Charity registration number: 1177028
The Greaves & Withey Foundation
Annual Report and Financial Statements
for the Year Ended 31 March 2023
The Greaves & Withey Foundation
Contents
| Trustees' Report | 1 to 5 |
|---|---|
| Statement of Trustees' Responsibilities | 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 14 |
The Greaves & Withey Foundation
Trustees' Report
The trustees present the annual report together with the financial statements of the Charity for the year ended 31 March 2023.
Trustees
Susan Withey
Peter Withey
Luke Withey
Anna Withey
Objectives and activities
Objects and aims
The objects of the CIO are to promote particularly but not exclusively for the inhabitants of the counties of Berkshire, Gloucestershire, Hampshire and Oxfordshire:
The advancement of amateur sport and physical education.
The advancement, promotion and preservation of good health in such ways as the trustees think fit. Such other charitable purposes beneficial to the community consistent with the objects above as the trustees shall in their absolute discretion determine.
Objectives, strategies and activities
The trustees primarily support capital projects which will provide a lasting benefit to local communities with preference for large capital projects, but applications for smaller grants are welcome.
During the year the following grant applications were approved by the Trustees:
Witney RFC - £40,000 Archway School - £40,000 Cokethorpe School - £203,539 Lennox Childrens Cancer Fund - £5,200 Charlbury Bowl's Club - £22,746 Coram Life Education - £2,000 Trelor Trust - £5,000 Andrew Simpson Foundation - £1,000 Middle Barton Bowl's Club - £2,546 Portsmouth Sail Training Trust - £2,250 Coeliac UK - £42,000
Total £366,281
An amount of £258,085 has been committed to but not yet paid as at 31 March 2023.
Public benefit
The trustees ensure that each project the charity supports will provide a benefit to the public and each applicant must provide details of the likely public benefit arising from their project.
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
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The Greaves & Withey Foundation
Trustees' Report
Achievements and performance
Financial review
The charity benefits from an endowment fund and it is intended that all income from the investments will be applied for charitable purposes each year. Apart from legal, accountancy, and investment management fees, there are relatively few administrative costs and therefore the majority of the income is applied directly to the charitable purposes.
The investments are held on a discretionary basis by fund managers and they are managed to provide a balance between capital growth and income generation. The investment performance is reviewed on a quarterly basis.
A total loss of £597,555 (2022 profit: £416,638) has been reported on investment assets in the year. Gains of £352,238 (2022: £302,032) have been realised on assets disposed of in the year. A loss of £949,793 is unrealised for the year ended 31 March 2023. The market value of the investments as a whole is still considerably higher than the cost. The £949,793 unrealised loss reducing unrealised gains in previous years, rather than the value of investments falling below their original cost.
The charity does not carry out any fundraising activities.
Policy on reserves
The charity's reserves comprise expendable endowment and unspent income. The trust deed obliges the trustees to use the income but the spending of capital is at the discretion of the trustees.
The trustees would expect to spend capital only in exceptional circumstances, such as where a commitment to making a grant could not be financed out of available income. However, the trustees make grants based on up-to-date information regarding the amount of income available, so this situation is not expected to arise.
The trustees prefer to keep the endowment intact in order to generate as much income as possible for future projects.
Plans for future periods
Aims and key objectives for future periods
The Greaves and Withey Charitable Foundation was set up in 2008 by family members, using family funds, relying upon investment of that money rather than fundraising for continuous funding. The Trustees have very simple desires and aspirations for the Foundation which is to help the most vulnerable and the most in need, whilst reaching the most amount of people on a sustainable and regular basis.
So far the Greaves and Withey Foundation has endorsed projects ranging from health and wellbeing research and development, big and small build projects relating to health, wellbeing and sport and purchases of sports equipment for general use. Mostly, but not entirely, around the geographical regions of Berkshire, Oxfordshire and Gloucestershire.
