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**Charity number: 1190612**
## **THE CALEDONIA INVESTMENTS CHARITABLE FOUNDATION**
**Unaudited annual report**
**Year ended 31 December 2023**
DocuSign Envelope ID: C0D7FAD4-71C4-4A65-80BB-CF2ABA57C438
## **CONTENTS**
||**Page**|
|---|---|
|Reference and administrative details of the Charity|3|
|Report of the Trustees|4|
|Independent Examiner’s Report|8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Statement of Cash Flows|11|
|Notes to the Financial Statements|12|
DocuSign Envelope ID: C0D7FAD4-71C4-4A65-80BB-CF2ABA57C438
## **THE CALEDONIA INVESTMENTS CHARITABLE FOUNDATION Reference and administrative details of the Charity for the financial period ended 31 December 2023**
**Trustees** Mr J M B Cayzer-Colvin Mr A J F Wildman Mr C J Hodges Mrs A M McNeill **Registered office** The Caledonia Investments Charitable Foundation Cayzer House 30 Buckingham Gate London SW1E 6NN **Registered charity number** 1190612 **Bankers** National Westminster Bank 169 Victoria Street London SW1E 5NA **Independent Examiner** Glen Bott FCA Cooper Parry Group Limited Argosy Road East Midlands Airport Derby DE74 2SA
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## **THE CALEDONIA INVESTMENT CHARITABLE FOUNDATION**
## **REPORT OF THE TRUSTEES**
## **for the period ended 31 December 2023**
The Trustees present their report together with the financial statements of The Caledonia Investments Charitable Foundation (the “ **Foundation** ”) for the year to 31 December 2023. The Trustees confirm that the report and financial statements of the Foundation comply with the Charities Act 2011, the requirements of the Foundation’s governing documents and the provisions of the Statement of Recommended Practice (“ **SORP** ”) “Accounting and Reporting by Charities”, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
## **Structure, governance, and management**
The Foundation is a charitable trust, governed by a Trust Deed dated 1 June 2020 and established by Caledonia Investments plc (“ **Caledonia** ”). The Foundation was initially registered as The Caledonia Fund, however, following approval from the Charity Commission on 21 June 2021, the Foundation’s name was changed.
## **Method of appointment or election of Trustees**
The management of the Foundation is the responsibility of the Trustees, appointed by Caledonia, or such other persons as Caledonia may revocably or irrevocably appoint. It is intended that the Foundation’s board of trustees should consist of at least three, but no greater than five, members and that Trustees should be available to serve an initial term of three years, which can be extended for two further terms of three years. During the year, the Trustees renewed the appointments of Messrs. Cayzer-Colvin and Wildman as trustees for a further three year period, expiring on 31 December 2026.
## _Objectives_
## Policies and objects
The objects of the Foundation are to provide grants:
- a) to eligible applicants in significant financial hardship as a consequence of the Covid-19 pandemic including current and recent former employees, their immediate families or dependents, or other individuals with a strong connection with any Caledonia investee company (an “I **nvestee Company** ”); and
- b) to other charities and charitable causes as considered appropriate by the Trustees.
In setting the grant making policy, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.
## Grant making policies
When providing grants to other charities and charitable causes, the Foundation has prioritised those charities where there is:
- direct engagement with a member of Caledonia staff, for example a donation to a cause where an employee has already raised funds or provides voluntary services;
- a connection with an Investee Company or wider portfolio investment, for example to support a charity selected by the employees of an Investee Company or to support the local community in which the Investee Company operates;
- a connection with a broader group of Caledonia’s stakeholders, for example the community in the vicinity of Cayzer House;
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## **REPORT OF TRUSTEES (continued)**
- charities that have a maritime connection in recognition of Caledonia’s maritime heritage; or
- multi-year projects where the Foundation could engage with a charity for three or more years, thus allowing the recipient charities to make substantial and lasting impact.
## **Achievements and performance**
## Review of activities
The Foundation brought forward £6,925 into the financial year ended 31 December 2023 and received income of £300,000 from Caledonia and a further £10,000 from Gift aid. During the year, the Foundation made grants totalling £305,195 to support various activities at multiple charities. The Foundation previously committed to substantial multi-year donations to the following charities which was subject to annual renewal:
- The Cornwall Community Foundation to support various community projects in Cornwall and the Isles of Scilly;
- The Maritime Volunteer Service to assist in the protection and perseverance life and property within the maritime environment, in addition to advancing the education and training of members in all aspects of maritime and communication skills; and
- Horatio’s Garden, a charity which nurtures the wellbeing of people after spinal injury in beautiful, vibrant sanctuaries within the heart of NHS spinal injury centres.
During the year, additional payments of £75,000 were therefore made to each of The Cornwall Community Foundation, The Maritime Volunteer Service and Horatio’s Garden respectively. A further £10,000 was donated to The Cornwall Community Foundation following a pledge made at a charity fundraising event.
