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2021-03-31-accounts

Charity number: 1177514

THIRTY PERCY FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

THIRTY PERCY FOUNDATION

CONTENTS

Page Reference and administrative details of the Charity, its Trustees and advisers 1 Trustees Report 2-11 Independent auditor's report on the financial statements 12-15 Statement of financial activities 16 Balance sheet 17 Statement of cash flows 18 Notes to the financial statements 19-33

THIRTY PERCY FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees Anne Louisa Philip Mann, Chair
Mark Philip-Sorensen
Katharine Anne Hill
Derek Bardowell
Charity registered
number 1177514
Principal office 30 Percy Street
London
W1T 2DB
Independent auditor Crowe U.K. LLP
4th Floor
St James House
St James Square
Cheltenham, GL50 3PR
Solicitors Farrer & Co LLP
66 Lincoln’s Inn Field
Holborn
London
WC2A 3LH
Investment EdenTree Investment Management Limited
24 Monument Street
London
EC3R 8AJ

Page 1

THIRTY PERCY FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report and the audited financial statements of Thirty Percy Foundation (“Thirty Percy” or the “Foundation”) for the year ended 31 March 2021. The Trustees have prepared this report in accordance with the 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) and the Charities Act 2011.

REFERENCE & ADMINISTRATIVE DETAILS

Reference and administrative details are shown on page 1.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Thirty Percy Foundation (previously The Skagen Foundation) was registered on 13 March 2018 as a Charitable Incorporated Organisation (charity registration number 1177514). Its governing document is its constitution dated 13 March 2018 and amended on 1 October 2018 (the “Constitution”).

Trustees

The Foundation’s Trustees are listed on page 1 of this report. The constitution requires a minimum of 3 Trustees and does not set a maximum. The composition of the Trustee board is kept under review. The Trustees take responsibility for staying up to date on charity matters and receive updates and informal training through briefing papers and attendance at seminars and conferences. There is a formal update on charity law and developments provided once a year by the legal adviser. The Foundation was created with three ‘founding’ Trustees. Additional Trustees are appointed following a careful selection process, with appointments requiring board approval (a decision taken by a majority of Trustees). The Foundation is a member of the Association of Charitable Foundations and contributes as an active member to sectoral development.

Decision-making

The Trustees meet at least four times a year, utilising online platforms to stay in regular contact with the team and take decisions outside of meetings. The Trustee board holds ultimate responsibility for the Foundation. It agrees overall strategy, reviews and confirms policy decisions, provides grant approvals and discusses operating, financial and investment issues. It delegates day-to-day management and operation of the foundation to the Chief Executive Officer and a team (in accordance with a schedule of delegation, which is reviewed and amended as necessary on an ongoing basis). The Trustees approve the remuneration of key personnel, and all team member remuneration is benchmarked against similar organisations.

Page 2

THIRTY PERCY FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Principal funding sources and related party transactions

The Foundation is funded by a charitable purpose trust, known as The Owl Trust. The Owl Trust provided an initial grant to the Foundation, payable over three years from 2018-2020, and a further grant to the Foundation, payable over 5 years from 2021-2025. The Owl Trust is a connected entity to the Foundation by virtue of this funding relationship.

The Foundation receives administrative services from Skagen Conscience Capital Limited, a related party and a connected entity. The services are governed by a services agreement with Skagen Conscience Capital Limited which was renewed on 1 January 2021. The services provided in the accounting period total £76,250 (2020: £87,500) and are recognised in support costs. The service costs were settled by a cash payment of £8,700 (2020: £8,333) and a donation in kind of £67,550 (2020: £79,167).

The Trustees manage the Foundation’s affairs in its best interests and, when considering any transaction, conflicts of interest are declared and decisions taken only by those Trustees who are not conflicted, to protect the Foundation’s independence. Further details of related party transactions are included in note 19.

OBJECTIVES AND ACTIVITIES FOR PUBLIC BENEFIT

Thirty Percy operates for the public benefit. The Trustees have taken into account the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011 when considering Thirty Percy’s strategy and its portfolio of work. As Thirty Percy develops it will work hard on how it holds itself accountable to its ultimate beneficiaries.

Thirty Percy’s charitable objectives are:

  1. To promote sustainable development for the benefit of the public by:

  2. The preservation, conservation and the protection of the environment and the prudent use of resources;

  3. The relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities;

  4. The promotion of sustainable means of achieving economic growth and regeneration.

  5. To advance the education of the public in subjects relating to sustainable development and the protection, enhancement and rehabilitation of the environment and to promote study and research in such subjects provided that the useful results of each study are disseminated to the public at large.

