**Charitable Incorporated Organisation Registered Number 1187297** 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 January 2024** 



## **CONTENTS** 

|**CONTENTS**||
|---|---|
|**CHAIR & EXECUTIVE COMMENT**|**1**|
|**TRUSTEES’ REPORT OBJECTIVES AND ACTIVITIES**|**2**|
|**ACHIEVEMENTS & PERFORMANCE**|**3**|
|**HOW HAVE WE MET OUR OBJECTIVES?**|**4**|
|**THE HARGREAVES FOUNDATION EARLY INTERVENTION SCHEME**|**8**|
|**IMPACT ANALYSIS**|**10**|
|**FINANCIAL REVIEW**|**14**|
|**STRUCTURE, GOVERNANCE AND MANAGEMENT**|**16**|
|**REFERENCE AND ADMINISTRATIVE DETAILS**|**16**|
|**RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND AUDITORS**|**17**|
|**INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE**||
|**HARGREAVES FOUNDATION FOR THE YEAR ENDED**||
|**31 JANUARY 2024**|**18**|
|**STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED**||
|**31 JANUARY 2024**|**22**|
|**BALANCE SHEET AS AT 31 JANUARY 2024**|**23**|
|**STATEMENT OF CASH FLOWS FOR THE YEAR ENDED**||
|**31 JANUARY 2024**|**24**|
|**NOTES TO FINANCIAL STATEMENTS FOR THE**||
|**YEAR ENDED 31 JANUARY 2024**|**25**|



for the year ended 31 January 2024 



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 



## **CHAIR & EXECUTIVE COMMENT** 

We remain committed to our vision of supporting vulnerable children and young people through sport and education. We believe that these two pillars empower individuals, encourage personal development and accountability and create positive change in communities. 

Through our ongoing funding initiatives, we have been able to make a tangible and lasting impact on the lives of those under the age of 18. By supporting organisations who offer life changing sports and education based projects within their communities, we have been able to drive aspiration, resilience and self-esteem. Our aim is to continue to support nationwide initiatives that help children and young people thrive. 

We remain committed to actively seeking out new opportunities and partnerships that align with our mission and objectives, whilst continuing to leverage our existing relationships by providing repeat funding. 

## **Peter Hargreaves** 

_We have continued to build our relationships with existing grant recipients and this year has seen a significant increase in repeat funding._ 

_As ever, the impact of our funding has been significant and far-reaching covering a range of projects across the UK, transforming not only young lives, but positively impacting families, schools and communities._ 

_It is a joy to hear more about the inspirational initiatives we support, in particular some of the grass roots, volunteer led organisations who so often transform the lives of children, young people and their communities._ 

## **Alexandra Butler** 


## **TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 

for the year ended 31 January 2024 



**1** 



## **TRUSTEES’ REPORT OBJECTIVES AND ACTIVITIES** 

## **The charitable objectives of The Hargreaves Foundation as stated in our constitution document are:** 

- A. To advance for the public benefit the physical and mental health and well-being of individuals living with disabilities of any description, in particular but not exclusively by providing grants, 

   - items and services to individuals in need, charities and/or organisations that provide or assist in the provision of: 

   - i.  information, advice, education and support designed to raise awareness and enable individuals living with disabilities to be self-sufficient; 

   - ii. financial assistance for individuals living with disabilities; 

- iii.  medical treatment, care and rehabilitation for individuals living with disabilities; 

- iv. equipment, mobility aids, prosthetics, facilities and services for individuals living with disabilities; 

- v.   recreational, sporting and leisure time activities and facilities with a view to improving the conditions of life of such persons 

- B. To advance in life and help people who have need by reason of their youth, infirmity, poverty or social and economic circumstances with a view to improving the conditions of life of such persons in particular but not exclusively by providing grants, items and services to individuals in need, charities and other organisations that provide advice, assistance and organize programmes of physical, educational and other activities as a means of: 

   - i.   helping young people by developing their skills, capacities and capabilities to enable to them to participate in society as independent, mature and responsible individuals; 

- ii.  advancing education; 

- iii. relieving unemployment; and 

   - iv. providing recreational, sporting and leisure time activities and facilities in the interests of social welfare and cohesion. 

The main activities undertaken to further the charity’s purposes for the public benefit are grant making. Details of grants awarded are included in the achievements and performance section of this report. 

The Trustees have had regard to The Charity Commission’s guidance on public benefit. 



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**2** 



**ACHIEVEMENTS & PERFORMANCE** 

## **OVERVIEW** 

## **GRANTS FUNDING APPROVED APPROVED** 

**64 £2.27m** 

## **HOW DO WE DECIDE?** 


We consider our application process to be light touch, whilst still providing detail. We only accept applications online meaning everyone must follow the same process and we have invested in technology to make managing applications as seamless as possible. 

Our initial screening includes a full review of the application against our criteria, website review, Charity Commission check (if appropriate) and a check for news stories. 

The Trustees have access to all the application data and make their final selections. They are looking for projects or initiatives that have the potential to inspire and make a significant impact on a young person’s life. 

If an application is shortlisted we request that a brief video is prepared by the organisation to showcase their project. 

The closing stage is normally a meeting with the Trustees which is currently being carried out remotely. 

A final decision is communicated with the recipient after this. 



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 

for the year ended 31 January 2024 

**3** 



## **HOW HAVE WE MET OUR OBJECTIVES?** 

We have five objectives which underpin our mission _“transforming young lives through sport and education”_ **.** Our application form asks organisations to confirm which of our objectives their project supports and we then go on to assess which initiatives will make the biggest impact. We try to ensure that we fund a range of projects meeting as many of our objectives as possible. Often a project will meet more than one objective. 

## **AN EXAMPLE OF SOME OF THE PROJECTS FUNDED AND THE OBJECTIVES MET:** 

**A collaboration with Empire Fighting Chance, backing their innovative sport-based programs that meld boxing and psychology to create a profound impact on the lives of vulnerable young people. Born on Bristol’s streets in 2006, the charity's transformative approach helps young individuals overcome the challenges posed by poverty.** 

Empire Fighting Chance’s flagship program, BoxChampions, combines boxing with psychologically informed mentoring, utilising the street credibility of the sport to recruit 200 vulnerable young people annually. With the funding over three years, participants will engage in structured weekly sessions, learning boxing techniques while receiving support to set and achieve personal goals. 

