Charity number: 1177514
THIRTY PERCY FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
THIRTY PERCY FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 10 |
| Independent auditor's report on the financial statements | 11 - 14 |
| Statement of Financial Activities | 15 |
| Balance sheet | 16 |
| Statement of cash flows | 17 |
| Notes to the financial statements | 18 - 31 |
THIRTY PERCY FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
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 Fourth Floor St James House St James Square Cheltenham GL50 3PR Solicitors Farrer & Co LLP 66 Lincoln's Inn Fields Holborn London WC2A 3LH Investment Managers EdenTree Investment Management Limited 24 Monument Street London EC3R 8AJ
Page 1
THIRTY PERCY FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2022
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 2022. 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.
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 £102,938 (2021: £76,250) and are recognised in support costs. The service costs were settled by a cash payment of £4,800 (2021: £8,700) and a donation in kind of £98,138 (2021: £67,550).
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
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THIRTY PERCY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
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:
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To promote sustainable development for the benefit of the public by:
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The preservation, conservation and the protection of the environment and the prudent use of resources;
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The relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities;
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The promotion of sustainable means of achieving economic growth and regeneration.
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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.
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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”.
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.
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THIRTY PERCY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Grant Portfolio
Our grants portfolio delivers on our purpose through investments made through 4 inter-connected funds:
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Place-based Fund - Place is important as a source of innovative, collaborative, low-resource solutions. We provide flexible 1-3 years grants.
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Systems Fund - Focusing on different leverage points, where small shifts can produce big change. We provide a mix of longer-term core funding and rapid response funding in relation to specific opportunities.
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Change-maker Fund (Previously known as the ‘Leaders Fund’) - Resourcing visionary people with disruptive ideas. We provide funding to leaders for two years to amplify their work.
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Discretionary Fund - Creating space for individual visions, and resourcing organisations that build towards them. Deliberately flexible, based on individual (Trustee/team) discretion.
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’.
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.
Since inception
Thirty Percy 11.6% Composite benchmark 21.0% CPI+3.5% 12.8%
The Trustees note that the above numbers are taken during a snapshot in time (as at 31 March 2022) during volatile markets. Overall, the portfolio posted a negative return of 6.5% in the 12 months ending 31 March 2022, which put us just below our target total return since inception.
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 the transition to a post-carbon world, values our natural environment and progresses equity.
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THIRTY PERCY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance
This accounting period covers our fourth year of operation (and our third fully operational). We are trialling methods of sensemaking and collaboration to understand better 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.
Breakdown of our portfolio, by Fund:
| Value | |
|---|---|
| GRANT FUND | £ |
| Place-based Fund | |
| YoungGloucestershire | 20,000 |
| The Rewild Project | 62,910 |
| Create Gloucestershire | 100,000 |
| Farmingand Wildlife AdvisoryGroup | 130,000 |
| Together in Matson | 63,752 |
| The LongTable | 30,000 |
| The Music Works | 124,484 |
| Land Workers' Alliance | 157,500 |
| Gloucestershire Wildlife Trust | 31,200 |
| Creative SustainabilityCIC | 35,000 |
| Gloucestershire GatewayTrust | 110,833 |