  6. To advance such exclusively charitable purposes for the public benefit in any part of the world as the charity Trustees from time to time in their absolute discretion think fit.

Thirty Percy’s Trustees further defined its purpose as:

“We are here to contribute to the future security and wellbeing of our world. We’ll do this in ways that are imaginative, collaborative and unexpected. We can do this because we are an independent Foundation looking to do things differently”.

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THIRTY PERCY FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

In addition, Thirty Percy is guided in its work by four principles, which we are working to embed across all our work (these are not original to us but have been inspired in part by the writing of Adrienne Maree Brown):

Operations

Thirty Percy recognises that it must develop its own culture and governance to deliver to its full potential on its purpose. It is committed to working hard, with an engaged board of Trustees, team and external experts, to understand its own ways of operating, flows of authority and to create deeper, reflective spaces for learning and development. We recognise that creating change is hard and often requires risk and courage – particularly when met with status quo paradigms that challenge our collective progress. In considering its own design, and how well it orientates around its purpose, the Foundation considers the Charity Governance Code and integrates it into its strategic framework and operating plans. For example, “act with integrity” is one of the Foundation’s core values.

Portfolio of work

Inspired originally by the Heron Foundation in the United States, Thirty Percy believes its grants and investments are interdependent and therefore cannot be considered in isolation. Our portfolio of work therefore encompasses all the ways we deploy capital in order to create a full picture of what we do. The Foundation has a strategic framework which provides a focus point for how and towards what end we deploy capital. This framework is based on Thirty Percy adopting an emergent approach, and not constraining itself too early by fixing its strategy in traditional programme areas because that feels too static and structured to accommodate our need to innovate and develop as an organisation.

Grant Portfolio

Our grants portfolio delivers on our purpose through investments made through 4 inter-connected funds:

Page 4

THIRTY PERCY FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Our grant making processes are set out in our grants policy document, which is reviewed and updated as necessary. In brief, we source opportunities (rather than operate ongoing open call for grant applications) and follow a two-stage approval process based upon detailed due diligence.

Investment Portfolio

Our investment portfolio holds our target value of free reserves. We refer to this as our Capital Fund. The objective of this portfolio is to maintain and enhance the real value of the investments consistent with the Foundation’s purpose. The investment policy statement is reviewed annually to ensure it remains appropriate and that its investments are selected and managed to be consistent with the Foundation’s purpose.

The Foundation has delegated responsibility for the management of its investment portfolio to EdenTree Investment Management Limited (EdenTree). It was agreed with EdenTree that ‘consistent with purpose’ means consistent with or positively contributing to a ‘just transition’.

This is the first period in which the Trustees have commented on investment performance, as the investment portfolio only became fully invested in December 2019. The Trustees review and monitor the portfolio by comparing actual performance to a composite benchmark and a target total return of UK CPI + 3.5% per annum.

tment portfolio only became
ortfolio by comparing actual
PI + 3.5% per annum.		 fully invested in Dece
performance to a com
Since inception
Thirty Percy 18.9%
Composite benchmark 12.6%
CPI+3.5% 5.5%

The Trustees note that the portfolio reported a strong financial return at the end of the first 15 months ending 31 March 2021.

The Foundation acknowledges that there is no quick fix to building a portfolio which practises positive investment and engagement consistent with our purpose. We are working towards building a portfolio (and broader financial system) that supports our transition to a post-carbon world, values our natural environment and progresses equality. This work will see us revise our investment policy in the coming year. Please see further detail below on our enquiry into the future of investment.

Achievements and performance

This accounting period covers our third year of operation (and our second fully operational). We are trialling methods of sensemaking and collaboration to better understand our effectiveness and role within the wider system. We will not evaluate impact in silos but instead build an understanding of change across the multiple systems and systems actors we invest in.

Page 5

THIRTY PERCY FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Impact of Covid-19

Having an emergent and nimble approach, the Foundation was well positioned to be part of the initial cohort of funders to offer support. This provided relief whilst the larger and better funded organisations designed and rolled out their offers of assistance. The multiple wave approach allowed funding to flow to the individuals and organisations in greatest need during the different stages of the pandemic.

The Trustees can report that as at 31 March 2021 the Foundation had made grant payments totalling £1,535,000 in response to the Covid pandemic:

Trustees recognise that although these grants were catalysed or accelerated by the urgency of Covid19, many are working to address systemic and structural barriers that are always present. Our hope is that the positive impacts of these grants will be felt well beyond the pandemic.

