| Republic of | Republic of | Ireland published in October 2019. |
Ireland published in October 2019. |
Ireland published in October 2019. |
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| Reference | and Administrative details |
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| Name ofCharity: | The Penchant Foundation |
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| Charity No. 1188402 |
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| Trustees: | Sir Charles Chadwyck-Healey | (Appointed 6 March 2020) |
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| Catherine Davies |
(Appointed | 6 March | 2020) | |||||||||||||||
| Lady Angela Mary |
Chadwyck-Healey | (Appointed | 6 March | 2020) | ||||||||||||||
| Faith Miller (Appointed 6 | March | 2020) | ||||||||||||||||
| Edward Alexander | Chadwyck-Healey | (Appointed | 6 March 2020) | |||||||||||||||
| Principal | Office Address: | 5 Madingley Road |
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| Cambridge | ||||||||||||||||||
| CB3OEE | ||||||||||||||||||
| Bankers: | Natwest Bank |
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| 21 Petty Cury | ||||||||||||||||||
| Cambridge | ||||||||||||||||||
| CB23NE | ||||||||||||||||||
| Investment | Managers: | Brown Advisory | ||||||||||||||||
| 6-10Bruton Street | ||||||||||||||||||
| London | ||||||||||||||||||
| W1J6PX | ||||||||||||||||||
| Accountants: | Mercer & Hole Trustees | Ltd | ||||||||||||||||
| 72 London Road | ||||||||||||||||||
| StAlbans, Hertfordshire |
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| AL1 1NS | ||||||||||||||||||
| Independent | Examiner: | Steve Robinson | ||||||||||||||||
| Mercer & Hole | ||||||||||||||||||
| 72 London Road | ||||||||||||||||||
| St Albans, Hertfordshire |
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| AL1 1NS | ||||||||||||||||||
| Structure | Governance | and | Mana ament |
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| Settlor: | Sir Charles Chadwyck-Healey | |||||||||||||||||
| Governing | Document: | The principal governing |
document | is | a trust deed dated | 6 March 2020. | The | |||||||||||
| trust is a private |
charitable | trust | controlled | by | its | trustees. Power |
of | |||||||||||
| appointment of additional |
trustees | lies with the | existing | trustees, | who are | the | ||||||||||||
| original trustees. No additional |
trustees | have been | recruited since | the inception | ||||||||||||||
| of the chadity and | it is not | considered | that any | additional | trustees | are required | ||||||||||||
| at present. The |
trustees | are | permitted to |
appoint | income | or capital |
to | |||||||||||
| beneficiaries in the |
course | ofmeeting | the fund's | purpose. |
| Governing | Document (continued): | Document (continued): | |
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| Power ofappointment ofadditional trustees lies |
with the trustees. The trustees |
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| are permitted to appoint income or capital to |
beneficiaries in the course of |
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| meeting the fund's purpose. | |||
| Investment | Objectives: | The Foundation seeks to produce the best financial return within an acceptable |
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| level of risk. | |||
| The investment objective is to generate a return |
of inflation plus 4% per annum |
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| over the long term, after expenses. This should | allow the Foundation to at least |
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| maintain the real value of the assets, whilst funding annual expenditure in the |
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| region of4%ofthe average value ofthe assets |
over the prior three years. | ||
| The Foundation adopts a total return approach |
to investment, generating the |
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| investment return from income and capital gains |
or losses. It is expected that if | ||
| in any one year the total return is insufficient |
to meet the budgeted grant- |
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| making expenditure, in the long term the real value of the Foundation will still |
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| be maintained in accordance with the investment |
objective above. | ||
| Ob'ectives | and activities | ||
| Objectives | ofthecharity: | The charitable objectives of the Charity are |
to advance such charitable |
| purposes (according to the law of England and Wales) as the Charity Trustees |
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| from time to time see fit. | |||
| The Charity intends to carry out its purpose by making grants. |
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| The Charity is governed by the charity trustees |
of the Charity ("the Trustees" ) |
