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 ￿0￿ment 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 dor￿tionS 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 Su￿uS 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 $tstements. b. RoseNes pollcy The nel assets of the Foundation al 30 Junè 2021 were £2,041.831. Post 30 June 2021, the Trustees resolved lo invest a po￿On of the nel assets for investment purwses. 11 is antiapaled the income generated can be applied to the Foundalion's future grant making activities and if desired. lo meet the Fountjation's Ong￿ng overhead and administrative exFenses. The Trustees anticipate future donation ineome to be received into the F¢Jundation, but they acknowledge the amount and liming is uncertain. As such, the Foundation wll hold an amount in reserve, being the higher of.. An equivalent lo one yearfs adminislralive expenses la$ 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 FOundat￿n 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 Incorp￿ated 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 kno￿edge 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$. including ils In￿Me and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. seled suitable accounting policies and then apply them consistently.. observe the methods and prinaples of the Charities SORP IFRS 1021., make judgments and accounting estimate5 that a￿ ￿8$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• PO￿on$ vtho are Tru8tee8 at the twne ¥then thi8 Tru*ee8' 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 C4￿￿n￿ 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 A￿epted 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 a￿ordanCe 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 Un￿rtaInlieS 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 resp0nslblll￿eS 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 a￿VaYS 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 det￿ling 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