2022-06-30-accounts - The Penchant Foundation

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`NameofCharity:`	`ThePenchantFoundation`	`ThePenchantFoundation`	`ThePenchantFoundation`
	`CharityNo.1188402`
`Trustees:`	`SirCharlesChadwyck-Healey`
	`CatherineDavies`
	`LadyAngelaMary`	`Chadwyck-Healey`
	`FaithMiller`
	`EdwardAlexander`	`Chadwyck-Healey`
`PrincipalOfficeAddress:`	`5MadingleyRoad`
	`Cambridge`
	`CB3OEE`
`Bankers:`	`NatwestBank`
	`21PettyCury`
	`Cambridge`
	`CB2 3NE`
`InvestmentManagers:`	`BrownAdvisory`
	`6-10BrutonStreet`
	`London`
	`W1J6PX`
`Accountants:`	`Mercer& HoleTrustees`		`Ltd`
	`72LondonRoad`
	`StAlbans,Hertfordshire`
	`AL11NS`
`IndependentExaminer:`	`SteveRobinson`
	`Mercer& HoleLLP`
	`72LondonRoad`
	`StAlbans,Hertfordshire`
	`AL11NS`
`Structure,Governanceand`	`Management`
`Settlors:`	`SirCharlesChadwyck-Healey`
	`LadyAngelaMary`	`Chadwyck-Healey`
`GoverningDocument:`	`Theprincipalgoverning`		`document`		`is`	`atrust`	`deed`	`dated`	`6March`	`2020.The`
	`trust` `is` `a` `private`	`charitable`		`trust`		`controlled` `by`		`its`	`trustees.`	`Power`	`of`
	`appointmentofadditionaltrustees`				`lieswith`		`theexistingtrustees,whoare`				`the`
	`original` `trustees.`	`No`	`additional`		`trustees`		`have`	`been`	`recruited`	`since`	`the`
	`inceptionofthecharity`		`anditis`	`not`	`consideredthat`			`anyadditionaltrustees`			`are`
	`requiredatpresent.`	`The`	`trusteesare`			`permittedtoappoint`			`incomeorcapitalto`
	`beneficiariesinthe`	`courseofmeeting`				`thefund'spurpose.`

`Assets:`	`TheFoundation'sassetscanbeinvestedwidely andshouldbediversifiedby`
	`assetclass,bymanagerandbysecurity.Assetclassescouldincludecash,`
	`bonds,equities,property,hedgefunds,structuredproducts,privateequity,`
	`commodities,propertyandanyotherassetthatisdeemedsuitableforthe`
	`Foundation.`
`Currency:`	`ThebasecurrencyoftheinvestmentportfolioisSterling.`
	`Investmentmaybemadeinnon-Sterlingassets,butshouldnotexceed50%`
	`ofthetotalinvestmentportfoliovalue.`
	`Hedgingispermitted.`
`Credit:`	`TheFoundation'scashbalancesshouldbedepositedwithinstitutionswitha`
	`minimumratingofA-orinvestedina diversifiedmoneymarketfund.`
	`Bond` `exposure` `should` `be` `predominantly` `focused` `on` `investment` `grade`
	`issuers.`
`LiquidityRequirements:`	`TheFoundationaimstodistributegrantsofbetween£150kand£200kper`
	`annum.Thiscanbefundedfrombothincomeandcapital.`
	`TheTrusteeswishtokeepatleast70%oftheassetsininvestmentsthatcan`
	`berealisedwithinthreemonths.`
	`Toallowforvolatilityofcapitalvalues,thetrustees wishtomaintainatleast3`
	`years'` `worth` `of` `budgeted` `grant-making` `in` `cash` `or` `lower` `risk` `liquid`
	`investments.`
	`Aminimumof2%ofthetotalassets shouldbekeptincashornear cash`
	`investmentsatalltimes.`
`TimeHorizon:`	`TheFoundationisexpectedtoexistinperpetuityandinvestmentsshouldbe`
	`managedtomeettheinvestmentobjective andensurethissustainability.`
	`TheFoundationcanadopta longterminvestmenttimehorizon.`
`Management,Reporting`	`TheInvestmentManagerisrequiredtoproducea valuation andperformance`
`andMonitoring:`	`report` `quarterly.` `The` `Foundation` `has` `nominated` `a` `list` `of` `authorised`
	`signatories,twoofwhicharerequiredtosigninstructionstotheInvestment`
	`Manager.`
	`TheTrusteeshaveresponsibilityforagreeingstrategyandmonitoringthe`
	`investmentassets.TheTrusteesmeetatleastannuallytoreviewtheportfolio,`
	`includingananalysisofreturn,riskandassetallocation.Performancewillbe`
	`monitoredagainstagreed marketbenchmarks,and againsttheinvestment`
	`objectiveofinflationplus4%overthelongterm.`
`ReviewofActivities:`	`Grants` `totalling` `£227,300` `were` `made` `in` `2022` `(2021:` `£269,196).` `The`
	`breakdownofthegrants` `isshown` `innote` `9oftheaccounts.Thetrustees`
	`monitortheir levelofgrant-makingandarepreparedtoutilisecapitalforthis`
	`purposewhereneeded.`
`FinancialReview:`	`Totalincomewas£36,989(2021:£5,280,944includingthe£4,201,796`
	`donationreceivedand£1,050,449giftaidrepayment)withexpenditure`
	`amountingto£270,168(2021:£297,550).Netassetsattheendoftheyear`
	`were£4,902,770(2021:£5,867,948).`

