## **Trustees’ Annual Report for The Deflog Foundation Charity number 1190840 Year ended 31 December 2022** ## **Reference and information** ## **Trustees** E P Downey G E Clark C Wright (Appointed 17 October 2022) J M Wells ## **Lawyers** Rollits LLP Citadel House 58 High Street Hull, HU1 1QE **Investment Managers** Quilter Cheviot 2nd floor Toronto Square Leeds, LS1 2HJ ## **Report of the Trustees** This is the second annual report of The Deflog Foundation which was registered with the Charity Commission 13 August 2020. The Deflog Foundation is a grant making charity serving qualifying causes, as defined in the governing documents, in the East Riding and Hull areas. There are four Trustees: one joined 17 October 2022; the other three served throughout the period. At 31 December 2022 the Foundation had assets of £313,639. This is the balance of an endowment from Deflog VQ Trust. The Trustees do not expect to receive any further funds from this or any other source. ## **Financial review** The Statement of Financial Affairs is shown on page 2. The charity received the final element of the endowment from Deflog VQ Trust Limited during the year of £19,789 (2021 £320,000), bringing the total funds received to £339,789. The charity made charitable donations and incurred running costs during the financial year. No payments were made to Trustees. 1 Investment pollcy and perforniance Endowed funds have been placed in low-risk investment funds with Quilter Cheviot, an accredited financial advisor. A relatively small amount of money will be held in a bank account to allow grants to be made and expenses paid. Funds will be drawn from investments as necessary. At 31 De￿rnber 2022 the invested funds were valued at £276.823. Grant awards The Trustees plan to seek and to identify deservin8 causes to which 8rants will be made. At 31 December 2022 one grant had been made, with other5 identified for 2023. Trustees, responsibilitie5 in relation to the financial staternents The Trustees are responsible for preparing the Trustee< Report and the financial statements In accordance with the applicable law and United Kingdom Accountlng Standards. The law applicable to charities in England and Wales requires the trustees to prepare financial Statements for each financial year which give a true and fairview 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.. Selert suitable accounting policies and the apply them consistently Observe the methods and principles of the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable accounting standards have been followed. subjert to any departures disclosed and explained in the financial statements, and Prepare the financial statements on the going concern basis unless it is Inapproprlate to presume that the charity will continue to operate The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain to ensure that the financial statements comply with the Charities Act 1993. the Charity (Accounts and Report51 Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the ssets of the charity and hence for taking reasonable s s for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the rlWs web te. roved trustees on 29 March 2023 and signed on its behalf by: EPDown Chai The Deflog Foundatlon ststement of Flnancial Actlvities Year ended 31 December 2021 31-Detr22 31-Dec-21 Incoming resources Endowment received Chan6e in value of investments 19,789 1,823 320,000 Resources expended Support to or8anisations Governance Costs -10,000 -17,972 Net use of / incoming retoufces -6,361 320,OCM) Balance sheet as at 31 De￿rnber 2021 31-D•¢-22 31-D•c-21 Current assets Investments Cash at bank 276,823 37,146 320,000 Liabilities Creditors Lcruals -329 313,639 320,000 The funds of the charity Endowment funds 313,639 320.000 313,639 320,000 roved th trustees on 29 March 2023 and signed on its behalf by: E P Downey Chair of Notes to the accounts Accountln8 pollcies Basis of preparatlon The financial statements have been prepared under the historic cost convention with the exception that investments are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued in March 2CK15 and applicable UK Accounting Standards and the Charrties Act 1993. Incomln8 resources All incoming resources are reco8nised once the charity has received the money. Resources expended Liabilities are recognised a5 resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis. Grants payable are payments made to third parties in the furtherance ofthe charitable objects of the Foundation. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition. Governance tosts Governance costs are the normal costs of running the charity and all professional fees. Flxed asset Investments Investments are stated at market value as at the balance sheet date. The statement of financial artivities includes net gains and losses ari n8 on revaluation and disposals throughout the year. The investments are held via uilter Cheviot. Cash at bank Cash at bank is held with Natwest. End ofreport and accounts ## **Independent examiner's report on the accounts THE DEFLOG FOUNDATION Charity number 1190840** I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 December 2022 set out on page 3. ## **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 Trust’s accounts carried out under section 145 of the 2011 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** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did 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. Richard Croston ACA Manor Cottage South Newbald York YO43 4SU 29 March 2023 5