THE CORCORAN FOUNDATION (Regislered Charity No. 1174167 and Company No. 10764357) ANNVAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 RAWLINSON &HUNTER
THE CORCORAN FOUNDATION ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CONTENTS Page Annual Report of the Trustees Independent Examiner'5 Report Staternenl of Financial Activities (including Income and Exp8ndiiure A¢Gounl) Balance Sheet Notes to the Financial Slalements 9-14
Page 1 THE CORCORAN FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their report and the independently examined financial statements of The Corcoran Foundation 1.the Foundation" or "the charilable company"), for the year ended 31 Decetnber 2022. Thes8 have been prepared in accordan 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 and where applicable, the Charities Act 2022. the Companies Act 2006, the Memorandum and Articles of Association, and Accounling and Reporting by Charities= Statement of Recomrnencjed Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {'Charities SORP FRS 102.1. the Financial Reporting Standard applicable in the Uniled Kingdom and Republic of Ireland {FRS 102). 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. Dlrèctors 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 ar8.. V V Corcoran J B Corcoran O H J Corcoran The Trustees did nol hold any beneficial interest in the Foundation at 31 Dernber 2022 or at any lime during or since Ihe period. Bankers: Coutts & Co 440 Strand, London, WC2R OQS Solicitors: Withers LLP 20 Old Bailey, London, EC4M 7AN Investment Managers: Coutts & Co 440 Strand, London. WC2R OQS Accountants: Rawlinson & Hunter LLP. Chartered Accounlanls 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 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT The Foundation is a private limited company governed by its Memorandum and Articl8s of Association and is r8gister8d 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 lo review grant proposals and general grant requests. The number of Trustees shall be a minimum of at any one time and new Truslees shall be appoinled by ordinary resolution by the existing Truslees. The range of skills represented on the Trustee Board will be kept under review as the Foundation develops over lime. 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 thè 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. Slatement ol Trustees, Responsibilities The Trustees Iwho are also Directors of The Corcoran Foundation for Ihe purposes of company law) are responsible for preparing the Annual Report of the Truslees and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo 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 vi8w of the stale 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 IFRS 102): make judgemenls and estimates Ihat are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subjeci to any material departures disclosed and explained in the financial ststements., and prepare the financial statements on the going Gonrn basis unless it is inappropriale to presume thal the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records Ihat disclose with reasonable accuracy al any lime the financial PDSltion of the charitable company and enable them to ensure that the financial slalemenls comply wilh the Companies Acl 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 2022 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 lime Ihe financial position of the Foundation and enable them lo ensure that the financial slatements follow best practice and all applicable law regulation and guidan. The Trustees are also responsible for the Foundation safeguarding its assets and for tsking 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. Rlsk Management & Corporate Governance A risk assessment has been undertaken which comprises: An annual review of the risks the Foundation may face., The esiablishment of syslems and procedures to mitigate those risks. and The implementation of prOdureS designed lo minimisg any potential impact on the Foundation should those risks materialise. This continuing process will identify risk areas lo which the Foundation is vulnerable and highlight any necessary safeguards that will need lo be pul in pla. 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 Truslees have tsken 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., Inlegrity., Decision-making, risk and control Board effectiveness.. Equality. diversity and inclusion., and Openness and accessibilily. The Trustees recognise that good governance plays an essential part in securing the future of the Foundation and confirm th21 the said principles of the Code are followed by them in leading, directiro and managing the Foundation.
Page 4 THE CORCORAN FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects of the Foundation are such exdusively 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-rnaking 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 appropriatè terms and wndilions. Statement of Public Benefit As a granl-funder, the Foundation's activities will provide public benefit to the individuals and communilies who are beneficiaries of the Foundation's funded projeots. 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 guidancè 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 demonstra19S the benefit lo ils beneficiaries and through them lo th8 public. that arise from those activities. Grant Making Policies The Truslees, 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 Iheir respeclive jurisdiclions for projects that are exclusively charitable under English law. Thg Foundation has begun lo put in place sound grant arrangements so that it can continue to property select appropriate grantees and impose prudent terms on grants, inclLFding, as appropriate, monitoring and evaluation ofthe way in which funds are applied by grantees. 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 dale. Any increase or decrease over the previous years, market value of these investmenls is recorded in the Slatemenl of Financial Activities. As al 31 December 2022, the value of the Foundation's investments was £6,303,860 {2021 £7,144,358) including cash under management. Investment performance is monitored by Coutts & Co who report their findings to the Trustees quartedy.