The foundation will support those altruistic projects which they feel will outreach to the most people possible, who are in the most need and perhaps have little support elsewhere. They are especially interested in sustainable projects which have longevity of use.
The trustees will continue to review the grant making programme, and consider capital projects which offer a significant public benefit. They will continue to monitor the flow of applications to ensure that local communities are able to access information about the grant making process.
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The Greaves & Withey Foundation
Trustees' Report
Structure, governance and management
Nature of governing document
Robin Greaves Sports Foundation (registered charity 1126586) was officially registered by the Charity Commission for England and Wales on 6 November 2008. The governing document is the Trust Deed dated 16 October 2008.
During the year to 31 March 2018 the trustees of Robin Greaves Sports Foundation (registered charity 1126586) established a charitable incorporated organisation; Robin Greaves Sports Foundation (registered charity 1177028) to take forward the charity’s work.
The CIO was registered on 6th February 2018 and is governed by its constitution dated 6th February 2018. At midnight on Friday 30th March 2018, the assets and liabilities of registered charity 1126586 were transferred to the new CIO in accordance with the deed of transfer dated 30th March 2018. The assets will be applied for the same, or similar charitable purposes, as a continuation of Robin Greaves Sports Foundation.
This transaction has been treated as a merger, as if the charity, Robin Greaves Sports Foundation (registered charity 1177028) had always been in existence. For this reason the accounts prepared for the year ended 31 March 2018 include the results of the unincorporated organisation, and the CIO as if they were one entity. 2017 comparatives from the unincorporated organisation have been used.
Two new trustees, Luke Withey and Anna Withey, were appointed on 25 October 2020.
On 3 November 2020, the trustees of the Charity agreed to change the name of the Charity from 'Robin Greaves Sports Foundation' to 'The Greaves & Withey Foundation'. This resolution was filed with and accepted by the Charity Commission, along with the updated constitution to reflect this name change, on 9 November 2020.
On 5 January 2021, the objects of the charity were amended. The members' resolution was filed and accepted by the charity commission, along with the updated constitution to reflect the change in the objects.
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The Greaves & Withey Foundation
Trustees' Report
Recruitment and appointment of trustees
The initial trustees of the charity are representatives of the family who established the Foundation in memory of the late Robin Greaves. Further family members Luke Withey and Anna Withey were appointed as trustees on 25 October 2020. There is a process for appointing additional trustees as and when this may become necessary, but at the moment four trustees is thought to be an appropriate number.
New trustees are provided with copies of the governing documents of the charity and any policies and procedures. The trustees are also given copies of Charity Commission guidance The Essential Trustee, Hallmarks of an Effective Charity and Public Benefit Guidance. The firm of Charles Russell Speechlys LLP took over the role of legal clerk to the charity during the year and sent a representative to trustee meetings when required and was able to guide the trustees on any legal issues arising.
Charity correspondence is received by Charles Russell Speechlys LLP on behalf of the trustees and the firm coordinates all the grant applications. The trustees meet three to four times per year to review the investments and manage the activities of the charity. The trustees invite grants from applicants on a standard application form and they consider these at least twice a year.
Major risks and management of those risks
The major risks to which the charity is exposed have been reviewed, and system and procedures have been established to manage those risks.
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The Greaves & Withey Foundation
Trustees' Report
Reference and Administrative Details
| Trustees | Susan Withey |
|---|---|
| Peter Withey | |
| Luke Withey | |
| Anna Withey | |
| Principal Office | Charles Russell Speechlys LLP |
| 5 Fleet Place | |
| London | |
| EC4M 7RD | |
| Charity Registration Number | 1177028 |
| Solicitors | Charles Russell Speechlys LLP |
| 5 Fleet Place | |
| London | |
| EC4M 7RD | |
| Bankers | Investec Wealth & Investment Limited |
| 2 Gresham Street | |
| London | |
| EC2V 7QN | |
| Independent Examiner | Kerry Hawkins FCCA, UHY Ross Brooke |
| Chartered Accountants | |
| 31A Charnham Street | |
| Hungerford | |
| Berkshire | |
| RG17 0EJ |
The annual report was approved by the trustees of the Charity on .................... and signed on its behalf by:
......................................... Susan Withey Trustee
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The Greaves & Withey Foundation
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable 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 charity will continue in business.
