THE CORCORAN FOUNDATION
(Registered Charity No. 1174167 and Company No. 10764357)
ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
THE CORCORAN FOUNDATION
ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
CONTENTS
| Page | |
|---|---|
| Annual Report of the Trustees | 1 - 5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities (including Income and Expenditure Account) | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 14 |
Page 1
THE CORCORAN FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their report and the independently examined financial statements of The Corcoran Foundation (“the Foundation” or “the charitable company”), for the year ended 31 December 2021. These have been prepared in accordance with the accounting policies set out on pages 9 to 11 and comply with applicable charity law.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (“Charities SORP FRS 102”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
1. REFERENCE AND ADMINISTRATIVE DETAILS
The Corcoran Foundation, (registered charity number 1174167 and company number 10764357) is based and administered in the United Kingdom. The registered address is Third Floor, 20 Old Bailey, London, EC4M 7AN.
Directors and Trustees:
The Directors and Trustees of the Foundation who held office during the year and continue to serve at the date of this report are:
-
V V Corcoran
-
J B Corcoran
-
O H J Corcoran
The Trustees did not hold any beneficial interest in the Foundation at 31 December 2021 or at any time during or since the period.
Bankers:
Coutts & Co 440 Strand, London, WC2R 0QS
Solicitors:
Withers LLP 20 Old Bailey, London, EC4M 7AN
Investment Managers:
Coutts & Co 440 Strand, London, WC2R 0QS
Accountants:
Rawlinson & Hunter LLP, Chartered Accountants Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ
Independent Examiner:
Yueling Wei FCCA Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ
Page 2
THE CORCORAN FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
2. STRUCTURE, GOVERNANCE AND MANAGEMENT
The Foundation is a private limited company governed by its Memorandum and Articles of Association and is registered as a charity with the Charity Commission for England and Wales.
The Trustees are resident in the United Kingdom and meet regularly to discuss and develop the Foundation’s goals and strategy and to review grant proposals and general grant requests.
The number of Trustees shall be a minimum of two at any one time and new Trustees shall be appointed by ordinary resolution by the existing Trustees. The range of skills represented on the Trustee Board will be kept under review as the Foundation develops over time.
Induction and Training
As part of their training, Trustees are given an information pack which includes the Foundation's Memorandum and Articles of Association and the Charity Commission guidance on Trustees' Responsibilities. All Trustees are aware of their legal duties and obligations in respect of the management of the Foundation, including in relation to the protection of its assets.
Statement of Trustees’ Responsibilities
The Trustees (who are also Directors of The Corcoran Foundation for the purposes of company law) are responsible for preparing the Annual Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the 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; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
THE CORCORAN FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
2. STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)
Internal Controls
The Trustees have overall responsibility for ensuring that the Foundation has appropriate systems of internal controls. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements follow best practice and all applicable law regulation and guidance. The Trustees are also responsible for the Foundation safeguarding its assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.
Risk Management & Corporate Governance
A risk assessment has been undertaken which comprises:
-
An annual review of the risks the Foundation may face;
-
The establishment of systems and procedures to mitigate those risks; and
-
The implementation of procedures designed to minimise any potential impact on the Foundation should those risks materialise.
This continuing process will identify risk areas to which the Foundation is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were identified at the date of these accounts.
The Trustees have signed fit and proper declarations in line with HMRC guidance.
In addition, the Trustees have taken due consideration of Good Governance – A Code for the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are:
-
Organisational purpose;
-
Leadership;
-
Integrity;
-
Decision-making, risk and control
-
Board effectiveness;
-
Equality, diversity and inclusion; and
-
Openness and accessibility.
The Trustees recognise that good governance plays an essential part in securing the future of the Foundation and confirm that the said principles of the Code are followed by them in leading, directing and managing the Foundation.
Page 4
THE CORCORAN FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
3. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The objects of the Foundation are such exclusively charitable purposes as the Trustees may in their absolute discretion determine. The Foundation operates as a grant-making charity, supporting charitable projects and organisations with grants of varying sizes and durations.
The Trustees have developed a solid framework for future grant-making activities and have refined their grant-making focus areas. The Trustees have pursued a broad strategy of ensuring proper due diligence in the assessment of potential grants and ensuring that grants are made subject to appropriate terms and conditions.
