Charlty numbgr: 1189840 BENNELONG FOUNDATION (UK) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2021
BENNELONG FOUNOATION IUKI CONTENTS Page Refgrencg and admlnl$tratlv8 delall$ of the Charlty, Its Truste8s and advl$ers Trustees. report Independent audltorfs report on the financSal statements 8-11 Statement of financial activities 12 Balance sheet 13 Statemènt of cash flows 14 Notes to the Ilnanclal statornents 15-20
BENNELONG FOUNOATION IUKI REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI. ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 JUNE 2021 Trustees Gregory Thomas lappointed 20 June 2021) Jeffrey Chapman lappointed 8 June 20201 Caiena Shankar lappointed 8 June 20201 Charity registered number 1189840 Prlnclpal offlco Sl. Mellion Estste St Mellion Saltash Cornwall PL12 6SD Independent audltor Blick Rolhenberg Audit LLP Chartered Accountants 18 Greal Queen Street Covent Garden London WC2B SAH Page 1
BENNELONG FOUNOATION IUKI TRUSTEES, REPORT FOR THE PERIOD ENDED 30 JUNE 2021 The Trustees present their annu81 report together wth the audited finaneial stslemenls of Bennelong Foundation IUKI I'the Foundation. or 'lhe Charity") for the period ended 30 June 2021. The Trustees confirm that the annual report and financial stslements of the Foundation comply wlh the current slalulory requirements. the requirements of the Chartys goveming 0ment and the provisions of the Ststemenl of Recommended Practice {SORPI, applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Objectives and activities a. Pollcles and oblectlv The Trustees shall hold the caprtal and income of the Trust Fund upon trust at their sole and absolute discretion lo apply the income and 811 or sueh part or parts of the capital for or towards such charitable purposes as the Trustees al their sole and absolute discretson think fil. The Trustees are desirous of a healthier, more productive and indusive community. The eurrenl funding priorities are.. pathways to employment; eduealion., health.sports and wellbwng., relieving povety.. and Australian charitable organisalions Ihal address any of the above areas. The Trustees undertake lo review the broad focus of Ihe Foundation on an ongoing basis lo ensure that the Foundation achieves 11$ objectives for the public benefft. In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo public benefft. induding the guidance 'Public benefit.. running a harity IPB21'. Page 2
BENNELONG FOUNOATION IUKI TRUSTEES. REPORT ICONnNUED) FOR THE PERIOD ENDED 30 JUNE 2021 Objectivey and activities {continued) b. Grant-maklng pollcles The grant making policy of the Foundation is a detailed policy document which is reviewed annually. A summary of the policy is outlined below. Grant Makin Polic The fundin riorilies Who can apply for a grant section Summa As detsiled in section 'a' above The Trustees wll usually only award grants lo organisalions that are either.. registered as charitie5 wlh the Charity Commission for England and Wales", other for purpose organisalions based in the UK., and registered as charitie$ What type of expenditure can be fvnded I grants awarded must be used lo cover costs that are directly connected lo carrying out the charitable aclivilies that the Trustees have agreed lo fund. Thè Trustees usually make grants of befvleen £5,000 and £2.000.000 AJI proposals must be submitted using the online rocess throu h the Foundation's website. The Trustees have ultimate responsibility for all grant- making decisions. The policy outlines further specific details about deeision makin considerations. The Trustees wll lake steps lo monitor the use of the grant and venty that the grant is used lor the purposes Ihal have been agreed. The arrangements for monitoring will vary according lo the nature of the grant. bul the Trustees will always seek lo ensure that the arran emenls are a ro riale and ro ortionale. How recipients can apply for a grant How the Foundation makes deusions about grant applications Reporting requirements and monitoring c. Main activities undertaken to further the Charity's puwes for the public benefit The Trustees of the Foundation held their inaugural t*)ard meeting on 3 June 2021, ar on this date five projects were selected for funding through the grants programme. The projects wll support as many as 1,300 people experiencing deprivats.on across London and Comwall. Page 3
