Charity number: 1189840
BENNELONG FOUNDATION (UK)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
BENNELONG FOUNDATION (UK)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Foundation, its Trustees and advisers | 1 |
| Trustees' report | 2 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 17 |
BENNELONG FOUNDATION (UK)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2023
Trustees Carena Shankar Jeffrey Chapman Maurice Wren (appointed 1 July 2022) Charity registered number 1189840 Principal office St. Mellion Estate St. Mellion Saltash Cornwall PL12 6SD
Page 1
BENNELONG FOUNDATION (UK)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023
The Trustees present their annual report together with the unaudited financial statements of Bennelong Foundation (UK) (''the Foundation") for the year ended 30 June 2023. The Trustees confirm that the annual report and financial statements of the Foundation comply with the current statutory requirements, the requirements of the Foundation's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
a. Policies and objectives
The Trustees shall hold the capital and income of the Trust Fund upon trust at their sole and absolute discretion to apply the income and all or such part or parts of the capital for or towards such charitable purposes as the Trustees at their sole and absolute discretion think fit.
The Trustees are desirous of a healthier, more productive and inclusive community.
The current funding priorities are:
-
pathways to employment;
-
education;
-
health, sports and wellbeing;
-
relieving poverty; and
-
Australian charitable organisations that address any of the above areas.
The Trustees undertake to review the broad focus of the Foundation on an ongoing basis to ensure that the Foundation achieves its objectives for the public benefit.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Page 2
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023
BENNELONG FOUNDATION (UK)
Objectives and activities (Continued)
b. Grant-making policies
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 Making Policy section | Summary |
|---|---|
| The funding priorities | As detailed in section 'a' above |
| Who can apply for a grant | ● ● ● registered as charities in Australia. The Trustees will usually only award grants to organisations that are either: registered as charities with the Charity Commission for England and Wales; other for purpose organisations based in the UK; and |
| What type of expenditure can be funded | The Trustees usually make grants of between £5,000 and £2,000,000. All grants awarded must be used to cover costs that are directly connected to carrying out the charitable activities that the Trustees have agreed to fund. |
| How recipients can apply for a grant | All proposals must be submitted using the online process, through the Foundation's website. |
| How the Foundation makes decisions about grant applications |
The Trustees have ultimate responsibility for all grant- making decisions. |
| Reporting requirements and monitoring | The Trustees will take steps to monitor the use of the grant and verify that the grant is used for the purposes that have been agreed. The arrangements for monitoring will vary according to the nature of the grant, but the Trustees will always seek to ensure that the arrangements are appropriate and proportionate. |
Page 3
BENNELONG FOUNDATION (UK)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023
Objectives and activities (continued)
c. Main activities undertaken to further the Foundation's purposes for the public benefit
A total of nine grants were made comprising £99,881 for the benefit of charities in London, Surrey, Kent and Edinburgh.
In June 2023, the second UK 'Pitch In' event was held at Pine Ridge Golf Club in Surrey. The event raised awareness of the social issues currently experienced in the Surrey area and a total of £30,000 was donated to three charities that operate in the region.
Achievements and performance
a. Main achievements of the Foundation
There were two grant rounds held during the year plus the Pitch In event at Pine Ridge. A total of 9 grants were made comprising £99,881 - as tabled in section 'c' below.
b. Donation income
During the year ended 30 June 2023, there was no donation income to report.
c. Granting
Grant Recipients for FY 23 are summarised below:
| Amount | |
|---|---|
| Big Leaf Foundation | £7,800* |
| The Hope Hub | £9,300* |
| Home Start Surrey Heath | £12,900* |
| Hope for the Young | £14,000 |
| MAC-UK | £14,000 |
| Performance Plus Sport UK | £9,881 |
| Kilbrandon Fund Edinburgh | £2,000 |
| Kent Refugee Action Network (KRAN) | £15,000 |
| Young Roots | £15,000 |
| Total | £99,881 |
- Note: Big Leaf Foundation, The Hope Hub and Home Start Surrey Health grants, totalling £30,000, were approved prior to 30 June 2023 and paid on 31 July 2023.
For the year ended 30 June 2023 the Foundation, after an unrealised gain on investments of £4,590, had a deficit of expenses over income of (£84,658).
Page 4
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023
BENNELONG FOUNDATION (UK)
Achievements and performance (continued)
d. Review of the financial position
The statement of financial position set out on page 14 of the financial statements shows the financial position of the Foundation at 30 June 2023.
In summary:
- Total assets of £569,349 is represented:
● Cash at Bank: £82,801 ● Term Deposit: £113,130 ● Managed Investments: £361,117 ● Investment Income receivable: £11,471
-
Cash at Bank:
-
Term Deposit:
-
● Managed Investments:
-
Current liabilities of £30,000 are represented by accrued expenditure and accounts payable;
-
The resulting net assets amount to £539,349.
e. Fundraising
The Foundation does not currently engage in public fundraising.
Financial review
a. Going concern
In the Trustee's opinion, there are reasonable grounds to 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 financial statements.
b. Reserves policy
The net assets of the Foundation at 30 June 2023 were £539,349.
