## **THE ORMONDE FOUNDATION**
## **FINANCIAL STATEMENTS**
## **5 APRIL 2022**
## **Contents**
Page
1. Administrative Information
2. - 3. Trustees' report 4. Independent Examiner's Report 5. Statement of Financial Activities 6. Balance Sheet
7. - 10. Notes to the Financial Statements
## **FLETCHER & PARTNERS**
## **CHARTERED ACCOUNTANTS**
## **SALISBURY**
Page 1
## **THE ORMONDE FOUNDATION**
## REGISTERED NUMBER
259057
## **ADMINISTRATIVE INFORMATION**
## TRUSTEES
Luke Arthur Ponsonby Rupert Spencer Ponsonby
## PRINCIPAL OFFICE
Ledwell House Ledwell Chipping Norton Oxfordshire OX7 7AN
## ADVISERS
## **Independent Examiner**
J Fletcher, F.C.A. Fletcher and Partners Crown Chambers, Bridge Street Salisbury SP1 2LZ
## **Bankers**
Barclays Bank PLC 30 Market Square Witney Oxfordshire OX28 6BJ
## **Investment Managers**
CCLA Senator House 85 Queen Victoria Street London EC4V 4ET
Page 2
**THE ORMONDE FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 05 APRIL 2022**
The Trustees present their annual report for the year ended 05 April 2022.
The accounts comply with the Charities Act 2011, 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) and with FRS 102: the Financial Reporting Standard applicable in the UK and Republic of Ireland (2022).
## Objectives and Activities
The objects of the charity are to pay the income and such part of the capital as the trustees may decide to such exclusively charitable objects and purposes as the trustees in their absolute discretion think fit. Any payment of capital requires the unanimous consent of the trustees. The trustees look particularly favourably on charities associated with the blind, autism and elderly people, and prefer local to national charities with a geographical focus on North and West Oxfordshire. The charity was established on 12[th] June 1969, registered number 259057.
The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have regard to the public benefit guidance published by the Charity Commission.
## Achievements and Performance
The trustees have used the returns from the capital invested to award grants for charitable purposes in light of the objectives set out in the trust deed. Grants totalling £20,800 were made to charitable organisations and deserving individuals during the year (2021: £32,100). Applications received are evaluated in terms of cost, the nature and scale of benefit, and the likely impact of the grant. Grants ranged from £350 to £3,500.
## Going concern
The Trustees believe it is appropriate to prepare the accounts on the going concern basis in light of the considerable reserves
## Financial Review and Investment Policy
As at 31 March 2022 the trust held net assets of £991,788 (2021: £910,746). The increase in year was driven by unrealised gains following the global bouce back of stockmarket valuations. The investment portfolio generated income of £26,840 during the year (2021:£26,195). The performance of investments is monitored by the trustees taking regular professional advice from CCLA, who ensure there are sufficient liquid reserves to fulfil the objectives of the Trust.
## Reserves Policy
Trustees aim, but are not bound to, preserve capital by only using investment income to fund donations. The reserves policy is therefore not to use the capital fund to finance the operation of the charity apart from in exceptional circumstances.
## Structure, governance and management
The trust deed was signed on 12[th] June 1969 and established the objectives and powers of the trust. The trust is an unincorporated charitable trust.
The review of the Charity’s financial position at the end of the reporting period is set out in the accompanying accounts, prepared by Fletcher & Partners, the Charity’s Accountants, and approved by the Trustees.
All decisions are taken by the Trustees, who undertake periodic training to ensure they understand their responsibilities. None are remunerated for their work.
## Investment Policy
The performance of investments, which are managed by CCLA to provide long-term growth in capital and income from a managed portfolio, is monitored by the Trustees quarterly.
Page 3
## **THE ORMONDE FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 05 APRIL 2022**
## **Trustees' responsibilities**
The trustees are responsible for preparing the trustees' report and the accounts in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the accounts unless they are satisfied that they 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 year.
The Charities Act 2011 requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Trust. In preparing these accounts the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records which 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 accounts comply with the Charities Act 2011, the Charities (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.
Signed on behalf of the Trustees
Luke Ponsonby Trustee
Approved by the Trustees
26 January 2023
Page 4
## **ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ORMONDE FOUNDATION**
I report on the accounts of the Trust for the year ended 5 April 2022, which are set out on pages 5-10.
