THE HAMISH OGSTON FOUNDATION
REPORT AND ACCOUNTS
PERIOD 24 OCTOBER 2019 TO 31 JULY 2020
Charity number: 1185978
THE HAMISH OGSTON FOUNDATION
I N D E X
Period 24 October 2019 to 31 July 2020
| Page | |
|---|---|
| Report of the trustees | 2 |
| Auditor’s report | 6 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 |
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THE HAMISH OGSTON FOUNDATION
R E P O R T O F T H E T R U S T E E S
Period 24 October 2019 to 31 July 2020
The trustees present their report and financial statements for the period from 24 October 2019 to 31 July 2020. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 to 12 and comply with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP FRS102 effective 1 January 2019).
The Hamish Ogston Foundation is a Charitable Incorporated Organisation (CIO) registered on 24 October 2019 with the registered charity number 1185978.
Structure, governance and management
The names of the trustees who served throughout the period are stated on page 4.
The Hamish Ogston Foundation is governed by a board of Trustees who hold meetings at least once a year to discuss the Foundation’s strategy, including grant making, investment, risk management, policies and performance. The board currently consists of two trustees listed on page 4. The maximum number of Trustees shall be 6 and new members of this board will be selected and appointed by existing Trustees. New Trustees will be provided with a copy of the Constitution, the latest Trustees’ Annual Report and statement of accounts and guidance as to their responsibilities from existing Trustees.
The Hamish Ogston Foundation is governed by a constitution dated 24 October 2019.
The income and property of the CIO must be applied solely towards the promotion of its objects.
Decisions are either made by majority of votes cast at a meeting of the Trustees or by resolution in writing.
The trustees are supported in their decision making by a team of advisors who provide their time and knowledge on a voluntary basis. Due to the varying nature of the hours worked and the tasks performed the trustees consider that the value of the support provided by the advisors cannot be measured reliably. The charity’s accounts therefore do not reflect a value for donated administration services provided voluntarily.
Objectives and activities for the public benefit
The object of the charity, as set out in the constitution, is to advance such charitable purposes (according to the law of England and Wales) for the public benefit as the charity trustees from time to time in their absolute discretion think fit.
The Hamish Ogston Foundation is a grant making organisation supporting third party projects in relation to health, heritage and music in the UK and abroad:
Health – We help those working towards eliminating the disparities in both access to medical treatment and health awareness amongst the disadvantaged sections of our society.
Heritage - We help those preserving buildings and craftsmanship, many of which house our most historic traditions.
Music - We help those supporting the UK’s great musical traditions, together with their associated training programmes both in and outside of the UK.
The trustees, having regard to the Public Benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act.
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THE HAMISH OGSTON FOUNDATION
R E P O R T O F T H E T R U S T E E S
Period 24 October 2019 to 31 July 2020
Grant making policy
The charity has established its grant making policy to achieve its objects for the public benefit. Applications are requested for a minimum of £1.5million to support the three main areas. The trustees review applications for funding against four key underlying principles:
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Encourage an entrepreneurial mind-set – we look to secure the long-term sustainability of those initiatives we support, constantly striving to create a ‘best in class’ philanthropy for all our chosen projects. Where appropriate we seek to support charitable projects that also deliver sustainable apprenticeships and employment.
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Maximise the benefit – when agreeing projects’ objectives and goals, we offer commercially minded input from the outset to ensure that no money is wasted. We want to ensure that our donations are used costeffectively, aiming to achieve the best possible chance for a transformational outcome from our donation.
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Address the North-South Divide – in our own small way, we aspire to help rebalance the economic divide between the South of England and the rest of the UK. Efforts will be more focused on projects north of the line – from the Severn to The Wash.
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Easy to Measure Outcomes – having measurable outcomes that are easily monitored will ensure projects have a visible and lasting difference.
Achievements and performance
Grants of £493,119 were awarded for Health, £386,500 for Heritage and £25,943 for Music in the period to 31 July 2020.
The trustees do not apply generic performance criteria to the charity’s grants. Instead, each project funded has specific objectives and measurable outcomes, which are set at the outset of the project and monitored on an ongoing basis.
This was the first period of operations and the trustees will provide more information about achievements and performance in future years however, an update on the main charitable projects supported is detailed below.