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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
Approved by the trustees of the Charity on .................... and signed on its behalf by:
......................................... Susan Withey Trustee
Page 6
The Greaves & Withey Foundation
Independent Examiner's Report to the trustees of The Greaves & Withey Foundation
I report on the accounts of the charity for the year ended 31 March 2023 which are set out on pages 8 to 14 .
Respective responsibilities of trustees and examiner
The Charity's trustees are responsible for the preparation of the accounts. The Charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me a reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act 2011; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................
Kerry Hawkins FCCA, UHY Ross Brooke Chartered Accountants
31A Charnham Street Hungerford Berkshire RG17 0EJ
Date:.............................
Page 7
The Greaves & Withey Foundation
Statement of Financial Activities for the Year Ended 31 March 2023
| Note Income and Endowments from: Investment income 2 Expenditure on: Charitable activities 3 Other expenditure 4 Total Expenditure Gains/losses on investment assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 9 Note Income and Endowments from: Investment income 2 Expenditure on: Charitable activities 3 Other expenditure 4 Total Expenditure Gains/losses on investment assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 9 |
Unrestricted funds £ 244,528 (423,656) - (423,656) - (179,128) 1,587,887 1,408,759 Unrestricted funds £ 223,375 (100,033) - (100,033) - 123,342 1,464,545 1,587,887 |
Endowment funds £ - - (48,165) (48,165) (597,555) (645,720) 8,547,524 7,901,804 Endowment funds £ - - (49,611) (49,611) 416,638 367,027 8,180,497 8,547,524 |
Total 2023 £ 244,528 (423,656) (48,165) |
|---|---|---|---|
| (471,821) | |||
| (597,555) | |||
| (824,848) 10,135,411 |
|||
| 9,310,563 | |||
| Total 2022 £ 223,375 (100,033) (49,611) |
|||
| (149,644) | |||
| 416,638 | |||
| 490,369 9,645,042 |
|||
| 10,135,411 |
All of the Charity's activities derive from continuing operations during the above two periods.
Page 8
The Greaves & Withey Foundation
(Registration number: 1177028) Balance Sheet as at 31 March 2023
| Note Fixed assets Investments 6 Current assets Debtors 7 Cash at bank and in hand Creditors: Amounts falling due within one year 8 Net current assets Net assets Funds of the Charity: Endowment funds Unrestricted income funds Unrestricted income funds Total funds 9 |
2023 £ 9,049,976 15,939 532,927 548,866 (288,279) 260,587 9,310,563 (7,901,804) (1,408,759) (9,310,563) |
2022 £ 9,279,939 11,386 863,727 |
|---|---|---|
| 875,113 (19,641) |
||
| 855,472 | ||
| 10,135,411 | ||
| (8,547,524) (1,587,887) |
||
| (10,135,411) |
The financial statements on pages 8 to 14 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Susan Withey Trustee
Page 9
The Greaves & Withey Foundation
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Accounting policies
Statement of compliance
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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The Greaves & Withey Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.
Charitable activities
Charitable activities represent resources expended by the charity in the delivery of services or grants which are directed at the achievement of its charitable aims and objectives. Such costs include the direct costs of the charitable activities, together with those support costs incurred to enable these activities to be undertaken. Grants are recognised in the accounts when a constructive or legal obligation for the charity to meet the terms of a grant has arisen.
Governance costs
Governance costs include those costs such as legal and professional fees, associated with constitutional and statutory requirements.
Fixed asset investments
Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the Charity.