Page 6

THIRTY PERCY FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Breakdown of our portfolio, by Fund:

Breakdown of our portfolio, by Fund:
FUND VALUE -
£
Place-based Fund
The Rewild Project 21,490
Create Gloucestershire 100,000
Farming and Wildlife Advisory Group 170,000
Together in Matson 63,752
Lydney Hub 25,000
The Long Table 112,920
Gloucestershire Community Foundation 100,000
Barnwood Trust 200,000
The Music Works 99,500
Land Workers Alliance 78,750
Gloucestershire Wildlife Trust 31,200
Creative Sustainability CIC 35,000
Gloucestershire Gateway Trust-Hotspots Network project 88,333
The Friendship Cafe 74,000
Systems Fund
The Foundation for Social Entrepreneurs 197,500
Grantham Research Institute on Climate Change and the Environment 75,000
Peers for the Planet 50,000
Cambridge University & Research Assistant-Centre for the Study of Existential Risk 119,000
Land Workers Alliance 100,000
B Lab Europe 5,000
Doughnut Economics Action Lab CIC 262,352
Civic Square Birmingham-Rapid Response Covid-19 50,000
New Economy Organisers Network 15,000
The A Team Foundation 200,000
The Gaia Foundation 100,000
Ecological Land Collective 75,000
FarmED 250,000
Resourcing Racial Justice 500,000
Agro-Ecology Fund 100,000
Avon Mutual 200,000
Vaska Atta-Darkua 16,500
Leaders Fund
Climate Alliance CIC 21,000
Doughnut Economics Action Lab CIC 30,000
Jake Hayman 30,000
The Grace Network 30,000
Immy Kaur 15,000
Jyoti Fernandes 30,000
Rabiah Abdullah 15,000
Jo Musker-Sherwood 30,000
Khady Gueye 15,000
Sebastian Ordonez Munoz 30,000
Deirdre Woods 30,000
Amahra Spence 15,000

Page 7

THIRTY PERCY FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Discretionary Fund
The Maggie Keswick Jencks Cancer Caring Centres Trust 550,000
Redthread Youth Limited 100,000
British Red Cross 100,000
Hospitality Action 7,663
London Renters Union 3,000
Winchcombe Town Trust 26,152
Birthrights 50,000
Menopause Support 50,000
Cheltenham Festivals 100,000
Donations
Sufra–SW London 1,000
West Midlands Artists Coronavirus Emergency Fund 2,500
Total value paid in the year 4,796,612
CAPITAL FUND VALUE- £
Schneider Electric SE 77,639
Sporton International Inc 65,613
Adidas AG 56,734
Medtronic PLC 64,237
BillerudKorsnas AB 58,689
Bruker Corp 69,907
Infineon Technologies AG 118,986
Nokia Oyj 59,121
Greatview Aseptic Packaging Co Ltd 61,345
Horiba Ltd 73,149
Bingo Industries Ltd 86,119
ROCKWOOL International A/S 92,495
Renewables Infrastructure Group Ltd 59,475
Enel SpA 88,978
TechnoPro Holdings Inc 54,074
Trimble Inc 90,211
Cerner Corp 85,950
Roche Holding AG 65,865
IP Group PLC 99,360
Hannon ArmstrongSustainable Infrastructure Capital Inc 66,015
JLEN Environmental Assets Group Ltd 43,734
EdenTree Responsible And Sustainable SterlingBond F 1,944,268
NXP Semiconductors NV 96,309
Bioventix PLC 61,500
Prysmian SpA 82,618
Sekisui Jushi Corp 60,463
Valmont Industries Inc 106,802
Chroma ATE Inc 56,850
Cisco Systems Inc/Delaware 71,197
Greencoat Renewables PLC 43,854
Verra Mobility Corp 68,645
Husqvarna AB 73,109
DS Smith PLC 101,900

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THIRTY PERCY FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Biffa PLC 100,016
Autodesk Inc 75,304
Cambi ASA 116,612
Welbe Inc 69,561
Borregaard ASA 99,889
Mohawk Industries Inc 83,631
Paylocity Holding Corp 42,752
Boston Scientific Corp 76,504
Federal Signal Corp 82,242
Telefonaktiebolaget LM Ericsson 67,505
Vow ASA 56,294
AcadeMedia AB 23,865
Everbridge Inc 70,230
SSE PLC 59,946
Mueller Water Products Inc 86,912
Koninklijke DSM NV 55,911
Johnson Matthey PLC 46,686
Xylem Inc/NY 72,436
National Grid PLC 60,117
PayPal Holdings Inc 154,178
Autoliv Inc 60,230
salesforce.com Inc 87,584
Aptiv PLC 75,167
Cash held for reinvestment 242,232
Total value of Capital Fund 6,271,015

