Charity registration number: 1178930
The Gareth Neame Foundation
Annual Report and Financial Statements
for the Year Ended 31 March 2022
DSK Partners LLP D S House 306 High Street Croydon Surrey CR0 1NG
The Gareth Neame Foundation
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Statement of Financial Position | 8 |
| Notes to the Financial Statements | 9 to 15 |
The Gareth Neame Foundation
Reference and Administrative Details
Trustees B Williams C Stothard G Neame W Townrow Principal Office Elsley Court 20-22 Great Titchfield Street London W1W 8BE Charity Registration Number 1178930 Registered CIO number CEO14426 Independent Examiner DSK Partners LLP D S House 306 High Street Croydon Surrey CR0 1NG
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The Gareth Neame Foundation
Trustees' Report
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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 2019).
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practise applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016).
Objectives and activities
Objectives and policies
The principal objective of the charity is to apply income and all or such part or parts of the capital of the CIO, at such time or times and in such manner to, or for the benefit of such exclusively charitable objects and purposes in any part of the world as the trustees may in their discretion think fit.
Public benefit
Trustees have paid due regard to the guidance on public benefit produced by the Charity Commission and are confident that the work of the charity meets all the criteria for public benefit.
Grant making policies
The trustees consider grant making an effective means of achieving the charity's objects for the public benefit to improve the conditions and lives of people through education, advice and training.
All grant proposals must be made in writing. Proposals must explain in detail how the grant will be used and put forward a strong case for support.
The charity trustees welcome proposals that support their funding priorities from organisations and individuals, although the charity trustees are particularly keen to support the Landmark Trust, the Combined Cadet Force Association, the British Academy of Film and Television Arts, the Trinity Laban Conservatoire, the Royal Central School of Speech and Drama, Together for Short Lives and the Pallant House Gallery.
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The Gareth Neame Foundation
Trustees' Report (continued)
Achievements and performance
Key financial performance indicators
The charity trustees will take steps to monitor the use of the grant and verify that the grant is used for the purposes that have been agreed. The arrangements for monitoring will vary according to the nature of the grant, but the charity trustees will always seek to ensure that the arrangements are appropriate and proportionate.
Arrangements for monitoring use of the grant may include asking the recipient to provide copies of formal records,regular written or verbal updates showing progress to date, management accounts to show that funds have been used for the purpose for which they have been awarded and in accordance with the terms of the grant and a final written report on completion of the work funded by the grant.
Review of activities
During the period, the charity received total donations of £563,895 from Gareth Neame (Trustee).
The charity supported twelve different organisations in the year, with donations made totalling £86,190. In line with the charity's objectives the trustees made a £12,500 donation to the Royal Central School of Speech and Drama, a £2,090 donation to the National Youth Jazz Orchestra, a £10,000 donation to the Fishmongers Campaign, a £10,000 donation to the Trinity Laban Conservatoire, a £2,000 donation to Combat Stress, a £10,000 donation to the CCF Association, a £2,000 donation to the ABF, a £1,000 donation to the Pallant House Gallery, a £10,600 donation to Together for Short Lives, a £5,000 donation to the The Ulysses Trust, a £2,000 donation to the David Garrick Scholarship, a £1,000 donation to the Household Cavalry Foundation, a £500 donation to the Romney Marsh Historic Churches Trust, a £2,000 donation to the Royal British Legion, a £2,500 donation to the South Downs National Park Trust, a £2,000 donation to the 69 Brook St Trust and a £11,000 donation to the University of Birmingham.
Financial review
At the statement of financial position date, the funds available for distribution were as follows: £1,132,073 of unrestricted funds; £NIL of restricted funds.
Principal funding sources
The foundation is primarily funded by Gareth Neame.
Policy on reserves
The trustees aim to maintain reserves at a level which would cover any future commitments or expenditure. The trustees consider that the amount will dictate future donations and will consist of donations receied by the charity which are yet to be donated to individual charities and causes.
The reserves at the end of the financial period were £1,132,073.
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The Gareth Neame Foundation
Trustees' Report (continued)
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Future development
The funding of the charity will continue to be reviewed. The trustees expect to make donations to organisations and individuals with the aim of improving the lives of individuals, in line with the charity's objectives and aims.
Structure, governance and management
Nature of governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Constitution
The charity is an incorporated foundation, constituted under a Foundation Constitution dated 26 June 2018 and is a registered charity in the United Kingdom, charity number 1178930.
Recruitment and appointment of trustees
The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the Charitable Incorporated Organisation Constitution.
Organisational structure and decision making
At the annual trustees' meeting, the trustees agree the board strategy and areas of activity for the foundation, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of donations is delegated to the administrator.
Induction and training of trustees
Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Specific training is conducted as part of a board meeting where appropriate.
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The Gareth Neame Foundation
Trustees' Report (continued)
Relationships with related parties
Gareth Neame, a trustee, made donations totalling £563,895 to the foundation during the period.
Trustee's responsibility statement
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
16/12/2022 The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... B Williams Trustee
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The Gareth Neame Foundation
Independent Examiner's Report to the trustees of The Gareth Neame Foundation
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2022 which are set out on pages 7 to 15.
