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2025-01-31-accounts

Charitable Incorporated Organisation Registered Number 1187297

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 31 January 2025

CONTENTS

CONTENTS
CHAIR & EXECUTIVE COMMENT 1
TRUSTEES’ REPORT OBJECTIVES AND ACTIVITIES 2
ACHIEVEMENTS & PERFORMANCE 3
HOW HAVE WE MET OUR OBJECTIVES? 4
IMPACT ANALYSIS 8
FINANCIAL REVIEW 12
STRUCTURE, GOVERNANCE AND MANAGEMENT 15
REFERENCE AND ADMINISTRATIVE DETAILS 15
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND AUDITORS 16
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE
HARGREAVES FOUNDATION FOR THE YEAR ENDED
31 JANUARY 2025 17
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED
31 JANUARY 2025 21
BALANCE SHEET AS AT 31 JANUARY 2025 22
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED
31 JANUARY 2025 23
NOTES TO FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31 JANUARY 2025 24

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 January 2025

CHAIR & EXECUTIVE COMMENT

Our mission remains to encourage brighter futures for vulnerable children and young people by harnessing the transformative power of sport and education. These two pathways offer more than just opportunity — they build relationships, strengthen communities and open the doors to change.

Through our continued funding of grassroots initiatives, we’ve seen the real impact that targeted support can have. By funding community-led programmes that use either physical activity or deliver educational support, we’re helping young people develop vital life skills, grow in confidence and overcome significant personal and social challenges.

As we look to the future, we remain focused on widening the number of grant recipients across the UK. We’re committed to forming new partnerships that align with our values and objectives, while continuing to support existing initiatives already making a huge difference.

Peter Hargreaves

This year we’ve continued to build our relationship with long-standing grant recipients, leading to another notable increase in repeat funding.

The impact of our funding has been remarkable, with support reaching a diverse range of projects and initiatives across the UK. This impact continues to extend beyond the young people we aim to support but also positively influencing families, schools and entire communities.

We are always inspired by the work of the grassroots organisations we support, especially those operating with teams of dedicated volunteers.

Alexandra Butler

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS

for the year ended 31 January 2025

1

TRUSTEES’ REPORT OBJECTIVES AND ACTIVITIES

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

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.

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 January 2025

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ACHIEVEMENTS & PERFORMANCE

OVERVIEW

GRANTS APPROVED

FUNDING APPROVED

95* £3.4m

*This figure is based on approvals made within the year. It therefore does not include any grants approved in the previous years and paid in the current year for multi-year grants.

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, Charities 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.

A final decision is communicated with the recipient after this.

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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:

The Hargreaves Foundation are happy to confirm funding for Love Rowing, a charity dedicated to creating accessible and inclusive programmes for communities that are currently under-represented in the sport. Love Rowing focuses on supporting minority communities, people with disabilities, young people from low-income backgrounds and socio-economically disadvantaged communities.

Their goal over the next 12 months is to transform the lives of 10,000 people, providing opportunities to discover the immense benefits that rowing brings to your physical and mental health, social skill development and community engagement.

In 2023, Love Rowing partnered with Tyne Amateur Rowing Club (TARC) to start a Newcastle Youth Rowing programme for children living in the west-end of Newcastle - an area that ranks in the most deprived 10% of neighbourhoods nationally. Evidence shows that young people living in this area face the worst inequalities in relation to healthcare access, employment opportunities, mental health support and many other serious challenges through no fault of their own making.

The 2023 pilot project has been an overwhelming success, and the plan is to grow this programme so that many more can prosper from the life-changing benefits that rowing brings. Funding from The Hargreaves Foundation will support Love Rowing’s objective to provide 144 young people with the opportunity to try rowing in a non-threatening and friendly environment.

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

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The Hargreaves Foundation are delighted to grant funding to Allsorts, a charity aspiring to create a community between families that have children with additional needs and disabilities to reduce loneliness and capture potential.

Providing activities and support for all members of the family, they deliver a range of activity sessions including sports, ‘stay and play’ sessions, and family and carer support groups. With a sensory room, a music room and a changing room with hoists, Allsorts have created a safe space for all. One parent said, "Thank you for all that you do. Allsorts is a great support to us and means that my son can have fun and access experiences that he would otherwise miss out on".