Financial review

Charitable activities expenditure of £5,583,148 (2020: £2,871,504) include grants and donations paid totalling £4,796,612 (2020: £2,389,500), £555,138 (2020: £375,126) of support costs and £231,398 (2020: £106,878) of purpose related and enabling costs. The net movement in funds for the year was £1,221,580 (2020: £1,427,006) and the value of unrestricted funds as at 31 March 2021 was £8,368,256 (2020: £7,146,676). The statement of financial activities for the year ended 31 March 2021 is set out on page 16 of the financial statements.

Social investments

The Foundation supports social investments through its partnership with The Foundation for Social Entrepreneurs ("UnLtd"). As part of this partnership, the Foundation invests by way of grant funding UnLtd towards their Thrive programme, which is a social accelerator helping ambitious social ventures to scale. In addition to grant funding, the Foundation will invest by way of a repayable grant up to £500,000 in UnLtd to operate an “evergreen” social investment fund to support further the social ventures. In the year, the Foundation made grant payments totalling £197,500 (2020: £140,000) to The Foundation for Social Entrepreneurs. This consisted of £70,000 towards the costs of the Thrive programme and £127,500 of Covid support grant funding which UnLtd passed in full to Social Entrepreneurs. Thirty Percy did not contribute any further funds into the Evergreen Investment Fund in the current or prior year.

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THIRTY PERCY FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Fundraising

The Foundation has not undertaken any fundraising activities during the year or prior period. The Foundation occasionally accepts grant funding from purpose aligned organisations who approach Thirty Percy.

Plans for future periods

Thirty Percy continues to develop its thoughts and plans for the future. It reviews and iterates its strategic framework and processes on a regular basis. We continue to focus on our organisational design, and developing our process, skills and principles as a team. In terms of our strategic development, we continue to pursue a number of enquiry spaces including: the future of food and land use, finance and the just transition, climate justice and the emergent needs of Gloucestershire – our first place-based project. This research will continue to inform our strategy going forwards. All of these workstreams will help build our pipeline of grants to contribute to our grants portfolio. As for our investment portfolio, we will continue to engage with our manager on designing the equities component of our portfolio. We have been working on an enquiry space into the future of investing, and this has seen us think more deeply about our investment policy and capital allocation more generally. Tangible outputs from this are in the process of being developed.

Principal risk and uncertainties

The Foundation is, in essence, an investment vehicle that allocates capital and engages with strategic partners. It is not an operating charity.

The principal operational risks to which Thirty Percy is exposed and seeks to manage include:

We also acknowledge the systemic risks posed by climate breakdown and biodiversity loss. We continue to keep under review our Trustee board's oversight and management of these risks. We note here in particular the findings of the Dasgupta Review and the Climate Change Committee latest reports on adaptation and mitigation.

Reserves

The Trustees have established a reserves policy to protect the Foundation and its long-term grants by providing time to adjust to changing financial circumstances. The Trustees have considered the Foundation’s requirements for reserves in light of the main risks to the Foundation, at its nascent stage of development. The Trustees considered that the most appropriate level of free reserves (funds not tied to fixed assets, designated and restricted funds) is £5 million. The balance of free reserves at the balance sheet date total £8.4million (2020: £7.1 million). As mentioned above our enquiry space into the future of investment will help support the Board and team to decide the purpose to which we allocate any excess reserves from time to time.

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THIRTY PERCY FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). The law applicable to charities in England and 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 Foundation and of the incoming resources and application of resources of the Foundation 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;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation’s transactio ns, disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Foundation’s constitution. They are also responsible for safeguarding the assets of the Foundation and take reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees, on and signed on their behalf by: 29th June 2021

Anne Louisa Philip Mann, Chair

Page 11

THIRTY PERCY FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THIRTY PERCY FOUNDATION

Opinion

We have audited the financial statements of Thirty Percy Foundation ('the charity') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of 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:

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 United Kingdom, including the Financial Reporting Council'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 Trustees are responsible for the other information. The other information comprises the information included in the Annual 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 we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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.

Page 12

THIRTY PERCY FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THIRTY PERCY FOUNDATION (CONTINUED)

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the 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 the Act and relevant regulations made or having effect thereunder.

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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud.

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.