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The Greaves & Withey Foundation
Notes to the Financial Statements for the Year Ended 31 March 2023
2 Investment income
| Interest and Dividends 3 Expenditure on charitable activities Legal and professional - grant making Grants Payable Legal and professional - governance Independent examiner fee Accountancy fees Trustees expenses Bank charges |
Unrestricted funds General £ 244,528 Activity undertaken directly £ 18,412 366,281 34,109 3,120 1,392 317 25 423,656 |
Total 2023 £ 244,528 Total 2023 £ 18,412 366,281 34,109 3,120 1,392 317 25 423,656 |
Total 2022 £ 223,375 |
|---|---|---|---|
| Total 2022 £ 8,767 77,405 9,593 2,880 1,038 350 - |
|||
| 100,033 |
4 Other expenditure
| Investment Managers' fees | Endowment funds Expendable £ 48,165 48,165 |
Total 2023 £ 48,165 48,165 |
Total 2022 £ 49,611 |
|---|---|---|---|
| 49,611 |
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The Greaves & Withey Foundation
Notes to the Financial Statements for the Year Ended 31 March 2023
5 Trustees remuneration and expenses
During the year the Charity made the following transactions with trustees:
Susan Withey
At the balance sheet date the amount due to Susan Withey for expenses incurred was £Nil (2022: £121).
Peter Withey
At the balance sheet date the amount due to Peter Withey for expenses incurred was £Nil (2022: £121).
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
The expenses to be reimbursed relate to travel and subsistence.
6 Fixed asset investments
Other investments
| Cost or Valuation At 1 April 2022 Revaluation Additions Disposals At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Listed investments £ 9,279,939 (597,555) 1,725,029 (1,357,437) 9,049,976 9,049,976 9,279,939 |
Total £ 9,279,939 (597,555) 1,725,029 (1,357,437) |
|---|---|---|
| 9,049,976 | ||
| 9,049,976 | ||
| 9,279,939 |
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The Greaves & Withey Foundation
Notes to the Financial Statements for the Year Ended 31 March 2023
7 Debtors
| 7 Debtors |
||
|---|---|---|
| Other debtors 8 Creditors: amounts falling due within one year Trade creditors Grant commitments Accruals |
2023 £ 15,939 2023 £ - 258,085 30,194 288,279 |
2022 £ 11,386 |
| 2022 £ 4,200 - 15,441 |
||
| 19,641 |
Included in creditors are £258,085 of Grant commitments made at 31st March 2023 but not paid out until 1st April 2023 onwards.
9 Funds
| Unrestricted funds Unrestricted general funds unrestricted general fund Endowment funds Expendable endowment funds Endowment fund Total funds Unrestricted funds Unrestricted general funds unrestricted general fund Endowment funds Expendable endowment funds Endowment fund Total funds |
Balance at 1 April 2022 £ 1,587,887 8,547,524 10,135,411 Balance at 1 April 2021 £ 1,464,545 8,180,497 9,645,042 |
Incoming resources £ 244,528 - 244,528 Incoming resources £ 223,375 - 223,375 |
Resources expended £ (423,656) (48,165) (471,821) Resources expended £ (100,033) (49,611) (149,644) |
Other recognised gains/(losses) £ - (597,555) (597,555) Other recognised gains/(losses) £ - 416,638 416,638 |
Balance at 31 March 2023 £ 1,408,759 7,901,804 |
|---|---|---|---|---|---|
| 9,310,563 | |||||
| Balance at 31 March 2022 £ 1,587,887 8,547,524 |
|||||
| 10,135,411 |
Page 13
The Greaves & Withey Foundation
Notes to the Financial Statements for the Year Ended 31 March 2023
10 Analysis of net assets between funds
| 10 Analysis of net assets between funds | |||
|---|---|---|---|
| Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General funds £ - 1,684,038 (275,279) 1,408,759 |
Endowment funds Expendable funds £ 9,049,976 (1,135,172) (13,000) 7,901,804 |
Total funds £ 9,049,976 548,866 (288,279) |
| 9,310,563 |
Page 14