BENNELONG FOUNOATION IUKI TRUSTEES. REPORT ICONnNUED) FOR THE PERIOD ENDED 30 JUNE 2021 Achievements and perforniance a. Main achievements of the Charity This is the first period of account for the Foundation. it was first registered in 2020 and accordingly is in the earty stages of building a corpus and providing grants. During this period the Foundation received its first dortionS lotalling £2.105.000. Of this amount.. £53,533 was allocated to grant making., £9,636 was allocated to administration and sel up costs of the Foundation., and the balan of funds will be allocated to grant making in FY22 and a contribution lo building an endowment lo provide income for lulufe grant making. b. Donatlon Income During the period ending 30 June 2021, there was £2,105,OCwJ of donation income recèived from the following enlilies.. Donating Party Sl Mellion Operations Ltd BennBridge Ltd Jeff Chapman & Carena Shankar Crown Golf Group Ltd c. Grantlng Grant Recipients for FY 21 are Summariseil bel¢)w'. Amount £8,500 £10,000 £1 5,000 £9.881 £9.652 £500 £53.533 Lighthouse Communty Centre Devon & Cornwell Food Ath"on Charity Treyla- Realising Ambition Performance Plus Sport UK The Dracaena Centre Small grants Totsl For the period ending 30 June 2021 the Foundab'on had SuuS irthme less expenses of £2,041,831. d. Review of the financial position The statement of financial position set out on page 13 of Ihe financial slatements shows the financial position of the Foundats'on at 30 June 2021. In summary.. Current assets of £2.049.631 is represented by cash at bank. Current liabilities of £7,800 is represented by accrued expendrture., The resutting nel a5se15 amount to £2,041,831. e. Fundraslng The Foundation does not currenuy engage in public fvndraising. Page 4
BENNELONG FOUNOATION IUKI TRUSTEES. REPORT ICONnNUED) FOR THE PERIOD ENDED 30 JUNE 2021 Financial review a. Going concern In the Trustee's opinion. the are reasonable grounds lo believe that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason. they adopt the going concern basis in preparing the finanoal $tstements. b. RoseNes pollcy The nel assets of the Foundation al 30 Junè 2021 were £2,041.831. Post 30 June 2021, the Trustees resolved lo invest a poOn of the nel assets for investment purwses. 11 is antiapaled the income generated can be applied to the Foundalion's future grant making activities and if desired. lo meet the Fountjation's Ongng overhead and administrative exFenses. The Trustees anticipate future donation ineome to be received into the F¢Jundation, but they acknowledge the amount and liming is uncertain. As such, the Foundation wll hold an amount in reserve, being the higher of.. An equivalent lo one yearfs adminislralive expenses la$ determined ty the Trustees from lime to limel, or £100,000. The Foundation qUireS a reseNe amount lo ensu adequate financial sOUrceS are available lif necessary) for the Trustees to fulfil the general purpose anthor objectives ol the Foundation. The Trustees will use Ihwr discretion in determining whether lo utilise funds held in reserve. The Reserves Policy wll be reviewed annually by the Trustees. c. Investmont Managemont Post 30 June 2021, the Trustees appointed an Investment Advisor. The Investment Advisor will manage allocated assets of the FOundatn in accordance with the Investment Strategy as issued by them and approved by the Trustees. d. Plans for the Future The Foundation plans to.. Invest surplus assets lo allow for the purpose of building a corpus.. Continue grant-making activrties for the ft)rseeable fvlure, suty'e¢t to satisfactory funding arrangements., iii. Appoint a fourth Trustee in due course. Structure, governance and managem9nt a. Constltutlon The Foundation was registered as a Charitable Incorpated Organisation on 8 June 2020 Iregistered charity number 11898401 and is governed by rts constilLrtion. Page 5