The Trustees anticipate future donation income to be received into the Foundation, but they acknowledge the amount and timing is uncertain.
As such, the Foundation will hold an amount in reserve, being the higher of:
-
i. An equivalent to one year's administrative expenses (as determined by the Trustees from time to time), or
-
ii. £100,000.
The Foundation requires a reserve amount to ensure adequate financial resources are available (if necessary) for the Trustees to fulfil the general purpose and/or objectives of the Foundation.
Page 5
BENNELONG FOUNDATION (UK)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023
Financial review (Continued)
b. Reserves policy (Continued)
The Trustees will use their discretion in determining whether to utilise funds held in reserve.
The Reserves Policy will be reviewed annually by the Trustees.
c. Investment Management
On 20 October 2021, the Trustees appointed an Investment Manager.
The Investment Manager will manage allocated assets of the Foundation in accordance with the Investment Strategy as issued by them and approved by the Trustees.
The Trustees will monitor the performance of the allocated assets and engage with the Foundation's Investment Committee as required.
d. Plans for the Future
The Foundation plans to:
-
i. Continue grant-making activities for the foreseeable future, subject to satisfactory funding arrangements;
-
ii. Where surplus assets exist; to invest those to allow for the purpose of building a corpus.
Structure, governance and management
a. Constitution
The Foundation was registered as a Charitable Incorporated Organisation on 8 June 2020 (registered charity number 1189840) and is governed by its constitution.
b. Methods of appointment or election of Trustees
The power to appoint new or additional trustees is vested in the existing Trustees. In exercising this power, the Trustees will use their own network of contacts to identify suitable candidates possessing the necessary knowledge and skills to act as trustees. There must be at least two trustees. Each trustee must be appointed for a term of five years, but shall be eligible for re-appointment.
c. Management of the Foundation
The management of the Foundation is the responsibility of the Trustees who are elected under the constitution.
The Trustees may delegate any of their powers or functions to a committee or committees, and if they do, they shall determine the terms and conditions on which the delegation is made. The Trustees may at any time alter those terms and conditions, or revoke the delegation.
Page 6
BENNELONG FOUNDATION (UK)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023
Structure, governance and management (Continued)
c. Management of the Foundation (Continued)
The Trustees, whom are also members, that served during the year were:
-
Carena Shankar
-
Jeffrey Chapman
-
Gregory Thomas
-
Maurice Wren
Noting, at a meeting of Trustees held on 29 May 2023, the Trustees resolved to remove Gregory Thomas as a Trustee.
Statement of Trustees' responsibilities
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).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Foundation and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Foundation's transactions and disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the CIO constitution. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Carena Shankar
Date: 2/5/2024
Page 7
BENNELONG FOUNDATION (UK)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023
| Note Income from: Donations and legacies 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net gain/(losses) on investments Net movement in funds Reconciliation of funds: Total comprehensive income Net movement in funds Total funds carried forward Net expenditure before net losses on investments |
£ - 17,053 17,053 106,301 106,301 (89,248) 4,590 (84,658) 624,007 (84,658) 539,349 Unrestricted funds Year ended 30 June 2023 |
£ - 17,053 Total funds Year ended 30 June 2023 |
£ - 19,506 Total funds Year ended 30 June 2022 |
|---|---|---|---|
| 17,053 | 19,506 | ||
| 106,301 | 1,377,431 | ||
| 106,301 | 1,377,431 | ||
| (89,248) 4,590 |
(1,357,925) (59,899) |
||
| (84,658) | (1,417,824) | ||
| 624,007 (84,658) |
2,041,831 (1,417,824) |
||
| 539,349 | 624,007 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 17 form part of these financial statements.
Page 8
BENNELONG FOUNDATION (UK)
BALANCE SHEET AS AT 30 JUNE 2023
| Note Investments 9 Current assets Debtors 10 Cash at bank in hand 11 Net current assets Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds Creditors: amounts falling due within one year |
12,301 195,931 |
2023 £ 361,117 361,117 178,232 539,349 - 539,349 539,349 |
17,759 275,112 |
2022 £ 352,613 |
|---|---|---|---|---|
| 352,613 271,394 |
||||
| 208,232 (30,000) |
292,871 (21,477) |
|||
| 624,007 | ||||
| - 624,007 |
||||
| 624,007 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Carena Shankar
Date: 2/5/2024
The notes on pages 10 to 17 form part of these financial statements.
Page 9
BENNELONG FOUNDATION (UK) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
1. General Information
The Foundation is a Charitable Incorporated Organisation registered in England and Wales. The Foundation's registered address is 16 Great Queen Street, Covent Garden, London, WC2B 5AH for the year ended 30 June 2023.
The financial statements are presented in Sterling (£), which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
2. Accounting Policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Bennelong Foundation (UK) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
After making enquiries, the trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2.3 Income
All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.4 Expenditure
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 are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Page 10
BENNELONG FOUNDATION (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
2. Accounting Policies (continued)
2.4 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into £ at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into £ at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the statement of financial activities.
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the statement of financial activities.