We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

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THIRTY PERCY FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THIRTY PERCY FOUNDATION (CONTINUED)

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within income recognition and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Board of Trustees about their own identification and assessment of the risks of irregularities, designing and performing audit procedures for grant income, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

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THIRTY PERCY FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THIRTY PERCY FOUNDATION (CONTINUED)

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 its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP 4th Floor St James House St James Square Cheltenham, GL50 3PR

Date: 9 July 2021

Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 15

THIRTY PERCY FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations
2
Investments
3
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net (expenditure)/income before net gains/(losses)
on investments
Net gains/(losses)on investments
9
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
5,184,130
113,188
5,297,318
5,583,148
5,583,148
(285,830)
1,507,410
1,221,580
7,146,676
1,221,580
8,368,256		 Total
funds
2021
£
5,184,130
113,188
5,297,318
5,583,148
5,583,148
(285,830)
1,507,410
1,221,580
7,146,676
1,221,580
8,368,256		 Total
funds
2020
£
4,664,881
94,405
4,759,286
2,871,504
2,871,504
1,887,782
(460,776)
1,427,006
5,719,670
1,427,006
7,146,676

The notes on pages 19 to 33 form part of these financial statements.

Page 16

THIRTY PERCY FOUNDATION

BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current assets
Total net assets
Charity funds
Unrestricted funds
13
Total funds		 9,456
2,127,515
2,136,971
(39,730)		 2021
£
6,271,015
6,271,015
2,097,241
8,368,256
8,368,256
8,368,256		 5,873
2,494,301
2,500,174
(33,917)		 2020
£
4,680,419
4,680,419
2,466,257
7,146,676
7,146,676
7,146,676

The financial statements were approved and authorised for issue by the Trustees on 29th June 2021 and signed on their behalf by:

Anne Louisa Philip Mann Chair

The notes on pages 19 to 33 form part of these financial statements.

Page 17

THIRTY PERCY FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Note
Cash flows from operating activities
Net cash from operating activities
14
Cash flows from investing activities
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
Increase/(decrease) in cash held for re-investment
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
15		 2021
£
(396,788)
113,188
649,776
(1,126,084)
393,122
30,002
(366,786)
2,494,301
2,127,515		 2020
£
1,761,954
94,405
4,030,152
(3,499,607)
(635,355)
(10,405)
1,751,549
742,752
2,494,301

The notes on pages 19 to 33 form part of these financial statements

Page 18

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies

1.1 Charity status

Thirty Percy Foundation is a Charitable Incorporated Organisation registered in England and Wales with the Charity Commission (no: 1177514). Its registered office address is 30 Percy Street, London, W1T 2DB.

1.2 Basis of preparation of financial statements

These 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 United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Thirty Percy Foundation constitutes 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.

All funds in both the current year and prior year are unrestricted.

1.3 Going Concern

Despite the current circumstances the Trustees have a reasonable expectation that the Charity has adequate resources to continue its activities for the foreseeable future and that there are no material uncertainties about the Charity's ability to continue. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

1.4 Income

Grant income is included in the Statement of Financial Activities when the Charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donated services and goods have been recognised at their fair value to the Charity at the point of donation. These have been included in income and expenditure during the year.

Investment income is included in the year in which it is receivable.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Expenditure on all grants is recognised once the Charity has made an unconditional commitment to pay the grant and this is communicated to the beneficiary.

Page 19

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.5 Expenditure (continued)

Support costs are those costs incurred directly in support of expenditure on the objects.

Purpose related costs are costs incurred by Thirty Percy in pursuit of wider impact/purpose (rather than being operational costs of running and developing our team and processes). For example this could be where we have agreed to directly incur and pay for costs on behalf of a project, rather than fund a grant or where we are resourcing a learning event/space for the wider sector/movement.

Enabling costs relate to the operational costs of running and developing our team and processes; which includes costs relating to our own direct learning and development (as a team and individually), the design and development of our processes and systems and work undertaken to identify grant funding opportunities (such as paying for peoples time to join a focus group).

Governance costs include all costs involving the Trustees and the direction of the Charity and included within support costs.

All expenditure is inclusive of irrecoverable VAT.

1.6 Investments

Listed investments are revalued each year and included in the financial statements at their market value at the Balance Sheet date.

Non-listed investments (being the social investments held) are measured at historic cost less previous impairments and are reviewed annually for impairment.

1.7 Debtors

Accrued income is recognised at the settlement amount.

1.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Liabilities

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt.

1.10 Financial instruments

The Charity primarily has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 20

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.11 Taxation

Thirty Percy Foundation is a registered charity, and as such is entitled to taxation exemptions on all its income and gains properly applied for its charitable purposes.