The holistic 20-week program incorporates evidence-based psychological principles, addressing the complex issues faced by the target group, including Adverse Childhood Experiences (ACEs). By providing a safe and welcoming environment in Easton, inner-city Bristol, the program aims to achieve improved mental health, reduced negative behaviours, healthier relationships, enhanced physical health, improved attitudes, and increased engagement for young participants aged 8-18. 

The Hargreaves Foundation recognises the timely importance of Empire Fighting Chance’s work, especially in the wake of the COVID-19 pandemic and economic challenges. The Foundation’s support will play a crucial role in empowering young individuals to navigate and overcome these obstacles, fostering positive change in their lives. 

_“Enables individuals to experience the mental and physical health benefits of participatory sport.”_ 




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**4** 



## **The Hargreaves Foundation are pleased to confirm funding for Autism Berkshire, a charity delivering quality specialist services to autistic people throughout Berkshire.** 

Providing services such as helplines, leisure activities, autism-specific training, and educational support, Autism Berkshire are currently supporting more than 1,100 families. The positive impact of the charity’s support on autistic people and their families has been recognised through the Platinum Excellence Award granted on behalf of the Slough Quality Protects Programme in 2018. 

To continually enhance the quality of life for autistic people, Autism Berkshire received a grant to fund trampolining sessions at the Bracknell Trampoline Centre. These sessions aim to increase children’s level of exercise, strengthen their motor skills and co-ordination, and support social interactions.  Parents and carers will be able to be present at the sessions, giving them an opportunity to receive mutual support and make friends in a safe environment. 

Funding is particularly vital for this project as Autism Berkshire aim to avoid asking families for financial contributions, recognising the financial pressures many families face due to the additional costs of having a child with disabilities. 

_"Ensures participatory sport is accessible.”_ 


**The Trustees of The Hargreaves Foundation are pleased to announce that funding has been granted to Seamab, a charity providing sector-leading residential care and education to vulnerable children across Scotland, many of whom have suffered abuse and neglect.** 

The school’s origins date back over 80 years and they have been providing specialised care, therapeutic support, and education to meet children’s needs. Until recently the school was registered to teach children from 5 to 13. They now have registration to teach children up to 18 years. 

Currently operating from a 40-year-old converted residential house, Seamab are challenged by the lack of facilities necessary to deliver the Scottish Curriculum for Excellence. Seamab will use the funding to support their ‘Building our Future’ project involving the construction of a new school, and they invited the Hargreaves Foundation to fund the new gym hall. 

With the current school not having a gym hall or suitably sized indoor space, the children have a serious lack of access to participatory sport and as such are missing out on critical opportunities to develop motor skills, balance, co-ordination, and fitness. The new gym hall is planned to be the size of a badminton court, enabling multi-functional use. Assemblies, concerts, sporting activities and dining will all take place in the new facility. 



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The funding will not only benefit the children attending the school, but also the wider community who will have access to the gym hall via community groups, fitness, and private hires. As there is no other similar sized facility in the local area, it is estimated that funding this gym hall will benefit 60-100 users in the first year. 

_“Provides sporting or educational activities that foster life skills."_ 


**The Trustees of The Hargreaves Foundation are pleased to announce that the Wheels Project has been granted funding to support the cost of entering three teams to compete in the British Schools’ Karting Championship in 2024.** 

Based in Bristol, the Wheels Project deliver education programmes in motor vehicle studies to disadvantaged and disaffected teenagers in the Bristol, Bath, and South Gloucestershire area. Running a range of activities which comprise progressive courses on a range of vehicles, including the stripping and rebuilding of a bicycle or go-kart, they aim to ignite a desire to learn and improve attainment levels. 

_‘We work with schools and other agencies across the West of England as one of just 4 part-time accredited Alternative Learning Providers and hold a Queens Award for Voluntary Service.’_ 

Funding will be used to send three teams, each with four members, to compete in the British Schools Karting Championship – a championship proven to boost interest and motivation amongst students. Acquired costs include workshop sessions, karting fees, and the administration of the groups. 

The Wheels Project are seeking this funding as the opportunity to compete in karting can impact an individual’s personal development. Some predicted outcomes of participation include increased attendance due to the incentive of competing in the championship, improved numeracy and literacy through analysing race results, and improved social skills through teamwork. 

Beneficiaries will be students aged 13-17 from deprived areas across the West of England, who will have disengaged from or been excluded from school, usually put down to poor attendance and disruptive behaviour. Applicable students will be referred by full time Alternative Learning Providers and mainstream schools. 



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

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_“Aims to improve academic engagement and attainment.”_ 


**The Trustees of The Hargreaves Foundation are proud to announce that funding has been provided to The Polar Academy in Scotland, an organisation that works with 30 children a year that are struggling with poor mental health and lack self-esteem, and provides a programme including a 10 month intensive training course, and an immersion into the wilds of Greenland for 10 days. The funding provided by the Hargreaves Foundation will go towards the training in Scotland for participants living in poverty.** 

Individuals targeted are those that are seemingly ‘invisible’ in their communities, that juggle multiple traumas, suffer abuse, struggle with their self confidence and have a clouded view of a way out of their situation. 

The Polar Academy has become an invaluable resource, that has helped alleviate the pressure on mental health services around Scotland and has provided employment opportunities for graduates as guides for future intakes. Furthermore, following the programme, the participants speak to 3,000 young people in their area, reaching up to 90,000 people total. The skills and confidence, along with the connection with the outdoors that the participants will form will last a lifetime. 

_“Encourages the development of skills and personal attributes to aid future employability.”_ 




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## **THE HARGREAVES FOUNDATION EARLY INTERVENTION SCHEME** 

The premise of the EIS programme is the belief that the biggest difference we can make to the future health, wealth and happiness of disadvantaged children is to ensure they are literate when they leave primary school. 

