Charitable activities 4 Total Net gains/(losses) on investments Net income/(expenditure) Transfers between funds 13 Net movement in funds RECONCILIATION OF FUNDS Funds brought forward Funds carried forward |
Unrestricted Funds £ - 323,618 323,618 - 17,516,778 17,516,778 - (17,193,160) 13,553,580 (3,639,580) (7,691,631) (11,331,211) |
Restricted Funds £ - - - - 823,328 823,328 - (823,328) - (823,328) 823,328 - |
Endowment Funds £ 10,000,000 - 10,000,000 152,889 - 152,889 657,901 10,505,012 (13,553,580) (3,048,568) 25,211,066 22,162,498 |
31 Dec 2020 Total Funds £ 10,000,000 323,618 10,323,618 152,889 18,340,106 18,492,995 657,901 (7,511,476) - (7,511,476) 18,342,763 10,831,287 |
31 Dec 2019 Total Funds £ 10,000,000 414,566 |
|---|---|---|---|---|---|
| 10,414,566 | |||||
| 156,671 11,549,321 |
|||||
| 11,705,992 | |||||
| 1,826,107 | |||||
| 534,681 - |
|||||
| 534,681 17,808,082 |
|||||
| 18,342,763 |
None of the charity's activities were acquired or discontinued during the above two financial periods.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities
Page 7
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
BALANCE SHEET AS AT 31 DECEMBER 2020
| Note FIXED ASSETS Investments 9 Total fixed assets CURRENT ASSETS Cash at hand and in bank Total current assets CURRENT LIABILITIES Creditors: amounts falling due within one year 10 Net current assets/(liabilities) Total assets less current liabilities Creditors: amounts falling after more than one year 11 Net assets/(liabilities) THE FUNDS OF THE CHARITY Expendable endowment funds 13 Restricted funds 13 Unrestricted funds 13 Total charity funds |
£ £ 18,924,976 18,924,976 3,339,653 3,339,653 5,736,433 (2,396,780) 16,528,196 (5,696,909) 10,831,287 22,162,498 - (11,331,211) 10,831,287 31 Dec 2020 |
£ £ 18,403,416 18,403,416 7,261,533 7,261,533 5,140,390 2,121,143 20,524,559 (2,181,796) 18,342,763 25,211,066 823,328 (7,691,631) 18,342,763 31 Dec 2019 |
£ £ 18,403,416 18,403,416 7,261,533 7,261,533 5,140,390 2,121,143 20,524,559 (2,181,796) 18,342,763 25,211,066 823,328 (7,691,631) 18,342,763 31 Dec 2019 |
|---|---|---|---|
| 20,524,559 (2,181,796) |
|||
| 18,342,763 | |||
| 25,211,066 823,328 (7,691,631) |
|||
| 18,342,763 |
The notes on pages 12 to 21 form part of the financial statements.
21 October 2021
The financial statements on pages 7 to 21 we approved and authorised for issue by the trustee on ……………………………………. and signed on its behalf by:
…………………………………………
Sam Pride on behalf of Coutts & Co Trustee
Page 8
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
STATEMENT OF CASH FLOWS
| Note Net cash flow from operating activities (see below) Cash flow from investing activities Investment income Payments to acquire investments Receipts on sale of investments Net cash flow from investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December Cash and cash equivalents consist of: Cash at bank and in hand Cash and cash equivalents at 31 December Reconciliation of net income to net cash flow from operating activities Net income Adjusted for: Investment income Net (gains)/losses on investments Increase/(decrease) in creditors |
£ £ (4,381,839) 323,618 (10,954,964) 11,091,305 459,959 (3,921,880) 7,261,533 3,339,653 3,339,653 3,339,653 £ £ (7,511,476) (323,618) (657,901) 4,111,156 3,129,637 (4,381,839) 31 Dec 2020 31 Dec 2020 |
£ £ 2,019,357 414,566 (14,109,504) 11,322,278 (2,372,660) (353,303) 7,614,836 7,261,533 7,261,533 7,261,533 £ £ 534,681 (414,566) (1,826,107) 3,725,349 1,484,676 2,019,357 31 Dec 2019 31 Dec 2019 |
£ £ 2,019,357 414,566 (14,109,504) 11,322,278 (2,372,660) (353,303) 7,614,836 7,261,533 7,261,533 7,261,533 £ £ 534,681 (414,566) (1,826,107) 3,725,349 1,484,676 2,019,357 31 Dec 2019 31 Dec 2019 |
|---|---|---|---|
| 2,019,357 |
Page 9
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The Mohn Westlake Foundation is an unincorporated association constituted under a trust deed. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to throughout the period under review, being the first period of account for the charity.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