Page 5 THE CORCORAN FOUNDATION ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 ACHIEVEMENT AND PERFORMANCE {¢ontinued) Charitable Activities Dire¢t charitable exp8nditur8 for the yèar totslled £177,479 {2021 £43,141) which indudos donations totalling £186,840 {2021 £33.948) to a variety of organisations based in the UK, as well as the Foundation's governance costs. The Trustees also paid grants totalling £5,000 MmItted in the previous year. All grants were paid in line with the policies set out in Section 3 of this report, Objectives and Activities. A full list of grants made during the year is shown on pages 12. The accounting treatment in respect of grants is in line wth that set out in the applicablè statement of recommended practice. FINANCIAL REVIEW The Statemeftt of Financial Activities on page 7 shows total incoming rgsour¢es for the year of £175,565 {2021- £147,740), charitable activities of £177,47912021- £43,141) and expenditure on raising funds of £45,782 (2Q21- £48,963), Governance costs amounted to £10,639 (2021- £9,193) and are included within charitable activities. The balance of reseNes at 31 December 2022 is £6,286,667 (2021- £7.119,337) Resarves Pollcy The Trustees have examined the Foundation's requirement for resources in light of the main risks to the organisation. The Foundation has no outstanding commitments or cash demands which are not adequately covered by existing resources. The net assets of the Foundation are regarded as unrestricted reserves and the funds at 31 December 2022 wll be retained to make grants in accordan th the Foundation's charitable objects and any policies. The Trustees consider that the freely expendable funds a appropriate and adequate taking into account plans for grants to be awarded in future and have at present therefore not designated any specific reserves. However, the Trustees will keep this under constant review. In fLrture years, a specific reserves policy may be required. PLANS FOR THE FUTURE The Trustees do nol propose to deviate from the current obJ'ecb'v&s and activities of the Foundation as detailed in Section 3 of this report but will further develop and refine their strategies, policies and procedures in future. In preparing this report, the Directors have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006. Approved by the Trustees on and slgnod on their behalf by: V V Corcoran
Page 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CORCORAN FOUNDATION report to the Trustees on my examination of the Financial Statements of Ihe Corcoran Foundation ("company' or'charily'l for the year ended 31 DeGember 2022 which are set out on pages 7 to 14. Responsibilities and Basis of Report As the Charity Trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the Financial Slalements in accordance with the requirements ol Ihe Companies Act 2006 {'the 2006 Act,). Having satisfied myself that tha financial statements of the company are not required lo be audited under Part 16 of the 2006 Acl 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 Chsrities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515){b) of the 2011 Act. Independent Examingrfs Statement I have completed my examination. I confirm 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 kept in respect of the company as required by section 386 of the 2006 Act., or the FinanGial Statements do not accord with those records., or the Financial Ststements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that Ihe financial statements give a 'true and fair view, which is not a matter considered as parl of an independent examination,. or the Financial Statements have not been prepared in accordance with ihe melhods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their Financial Statements in accordance with tho Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- I have no concerns and have come across no other matters in connection wllh the examination to which altenlion should be drawn in this report in order to enable a proper underslandlng of the Financial Statements to be reached. Yueling Wei FCCA Eighth Floor 6 New Street Square New Felter Lane London EC4A 3AQ
Page 7 THE CORCORAN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expenditure Account) FOR THE YEAR ENDING 31 DECEMBER 2022 Unrestricted Unrestrlcted Funds Funds 2022 2021 Page Income from: Investments Inole 2) 175.565 147,740 Total Income 175,565 147,740 Expenditurg on: Charitable activilies (note 3) Raising funds (note 4) 12 12 177,479 45,782 43,141 48,963 Total Expendlture 223,261 92,104 Net (lossygain on investment assets (note 5) 13 {788,766) 655.659 Net income (836,4621 711,295 Other recognised gains Gainl{loss} on foreign currency movement 3,792 12,277) Net movement In funds {832,670) 709,018 Reconciliallon of funds Total Funds Brought Forward at 1 January 2022 7.119,337 6.410,319 Total Funds Carried Foard at 31 December 2022 £ 6.286,667 £ 7,119,337 All amounts relat8 to continuing operations. There were no rècognised gains and losses for the years ending 31 December 2022 other than those included in the Income and Expendilure Account. The notes on pages 9 to 14 form part of the financial statements