BENNELONG FOUNOATION IUKI TRUSTEES. REPORT ICONnNUED) FOR THE PERIOD ENDED 30 JUNE 2021 Structure. governance and management Icontinuedl b. Mothods of appolntment or elecllon of Trustees The power to appoint new OT additional Iruslees is vested in the existing Trustees. In exercising this power, the Trustees would use their own network of contacts lo identify suitable candidates possessing the necessary knoedge and skills lo act as trustees. There must be al leasl Iwslees. Each Iruslee musl be appointment for a term of five years, bul shall be eligible for re-appoinlment. The appointment of trustees musl occJJr by a resolution passed at a properfy convened meeting of the Trustees. c. Management of the Foundallon The management of the Foundation is the resw)nsibility of the Trustees are elected under the conslilution. The Trustees may delegate any of their powers or fundions lo a committee or committees. and if they do, they shall determine the terms and conditions on which the delegatson 1$ made. The Tru51ee$ may at any lime alter those terms and condrtions, or revoke the delegation. The Trustees, whom are also members. that seryed dunng the period were.. Jeffrey Chapman lappoinled 8 June 2020) Carena Shankar lappoinled 8 June 2020 Gregory Thomas lapwnled 20 June 20211 Statement of Trustees. responslbllltlo$ The Trustees are responsible for preparing the Trustees, report and the finanaal slalemenls in accordance with applicable law and United Kingdom Accounts'ng Standards Iuniled Kingdom Generally Accepted Accounting Pradicel. The law applicable lo charities in England & Wales requires the Trustees lo prepa financial slalemenls for each financial period which give a true and fair view of the stsle of affairs of the Charity and of ils incoming resources and application of resource$. including ils InMe and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. seled suitable accounting policies and then apply them consistently.. observe the methods and prinaples of the Charities SORP IFRS 1021., make judgments and accounting estimate5 that a 8$onable and prudent," stsle whether applicable UK Accounting Stsndards IFRS 1021 have been followed, subject to any material departu$ disdosed and explained in the financial stalemenls., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charty will continue in business. The Trustees are responsible foi keeping adequate accounting records that a sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Charity and enable them lo ensure that the financial slalements comply wth the Charities Act 2011, the Charity (Accounts and Reports) Regulats'ons 2008 and the provisions of the CIO constitution. They are also responsible for safeguarding the assets of the Charty and hen for taking reasonable steps for the prevention and detection of fraud and other irregularrtie5. Page 6
8ENNELONQ FOUNDATION (UK) TRUSTEES. REPQRT ICOPMNUEDI FOR THE PERIOO ENDED 30 JUNE 2021 Dl•clo•urn of Inforniatlon to •udltor Each of th• POon$ vtho are Tru8tee8 at the twne ¥then thi8 Truee8' rep)rt is approved has c4nfim)od that". ) lar 88 that Tru8t•• 1$ •w•, thw? rd no r•lovant audit infomiation of whth th• CharitV8 auditor 18 Ltn•w4r•, and Ihal Trust•e has taken all the ep8 that Jght to have be8n taken as a Trustse in order to be are cl any r•le¥ont audii infoffl) to eslatAMh that th• dwnty's auditor 1$ aware of thal information. Audltor ouditty. Blkk Roth•ntéry Audot LLP, ha8 indKated his illlngn•u to C4n in offi. Tho Wn•t•d Tw•te wll PTOW>W a ThthTrrnarw.inlirwJ th• #t • olthe Tw8te Awoved by ¢ydor ofth• ofthe board cl TnJ8t••8 *ntrtl w thoir b8hair ty.. Car•na nkthr Date.. c2119120i> Page 7
BENNELONG FOUNOATION IUKI INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNELONG FOUNDATION IUKI FOR THE PERIOD ENDED 30 JUNE 2021 Oplnlon We have audited the financial statements of Bennelong Foundation IUKI (the 'Charity'l for the period ended 30 June 2021 thich comprisè the Slalemenl of financial activities. the balancè Sheet, the slalèmenl of cash flows and the related notes, 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 Stsndards, including Financial Reportin9 Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland. (United Kingdom Generally Aepted Awunting Practice). The financial stslements have been prepared in acc(¥dance wth Accountin9 and Reporting by Charities preparing their accounts in accordance wth the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Stslemenl of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been thdrawn. This has been done in order for the a¢nts lo provide a Irue and fair view in aordanCe wlh the Generally Accepted Accounting Practice effective for reporting p8ri0d3 beginniThJ Cffb ¢y after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the