REGISTERED CHARITY NUMBER: 257711
Report of the Trustees and
Financial Statements for the Year Ended 5 April 2022
for
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Harrison Holt Chartered Accountants Statutory Auditors High Park Farm Kirkbymoorside York YO62 7HS
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Contents of the Financial Statements for the year ended 5 April 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Report of the Independent Auditors | 6 to 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 to 20 |
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Report of the Trustees for the year ended 5 April 2022
The trustees present their report with the financial statements of the charity for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out in the Notes to the Accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: 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 published in October 2019.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are to make grants for charitable purposes to other charities and individuals.
The trustees have carefully considered the Public Benefit Guidance issued by the Charity Commission and are satisfied that the Charity meets these requirements both in its objects and by the furtherance of those objectives in the day to day undertaking of its charitable activities.
Significant activities
The trustees follow with interest the activities and progress of those organisations which have been provided with funding by the charity During the year trustees have made visits to a number of these organisations to experience the day to day work of those charities supported. The trustees have also attended special events to which they were invited and open days which provide a further insight and understanding into the work undertaken and for which funding has been provided. In the year under review the trustees received 438 (2021 - 456) applications for grants from UK registered charitable institutions and of these 48 (2021 - 37) were accepted by the trustees and grants were paid out as detailed in Note 4 to the Financial Statements. The trustees were satisfied in all cases that the Grants made provided a suitable public benefit in accordance with the objects of the Charity.
The charity's objectives are to make grants for charitable purposes to other charities and individuals. These wide ranging objectives enable the charity to make grants to a similarly wide range of recipient charitable organisations throughout the UK. The grants made by the trustees are generally unrestricted as the trustees are particularly aware that for many charities meeting their basic core costs presents a significant challenge.
During the year under review grants were made to charities concerned with Medical Research, Homelessness, War Veterans, Human Rights, Hospices, The Arts, Education and others generally vulnerable in Society.the Charity continues to support the work of the National Star College which had close associations with the Charity's main Benefactors.
The charity's support costs are modest, comprising general administration and accountancy services. All grants are made to UK Charities (2021 - 100%). Note 4 to these Financial Statements lists the Institutions to whom grants were made during the year, together with the respective amounts paid.
Of the total grants paid, £345,500 (2021 - £345,000), the following represents a breakdown of charitable causes supported
| Medical Research National Star College Vulnerable in Society War Veterans Homelessness Human Rights Hospices Education and The Arts Others Total grants paid |
2022 £ 85,000 10,000 89,200 16,000 48,800 15,000 44,000 36,500 1,000 £345,500 |
2021 £ 32,000 15,000 139,500 20,000 68,800 10,000 49,100 10,000 600 |
|---|---|---|
| £345,000 |
Page 1
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Report of the Trustees for the year ended 5 April 2022
OBJECTIVES AND ACTIVITIES
Grant making policy
The charity receives applications for funding from other charities and individuals which are discussed at the meetings of trustees. The trustees agree the amount of income available for distribution and on the individual amounts of grants to be paid to successful applicant organisations.
ACHIEVEMENT AND PERFORMANCE
Investment performance
The charity is funded by the income from the Investment Fund. The capital of this fund amounted to £15.23 million as at 5 April 2022 (£14.35 million at 5 April 2021). The increase reflects the state of global markets at this time which have risen following the adverse impact of the COVID-19 pandemic in 2020. This is referred to in further detail below. However, since the Balance Sheet date, the value of the portfolio has declined in line with world stock markets following the Russian invasion of the Ukraine.
The fund generated income amounting to £384,205 (2021 - £345,663) and the sum of £345,500 (2021 - £345,000) was expended on grants. The direct cost of generating this income was £25,009 (2021 - £48,806). Other income was £Nil (2021 - Nil). Other expenditure comprised Support and Governance costs totalling £18,889 (2021 - £18,361).
FINANCIAL REVIEW
Investment policy and objectives
There are no restrictions on the charity's power to invest. The trustees have delegated responsibility for the management of the investment portfolio to Quilter Cheviot, the investment advisers.
