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2023-04-05-accounts

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Charity Registration No. 1200096

RICK MATHER DAVID SCRASE FOUNDATION

TRUSTEES' REPORT AND ACCOUNTS FOR THE PERIOD ENDED 5 APRIL 2023

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RICK MATHER DAVID SCRASE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr H A Wilson Dame R J Savill Mr R Jarman Secretary Mr H A Wilson Charity number 1200096 Auditors TC Group 6 Queen Street Leeds West Yorkshire LS1 2TW

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RICK MATHER DAVID SCRASE FOUNDATION

CONTENTS

Page
Trustees' report 1 - 4
Independent auditors' report 5 - 8
Statement of financial activities 9
Summary income and expenditure account 10
Balance sheet 11 - 12
Notes to the accounts 13 - 16

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

TRUSTEES' REPORT

FOR THE PERIOD ENDED 5 APRIL 2023

The trustees present their report and accounts for the Period ended 5 April 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

Structure, governance and management

The trustees, who are also the directors for the purpose of company law, and who served during the Period were:

Mr H A Wilson (Appointed 12 August 2022) Dame R J Savill (Appointed 12 August 2022) Mr R Jarman (Appointed 12 August 2022)

The Trustees have professional and/or commercial backgrounds with a range of complementary skills that are appropriate for the activities of the charity. In the event of a particular skill being lost due to retirement, individuals are approached to offer themselves for appointment as Trustees.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Most Trustees are familiar with the practical work of the Charity prior to appointment. Additionally, new Trustees are invited and encouraged to meet with the Chairman and fellow Trustees to familiarise themselves with the work and structure of the Charity and obligations of the Trustees. New Trustees are provided with information on the objectives on of the Charity, the Charity’s conflicts of interest policy, the Charity Commission’s guidance on becoming a Charity Trustee.

Strategic decisions are taken by the Governing Body, advised by management, which meets regularly during the year. In the intervening period, individually or collectively, the Trustees will be involved in decision making and/ or advising management as necessary.

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Objectives and activities

The charity's objects are to advance such charitable purposes (according to the law of England and Wales) as the charity trustees see fit from time to time by making grants to organisations and individuals.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE PERIOD ENDED 5 APRIL 2023

The trustees were appointed in August 2022 and their first tasks were to incorporate the charity and register it with the Charity Commissioners. This involved making decisions concerning the policies it would pursue, most especially its criteria for grant giving.

The trustees then needed to ensure that they had the necessary infrastructure to operate the charity, including the opening of a bank account, the appointment of accountants and the initiation of a small website.

With the support of their Financial Advisor, AWS, the trustees reviewed and interviewed three potential investment managers and appointed 7iM. They then worked with 7iM to establish an appropriate investment profile, designed to produce a reasonable return.

Having decided that applications for funding should be by invitation of the trustees, they drew up a list of appropriate organizations that could deliver charitable projects in line with the interests of Rick Mather and David Scrase.

Once in a position to distribute funds, the trustees first offered general donations to a small number of charities that reflected the interests of Rick Mather and David Scrase. They began receiving funding requests in response to their letters of invitation. This led to the award of four grants before the end of the financial year.

As well as holding meetings in which the merits and charitable benefits could be assessed and decisions taken, trustees needed to make a number of visits in order to help judge applications by viewing objects or sites.

Achievements and performance

Much of the early part of the year was spent laying the groundwork for the Foundation's work. The trustees resolved that its grant-giving policy should reflect the interests and passions of Rick Mather and David Scrase. It would, therefore, concentrate on supporting projects that delivered the following outcomes:

  1. The furtherance of Rick Mather's legacy as a major architect, including help to maintain the galleries and museums he created or refurbished and help for study of his work;

  2. The acquisition of works of art by national museums and galleries;

  3. The encouragement of young specialists to enter professional fields in art curatorship, horticulture or architecture;

  4. Support of excellent musical performances, particularly at the Wigmore Hall;

  5. Support of excellent gardens and wider public appreciation of them;

  6. The encouragement of the extension of gay rights throughout the world.

As well as assessing public benefit, the trustees have considered these criteria when assessing any requests for support.

In the timescale available the trustees were only able to make a small number of grants in the year, but have been involved in ongoing discussions with many more for the future.

Donations of £10,000 or less were made to the following bodies: the Psoriasis Association; the Great Dixter Trust; the Beth Chatto Educational Trust; the Garden Museum; the Human Dignity Trust.

In his later years in London David Scrase was a regular attender at the Wigmore Hall and was very appreciative of its excellent musical standards. With his interest in the singing voice he particularly went to many of its vocal recitals. The Wigmore Hall had been hard hit by the Covid crisis and the trustees decided to make a grant of £100,000 in the year 2022/23, with grants of £25,000 in each of the subsequent years, to support the International Vocal Series.

