## ## |Republic of|Republic of|Ireland
published
in October 2019.|Ireland
published
in October 2019.|Ireland
published
in October 2019.||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Reference||and Administrative
details||||||||||||||||| |Name ofCharity:||||The Penchant
Foundation||||||||||||||| |||||Charity
No. 1188402||||||||||||||| |Trustees:||||Sir Charles Chadwyck-Healey|||||(Appointed
6 March 2020)|||||||||| |||||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||||||||||||||| |||||Cambridge||||||||||||||| |||||CB3OEE||||||||||||||| |Bankers:||||Natwest
Bank||||||||||||||| |||||21 Petty Cury||||||||||||||| |||||Cambridge||||||||||||||| |||||CB23NE||||||||||||||| |Investment||Managers:||Brown Advisory||||||||||||||| |||||6-10Bruton Street||||||||||||||| |||||London||||||||||||||| |||||W1J6PX||||||||||||||| |Accountants:||||Mercer & Hole Trustees||Ltd||||||||||||| |||||72 London Road||||||||||||||| |||||StAlbans,
Hertfordshire||||||||||||||| |||||AL1 1NS||||||||||||||| |Independent||Examiner:||Steve Robinson||||||||||||||| |||||Mercer & Hole||||||||||||||| |||||72 London Road||||||||||||||| |||||St Albans,
Hertfordshire||||||||||||||| |||||AL1 1NS||||||||||||||| |Structure|Governance||and|Mana
ament||||||||||||||| |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):|| |---|---|---|---| |||Power ofappointment
ofadditional
trustees
lies|with the trustees.
The trustees| |||are permitted
to appoint
income
or capital
to|beneficiaries
in the course
of| |||meeting the fund's purpose.|| |Investment|Objectives:|The Foundation
seeks to produce the best financial
return
within
an acceptable|| |||level of risk.|| |||The investment
objective is to generate a return|of inflation
plus 4% per annum| |||over the long term, after expenses. This should|allow the Foundation
to at least| |||maintain
the real value of the assets,
whilst
funding
annual
expenditure
in the|| |||region of4%ofthe average
value ofthe assets|over the prior three years.| |||The Foundation
adopts a total return
approach|to investment,
generating
the| |||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-| |||making
expenditure,
in the long term the real value of the Foundation
will still|| |||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|| |||from time to time see fit.|| |||The Charity intends to carry out its purpose
by making
grants.|| |||The Charity
is governed
by the charity trustees|of the Charity
("the Trustees" )| |||who have a duty, acting at all times
in the best interests ofthe Charity,
to apply|| |||the Charity's assets to advance the objects and|have ultimate
responsibility
for| |||all grant-making
decisions.|| |||The number of projects and activities
which can|be supported
is limited
by the| |||amount offunds available
for distribution.|| |||The pdiorities
for funding
over the next year
will be the making
of grants
to|| |||organisations
that submit
an application
to the Charity
(such applications
may|| |||be by invitation).|| |Public benefit:||The Trustees
confirm that they have referred to|the guidance
contained
in the| |||Charity
Commission's
general
guidance
on public
benefit
when
reviewing
the|| |||trust's aims and objectives and in setting the grant-making
policy for the year.|| |Risk:|||| |Attitude to|risk:|The Foundation
relies on the investment
return to fund grant-making.
However,|| |||grants
are generally
one-off awards
and the number
and value of these may|| |||vary depending
on circumstances.
The key risk|to the long-term
sustainability| |||ofthe Foundation
is inflation,
and the assets should be invested to mitigate this|| |||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| |||fluctuate.|| ## ## ||||The trustees are able to tolerate volatility ofthe capital value ofthe Foundation,| |---|---|---|---| ||||as
long
as the
Foundation
is able
to meet
its
short-term
grant
making| ||||commitments
through
either income or liquid capital assets.| |Assets:|||The Foundation's
assets can be invested
widely
and should
be diversified
by| ||||asset class,
by manager
and
by security.
Asset classes could
include
cash,| ||||bonds,
equities,
property,
hedge
funds,
structured
products,
private
equity,| ||||commodities,
property
and
any other asset that
is deemed
suitable
for the| ||||Foundation.| |Currency:|||The base currency ofthe investment
portfolio is Sterling.| ||||Investment
may be made
in non-Sterling
assets, but should
not exceed 50%of| ||||the total investment
portfolio value.| ||||Hedging
is permitted.| |Credit:|||The Foundation's
cash balances
should
be deposited
with
institutions
with a| ||||minimum
rating ofA-or invested
in a diversified
money market fund.| ||||Bond exposure
should be predominantly
focused on investment
grade issuers.| |Liquidity|Requirements:||The Foundation
aims to distribute
grants
of between
6150k and 6200k per| ||||annum.
This can be funded
from both income and capital.| ||||The Trustees
wish to keep at least 70% of the assets
in investments
that can| ||||be realised
within three months.| ||||To allow for volatility
of capital values,
the trustees
wish to maintain
at least 3| ||||years worth ofbudgeted
grant-making
in cash or lower risk liquid investments.| ||||A minimum
of 2% of the total assets
should
be kept
in cash or near cash| ||||investments
at all times.| |Time Horizon:|||The Foundation
is expected
to exist
in perpetuity
and investments
should
be| ||||managed
to meet the investment
objective and ensure this sustainability.| ||||The Foundation
can adopt a long term investment
time horizon.| |Management,||Reporting|The Investment
Manager
is required
to produce a valuation
and performance| |and Monitoring:|||report quarterly.
The Foundation
has nominated
a list ofauthorised
signatories,| ||||two ofwhich are required
to sign instructions
to the Investment
Manager.| ||||The Trustees
have
responsibility
for agreeing
strategy
and
monitoring
the| ||||investment
assets. The Trustees
meet at least annually
to review the porffolio,| ||||including
an analysis
of return,
risk and asset allocation.
Performance
will be| ||||monitored
against
agreed
market
benchmarks,
and
against
the
investment| ||||objective of inflation
plus 4%over the long term.| |Review of|activities:||Grants
totalling
6269,196 were
made
in the period.
The breakdown
of the| ||||grants
is shown
in note 8 of the accounts.
The trustees
monitor
their level of| ||||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| |---|---|---|---|---|---| ||||grants
in accordance
with their grant making
policy.
The trustees
aim|to|utilise| ||||the unrestricted
and endowment
funds to achieve this objective.||| ||||The trustees
plans
are to release
funds
from the endowment
fund|and the|| ||||Charity intends to carry out its purposes
by making
grants.||| |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||| ||||appropriateness.||| |Res ective||res onsibilitiesof trustees.|||| |Accounting||Guidelines:|The trustees
are
responsible
for
preparing
the
Trustees'
Report|and
the|| ||||financial
statements
in accordance
with
applicable
law and
United|Kingdom|| ||||Accounting
Standards
(United
Kingdom
Generally
Accepted
Accounting||| ||||Practice).||| |Respective||responsibilities|oftrustees (continued)||| ||||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:||| ||||a)
select suitable
accounting
policies and then apply them consistently;||| ||||b)
observe
the
methods
and
principles
in
the
Charities
SORP||2019| ||||(FR S102) I||| ||||c)
make judgements
and estimates
that are reasonable
and prudent;||| ||||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:|||||| |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|||||| |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||||| |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| |Market value at|30June 2021|||5,349,228| |Historical cost at|30June 2021|||4,541,194| |estment
income||||| |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| |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||| |---|---|---| |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| ||||4l
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