I nvestment Performance
The trustees consider the income requirements and the risk profile. This strategy is set within an overall policy which states that the fund will be invested as a balanced fund with a medium level of risk to achieve a growth in excess of the FTSE APCIMS benchmark. Our strategy is reviewed with the investment managers annually. In the year under review the income from the portfolio showed an increase of 12.9 % (2021 - decrease 11.87%). The overall performance of the portfolio showed an increase of 8.70% (2021 - increase 26.90%) based on total return compared with a benchmark increase of 9.0% (2021 - increase 21.50%).
The performance for the year reflected the recovery of global markets from the initial effects of the COVID-19 pandemic. However the general economic outlook both globally and in the UK is such that the challenges resulting from the pandemic and other more recent issues such as the war in Ukraine,continue to impact with the result that the difficulties which lie ahead.still remain.
The charity's Investment Portfolio is structured for the medium term and with a level of medium risk. the trustees continue to be guided by its Investment advisers as to the management of these funds during this unprecedented time.
Reserves policy
In the opinion of the trustees the assets of the charity are sufficient to meet its liabilities. In accordance with the wishes of the Settlor, the trustees regard the Investment Fund as the capital of the trust and the General Fund represents unspent income.
In considering the amount of income available for grants the trustees allocate realised and unrealised investment gains and losses to the Investment Fund.
The trustees believe that grants should continue to be awarded up to the amount of net cash income received in any year, subject to the quality of applications received.
In the opinion of the trustees the level of general reserves at the Balance Sheet date was sufficient and suitable to maintain adequate working capital to meet the day to day requirements of the trust.
The free reserves of the charity at 5 April 2022 were £163,808 (2021 - £137,960).
Page 2
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Report of the Trustees for the year ended 5 April 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
Background
The charity was originally named The Star Foundation Trust and registered with the Charity Commission on 13 February 1969.
In October 2003, it merged with The Elizabeth Frankland Moore Foundation, a charity set up by Dr Moore which had been registered with the Charity Commission (No 802520) on 15 December 1989.
The Charity changed its name to The Elizabeth Frankland Moore and Start Foundation and the former Elizabeth Frankland Moore Foundation was dissolved and de-registered on 30 May 2006.
Governance
The Elizabeth Frankland Moore and Star Foundation is constituted under a Settlement dated 30 December 1968 as amended by the merger with the Elizabeth Frankland Moore Foundation and is a Registered Charity Number 257711.
Recruitment and appointment of new trustees
The board of trustees is composed of individuals with a broad range of expertise considered appropriate to the charity's current requirements. When the recruitment or appointment of new trustees is required and in respect of subsequent induction and training, the Guidelines and Statements of Recommended Practice as set out by the Charity Commission will be followed.
Governance and Management
The trustees who have served during the year are set out on page 1. Trustees are appointed by the board of trustees under a Deed of Appointment for an unspecified time. The trustees meet twice a year to agree on the award of grants and to discuss the aims of the charity.
Related parties
The trustees consider the following to be related parties by virtue of common trustees:
Fight for Sight The Sino-British Fellowship Trust Lambeth Community Fund
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
257711
Principal address
c/o Claydons Barns 11 Towcester Road Whittlebury Northamptonshire NN12 8XU
Trustees
R A Griffiths - Chairman Mrs A E Ely Professor D J Spalton Mrs J A Cameron
Auditors
Harrison Holt Chartered Accountants Statutory Auditors High Park Farm Kirkbymoorside York YO62 7HS
Page 3
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Report of the Trustees for the year ended 5 April 2022
REFERENCE AND ADMINISTRATIVE DETAILS Bankers
HSBC Bank plc 31 Holborn Holborn Circus London EC1N 2HR
Solicitors
Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH
Investment Advisers
Quilter Cheviot Limited One Kingsway London WC2B 6AN
Accountants and Administrators
Neuhoff & Co Chartered Accountants Claydons Barns 11 Towcester Road Whittlebury Northants NN12 8XU
PLANS FOR THE FUTURE
The Trustees will hold two meetings in the forthcoming year to discuss grant applications, review the income and expenditure of the charity and the management of the charity generally. In addition they will meet the Investment Manager at least once to review the Portfolio and the investment income available for making future grants to beneficiaries for the public benefit and in accordance with the Charity's Objects.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those 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 in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 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.