| Total Place-based Fund | 865,679 |
| Systems Fund | |
| Prism | 134,341 |
| Global Legal Action Network(GLAN) | 5,000 |
| International Lawyers Project | 5,000 |
| Dark Matter Laboratories Ltd | 198,680 |
| Climate-KIC HoldingB.V. | 15,120 |
| Peers for the Planet | 150,000 |
| Land Workers' Alliance | 110,000 |
| Sustain: The Alliance For Better Food & Farming | 300,000 |
| Doughnut Economics Action Lab CIC | 129,032 |
| Civic Square Birmingham | 118,520 |
| The Gaia Foundation | 115,000 |
| Ecological Land Cooperative | 75,000 |
| FarmED | 100,000 |
| Total Systems Fund | 1,455,693 |
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THIRTY PERCY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance (continued)
Breakdown of our portfolio, by Fund:
| Breakdown of our portfolio, by Fund: | |
|---|---|
| Change-maker Fund | |
| Grant to individual | 15,000 |
| Grant to individual | 40,000 |
| Grant to individual | 30,000 |
| Grant to individual | 15,000 |
| Grant to individual | 30,000 |
| Grant to individual | 30,000 |
| Grant to individual | 15,000 |
| Grant to individual | 30,000 |
| Grant to individual | 30,000 |
| Grant to individual | 15,000 |
| Grant to individual | 30,000 |
| Grant to individual | 15,000 |
| Total Change-maker Fund | 295,000 |
| Discretionary Fund | |
| The Maggie Keswick Jencks Cancer CaringCentres Trust | 600,000 |
| Redthread Youth Limited | 100,000 |
| Birthrights | 50,000 |
| Menopause Support | 50,000 |
| Cheltenham Festivals | 160,000 |
| Total Discretionary Fund | 960,000 |
| Donations | 1,000 |
| Total value of grants and donations paid inthe year | 3,577,372 |
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THIRTY PERCY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance (continued)
Breakdown of our portfolio, by Fund:
| Breakdown of our portfolio, by Fund: | |
|---|---|
| Value | |
| CAPITAL FUND | £ |
| Trimble Inc | 76,707 |
| CernerCorp | 49,386 |
| Roche HoldingAG | 84,683 |
| Renewables Infrastructure GroupLtd/The | 65,920 |
| Enel SpA | 92,301 |
| TechnoPro Holdings Inc | 81,266 |
| EdenTree Responsible and Sustainable SterlingBond Fund | 1,863,356 |
| Nokia Oyj | 85,654 |
| Greatview Aseptic PackagingCo Ltd | 36,607 |
| Horiba Ltd | 71,166 |
| Avient Corp | 80,187 |
| Bruker Corp | 48,836 |
| Infineon Technologies AG | 67,145 |
| PayPal Holdings Inc | 87,829 |
| Autoliv Inc | 52,869 |
| salesforce.com Inc | 91,934 |
| Mapfre SA | 80,281 |
| Aptiv PLC | 68,196 |
| Sensata Technologies HoldingPLC | 95,876 |
| Advanced Drainage Systems Inc | 72,189 |
| Xylem Inc/NY | 64,633 |
| Exact Sciences Corp | 31,863 |
| Vow ASA | 48,699 |
| AcadeMedia AB | 14,747 |
| Everbridge Inc | 31,812 |
| Mohawk Industries Inc | 47,188 |
| Hartford Financial Services GroupInc/The | 76,377 |
| PaylocityHolding Corp | 46,502 |
| Autodesk Inc | 82,970 |
| Cambi ASA | 47,252 |
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THIRTY PERCY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance (continued)
Breakdown of our portfolio, by Fund:
| Breakdown of our portfolio, by Fund: | |
|---|---|
| Value | |
| CAPITAL FUND(continued) | £ |
| Welbe Inc | 45,467 |
| Borregaard ASA | 68,168 |
| DS Smith PLC | 77,256 |
| Biffa PLC | 84,987 |
| Husqvarna AB | 56,283 |
| Teladoc Health Inc | 54,745 |
| Chroma ATE Inc | 35,925 |
| Greencoat Renewables PLC | 75,772 |
| Verra MobilityCorp | 101,821 |
| Nordic Paper HoldingAB | 47,849 |
| NXP Semiconductors NV | 60,409 |
| Prysmian SpA | 100,663 |
| Sekisui Jushi Corp | 48,678 |
| Valmont IndustriesInc | 89,706 |
| IP GroupPLC | 74,534 |
| Hannon ArmstrongSustainable Infrastructure Capital Inc | 103,436 |
| JLEN Environmental Assets GroupLtd Foresight GroupHoldings | 44,364 |
| Schneider Electric SE | 106,082 |
| Sporton International Inc | 66,188 |
| adidas AG | 77,931 |
| Medtronic PLC | 96,889 |
| BillerudKorsnas AB | 77,015 |
| SSE PLC | 96,517 |
| Koninklijke Philips NV | 78,502 |
| Mueller Water Products Inc | 89,551 |
| Koninklijke DSM NV | 79,647 |
| Vow Green Metals AS | 7,162 |
| Boston Scientific Corp | 68,320 |
| Federal Signal Corp | 73,173 |
| Cash held for reinvestment | 54,237 |
| Total value of Capital Fund | 5,885,708 |
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THIRTY PERCY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Financial review
Charitable activities expenditure of £4,474,993 (2021: £5,583,148) include grants and donations paid totalling £3,577,372 (2021: £4,796,612), £709,259 (2021: £555,138) of support costs and £188,362 (2021: £231,398) of purpose related and enabling costs. The net movement in funds for the year was £160,773 (2021: £1,221,580) and the value of unrestricted funds as at 31 March 2022 was £8,529,029 (2021: £8,368,256). The statement of financial activities for the year ended 31 March 2022 is set out on page 15 of the financial statements.