Page 8 THE CORCORAN FOUNDATION (Registered Charity No. 1174167 and Company No. 107643571 BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 Page 2022 2021 Fixed Assets: Investments and cash under management (note 5) 13 6,303,860 7,144,358 Total Flxed Assets 8,303,860 7,144,358 Current Assets: Cash at bank (note 6) Debtor (note 7) 13 13 2.787 5,243 1,706 Total Current Assets 2.787 6,949 Liabilities: Creditors - amounts falling due within one year (note 8) 13 (19,980) (31,970) Total Assets less Current Liabilitles: 6,2e6,667 7,119,337 Net Assets £ 6.286,867 £ 7,119,337 The fund5 pf the charity: Unrestri¢ted funds 6,286.667 7,119,337 Total Charity Funds £ 6,286.667 £ 7,119,337 For the year ended 31 December 2022, the company was entltled to exemption under Section 477 of the Companies Ac* 2006 relating to small companles. The members have nol required the company to obtsln an audlt of Its actounts for the ye8r in question in acGordance with se¢tson 476 of the Companies Act 2006.. The directors acknowlodge th8ir responsibilities for comptying wKh Ihe requirements of the Act with respect to a¢¢ounting Tecords and the preparats'on of accounts. These accounts have been prgpared in accordance with the piovislons appllcable to companies Subject to the small companies regime. The financ4al statements wer8 approved and authorised for issue by the Trustees and wer? signed on Ihelr beha by: V V Corcoran Date The notes on pages 9 to 14 f¢ym part of the financial statements
Page 9 THE CORCORAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES The Corcoran Foundats'on. (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. Basis of Preparation of Financial Statements The financial statemenls 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} {°Charilies SORP FRS 102.), the Financial Réporting Standard applicable in the Uniled Kingdom and Republic of Ireland {FRS 102}. the Charities Act 2011 and where applicable, the Charities Act 2022, the Companies Act 2006 and UK Generally Accepied Accounting Practice. The Foundation constitutes a publi¢ benefit entity as defined by Charitles SORP FRS 102. The Foundation has applied Ihe provisions sel out in FRS102 as published on 5 October 2019 and does not include a cash flow statement on this basis. The financial slatements are prepared on a going concern basis under the historical cost convention, modified lo include certain items at fair value. The significant accounting policies applied in the preparation of these financial slalements are sel out below. These policies have been consistently applied to all years presented unless otherwtse slated. 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 Gould differ from those estimates. No significant estimales and judgements have been made. The financial statements are presented in GBP which is the functional currency of the Foundation. Investmonts Quoted investments are included al closing mid-market value at the Balance Sheet dale. Realised gains and losses on investments are recognised on disposal on investments and any gain or loss on revaluation is taken lo the Statement of Fin8ncial Activities (SOFA). The delerminalion of any gains and losses is calculated by referen to the value of such assets al the beginning of the accounting period. Mid-market values are provided by independent data feed rather than inveslment manager valuations. Cash held for investment is included within the Fixed Assets Investments in accordance with the applicable statement of Recommended Practice.
Page 10 THE CORCORAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES {continu8d) Income Recognition Investment income is derived from inlerest 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 Ihe Foundation is entitled lo the income and the amount can be quantrfied with reasonable accuracy. Resources Expended All 8xpenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation committing the Trustees to the expenditure. Charitable adivities comprise grants and donations made and governance costs incurred during the year and are expended through the SOFA when the offer is conveyed lo the recipient. Govemance costs relale lo 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 liabilrties of a kind that qualrfy as basic financial instruments. Basic financial instruments are recognised al 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 objectlV8S. Foreign currency Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet dale. Transactions denominated in foreign currencies are converted at the rate of exchange ruling at the dale of the transaction. All tran51alion d[fferenS are taken to th8 Statement of Financial Activilie5 as they arise. Taxalion The Foundation is not subject to any taxes on ils charitable activitiés. Irrecoverable VAT is charged against the category of rèsources expended for which it was incurred. Debtors and credltors recoivable I payable within one year Debtors and credilors 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.