Page 4
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Report of the Trustees for the year ended 5 April 2022
Approved by order of the board of trustees on 5 February 2023 and signed on its behalf by:
R A GRIFFITHS - Chairman - Trustee
Page 5
Report of the Independent Auditors to the Trustees of The Elizabeth Frankland Moore and Star Foundation
Opinion
We have audited the financial statements of The Elizabeth Frankland Moore and Star Foundation (the 'charity') for the year ended 5 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 5 April 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 Auditors' 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.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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 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 this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 6
Report of the Independent Auditors to the Trustees of The Elizabeth Frankland Moore and Star Foundation
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
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We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK employment law and tax law.
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We obtained an understanding of how the company complies with these requirements by discussions with management.
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We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management.
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We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
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Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and obtaining additional corroborative evidence as required.
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.
Page 7
Report of the Independent Auditors to the Trustees of The Elizabeth Frankland Moore and Star Foundation
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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 auditors' 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.
HARRISON HOLT
Chartered Accountants Statutory Auditors High Park Farm Kirkbymoorside York YO62 7HS
Date: 5 February 2023
Page 8
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Statement of Financial Activities for the year ended 5 April 2022
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Grants payable Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted funds £ 384,205 25,009 345,500 18,889 389,398 915,252 910,059 14,532,221 15,442,280 |
2021 Total funds £ 345,663 48,806 345,000 18,361 412,167 3,177,573 3,111,069 11,421,152 14,532,221 |
|---|---|---|
The notes form part of these financial statements
Page 9
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Balance Sheet
5 April 2022
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
2022 Unrestricted funds £ 15,229,892 55,529 191,693 247,222 (34,834) 212,388 15,442,280 15,442,280 15,442,280 15,442,280 |
2021 Total funds £ 14,346,978 61,561 172,266 233,827 (48,584) 185,243 14,532,221 14,532,221 14,532,221 14,532,221 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 5 February 2023 and were signed on its behalf by:
R A GRIFFITHS - Chairman - Trustee
The notes form part of these financial statements
Page 10
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Notes to the Financial Statements for the year ended 5 April 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are presented in Sterling which is the functional currency of the charity and rounded to the nearest £.
Going concern
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
With respect to the next reporting period, 2021-2022, the most significant area of uncertainty that affects the carrying values of assets held by the Trust is the continued effect of the COVID-19 pandemic on the performance of investment markets. The level of investment return continues to be a regular monitoring factor.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, within the next financial year, are the level of investment return and the performance of investment markets.
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
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the requirements of Section 7 Statement of Cash Flows;
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the requirement of paragraph 3.17(d);
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the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
continued...
Page 11
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Notes to the Financial Statements - continued for the year ended 5 April 2022
1. ACCOUNTING POLICIES - continued
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation and apportionment of costs
Support costs are apportioned equally between the Charitable Activities of the charity and Governance costs as, in the opinion of the trustees, this provides an accurate attribution of those costs incurred in the financial year,
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Restricted funds, if any, can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes'
I nvestment Fund
The Charity holds its investment assets in a designated investments fund. Gains/(losses) on assets held in the investment fund (both realised and unrealised) increase/(decrease) this fund.
Income Fund
The Income Fund is an unrestricted fund and is expendable at the discretion of the trustees in furtherance of the objects of the charity. Income is derived from the charity's investment Fund.
Investment income, gains and losses are allocated to the appropriate fund.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Fixed asset investments
Investments are revalued to market value as at the balance sheet date and the surplus or deficit arising from this revaluation is shown as unrealised gains or losses on the face of the Statement of Financial Activities. Realised gains or losses represent the difference between the sale proceeds and the opening market value (or cost if acquired during the year) of an investment.
Comparative figures
Comparative figures may be adjusted where it is considered relevant to the interpretation of the accounts.
Financial Instruments
A financial asset or a financial liability is recognised only when a charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
continued...
Page 12
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Notes to the Financial Statements - continued for the year ended 5 April 2022
1. ACCOUNTING POLICIES - continued
Fixed asset investments
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 investments are subsequently measured at cost less impairment.
2. INVESTMENT INCOME
3.