1.12 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

1.13 Fund accounting

General funds are unrestricted funds which 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.

1.14 Critical accounting estimates and areas of judgement

Preparation of the financial statements requires management to make judgements and estimates. The Trustees consider that there are no material judgements made in applying accounting policies nor are there any key sources of estimation uncertainty.

2. Income from donations

Unrestricted
funds
2021
£
Donations
Grant from The Owl Trust
4,668,282
Grants from other organisations
448,298
Skagen Conscience Capital Limited - services in kind
67,550
5,184,130
Total 2020
4,664,881		 Total
funds
2021
£
4,668,282
448,298
67,550
5,184,130
4,664,881		 Total
funds
2020
£
4,585,714
-
79,167
4,664,881

Page 21

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

3. Investment income

Unrestricted
funds
2021
£
EdenTree investment income
111,001
Bank interest
2,187
113,188		 Total
funds
2021
£
111,001
2,187
113,188		 Total
funds
2020
£
83,429
10,976
94,405

4. Analysis of grants and donations

Grants were made to both institutions and individuals in the year. These have all been listed below. Grants to individuals included below totalled £226,500 (2020: £161,000) , with the remaining £4,567,612 (2020: £2,228,500) being grants to institutions.

Place-based fund
Cheltenham Festivals
Young Gloucestershire
The Rewild Project
Create Gloucestershire
Farming and Wildlife Advisory Group
Together in Matson
Lydney Hub
The Long Table
Gloucestershire Community Foundation
Barnwood Trust
The Music Works
Land Workers Alliance
Gloucestershire Wildlife Trust
Creative Sustainability CIC
Gloucestershire Gateway Trust/Hotspots Network project
The Friendship Cafe		 2021
£
-
-
21,490
100,000
170,000
63,752
25,000
112,920
100,000
200,000
99,500
78,750
31,200
35,000
88,333
74,000
1,199,945		 2020
£
125,000
2,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
127,000

Page 22

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

4. Analysis of grants and donations (continued)

Systems Fund
The Foundation for Social Entrepreneurs
Rothamstead Research
Client Earth
Planet Tracker
International Integrated Reporting Council
Nourish Scotland
Greenpeace UK
Grantham Research Institute on Climate Change and the Environment
Peers for the Planet
UCL Fellow & team- Co-ordinated Action
Cambridge University & Research Assistant - Centre for the Study of
Existential Risk
The Ecology Trust
The Soil Association
Land Workers' Alliance
Sustain: The Alliance for Better Food & Farming
B Lab Europe
Doughnut Economics Action Lab CIC
Civic Square Birmingham - Rapid Response Covid-19
New Economy Organisers Network
The A Team Foundation
The Gaia Foundation
Ecological Land Collective
FarmED
Resourcing Racial Justice
Agro-Ecology Fund
Avon Mutual
Vaska Atta-Darkua		 2021
£
197,500
-
-
-
-
-
-
75,000
50,000
-
119,000
-
-
100,000
-
5,000
262,352
50,000
15,000
200,000
100,000
75,000
250,000
500,000
100,000
200,000
16,500
2,315,352		 2020
£
140,000
147,500
50,000
100,000
50,000
45,000
45,000
75,000
100,000
50,000
113,000
50,000
50,000
10,000
150,000
-
-
-
-
-
-
-
-
-
-
-
-
1,175,500

Page 23

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

4. Analysis of grants and donations (continued)

Leaders Fund
Climate Alliance CIC
UCL Fellowship
Doughnut Economics Action Lab CIC
Jake Hayman
The Grace Network
Immy Kaur
Jyoti Fernandes
Rabiah Abdullah
Jo Musker-Sherwood
Khady Gueye
Sebastian Ordonez Munoz
Deirdre Woods
Amahra Spence		 2021
£
21,000
-
30,000
30,000
30,000
15,000
30,000
15,000
30,000
15,000
30,000
30,000
15,000
291,000		 2020
£
30,000
15,000
30,000
30,000
36,000
30,000
-
-
-
-
-
-
-
171,000

Page 24

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

4. Analysis of grants and donations (continued)

Discretionary Fund
The Maggie Keswick Jencks Cancer Caring Centres Trust
Redthread Youth Limited
British Red Cross
Roman Krznaric
European Climate Foundation
Hospitality Action
London Renters Union
Winchcombe Town Trust
Birthrights
Menopause Support
Cheltenham Festivals
Donations
Total		 2021
£
550,000
100,000
100,000
-
-
7,663
3,000
26,152
50,000
50,000
100,000
986,815
3,500
4,796,612		 2020
£
550,000
100,000
160,000
36,000
70,000
-
-
-
-
-
-
916,000
-
2,389,500