## **Respective responsibilities of the trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention
## **Basis of Independent Examiner's Report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
## **INDEPENDENT EXAMINER'S STATEMENT**
In the course of my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met: or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
J Fletcher, F.C.A. Fletcher and Partners Chartered Accountants Salisbury
01 February 2023
Page 5
## **THE ORMONDE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022**
|Unrestricted
Notes
Fund
INCOME:
Investment income
2
26,840
Other income
2
Total Income
26,842
EXPENDITURE ON:
Raising funds:
Charitable activities
3, 10
23,130
Total Expenditure
23,130
NET INCOME/(EXPENDITURE) BEFORE
3,712
INVESTMENT GAINS/LOSSES
OTHER RECOGNISED GAINS AND LOSSES
Realised gains/(losses) on disposal
-
Unrealised gains/(losses)
-
NET MOVEMENT IN FUNDS
3,712
Total funds brought forward
8,840
Total funds carried forward
£12,552|Capital
Fund
-
-
-
-
-
185
77,145
77,330
901,906
£979,236|Total
2022
26,840
2
26,842
23,130
23,130
3,712
185
77,145
81,042
910,746
£991,788|Total
2021
26,195
7
26,202
34,320
34,320
(8,118)
-
153,587
145,469
765,277
£910,746|
|---|---|---|---|
The notes on pages 7 to 10 form part of these accounts
Page 6
## **THE ORMONDE FOUNDATION**
## **BALANCE SHEET**
## **AS AT 5 APRIL 2022**
|Notes
**FIXED ASSETS**
Investments
5
**CURRENT ASSETS**
Debtors
6
Cash at bank and in hand
**LIABILITIES**
Creditors falling due within one year
7
NET CURRENT ASSETS
TOTAL NET ASSETS
Representing :
**THE FUNDS OF THE CHARITY**
Unrestricted Income Fund
Unrestricted Capital Fund
TOTAL CHARITY FUNDS|2022
972,600
6,753
15,735
22,488
3,300
19,188
£991,788
12,552
979,236
£991,788|896,830
6,599
11,197
17,796
3,880
13,916
£910,746
8,840
901,906
£910,746
2021|896,830
6,599
11,197
17,796
3,880
13,916
£910,746
8,840
901,906
£910,746
2021|
|---|---|---|---|
||||£910,746|
||||8,840
901,906|
||||£910,746|
Signed on behalf of the Trustees Luke Ponsonby ................................................................. Trustee Approved by the Trustees 26 January 2023 ................................................................. Date
The notes on pages 7 to 10 form part of these accounts
Page 7
## **THE ORMONDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **1. ACCOUNTING POLICIES**
## **a. Basis of accounting**
The financial statements are prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and applicable regulations. These financial statements are drawn up on the historical cost accounting basis except that investment assets are carried at market value.
The financial statements are prepared in sterling, which is the functional currency of the charity. The Ormonde Foundation is a charitable trust, registered the UK in 1969 with the Charity Commission, and its activities are governed by a trust deed. Income derived from the investment portfolio is used to provide grants to registered charities in the UK in accordance with its charitable purpose. The charity meets the definition of a public benefit entity under FRS 102
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
## **b. Critical accounting judgements and key sources of estimation uncertainty**
In the application of the accounting policies, the Trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities. Actual results may differ from these. Any estimates and underlying assumptions are reviewed on an ongoing basis and revisions are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if appropriate.
In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
## **c. Income**
Income is accounted for in the period in which the charity is entitled to the income, it is probable that the income will be received and the amount of income can be measured reliably. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **d. 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 settlement will be required and the amount of the obligation can be measured reliably. Expenditure is included on an accruals basis. Grants are included in the statement of financial activities when a legal or constructive obligation to pay them comes into existence.
Charitable expenditure includes all grants made to other charities and includes governance costs. Governance costs comprise the independent examiner's fee, investment manager fees, legal fees, and. secretarial costs.
## **e. Investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently are measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Realised gains and losses on investments represent the difference between the sale proceeds and opening market value (or purchase date if later). Unrealised gains and losses are the difference between the market value at the year end and opening market value (or purchase date if later).
## **f. Debtors**
Debtors are measured at the amounts the charity anticipates it will receive from a debt or the amount it has paid in advance for goods or services.
## **g. Cash at bank and in hand**
Cash at bank and in hand includes cash and cash on deposit, other short term liquid
investments with original maturities of three month or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **h. Creditors**
Creditors are measured at the amounts the charity anticipates it will pay to settle a debt or the amount it has received as an advance payment for goods or services it must provide.
## **i. Charitable Funds**
Endowment funds constitutes the capital of the trust and can not be spent. Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objects.
## **j. Financial Instruments**
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value.