_“To be literate is to gain a voice and to participate meaningfully and assertively in the decisions that affect one’s life.”_ 

## **Y Kassam** 

- 80% of 16-24 year olds not in employment, education or training left school without 5 good GCSEs 

- The single biggest factor predicting results at age 16 is the prior attainment of students whilst at primary school 

- Fewer than 1 in 6 children from low income families not achieving the expected level by the age of 7 go on to get 5 good GCSEs 

## **Social Mobility and Child Poverty Commission 2014** 

134 disadvantaged children (67% of disadvantaged children) at Ashcombe Primary School are below the expected level for reading, 146 (72%) are below the expected level in writing. 

These statistics would suggest c117 of these children are unlikely to get 5 good GCSE’s significantly increasing the likelihood they will join the population of 16-24 year olds not in employment, education or training. 

## **EIS PROGRAMME GOAL** 

By the end of the 2023/24 school year, 80% of disadvantaged children will leave Ashcombe Primary School in year 6 at the expected standard in both reading and writing and 40% will leave exceeding the expected standard. 

This will place the school in the top 5% nationally in terms of primary school performance for disadvantaged children, as measured by FFT, an independent school performance and research organisation. 

The aim beyond 2023/24 is to maintain a top 5% position within FFT benchmarking. 

To achieve this ambitious target we will support the school in the development and delivery of a world class literacy programme, building on the work that the school is already undertaking and utilising the latest research in learning behaviour and teaching methods. 

We recognise that many disadvantaged children will experience additional barriers to accessing excellent teaching no matter how well designed or delivered. 

We will ensure every disadvantaged child can access the literacy programme and remove those barriers through targeted interventions, therapies and where appropriate personalised 1:1 support. 



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**----- Start of picture text -----**<br>
LITERACY PROGRAMME<br>TARGETED<br>INTERVENTIONS<br>1:1<br>SUPPORT<br>**----- End of picture text -----**<br>


Available to all. Teacher training, new literacy hub fostering a creative, enjoyable, reading and writing environment, pupil assessments. 

Targeted at disadvantaged children. Speech and language, reading interventions, therapies, emotional wellbeing, parental engagement 

Extremely vulnerable children, at risk of exclusion, exposure to Adverse Childhood Experience. Mentoring, counselling in addition to targeted interventions. 

## **Programme Overview** 

## **EDUCATE** 

- Teacher Training 

- Speech & Language 

- Reading and writing intervention 

- Spelling intervention 

- Classroom books 

- Assessment 

## **INSPIRE** 

An immersive literacy hub at the heart of the school for reading, creative writing and performance. 

## **SUPPORT** 

- Sensory room and therapy 

- Art and play therapy 

- Domestic violence counselling 

- Emotional wellbeing support 

- Mini police and primary futures 

- Parental support to promote independence 

**Roll Out & Educate** 

**Rolled out from** • Mentoring **September 2021** • DART **onwards – term 1,** • Mini Police **year 1** 

## **EDUCATE** 

- Teacher Training 

   - Mini Police 

- Speech & Language 

   - Primary Futures 

- Reading and writing intervention 

   - Seasons for Growth 

   - Drawing & Talking 

- Spelling intervention 

**Support** 

**Rolled out from September 2021 onwards – term 1, year 1** 

- Classroom books 

- Assessment 

- Literacy Hub 

- Literacy interventions 

- Author visits 

- **Established** • Sensory room **Summer** • Art & Play Therapy **2022/2023** • Parent engagement & family link 

**On hold pending plans for school building replacement** 

## **Programme duration and review** 

The proposed duration of the EIS programme is 3 years. 

This builds contingency into the goal and sufficient time for Ashcombe Primary school to assimilate new working practises and ensure ongoing success in achieving the goal set by the programme. 

A performance review of each programme component will be undertaken annually and programme components amended as required to achieve the programme goal. 

A full programme review will be undertaken in year 3 to determine the next stage of the EIS programme. 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 



**9** 



## **IMPACT ANALYSIS** 

## **PARTNERSHIPS – REED’S SCHOOL & EARLY INTERVENTION SCHEME** 

## **Reed’s School** 

As part of The Hargreaves Foundation’s commitment to improving academic engagement and attainment, the Trustees committed funding to cover the full cost of secondary education for multiple children at Reed’s School. 

Part of an ongoing partnership with Reed’s that started in September 2021 and now includes several pupils in full time education. Each school year The Hargreaves Foundation will support further children as they start their education at Reed’s through to the completion of Year 13.  Next year will see our first sixth form student join the school. 

The Andrew Reed Foundation is dedicated to supporting at least 10% of the population of Reed’s School as Foundation pupils on funded bursaries. These pupils have lost the support of one or both parents and their family life is in crisis with some having sadly been exposed to a range of social issues including bereavement, domestic abuse and abandonment. In these cases, the need for strong pastoral care is as important today as it was 200 years ago when the Foundation was founded as the London Orphan School. 

We remain committed to this important partnership and the lifechanging opportunities the school can provide. 

## **Ashcombe Primary School** 

In September 2021 an ambitious 3 year programme was launched in partnership with Ashcombe Primary School in Weston-super-Mare. 

The EIS - Educate, Inspire, Support – programme was developed to address the link between education attainment at primary school and the likelihood of being in employment, education or training post secondary school. 

Developed in conjunction with the school the EIS programme aims to significantly improve the reading and writing attainment levels of disadvantaged pupils that leave Ashcombe in year 6 from the bottom 50% of schools in 2020/21 to top 5% by 2023/24. 

In Year 1 the programme supported the school in the development and delivery of world class classroom teaching.  This was embedded through both the provision of new teaching resources and training and development provided by one of the leading practitioners in teaching children to read and write. 

To address the additional barriers to learning experienced by disadvantaged children at Ashcombe, targeted interventions, therapies and 1:1 support, such as mentoring, were also rolled out in Year 1. 

The target for Year 6 reading attainment was achieved in the first year of the programme and writing results also achieved significant improvement. 

2023 also saw the installation of a new literacy hub at Ashcombe. The woodland themed learning space, incorporating a stage, library and additional small group teaching space was designed to provide a creatively stimulating environment to foster children’s interest and love for storytelling and books. 



