## **The Paul and Sheila Bradshaw Foundation** **Report and Financial Statements Year Ended: 30[th] September 2023 Charity Number: 1185701** 1 ## **Reference and administrative information** ## **Trustees** - L. Eeles (Chairman) - C. Bradshaw ## **Principal Office** c/o 10 Leigh Lane, Farnham, Surrey. GU9 8HP ## **Charity Number: 1185701** ## **Auditors** The accounts do not require auditing in this period. ## **Bankers** CAF Bank Limited, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent. ME19 4JQ ## **Investment Managers** Quilter Cheviot Investment Management, Senator House, 85 Queen Victoria Street, London. EC4V 4AB ## **Report of the trustees for the year ended 30[th] September 2023** The trustees present their annual report and financial statements of the charity for the year ended 30[th] September 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the Charities (Accounts and Reports) regulations 2008. ## **Structure, governance and management** The Foundation is a registered charity, number 1185701, and is constituted under a trust deed dated 8[th] October 2019. The Foundation was established by an initial gift from the estate of Sheila Bradshaw in 2019 following her death as a lasting tribute to her and her husband, Paul Bradshaw whose death preceded her by three years. The Foundation does not actively fundraise and seeks to continue the charitable work desired by the donor through the careful stewardship of its existing resources. The initial trustees, L Eeles and C Bradshaw, will serve for a period of 10 years. New trustees are appointed by the existing trustees and serve for three years after which they may put themselves forward for re-appointment. The Trust Deed provides for a minimum of 2 trustees, to a maximum of 12 trustees. At the trustees’ meetings, the trustees agree the broad strategy and areas of activity for the Foundation, including consideration of grant making, performance of existing grants, reserves, investment and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to consideration by any relevant subcommittee will also be completed by the Trustees. 2 All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 2 to the accounts. Trustees are required to disclose all relevant interests and register them with the Chairman and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises. ## **Risk management** The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. No major risks have been identified in this operational period. ## **Objectives and activities for the public benefit** The objects of the Foundation to advance such charitable purposes for the public benefit as the trustees see fit from time to time in particular but not limited to the relief of financial hardship among people worldwide who are the victims of financial hardship as the result of poverty, illness or emotional hardship by making grants of money for providing or paying for items, services or facilities to individuals in need or charities, or other organisations working to prevent or relieve financial hardship. ## **Grant making policy** The Foundation has established its grant making policy to achieve its objects for the public benefit, particularly reducing financial hardship for those in full time education; and reducing financial hardship for those suffering chronic illness. The Foundation invites applications for grants from individuals and groups charities where the work is legally charitable in England and Wales. For applications from groups governing documentation must be available. All applications for grants should be made in the first instance to 10 Leigh Lane, Farnham, Surrey. GU9 8HP and marked clearly for the attention of the trustees of The Paul and Sheila Bradshaw Foundation. ## **Monitoring achievement** Formal monitoring agreements will be put in place with each partner/ agent based on the criteria of their application, the outcomes of due diligence and the size of the grant **.** ## **Financial review** The Foundations’ work is entirely reliant on income and investment returns from its endowments. ## **Investment policy and performance** Investments are made through Quilter Cheviot’s Global Income and Growth Fund for Charities which has an investment mandate to ‘grow the capital value and provide income for the long term’. Benchmark returns are CPI + 3.5%. Income is distributed to the Foun dation on a quarterly basis. 