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 to co-fund with us.
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 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:
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Misallocation of capital (mitigated by due diligence processes);
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Decline or total loss in income from The Owl Trust (mitigated by our reserves policy and management of our free reserves);
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Loss of key staff (favourable remuneration package, and a purpose and value led approach to organisational design);
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Reputational damage (by looking to understand and adopt best practice, wherever feasible);
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Loss of confidential information (by using secure platforms, and having strict HR protocols); and
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Fraudulent activity; (through multilevel approvals and verification processes for any transfer of funds).
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.
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. 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 £8.5million (2021: £8.4 million). As mentioned above our enquiry space into the future of investment will help support the Board and team to decide how the reserves are held and the purpose to which any excess reserves are put, from time to time.
Page 9
ThIRTY PERCY FOUNDATION TRUSTEES, REPORT {coKnNUEDI FOR THE YEAR ENDED 31 MARCH 2022 Statement ol Truste¢¥' resp)nsibilÉties The Tnjstees are resp)nsible for preparing the Trustees. Annual Report and thè f¢nanaal statements in aGcotdance wth applKable la%V and Unrted Ktngdom Geneialty Accepted A(wunting praCte Iunitgd Kingdom Accoynting Standards). The law applicab to charities in England and Wales requires the Trustees to prepare financial statemenls lor each financial year which 9Ne a tnje and fair vie¢4 ol the state ol allaifs ol the Foundaknon and of the incoming rèsources and applicatron of resources of the Foundats"on for that PeriCMI. In preparing IW financial s18tements, the Tnjslees are requireo b).. Thè Trustèès atè TÈSKK)nSible for prèparing thè Trustees. Annual Rew>rt and the financial statements in Cooldan wrth app1Kae 18•V and Unrt¢d Kingdom Gefier¥lty Afxepted Acrounting Practice (United Kingdom AuntIng Standardsl. The law appric8b lo charitses in England and wal requires the Trustees to prepare finaftci81 ststements for each financ£al year whith gNe a tnje and fair of the state of affaifs of the FoundatKJn and of the incoming res¢)ur$ and appl¢calK)n of resources of the Foundalign br that perigy. In prsparing those financigl S•m•ts, the Trust085 awe to.. select suiiable accounling pr1cleS and then apY them eon5SStntty: observe the methLKIs and prinoples in the chare$ SORP.. make judgmènts and estimatès that are feasonable and prudgnt, stsle whether appIable acLounting standards have been folluwed. subject to any material departures Iscbsed and explained In the financial statements., prepare the finanual statements ort thè goiftg tancém tésis Un$8 rt ss iriapprcpriate to yesume that the charity WAI continue in business. The Trustees are reswynsible ts keep5ng adequate cOUnting wxds th a suffitient to sh04V and èxplain the Foundion's transath'ons, dBdose with reasonab acojracy at any line the financial p05ttTron of the Foundation and Ènable them to ensure that the financsal statements comply wth the ChariiÈs Act 2011. the Charities (Accounts and ReFKJrt81 Re9vlatN)fis 2008 and the provi&ons ot the Foundabon's constthJtK)n. Thèy are also spOnSible lor safeguardin9 the assets of the Fwndation and tske wsonable stepsfof the prevention and delectitsn of fraud and other irregularib"¢s. ApwDved ty or(f of the rnembers of the tx)ard of TNstees on 6 JJ Q2 8nd Sgnéd OTh their bèhalf by Annè Loutsa Philip IAann Icha of Trusteesl Page 10
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 2022 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:
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give a true and fair view of the state of the Charity's affairs as at 31 March 2022 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
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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:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient and proper accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the 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, sample testing on income and 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.
Page 13
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 Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR
Date: 15 July 2022
Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 14
THIRTY PERCY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note 2 3 5 9 Income from: Donations Investments Total income Expenditure on: Charitable activities Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward 13 |
Unrestricted funds 2022 £ 4,973,462 124,129 5,097,591 4,474,993 4,474,993 622,598 (461,825) 160,773 8,368,256 160,773 8,529,029 |
Total funds 2022 £ 4,973,462 124,129 5,097,591 4,474,993 4,474,993 622,598 (461,825) 160,773 8,368,256 160,773 8,529,029 |
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 |
|---|---|---|---|
The notes on pages 18 to 31 form part of these financial statements.