Health
The charity is committed to eliminating the disparities in both access to medical treatment and health awareness amongst the poorer sections of our society. One of the focuses of the charity is to support the Global Snakebite Initiative (GSI) and the charity provided funding of £367,299 during the period. Twenty grants of £5,000 were awarded for research into snakebites to assist junior researchers and clinicians as well as £257,299 in funding for a research fellowship at the University of Oxford, awarded to Dr Tom Lamb. Unfortunately, work to find effective and safe antivenoms was halted during 2020 as a result of the Covid-19 pandemic, with Dr Tom Lamb forced to return to the UK from Myanmar.
Heritage
Funding of £375,000 has been granted for the restoration of the Georgian Theatre Royal, Richmond as part of the trustees’ work for supporting heritage projects. The aim of this project was the restoration of the auditorium to allow better access for the elderly and people with mobility or back problems as the original seating was a deterrent and was deemed to restrict the programming of performances. Unusually, the Covid-19 pandemic provided the perfect opportunity to carry out this work as the theatre was forced to close and the renovations began in December 2020.
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R E P O R T O F T H E T R U S T E E S
THE HAMISH OGSTON FOUNDATION
Period 24 October 2019 to 31 July 2020
Music
The payment of £24,000 to the Liverpool Cathedral represented the final tranche of funding required to continue the restoration and maintenance of the Grand Organ originally crafted in 1924. After eight years of fundraising the refurbishments are said to be ‘coming along nicely’ by the Liverpool Cathedral Professor, Ian Tracey. The trustees will continue to monitor progress and look forward being able to hear the results in due course.
Further details of the ongoing projects and impact made by the charity can be found on the charity’s website: hamishogstonfoundation.org
Financial review and investment policy
The charity received donations of £2,621,336 and expenditure on charitable activities amounted to £1,137,584.
There have been no significant events affecting the financial performance and the financial position of the charity in the reporting period. The trustees have considered the principal risks and uncertainties facing the financial performance of the charity and are satisfied that the charity is well placed to provide grant funding in future periods. The charity is reliant on donations; however, the founding trustee has committed to provide the necessary support and donations. Donations are received as and when required from Milton Magna Limited, a related party in which a trustee has a controlling interest.
Grant expenditure committed to at the period end and recognised as creditors is £628,290. At the balance sheet date, the unrestricted funds were £1,506,843.
The trustees’ principal resources arise from donations to the charity and during the period the trustees received a donation of shares. The investment policy is to invest in a broad range of asset classes which collectively offer diversification of risk and the preservation of capital, whilst still targeting positive long term real returns. The charity does not operate an “ethical investment policy”.
Reserves policy
The charity commenced activities in the period. It is primarily funded by the founding trustee who is committed to continuing to fund the charity’s activities and as such the trustees’ intention is to maintain a level of reserves sufficient to match the expenditure as and when it falls due. All funds are unrestricted and the reserves at the period end were £1,506,843.
Risk management
The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and have established procedures and systems to manage those risks.
Plans for future periods
The charity will continue to provide grants and support in the three main areas in future periods. Grant applications remain open and already the charity has entered into commitments to provide ten Anglican cathedrals with training for craftsmen and women to support cathedral restoration works. In addition, the charity has entered into a commitment with the Diocese of Leeds to support the expansion of its existing music programme and to provide support to every Catholic Diocese in the UK in the establishment of a national schools singing programme.