3 ## **Reserves policy** As the Foundation has a sizeable investment portfolio which can be accessed at any time, no formal reserves policy is required. ## **Trustees’ responsibilities in relation to the financial statements** The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustee(s) to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Foundation 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. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Approved by the trustees on 10 January 2024 and signed on their behalf by: C Bradshaw TRUSTEE 4 ## **The Paul and Sheila Bradshaw Foundation** ## **Statement of Financial Activities** ## **For the year ending 30[th] September 2023** ||y/e 30
September 2023|y/e 30
September 2023|
y/e ending 30
September 2022| |---|---|---|---| |**Incoming resources:**
Investment income
Interest income|3|81,643
14|33,057
4| |**Total Incoming resources**||**81,657**|**33,061**| |**Resources expended:**
Charitable activities
Bank charges|6|85,110
60|37,648
90| |**Total resources expended**||**85,170**|**37,738**| |**Net operating income/(expenditure)**||**(3,513)**|**(4,677)**| |Net realised/unrealised gains/losses
on investments||(16,932)|**-**| |**Total income/(expenditure)**||**(20,445)**|**(175,878)**| |**Reconciliation of funds:**
Total funds bought forward
Total expenditure
Total funds carried forward||1,010,048
(20,445)
989,603|1,185,926
-
1,010,048| 5 ## **The Paul and Sheila Bradshaw Foundation** ## **Balance Sheet as at 30[th] September 2023** |||30 September|30 September| |---|---|---|---| |||2023|2022| |**Fixed Assets:**Investments|8|983,870|1,000,802| |**Current Assets:**Cash at Bank||8,733|9,246| |**Liabilities:**Creditors due within 1 year|9|3,000|-| |**Net Current Assets/(Liabilities)**||**989,603**|**1,010,048**| |**Net Assets/(Liabilities)**||**989,603**|**1,010,048**| |**Total Funds of the Foundation:**|||| |**Unrestricted Funds**||**989,603**|**1,010,048**| **The Paul and Sheila Bradshaw Foundation Cashflow Statement for the Year Ending 30 September 2023** ||**Total funds**|**Total funds**| |---|---|---| ||**22/23**|**21/22**| |Cashflows from operating activities:|(85,170)|(3,973)| |Cashflows from investing activities:|81,657|33,060| |Increase in liabilities:|3,000|| |Change in cash and cash equivalents in the reporting|(513)|(6,677)| |period:||| |Opening cash balance|9,246|15,923| |Cash and cash equivalents at the end of the reporting|8,733|9,246| |period||| The notes at pages 7 to 9 form part of these accounts. Approved by the trustees on 10 January 2024 and signed on their behalf by: C Bradshaw (TRUSTEE) 6 Notes to the accounts ## **1. Accounting Policies** ## **(a) Basis of preparation** The financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) issued on 16 July 2014 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. ## **(b) Foundation Structure** The charity has a single permanent endowment which allows the trustees to invest capital and allocate the income from that capital to the general purposes of the Foundation. The Trustees ’ intention is to use the capital funds over 10 years to further the Foundation’s charitable objectives. All funds are unrestricted. ## **(c) Incoming resources** The sole source of incoming resources is investment income, this is recognised on receipt as the amount of income is variable depending on investment returns. ## **(d) Resources expended** Liabilities are recognised as resources expended as soon as there is legal or constructive obligation committing the Foundation to the expenditure, and the amount of the expenditure is known. ## **(e) Fixed asset investments** Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. ## **(f) Realised and unrealised gains and losses** All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities. ## **(g) Contingent liabilities and provision** 7 In accordance with the SORP, a contingent liability is disclosed for those donations, which do not represent liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees’ control. ## **2. Related party transactions and trustees’ remuneration** Trustees received no emoluments and incurred no expenses in the year. ## **3. Investment income** Investments are held in the Quilter Cheviot Global Growth and Income Fund for Charities in a Charities Authorised Investment Fund (CAIF) Investment income was received from the CAIF as follows: |5 December 2022|8,027| |---|---| |25 January 2023|50,000| |3 March 2023|6,771| |5 June 2023|9,545| |5 September 2023|7,300| |Total investment income|81,643| ## **4. Investment management costs** Investments through the Quilter Cheviot Global Growth and Income Fund for Charities are exempt from a management fee , the Investment Manager is remunerated out of the Fund’s charges. These are not declared separately and are not therefore accounted for but equate to 1.04% per annum. ## **5. Allocation of support costs and overheads** No support costs or overheads were incurred in this period. ## **6. Analysis of charitable expenditure** Donations were made to charities who met the aims of the Foundation as follows: |ACE Africa (UK)|£12,000| |---|---| |Royal Trinity Hospice|£12,000| 8 |Maggie Keswick Jencks Cancer Caring Centres Trust England|£7,460| |---|---| |Wimbledon & Putney Commons Conservators|£500| |Hursley PCC (note 10)|£50,000| |Tuition Fee relief|£3,000| |Natasha Allergy Research Foundation|£150| ## **7. Analysis of governance costs** No governance costs were incurred in this period. ## **8. Fixed Asset Investments** Investments are held in the Quilter Cheviot Global Growth and Income Fund for Charities in a Charities Authorised Investment Fund (CAIF) |The strategic asset allocation of this fund is as follows:|| |---|---| |Fixed interest|15.5%| |UK Equities|23.2%| |Overseas Equities|43.7%| |Alternatives|15.5%| |Cash|1.9%| ## **9. Current Liabilities** As at 30 September 2023 a payment of £3,000 of funding was due to Royal Trinity Hospice. This late payment was settled in December 2023. ## **10. Contingent Liabilities** During the year, the first payment from a contingent liability of a donation of up to £500,000 to All Saints’ Church, Hursley was made. This donation was £50,000, resulting in a remaining contingent liability of £450,000. The precise nature and timing of this funding is unknown and, as a result, it has not been recognised in the financial statements. The funding is reliant on a number of factors, outside of the Trustees’ control including planning permission for changes. 9 ||**The Paul and Sheila Bradshaw Foundation**|**The Paul and Sheila Bradshaw Foundation**|**The Paul and Sheila Bradshaw Foundation**|**The Paul and Sheila Bradshaw Foundation**|**The Paul and Sheila Bradshaw Foundation**|**The Paul and Sheila Bradshaw Foundation**|**The Paul and Sheila Bradshaw Foundation**|**The Paul and Sheila Bradshaw Foundation**|**CC16**
**a**| |---|---|---|---|---|---|---|---|---|---| ||
**For the period**
**from**||
01-Oct-22||
**To**|
30-Sep-23|||| ||||||||||| |**Section A Receipts and payments**|||||||||| |**A1 Receipts**|**Unrestric**
**ted**
**funds**
**to the**
**nearest**
**£**||**Restricte**
**d funds**
**to the**
**nearest £**||**Endowm**
**ent**
**funds**
**to the**
**nearest £**||**Total**
**funds**
**to the**
**nearest £**||**Last year**
**to the**
**nearest £**| |Interest income|||**14**||**-**||**14**||**4**| |Investment Inome|**-**||**81,643**||**-**||**81,643**||**33057**| |**_Sub total_**_(Gross income for AR)_|**-**||**81,657**||**-**||**81,657**||**33061**| ||||||||||| |**A2 Asset and investment sales, (see**
**table).**|||||||||| |None|**-**||||**-**||||| |**_Sub total_**|**-**||||**-**||||**-**| |**_Total receipts_**
**A3 Payments**|||||||||| ||||||**-**||||**33061**| ||||||||||| |
Bank charges|**-**||**60**||**-**||**60**||**90**| |Donations|**-**||**85,110**||**-**||**85,110**||**39648**| |**_Sub total_ **|**-**||**85,170**||**-**|
|**85,170**||**39738**| ||||||||||| |**A4 Asset and investment purchases,**
**(see table)**|||||||||| |
None|**-**||||**-**||||| |**_Sub total_ **