The Foundation also made substantial one-off donations to:
- The Wheelyboat Trust, a charity dedicated to providing mobility, learning and sensory impaired people of all ages with independent access to activities such as powerboating, nature watching, pleasure boating and angling in uniquely designed wheelchair accessible Wheelyboats; and
- Let Me Know, an education charity working with young people to prevent relationship abuse, domestic violence and sexual assault.
Smaller donations were also made to other charities which were supported by Caledonia employees, including various fundraising activities. These included the Angus Irvine Playing Fields Fund (Access Sport CIO), the Mountain Adventure Fund (managed by The Mountain Training Trust on behalf of Sport England), Suited for Success and The Quinnian Trust.
## Investment policy and performance
The Trust Deed permits the Trustees, in their absolute discretion, or any appointed investment advisors, to invest in any investment, securities or property, as it thinks fit. At 31 December 2023, no money had been invested by the Foundation.
The Foundation has not currently invested any funds. Before any investments take place, an investment policy would be developed and approved by the Trustees.
## Financial review
During the year ended 31 December 2023, the Foundation received unrestricted donation income totalling £300,000 and paid charitable grants totalling £305,195.
At 31 December 2023, the Foundation had total unrestricted funds carried forward of £10,968.
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## **REPORT OF TRUSTEES (continued)**
## Reserves
The Foundation does not currently have a reserves policy. As Caledonia provides the Foundation with annual funding, and the Trustees regularly review the balance available to them, including any anticipated future donations to be considered and other costs, a reserves policy is not considered necessary.
## **Plans for the future**
## Future developments
It is intended that additional funds will be made available by Caledonia to the Foundation annually to enable it to consider and approve further donations to the charities already supported by the Foundation and other charitable organisations as the Trustees see fit.
## **Trustees Responsibilities**
Trustees are responsible for preparing a Trustees’ Annual Report and 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 and Wales requires charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures that must be 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 charity will continue in business.
Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Foundation and taking reasonable steps for the prevention and detection of fraud and other irregularities.
> This report was reviewed and approved by the Trustees on ____________ 2024 and signed on their 13 March behalf by:
_________________________
Jamie Cayzer-Colvin
Chairman of the Trustees
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## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF**
## **THE CALEDONIA INVESTMENTS CHARITABLE FOUNDATION**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 8 to 14.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the “ **Act** ”).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales ( **ICAEW** ).
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
GLEN BOTT FCA Cooper Parry Group Limited Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA
Date: 20 March 2024
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## **Statement of Financial Activities**
## **For the year ended 31 December 2023**
|**Notes**
**INCOME FROM**
**Donations**
**TOTAL INCOME**
**EXPENDITURE ON**
**Grants**
2
**Charitable activities**
3
**TOTAL EXPENDITURE**
**NET MOVEMENT IN FUNDS**
**TOTAL UNRESTRICTED FUNDS as at 1 January 2023**
**TOTAL UNRESTRICTED FUNDS as at 31 December 2023**|**2023**
**£**
310,000
310,000
305,195
762
305,957
4,043
6,925
_______
10,968
_______|**2022**
**£**
290,000|
|---|---|---|
|||290,000|
|||326,350
507|
|||326,857|
|||(36,857)
43,782
_______
6,925
_______|
**The notes on pages 11 to 14 form part of these financial statements.**
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## **Balance Sheet As at 31 December 2023**
|**Note**
**CURRENT ASSETS**
Cash at bank
**CURRENT LIABILITIES**
Accruals
5
**NET ASSETS**
**CHARITY FUNDS**
Unrestricted funds
7
**TOTAL FUNDS**|**2023**
**£**
12,968
(2,000)
10,968
10,968
_______
10,968
_______|**2022**
**£**
22,425
(15,500)|
|---|---|---|
|||6,925|
|||6,925
______
6,925
______|
The financial statements were approved by the Trustees on _____________ 2024 and signed on their 13 March behalf by:
**__________________ Jamie Cayzer-Colvin**
## **Chairman of the Trustees**
## T **he notes on pages 11 to 14 form part of these financial statements.**
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## **Statement of Cash Flows**
## **For the year ended 31 December 2023**
|**Notes**
**Cash flows from operating activities:**
Net cash (used in)/ provided by operating activities
**Net cash provided by operating activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the
year
**Cash and cash equivalents at the end of the year**
**Cash provided by operating activities**
Net movement in funds
(Decrease)/Increase in creditors|**2023**
**2022**
**£**
**£**
(9,457)
(21,357)
_______
(9,457)
(21,357)
_______
(9,457)
(21,357)
22,425
43,782
______
12,968
22,425
_____
4,043
(36,857)
(13,500)
15,500
_______
_______
(9,457)
_______
(21,357)
_______
|
|---|---|
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## **Notes to the Financial Statements**
## **For the year ended 31 December 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparation of financial statement**
The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities,” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and applicable regulations.