Encouraging children and young people to play competitive sport, Allsorts enters three teams to the Special Educational Needs and Disabilities (SEND) football tournaments yearly and even have several young people representing Great Britain in trampolining, swimming, and Boccia - in 2022-23, they provided 27 different sports welcoming an attendance of over 2000.

Funding from The Hargreaves Foundation will enable Allsorts to host weekly Boccia sessions for 42-weeks of the year and three tournaments, while also offering young people and children the chance to attend at a subsidised cost.

Boccia is a Paralympic sport where athletes throw, kick, or use a ramp to propel a ball onto the court with the aim of getting closest to a ‘jack’ ball. It is designed specifically for those with a disability affecting locomotor function, and most of the children and young people that play Boccia with Allsorts would find it impossible to play other sports due to their physical disabilities. Allsorts give these young people the chance to learn new skills like accuracy, resilience and competitiveness while also developing their confidence and self-esteem.

"Ensures participatory sport is accessible.”

The Hargreaves Foundation are delighted to announce that funding has been awarded to Give. Help. Share, a charity committed to addressing food insecurity and fostering healthy lifestyles among disadvantaged individuals and families.

Funding will be allocated to support the costs of educational workshops and food parcels for hundreds of children and families residing in the Herts and North London boroughs. Workshops are taught in a series of six, each involving interactive activities that focus on promoting healthy eating habits, teaching basic nutrition principles, and empowering children to make healthier food choices. The portion of funding allocated to food parcels will be used to bulk buy nutritious food items at discounted rates, such as canned vegetables, pasta, fruit bars, and fresh fruits and vegetables.

The dual focus of providing both food parcels and educational workshops ensures that families can put into practice what the children are learning in school, creating a holistic approach to addressing food insecurity and empowering disadvantaged communities to lead healthier and more fulfilling lives.

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

The Hargreaves Foundation are pleased to announce that funding has been awarded to The Linacre Institute, a small social mobility charity based in Leeds, Yorkshire, aiming to improve academic engagement and attainment.

Over the past 10 years, Linacre has developed a strong reputation and proven track record for improving educational outcomes for young people who face some of the greatest barriers to learning and accessing a fair education across Yorkshire. In 2022, for example, 14% of students received offers from Oxbridge, and 80% from Russell Group institutions, both well above the regional average in the state school sector.

The funding from The Hargreaves Foundation will support their Reach Higher programme, which helps bright, but isolated, state school sixth formers in some of the most disadvantaged postcodes in and around Yorkshire, earn places at highly selective universities, where they are underrepresented; data from The Sutton Trust shows that typically less than 1% of students from state schools in Yorkshire receive places at Oxbridge.

The Linacre Institute’s highly personalised and resource intensive programme is designed specifically to develop oracy skills and nurture intellectual curiosity, providing students with the academic inspiration, support and mentoring they require to acquire places at these universities.

Student case studies consistently demonstrate the impact of the Institute on these young people’s perception of themselves and their capabilities. One student who earned a place to study at Cambridge University said, “I can’t thank the Linacre Team enough for all of their support. The summer schools haven’t only allowed me to explore my subject in depth far beyond what the a-level spec allows, but they have also inspired me to apply to a world class university and follow my dreams”.

“Aims to improve academic engagement and attainment.”

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The Trustees of The Hargreaves Foundation are delighted to announce that Beyond Food has been awarded funding to support their intensive three-week programme that guides disadvantaged 14-18-year-olds across London into employment.

Offering life skills development, education, training and personal support, Beyond Food helps people whose lives have been unravelled; this includes exclusion from mainstream education, homelessness, mental health challenges and criminal records.

Using kitchen-based programmes, young people gain the skills to remain employable with the opportunity for work experience in Brigade, Beyond Food’s social enterprise restaurant. Since 2005, Beyond Food have supported more than 8,000 people, providing over 593,000 hours of work experience.

Funding will support their ‘Beyond the Classroom’ project, where young people will complete 10 comprehensive programmes and gain up to six-weeks of work experience in the restaurant. Alongside modules covering the themes of life, employability, and industry skills, young people will access 1:1 support with the Support and Progression team to work on personal development targets and overcome barriers.

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

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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 fulltime 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.

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 July 2024 the 3 year partnership with Ashcombe Primary School in Weston-super-Mare concluded.

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 aimed to significantly improve the reading and writing attainment levels of disadvantaged pupils that leave Ashcombe in year 6.