			`2022`		`2021`
		`Expendable`	`Unrestricted`		`Total`
		`Endowment`	`Income`	`Total`
		`Funds`	`Funds`
	`Note`	`£`	`£`	`£`	`£`
`Incomeandendowments:`
`Investmentincome`	`3`	`-`	`36,564`	`36,564`	`28,699`
`Otherincome`	`6`	`-`	`425`	`425`	`1,050,449`
`Donationsandlegacies`		`-`	`-`	`:`	`4,201,796`
`Totalincome`		`-`	`36,989`	`36,989`	`5,280,944`
`Expenditureon:`
`Costsofraisingfunds`	`4`	`27,810`	`-`	`27,810`	`16,538`
`Charitableactivities`	`5`	`:`	`242,358`	`242,358`	`281,012`
`Totalexpenditure`		`27,810`	`242,358`	`270,168`	`297,550`
`Netincome/(expenditure)before`
`netgains/(losses)oninvestments`		`(27,810)`	`(205,369)`	`(233,179)`	`4,983,394`
`Netgains/(losses)oncurrencyexchange`		`.`	`-`	`-`	`1,794`
`Netgains/(losses)oninvestments`		`(731,999)`	`-`	`(731,999)`	`882,760`
`Netincome/(expenditure)`		`(759,809)`	`(205,369)`	`(965,178)`	`5,867,948`
`Transferbetweenfunds`		`(205,369)`	`205,369`	`-`	`-`
`Netmovementinfunds`		`(965,178)`	`-`	`(965,178)`	`5,867,948`
`Reconciliationoffunds`
`Totalfundsbroughtforward`		`5,867,948`	`-`	`5,867,948`	`-`
`Totalfundscarriedforward`		`4,902,770`	`-`	`4,902,770`	`5,867,948`

			`2022`		`2021`
		`Expendable`	`Unrestricted`	`Total`	`Total`
		`Endowment`	`Income`
		`Funds`	`Funds`
	`Note`	`£`	`£`	`£`	`£`
`Fixedassets`
`Investmentsatmarketvalue`	`2`	`4,587,281`	`-`	`4,587,281`	`5,349,228`
`Currentassets`
`Investmentmanagers’bankaccounts`		`226,411`	`-`	`226,411`	`187,487`
`NatWestbankaccounts`		`97,478`	`12,720`	`110,198`	`339,184`
`GiftAidrepaymentdue`		`-`	`-`	`-`	`449`
		`323,889`	`12,720`	`336,609`	`527,120`
`Liabilities`
`Creditors:amountsfallingduewithinoneyear`
`Accountants’charges`		`7,200`	`10,320`	`17,520`	`7,200`
`Independentexaminers'remuneration`		`1,200`	`2,400`	`3,600`	`1,200`
		`8,400`	`12,720`	`21,120`	`8,400`
`Netcurrentassets/(liabilities)`		`315,489`	`-`	`315,489`	`518,720`
`Netassets`		`4,902,770`	`-`	`4,902,770`	`5,867,948`
`Allocationofthecharitynetassets:`
`Thenetassetsareheldforthevariousfundsasfollows:-`
`Expendableendowmentfunds`	`10`	`4,902,770`	`:`	`4,902,770`	`5,867,948`
`Unrestrictedincomefunds`	`10`	`:`	`-`	`:`	`-`
`Totalcharityfunds`		`4,902,770`	`-`	`4,902,770`	`5,867,948`