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

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## **FUNDING ANALYSIS BY UK REGION** 




**----- Start of picture text -----**<br>
YEAR ENDING<br>31 JAN 2024<br>64 GRANTS<br>SCOTLAND<br>4 GRANTS<br>NOTHERN<br>IRELAND<br>NORTH EAST<br>1 GRANT<br>3 GRANTS<br>YORKSHIRE<br>NORTH WEST  & HUMBER<br>4 GRANTS 1 GRANT<br>UK WIDE<br>9 GRANTS<br>WEST MIDLANDS EAST MIDLANDS<br>2 GRANTS 1 GRANT<br>MIDLANDS<br>1 GRANT<br>SOUTH WALES<br>1 GRANT LONDON<br>11 GRANTS<br>SOUTH EAST<br>SOUTH WEST 9 GRANTS<br>17 GRANTS<br>**----- End of picture text -----**<br>




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## **FUNDING ANALYSIS BY SUPPORT** 


## **EQUIPMENT 6 GRANTS** 


**EDUCATION 16 GRANTS** 


**SPORT THERAPY 40 GRANTS 1 GRANT** 


**CONSTRUCTION 1 GRANT** 

## **SEND SUPPORT** 

**Of the 64 grants detailed above 32 grants were providing SEND support.** 

## **ANALYSIS BY FOUNDATION OBJECTIVES** 

**The 64 grants awarded in 2023 were distributed across the 5 objectives as follows;** 


**----- Start of picture text -----**<br>
GRANTS<br>FOUNDATION OBJECTIVE<br>AWARDED<br>Aims to "improve" academic engagement<br>and attainment 11<br>Enables individuals to experience the mental and<br>20<br>physical health benefits of participatory sport<br>Encourages the development of skills and personal<br>7<br>attributes to aid future employability<br>Ensures participatory sport is accessible 15<br>Provides sporting or educational activities that<br>foster life skills 11<br>**----- End of picture text -----**<br>


## **IMPACT ASSESSMENTS** 

The terms and conditions of a grant award include the grant recipient agreeing to participate in an impact assessment. 

The impact assessment process has been developed to better understand the impact that the grants are having and to support the decision-making process when assessing future grant applications. 

Shortly after the awarding of the grant, the Foundation work with the recipient to clearly define what the grant will be spent on, the objectives of the grant and the outcomes and measures that will be used to determine the extent to which the grant objectives have been met. 



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At an agreed future date, determined by the nature of the grant and using the outcomes and measures defined above, the grant recipient completes a report detailing the results achieved, including details of the number of children supported. 

The Foundation’s impact assessor, independent of the funding panel, will review the submission and may request further details or evidence of impact before grading the impact of the grant and providing a report. 

The completed impact reports are not only used to steer future decisions around grant making, but also should the applicant choose to re-apply for repeat funding. 

## **Case Study – The Polar Academy** 

The Polar Academy were awarded a grant of £20,000 to fund their polar expedition programme. The programme supports young people struggling with their mental health and aims to develop their confidence and self belief to positively empower them for the future. 

The grant supported 30 young people as they underwent an intensive 10 month training programme, culminating in a 10 day expedition to Greenland. 

The positive impact to the physical and mental health of these young participants is best illustrated by the feedback they provide as demonstrated in the following quote; 

_“I am so grateful to the Polar Academy for saving my life. I was in a bad place with my mental health when Polar Academy came into my school, and they SAW me at a time I couldn’t see myself. After completing Polar Academy, I truly now believe I can achieve whatever I want in life.”_ 

This is a life changing and in some instances a life saving programme and we’re pleased to report that the success of the grant has led to further funding for the 2024 expedition. 

## **Case Study – The British Racing School** 

A grant of £25,000 was awarded to The British Racing School to support their Flexible Learning Programme (FLP). 

The FLP supports disadvantaged young people with an alternative pathway to further education or a career in horse racing. 

The programme supports students completing vocational qualifications while providing valuable industry experience and through their extensive networks are able help graduates find employment at the end of the programme. 

Of the 8 participants that graduated from the 2 year programme in 2023, 7 are now employed by Racing Stables around the country and one graduate has already won their first race! 

## **Case Studies - Alder Hey Children’s Hospital** 

In 2022 a grant of £103,000 was awarded to support the construction and furnishing of the new Alder Hey Children’s Hospital’s Mental Health Hub. 

Construction was completed in October 2022 and the 12 bed in-patient centre, Sunflower House, was opened for occupancy in May 2023. 

The two classrooms fully equipped by the Hargreaves Foundation grant are now in use and are supporting the hospital in helping children back to better mental health through the provision of educational activities that replicate daily routines outside of hospital. 

for the year ended 31 January 2024 



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**13** 



## **FINANCIAL REVIEW** 

Income from investments in the year amounted to £1,170k (2023: £378k). Expenditure on charitable activities was £2,473k (2023: £1,507k) including grants and donations of £2,271k (2023: £1,327k), investment management fees were £551k resulting in net expenditure before investment gains and losses of £1,854k (2023: net expenditure £1,299k). 

After net realised/unrealised gains/(losses) on investments of £3,816k (2023: £305k) funds increased by £1,961k (2023: decreased by £993k) resulting in unrestricted funds at the year end of £68,310k  (2023: £66,349k). 

## **RESERVES POLICY** 

The Trustees will endeavour to ensure that suitable cash balances are maintained at all times to ensure the smooth operation of the Foundation and appropriate liquidity at all times. 

Alexandra Butler will maintain a close watching eye on the running balance in the Lloyds account at all times and can request a transfer of additional cash balances. 

## **INVESTMENTS POLICY** 

The Hargreaves Foundation has been funded entirely by donations provided by the Chair of the Trustees, Peter Hargreaves. 

The Board of Trustees appointed an external Investment Manager to oversee the investment portfolio. The basis of the Investment Policy is a balanced portfolio within the risk tolerance set by the Trustees, invested in a broad range of asset classes and any cash maintained in money market funds. 

The income generated by the invested portfolio is used to fund operating costs and charitable distributions. 

## **Investment Objectives** 

The objectives for the money committed to Pictet as our discretionary investment manager will be as follows: 

1. Preserve, and if possible, through capital growth, enhance the value of the invested funds so they enhance their value in real terms against the RPI inflation rate over any five-year period. 