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Raising funds; these include investment management fees charged by the charity's investment managers
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Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
Page 10
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
ACCOUNTING POLICIES
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
Investments held in foreign currencies
Where investment assets are held in a foreign currency they are translated at the prevailing rate at the balance sheet date and any gain/loss on exchange rate movements is included in the statement of financial activities in the other recognised gains and losses section.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Fund accounting
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 11
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
| 1. Donations and legacies | ||||
|---|---|---|---|---|
| 31 Dec 2020 | ||||
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Additions to charity | - | - | 10,000,000 | 10,000,000 |
| - | - | 10,000,000 | 10,000,000 | |
| 31 Dec 2019 | ||||
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Additions to charity | - | - | 10,000,000 | 10,000,000 |
| - | - | 10,000,000 | 10,000,000 | |
| 2. Investment income | ||||
| 31 Dec 2020 | ||||
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Income from investment holdings | 314,571 | - | - | 314,571 |
| Interest on cash deposits | 9,047 | - | - | 9,047 |
| 323,618 | - | - | 323,618 | |
| 31 Dec 2019 | ||||
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Income from investment holdings | 384,174 | - | - | 384,174 |
| Interest on cash deposits | 30,392 | - | - | 30,392 |
| 414,566 | - | - | 414,566 |
Page 12
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
| 3. Raising funds - investment management fees | ||||
|---|---|---|---|---|
| 31 Dec 2020 | ||||
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Fees paid to investment managers | - | - | 152,889 | 152,889 |
| - | - | 152,889 | 152,889 | |
| 31 Dec 2019 | ||||
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Fees paid to investment managers | - | - | 156,671 | 156,671 |
| - | - | 156,671 | 156,671 | |
| 4. Charitable activities | ||||
| 31 Dec 2020 | ||||
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Grants to institutions (see note 5) | 17,506,112 | 823,328 | - | 18,329,440 |
| Website costs | 4,345 | - | - | 4,345 |
| Consultancy | 3,750 | - | - | 3,750 |
| Transaction charges | 471 | - | - | 471 |
| Governance costs (see note 6) | 2,100 | - | - | 2,100 |
| 17,516,778 | 823,328 | - | 18,340,106 | |
| 31 Dec 2019 | ||||
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Grants to institutions | 11,540,996 | - | - | 11,540,996 |
| Website costs | 2,675 | - | - | 2,675 |
| Consultancy | 2,500 | - | - | 2,500 |
| Transaction charges | 270 | - | - | 270 |
| Governance costs (see note 6) | 2,880 | - | - | 2,880 |
| 11,549,321 | - | - | 11,549,321 |
Page 13
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
| 5. Grants to institutions | ||||
|---|---|---|---|---|
| 31 Dec 2020 | ||||
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Analysis of grants | ||||
| Chance UK | 200,000 | - | - | 200,000 |
| Community Foundation for Surrey | 200,000 | - | - | 200,000 |
| Full Fact | 250,000 | - | - | 250,000 |
| Imperial College | 800,000 | - | - | 800,000 |
| Kingston University | 1,030,600 | - | - | 1,030,600 |
| Murston All Saints Trust | 100,000 | - | - | 100,000 |
| Open Corporates Ltd | 550,000 | - | - | 550,000 |
| Open Data Institute Leeds | 423,566 | - | - | 423,566 |
| Place2Be | 4,176,672 | 823,328 | - | 5,000,000 |
| Quartet Community Foundation | 200,000 | - | - | 200,000 |
| Reach Foundation | 3,363,274 | - | - | 3,363,274 |
| Reach Foundation | 1,800,000 | - | - | 1,800,000 |
| Royal Horticultural Society | 562,000 | - | - | 562,000 |
| Royal National Theaatre | 1,000,000 | - | - | 1,000,000 |
| Royal National Theaatre | 1,500,000 | - | - | 1,500,000 |