The programme implemented new teaching strategies throughout the school, informed by the latest research in learning behaviour and best practice, while introducing targeted therapies and 1:1 support to address the additional barriers to learning experienced by disadvantaged children at Ashcombe.

The centrepiece of the project was the installation of a new purpose built 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.

While the ambitious targets to elevate the reading and writing attainment of Year 6 children into the top 5% of the country within 3 years were not all achieved, the attainment levels at the end of the three year partnership were significantly higher than the years preceding the project.

A core objective of the project was to ensure that the children at Ashcombe school would continue to benefit from the partnership for years to come.

The EIS programme has provided the foundations for the way in which reading and writing will be taught at Ashcombe for the foreseeable future and while the funded element of the project has come to an end the relationship with Ashcombe is ongoing as we continue to monitor the long term impact of the programme.

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FUNDING ANALYSIS BY UK REGION

----- Start of picture text -----
YEAR ENDING
31 JAN 2025
95 GRANTS
SCOTLAND
8 GRANTS
NOTHERN NORTH EAST
IRELAND
3 GRANTS
1 GRANT
YORKSHIRE
1 GRANT
YORKSHIRE
NORTH WEST & HUMBER
6 GRANTS 7 GRANTS
UK WIDE
9 GRANTS
WEST MIDLANDS EAST MIDLANDS
6 GRANTS 1 GRANT
MIDLANDS
3 GRANTS
SOUTH WALES
1 GRANT LONDON
23 GRANTS
SOUTH EAST
SOUTH WEST 12 GRANTS
14 GRANTS
----- End of picture text -----

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 January 2025

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FUNDING ANALYSIS BY SUPPORT

----- Start of picture text -----
EDUCATION EXTRA HOLIDAY CLUB PERSONAL SPECIALIST
26 GRANTS CIRRICULAR 1 GRANT DEVELOPMENT EQUIPMENT
1 GRANT 2 GRANTS 5 GRANTS
SPORT THERAPY VOCATIONAL
56 GRANTS 2 GRANTS 2 GRANTS
----- End of picture text -----

ANALYSIS BY FOUNDATION OBJECTIVES

The 95 grants awarded in 2024/25 were distributed across the 5 objectives as follows;

----- Start of picture text -----
GRANTS
FOUNDATION OBJECTIVE
AWARDED
Aims to improve academic engagement
and attainment 18
Enables individuals to experience the mental and
30
physical health benefits of participatory sport
Encourages the development of skills and personal
11
attributes to aid future employability
Ensures participatory sport is accessible 11
Provides sporting or educational activities that
foster life skills 25
----- End of picture text -----

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 application choose to re-apply for repeat funding.

Case Study – Foyle Down Syndrome Trust

The Foyle Down Syndrome Trust were awarded a grant of £10,000 to fund their ‘Down Right Fit’ health and fitness programme.

The programme supported 21 young people with Down Syndrome to plan and facilitate fitness and sport sessions across 15 primary schools in Belfast.

The programme was an overwhelming success, with the young team delivering sports sessions to over 550 school children.

The project not only made a lasting positive impact on the team that implemented the programme but also on the schools hosting the sessions who reported how their pupils learnt about Down Syndrome and benefitted from engaging with people with a disability.

A celebration event at the Belfast Guildhall was attended by the Mayor of Belfast along with all the schools that participated in the project.

Following the success of the grant further funding has been secured to continue and expand the number of schools that the Foyle Down Syndrome Trust work with.

Case Study – Achieve More Scotland

A grant of £29,000 was awarded to Achieve More Scotland to provide early intervention and diversionary based sports activities in economically deprived areas of Glasgow.

The 391 supported children all benefitted from the regular sports sessions and workshops where they learnt about social and personal issues such as alcohol and drug misuse, health and well being.

The success and importance of the project was borne out by the number of participants who became volunteers for Achieve More Scotland. This enabled them to increase the number of sessions provided and to support 100 more young people during the funding period than was originally envisaged.

The relationships developed and support that the Achieve More Scotland team provided to the young people in their community enabled them to help a number of the supported young people into employment, further education and apprenticeships, an unanticipated and very positive outcome.

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Case Study – Bloomsbury Football Foundation

Following a successful pilot project, funded by The Hargraves Foundation, the Bloomsbury Football Foundation were awarded a grant of £128,000 to launch their ‘Changing the Game’ programme.