Statement of Public Benefit
As a grant-funder, the Foundation’s activities will provide public benefit to the individuals and communities who are beneficiaries of the Foundation’s funded projects. The Foundation’s public benefit is not limited with reference to geography, by the charging of fees or otherwise. The Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the Foundation’s aims, activities and achievements in the areas of interest that the Foundation supports demonstrates the benefit to its beneficiaries and through them to the public, that arise from those activities.
Grant Making Policies
The Trustees’ grant making policy has been to generally consider making donations by way of direct funding and also by way of grants to charitable organisations recognised as such in their respective jurisdictions for projects that are exclusively charitable under English law. The Foundation has begun to put in place sound grant arrangements so that it can continue to properly select appropriate grantees and impose prudent terms on grants, including, as appropriate, monitoring and evaluation of the way in which funds are applied by grantees.
4. ACHIEVEMENT AND PERFORMANCE
Investments
The assets of the Foundation consist principally of quoted investments and cash and these are collectively recorded on the Balance Sheet and supporting notes at their market value on that date. Any increase or decrease over the previous years’ market value of these investments is recorded in the Statement of Financial Activities. As at 31 December 2021, the value of the Foundation’s investments was £7,144,358 (2020 - £6,513,709) including cash under management. Investment performance is monitored by Coutts & Co who report their findings to the Trustees quarterly.
Page 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CORCORAN FOUNDATION I report to the TrLtstees on my ex8mlnatlon of the Financial Statements of the Corcoran Foundation {-compan or"Charily°) for the year ended 31 December 2021 which are set out on pages 7 to 14. Responsibilities and Basis of Report As the Charty Trustees of the company land also its direclors for the purposes of company lawl you are responsible for the preparation of the Fin8nGkql Ststemenls in accordance with the requiremenls of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the financial statements of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's Financial Statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515)Ib) of the 2011 Ad. Independenl Examlnerfs Statement I have compleled my examinalion. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kepl In respect of the company as required by section 386 of the 2006 Act., or 2. the Financial Sla18ments do not accord with those records- or the FinancTral Slalements do not comply with the accounling requirements of section 396 of the 2006 Act other than any requirement that the financial stalements give a 'true and fair view, which is not a matter considered as part of an independent examination- or 4. the Financial Statements have not been prepared in accordance with the methods and principles of the Slalemenl of Recommended Practi for accounting and reporting by charllSes applicable to charltles preparSng their Financial Statements in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102). I have no concerns and have Come across no olher matters in connection with the examination lo which attenlion should be drawn in Ihis report in order to enable a proper understanding of the Financial Statements to be reached. Yueling Wei FCCA Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ
Page 7
THE CORCORAN FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expenditure Account)
FOR THE YEAR ENDING 31 DECEMBER 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| Funds | Funds | ||
| Page | 2021 | 2020 | |
| Income from: | £ | £ | |
| Investments (note 2) | 11 | 147,740 | 152,364 |
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ||
| Total Income | 147,740 | 152,364 | |
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ||
| Expenditure on: | |||
| Charitable activities (note 3) | 12 | 43,141 | 25,229 |
| Raising funds (note 4) | 12 | 48,963 | 43,576 |
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ||
| Total Expenditure | 92,104 | 68,805 | |
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ||
| Net gains on investment assets (note 5) | 13 | 655,659 | 27,753 |
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ||
| Net income | 711,295 | 111,312 | |
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ||
| Other recognised gains | |||
| (Loss)/gain on foreign currency movement | (2,277) | 218 | |
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ||
| Net movement in funds | 709,018 | 111,530 | |
| Reconciliation of funds | |||
| Total Funds Brought Forward at 1 January 2021 | 6,410,319 | 6,298,789 | |
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ||
| Total Funds Carried Forward at 31 December 2021 | 8 | £ 7,119,337 | £ 6,410,319 |
| ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ |
All amounts relate to continuing operations.
There were no recognised gains and losses for the years ending 31 December 2021 other than those included in the Income and Expenditure Account.