| Screen Academy Foundation | 555,000 | - | - | 555,000 |
| The Young Foundation | 45,000 | - | - | 45,000 |
| Tutor Trust | 750,000 | - | - | 750,000 |
| 17,506,112 | 823,328 | - | 18,329,440 | |
| 31 Dec 2019 | ||||
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Analysis of grants | ||||
| Chance UK | 200,000 | - | - | 200,000 |
| Community Foundation for Surrey | 200,000 | - | - | 200,000 |
| Full Fact | 250,000 | - | - | 250,000 |
| Leeds Community Foundation | 600,000 | - | - | 600,000 |
| Mental Health Innovation | 3,000,000 | - | - | 3,000,000 |
| Open Corporates Ltd | 450,000 | - | - | 450,000 |
| Place2Be | 700,000 | - | - | 700,000 |
| Quartet Community Foundation | 200,000 | - | - | 200,000 |
| Royal Opera House Covent Garden Foundation | 4,301,996 | - | - | 4,301,996 |
| Scottish Book Trust | 119,000 | - | - | 119,000 |
| Screen Academy Foundation | 555,000 | - | - | 555,000 |
| Tutor Trust | 25,000 | - | - | 25,000 |
| UK Community Foundations | 250,000 | - | - | 250,000 |
| University of Oxford | 690,000 | - | - | 690,000 |
| 11,540,996 | - | - | 11,540,996 |
Page 14
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
| 6. Governance Costs Legal fees Independent auditor's remuneration Legal fees Independent auditor's remuneration 7. Auditor's remuneration Auditor's remuneration - audit Auditor's remuneration - other services Auditor's remuneration - audit Auditor's remuneration - other services |
Unrestricted Funds £ - 2,100 2,100 Unrestricted Funds £ 780 2,100 2,880 Unrestricted Funds £ 1,950 150 Unrestricted Funds £ 1,950 150 |
Restricted Funds £ - - - Restricted Funds £ - - - Restricted Funds £ - - Restricted Funds £ - - |
Endowment Funds £ - - - Endowment Funds £ - - - Endowment Funds £ - - Endowment Funds £ - - |
31 Dec 2020 Total Funds £ - 2,100 |
|---|---|---|---|---|
| 2,100 | ||||
| 31 Dec 2019 Total Funds £ 780 2,100 |
||||
| 2,880 | ||||
| 31 Dec 2020 Total Funds £ 1,950 150 |
||||
| 31 Dec 2020 Total Funds £ 1,950 150 |
8. Related party transactions
Fees payable to Coutts & Co, which is a trustee of the charity, are included under raising funds and governance costs and are authorised under section 12 of the trust deed. At the balance sheet date £39,337 (2019: £40,932) was accrued in respect of these fees.
The charity has no employees, with all administration being carried out by the trustees.
No trustees received remuneration nor expenses in the year under review or the comparative year.
Page 15
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
| 9. Fixed asset investments | ||
|---|---|---|
| 31 Dec 2020 | 31 Dec 2019 | |
| £ | £ | |
| Market value brought forward | 18,403,416 | 13,790,083 |
| Additions at cost | 10,954,964 | 14,109,504 |
| Disposals at carrying value | (11,038,039) | (10,504,356) |
| Gain/(Loss) on revaluation | 604,635 | 1,008,185 |
| Market value carried forward | 18,924,976 | 18,403,416 |
| Asset distribution: | ||
| Listed investments and equivalents | 18,924,976 | 18,403,416 |
| 18,924,976 | 18,403,416 | |
| Net gains/(losses) on investments: | ||
| Unrealised gains/(losses) | 604,635 | 1,008,185 |
| Realised gains/(losses) | 53,266 | 817,922 |
| 657,901 | 1,826,107 | |
| 10. Creditors: amounts falling due within one year | ||
| 31 Dec 2020 | 31 Dec 2019 | |
| Total | Total | |
| Funds | Funds | |
| £ | ||
| Grants payable (see note 17) | 5,694,996 | 5,097,358 |
| Accruals - Independent auditors remuneration | 2,100 | 2,100 |
| Accruals - management fees | 39,337 | 40,932 |
| 5,736,433 | 5,140,390 | |
| 11. Creditors: amounts falling due after more than one year | ||
| 31 Dec 2020 | 31 Dec 2019 | |
| Total | Total | |
| Funds | Funds | |
| £ | £ | |
| Grants payable (see note 17) | 5,696,909 | 2,181,796 |
| 5,696,909 | 2,181,796 |
Future commitments
At the balance sheet date the charity had unprovided grant commitments in respect of multi-year grant awards amounting to £1,005,000 (2019: £2,210,000). These installments will be awarded in subsequent periods provided the charity's trustees are satisfied with ongoing monitoring and the recipients use of funds.