5. Analysis of expenditure on charitable activities

Grant making
Total 2020		 Activities
undertaken
directly
2021
£
231,398
106,878		 Grant and
donation
funding of
activities
2021
£
4,796,612
2,389,500		 Support
costs
2021
£
555,138
375,126		 Total
funds
2021
£
5,583,148
2,871,504		 Total
funds
2020
£
2,871,504

Page 25

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Analysis of expenditure on charitable activities (continued)

Analysis of direct costs

Purpose related costs
Enabling costs
Analysis of support costs
Staff costs
Other staff costs
Training and coaching
HR consultancy
Brand, website and communications
Computer costs
Office costs, memberships and subscriptions
Insurance
Travel, accommodation and subsistence
Trustees' fees and costs (please see note 8 for further
details)
Consultancy and advisory
Audit and accountancy
Legal and professional
Bank charges
Investment manager fees
Skagen Conscience Capital Limited - services in kind
Foreign Exchange (gains) and losses		 Grant
making
2021
£
212,333
19,065
231,398
Grant
making
2021
£
361,331
6,738
2,270
4,586
2,480
9,310
13,079
6,704
474
12,000
-
18,336
15,694
484
36,933
76,250
(11,531)
555,138		 Total
funds
2021
£
212,333
19,065
231,398
Total
funds
2021
£
361,331
6,738
2,270
4,586
2,480
9,310
13,079
6,704
474
12,000
-
18,336
15,694
484
36,933
76,250
(11,531)
555,138		 Total
funds
2020
£
70,406
36,472
106,878
Total
funds
2020
£
184,862
2,873
621
8,501
-
8,104
11,247
6,683
3,240
11,000
4,124
17,136
12,900
247
12,021
87,500
4,067
375,126

Page 26

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Governance costs included in support costs comprise:

Trustees' fees and costs
Auditor's fees		 2021
£
12,000
17,652
29,652		 2020
£
11,000
17,136
28,136

6. Auditor's remuneration (exclusive of VAT)

- The auditor's remuneration amounts to an auditor fee of £12,610 (2020 £12,240) , and preparation of financial statements of £2,100 ( 2020 - £2,040 ).

7. Staff costs

Wages and salaries
Social security costs
Pension costs		 2021
£
291,786
34,932
34,613
361,331		 2020
£
149,827
18,293
16,742
184,862

In addition to the staff costs disclosed above some additional costs similar in nature to staff costs were incurred by Skagen Conscience Capital Limited, a related party, for work on the Foundation's affairs throughout the year. The costs incurred have been included in the financial statements as part of the services in kind since they fell under the terms of a service agreement between the two entities.

The average number of persons employed by the Charity during the year was as follows:

2021 2020
No. No.
Employees 5 2

Page 27

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

7. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2021 2020
No. No.
In the band £70,001 - £80,000 1 1
In the band £100,001 - £110,000 1 -

Remuneration for the key management personnel (including employer NI and pension costs) totalled £226,812 (2020: £99,703) . The key management personnel are considered to be the Chief Executive Officer and the Director of Operations and Grants.

8. Trustees' remuneration and expenses

During the year, two Trustees were remunerated for their services in the period as permitted by the incorporation documents. The value of Trustees' remuneration was as follows and was paid in line with the signed service contracts:

2021 2020
£ £
Katharine Anne Hill Service contract 6,000 6,000
Derek Bardowell Service contract 6,000 5,000

During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £nil) .

Page 28

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

9. Fixed asset investments

Valuation
At 1 April 2020
Additions
Disposals
Gains
Movement on cash held for reinvestment
At 31 March 2021
Impairment
At 1 April 2020
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Listed
investments
£
4,680,419
1,126,084
(649,776)
1,507,410
(393,122)
6,271,015
-
-
6,271,015
4,680,419		 Other fixed
asset
investments
£
250,000
-
-
-
-
250,000
250,000
250,000
-
-		 Total
£
4,930,419
1,126,084
(649,776)
1,507,410
(393,122)
6,521,015
250,000
250,000
6,271,015
4,680,419

Social investments represent the funding arrangement with The Foundation for Social Entrepreneurs in return for them using the funds to create a pool of evergreen patient capital (the "Evergreen lnvestment Fund"). The Evergreen lnvestment Fund provides eligible social entrepreneurs the opportunity to apply for up to £50,000 of repayable patient capital in the form of debt or equity. The Trustees consider it prudent to fully impair the investment due to the nature of the arrangement and uncertainty around its recoverability.

lncluded within listed investments is a balance of cash held for reinvestment of £242,232 (2020: £635,354). The lower cash position reflects the natural movement of the funds being invested over a prudent time period.