The notes on pages 9 to 14 form part of the financial statements
| Page | 2021 | 2020 | |
|---|---|---|---|
| Fixed Assets: | £ | £ | |
| Investments and cash under management (note 5) | 13 | 7,144,358 | 6,513,709 |
| Total Fixed Assets | 7,144,358 | 6,513,709 | |
| Current Assets: | |||
| Cash at bank (note 6) | 13 | 5,243 | 18 |
| Debtor (note 7) | 13 | 1,706 | - |
| Total Current Assets | 6,949 | 18 | |
| Liabilities: | |||
| Creditors - amounts falling due within one year (note 8) | 13 | (31,970) | (103,408) |
| Total Assets less Current Liabilities: | 7,119,337 | 6,410,319 | |
| Net Assets | £ 7,119,337 | £ 6,410,319 | |
| The funds of the charity: | |||
| Unrestricted funds | 7,119,337 | 6,410,319 | |
| Total Charity Funds | 7 | £ 7,119,337 | £ 6,410,319 |
Page 9
THE CORCORAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (“Charities SORP FRS 102”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The Foundation constitutes a public benefit entity as defined by Charities SORP FRS 102.
The Foundation has applied the provisions set out in FRS102 as published on 5 October 2019 and does not include a cash flow statement on this basis.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
In applying the financial reporting framework, the Trustees may have to make a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. No significant estimates and judgements have been made.
The financial statements are presented in GBP which is the functional currency of the Foundation.
Investments
Quoted investments are included at closing mid-market value at the Balance Sheet date. Realised gains and losses on investments are recognised on disposal on investments and any gain or loss on revaluation is taken to the Statement of Financial Activities (SOFA). The determination of any gains and losses is calculated by reference to the value of such assets at the beginning of the accounting period.
Mid-market values are provided by independent data feed rather than investment manager valuations.
Cash held for investment is included within the Fixed Assets Investments in accordance with the applicable statement of Recommended Practice.
Income Recognition
Investment income is derived from interest and dividends receivable from investments and is accounted for in the period in which the Foundation is entitled to receipt. Interest from deposit accounts are included when receivable only. All incoming resources are included in the SOFA when the Foundation is entitled to the income and the amount can be quantified with reasonable accuracy.
Page 10
THE CORCORAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES (continued)
Resources Expended
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation committing the Trustees to the expenditure.
Charitable activities comprise grants and donations made and governance costs incurred during the year and are expended through the SOFA when the offer is conveyed to the recipient.
Governance costs relate to the general running of the Foundation, as opposed to the management functions inherent in generating funds.
Financial instruments
The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.
Status of funds
The entire resources of the fund are unrestricted and the Trustees have complete discretion for their use in pursuance of its objectives.
Foreign currency
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet date. Transactions denominated in foreign currencies are converted at the rate of exchange ruling at the date of the transaction. All translation differences are taken to the Statement of Financial Activities as they arise.
Taxation
The Foundation is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Debtors and creditors receivable / 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 as expenditure.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are within borrowing in current liabilities.
Provisions
Provisions are recognised when the Foundation has an obligation at the Balance Sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Page 11
THE CORCORAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES (continued)
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 twelve months from the date of signing of these financial statements. The forecast income and reserves are sufficient to cover all of the budgeted expenditure to be able to continue as a going concern.
The Covid-19 pandemic and current ongoing conflict in Ukraine have affected the global economy. Having considered the contingency plans in place and having reviewed updated cashflow forecasts, the Trustees consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate.