2. Generate a reliable income yield to supply the Hargreaves Foundation with regular income for the Foundation to use to cover its costs and charitable giving. 

3. Maintain a sensible spread of risk by investing across different geographic areas and underlying investments. 

## **Risk Profile and Asset Allocation** 

The Trustees of The Hargreaves Foundation have decided to accept a ‘medium-high’ risk position for our long-term capital investments. The Trustees were mindful of the following points when making their decision: 

1. The Foundation has a large surplus capital balance beyond our projected short-term spending that we don’t anticipate using for many year’s into the future.  We have no anticipated need to raise additional funds through fundraising in the future. We can therefore take a long-term approach to our investments and we can tolerate short-term falls in the value of the sums we are investing in exchange for the greater potential that the equity type investments offer. 

2. The Chairman of the Trustees has extensive investment experience having founded Hargreaves Lansdown Plc and grown it to become a FTSE100 company.  The Trustees are well versed in taking a long term approach and are well placed to monitor the investment portfolio on an ongoing basis. 



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3. Pictet have shown that although their model portfolios can be volatile in the short term, over the longer term that volatility has produced potential for superior investment returns. 

4. The capital provided to launch the Foundation was given on the condition that it was maintained in a single stock (Hargreaves Lansdown Plc) for a period of two years. This represented an initial ‘high risk’ strategy.  We feel it is now right to take forward the principle of equity investment but in a more diversified portfolio to achieve a greater spread of risk across both different asset classes and across different underlying investments. We have therefore decided to move to a less volatile position by adopting a ‘medium-high’ risk approach across multiple diverse assets and asset classes. 

## **Restrictions set by the Trustees** 

- [ No initial investment may exceed 5% of the total funds under management at the strike date  ] excluding government-issued securities with a rating equal to or above AA. 

- [ No holding shall exceed 7.5% of the total value of the fund at any time, excluding collective  ] investments and government-issued securities with a rating equal to or above AA. 

- [ Hedge funds are permitted, but direct investment derivatives are not permitted (other than those  ] that may be useful for hedging purposes, such as FX forwards/swaps). 

## **Environmental, Social and Governance investment (ESG)** 

The Hargreaves Foundation is mindful of the benefits of investing in environmentally or socially beneficial projects (ESG investing) and welcomes investment into these areas. However, we do not believe it would be appropriate at this stage to set specific criteria or limits on ESG considerations as these can be highly subjective and could prohibitively impact on investment performance. The Trustees will keep ESG considerations under review on an ongoing basis. 

Pictet will avoid investing in Companies which have material concentrated interests in tobacco, gambling, pornography and controversial weapons. 

## **Benchmarking & Performance** 

For broad reference purposes, the trustees may periodically consider the performance of the portfolio invested with Pictet with reference to a simple compositive reference benchmark, comprised of two broad indices: 

1. MSCI World index (in GBP, unhedged) 

2. Barclays Global Aggregate Corporate index (total return, GBP hedged) 

Over the first 5 years the reference benchmark will reflect the gradual buildup of the private equity allocation, such that the following reference benchmark will apply: 

- Year 1: 50% MSCI World index and 50% Barclays Global Aggregate Corporate index 

- Year 2: 55% MSCI World index and 45% Barclays Global Aggregate Corporate index 

- Year 3: 60% MSCI World index and 40% Barclays Global Aggregate Corporate index 

- Year 4: 65% MSCI World index and 35% Barclays Global Aggregate Corporate index 

- Year 5 and thereafter: 70% MSCI World index and 30% Barclays Global Aggregate Corporate index 

Whilst a reference benchmark may be applied to the Portfolio for reference purposes, the trustees note that Pictet is under no obligation to comply with any conventional management style, nor to be constrained by this (or indeed any other) benchmark. 



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## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

**Governing Document:** The Foundation is a Charitable Incorporated Organisation (CIO) with a written constitution dated 10 January 2020. **Appointment of Trustees:** The trustee body has the power to appoint new trustees. If new or additional trustees are appointed they will be encouraged to receive appropriate training depending on their qualifications and experience. **Investment Powers:** The CIO has power to do anything which is calculated to further its object or is conducive or incidental to doing so. 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

|**Name of Charity:**|The Hargreaves Foundation|
|---|---|
||Charity No. 1187297|
|**Trustees**:|Nigel James Bence|
||Peter Kendal Hargreaves|
||Louisa Rose Hargreaves|
||Robert Kendal Hargreaves|
||Rosemary Jane Hargreaves|
|**Principal Offce Address:**|The Old Surgery|
||Swan Barton|
||Sherston|
||Malmesbury|
||Wiltshire|
||SN16 0LJ|
|**Bankers**|Lloyds Bank Plc|
||25 Gresham Street,|
||London|
||EC2V 7HN|
|**Investment Managers:**|Pictet & Cie (Europe) S.A.,|
||London Branch|
||5 Stratton Street|
||London|
||W1J 8LA|
|**Auditors:**|PKF Francis Clark|
||Centenary House|
||Peninsula Park|
||Rydon Lane|
||Exeter|
||EX2 7XE|





**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

**16** 



## **RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND AUDITORS** 

The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any  time the financial position of the charity and enable them to ensure that the financial statements comply  with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008. 

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the 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 in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material 

- departures disclosed and explained in the financial statements; 

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

The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any  time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008. 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. 

Signed: Date: 29/11/2024 

Peter Hargreaves 

On behalf of the Trustees 



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

**17** 



## **INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE HARGREAVES FOUNDATION FOR THE YEAR ENDED 31 JANUARY 2024** 

## **OPINION** 

We have audited the financial statements of The Hargreaves Foundation (the “Charity”) for the year ended 31 January 2024 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland. 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 January 2024 and of its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

- 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** 

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 original financial statements were 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. 



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

**18** 



## **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, 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. 

## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** 

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not obtained all the information and explanations necessary for the purposes of our audit. 

## **RESPONSIBILITIES OF THE TRUSTEES** 

The trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they 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. 



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

**19** 



## **AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS** 

We have been appointed as auditor under S144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereafter. 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. 