Page 15
ThIRTY PERCY FOUNDAlloN BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Flxed ass•ts Investrnents 5.8BS.708 6.271.015 &885.708 6.271.015 Debtors Cash at bank ano in hand 10 11.792 1677.736 9,456 2.127,515 2.689.528 2, 136.9T1 credrt am¢yJnts frdlling dLE *ithin ( year 14620n (39, 730) 2.643.321 2,097,241 Total net a881ty 8&29.029 8,368.256 Charity funds unrestn.cted fijnds 13 8529.029 8.368.256 Totsl fvnds 8,529,029 8.368.2 The financial stslements We autFwytsed for issue the Trustees 6 July 2022 and sp3ned on their behalf by. Anne Louisa Phlllp Mann Chair of Truste The notes on pages 18 to 31 fm part crfthese ftt)anci4 #atements. Pa 16
THIRTY PERCY FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
| Note 14 15 Cash flows from operating activities Net cash from operating activities Cash flows from investing activities Dividends and interest from investments Proceeds from sale of investments Purchase of investments Increase in cash held for re-investment Net cash provided by 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 |
2022 £ 502,610 124,129 1,158,637 (1,423,148) 187,993 47,611 550,221 2,127,515 2,677,736 |
2021 £ (396,788) 113,188 649,776 (1,126,084) 393,122 30,002 (366,786) 2,494,301 2,127,515 |
|---|---|---|
The notes on pages 18 to 31 form part of these financial statements
Page 17
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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
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 18
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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 19
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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 2022 £ Donations Grant from The Owl Trust 4,696,292 Grants from other organisations 179,032 Skagen Conscience Capital Limited - services in kind 98,138 4,973,462 Total 2021 5,184,130 |
Total funds 2022 £ 4,696,292 179,032 98,138 4,973,462 5,184,130 |
Total funds 2021 £ 4,668,282 448,298 67,550 |
|---|---|---|
| 5,184,130 | ||
Page 20
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
3. Investment income
| Unrestricted funds 2022 £ EdenTree investment income 124,046 Bank interest 83 124,129 |
Total funds 2022 £ 124,046 83 124,129 |
Total funds 2021 £ 111,001 2,187 |
|---|---|---|
| 113,188 |
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 £295,000 (2021: £226,500), with the remaining £3,281,372 (2021: £4,566,612) being grants to institutions.
| Placed-based fund Young Gloucestershire The Rewild Project Create Gloucestershire Farming and Wildlife Advisory Group Together in Matson The Long Table The Music Works Land Workers' Alliance Gloucestershire Wildlife Trust Creative Sustainability CIC Gloucestershire Gateway Trust The Friendship Cafe Lydney Hub Gloucestershire Community Foundation Barnwood Trust |
2022 £ 20,000 62,910 100,000 130,000 63,752 30,000 124,484 157,500 31,200 35,000 110,833 - - - - 865,679 |
2021 £ - 21,490 100,000 170,000 63,752 112,920 99,500 78,750 31,200 35,000 88,333 74,000 25,000 100,000 200,000 |
|---|---|---|
| 1,199,945 |
Page 21
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
4. Analysis of grants and donations (continued)
| Systems Fund Prism Global Legal Action Network (GLAN) International Lawyers Project Dark Matter Laboratories Climate-KIC Holding B.V. Peers for the Planet Land Workers' Alliance Sustain : The Alliance for Better Food & Farming Doughnut Economics Action Lab CIC Civic Square Birmingham The Gaia Foundation Ecological Land Cooperative FarmED The Foundation for Social Entrepreneurs Grantham Research Institute on Climate Change and the Environment Cambridge University & Research Assistant - Centre for the Study of Existential Risk Civic Square Birmingham - Rapid Response Covid-19 B Lab Europe New Economy Organisers Network The A Team Foundation Resourcing Racial Justice Agro-Ecology Fund Avon Mutual Vaska Atta-Darkua |
2022 £ 134,341 5,000 5,000 198,680 15,120 150,000 110,000 300,000 129,032 118,520 115,000 75,000 100,000 - - - - - - - - - - - 1,455,693 |
2021 £ - - - - - 50,000 100,000 - 262,352 - 100,000 75,000 250,000 197,500 75,000 119,000 50,000 5,000 15,000 200,000 500,000 100,000 200,000 16,500 |
|---|---|---|
| 2,315,352 |
Page 22