The accounts have been prepared under the historical cost convention with items recognised as cost or transaction value unless otherwise stated in the relevant note(s) to the accounts.
The trust constitutes a public benefit entity as defined by FRS 102.
## **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 charity and which have not been designated for other purposes.
## **Incoming resources**
All incoming resources are included in the Statement of Financial Activities when the charity has entitlement to the funds, after any performance conditions have been met, the amount can be measured reliably, and it is probable the income will be received.
## **Resources expended**
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of the resources.
Grants payable to third parties are within the charitable objectives. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional on a future event. Grants offered subject to conditions which have not been met at the year-end are noted as commitments but not accrued as expenditure.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements.
## **Current liabilities**
Liabilities are recognised at the amount payable.
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## **Notes to the Financial Statements (continued)**
## **2. GRANTS TO INSTITUTION**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|1st Clifton Hampden and Burcot Sea Scout Group|1,000|-|
|3rd Southwark Scout Group|970|-|
|10,000 Black Interns Foundation|-|10,000|
|40Tude Curing Colon Cancer|-|1,000|
|Access Sport CIO - Angus Irvine Playing Fields|5,000|-|
|African Parks UK|1,000|-|
|Alzheimer's Society|1,000|1,000|
|Bookmark Reading Charity|-|1,000|
|Cachalots Shipping Festival Service|300|350|
|Cancer Research UK|-|1,000|
|Cornwall Community Foundation|85,000|95,000|
|Disasters Emergency Committee Ukraine Appeal|-|5,000|
|Founders4Schools|-|1,000|
|Friends of Radnor House Twickenham|1,000|-|
|Horatio’s Garden|75,000|60,000|
|Joshua Orphan and Community Care|-|20,000|
|LMK (Let Me Know)|12,175|-|
|Lotus Outreach UK|-|2,500|
|Maritime Volunteer Service|75,000|75,000|
|Northern Ireland Hospice|-|500|
|Place2Be|-|1,000|
|Rennie Grove Hospice Care|1,000|1,000|
|Royal Marsden Hospice Care|2,000|1,000|
|Sailors’ Society|1,250|-|
|Seafarers UK|-|2,000|
|SeeAbility (The Royal School for the Blind)|-|14,500|
|South East and Essex Central Mind Limited|-|1,000|
|Southside Young Leaders Academy|1,000|-|
|Stella Maris|1,250|-|
|Suited For Success|1,500|-|
|The Big Yellow Foundation|-|10,000|
|The British Red Cross Society|-|500|
|The Great River Race Trust|2,500|-|
|The Greggs Foundation|-|12,500|
|The Mission to Seafarers|1,250|-|
|The Mountain Training Trust – The Mountain Adventure
|2,500
|-|
|Fund|||
|The Ulysses Trust|-|2,500|
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## **Notes to the Financial Statements (continued)**
|The Wheelyboat Trust|25,000|-|
|---|---|---|
|Thriving Through Venture|2,500|-|
|Tommy’s|-|1,000|
|Tree of Hope|-|1,000|
||_______|______|
||**305,195**|**326,350**|
||_______|______|
## **3. OTHER CHARITABLE EXPENDITURE**
||**Unrestricted funds**|**Unrestricted funds**|
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Administration expenses|762|507|
||______|_____|
||762|507|
||______|_____|
||**______**|**______**|
## **4. NET INCOMING RESOURCES**
During the year, no Trustees received any remuneration, benefits in kind or reimbursement of expenses.
## **5. OTHER PAYABLES EXPENDITURE**
||**Unrestricted funds**|**Unrestricted funds**|
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Accruals|2,000|15,500|
||______|_____|
||2,000|15,500|
||______|_____|
## 6. **GRANT COMMITMENTS**
In accordance with the grant making policies, the Foundation can commit to multi-year grants which are subject to annual confirmation from the Trustees prior to the grants being made. As at the 31 December 2023, future commitments, that are subject to annual confirmation, are £225,000 including £125,000 that would become payable in 2024, £50,000 that would become payable in 2025 and £50,000 that would become payable in 2026. These future commitments will be recognised as grants in the year they are confirmed and paid.
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DocuSign Envelope ID: C0D7FAD4-71C4-4A65-80BB-CF2ABA57C438
## **Notes to the Financial Statements (continued)**
## **7. STATEMENT OF FUNDS**
||**Brought**|**Incoming**|**Resources**|**Carried**|
|---|---|---|---|---|
||**Forward**|**resources**|**Expended**|**Forward**|
||**£**|**£**|**£**|**£**|
|**Unrestricted funds**|||||
|General funds|6,925|310,000|(305,957)|10,968|
## **8. RELATED PARTIES**
There were no related party transactions during the year.
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