Page 8
## **THE ORMONDE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2022**
|**2. INVESTMENT INCOME**
UK Dividends
Overseas dividends
UK Interest
Overseas interest
**3.**
**CHARITABLE EXPENDITURE**
Grants to other charities (see also note 12 for analysis)
Governance costs (Note 4)
**4.**
**GOVERNANCE**
Investment managers fees
Secretarial costs
Legal fees
Independent examiners fee
**5.**
**FIXED ASSET INVESTMENTS**
Market value at 6 April 2021
Additions at cost
Disposals at opening value
Unrealised gains/(losses)
Market value at 5 April 2022
Historical cost at 5 April 2021
Historical cost at 5 April 2022
**6.**
**DEBTORS**
Accrued interest and dividends|2022
26,840
-
-
-
£26,840
2022
20,800
2,330
£23,130
2022
-
650
-
1,680
£2,330
CCLA COIF
Investment Fund
896,830
-
(1,375)
77,145
£972,600
£822,747
£821,371
2022
£6,753|2021
26,195
-
-
-
£26,195
2021
32,100
2,220
£34,320
2021
-
600
-
1,620
£2,220
Total
896,830
-
(1,375)
77,145
£972,600
£822,747
£821,371
2021
£6,599|
|---|---|---|
||||
Page 9
## **THE ORMONDE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 5 APRIL 2022**
|**DITORS: Amounts due within one year**
Other creditors
Grant to St Mary's Church, Wootton
Accruals|2022
1,620
-
1,680
£3,300|2021
1560
700
1,620|
|---|---|---|
|||£3,880|
## **7. CREDITORS: Amounts due within one year**
**8. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Investments
Net current assets
Investments
Net current assets
**9.**
**FUND MOVEMENTS**
B/F
06/04/21
Unrestricted fund
8,840
Capital fund
901,906
£910,746
B/F
06/04/20
Unrestricted fund
16,958
Capital fund
748,319
£765,277|Income
Fund
12,552
£12,552
Income
Fund
8,840
£8,840
Income
(inc. gains)
26,842
77,330
£104,172
Income
(inc. gains)
26,202
153,587
£179,789|Capital
Fund
972,600
6,636
£979,236
Capital
Fund
896,830
5,076
£901,906
Expenditure
(inc. losses)
(23,130)
-
(£23,130)
Expenditure
(inc. losses)
(34,320)
-
(£34,320)|Total
2022
972,600
19,188|
|---|---|---|---|
||||£991,788|
||||Total
2021
896,830
13,916|
||||£910,746|
||||C/F
05/04/22
12,552
979,236|
||||£991,788|
||||C/F
05/04/21
8,840
901,906|
||||£910,746|
## **10. RELATED PARTY TRANSACTIONS**
There were no transactions in either year with trustees or any other related party. No trustee received any remuneration or reimbursement of expenses (2021: £nil).
## **11. COVID19 PANDEMIC**
The restrictions imposed by government in response to the COVID-19 pandemic did not have a material effect on the operation of the charity or these accounts.
Trustees believe the charity is financially robust and falls in investment income and valuations are likely to reverse, but will ensure that future donations are aligned with investment income.
## **THE ORMONDE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 5 APRIL 2022**
## **12. GRANTS AWARDED**
The Trustees set budgets for different categories of grant award, and meet quarterly to determine awards from these categories in light of individual applications. The individual grants awarded are set out below:
|Angus Irvine Playing Fields Fund
Bob Champion Cancer Trust
British Disabled Angling Association
Calibre Audio
Child Autism UK
England & Wales Blind Golf
Excellent Development
FareShare South West
Listening Books
Miss Margaret Vereker
Miss Valerie Pizzey
Mrs Vivienne Bainbridge
Music in Hospitals and Care
Oxford Hospitals Charity - Ponsonby Travel Award
Oxford Mutual Aid
Oxford Samaritans
Oxfordshire Victoria County History Trust
Oxfordshire Youth
Reed's School Charity Account (Annual Foundation Appeal)
Response (Mental Wealth Academy)
Royal Agricultural Benevolent Institution, The (RABI)
SOFA Project Ltd
St Luke's Hospital, Oxford
St Mary's Bloxham (special appeals account
The Friends of Bardwell
The Wootton Glympton & Kiddington PCC (St Mary's Church)
TRAX - The Oxfordshire Motor Project
Wesley Memorial Church (Oxford) - Open Doors Project
Willow Trust, The
Wotton, Glympton & Kiddington PCC (re chairs for Wootton)
Less uncashed donation from previous year written back|600
500
500
600
500
500
500
700
800
600
600
600
500
1000
500
700
1000
500
750
600
500
750
3500
800
500
700
500
600
750
350|
|---|---|
||21500
(700)|
||20800|