state of the Charity's affairs as al 30 June 2021 and of its incoming resources and application of resources for the period then ended.. have been property prepareil in accordance wlh United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wrth the requirements of the Charrties Act 2011. Basls for oplnlon We conducted our audit in acec*danee vthh Inlemalional Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under Ih¢)se standards are further described In the Auditor's responsibilities for the audit of the finanaal stslemenls section of our report. We a independent of the Charity in accordance with the ethical requirements that are relevant to our audrt of the financial slalements in the United Kingdom, including the Financial Reporting Covncil's Ethical Slandard. and V have fulfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audit evidence we have obtained is suffiaenl and appropriate to Provide a basis for our opinion. Con¢lu$lon$ relatlng to golng concern In auditing the financial stslements, have conduded that the Trustees. use of the going concern basis of accounting in the preparation of the finanaal slalemenls is appropriate. Based on the work we have performed, have rbot idenb.fied ary material UnrtaInlieS relating to events or conditions that, individually or collectively. may cast significant doubl on the Charity's ability lo continue as a going concem for a period of al least twelve months from vthen the financial slalements a aulhorised for issue. Our responsibilities and the Sponsibl1rtieS of the Trustees respect to going concem a described in the relevant sections of this report. Page 8
BENNELONG FOUNOATION IUKI INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNELONG FOUNDATION IUKI ICONTINUEDI FOR THE PERIOD ENDED 30 JUNE 2021 Other Infomiatlon The other information comprises the information induded in the annual rèport other than the financial statements and our auditorfs report Ihereon. The Trustees are responsible fof the other infomalion contained within the annual pOrt. Our opinion on the financial stslemenls does not cover the other infomialion and, except to the extent otherwise explicitly stated in our report. do not express any form of assurance conclusion thereon. 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 kno¥edge obtained in the course of the audit, or olherwse appears lo be materially misslaled. If we identify such malenal Inconsistencies or apparent material misslalements, Y are required to delemine whether this gives rise lo a material misslalemenl in the financial statements themselves. If. based on the worf( we have performed, conclude that there is a material misstatement of this olher infornialion. are required lo report that fact. We have nothing lo report in this gard. Mattgr¥ on whlch we arg rgqulrgd to report by excoptlon We have nothing lo report in respect of the followng matters %ther8 the Charities (Accounts and R8POrtsl Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Trustees. report is inconsislenl in any material respect with the financial stslemenls,. or sufficient accounting records have not been kept,. or the financial statements are not in agreement wth the attounling records and returns., or we have not received all the infomalion and ewanations we require for our audit. Responslbllltles of truste•s As explained more lully in the Iruslees. responsibilthes slalement, the Trustees are responsible for the preparation of the financial slalemenls which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial slalements that are free from material misslalement. thether due lo fraud or e[. In preparing the financial slalemenls, the Trustees are responsible for assessing the Charity's ability to continue as a going concem. disclosing, as applicable. matters related lo going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the Charty or lo cease operations. or have no realistic atternative bul to do so. Page 9