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
4. Analysis of grants and donations (continued)
| Change-maker Fund Grant to individual Grant to individual Grant to individual Grant to individual Grant to individual Grant to individual Grant to individual Grant to individual Grant to individual Grant to individual Grant to individual Grant to individual Climate Alliance CIC Doughnut Economics Action Lab CIC Grant to individual The Grace Network |
2022 £ 15,000 40,000 30,000 15,000 30,000 30,000 15,000 30,000 30,000 15,000 30,000 15,000 - - - - 295,000 |
2021 £ - 15,000 30,000 15,000 30,000 15,000 30,000 30,000 15,000 - - - 21,000 30,000 30,000 30,000 |
|---|---|---|
| 291,000 |
Page 23
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
4. Analysis of grants and donations (continued)
| Discretionary Fund The Maggie Keswick Jencks Cancer Caring Centres Trust Redthread Youth Limited Birthrights Menopause Support Cheltenham Festivals British Red Cross Hospitality Action London Renters Union Winchcombe Town Trust Donations Total |
2022 £ 600,000 100,000 50,000 50,000 160,000 - - - - 960,000 1,000 3,577,372 |
2021 £ 550,000 100,000 50,000 50,000 100,000 100,000 7,663 3,000 26,152 |
|---|---|---|
| 986,815 | ||
| 3,500 | ||
| 4,796,612 |
5. Analysis of expenditure on charitable activities
| Grant making Total 2021 |
Activities undertaken directly 2022 £ 188,362 231,398 |
Grant and donation funding of activities 2022 £ 3,577,372 4,796,612 |
Support costs 2022 £ 709,259 555,138 |
Total funds 2022 £ 4,474,993 5,583,148 |
Total funds 2021 £ 5,583,148 |
|---|---|---|---|---|---|
Page 24
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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, coaching and subscriptions HR consultancy Brand, website and communications Computer costs General office costs Insurance Travel, accommodation and subsistence Trustees' fees and costs (please see note 8 for further details) Audit and accountancy Legal and professional Bank charges Investment manager fees Investment consultancy and advisory Skagen Conscience Capital Limited - services in kind Foreign Exchange (gains) and losses |
Grant making 2022 £ 170,462 17,900 188,362 Grant making 2022 £ 450,726 6,594 13,184 - 12,204 2,529 4,200 7,702 8,491 12,069 18,184 20,220 486 46,727 4,980 102,938 (1,975) 709,259 |
Total funds 2022 £ 170,462 17,900 188,362 Total funds 2022 £ 450,726 6,594 13,184 - 12,204 2,529 4,200 7,702 8,491 12,069 18,184 20,220 486 46,727 4,980 102,938 (1,975) 709,259 |
Total funds 2021 £ 212,333 19,065 231,398 Total funds 2021 £ 361,331 6,738 14,136 4,586 2,000 9,310 1,213 6,704 474 12,480 18,336 15,694 484 36,933 - 76,250 (11,531) 555,138 |
|---|---|---|---|
Page 25
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Governance costs included in support costs comprise:
| Trustees' fees and costs Auditor's fees |
2022 £ 12,069 18,534 30,603 |
2021 £ 12,000 17,652 |
|---|---|---|
| 29,652 |
6. Auditor's remuneration (exclusive of VAT)
- The auditor's remuneration amounts to an auditor fee of £13,240 (2021 £12,610) , and preparation of financial statements of £2,205 ( 2021 - £2,100 ).
7. Staff costs
| Wages and salaries Social security costs Pension costs |
2022 £ 362,948 42,320 45,458 450,726 |
2021 £ 291,786 34,932 34,613 |
|---|---|---|
| 361,331 |
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:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Employees | 7 | 5 |
Page 26
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7. Staff costs (continued)
The number of employees whose employee benefits (excluding employer NI and pension costs) exceeded £60,000 was:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| In the band £70,001 - £80,000 | - | 1 |
| In the band £80,001 - £90,000 | 1 | - |
| In the band £100,001 - £110,000 | 1 | 1 |
Remuneration for the key management personnel (including employer NI and pension costs) totalled £243,914 (2021: £226,812) . 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. Both Katherine Anne Hill and Derek Bardowl received £6,000 each, £12,000 in total and was paid in line with the signed service contracts (2021 - £12,000) .
During the year, £69 of Trustee expenses for one Trustee was incurred relating to travel costs (2021 - £ NIL) .