In the 12 month funding period a total of 450 children and young people, took part in a range of football programmes in some of the most economically disadvantaged and underserved areas of London. The programmes ensured that the vast majority of participating children exceeded the Governments recommended daily exercise targets, while the mental health and well being of participants is above national averages and social health targets were also achieved.

The positive impact of the of the football programmes is reflected in the following view of the Childhood Trust;

‘Many children living in poverty in the capital are leading sedentary lives, which risks negative physical and mental health outcomes. Bloomsbury Football is at the forefront of levelling the playing field for these children.”

The Bloomsbury Football Foundation have since been awarded a 3 year grant to further expand their football programmes.

FINANCIAL REVIEW

Income from investments in the year amounted to £1,338k (2024: £1,170k). Expenditure on charitable activities was £3,578k (2024: £2,473k) including grants and donations of £3,366k (2024: £2,271k), investment management fees were £653k resulting in net expenditure before investment gains and losses of £2,893k (2024: net expenditure £1,854k).

After net realised/unrealised gains/(losses) on investments of £7,033k (2024: £3,816k) funds increased by £4,140k (2024: £1,961k) resulting in unrestricted funds at the year end of £72,450k (2024: £68,310k).

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.

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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 area 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 years 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.

  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

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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:

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 Office Address: The Old Surgery Swan Barton Sherston Malmesbury Wiltshire SN16 0LJ Bankers Lloyds Bank Plc 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

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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:

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: 03/11/2025 Peter Hargreaves

On behalf of the Trustees

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE HARGREAVES FOUNDATION FOR THE YEAR ENDED 31 JANUARY 2025

OPINION

We have audited the financial statements of The Hargreaves Foundation (the “Charity”) for the year ended 31 January 2025 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:

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.

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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:

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.

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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:

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. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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 2025

19

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

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 2025

20

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 JANUARY 2025

Income and endowments
Investments
Total income
Expenditure on:
Raising funds
- Investment managers fees
Charitable activities
Total expenditure
Net income/(expenditure)
before net gains/(losses)
on investments
Net gains/(losses) on
Investments
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Note
3
4		 Unrestricted
Funds
£
1,338,358
1,338,358
653,470
3,578,131
4,231,601
(2,893,243)
7,032,754
4,139,511
4,139,511
68,310,108
72,449,619		 2025 Total
£
1,338,358
1,338,358
653,470
3,578,131
4,231,601
(2,893,243)
7,032,754
4,139,511
4,139,511
68,310,108
72,449,619
 Unrestricted
Funds
£
1,169,583
1,169,583
551,091
2,473,439
3,024,530
(1,854,947)
3,815,840
1,960,893
1,960,893
66,349,215
68,310,108		 2024 Total
£
1,169,583
1,169,583
551,091
2,473,439
3,024,530
(1,854,947)
3,815,840
1,960,893
1,960,893
66,349,215
68,310,108

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 January 2025

21

BALANCE SHEET AS AT 31 JANUARY 2025

Fixed assets
Investments at market value
Current assets
Investment bank account
Cash at Bank
Debtors
Current liabilities
Creditors: amounts falling due within one year
Creditors - Grants awarded
Other creditors and accruals
Net current assets
Creditors: amounts falling due after more than one year
Net assets
Allocation of the charity net assets:
The net assets are held for the
various funds as follows:-
Unrestricted income funds
Total charity funds
Note
2
5
6
Approved by the trustees on 03/11/2025 and signed on their behalf by
Peter Hargreaves		 2025 Total
£
73,146,982
1,472,199
181,166
5,756
1,659,121
908,028
26,353
934,381
724,740
1,422,103
72,449,619
72,449,619
72,449,619		 2024 Total
£
68,786,799
614,740
132,400
5,240
752,380
694,452
22,903
717,355
35,025
511,716
68,310,108
68,310,108
68,310,108

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS

for the year ended 31 January 2025

22

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025

Net cash used in operating activities
Cash fow from investing activities:
Dividends and interest from investments
Additions to investments
Proceeds from sale of investments
Net cash used in investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Representing:
Investment managers’ bank accounts
Cash at bank
Note
10
2025 Total
£
(3,104,704)
1,338,358
(35,589,839)
38,262,410
4,010,929
906,225
747,140
1,653,365
1,472,199
181,166
1,653,365		 2024 Total
£
(2,742,169)
1,169,583
(41,488,038)
42,990,441
2,671,986
(70,183)
817,323
747,140
614,740
132,400
747,140

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 January 2025

23

NOTES TO FINANCIAL STATMENTS FOR THE YEAR ENDED 31 JANUARY 2025

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 2025

24

E. GRANTS PAYABLE

Grants are included in the accounts on an accruals basis, and unconditional grant commitments payable within one year after the balance sheet date are included in the Statement of Financial Activities.

