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2022-04-05-accounts

CHARITY REGISTRATION NUMBER: 1191906

THE ANN AND BARRY EVANS FOUNDATION Financial Statements

5 April 2022

HARPER SHELDON LIMITED

Chartered accountants & statutory auditor Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ

THE ANN AND BARRY EVANS FOUNDATION

Financial Statements

Year ended 5 April 2022

Page
Trustees' annual report 1
Independent auditor's report to the members 4
Statement of financial activities 8
Statement of financial position 9
Statement of cash flows 10
Notes to the financial statements 11

THE ANN AND BARRY EVANS FOUNDATION

Trustees' Annual Report

Year ended 5 April 2022

The trustees present their report and the financial statements of the charity for the year ended 5 April 2022.

Reference and administrative details

Registered charity name THE ANN AND BARRY EVANS FOUNDATION
Charity registration number 1191906
Principal office 5 Meadow View
St. Margarets-At-Cliffe
Dover
Kent
CT15 6FD
England
The trustees
Mrs K Jackson
Mr R Evans
Mr J Parker Evans
Auditor Harper Sheldon Limited
Chartered accountants & statutory auditor
Midway House
Staverton Technology Park
Herrick Way, Staverton
Cheltenham, Glos.
GL51 6TQ

Structure, governance and management

GRANT MAKING POLICY

The policy that will be adopted in order to further those objects is the issue of grants to deserving individuals or groups of individuals in furtherance of the objectives of the charity. All grants will be agreed by the trustees before issue.

INVESTMENTS

The investments held by the charity have been acquired in accordance with the powers available to the Trustees. There are no restrictions on the Trustees' power of investment. Investments are made to finance the activities of the charity through the generation of income and capital growth.

The founding donation was £10,117,535, which was invested by way of a loan to Masito Ltd, a company that the charity owns 100% of the share capital and which has the funds under management with UBS.

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THE ANN AND BARRY EVANS FOUNDATION

Trustees' Annual Report (continued)

Year ended 5 April 2022

Objectives and activities

To pay or apply the capital and income held by the trust to or towards or for the benefit or furtherance of such charitable purposes or charitable organisations (whether corporate or unincorporated) at such time, in such manner and in such proportions as the trustees may from time to time determine.

Achievements and performance

The foundation was set up by Ann and Barry Evans and registered 20 October 2022, who both died before the foundation received any donations. Due to the complexity of the death estates, it has taken a period for the founding donation to be received, which was finally received in the 2022 financial year.

Financial review

No income was received in the year, other than the initial donation.

Trustees' responsibilities statement

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 and Wales requires the 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 these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE ANN AND BARRY EVANS FOUNDATION

Trustees' Annual Report (continued)

Year ended 5 April 2022

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Mr R Evans Trustee

3

THE ANN AND BARRY EVANS FOUNDATION

Independent Auditor's Report to the Members of THE ANN AND BARRY EVANS FOUNDATION

Year ended 5 April 2022

Opinion

We have audited the financial statements of THE ANN AND BARRY EVANS FOUNDATION (the 'charity') for the year ended 5 April 2022 which comprise the statement of financial activities, statement of financial position, statement 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 Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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THE ANN AND BARRY EVANS FOUNDATION

Independent Auditor's Report to the Members of THE ANN AND BARRY EVANS FOUNDATION (continued)

Year ended 5 April 2022

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

5

THE ANN AND BARRY EVANS FOUNDATION

Independent Auditor's Report to the Members of THE ANN AND BARRY EVANS FOUNDATION (continued)

Year ended 5 April 2022

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered the most significant are the Companies Act 2006 and UK Financial reporting Standards.

We obtained an understanding of how the company complies with these regulations by discussions with management.

We assessed the risk of material misstatement of the financial statements, including the risk of material missstatement due to fraud and how it might occur, by holding discussions with management.

We inquired of management as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and obtaining corroborative evidence as required.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

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THE ANN AND BARRY EVANS FOUNDATION

Independent Auditor's Report to the Members of THE ANN AND BARRY EVANS FOUNDATION (continued)

Year ended 5 April 2022

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Harper (Senior Statutory Auditor)

For and on behalf of Harper Sheldon Limited Chartered accountants & statutory auditor Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ

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THE ANN AND BARRY EVANS FOUNDATION

Statement of Financial Activities

Year ended 5 April 2022

2022 2022
Unrestricted
funds Total funds
Note £ £
Income and endowments
Donations and legacies 4 10,117,535 10,117,535
───────────── ─────────────
Total income 10,117,535 10,117,535
═════════════ ═════════════
Expenditure
Expenditure on charitable activities 5,6 2,100 2,100
───────────── ─────────────
Total expenditure 2,100 2,100
═════════════ ═════════════
───────────── ─────────────
Net income and net movement in funds 10,115,435 10,115,435
═════════════ ═════════════
Reconciliation of funds
Total funds brought forward – –
───────────── ─────────────
Total funds carried forward 10,115,435 10,115,435
═════════════ ═════════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 11 to 16 form part of these financial statements.