Reference and administrative details
Trustees H Ogston CBE I Ogston Registered office 22 Chancery Lane London WC2A 1LS
Charity number
1185978
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THE HAMISH OGSTON FOUNDATION REPOR T OF THE TRUSTEES P¢rlod 24 October 2019 to 31 July 2020 ObSe¢ts Such tharives or for such exdusively charirable purpose5 a5 the trustees may determine nkers Seymour Mews House 26-37 Seymour Mews LoThdon WIH68N Audltors Dixon Wilson Audk Ser¥l¢es LLP 22 Chancery Lane London WC2A I LS Lawye 8ates Wells 10 Queen Srree¢ Wae• Londpn EC4R 18E Tru•t••i' Miponslbllltlw ln r•latlon to th¢ flnanclal stat•m•nts The trustees are responsible lor preparing the Trujtees, report and the financlal Jta¢ernents In accordance wlth appllcable law and UTh Klngdom Aecounting Stsndards. The law applicable to charities in En8lAnd and Wal•1 requlres the trusie¢5 LO prepare financlal sta¢ements for each finan¢Sal year. whlch Rlyt a true and fair vlew of ihe state of allairs of the tharity and of the Sncoming rewur¢¢s and applltation of r•sourt•s of tho charity for that p•rlod. In preparing these finan¢ial sca¢emeftts. the trustees are re9uired to.. xqlett suitable accountlng pollcles and then aFply them conslstentty- obserye the methods and principle5 of the Charlties SORP., make judgements and accounting estlma¢es that are reasonable and prudent: State whether appllcable a¢¢ounting $¢andards have been lollowed, wbpct to any departures dljclosed and explained in the hnanclal $tatements.' and prepare the financial statements on the golng concern basis unleis li is inapprppriate to presurne that the ¢harlEy wlll contiThue In buJlne5S. Th• Trustets are re5ponslbl¢ for keeplng acctsuntln8 record& whlch disclose wlth reasonable accuracy the flnandal Position of the charlty and enable th¢m io ensure that the financial statements cornply wtth the Charltles Act 2011, the Charity (Accounts and Reports) Regulations 2008 and Constitution. They are Iso responsible lor safeguardlng the assets of the charlty and hence for taking reasonabl¢ steps for the prevention and detectior* ol fraud and ocher Irregularths. The report ol the trustees was approved by the trus¢$ on 2021 and $i¥ned on their behalf by.. HAMISH OGSTON CBE ISABELLA OGSTON Trustee Tru5Eee
THE HAMISH OGSTON FOUNDATION
A U D I T O R ’ S R E P O R T
Period 24 October 2019 to 31 July 2020
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE SWIRE CHARITABLE TRUST
Opinion
We have audited the financial statements of The Hamish Ogston Foundation (the ‘charity’) for the period from 24 October 2019 to 31 July 2020, which comprise the statement of financial activities, balance sheet, statement of cashflows and notes to the financial statements, 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).
This report is made solely to the charity’s Trustees, as a body, in accordance with regulations made under section 154 of the Charities Act 2011. 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 the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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 July 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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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 UK, including the FRC’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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.
We have nothing to report in this regard.
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THE HAMISH OGSTON FOUNDATION AUDITOR'S RÉPOR T Period 24 Ortober 2019 to J l July 1020 Matteri OTr whlch w• v• requlred to Mpvt by •x¢•ptlon We have nothlng to report In re5pett ol th4 Idlowlng matttrs In to which th• Ch•1 Att 2011 requires US to report tts you rf. kn tyjr opinlan: thé InforlI0n gNen in the Trustees, annual report 1% Incon$15tent in any material re5pert tho thnlnclal tements., or th• charty has not k4pt •doquate accountlnz rKords', or the fiMntll iratements èm not kn •greTht with the 4Cc¢jwDl recorth and revJrn5,' or we not re£•W all the Infrnrlon ahd expknidons w• r4qulr• lor raud R•onIbIlItkn oltru¥t¢•s Ai •yphln•d mgrq hjty In the Trurteex, rwonJibilitye5 Itement ouc oft py S, the Trwteu ire rewsSbk for the pr¢paratpon of the financhl ifarÉmeTht5 and for sitl$flo¢J that they Ive a true and falr vlew. and lor 5uth