Page 29

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Debtors

Prepayments and accrued income 2021
£
9,456
9,456		 2020
£
5,873
5,873

11. Creditors: Amounts falling due within one year

Trade creditors
Pension creditor
Accruals and deferred income		 2021
£
-
4,176
35,554
39,730		 2020
£
5,315
-
28,602
33,917

12. Financial instruments

2021 2020
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 6,028,782 4,045,065

Financial assets measured at fair value through income and expenditure comprise listed investments.

Page 30

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

13. Statement of funds

Current year

Unrestricted funds
General Funds
Prior year
Unrestricted funds
General Funds		 Balance at 1
April 2020
£
7,146,676
Balance at
1 April 2019
£
5,719,670		 Income
£
5,297,318
Income
£
4,759,286		 Expenditure
£
(5,583,148)
Expenditure
£
(2,871,504)		 Investment
gains
£
1,507,410
Investment
(losses)
£
(460,776)		 Balance at
31 March
2021
£
8,368,256
Balance at
31 March
2020
£
7,146,676

14. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
(Gains)/losses on investments
Dividends and interest from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities		 2021
£
1,221,580
(1,507,410)
(113,188)
(3,583)
5,813
(396,788)		 2020
£
1,427,006
460,776
(94,405)
26,837
(58,260)
1,761,954

Page 31

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. Analysis of cash and cash equivalents

Cash at bank
Total cash and cash equivalents		 2021
£
2,127,515
2,127,515		 2020
£
2,494,301
2,494,301

16. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2020
£
2,494,301
2,494,301		 Cash flows
£
(366,786)
(366,786)		 At 31 March
2021
£
2,127,515
2,127,515

17. Grants payable in future periods

At the Balance Sheet date, the Foundation had future grant payments falling due under signed grant agreements as follows:

Place-based Fund
Systems Fund
Discretionary Fund
Leaders Fund
Total payable		 2021
£
1,847,000
1,964,000
2,356,000
300,000
6,467,000		 2020
£
100,000
1,166,000
2,550,000
165,000
3,981,000

Future grant payments are contingent upon the satisfactory compliance with the terms contained in the grant agreement and as a result are not recognised as a liability in the Balance Sheet. The grant payments fall due in various stages extending to August 2024.

Page 32

THIRTY PERCY FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

18. Pension commitments

The Foundation operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £34,613 (2020: £16,742 ). There were amounts outstanding at the year end of £4,176 (2020: £nil).

19. Related party transactions

Mark Philip-Sorensen, a Trustee, is also a Trustee of Cheltenham Festivals. During the year, the Foundation entered into a new grant agreement which provides Cheltenham Festivals with £220,000 of funding (2020: a new £25,000 grant agreement was signed). During the year £100,000 was paid to Cheltenham Festivals under the signed grant agreements (2020: £125,000). As at 31 March 2021, a further £220,000 of grant payments is contingent on the conditions of the grant agreement being met (2020: £100,000).

Anne Louisa Philip Mann, a Trustee, was also a Trustee of Redthread Youth Limited up to the 27 May 2020 (resigned from the Trustee role at Redthread Youth Limited). In the financial year ending 31 March 2018 the Foundation signed a £300,000 grant agreement with Redthread Youth Limited of which £100,000 was paid in the current year (2020: £100,000). As at 31 March 2021, a further £100,000 grant payment is contingent on the conditions of the grant agreement being met (2020: £200,000).

Katharine Anne Hill, a Trustee, is also a director of B Lab Europe. During the year the Foundation entered into and paid in full a new £5,000 grant agreement with B Lab Europe. No grants were signed or paid to B Lab Europe in the prior year. There were no contingent grant payments outstanding as at 31 March 2021 or 31 March 2020.

Mark Philip-Sorensen and Anne Louisa Philip Mann, who are both Trustees of the Foundation, are also Directors of Skagen Conscience Capital Limited. During the year, Skagen Conscience Capital Limited provided services to the Foundation totalling £76,250 (2020: £87,500) of which £67,550 was considered a donation in kind (2020: £79,167) and the balance of £8,700 (2020: £8,333) was paid in full by the balance sheet date. The services provided related to staff time and expertise in the core administration of the Foundation.

Page 33