**_Total payments_**
**_Net of receipts/(payments)_**
**A5 Transfers between funds**
**A6 Cash funds last year end**
**_Cash funds this year end_**|**-**||||**-**||||**-**| ||||||||||| ||||||**-**||||**39738**| ||||||||||| ||||||**-**||||**-6677**| ||||||**-**||||| ||||||**-**||||**15923**| ||||||**-**||||**9246**| ||||||||||| |**Section B Statement of assets an**|||||||||| |**Categories**
**B1 Cash funds**
**B2 Other monetary assets**
**B3 Investment assets**
**B4 Assets retained for the**
**charity’s own use**
**B5 Liabilities**
Signed by one or two trustees on behalf
of all the trustees|**Details**
Commitments to causes in the future
Signature
Investment portfolio
**Details**
None
**Details**
Cash at bank
**_Total cash funds_**
**Details**
None
**Details**||||**Unrestric**
**ted**
**funds**
**to nearest**
**£**|Print Name|**Restricte**
**d funds**
**to nearest**
**£**
**8,733**
**8,733**
**Restricte**
**d funds**
**to nearest**
**£**
**-**
**Current**
**Value**
**983,870**
**Cost**
**(optional)**
**-**
**Amount**
**due**
**(optional)**
**503,000**

||**Endowm**
**ent**
**funds**
**to nearest**
**£**| ||||||**-**||||**-**| ||||||**-**||||**-**| ||||||**Unrestric**
**ted**
**funds**
**to nearest**
**£**||||**Endowm**
**ent**
**funds**
**to nearest**
**£**| ||||||**-**||||**-**| ||||||**Fund to**
**which**
**asset**
**belongs**||||**Current**
**value**
**(optional)**| ||||||||||**-**| ||||||**Fund to**
**which**
**asset**
**belongs**||||**Current**
**value**
**(optional)**| ||||||||||**-**| ||||||**Fund to**
**which**
**liability**
**relates**||||**When due**
**(optional)**| ||||||||||**£500,000**
**unknown**
**date**| ||||||||||| ||||||||||Date of
approval| |||||||C Bradshaw|||| 10 January 2024 @13.00 Minutes of Meeting of the Charity Trustees ## THE PAUL AND SHEILA BRADSHAW FOUNDATION ## 1. SUMMARY OF YEAR END POSITION Laura Eeles gave Chris Bradshaw a summary of the financial position of the foundation as at 30 September 2023. Income in the financial year was £81,643 and donations totalled £85,110. The net assets of the foundation stood at £989,603. The Trustees’ aim is that the Foundation is ultimately self liquidating. Whilst £450,000 is committed to All Saints Hursley the remaining £539,603 of assets are available for donation to charities. The investments of the Foundation continue to be held in Quilter Cheviot’s Charity Global Income & Growth fund. Performance of this fund in the 12 months to 30 September 2023 was 3.2% on the capital base with a 3.3% income return. This compares to an overall benchmark return of 9.8%. The underperformance of the fund is clearly a concern. Laura Eeles confirmed she had read the investment report. As the Foundation does not pay a management fee on the investment portfolio the relative underperformance is somewhat offset compared to what the position would be with alternative fund managers. With that in mind the Trustees agreed to maintain the position with Quilter Cheviot but to review the quarterly investment reports in detail over the course of the next year to monitor the fund performance and, if necessary, complete a review of alternative asset managers. The following actions were discussed: - i. It was confirmed amongst the trustees that the donation to All Saints Hursley remains in the same position as prior years – there is no further certainty regarding timing or amount of donation required. - ii. It was agreed amongst the trustees to continue the same policy as was applied in 21/22 - until the donation for All Saints is required maintain donations at a pace that is slightly above income for the year; this maintains a solid capital base for returns on investment. - iii. Maintain annual donations to ACE Africa and Royal Trinity Hospice to £12,000 per annum. - iv. Continue commitment to fund Benefits Advisor at Maggie’s Southampton - v. Continue Tuition fee commitment to Emily Forrest. With the addition of this commitment the total annual commitments of the foundation total approximately £41,000 per annum. This compares to an expected approximate income of £32,000 per annum. - vi. It was proposed (and agreed) to request a quarterly drawdown on the fund of £2,500 to cover this deficit and allow for one-off small donations The meeting came to a close at 13.30 Agreed as a true record of the meeting: Laura Eeles Christopher Bradshaw 2