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. The extent to which our audit procedures are capable of detecting irregularities, including fraud is detailed below. 

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Charity. The key laws and regulations relevant to the Charity were identified as being Charity law and the General Data Protection Regulation. 

We also considered opportunities and incentives for fraud, which might arise in the understatement of expenditure, or incurring expenditure for non-charitable purposes, in the payment of fraudulent grants or management bias in accounting estimates. 

Based on this we designed our audit procedures to identify irregularities. Our audit procedures involved the following: 

- Enquiries with Trustees, regarding their knowledge of any non-compliance or potential non- 

- compliance with laws and regulations that could affect the financial statements; 

- Review of trustees’ meeting minutes; 

- Review of the controls in relation to GDPR and enquiries to Management as to the occurrence and outcome of any reportable breaches; 

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and 

- Review financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. 

This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, or misrepresentation. 

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. 



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 

for the year ended 31 January 2024 

**20** 



## **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 (Account 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 the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

PKF Francis Clark Statutory Auditor Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE 

Date: 29/11/2024 

_PKF Francis Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006_ 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 



**21** 



## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JANUARY 2024** 

|**Income and endowments**<br>Investments<br>Total income<br>**Expenditure on:**<br>Raising funds<br>-    Investment managers fees<br>Charitable activities<br>**Total expenditure**<br>**Net income/(expenditure)**<br>**before net gains/(losses)**<br>**on investments**<br>Net gains/(losses) on<br>Investments<br>**Net income/(expenditure)**<br>**Net movement in funds**<br>**Reconciliation of funds**<br>Total funds brought forward<br>**Total funds carried forward**<br>Note<br>3<br>4|Unrestricted<br>Funds<br>1,169,583<br>1,169,583<br>551,091<br>2,473,439<br>3,024,530<br>(1,854,947)<br>3,815,840<br>1,960,893<br>1,960,893<br>**66,349,215**<br>**68,310,108**|**2024 Total**<br>**£**<br>**1,169,583**<br>**1,169,583**<br>**551,091**<br>**2,473,439**<br>**3,024,530**<br>**(1,854,947)**<br>**3,815,840**<br>**1,960,893**<br>**1,960,893**<br>**66,349,215**<br>**68,310,108**<br>|Unrestricted<br>Funds<br>£<br>378,066<br>378,066<br>169,939<br>1,507,107<br>1,677,046<br>(1,298,980)<br>305,540<br>(993,440)<br>(993,440)<br>67,342,655<br>66,349,215|2023 Total<br>£<br>378,066|
|---|---|---|---|---|
|||||378,066|
|||||169,939<br>1,507,107|
|||||1,677,046|
|||||(1,298,980)<br>305,540|
|||||(993,440)|
|||||(993,440)<br>67,342,655|
||||||
|||||66,349,215|





**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

**22** 



**BALANCE SHEET AS AT 31 JANUARY 2024** 

|**Fixed assets**<br>Investments at market value<br>**Current assets**<br>Investment bank account<br>Cash at Bank<br>Debtors<br>**Current liabilities**<br>**Creditors: amounts falling due within one year**<br>Creditors - Grants awarded<br>Other creditors and accruals<br>**Net current assets**<br>**Creditors: amounts falling due after more than one year**<br>**Net assets**<br>**Allocation of the charity net assets:**<br>The net assets are held for the<br>various funds as follows:-<br>**Unrestricted income funds**<br>**Total charity funds**<br>Note<br>2<br>5<br>6<br>Approved by the trustees on 29/11/2024 and signed on their behalf by|**2024 Total**<br>**£**<br>**68,786,799**<br>**614,740**<br>**132,400**<br>**5,240**<br>**752,380**<br>**694,452**<br>**22,903**<br>**717,355**<br>**35,025**<br>**511,716**<br>**68,310,108**<br>**68,310,108**<br>**68,310,108**|2023 Total<br>£<br>66,473,362<br>743,845<br>73,478<br>5,003|
|---|---|---|
|||822,326|
|||550,830<br>18,622|
|||569,452|
|||252,874|
|||377,021<br>66,349,215|
||||
|||66,349,215|
|||66,349,215|
||||
||||



Peter Hargreaves 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 

for the year ended 31 January 2024 



**23** 



**STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2024** 

|**Net cash used in operating activities**<br>Cash fow from investing activities:<br>Dividends and interest from investments<br>Additions to investments<br>Proceeds from sale of investments<br>**Net cash used in investing activities**<br>Change in cash and cash equivalents in the reporting period<br>Cash and cash equivalents brought forward<br>**Cash and cash equivalents carried forward**<br>**Representing:**<br>Investment managers’ bank accounts<br>Cash at bank<br>Note<br>10|**2024 Total**<br>**£**<br>**(2,742,169)**<br>**1,169,583**<br>**(41,488,038)**<br>**42,990,441**<br>**2,671,986**<br>**(70,183)**<br>**817,323**<br>**747,140**<br>**614,740**<br>**132,400**<br>**747,140**|2023 Total<br>£<br>(1,194,366)<br>378,066<br>(121,779,310)<br>80,113,087|
|---|---|---|
|||(41,288,157)|
|||(42,482,523)<br>43,299,846|
|||817,323|
|||743,845<br>73,478|
|||817,323|





**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

**24** 



**NOTES TO FINANCIAL STATMENTS FOR THE YEAR ENDED 31 JANUARY 2024** 

## **1. ACCOUNTING POLICIES** 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: 

## **A. BASIS OF PREPARATION** 

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. There are no material departures from FRS 102. 

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) regulations 2008 only to the extent required to provide a ‘true and fair view’. The departure has involved following Accounting and Reporting applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn. 

The Charity meets the definition of a public benefit entity under FRS102. 

The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the Charity’s ability to continue as a going concern. 

The accounts are prepared in Sterling, which is the functional currency.  Monetary amounts in these financial statements are rounded to the nearest £. 

The accounts have been prepared under the historical cost convention as modified by the revaluation of investments. 

## **B. FUND ACCOUNTING** 

Unrestricted Income Fund  - The Unrestricted Income Fund comprises those Funds which the Trustees are free to use in accordance with the charitable objects. 