Page 16
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
- Analysis of net assets between funds
| 12. Analysis of net assets between funds | ||||
|---|---|---|---|---|
| 31 Dec 2020 | ||||
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Fixed assets | - | - | 18,924,976 | 18,924,976 |
| Current assets | 62,794 | - | 3,276,859 | 3,339,653 |
| Current liabilities | (5,697,096) | - | (39,337) | (5,736,433) |
| Non-current liabilities | (5,696,909) | - | - | (5,696,909) |
| (11,331,211) | - | 22,162,498 | 10,831,287 | |
| 31 Dec 2019 | ||||
| Unrestricted | Restricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Fixed assets | - | - | 18,403,416 | 18,403,416 |
| Current assets | (137,834) | 823,328 | 6,576,039 | 7,261,533 |
| Current liabilities | (5,099,458) | - | (40,932) | (5,140,390) |
| Non-current liabilities | (2,181,796) | - | - | (2,181,796) |
| (7,419,088) | 823,328 | 24,938,523 | 18,342,763 |
- Analysis of net movements in funds
| Year ended 31 December 2020 | ||||
|---|---|---|---|---|
| Transfers between funds £ (13,553,580) (13,553,580) - - 13,553,580 13,553,580 - |
Total funds carried forward £ 22,162,498 |
|||
| 22,162,498 | ||||
| - | ||||
| - | ||||
| (11,331,211) | ||||
| (11,331,211) | ||||
| 10,831,287 |
Page 17
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
- Analysis of net movements in funds (continued)
| Endowment funds Capital fund Restricted funds Personal development fund Unrestricted funds General fund Total funds 14. Description of funds Capital fund Personal development fund General fund |
Year ended 31 December 2019 | Total funds carried forward £ 25,211,066 25,211,066 823,328 823,328 (7,691,631) (7,691,631) 18,342,763 conselling, support, |
|||
|---|---|---|---|---|---|
| Total funds Total Total Net gains/ Transfers brought incoming resources (losses) on between forward resources expended Investments funds £ £ £ £ £ 20,333,110 10,000,000 (156,671) 1,826,107 (6,791,480) 20,333,110 10,000,000 (156,671) 1,826,107 (6,791,480) 872,828 - - - (49,500) 872,828 - - - (49,500) (3,397,856) 414,566 (11,549,321) - 6,840,980 (3,397,856) 414,566 (11,549,321) - 6,840,980 17,808,082 10,414,566 (11,705,992) 1,826,107 - Funds received from the settlor trustees to support the charity's ongoing and future activities. Funds received following the closure of Personal Development Trust UK to be used to provide training and mentoring to young vulnerable people. Income funds available for the charity's use at the discretion of the trustees. |
- Transfers between funds
| From To Transfer 1 Capital fund General fund |
Unrestricted Funds £ 13,553,580 13,553,580 |
Restricted Funds £ - - |
Endowment Funds £ (13,553,580) |
|---|---|---|---|
| (13,553,580) |
The transfer from endowment to unrestricted funds was implemented to provide resources for grant awards in furtherance of the charity's objectives as permitted under section 5 of the trust deed.
13,553,580 - (13,553,580)
Page 18
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
16. Financial instruments
| 16. Financial instruments | ||
|---|---|---|
| The carrying amounts of the charity's financial instruments are as follows: Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income Investment management fees Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Net gains/(losses) on investments |
31 Dec 2020 Total Funds £ 18,924,976 18,924,976 31 Dec 2020 Total Funds £ 314,571 (152,889) 161,682 657,901 657,901 |
31 Dec 2019 Total Funds £ 18,403,416 |
| 18,403,416 | ||
| 31 Dec 2019 Total Funds £ 384,174 (156,671) |
||
| 227,503 | ||
| 1,826,107 | ||
| 1,826,107 |
Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
Page 19
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