Ineemil tontrol a¥ the Tnt5t¢•s derormlne Is neetssary to WbIl th• preparation of knnciil 5tst•ments thil are Iree Irom matethl m155tateinenL wheth•r to frttsd or errar. In pr•p8rlni the tknanchl stat•menfS. th• Trujtees are respoDslbl• for asseiikng thè charity's ablllty ¢0 contlnu• 1$ 1 8dni concem, 011051 u ippllcable, mitt•r5 r•lated to gdng concern and uiknl the 8oin8 concern billi ol KcounJThg unl411 th• Trustw5 Bbther Intend to 11qu1th th• tharty or to cws• operarloN, or hllve no realistic alternaVe but to do i Audltor'i r•4nSIbIlItkn for th• 4udlt of th• flnrIal We hiw been ippolnted u 4udltor under s•ctlun 144 of th• Chrlllu Act 2011 r•port In accordan< vAth r•8uhtlo rn•d• und•r i•ctbn 154 ofthK kL Our obCtIveS ir• to abtaln rIanIble assurdnce about wh•th•r the financhl Jtsremen¢¥ al i •r• free from mat¢rMI mlsiratemn¢ whèth•r due fraud or •rror. and to iiiue an audltorfs report that Inrlud•i tyjr oplnlors. RI0ble asiuranc• a hi8h Iwel of lUrt•, but li not a guir8Trr•• that an audlt conduct•d In accorthnt• with ISAS IUKI vlll 3hYay5 do¢ mtqrlal mlu¢at¢mthE whtn k e¥lsts. Mlssvjtemenu tan arise frcon lrnud ar •rror w)d ire tonjidered materlal il, Individuilty or In th• 4e¥te. th•y could r•a$onabtyt b• •xpKt•d to 1n1lu•t the eccffjomie d•clilon5 01 tskqn on tho buls of th•1• firnnclil Sfaternents. A furthor dttCrlpon ol our rupcni1bllQl for th• atsdlt of th• financ+al statem•nts Is located on the Nnttnchl Repor Councll's w•bsirt ae WWTrW.Irc.or&uWauditorsrnsponsibilltieJ. Thlj dttcriptyon forms pan of our iudlwr's r•porL Ux ofour report Thlx r•wr li mide 1•ty to the charws Trusto•$. s i bc4y, ltt rw&tioni made under Serth IS4 0( th• Charttlej Act 2011. Our audlt work h•1 been undertaken so that w• rn18ht sute to the crI,$ rrnst••s th951 matter5 we ir• requlred to sut• to th¢m kn in audlter's reporL and for no other purpo$4. To the fulle5e eXtt permitted by hw. we ¢Jo not acctyt or usume responjlbility to awone other th• charSty and thè charlty'i Trust••5 45 a body, lor our audii work for thi5 repo¢ ar frjr the opinions WÈ have formed. DIXO WISC Audlt tte$ LLP. Statutory Auditor 22 Chancery Lu London WC2A ILS 2021 Dixon Audt S•rvlce5 LLP 1$ eligl>le to acr 1$ an audltor kn terms of $ecdon 1212 of the CoryAnies Att 2fN)6.
THE HAMISH OGSTON FOUNDATION
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
Period 24 October 2019 to 31 July 2020
| Unrestricted | ||
|---|---|---|
| Fund | ||
| 2020 | ||
| Note | £ | |
| Income and endowments from: | ||
| Donations | 2,621,336 |
|
| Total income and endowments | 2,621,336 |
|
| Expenditure on: | ||
| Charitable activities | 2 | 1,137,584 |
| Total expenditure | 1,137,584 |
|
| Net gains on investments | 5 | 23,091 |
| Net movement in funds | 1,506,843 |
|
| Reconciliation of funds: | ||
| Total funds brought forward at 24 October 2019 | - |
|
| Total funds carried forward at 31 July 2020 | 1,506,843 |
|
| All amounts are in respect of continuing activities. |
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THE HAMISH OGSTON FOUNDATIQN ALANCE SHEET At J l Juty 2020 Note 2020 Flx•d asvts Investment5 2.072.283 Currnnt aM•tS Cash at bank and In hand 69,750 69.750 U4bllltl Credltors.. am¢uThrs fallln8 du• within one year N•t curr•nt Il•bllltl•g 1453.) 1384.OSOI Credor3.. amounts hlllni due after one y4ar N•t ujets 1181,3901 1,506,843 Repr¢*ntsd by: Unrestrlttad Fund 1.506.843 Total 1,506.843 The ftnanclal staternenrJ on page$ 8 to I S wer¢ approved by the trus¢¢¢s +X Jlgned on th¢ir b•half by.. 2021 H OGSTON CbE Trustee I OG5TON Trnstee
THE HAMISH OGSTON FOUNDATION
S T A T E M E N T O F C A S H F L O W S
Period 24 October 2019 to 31 July 2020
| Note Net cash generated by operating activities 7 Change in cash and cash equivalents Cash and cash equivalents brought forward Cash and cash equivalents carried forward |
2020 £ 69,750 69,750 - |
|---|---|
| 69,750 |
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THE HAMISH OGSTON FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Period 24 October 2019 to 31 July 2020
1. Accounting policies
(a) Basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2019) and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the trust’s ability to continue as a going concern. There are no significant areas of adjustment and key assumptions that affect items in the accounts.