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 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:

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 2025

25

2. FIXED ASSET INVESTMENTS

Market value at 1 February 2024
Additions
Disposal proceeds
Net gain/ (loss)on revaluation
Market value at 31 January 2025
Summary of investments held:
Fixed income
Equities
Cash (short term deposits and forwards)
Alternative investments		 2025
£
68,786,799
35,589,839
(38,262,410)
7,032,754
73,146,982
£
23,677,823
41,518,711
856,701
7,093,747
73,146,982		 2024
£
66,473,362
41,488,038
(42,990,441)
3,815,840
68,786,799
£
21,002,798
35,439,152
7,298,892
5,045,957
68,786,799

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 48% 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 36% of reported Additions and approximately 48% 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
Interest		 2025
£
511,797
826,561
1,338,358		 2024
£
472,123
697,460
1,169,583

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 January 2025

26

4. CHARITABLE ACTIVITIES

Grants approved
Support and Governance costs (below)
Support costs
Subscriptions
Wages and salaries
Staff NIC (employers)
Staff pensions (Defned contribution)
Rent and rates
Telephone and internet
Insurance
IT cost
Sundry expenses
Publishing
Governance costs - Auditors remuneration
Governance costs - Accountancy		 2025
£
3,366,280
211,851
3,578,131
35
162,682
11,917
7,146
3,200
574
1,324
9,034
1,659
1,680
10,100
2,500
211,851		 2024
£
2,271,102
202,337
2,473,439
35
147,333
17,822
4,436
3,120
574
1,499
9,454
1,372
1,680
10,712
4,300
202,337

The charity employed two members of staff during the period (2024: 2). The number of employees with total benefits (excluding employer pension costs) exceeding £60,000 was:

2025 2024
No. No.
In the band £90,001 - £100,000 - 1
In the band £110,001 - £120,000 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 2025

27

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Grants awarded
Pension
PAYE & NI
Accruals		 2025
£
908,028
450
19,911
5,992
934,381		 2024
£
694,452
210
16,701
5,992
717,355

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

Grants awarded 2025
£
1,422,103
1,422,103		 2024
£
511,716
511,716

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 2025 binding grant commitments were £2,330,131 (2024: £1,206,168).

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

Net movement in funds
Deduct investment income
Deduct gains/add back losses on investments
(Increase)/decrease in debtors
(Decrease)/Increase in creditors		 2025
£
4,139,511
(1,338,358)
(7,032,754)
(516)
1,127,413
(3,104,704)		 2024
£
1,960,893
(1,169,583)
(3,815,840)
(237)
282,598
(2,742,169)

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 January 2025

28

11. GRANTS MADE

During the year the trustees made institutional grants totaling £3,366,280.

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:

Grant commitments brought forward
Grants paid in the year
Grant commitments carried forward:
Due within one year
Due after one year
Total grants approved		 2025
£
(694,452)
1,730,601
908,028
1,422,103
3,366,280		 2024
£
(550,830)
1,615,764
694,452
511,716
2,271,102

The analysis of grants approved in the year is below:

2025 2024
£ £
1625 Independent People 11,431 -
9UP 9,555 -
Ablaze 6,000 -
Access Adventures 10,000 -
Access Sport 25,000 -
Achieve More Scotland 31,600
 29,000
Action for Kids 931
 25,000
Action Tutoring 23,970 -
Active Fusion 14,784 -
Ashcombe Project -
 90,044
Ark 30,000 -
Auditory Verbel UK 91,720 -
Aura Up 9,450 -
Autism Berkshire -
 10,000
Autistic Children & Carers Together -
 7,500
Basecamp Adventure Trust -
 8,385
Bedminster Down School 6,500 -
Berkshire Vision 12,320 -
Berkshire Youth -
 7,506
Beyond Food Foundation 21,350 -
Blackburn Youth Zone 7,500 -
Blackpool FC Community Trust 19,090
 16,000