BENNELONG FOUNOATION IUKI INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNELONG FOUNDATION IUKI ICONTINUEDI FOR THE PERIOD ENDED 30 JUNE 2021 Audltorfs resp0nslbllleS for the audlt of the flnanclal statements We havè been appointed as auditor under seetion 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about vthether the financial statements as a whole are free from material misslalemenl, whether due to fraud or error, and 10 15suè an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance. bul Is not a guarantee that an audrt conducted in accordance with ISAS IUKI will aVaYS delect a material misstslemenl then il exists. Misslalemenls can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected lo infiuence the economic deciwons of users taken on the basis of these financial statements. Irregularities, including fraud. are instsnces of non-compliance wrth laws and regulations. We design procedures in line with our responsibilities. wtlined atK*ve. lo delect material misslalemenls in respect of irregularities, including fraud. The extenl lo whith our procedures are Capable ol detling irregularities, including fraud is Oelailed below.. the engagement partner ensured Ihal the engagement team collects'vely had the appropriate competence, capabilities and skills lo identsfy ¢y iecognise non<ompliance wth applicable law5 and regulations., we identified the laws and re9ulalions applicable lo the Chanty through discussions with Iru8lees and other management. and from our commerual knowledge and experience of the Charty., we focused on specific laws and regulalions which we nSIdered may have a direct material effect on the financial slaternents or the operations of the Charity. induding th¢ Charities Ad 2011, taxation legislation and data proleclion.. we assessed the extent of compliance with the laws and ulationS Identified above through making enquiries of management., and identified laws and regulations were communicated within the audit team regularfy and the team remained alert to instances of non<0mplian throughout the audit. We a$$e$sed the susceplibilty of the Charty's financial stalements lo material misststemenl, induding obtaining an understanding of how fraud might oecur, by.. making enquiries of managemerbt as to where they considered there wa$ susceptibility to fraud. their knowledge of actual, suspected and alleged fraud.. ar COTlSidenng the Inlemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. perfomed analytical procedures lo identify ary unusual or unexpected relationships," and investigated the rationale behind significant or unusual transactions. In response lo the risk of irregularities and non-compliance lawS and regulab'ons, we designed procedu8 which included. but were not limited lo.. agreeing financial slalement disdosus to underlying suppth'ng documentslion", and enquiring of management as to aciual and potential litigation and daims. Page 10
BENNELONG FOUNOATION IUKI INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNELONG FOUNDATION IUKI ICONTINUEDI FOR THE PERIOD ENDED 30 JUNE 2021 There are inherent limitslions in our audit pnKedures descriw above. The more removed that laws and regulations are from finanoal transactions. the less likely il is th* we would become aware of non- ompliance.Auditing stsndards also limit the audit procedures required to idenb'fy nort-compliance Mth laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, rf any. Material misslatemenls that arise due lo fraud can harder to delect than those that arise from error as they may involve deliberate concealment or colluwon. A further description of our reswnsibililies for the audit of the financial stslemenls Is located on the Financial Reporting Counal's website al.. This description forms part of our auditor's report. Use ofour report This report is made solely lo the Charity's trnslees, as a body, in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. OUT audit work has been undertaken so that we might slate lo the Charity's Iruslees those matters ble are required lo slate lo them in an audilols report and for no other purpose. To the lullesl extent permitted by law. Y do not accept or assume responsibility lo anyone other than the Charity and ils trustees. as a body. for our audit work. for this pOrt. or for the opinions we have formed. Bllck Rothenberg Audlt LLP Chartgred Accounlanls Slalutory Auditor 16 Great Queen Street Covenl Garden London WC2B SAH Dale.. 2810412022 81ick Rothenberg Audit LLP are eligible to act as auditors in lems of seetion 1212 of the Companies Act 2006. Page11