The financial statements are presented in Sterling which is the financial currency of the Charity and rounded to the nearest pound.
(b) Funds structure
Unrestricted funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity.
(c) Income recognition
All income is recognised in the statement of financial activities when the charity has entitlement to income, it is probable that the income will be received and the amount of the income can be measured reliably.
Donations are recognised when the charity has been notified in writing of both the amount and settlement date.
(d) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the charity. This is accrued once the recipient has been notified of the grant award.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category, for further information on the allocation and apportionment of support costs across these categories refer to note 3 below.
(e) Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(f) Charitable activities
Costs of charitable activities include grants made and an apportionment of overhead and support costs as shown in note 2.
(g) Support and governance costs
Support costs incurred for the advancement of an activity are allocated directly to that activity. Other support costs are apportioned based on the ration of resources expended in respect of each charitable activity. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Governance costs relate to charitable activities.
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THE HAMISH OGSTON FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Period 24 October 2019 to 31 July 2020
(h) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The charity does not acquire put options, derivatives or other complex financial instruments.
(i) Realised 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 their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
(j) Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
(k) Financial instruments
Financial instruments are recognised in the charity’s Balance Sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include receivables and cash at bank, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities
Basic financial liabilities, including payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
(i) Taxation
The Foundation is a registered charity and as such is exempt from tax on its income to the extent this is applied for charitable purposes.
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THE HAMISH OGSTON FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Period 24 October 2019 to 31 July 2020
| 2. Analysis of charitable expenditure Charitable activities Health Heritage Music Analysis of support costs Consultancy fees Bank charges Advertising Governance costs (see note 3) |
Grants to institutions £ 493,119 386,500 25,943 905,562 Health Heritage £ £ 19,517 14,211 333 333 29,857 23,401 58,654 45,972 108,361 83,917 |
Support costs £ 108,361 83,917 39,744 232,022 Music £ 34,754 333 1,571 3,086 39,744 |
Total 2020 £ 601,480 470,417 65,687 1,137,584 Total £ 68,482 999 54,829 107,712 232,022 |
|---|---|---|---|
| 3. Governance costs Fees payable to the charity’s auditor for the audit of the charity’s financial statements Fees payable to the charity’s auditor for accountancy services Legal and professional fees |
2020 £ 6,900 4,440 96,372 107,712 |
|---|---|
| 4. Analysis of grants to institutions Christian Medical College Georgian Theatre Historic England Foundation Liverpool Cathedral Global Snakebite Initiative University of Oxford University of Sheffield Donations and grants of less than £1,000 Total grants |
2020 £ 18,243 375,000 10,000 24,000 110,000 257,299 105,327 899,869 5,693 905,562 |
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THE HAMISH OGSTON FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Period 24 October 2019 to 31 July 2020
| 5. Fixed asset investments Valuation at 24 October 2019 Additions at cost Net gain on revaluation Market value at 31 July 2020 |
2020 £ - 2,049,192 23,091 2,072,283 2020 £ 446,900 6,900 453,800 181,390 635,190 2020 £ 1,506,843 (2,049,192) (23,091) 635,190 69,750 |
|---|---|
| 6. Creditors: Amounts falling due within one year Grants payable Accruals Amounts falling due after one year Grants payable |
|
| 7. Reconciliation of net movement in funds to net cash flow Net movement in funds Deduct donation of investments Gains on investments Increase in creditors Net cash generated by operating activities |
8. Related party disclosures
During the year the charity received donations without conditions from Milton Magna Limited, a company in which a trustee has a controlling interest, amounting to £2,621,336.
No trustees received remuneration or reimbursement of expenses during the period. The charity has no staff.
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THE HAMISH OGSTON FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Period 24 October 2019 to 31 July 2020
| 9. Financial assets and liabilities |
|
|---|---|
| The following are financial assets that qualify as basic financial instruments and are initially recognised at their | |
| transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted | |
| market price: | |
| Financial assets | 2020 |
| £ | |
Quoted investments |
2,072,283 |
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