`StatementofCashFlows` `fortheyearended30June2022`
		`Total`	`Total`
		`Funds`	`Funds`
		`2022`	`2021`
	`Note`	`£`
`Netcash usedinoperatingactivities`		`(256,999)`	`(287,805)`
`Cashflowsfrominvestingactivities:`
`Dividendsandinterestfrominvestments`		`36,564`	`28,699`
`Proceedsfromsaleofinvestments`		`319,948`	`534,595`
`Purchaseofinvestments` `Otherincome`		`(290,000)` `425`	`(5,001,063)` `1,050,449`
`Netcashprovidedbyinvestingactivities`		`66,937`	`(3,387,320)`
`Cashflowsfromfinancingactivities:`
`Donationsandlegacies`			`4,201,796`
`Netcashprovidedbyfinancingactivities`			`4,201,796`
`Changeincashandcashequivalentsinthereportingperiod`		`(190,062)`	`526,671`
`Cashandcashequivalentsbroughtforward`		`526,671`
`Cashandcashequivalentscarriedforward`		`336,609`	`526,671`
`Representing:`
`Investmentmanagers’accounts`		`226,411`	`187,487`
`Charity'sbankaccount`		`110,198`	`339,184`
		`336,609`	`526,671`

`2.`	`Fixedassetinvestments`	`2022`	`2021`
		`£`	`£`
	`Marketvalueat30June2021`	`5,349,228`	`-`
	`Additions`	`290,000`	`5,001,063`
	`Disposals`	`(319,948)`	`(534,595)`
	`Netinvestmentgains/ (losses)`	`(731,999)`	`882,760`
	`Marketvalueat30June2022`	`4,587,281`	`5,349,228`
	`Historicalcostat30June2022`	`4,511,194`	`4,541,194`
`3.`	`Investmentincome`	`2022`	`2021`
		`£`	`£`
	`Dividendsandinterestreceived`	`36,564`	`28,699`
`4.`	`Costofraisingfunds`	`2022`	`2021`
		`£`	`£`
	`Investmentmanagementcharges`	`27,810`	`16,538`

`ritableactivities`	`2022`	`2021`
	`£`	`£`
`Charitableactivities`	`242,358`	`281,012`
`Thebreakdownofcharitableactivitiesisasfollow:`
	`2022`	`2021`
	`£`	`£`
`Grants- note9`	`227,300`	`269,196`
`Donations- Chadwyck-HealeyLiberationCollection1944-1946`	`1,088`	`1,796`
`Governancecosts`	`2022`	`2021`
`Accountants’charges`	`10,320`	`8,820`
`IndependentExaminationcharges`	`2,400`	`1,200`
`Feeforlogodesign& guideline`	`1,250`	`-`
	`13,970`	`10,020`

	`institutionsinfurtheranceofitscharitableactivities.`
	`Totalcharitableactivities`	`242,358`	`281,012`
`6.`	`Otherincome`	`2022`	`2021`
		`£`	`£`
	`Investmentmanagersgrossinterest`	`223`	`-`
	`CompensationfromNatwest`	`200`	`-`
	`Giftaid`	`-`	`1,050,449`
	`Repaymentinterest`	`2`	`-`
		`425`	`1,050,449`