BENNELONG FOUNOATION IUKI STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 JUNE 2021 Unrestrlcted Totsl funds fund$ Period ended Period ended 30 June 30 June 2021 2021 Nots Income from: Donab'ons and lega¢ie$ 2,105,000 2,105,000 Total Income 2,105,000 2.106.000 Expendlture on: Charitable activities 63,169 63.169 Total expendlture 63,169 63.169 Net movement In funds 2,041.831 2,041,831 Reconclllatlon of funds.. Net movement in funds 2,041,831 2.041.831 Total fund¥ carrled forwanl 2,041,831 2,041.831 The Slalement of financial activities includes all gains al losses recognised in the period. The notes on pages 15 to 20 fom part of these financial statements. Page 12
BENNELONG FOUNDATION IUIQ BALANCE SHEET FOR THE PERIOD ENDED 30 JLINE 2021 2021 Not• C¥•h •t bank And In h•nd 2.049,S31 2,049.631 Creditors.. •Iun falling d(Ftr wilhin ono y•¥ (7.800 2.041.831 Total n•t 2.041,831 Ch•rlty fund• Rtricted funds unfestri•d fvnd8 2.041,831 Totsl lund• 2,041,831 The fin4nclal itat•m•nts appn)v•d ond uth(xW for IMu• by th• Trust and •KJned th•ir bohAK by.. C4rnn• Shn The notes on pages 15 to 20 fomb Pgrt finanul statements. Page 13
BENNELONG FOUNOATION IUKI STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2021 Period ended 30 June 2021 Cash flows frorn operating activities Net cash used in ¢)peraling 8th"vilies 2.049.631 Cash flow¥ from Invostlng actlvities Nèt cash provld•d by Invostlng actlvltlos Cash flow¥ from fln•nclng actlvltl Net cash provlded by flnanelng actlvltlès Change In cash and cash equlvalents In Iho perlod Cash and cash equivalents al the beginning of the period 2,049,631 ash and cash equlval•nts at the end ol the rI0 2,049,631 The notes on pages 15 10 20 fomi part of these financial slalemenls Page 14
BENNELONG FOUNDATION IUKI NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2021 Genoral Infonnatlon The Foundation is a Charitable Incorporated Organisation registered in England and Wales. The Foundation's registered address is Sl Mellion Estate, Sl Mellion, Saliash, Cornwall, PL12 6SD. The financial statements are presented in Steding 1£). Accountlng pollcles 2.1 Basls of preparatlon of flnanclal $tstements The financial statements have been prepared in accordance wth the Charities SORP IFRS 1021- Accounting and Reporting by Charities". Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191. the Financial Reporting Standard ap1¢able in Ihe UK and Repu1¢ of Ireland IFRS 1021 and the Charits'es Act 2011. The financial statements have been prepared lo give a Irue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a 'lrue and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Repotting by Charities.. Slalemenl of Recommended Praciice effective from 1 April 2005 which has since l)een wilhdrawn. Bennelong Foundation {UKI meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially reeognised at historical cost or transaction value unless olheMi$e Slated in the relevant accounting policy. 2.2 Income All income is reeognised onee the Charity has enlillement to the income, il is probable that the income will be received and the amcmjnt of Income rewvable ean be measured reliably. 2.3 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure Is classified by activity. The costs of each activity a made up of the lotsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allated directly lo that activrty. Shared costs which contribute lo more than one activity and Support cosls which are not attributable to a single activity are apportioned tsefven those activities on a basis con51Stenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and deprecth.on charges allocated on the rtIOn of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which ftjrther the Charity's objectives, as well as any associated support costs. Grants payable are charged in the period Nthen the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching ale fulfilled. Grants offered subject to conditions which have not been mel al the period end are noted as a commitment. but not accnjed as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 15