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| who have a duty, acting at all times in the best interests ofthe Charity, to apply |
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| the Charity's assets to advance the objects and | have ultimate responsibility for |
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| all grant-making decisions. |
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| The number of projects and activities which can |
be supported is limited by the |
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| amount offunds available for distribution. |
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| The pdiorities for funding over the next year will be the making of grants to |
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| organisations that submit an application to the Charity (such applications may |
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| be by invitation). | |||
| Public benefit: | The Trustees confirm that they have referred to |
the guidance contained in the |
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| Charity Commission's general guidance on public benefit when reviewing the |
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| trust's aims and objectives and in setting the grant-making policy for the year. |
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| Risk: | |||
| Attitude to | risk: | The Foundation relies on the investment return to fund grant-making. However, |
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| grants are generally one-off awards and the number and value of these may |
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| vary depending on circumstances. The key risk |
to the long-term sustainability |
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| ofthe Foundation is inflation, and the assets should be invested to mitigate this |
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| risk over the long term. The trustees understand |
that this is likely to mean that | ||
| investment will be concentrated in real assets |
and that the capital value will |
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| fluctuate. |
| The trustees are able to tolerate volatility ofthe capital value ofthe Foundation, | |||
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| as long as the Foundation is able to meet its short-term grant making |
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| commitments through either income or liquid capital assets. |
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| Assets: | The Foundation's assets can be invested widely and should be diversified by |
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| asset class, by manager and by security. Asset classes could include cash, |
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| bonds, equities, property, hedge funds, structured products, private equity, |
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| commodities, property and any other asset that is deemed suitable for the |
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| Foundation. | |||
| Currency: | The base currency ofthe investment portfolio is Sterling. |
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| Investment may be made in non-Sterling assets, but should not exceed 50%of |
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| the total investment portfolio value. |
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| Hedging is permitted. |
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| Credit: | The Foundation's cash balances should be deposited with institutions with a |
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| minimum rating ofA-or invested in a diversified money market fund. |
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| Bond exposure should be predominantly focused on investment grade issuers. |
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| Liquidity | Requirements: | The Foundation aims to distribute grants of between 6150k and 6200k per |
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| annum. This can be funded from both income and capital. |
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| The Trustees wish to keep at least 70% of the assets in investments that can |
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| be realised within three months. |
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| To allow for volatility of capital values, the trustees wish to maintain at least 3 |
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| years worth ofbudgeted grant-making in cash or lower risk liquid investments. |
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| A minimum of 2% of the total assets should be kept in cash or near cash |
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| investments at all times. |