	`2022`	`2022`	`2021`
	`£`		`£`
`Netmovementinfunds`	`(965,178)`		`5,867,948`
`Deductinterestincomeshownininvestingactivities`	`(`	`36,989)`	`(1,079,148)`
`Deductdonationreceiptsshowninfinancingactivities`		`-`	`(4,201,796)`
`(Deductgains)/addbacklossesoninvestments`	`731,999`		`(882,760)`
`Decrease(increase)indebtors`		`449`	`(449)`
`Increase(decrease)increditors`		`12,720`	`8,400`
`Netcashusedinoperatingactivities`	`(256,999)`		`(287,805)`
`ntsmade`
	`2022`		`2021`
	`£`		`£`
`ArthurRankHospiceCharity`		`10,000`	`5,000`
`BirdlifeInternational`		`20,000`	`-`
`BritishTrustforOrnithology`		`10,000`	`-`
`BrittenPearsArts`		`2,500`	`-`
`CamValleyForum`		`5,000`	`-`
`CambridgeCitizensAdvice(CAB)`		`20,000`	`5,000`
		`67,500`	`10,000`

`bif`			`67,500`	`10,000`
`CambridgeArtsTheatre`			`975`	`-`
`CambridgeLiteraryFestival`			`1,200`	`-`
`Centre33`			`50,000`	`-`
`ClockTowerSanctuary`			`3,000`	`3,000`
`Fauna& FloraIntl`			`10,000`	`-`
`FeedingFamilies`			`2,500`	`-`
`FitzwilliamMuseum`			`1,350`	`-`
`FNLHonresfield`			`20,000`	`-`
`Granttoindividualtosupportstudies`			`15,000`	`-`
`Granttoindividualtosupportstudies`			`2,000`	`-`
`MakhadTrust`			`5,000`	`-`
`NewOrfordTownTrust`			`-`	`250,023`
`NewOrfordTownTrust(legaladvice)`			`-`	`2,673`
`OpenTrust`			`5,000`	`-`
`ResurgoTrust`			`1,000`	`1,000`
`RSPB`			`10,000`	`-`
`SmartWorks`			`1,000`	`1,000`
`UKMen'sShedsAssociation`			`2,500`	`-`
`UniversityofCambridge(Library)`			`10,000`	`-`
`UniversityofCambridge(Kettle'sYard)`			`2,775`	`-`
`VICSintheCommunity`			`1,500`	`1,500`
`WildlifeTrustforBedfordshire,Cambridgeshire& Northamptonshire`			`15,000`	`:`
			`227,300`	`269,196`
`Thegrantsabovearecategorisedasbelow:`			`2022`	`2021`
			`£`	`£`
`BiodiversityandConservation- 6 donations`			`70,000`	`-`
`Social& Community- 8 donations`			`81,500`	`264,196`
`OverseasPovertyRelief- 3 donations`			`27,775`	`-`
`Arts& Culture- 5 donations`			`6,025`	`-`
`Education- 4 donations`			`32,000`	`-`
`Medical- 1 donation`			`10,000`	`5,000`
			`227,300`	`269,196`
`Analysisofcharitablefunds`
`2022`	`Expendable`		`Unrestricted`	`Total`
	`Endowment`		`Income`	`Funds`
	`Funds`		`Funds`
`Analysisoffundmovements`	`£`		`£`	`£`
`Balanceb/fwd`	`5,867,948`		`-`	`5,867,948`
`Income`		`-`	`36,989`	`36,989`
`Expenditure`		`(27,810)`	`(242,358)`	`(270,168)`
`Foreignexchangegains/(losses)`		`-`	`-`	`-`
`Gains/(losses)`	`(`	`731,999)`	`-`	`(731,999)`
`Transfersbetweenfunds`	`(205,369)`		`205,369`	`-`
`Fundc/fwd`	`4,902,770`		`-`	`4,902,770`

`2021`	`Expendable`	`Unrestricted`	`Total`
	`Endowment`	`Income`	`Funds`
	`Funds`	`Funds`
`Analysisoffundmovements`	`£`	`£`	`£`
`Balanceb/fwd`	`-`	`-`	`-`
`Income`	`5,280,944`	`-`	`5,280,944`
`Expenditure`	`(297,550)`	`-`	`(297,550)`
`Transfers`	`1,794`	`-`	`1,794`
`Gains/(losses)`	`882,760`	`:`	`882,760`
`Fundc/fwd`	`5,867,948`	`-`	`5,867,948`