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS

for the year ended 31 January 2025

29

Bloomsbury football foundation - 128,000
Boccia England 10,000 -
Bolton Lads & Girls Club 20,200
 30,000
Boxing Futures 11,464 -
Boxing Clever 85,000 140,000
Brent Adolescent Centre - 20,944
Brighter Opportunities for Special People - 7,703
Brighton Table Tennis Club 41,773 -
Bristol Inclusive Thrill Seekers - 8,000
British Racing School - 81,003
Bromley By Bow Community Organisation 12,446 -
Care to Dance 18,975 18,975
Cerebra -
 29,000
Chances by Educational Support Services 50,000 -
Chapter One 25,000 -
City of Bristol Rowing Club 16,672 -
Coach Core Foundation 7,000 -
Combe Pafford School - 6,000
Debate Mate 10,000 -
Diverse Abilities - 46,626
Down Syndrome Cheshire 26,810 -
Downright Excellent - 15,000
Durham Agency Against Crime - 14,000
EKOTA 15,100 -
Ellen Macarthur Cancer Trust 20,000 -
Empire Fighting Chance 68,160
 200,520
Estudiantes 51,814 7,620
Fight for Peace International 35,560 37,150
Foyle Down Syndrome Trust 30,140 9,704
Fulham Reach Boat club 16,428 -
GASP Motor Project - 39,455
Get Set 4 Tennis 9,297 -
Give Help Share 9,240 -
Give It Your Max - 9,576
Greenhouse Sports - 32,480
Growing2gether 18,871 -
Gympanzees 80,000
 20,000
Haddington Athletic Community Football Club 7,300 -
Herefordshire RDA 20,000 -
Hestia Housing & Support 15,000 -
High Hopes Riding for the Disabled 15,000 -
Inverness Rowing Club 20,935 -

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 January 2025

30

Just Kidz London - 6,000
KEEN London 34,720 -
Lawrence Weston Community Farm 8,853 -
Level Water - 34,441
Love Rowing - 18,000
Mentoring Plus BANES 15,510 -
Newlife 38,800 -
NICE Centre for Movement Disorders 17,031 -
Opportunity Sports Foundation 36,988 36,440
Our Way Our Say - 13,960
Out of Class 7,000 -
Pakeman Primary School 7,145 -
Rackets Cubed 90,720 -
Reed's School 1,000,098
 337,975
Ride High 17,295
 23,920
Ride2Success 9,984 9,480
ROKT Foundation 15,900 -
Royal National Children's Springboard Foundation -
 50,000
Royal Society for Blind Children - 10,000
Sandwell Asian Development Foundation - 9,100
SCAMPPS in Surrey 5,500 6,000
Seamab School -
 100,000
SELFA Grant 15,000 -
Sirona Horsemanship - 9,660
SocietyLinks Tower Hamlets 20,000 16,000
SOFEA Grant 20,000 -
Solidarity Sports Grant 23,975 -
South Bristol Youth 10,000 10,000
Sparkle (South Wales) 8,103 -
Special Olympics GB - 46,427
Sport4Life 16,600 -
Square Food Foundation 27,865 15,437
Step by Step London 12,000 -
Stepney Bank Stables - 14,389
Strength and Learning Through Horses 10,000 -
Stride UK 21,992 -
Team Oasis 21,600 -
The Andrew Simpson Foundation 10,500 9,870
The Horse Rangers 21,060 17,146
The Jack Hazeldine Foundation 29,220
 63,679
The Jon Egging Trust 60,000 9,907
The Linacre Institute 20,000 -

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 January 2025

31

The Literacy Pirates
The Lord's Taverners
The Outward Bound Trust
The Polar Academy
The Rowdown Foundation
The Salmon Youth Centre
The Tim Henman Foundation
The Ups of Downs
The Wave Project
The Wheels Project
Tutors United
Whizz Kidz
Wolverhampton Wanderers Foundation
Small grants < £5k
Grant repayment		 90,000
50,000
30,000
25,000
10,000
49,169
12,000
13,000
-
-
10,000
316,561
-
19,705
(12,000)
3,366,280		 -
25,000
-
25,000
10,000
49,196
12,000
-
46,000
30,000
-
51,300
16,500
43,084
2,271,102

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 31 January 2025

32