Investments held as fixed assets are shown at cost less provision for impairment.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Foundation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to 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 pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
Page 11
BENNELONG FOUNDATION (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
2. Accounting Policies (continued)
2.10 Financial instruments
The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Employees
During the year there were 3 Trustees (2022: 3) and no other employees (2022: nil).
4. Income from donations
| Income from donations (see note 13) £ Income from charitable activities - Community donations - Unrestricted funds Year ended 30 June 2022 |
£ - Total funds Year ended 30 June 2023 |
|---|---|
| £ - Total funds Year ended 30 June 2022 |
Page 12
BENNELONG FOUNDATION (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
5. Investment income
| Investment income | |||
|---|---|---|---|
| Unrestricted | Total | Total | |
| funds | funds | funds | |
| Year ended | Year ended | Year ended | |
| 30 June | 30 June | 30 June | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Income from listed investments | (17,053) | (17,053) | (19,506) |
6. Analysis of expenditure by activities
| Foreign exchange differences Management fees Miscellaneous Legal and professional fees Bennelong Foundation (Australia) Community grants Small grants Subscriptions Audit fees |
- - - - 102,142 Grant funding of activities Year ended 30 June 2023 - - 102,142 - £ - |
- 755 2,353 1,050 1 Support costs Year ended 30 June 2023 - - - - £ |
- 755 2,353 1,050 1 Total funds Year ended 30 June 2023 - - - 102,142 £ |
|---|---|---|---|
| 4,159 | 106,301 |
The Trustees' report provides further details of community grants on page 4.
Page 13
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
BENNELONG FOUNDATION (UK)
6. Analysis of expenditure by activities (continued)
| Audit fees Small grants Subscriptions Foreign exchange differences Management fees Miscellaneous Legal and professional fees Bennelong Foundation (Australia) Small grants Community grants 7. Auditor's remuneration |
£ - - - - - - - 1,292,966 12,000 59,881 1,364,847 Grant funding of activities Year ended 30 June 2022 |
£ 5,460 4,983 103 (10,932) 394 36 12,540 - - - Support costs Year ended 30 June 2022 |
£ 5,460 4,983 103 (10,932) 394 36 12,540 1,292,966 12,000 59,881 Total funds Year ended 30 June 2022 |
|---|---|---|---|
| 12,584 | 1,377,431 | ||
| Auditor's remuneration | ||
|---|---|---|
| Year ended | Year ended | |
| 30 June | 30 June | |
| 2023 | 2022 | |
| £ | £ | |
| Fees payable to the Foundation's auditor for the audit of the | ||
| Foundation's annual accounts | - | 5,460 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year, no Trustee expenses have been incurred (2022 - £NIL).
Page 14
BENNELONG FOUNDATION (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
9. Fixed asset investments
| Cost or valuation Additions Revaluations At 30 June 2023 Net book value At 30 June 2023 Prior year At 30 June 2022 Net book value At 30 June 2022 10. Debtors Due within one year Other debtors Prepayments and accrued income 11. Creditors: Amounts falling due within one year Amounts falling due within one year Trade creditors Accruals and deferred income Cost or valuation Additions Revaluations |
£ 336,635 4,590 341,225 341,225 336,349 336,349 Listed investments £ Listed investments 396,247 (59,898) |
£ 19,892 - Cash held for investment |
£ 356,527 4,590 Total |
|---|---|---|---|
| 19,892 | 361,117 | ||
| 19,892 | 361,117 | ||
| £ Cash held for investment 16,264 - |
£ Total 412,511 (59,898) |
||
| 16,264 | 352,613 | ||
| 16,264 | 352,613 | ||
| 2023 £ 830 11,471 |
2022 £ 2 17,757 |
||
| 12,301 | 17,759 | ||
| 2023 £ 30,000 - |
2022 £ 4,983 16,494 |
||
| 30,000 | 21,477 |
Page 15
BENNELONG FOUNDATION (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
12. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Statement of funds Unrestricted funds General Funds |
£ Balance at 1 July 2022 624,007 |
£ 17,053 Income |
£ (106,301) £ (1,377,431) Expenditure Expenditure |
£ 4,590 Gains/ (Losses) |
£ 539,349 Balance at 30 June 2023 |
|---|---|---|---|---|---|
| - prior year £ 2,041,831 Balance at 1 July 2021 |
£ 19,506 Income |
£ (59,899) Gains/ (Losses) |
£ 624,007 Balance at 30 June 2022 |
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Analysis of net assets between funds - prior year Fixed asset investments Current assets Creditors due within one year |
£ 361,117 208,232 (30,000) Unrestricted funds 2023 |
£ 361,117 208,232 (30,000) Total funds 2023 |
|---|---|---|
| 539,349 | 539,349 | |
| £ 352,613 292,871 (21,477) Unrestricted funds 2022 |
£ 352,613 292,871 (21,477) Total funds 2022 |
|
| 624,007 | 624,007 |
Page 16
BENNELONG FOUNDATION (UK)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
14. Related party transactions
During the year, the Foundation made a grant of £1,282,266 to Bennelong Foundation, a charity registered in Australia. Expenses of £4,983 were incurred and paid to St. Mellion Operations Ltd for catering and equipment in relation to a charitable event held by the Foundation.
Page 17