Responsibilities and basis of report
As the charity trustees of The Gareth Neame Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the The Gareth Neame Foundation 's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
Since The Gareth Neame Foundation 's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of DSK Partners LLP, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of The Gareth Neame Foundation as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Romit Basu FCA DSK Partners LLP D S House 306 High Street Croydon Surrey CR0 1NG
Date:.............................16/12/2022
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The Gareth Neame Foundation
Statement of Financial Activities for the Year Ended 31 March 2022
| Note Income and Endowments from: Donations and legacies Investment income 2 Net gain/loss on investment Total income Expenditure on: Raising funds Charitable activities Other expenditure 5 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 9 |
Unrestricted funds £ 704,744 2,764 5,631 713,139 (5,214) (94,130) (32) (99,376) 613,763 613,763 518,310 1,132,073 |
Total 2022 £ 704,744 2,764 5,631 713,139 (5,214) (94,130) (32) (99,376) 613,763 613,763 518,310 1,132,073 |
Total 2021 £ 117,500 2,692 74,855 |
|---|---|---|---|
| 195,047 | |||
| (3,679) (67,720) (5) |
|||
| (71,404) | |||
| 123,643 | |||
| 123,643 394,667 |
|||
| 518,310 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 9.
The notes on pages 9 to 15 form an integral part of these financial statements. Page 7
The Gareth Neame Foundation
(Registration number: 1178930) Statement of Financial Position as at 31 March 2022
| Note Fixed assets Investments 7 Current assets Cash at bank and in hand Creditors: Amounts falling due within one year 8 Net current assets Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 9 |
2022 £ 666,502 471,721 (6,150) 465,571 1,132,073 1,132,073 1,132,073 |
2021 £ 426,262 96,408 (4,360) |
|---|---|---|
| 92,048 | ||
| 518,310 | ||
| 518,310 | ||
| 518,310 |
The financial statements on pages 7 to 15 were approved by the trustees, and authorised for issue on 16/12/2022.................... and signed on their behalf by:
......................................... B Williams Trustee
The notes on pages 9 to 15 form an integral part of these financial statements. Page 8
The Gareth Neame Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The Gareth Naeme Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Currency
The financial statements are prepared in sterling which is also the functional currency of the charity and rounded to the nearest Pound.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient along with the level of reserves for the charity to be able to continue as a going concern.
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The Gareth Neame Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
Income and endowments
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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The Gareth Neame Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund structure
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the statement of financial position date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/(losses) on investments' in the statement of financial activities.
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The Gareth Neame Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
2 Investment income
| Unrestricted | ||||
|---|---|---|---|---|
| funds | Total | Total | ||
| General | 2022 | 2021 | ||
| £ | £ | £ | ||
| Dividend | income | 2,764 | 2,764 | 2,692 |
3 Expenditure on raising funds
a) Investment management costs
| Other investment management costs; Other portfolio management costs 4 Expenditure on charitable activities Grant funding of activities Governance costs |
Unrestricted funds General £ 5,214 5,214 Unrestricted funds General £ 86,190 7,940 94,130 |
Total 2022 £ 5,214 5,214 Total 2022 £ 86,190 7,940 94,130 |
Total 2021 £ 3,679 |
|||
|---|---|---|---|---|---|---|
| 3,679 | ||||||
| Total 2021 £ 59,000 8,720 |
||||||
| 67,720 |
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The Gareth Neame Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
5 Other expenditure
| Note Allocated support costs |
Unrestricted funds General £ 32 32 |
Total 2022 £ 32 32 |
Total 2021 £ 5 |
|---|---|---|---|
| 5 |
6 Trustees remuneration and expenses
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the period ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the period ended 31 March 2021.
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The Gareth Neame Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
7 Fixed asset investments
Other investments
| 2022 £ 666,502 |
2021 £ 426,262 |
|---|---|
Included within £666,502 of Unlisted investments is £5,631 of unrealised gains.
Other investments
| Cost or Valuation At 1 April 2021 Revaluation Additions Disposals At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Unlisted investments £ 426,262 5,631 336,468 (101,859) 666,502 666,502 426,262 |
Total £ 426,262 5,631 336,468 (101,859) |
|---|---|---|
| 666,502 | ||
| 666,502 | ||
| 426,262 |
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The Gareth Neame Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
8 Creditors: amounts falling due within one year
| Accruals 9 Funds Unrestricted funds General Unrestricted funds General |
Balance at 1 April 2021 £ 518,310 Balance at 1 April 2020 £ 394,667 |
Incoming resources £ 707,508 Incoming resources £ 120,192 |
2022 £ 6,150 Resources expended £ (93,745) Resources expended £ 3,451 |
2021 £ 4,360 |
|---|---|---|---|---|
| Balance at 31 March 2022 £ 1,132,073 |
||||
| Balance at 31 March 2021 £ 518,310 |
10 Related party transactions
During the year, the charity received a donation of £563,895 from Gareth Neame, a trustee.
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