| 17. Grant creditor reconciliation Recipient Expected year Kingston University 2020 Kingston University 2020 Book Trust 2020 Imperial College London 2020 Imperial College London 2021 Imperial College London 2022 Quartet Community Foundation 2020 Chance UK 2020 Screen Academy Foundation 2020 Full Fact 2020 London Community Foundation 2020 Reach Foundation 2019 Mental Health Innovation 2020 Scottish Book Trust 2020 Scottish Book Trust 2021 University of Oxford 2020 University of Oxford 2021 Royal Opera House 2020 Royal Opera House 2021 Leeds Community Foundation 2020 Leeds Community Foundation 2021 Leeds Community Foundation 2022 Place2Be 2020 Place2Be 2021 Place2Be 2022 Tutor Trust 2020 Tutor Trust 2021 Tutor Trust 2022 Community Foundation for Surrey 2020 Reach Foundation 2020 Reach Foundation 2021 Reach Foundation 2022 Reach Foundation 2023 Reach Foundation 2024 Reach Foundation 2025 Reach Foundation 2026 OpenCorporates Ltd 2020 Royal Horticultural Society 2020 Royal National Theatre 2020 Reach Foundation 2020 Murston All Saints Trust 2020 Open Data Institute Leeds 2020 Open Data Institute Leeds 2021 Open Data Institute Leeds 2022 Royal National Theatre 2020 Royal National Theatre 2021 Royal National Theatre 2022 Carried down |
£ 141,080 200,000 250,000 400,000 - - - - - - 200,000 68,000 1,500,000 41,000 42,000 230,000 230,000 1,667,278 1,709,796 200,000 200,000 200,000 - - - - - - - - - - - - - - - - - - - - - - - - - 7,279,154 Brought forward |
£ - - - - 400,000 400,000 200,000 200,000 555,000 250,000 - - - - - - - - - - - - 1,670,000 1,670,000 1,660,000 250,000 250,000 250,000 200,000 351,165 475,200 489,393 503,737 511,756 519,939 512,084 550,000 562,000 1,000,000 1,800,000 100,000 123,566 150,000 150,000 500,000 500,000 500,000 17,253,840 Awarded in year |
£ (141,080) (200,000) (250,000) (400,000) - - (200,000) (200,000) (555,000) (250,000) (200,000) - (1,500,000) (41,000) - (230,000) - (1,667,278) - (200,000) - - (1,670,000) - - (250,000) - - (200,000) (351,165) - - - - - - (550,000) (562,000) (1,000,000) (1,800,000) (100,000) (123,566) - - (500,000) - - (13,141,089) Paid in year |
£ - - - - 400,000 400,000 - - - - - 68,000 - - 42,000 - 230,000 - 1,709,796 - 200,000 200,000 - 1,670,000 1,660,000 - 250,000 250,000 - - 475,200 489,393 503,737 511,756 519,939 512,084 - - - - - - 150,000 150,000 - 500,000 500,000 Carried forward |
|---|---|---|---|---|
| 11,391,905 |
Page 20
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
| 17. Grant creditor reconciliation (continued) | |||||
|---|---|---|---|---|---|
| Recipient | Expected year | ||||
| Brought forward | Awarded in year | Paid in year | Carried forward | ||
| £ | £ | £ | £ | ||
| Brought down | 7,279,154 | 17,253,840 | (13,141,089) | 11,391,905 | |
| Kingston University | 2020 | - | 1,030,600 | (1,030,600) | - |
| The Young Foundation | 2020 | - | 45,000 | (45,000) | - |
| 7,279,154 | 18,329,440 | (14,216,689) | 11,391,905 | ||
| Payable in less than one year | 5,097,358 | 5,694,996 | |||
| Payable in more than one year | 2,181,796 | 5,696,909 | |||
| 7,279,154 | 11,391,905 | ||||
| 18. Comparative statement of financial activities | |||||
| 31 Dec 2019 | |||||
| Unrestricted | Restricted | Endowment | Total | ||
| Funds | Funds | Funds | Funds | ||
| Note | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM: | |||||
| Donations and legacies | 1 | - | - | 10,000,000 | 10,000,000 |
| Investments | 2 | 414,566 | - | - | 414,566 |
| Total | 414,566 | - | 10,000,000 | 10,414,566 | |
| EXPENDITURE ON: | |||||
| Raising funds - Investment management fees | 3 | - | - | 156,671 | 156,671 |
| Charitable activities | 4 | 11,549,321 | - | - | 11,549,321 |
| Total | 11,549,321 | - | 156,671 | 11,705,992 | |
| Net gains/(losses) on investments | - | - | 1,826,107 | 1,826,107 | |
| Net income/(expenditure) | (11,134,755) | - | 11,669,436 | 534,681 | |
| Transfers between funds | 13 | 6,840,980 | (49,500) | (6,791,480) | - |
| Net movement in funds | (4,293,775) | (49,500) | 4,877,956 | 534,681 | |
| RECONCILIATION OF FUNDS | |||||
| Funds brought forward | (3,397,856) | 872,828 | 20,333,110 | 17,808,082 | |
| Funds carried forward | (7,691,631) | 823,328 | 25,211,066 | 18,342,763 |
Page 21