Charity number: 1189840
BENNELONG FOUNDATION (UK) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
BENNELONG FOUNDATION (UK)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Foundation, its Trustees and advisers | 1 |
| Trustees' report | 2 -6 |
| Statement of profit and loss | 7 |
| Balance sheet | 8 |
BENNELONG FOUNDATION (UK)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024
Trustees Carena Shankar Jeffrey Chapman Maurice Wren (appointed 1 July 2022) Charity registered number 1189840 Principal office Pine Ridge Golf Course Old Bisley Road Frimley Camberley GU16 9NX
Page 1
BENNELONG FOUNDATION (UK)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024
The Trustees present their annual report together with the unaudited financial statements of Bennelong Foundation (UK) (''the Foundation") for the year ended 30 June 2024. 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:
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pathways to employment;
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education;
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health, sports and wellbeing;
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relieving poverty; and
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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
BENNELONG FOUNDATION (UK)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024
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 | 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 ●registered as charities in Australia. |
| What type of expenditure can be funded | 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. The Trustees usually make grants of between £5,000 and £2,000,000. |
| 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. |
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BENNELONG FOUNDATION (UK)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024
Objectives and activities (continued)
c. Main activities undertaken to further the Foundation's purposes for the public benefit
A total of 4 grants were made comprising £31,000 for the benefit of charities in The United Kingdom
Review of the financial position
- a. The statement of financial position set out on page 8 of the financial statements shows the financial position of the Foundation at 30 June 2024.
In summary:
-
Total assets of £569,349 is represented:
-
Cash at Bank:
£72,819
-
Term Deposit: £100,000
-
● Managed Investments: £362,307 ● Investment Income receivable: £17,576
-
Nil liabilities
-
The resulting net assets amount to £552,702.
b. 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 2024 were £552,702.
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:
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i. An equivalent to one year's administrative expenses (as determined by the Trustees from time to time), or
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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.
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TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024
BENNELONG FOUNDATION (UK)
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:
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i. Continue grant-making activities for the foreseeable future, subject to satisfactory funding arrangements;
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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.
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BENNELONG FOUNDATION (UK)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024
Structure, governance and management (Continued)
- c. Management of the Foundation (Continued)
The Trustees, whom are also members, that served during the year were:
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Carena Shankar
-
Jeffrey Chapman
-
Maurice Wren
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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: 11 March 2025
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BENNELONG FOUNDATION (UK)
PROFIT AND LOSS FOR THE YEAR ENDED 30 JUNE 2024
| Income from: Donations and legacies Investments Total income Expenditure on: Charitable activities and operations Total expenditure Operating profit / (loss) Unrealised gain / (loss) Net profit |
Year ended 30 June 2024 £ - 22,231 22,231 32,464 32,464 |
Year ended 30 June 2023 £ - 17,053 |
|---|---|---|
| 17,053 | ||
| 106,301 | ||
| 106,300 | ||
| (10,233) | (89,247) | |
| 23,585 | 4,590 | |
| 13,353 | (84,658) |
The Statement of financial activities includes all gains and losses recognised in the year.
Page 7
BENNELONG FOUNDATION (UK)
BALANCE SHEET AS AT 30 JUNE 2024
| Current assets Investments Cash and cash equivalents Term deposit Distributions receivable Other Total current assets Current liabilities Payables Total current liabilities Net assets Current year earnings Retained earnings Equity |
2024 2023 £ £ 362,307 341,225 72,819 102,693 100,000 113,130 17,081 11,472 495 830 |
|---|---|
| 552,702 569,350 |
|
| - 30,000 |
|
| - 30,000 |
|
| 552,702 539,350 |
|
| 13,353 (84,658) 539,350 624,008 |
|
| 552,702 539,350 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Carena Shankar
Date: 11 March 205
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