Page 11
THE CORCORAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES (continued)
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.
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 current ongoing conflict in Ukraine and the resulting high energy costs and other cost inflationary factors 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 | 2022 | 2021 | ||
|---|---|---|---|---|
| £ | £ | |||
| 2. | INCOME FROM INVESTMENTS | |||
| UK and overseas securities income | 170,678 | 147,277 | ||
| Deposit interest | 4,887 | 463 | ||
| 7 | £ 175,565 | £ 147,740 |
Page 12 THE CORCORAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Page 2022 2021 EXPENDITURE ON CHARITABLE ACTIVITIES UK Grants Awafded: Whitley Fund Care international Ukraine Intouniversity Bookmark Reading - Ukraine Nalional Gallery Family Action Clement James Centre Rugby Portobello Make the Leap Tusk Trust Limited The Country Trusl Intouniversity Laglio- Flood Emergency Appeal National Theatre Place2Be The Sutton Trust K C Foundation Hidden Harbor Marine Enviro Reg. Charity no. 1081455 Reg. Charity No. 292506 Reg. Charity No. 1118525 Reg. Charity No. 1177681 60,000 50,000 25,000 10,000 9,100 5,000 2,000 2,000 1,000 1,000 1,000 500 240 Reg. Charity No. 264713 Reg Charity No. 1009253 Reg. Charily No. 703163 Reg. Charily No. 1058648 Reg. Charity No. 1186533 Reg. Chaiily No. 1122103 Reg. Charily No. 1118525 2,040 1,000 1,000 1,000 21,166 3,000 2,000 1,000 1,000 742 Reg. Charity No. 224223 Reg. Charily No. 1040756 Reg. Charily No. 1146244 Reg. Charity No. 1165579 Reg. Charily No. 65-0306516 Total Grants Awardèd 166,840 £ 33,948 Governance Costs Accountancy fees Independenl examinalion fees Legal fees Bank charges 7,182 1.200 1,993 264 6,000 1,200 1,993 £ 10,639 £ 9,193 Total Charitable Activities £ 177,479 £ 43.141 EXPENDITURE ON RAISING FUNDS Investment management fees LEI fee 45,704 78 48,963 £ 45,782 £ 48,963
Page 13 THE CORCORAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Page 2022 2021 FIXED ASSETS Investments and Cash under management Investments at market value al 1 January 2022 Additions at cost Disposals al carrying value 6,601,607 232,204 (231,799) 5,836,488 708,636 1599,1761 6,602.012 5,945,948 Realised (loss}1gain on disposals Unrealised (lossllgain on revaluation {57,376) (731.390) 10,709 644,950 Net Loss on Investment Assets (788,766) 655,659 Market value al 31 December 2022 5,813,246 6,601,607 Cash held for investment 490,614 542,751 Total Value at 31 December 2022 £ 6,303.860 £ 7.144,358 Historic Cost at 31 December 2022 £ 5.699.085 £ 5.701,692 CASH AT BANK Coutts business current account 2,787 5,243 DEBTOR Income due 1.706 CREDITORS - amounts falllng due wlthln one year Investment management fees Accountancy fees Independenl examination fees LEI fees Donation commitments (note 9} 12.702 6,000 1,200 78 12,570 9,600 4,800 14 5,000 19,980 31,970
Page 14 THE CORCORAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CHARITABLE ACTIVITIES- GRANTS PAYABLE There were no outstanding donalion commitments as at 31 December 2022.12021.. £5,000). 10. RELATED PARTY TRANSACTIONS No donations were made by the Trustees to the Foundation for either the current year or previous period. No Twstee received any remuneration during the year lo 31 Deomber 2022 (2021- £nil). 11. ULTIMATE CONTROLLING PAR The Trustees consider that the Foundation is jointly controlled by the Trustees and that there is no ultimate controlling paty