| Page | 2021 | 2020 | ||
|---|---|---|---|---|
| £ | £ | |||
| 2. | INCOME FROM INVESTMENTS | |||
| UK and overseas securities income | 147,277 | 148,022 | ||
| Deposit interest | 463 | 1,293 | ||
| Compensation payment | - | 3,049 | ||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| 7 | £ 147,740 | £ 152,364 | ||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ |
Page 12
THE CORCORAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | 2021 | 2020 | ||
|---|---|---|---|---|
| £ | £ | |||
| 3. | EXPENDITURE ON CHARITABLE | ACTIVITIES | ||
| UK Grants Awarded: | ||||
| Italian Flood Emergency Appeal | 21,166 | - | ||
| National Theatre | Reg. Charity No. 224223 | 3,000 | - | |
| Clement James Centre | Reg. Charity No. 1009253 | 2,040 | 4,020 | |
| Place2Be | Reg. Charity No. 1040756 | 2,000 | - | |
| The Sutton Trust | Reg. Charity No. 1146244 | 1,000 | 3,020 | |
| Rugby Portobello | Reg. Charity No. 703163 | 1,000 | 1,000 | |
| K C Foundation | Reg. Charity No. 1165579 | 1,000 | 1,000 | |
| Tusk Trust Limited | Reg. Charity No. 1186533 | 1,000 | - | |
| The Country Trust | Reg. Charity No. 1122103 | 1,000 | - | |
| Hidden Harbor Marine Enviro | Reg. Charity No. 65-0306516 | 742 | - | |
| Family Action | Reg. Charity No. 264713 | - | 2,020 | |
| IntoUniversity | Reg. Charity No. 1118525 | - | 2,000 | |
| British Library | Reg. Charity No. 1148608 | - | 1,000 | |
| Make the Leap | Reg. Charity No. 1058648 | - | 1,000 | |
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| 33,948 | 15,060 | |||
| Finance expense arising on unwinding discount of | ||||
| long term grant commitments | - | 2,476 | ||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| Total Grants Awarded | £ 33,948 | £ 17,536 | ||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| Governance Costs | ||||
| Accountancy fees | 4,800 | 3,810 | ||
| Independent examination fees | 2,400 | 1,890 | ||
| Legal fees | 1,993 | 1,993 | ||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| £ 9,193 | £ 7,693 | |||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| Total Charitable Activities | 7 | £ 43,141 | £ 25,229 | |
| ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | |||
| 4. | EXPENDITURE ON RAISING FUNDS | |||
| Investment management fees | 48,963 | 43,576 | ||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| 7 | £ 48,963 | £ 43,576 | ||
| ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ |
Page 13
THE CORCORAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | 2021 | 2020 | ||
|---|---|---|---|---|
| £ | £ | |||
| 5. | FIXED ASSETS | |||
| Investments and Cash under management | ||||
| Investments at market value at 1 January 2021 | 5,836,488 | 5,856,865 | ||
| Additions at cost | 708,636 | 1,194,930 | ||
| Disposals at carrying value | (599,176) | (1,243,060) | ||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| 5,945,948 | 5,808,735 | |||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| Realised gain/(loss) on disposals | 10,709 | (120,739) | ||
| Unrealised gain on revaluation | 644,950 | 148,492 | ||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| Net Gain on Investment Assets | 7 | 655,659 | 27,753 | |
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| Market value at 31 December 2021 | 6,601,607 | 5,836,488 | ||
| Cash held for investment | 542,751 | 677,221 | ||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| Total Value at 31 December 2021 | 8 | £ 7,144,358 | £ 6,513,709 | |
| ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | |||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| Historic Cost at 31 December 2021 | £ 5,701,692 | £ 5,562,914 | ||
| ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | |||
| 6. | CASH AT BANK | |||
| Coutts business current account | 8 | £ 5,243 | £ 18 | |
| ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | |||
| 7. | DEBTOR | |||
| Income due | 8 | £ 1,706 | £ - | |
| ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | |||
| 8. | CREDITORS - amounts falling due within one year | |||
| Investment management fees | 12,570 | 11,208 | ||
| Accountancy fees | 9,600 | 4,800 | ||
| Donation commitments (note 9) | 14 | 5,000 | 85,000 | |
| Independent examination fees | 4,800 | 2,400 | ||
| ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ | |||
| 8 | £ 31,970 | £ 103,408 | ||
| ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ | ÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍÍ |
Page 14
THE CORCORAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
9. CHARITABLE ACTIVITIES – GRANTS PAYABLE
As at 31 December 2021 five donations totalling £5,000 were committed but not paid by year end (2020: £85,000).
10. RELATED PARTY TRANSACTIONS
No donations were made by the Trustees to the Foundation for either the current year or previous period.
No Trustee received any remuneration during the year to 31 December 2021 (2020 - £nil).
11. ULTIMATE CONTROLLING PARTY
The Trustees consider that the Foundation is jointly controlled by the Trustees and that there is no ultimate controlling party.