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RICK MATHER DAVID SCRASE FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE PERIOD ENDED 5 APRIL 2023

The V & A had been offered an important collection of architectural drawings by Pugin and approached the Foundation for support to acquire them. In view of Rick Mather's interest in past master architects, the trustees felt that this collection would be a very appropriate project to support, adding significantly to the museum's architectural holdings. They awarded a grant of £50,000. Items from the collection will be on public display in 2025.

The Towner, Eastbourne had been designed by Rick Mather in 2009 and is an important gallery, particularly for contemporary art, and a remarkable building. Since its opening the gallery has seen visitor numbers increase way beyond what was forecast when the architectural brief was drawn up. One area that was under particular pressure was the cafe, where the space and the kitchen could not adequately service the numbers wanting refreshment. The trustees awarded a grant of £50,000 towards the cost of installing a new restaurant.

Manchester Galleries have been very active within the city with its programme of LGBTQ+ events and exhibitions. Central to this programme has been the work of Derek Jarman and they had been offered the opportunity to purchase two of his Black Paintings. The trustees made a grant of £27,000 to enable this purchase to happen.

His friendship with the ballerina Margot Fonteyn was one of the most important influences in David Scrase's life. Her name lives on in the Dame Margot Fonteyn Ballet Competition, one of the most prestigious international ballet competitions in the world. The trustees decided to support the Dame Margot Scholarship Fund, which awards bursaries to young dancers all over the world to travel in order to take place in the competition. They pledged to give £5,000 for three years.

Financial review

The Rick Mather David Scrase Foundation (RMDSF) has been set up initially with funds from the estates of Rick Mather and David Scrase. These estates are still being finalized and further funds are anticipated but the lion's share of what is expected was received in this year.

Apart from liquid funds needed to meet expenditure, the funds have been invested with the fund managers 7iM with instructions to provide a reasonable return.

The trustees have resolved to meet funding requests by spending both capital and income each year. They anticipate that the life of the Foundation will be between five and ten years. The expenditure of £270,000 in this year against total funds of £2,588,000 is consistent with these plans.

Some grant commitments made by the trustees are for multiple years, but the sums involved are very modest in the light of the value of the fund, so present no problem.

The sum of £2,341,000 remaining at the end of the year is, in the view of the trustees, sufficient for them to continue with grant giving according to their plan.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the Period.

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

TRUSTEES' REPORT (CONTINUED)

FOR THE PERIOD ENDED 5 APRIL 2023

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees’ Annual 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 requires the trustees to prepare financial statements for each financial 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 proper accounting records that 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 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.

Auditors

A resolution proposing that TC Group be reappointed as auditors of the company will be put to the members.

On behalf of the board of trustees

..............................

Mr H A Wilson Trustee 19/4/2024 Dated: .........................

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RICK MATHER DAVID SCRASE FOUNDATION

INDEPENDENT AUDITORS' REPORT

TO THE TRUSTEES OF RICK MATHER DAVID SCRASE FOUNDATION

We have audited the financial statements of the Rick Mather David Scrase Foundation for the period ended 5 April 2023 including the Statement of Financial Activities (incorporating an income and expenditure account), the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, incuding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Respective responsibilities of trustees and auditors

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.

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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RICK MATHER DAVID SCRASE FOUNDATION

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE TRUSTEES OF RICK MATHER DAVID SCRASE FOUNDATION

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

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.

Opinion on accounts

In our opinion the accounts:

Matters on which we are required to report by exception

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

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE TRUSTEES OF RICK MATHER DAVID SCRASE FOUNDATION

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 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 those 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.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained in the annual report. 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 his regard.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

INDEPENDENT AUDITORS' REPORT (CONTINUED)

TO THE TRUSTEES OF RICK MATHER DAVID SCRASE FOUNDATION

Peter Hart (Senior Statutory Auditor) for and on behalf of TC Group

Chartered Accountants

Statutory Auditor

6 Queen Street Leeds West Yorkshire LS1 2TW

19/4/2024 Dated: .........................