4.
| Investment income RAISING FUNDS Investment management costs Portfolio management GRANTS PAYABLE Grants payable |
2022 £ 384,205 2022 £ 25,009 2022 £ 345,500 |
2021 £ 345,663 |
||
|---|---|---|---|---|
| 2021 £ 48,806 |
||||
| 2021 £ 345,000 |
continued...
Page 13
THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Notes to the Financial Statements - continued for the year ended 5 April 2022
4. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Prisoners Abroad | 5,000 | - |
| Headway - East Lothian | 10,000 | - |
| National Star College | 10,000 | 15,000 |
| The Not Forgotten Association | 10,000 | 10,000 |
| Special Forces Club Benevolent Fund | 6,000 | - |
| The Royal Hospital for Neuro Disability | 25,000 | - |
| Scottish SPCA | 1,000 | 600 |
| Salvation Army Scotland | 10,000 | 14,500 |
| Erskine Hospital - Erskine Park Home | 1,000 | - |
| Salvation Army | - | 32,000 |
| Lodging House Mission | 5,000 | 5,800 |
| UK Youth | 2,000 | 1,000 |
| Combat Stress | - | 10,000 |
| St Mungo's | 10,000 | 20,000 |
| British Red Cross | 10,000 | - |
| Glasgow City Mission | 5,800 | - |
| Accord Hospice | 10,000 | 7,000 |
| Homestart UK | 5,000 | - |
| The Trussell Trust | 25,000 | 20,000 |
| Age UK | 10,000 | 17,500 |
| Iceni Project | 15,000 | - |
| Age Scotland | 5,200 | 10,000 |
| Textile Conservation Fund | 4,000 | - |
| St Elizabeth Hospice | 10,000 | 10,000 |
| ICHC Blood Fund (formerly leuka) | 10,000 | - |
| Princess Alice Hospice | 10,000 | - |
| Shelter Scotland | 10,000 | 10,000 |
| The Yehudi Menuhin School | 5,000 | 5,000 |
| Cancer Support Scotland | 10,000 | - |
| Scottish Ballet | 5,000 | 5,000 |
| Brain Tumour Research Campaign | 10,000 | - |
| Shelter | 5,000 | 20,000 |
| Saxmundham Museum | 500 | - |
| Maggies Centre | - | 8,600 |
| Macular Society | 10,000 | - |
| Kingston Churches Action on Homeless | 3,000 | 3,000 |
| University of Oxford Development Fund | 10,000 | - |
| London Air Ambulance | 5,000 | - |
| Prince and Princess of Wales Hospice | 9,000 | - |
| St Christopher's Hospice | - | 25,000 |
| The Haven Blantyre | 2,000 | 1,500 |
| Refuge | 10,000 | 10,000 |
| Kilbryde Hospice | 5,000 | 7,000 |
| Support Through Court | - | 10,000 |
| Turn2Us | - | 10,000 |
| Simon Community Scotland | 1,000 | 10,000 |
| The Big Issue | - | 5,000 |
| The Fircroft Trust | - | 2,000 |
| The Mulberry Centre | - | 2,000 |
| Kingston Hospital Charity | - | 20,000 |
| NSPCC | - | 17,500 |
| Ridley Eye Foundation | 5,000 | - |
| Wimbledon Common Conservators | 10,000 | - |
| Children 1st | 5,000 | - |
continued...
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THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Notes to the Financial Statements - continued for the year ended 5 April 2022
4. GRANTS PAYABLE - continued Lambeth Community Foundation
| 10,000 345,500 |
- |
|---|---|
| 345,000 |
5. SUPPORT COSTS Other resources expended Support costs, included in the above, are as follows: Management
| Governance | ||
|---|---|---|
| Management | costs | Totals |
| £ | £ | £ |
| 6,410 | 12,479 | 18,889 |
| Management | ||
|---|---|---|
| 2022 | 2021 | |
| Other | ||
| resources | Total | |
| expended | activities | |
| £ | £ | |
| Administration & secretarial | 3,300 | 3,150 |
| Accountancy | 3,000 | 2,850 |
| Bank charges | 110 | 112 |
| 6,410 | 6,112 | |
| Governance costs | ||
| 2022 | 2021 | |
| Other | ||
| resources | Total | |
| expended | activities | |
| £ | £ | |
| Auditors' remuneration | 5,880 | 5,400 |
| Trustees' Indemnity Insurance | 299 | 849 |
| Administration & secretarial | 3,300 | 3,150 |
| Accountancy and legal fees | 3,000 | 2,850 |
| 12,479 | 12,249 |
6. TRUSTEES' REMUNERATION AND BENEFITS
No remuneration was paid to or other benefits provided for the trustees in the year ended 5 April 2022 nor for the year ended 5 April 2021.
continued...