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| Time Horizon: | The Foundation is expected to exist in perpetuity and investments should be |
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| managed to meet the investment objective and ensure this sustainability. |
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| The Foundation can adopt a long term investment time horizon. |
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| Management, | Reporting | The Investment Manager is required to produce a valuation and performance |
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| and Monitoring: | report quarterly. The Foundation has nominated a list ofauthorised signatories, |
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| two ofwhich are required to sign instructions to the Investment Manager. |
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| The Trustees have responsibility for agreeing strategy and monitoring the |
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| investment assets. The Trustees meet at least annually to review the porffolio, |
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| including an analysis of return, risk and asset allocation. Performance will be |
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| monitored against agreed market benchmarks, and against the investment |
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| objective of inflation plus 4%over the long term. |
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| Review of | activities: | Grants totalling 6269,196 were made in the period. The breakdown of the |
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| grants is shown in note 8 of the accounts. The trustees monitor their level of |
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| grant-making and are prepared to utilise capital for this purpose where needed. |
| Plans for | future periods: | future periods: | The trustees short-term and long-term objectives are to continue |
to | make |
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| grants in accordance with their grant making policy. The trustees aim |
to | utilise | |||
| the unrestricted and endowment funds to achieve this objective. |
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| The trustees plans are to release funds from the endowment fund |
and the | ||||
| Charity intends to carry out its purposes by making grants. |
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| Approval | and review: | This Investment Policy Statement was prepared by the Trustees |
of the | ||
| Penchant Foundation to provide a framework for the management |
of its | ||||
| investment assets. It will be reviewed on an annual basis to ensure continuing |
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| appropriateness. | |||||
| Res ective | res onsibilitiesof trustees. | ||||
| Accounting | Guidelines: | The trustees are responsible for preparing the Trustees' Report |
and the |
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| financial statements in accordance with applicable law and United |
Kingdom | ||||
| Accounting Standards (United Kingdom Generally Accepted Accounting |
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| Practice). | |||||
| Respective | responsibilities | oftrustees (continued) | |||
| The law applicable to charities in England & Wales requires the trustees to |
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| 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: |
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| a) select suitable accounting policies and then apply them consistently; |
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| b) observe the methods and principles in the Charities SORP |
2019 | ||||
| (FR S102) I | |||||
| c) make judgements and estimates that are reasonable and prudent; |
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| d) state whether applicable accounting standards have been followed, |
subject | ||||
| to any material departures disclosed and explained in the |
financial | ||||
| statements; | |||||
| e) prepare the financial statements on the going concern basis unless |
it is | ||||
| inappropriate to presume that the charity will continue in operation. |
| 2021 | 2021 | ||||
|---|---|---|---|---|---|
| Endowment | Total | ||||
| Funds | |||||
| Note | F | ||||
| Income and endowments: | |||||
| Investment income |
3 | 28,699 | 28,699 | ||
| Other income | 5 | 1,050,449 | 1,050,449 | ||
| Donations and legacies |
4,201,796 | 4,201,796 | |||
| Total income | 5,280,944 | 5,280,944 | |||
| Expenditure on: |
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| Costs of raising funds | 16,538 | 16,538 | |||
| Charitable activities |
4 | 281,012 | 281,012 | ||
| Total expenditure | 297,550 | 297,550 | |||
| Net income/(expenditure) | before | ||||
| net gains/(losses) | on investments | 4,983,394 | 4,983,394 | ||