TC Group is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE PERIOD ENDED 5 APRIL 2023

Notes
Incoming resources from generated funds
Donations and legacies
2
Investment income
3
Total incoming resources
Resources expended
4
Costs of generating funds
Investment management costs
Net incoming resources available
Charitable activities
Charitable donations and support costs
Governance costs
Total resources expended
Net incoming resources
Other recognised gains and losses
Gains on investment assets
Net movement in funds
Fund balances at 12 August 2022
Fund balances at 5 April 2023		 2023
2,588,240
16,968
2,605,208
17,686
2,587,522
246,924
5,499
270,109
2,335,099
5,782
2,340,881
-
2,340,881

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

SUMMARY INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 5 APRIL 2023

Gross income
Gain on disposal of investment assets held by income funds
Total income
Total expenditure from income funds
Net income for the Period
STATEMENT OF RECOGNISED GAINS AND LOSSES
Net income for the Period
Unrealised gains on investment assets held by income funds		 Period
ended
5 April
2023
£
2,605,208
19,775
2,624,983
270,109
2,354,874
2,354,874
(13,993)
2,340,881

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

BALANCE SHEET

AS AT 5 APRIL 2023

Notes
Current assets
Debtors
9
Investments
Cash at bank and in hand
Creditors: amounts falling due within one year
10
Total assets less current liabilities
Income funds
Unrestricted funds
Unrestricted income funds
Revaluation reserve		 2023
£
£
9,299
2,065,716
270,666
2,345,681
(4,800)
2,340,881
2,354,874
(13,993)
2,340,881
2,340,881		 2023
£
£
9,299
2,065,716
270,666
2,345,681
(4,800)
2,340,881
2,354,874
(13,993)
2,340,881
2,340,881
2,340,881
2,340,881

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the Period ended 5 April 2023, although an audit has been carried out under section 144 of the Charities Act 2011. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts under the requirements of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.

These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

BALANCE SHEET (CONTINUED)

AS AT 5 APRIL 2023

19/4/2024

The accounts were approved by the Board on .........................

.............................. Mr H A Wilson

Trustee

Company Registration No.

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

NOTES TO THE ACCOUNTS

FOR THE PERIOD ENDED 5 APRIL 2023

1 Accounting policies

1.1 Basis of preparation

The accounts have been prepared under the historical cost convention modified to include the revaluation of certain fixed assets.

The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005 and the Companies Act 2006.

1.2 Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income, the amount can be measured reliably and it is probable that the income will be received.

Incoming resources represents income receivable in the period, comprises of mainly donations, along with other income arising from Investment.

Donations and legacy income is recognised where there is entitlement, receipt is probable and the amount can be measured with sufficient reliability.

Income from the provision of charitable services and government and other grants is recognised at fair value when the Charity has, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

1.3 Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Grant Making.

When making, the Trustees will have due consideration to their grant-making policy to ensure that any grants they make are used towards charitable activities and in furtherance of the Charity's objects. The Foundation will make grants to charitable causes that match the interests of the late Rick Mather and the late David Scrase. Applications will only be accepted by invitation of the trustees.

Support cost allocation

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the Charity.

1.4 Investments

Current asset investments are shown in the balance sheet at market value. Realised profit or losses on sales of investments and the difference between cost and market value of investments are shown on the statement of financial activities for the year.

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

1.5 Trustee Conflicts of Interest

The Charity is governed by the trustees who are under a duty to act in the best interests of the Charity. In particular, they must not place themselves in a position where they have, or may have, a direct or indirect interest that conflicts with their duties as trustee and must not profit from their position as trustee.

2 Donations and legacies

Donations and gifts
Investment income
Dividend income from listed investments
Interest receivable from bank and investments		 2023
2,588,240
2023
807
16,161
16,968

3 Investment income

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 5 APRIL 2023

4 Total resources expended
Other
costs
£
Costs of generating funds
Investment management costs
17,686
Charitable activities
Charitable donations and support costs
Grant funding of activities
-
Support costs
4,924
Total
4,924
Governance costs
5,499
28,109
Governance costs includes payments to the auditors of £3,600 for audit fees.		 Grant
funding
£
-
242,000
-
242,000
-
242,000		 Total
2023
£
17,686
242,000
4,924
246,924
5,499
270,109

5 Grants payable

Grants to institutions:
Wigmore Hall Trust
The Towner, Eastbourne
Manchester City Art Gallery
Victoria and Albert Museum
Grants to institutions of £10,000 and below
6
Support costs
IT and website costs		 Total
2023
£
100,000
25,000
27,000
50,000
40,000
242,000
2023
£
4,924
4,924

DocuSign Envelope ID: 5BA91D4D-F84B-4051-8C83-8AE8430901A3

RICK MATHER DAVID SCRASE FOUNDATION

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 5 APRIL 2023

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the Period, but 2 of them were reimbursed a total of £875 for ongoing office and IT costs.

8 Employees

There were no employees during the Period.

9
Debtors
Prepayments and accrued income
10
Creditors: amounts falling due within one year
Accruals		 2023
£
9,299
2023
£
4,800