## **C. INCOME** 

Dividend and other similar investment income is shown gross and recognised on an accruals basis. 

## **D. INVESTMENTS** 

Investments, where listed on a recognised stock exchange, are included in the accounts at their market value at the balance sheet date.  Other investments include private equity investments which are included at cost and forward contracts which are valued at the forward rate applicable at the future date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. 



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

**25** 



## **E. GRANTS PAYABLE** 

Grants are included in the accounts on an accruals basis, and unconditional grant commitments are included in the Creditors.. 

## **F. RESOURCES EXPENDED** 

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

Governance costs are the costs associated with the governance arrangements of the charity which relate to the general running of the Charity as opposed to those costs associated with fundraising or charitable activity.  The costs will normally include internal and external audit, legal advice for trustees and costs associated with constitutional and statutory requirements e.g. the cost of trustee meetings and preparing statutory accounts.  Included within this category are any costs associated with the strategic as opposed to day to day management of the charity’s activities. 

## **G. 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. 

## **H. EXPENDITURE** 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 

- Expenditure on charitable activities includes costs of grants awarded during the year. 

## **I. DEBTORS** 

Trade and other debtors are recognised at the settlement account due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts offered. 

## **J. CASH AND CASH EQUIVALENTS** 

Cash and cash equivalents 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. 

## **K. CREDITORS AND PROVISIONS** 

Creditors and provisions are recognised when 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. 

Creditors and provisions are normally recognized at their settlement amount after allowing for any discounts due. 



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

**26** 



## **2. FIXED ASSET INVESTMENTS** 

|Market value at 1 February 2023<br>Additions<br>Disposal proceeds<br>Net gain/ (loss)on revaluation<br>Market value at 31 January 2024<br>Summary of investments held:<br>Fixed income<br>Equities<br>Cash (short term deposits and forwards)<br>Alternative investments|**2024**<br>**£**<br>**66,473,362**<br>**41,488,038**<br>**(42,990,441)**<br>**3,815,840**<br>**68,786,799**<br>**£**<br>**21,002,798**<br>**35,439,152**<br>**7,298,892**<br>**5,045,957**<br>**68,786,799**|2023<br>£<br>24,501,599<br>121,779,310<br>(80,113,087)<br>305,540|
|---|---|---|
|||66,473,362|
|||£<br>19,686,160<br>32,668,190<br>10,233,830<br>3,885,182|
|||66,473,362|



The majority of the reported turnover (Additions and Disposals) within the Foundation’s portfolio arise from two sources: 

1.  Active management of the Foundation’s exposure to fixed income and credit instruments (bonds), an activity which is undertaken on a discretionary basis by the Foundation’s investment managers. Transactions in instruments of this nature (bonds) represent approximately 47% of reported Additions and approximately 40% of reported Disposals. 

2. Investment (and disinvestment) in short-term money market funds and/or short-dated government bills for the purpose of efficient short-term cash management. Transactions in instruments of this nature represent approximately 45% of reported Additions and approximately 49% of reported Disposals. 

This activity is consistent with the Foundation’s investment strategy and the pursuit of its return, income, risk and liquidity objectives. 

## **3. INVESTMENT INCOME** 

|Dividends<br>Interest|**2024**<br>**£**<br>**472,123**<br>**697,460**<br>**1,169,583**|2023<br>£<br>161,055<br>217,011|
|---|---|---|
|||378,066|





**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

**27** 



## **4. CHARITABLE ACTIVITIES** 

|Grants approved<br>Support and Governance costs (below)<br>Support costs<br>Legal charges<br>Consultancy fees<br>Subscriptions<br>Wages and salaries<br>Staff NIC (employers)<br>Staff pensions (Defned contribution)<br>Rent and rates<br>Telephone and internet<br>Insurance<br>IT cost<br>Sundry expenses<br>Publishing<br>Governance costs - Auditors  remuneration<br>Governance costs - Accountancy|**2024**<br>**£**<br>**2,271,102**<br>**202,337**<br>**2,473,439**<br>**-**<br>**-**<br>**35**<br>**147,333**<br>**17,822**<br>**4,436**<br>**3,120**<br>**574**<br>**1,499**<br>**9,454**<br>**1,372**<br>**1,680**<br>**10,712**<br>**4,300**<br>**202,337**|2023<br>£<br>1,326,924<br>180,183|
|---|---|---|
|||1,507,107|
|||8,678<br>3,590<br>35<br>123,333<br>15,566<br>3,609<br>3,120<br>686<br>1,294<br>9,865<br>933<br>1,554<br>7,920<br>-|
|||180,183|



The charity employed two members of staff during the period (2023: 2). The number of employees with total benefits (excluding employer pension costs) exceeding £60,000 was: 

|||**2024**|2023|
|---|---|---|---|
|||**No.**|No.|
|In the band £90,001|- £100,000|**1**|1|



Key management personnel comprise the two members of staff and total remuneration is shown above. 



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

**28** 



## **5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Grants awarded<br>Other creditors<br>Pension<br>PAYE & NI<br>Accruals|**2024**<br>**£**<br>**694,452**<br>**-**<br>**210**<br>**16,701**<br>**5,992**<br>**717,355**|2023<br>£<br>550,830<br>-<br>2,997<br>9,633<br>5,992|
|---|---|---|
|||569,452|



## **6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** 

|Grants awarded|**2024**<br>**£**<br>**511,716**<br>**511,716**|2023<br>£<br>377,021|
|---|---|---|
|||377,021|



## **7. RELATED PARTIES** 

There have been no related party transactions in the year requiring disclosure. 

## **8. TRUSTEES REMUNERATION AND EXPENSES** 

During the year trustees have not received remuneration and were not reimbursed for any expenses. 

## **9. GRANT COMMITMENTS** 

As at 31 January 2024 binding grant commitments were £1,206,168 (2023:  £927,851). 