BENNELONG FOUNDATION IUKI NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2021 Accounting policies Icontinued) 2.4 Forelgn currencles Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling al the repo.9 dale. Transactions in foreign ¢)Jffenues are Ir8nslaled into sleding at the rale ruling on the date of the transaction. Exchange gains and losses are renised in the Statement of financial activities. 2.S Cash at bank and In hand Cash al bank and in hand indudes cash and short-lemi highly liquid investments wth a short malurily of three months or less from the date of acquisth'on or opening of the deposit or similar account. 2.6 Llabllltles and provb8lon8 Liabilities are recc4Jnised vtsn there is an obligatn at the balance sheet dale as a result of a past event, il 1$ probable that a transfer of economic benefit wll be required in settlement, and the amount of th8 settlement can be eslimaled reliably. Liabilities are recognised 81 the amount that the Charity anlicipales il will pay lo settle the debt or the amount il has received as advanced payments for the goods or services it musl provide. Provisions are measured al the besl estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts. discounted at the pr&tsx discount rate that reflects the risks specific lo the liability. The unwnding of the discount Is recognised in the slalemenl of financial activities as finance cost. 2.7 Flnanclal Instruments The Charity only has financial assets and financial liabilitses of a kind that qualify as basic financial instruments. Basie finanual instruments are initially recognised at Iran5aCtion value and subsequently measured al their seWemenl value wth the exception of bank loans which are subsequently meaSUd at aM0'Sed cost using the effective interest method. 2.8 Fund accountlng General funds are unrestricted fijnds which are available for use al the diserelion of the Trustees in furtherance of the general objectives of the Chartty and which have not been designated for other purposes. Page 16
BENNELONG FOUNDATION IUKI NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2021 Income from donatlons Unrestrlcted funds Perlod gndgd 30 Jung 2021 Totsl funds Perlod ended 30 Jung 2021 Income from donations (see note 131 2.105,000 2.105.000 Analysls of exndItUrn by actlvbtles Grant fundlng of actlvltles Perlod ended 30 June 2021 Support costs Perlod •nd•d 30 June 2021 Total funds Perlod ended 30 June 2021 Small grants Lighthouse Community Centre The Dracaena Centre Performance Plus Sport UK Treyl8 Devon and Cornwall Food Action Charity Legal and professional fees Audit remuneration IT software and consumables Subsuiplions Conference fees soo 8.500 9,652 9,681 15,000 10,000 soo 8.500 9,662 9.881 15.000 10.000 5,214 4.200 86 117 5,214 4,200 85 117 20 20 53.533 9.636 63,169 Page 17
BENNELONG FOUNDATION IUKI NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2021 Audltorfs remUneraOn Period ended 30 June 2021 Fees payable to the Chanty's audrtor for the audrt of the Charity's annual accounts 4,200 Trustees. remuneratlon and expenses During the period. no Trustees received any remuneration or other benefits. During the period ended 30 June 2021. no Trustee expenses have been incurred. CredStors: Amounts falllng due wlthln one year 2021 Accruals and deferred income 7.800 Stalement of funds Statement of fundg - current perlod Balance at 30 Juno 2021 Incomg Expgndllurg Unrestrfcted funds General Funds 2,105,000 163,1691 2,041,831 Page 18
BENNELONG FOUNDATION IUKI NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2021 Analysls of net assets betrween lunds Analysis of net assets between funds- current period Unrestricted funds 2021 Total funds 2021 Current 8ssets Creditors due within one year 2,049,631 17,8(101 2.049.631 17.8001 Total 2,041,831 2,041,831 10. Reconclllatlon of net movement In fund¥ to net cash flow from operatlng actlvltles Perlod ènded 2021 Nèt income for the period la$ per Slalemenl of Finanual Activitsesl 2,041,831 Adjustments for. Increase in creditors 7,800 Net cash provlded hy operatlng actlvltles 2.049.631 11. Anolysls of cash and cash equlvalents 2021 Cash in hand 2,049,631 Totsl cash and cash equivalents 2.049.631 Page 19
BENNELONG FOUNDATION IUKI NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2021 12. Analysls of changes In net debt At 30 June 2021 Cash flows Cash at bank and in hand 2.049,631 2,049,631 2,049,631 2.049.631 13. Related party transactlons All dOnatI(S in the period were received from the Trustees and entities connected to them as follows.. Jeffrey Chapman & Carena Shankar Crown Golf Group Ltd Sl Mellion Operations Ltd BennBridge Ltd £20,000 £2,070.000 £s.000 £10,0¢)0 Page 20