| Net gains/(losses) | on currency exchange | 1,794 | 1,794 | ||
| Net gains/(losses) | on investments | 882,760 | 882,760 | ||
| Net income/(expenditure) | 5,867,948 | 5,867,948 | |||
| Transfer between | funds | ||||
| Net movement in |
funds | 5,867,948 | 5,867,948 | ||
| Reconciliation of |
funds | ||||
| Total funds brought | forward | ||||
| Total funds carried forward | 5,867,948 | 5,867,948 |
| 2021 | |||||
|---|---|---|---|---|---|
| Endowment | Total | ||||
| Funds | |||||
| Note | f | ||||
| Fixed assets | |||||
| Investments | at market | value | 2 | 5,349,228 | 5,349,228 |
| Current assets |
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| Investment | managers' | bank accounts | 187,487 | 187,487 | |
| NatWest bank accounts | 339,184 | 339,184 | |||
| Gift Aid repayment due |
449 | 449 | |||
| 527,120 | 527,120 | ||||
| Liabilities | |||||
| Creditors: | amounts falling due within one year |
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| Accountants' | charges | 7,200 | 7,200 | ||
| Independent | examiners' | remuneration | 1,200 | 1,200 | |
| 8,400 | 8,400 | ||||
| Net current | assets/(liabilities) | 518,720 | 518,720 | ||
| Net assets | 5,867,948 | 5,867,948 | |||
| Allocation | ofthe charity net assets: | ||||
| The net assets are held | for the various funds as follows:- | ||||
| Expendable | endowment | 9 | 5,867,948 | 5,867,948 | |
| Total charity funds | 5,867,948 | 5,867,948 |
| Total | |||||||
|---|---|---|---|---|---|---|---|
| Funds | |||||||
| 2021 | |||||||
| Note | F | ||||||
| Net cash used in operating | activities | 7 | ( 287,806) | ||||
| Cash flows from investing | activities: | ||||||
| Dividends and interest from investments |
28,699 | ||||||
| Proceeds from sale of investments | 534,595 | ||||||
| Purchase of investments | ( 5,001,063) | ||||||
| Other income | 1,050,449 | ||||||
| Net cash provided by investing |
activities | 3,387,320 | |||||
| Cash flows from financing | activities: | ||||||
| Donations and legacies |
4,201,796 | ||||||
| Net cash provided by financing |
activities | 4,201,798 | |||||
| Change in cash and cash |
equivalents | in the reporting | period | 626,871 | |||
| Cash and cash equivalents | brought | forward | |||||
| Cash and cash equivalents | carried forward | 626,671 | |||||
| Representing: | |||||||
| Investment managers' accounts |
187,487 | ||||||
| Charity's bank account |
339,184 | ||||||
| 626,671 |
| ed asset investm | ents | 2021 | ||
| F | ||||
| Additions | 5,001,063 | |||
| Disposals Net investment gains I(losses) |
( 534,595) 882,760 |
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| Market value at | 30June 2021 | 5,349,228 | ||
| Historical cost at | 30June 2021 | 4,541,194 | ||
| estment income |
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| Investment income ofF28,699 |
was received | during the year. | ||
| aritable activities |
2021 | |||
| F | ||||
| Charitable activities |
281,012 | |||
| The breakdown | ofcharitable | activities is | as follow: | |
| Grants - note 8 | 269,196 | |||
| Donations -Chadwyck-Healey |
Liberation | Collection 1944-1946 - note 8 | 1,196 |
| Governance | costs | ||
|---|---|---|---|
| Accountants' | charges | 8,820 | |
| Independent | Examination | charges | 1,200 |
| 10,020 |
| 5. | Other | income | ||
|---|---|---|---|---|
| 2021 | Endowment | Total | ||
| Funds | Funds | |||
| Gift | aid | 1,050,449 | 1,050,449 | |
| 1,050,449 | 1,050,449 |
| 2021 | |||||
|---|---|---|---|---|---|
| Net movement in funds |
5,867,948 | ||||
| Deduct interest income shown | in | investing | activities | ( 1,079,148) | |
| Deduct donation receipts shown |
in financing | activities | ( 4,201,796) | ||
| (Deduct gains)/ add back losses | on investments | ( 882,760) | |||
| Decrease (increase) in debtors Increase (decrease) in creditors |
( 449) 8,400 |
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| Net cash used in operating | activities | 287,805 | |||
| ants made | |||||
| 2021 | |||||
| Resurgo Trust | 1,000 | ||||
| Smart Works | 1,000 | ||||
| New Orford Town Trust | 250,023 | ||||
| Clock Tower Sanctuary | 3,000 | ||||
| VICS in the Community | 1,500 | ||||
| New Orford Town Trust (legal | advice) | 2,673 | |||
| Arthur Rank Hospice Charity | 5,000 | ||||
| Cambridge Citizens Advice (CAB) |
5,000 | ||||
| 269,196 | |||||
| The grants above are categorised | as below: | 2021f | |||
| Social & Community | 264,196 | ||||
| Medical | 5,000 | ||||
| 269,196 |
| Analysis ofcharitable funds |
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|---|---|---|
| 2021 | Endowment | Total |
| Analysis offund movements |
Funds 6 |
Fundsf |
| Balance b/fwd | ||
| Income | 5,280,944 | 5,280,944 |
| Expenditure | ( 297,550) | ( 297,550) |
| Foreign exchange gains/(losses) | 1,794 | 1,794 |
| Gains/(losses) | 882,760 | 882,760 |
| Fund c/fwd | 5,867,948 | 5,867,948 |
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