8

THE ANN AND BARRY EVANS FOUNDATION

Statement of Financial Position

5 April 2022

2022
Note £
Fixed assets
Investments 10 1
Current assets
Debtors 11 10,117,534
Creditors: amounts falling due within one year 12 2,100
─────────────
Net current assets 10,115,434
─────────────
Total assets less current liabilities 10,115,435
─────────────
Net assets 10,115,435
═════════════
Funds of the charity
Unrestricted funds 10,115,435
─────────────
Total charity funds 13 10,115,435
═════════════

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Mr R Evans Trustee

The notes on pages 11 to 16 form part of these financial statements.

9

THE ANN AND BARRY EVANS FOUNDATION

Statement of Cash Flows

Year ended 5 April 2022

2022
£
Cash flows from operating activities
Net income 10,115,435
Adjustments for:
Accrued expenses 2,100
Changes in:
Trade and other debtors (10,117,534)
─────────────
Cash generated from operations 1
────
Net cash from operating activities 1
════
Cash flows from investing activities
Acquisition of subsidiaries (1)
────
Net cash used in investing activities (1)
════
Net decrease in cash and cash equivalents –
Cash and cash equivalents at beginning of year –
────
Cash and cash equivalents at end of year –
════

The notes on pages 11 to 16 form part of these financial statements.

10

THE ANN AND BARRY EVANS FOUNDATION

Notes to the Financial Statements

Year ended 5 April 2022

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 5 Meadow View, St. Margarets-At-Cliffe, Dover, Kent, CT15 6FD, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the

charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

11

THE ANN AND BARRY EVANS FOUNDATION

Notes to the Financial Statements (continued)

Year ended 5 April 2022

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

12

THE ANN AND BARRY EVANS FOUNDATION

Notes to the Financial Statements (continued)

Year ended 5 April 2022

3. Accounting policies (continued)

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

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THE ANN AND BARRY EVANS FOUNDATION

Notes to the Financial Statements (continued)

Year ended 5 April 2022

3. Accounting policies (continued)

Financial instruments (continued)

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations and legacies

Unrestricted Total Funds
Funds 2022
£ £
Donations
Donations from The Evans Family Trust 10,117,535
═════════════		 10,117,535
═════════════

5. Expenditure on charitable activities by fund type

Unrestricted Total Funds
Funds 2022
£ £
Support costs 2,100 2,100
═══════ ═══════

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THE ANN AND BARRY EVANS FOUNDATION

Notes to the Financial Statements (continued)

Year ended 5 April 2022

6. Expenditure on charitable activities by activity type

Total funds
Support costs 2022
£ £
Activity type 1 2,100 2,100
═══════ ═══════
7. Analysis of support costs
Analysis of
support costs
activity 1 Total 2022
£ £
Finance costs 2,100 2,100
═══════ ═══════

8. Staff costs

The average head count of employees during the year was Nil.

No employee received employee benefits of more than £60,000 during the year (2021: Nil).

9. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 10. Investments

Shares in
group
undertakings
£
Cost or valuation
At 6 April 2021 –
Additions 1
────
At 5 April 2022 1
════
Impairment
At 6 April 2021 and 5 April 2022 –
════
Carrying amount
At 5 April 2022 1
════
All investments shown above are held at valuation.

11. Debtors

2022
£
Amounts owed by undertakings in which the charity has a participating interest 10,117,534
═════════════

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THE ANN AND BARRY EVANS FOUNDATION

Notes to the Financial Statements (continued)

Year ended 5 April 2022

12. Creditors: amounts falling due within one year

2022
£
Accruals and deferred income 2,100
═══════

13. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At At
6 April 2021 Income Expenditure 5 April 2022
£ £ £ £
General funds –
════		 10,117,535
═════════════		 (2,100)
═══════		 10,115,435
═════════════

14. Analysis of net assets between funds

Unrestricted Total Funds
Funds 2022
£ £
Investments 1 1
Current assets 10,117,534 10,117,534
Creditors less than 1 year (2,100) (2,100)
───────────── ─────────────
Net assets 10,115,435 10,115,435
═════════════ ═════════════

15. Analysis of changes in net debt

At 6 Apr 2021 Cash flowsAt 5 Apr 2022 Cash flowsAt 5 Apr 2022
£ £ £
Nil Nil Nil

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