## **10. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES** 

|Net movement in funds<br>Deduct investment income<br>Deduct gains/add back losses on investments<br>(Increase)/decrease in debtors<br>(Decrease)/Increase in creditors|**2024**<br>**£**<br>**1,960,893**<br>**(1,169,583)**<br>**(3,815,840)**<br>**(237)**<br>**282,598**<br>**(2,742,169)**|**2023**<br>**£**<br>(993,440)<br>(378,066)<br>(305,540)<br>1,590<br>481,090|
|---|---|---|
|||(1,194,366)|





**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 

for the year ended 31 January 2024 

**29** 



## **11. GRANTS MADE** 

During the year the trustees made institutional grants totalling £2,271,102. 

There are no support costs attributed to grants made. Governance costs comprise all costs incurred by the charity and no apportionment is made between grant making activities and running of the charity. 

The Trustees made the following institutional grants during the year: 

|**he analysis of grants approved in the year is below:**<br>Grant commitments brought forward<br>Grants paid in the year<br>Grant commitments carried forward:<br>Due within one year<br>Due after one year<br>Total grants approved<br>Achieve More Scotland<br>Action for Kids<br>Ashcombe Project<br>Auditory Verbel UK<br>Autism Berkshire<br>Autistic Children & Carers Together<br>Basecamp Adventure Trust<br>Berkshire Youth<br>Birtenshaw<br>Blackpool FC Community Trust<br>Bloomsbury football foundation<br>Bolton Lads & Girls Club<br>Boxing Clever<br>Brent Adolescent Centre<br>Brighter Opportunities for Special People<br>Bristol Down Syndrome Trust<br>Bristol Inclusive Thrill Seekers<br>British Racing School<br>Care to Dance<br>Cerebra<br>Challney High School For Girls<br>CP Sport<br>Combe Pafford School|**2024**<br>**£**<br>**(550,830)**<br>**1,615,764**<br>**694,452**<br>**511,716**<br>**2,271,102**<br>**2024**<br>**£**<br>**29,000**<br>**25,000**<br>**90,044**<br>**-**<br>**10,000**<br>**7,500**<br>**8,385**<br>**7,506**<br>**-**<br>**16,000**<br>**128,000**<br>**30,000**<br>**140,000**<br>**20,944**<br>**7,703**<br>**-**<br>**8,000**<br>**81,003**<br>**18,975**<br>**29,000**<br>**-**<br>**-**<br>**6,000**|**2023**<br>**£**<br>(452,678)<br>851,751<br>550,830<br>377,021|
|---|---|---|
|||1,326,924|
|||2023<br>£<br>-<br>25,000<br>224,174<br>25,000<br>-<br>-<br>-<br>-<br>46,400<br>-<br>16,200<br>-<br>18,000<br>17,360<br>-<br>15,560<br>-<br>24,728<br>-<br>-<br>13,371<br>10,000<br>-|



## **The analysis of grants approved in the year is below:** 

**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 



for the year ended 31 January 2024 **30** 



|Diverse Abilities|**46,626**|-|
|---|---|---|
|Down Syndrome Cheshire|**-**<br>|9,999|
|Downright Excellent|**15,000**|-|
|Durham Agency Against Crime|**14,000**|-|
|East Fife Community Football Club|**-**<br>|8,000|
|Empire Fighting Chance|**200,520**|-|
|Estudiantes|**7,620**|-|
|Fight for Peace International|**37,150**|-|
|Foyle Down Syndrome Trust|**9,704**|-|
|GASP Motor Project|**39,455**|11,459|
|Give It Your Max|**9,576**|-|
|Greater Manchester Youth Network|**-**<br>|29,040|
|Greenhouse Sports|**32,480**|31,242|
|Growing Resilience in Teens (GRIT)|**-**<br>|20,000|
|Gympanzees|**20,000**<br>|20,000|
|Horizons (Plymouth)|**-**|9,129|
|Just Kidz London|**6,000**|-|
|KEEN London|**-**<br>|27,759|
|Level Water|**34,441**|-|
|Love Rowing|**18,000**|-|
|Northside Youth Community Connections|**-**<br>|42,000|
|Opportunity Sports Foundation|**36,440**<br>|27,000|
|Our Way Our Say|**13,960**|-|
|Out of Class|**-**|10,000|
|Reed's School|**337,975**|155,765|
|Ride High|**23,920**|-|
|Ride2Success|**9,480**<br>|9,930|
|Royal National Children's Springboard Foundation|**50,000**|-|
|Royal Society for Blind Children|**10,000**|-|
|Sandwell Asian Development Foundation|**9,100**|-|
|Salmon Youth Centre|**-**<br>|50,000|
|SCAMPPS in Surrey|**6,000**|-|
|Seamab School|**100,000**|-|
|Sirona Horsemanship|**9,660**<br>|8,909|
|SocietyLinks Tower Hamlets|**16,000**|-|
|South Bristol Youth|**10,000**|-|
|Special Olympics GB|**46,427**|-|
|Square Food Foundation|**15,437**|-|
|Stepney Bank Stables|**14,389**|-|
|Strength and Learning Through Horses|**-**|10,000|
|Tall Ships|**-**|311,438|



**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** 

for the year ended 31 January 2024 



**31** 



|The Andrew Simpson Foundation<br>The Chronicle Sunshine Fund<br>The Dales School<br>The Horse Rangers<br>The Jack Hazeldine Foundation<br>The Jon Egging Trust<br>The Lord's Taverners<br>The Polar Academy<br>The Rowdown Foundation<br>The Salmon Youth Centre<br>The Tim Henman Foundation<br>The Wave Project<br>The Wheels Project<br>Wallace & Gromit's Children's Foundation (The Grand Appeal)<br>Whizz Kidz<br>Wolverhampton Wanderers Foundation<br>Small grants < £5k<br>|**9,870**<br>**-**<br>**-**<br>**17,146**<br>**63,679**<br>**9,907**<br>**25,000**<br>**25,000**<br>**10,000**<br>**49,196**<br>**12,000**<br>**46,000**<br>**30,000**<br>**-**<br>**51,300**<br>**16,500**<br>**43,084**<br>**2,271,102**|9,720<br>5,307<br>30,000<br>-<br>-<br>-<br>-<br>20,000<br>-<br>-<br>-<br>-<br>-<br>6,310<br>-<br>15,000<br>13,124|
|---|---|---|
|||1,326,924|





**TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS** for the year ended 31 January 2024 

**32**