9. Fixed asset investments
| Valuation At 1 April 2021 Additions Disposals Losses Movement on cash held for reinvestment At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Listed investments £ 6,271,015 1,423,148 (1,158,637) (461,825) (187,993) 5,885,708 5,885,708 6,271,015 |
Other fixed asset investments £ - - - - - |
|---|---|---|
| - | ||
| - | ||
| - |
Page 27
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
9. Fixed asset investments (continued)
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 £54,237 (2021: £242,232). The lower cash position reflects the natural movement of the funds being invested over a prudent time period.
10. Debtors
| Prepayments and accrued income | 2022 £ 11,792 11,792 |
2021 £ 9,456 |
|---|---|---|
| 9,456 |
11. Creditors: Amounts falling due within one year
| Trade creditors Pension creditor Accruals and deferred income |
2022 £ 6,738 4,609 34,860 46,207 |
2021 £ - 4,176 35,554 |
|---|---|---|
| 39,730 |
12. Financial instruments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 5,831,471 | 6,028,783 |
Financial assets measured at fair value through income and expenditure comprise listed investments minus cash held for reinvestment
Page 28
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
13. Statement of funds
Current year
| Unrestricted funds General Funds Prior year Unrestricted funds General Funds |
Balance at 1 April 2021 £ 8,368,256 Balance at 1 April 2020 £ 7,146,676 |
Income £ 5,097,591 Income £ 5,297,318 |
Expenditure £ (4,474,993) Expenditure £ (5,583,148) |
Investment (losses) £ (461,825) Investment gains £ 1,507,410 |
Balance at 31 March 2022 £ 8,529,029 |
|---|---|---|---|---|---|
| Balance at 31 March 2021 £ 8,368,256 |
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) in debtors (Decrease)/increase in creditors Net cash provided by/(used in) operating activities |
2022 £ 160,773 461,825 (124,129) (2,336) 6,477 502,610 |
2021 £ 1,221,580 |
|---|---|---|
| (1,507,410) (113,188) (3,583) 5,813 |
||
| (396,788) |
Page 29
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
15. Analysis of cash and cash equivalents
| Cash at bank Total cash and cash equivalents |
2022 £ 2,677,736 2,677,736 |
2021 £ 2,127,515 |
|---|---|---|
| 2,127,515 |
16. Analysis of changes in net debt
| Cash at bank and in hand | At 1 April 2021 £ 2,127,515 2,127,515 |
Cash flows £ 550,221 550,221 |
At 31 March 2022 £ 2,677,736 |
|---|---|---|---|
| 2,677,736 |
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 Change-maker Fund Total payable |
2022 £ 855,891 1,750,049 1,360,000 270,000 4,235,940 |
2021 £ 1,847,000 1,964,000 2,356,000 300,000 |
|---|---|---|
| 6,467,000 |
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 30
THIRTY PERCY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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 £45,458 (2021: £ 34,613). There were amounts outstanding at the year end of £4,609 (2021: £4,176).
19. Related party transactions
Mark Philip-Sorensen, a Trustee, is also a Trustee of Cheltenham Festivals. In the prior year the Foundation entered into a grant agreement for £220,000. During the year a total of £160,000 was paid to Cheltenham Festivals, under two existing grant agreements (2021: £100,000). As at 31 March 2022, a further £60,000 grant payment is contingent on the conditions of the grant agreement being met (2021: £220,000).
Anne Louisa Philip Mann, a Trustee, was also a Trustee of Redthread Youth Limited (resigned 27 May 2020). In the financial year ending 31 March 2018 the Foundation signed a £300,000 grant agreement with Redthread Youth Limited. During the year £100,000 was paid to Redthread Youth Limited under the grant agreement (2021: £100,000). There was no contingent grant payments outstanding as at 31 March 2022 (2021: £100,000).
Katharine Anne Hill, a Trustee, is also a director of B Lab Europe. During the prior 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 current year. There was no contingent grant payments outstanding as at 31 March 2022 or 31 March 2021.
Derek Bardowell, a Trustee, is also the CEO of Ten Year's Time Enterprises Ltd (appointed in May 2021). During the year, Ten Year's Time provided purpose related consultancy services to the Foundation totalling £30,000 (2021: £nil) which was paid in full by the balance sheet date.
Mark Philip-Sorensen and Anna 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 £102,938 (2021: £76,250) of which £98,138 was contributed as a donation-in-kind (2021: £67,550) and the balance of £4,800 (2021: £8,700) 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 31