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THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Notes to the Financial Statements - continued for the year ended 5 April 2022
6. TRUSTEES' REMUNERATION AND BENEFITS - continued
| Trustees' expenses The number of trustees to whom expenses were reimbursed was Nil (2021 - Nil). 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Grants payable Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 345,663 48,806 345,000 18,361 412,167 3,177,573 3,111,069 11,421,152 14,532,221 |
|---|---|
continued...
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THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Notes to the Financial Statements - continued for the year ended 5 April 2022
8. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2021 Acquisitions at cost Disposals at opening book value Fair value movements At 5 April 2022 Analysis of Portfolio Investments listed on a recognised Stock Exchange Cash and settlements pending Structure of the Investment Portfolio UK Quoted Fixed Interest Securities Non-UK Quoted Fixed Interest Securities UK Quoted Shares Non-UK Quoted Shares Property Funds Cash and Settlements pending The investment assets are held primarily to provide an investment return for the charity. 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income |
Listed 2022 £ 14,346,978 1,908,604 (1,945,307) 919,617 15,229,892 2022 £ 15,222,405 7,487 15,229,892 2022 £ 1,220,201 193,908 7,159,979 4,881,361 1,766,956 7,487 15,229,892 2022 £ - 55,529 55,529 |
Investments 2021 £ 11,208,472 581,140 (571,916) 3,129,282 14,346,978 2021 £ 14,343,856 3,122 14,346,978 2021 £ 930,853 214,344 7,828,114 4,256,404 1,114,141 3,122 14,346,978 2021 £ 7,138 54,423 61,561 |
|---|---|---|
continued...
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THE ELIZABETH FRANKLAND MOORE AND
STAR FOUNDATION
Notes to the Financial Statements - continued for the year ended 5 April 2022
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors MOVEMENT IN FUNDS Unrestricted funds General fund Investment TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Investment TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Investment TOTAL FUNDS |
as follows: Incoming resources £ 390,237 (6,032) 384,205 384,205 |
At 6.4.21 £ 137,960 14,394,261 14,532,221 14,532,221 Resources expended £ (364,389) (25,009) (389,398) (389,398) At 6.4.20 £ 177,718 11,243,434 11,421,152 11,421,152 |
|
|---|---|---|---|
11. MOVEMENT IN FUNDS
continued...
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THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Notes to the Financial Statements - continued for the year ended 5 April 2022
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Investment TOTAL FUNDS |
Incoming resources £ 323,603 22,060 345,663 345,663 |
Resources expended £ (363,361) (48,806) (412,167) (412,167) |
Gains and losses £ - 3,177,573 3,177,573 3,177,573 |
Movement in funds £ (39,758) 3,150,827 3,111,069 3,111,069 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Investment TOTAL FUNDS |
At 6.4.20 £ 177,718 11,243,434 11,421,152 11,421,152 |
Net movement in funds £ (13,910) 4,035,038 4,021,128 4,021,128 |
At 5.4.22 £ 163,808 15,278,472 15,442,280 15,442,280 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Investment TOTAL FUNDS |
Incoming resources £ 713,840 16,028 729,868 729,868 |
Resources Gains and Movement expended losses in funds £ £ £ (727,750) - (13,910) (73,815) 4,092,825 4,035,038 (801,565) 4,092,825 4,021,128 (801,565) 4,092,825 4,021,128 |
|---|---|---|
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THE ELIZABETH FRANKLAND MOORE AND STAR FOUNDATION
Notes to the Financial Statements - continued for the year ended 5 April 2022
12. RELATED PARTY DISCLOSURES
During the year, a grant of £10,000 (2021 - £Nil ) was authorised to a UK Charity of which an Employee was related to a Trustee. There were no balances payable to related parties as at 5 April 2022 or as at 5 April 2021.
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