THE BETH JOHNSON ENDOWMENT
ANNUAL REPORT AND ACCOUNTS
31 DECEMBER 2021
Charity 271526

THE BETH JOHNSON ENDOWMENT
Page
Report of the Trustees
Independent auditor's report to the Trustee
Statement of financi￿ activities
Statement of fin￿1¢1&[ position
io
Statement of Cash flow$
Statement of accounting polickes
12
Notes to Lhe fllwici81 $tat¢m8nts
15
Appendix l Grants
19

THE BETH JOHNSON ENDOWMENT
PEPORT OF TI& TRUSTEES
Trustees
A A Reeves
M W Thowless-R¢¢v¢s
REPool
Auditors
RSM UK Audil LLP
St Philips Point
Temple Row
Bimjinghum
BaDk¢rs
Hand¢lsbat]k¢n plc
l Lakeside
Festival Park
Sioke on Trent
Investment mODqger$
Sorbus Partller8 LLP
41a E88tgale Slreet
Stafford
Reglstertd office
The B Tadshaws
Codsall
Staffordshire
L¢8al advl8¢rs
Freeilis LLP
Charfty
271526
EW40151

THE BEFH JOHNSON ENDOWMENT
REPORT OF THE TRUSTEES
Charity Statu5
The Endowmtnt wa5 eStablish¢d as The Beth Johnson Foundation by a Deed of Trnst on 22 August 1972,
registered with tbe Charity Commission (charity number 271526) under the Charities Act 1900 and changed
Èts nanie to The Beth Johnson Endowment {"the Endowment") on 14 ￿ebn￿ry 2008. The Trust deed was
last varied as lo the objects of the Endowment on 13 December 2016.
Objects
The current objecls of the Endowment are now'the improvemenl ofthe condition or quality of life (including
recreation, education and leisure) of any person living in tlie Ullited Kingdom, who is not less than seventy
years of a8e. by the initialion of exploratory and ¢xp¢rimental research and service based projects and the
evaluation and dissemination of the resuli of suLh research."
Tl)¢ fndowmen¢ aims to achieve ils objectives by making grants to commission conduct and dis5￿1nate
r¢search.
Aehievement$
Since establishment in 1972 the Endowment has mad¢ grants of £5.9m {Appendix l ) towards its
objectives.
Investments Pollcy* Perform*Dce and Activities ffin tbe Year
The Trni%tees have sel a long tem) invcstment obje¢tive for the bndowment fvnd of achieving capital growth
consisleiit with increasing income by at least the equival¢nt of infialion. Having regard to tlie COVID -19
outbreak since March 2020 ihcrc has been $ome reduction of Ihe income received dLU'in¥ 2021.
In relation to tli¢ gcneration of incoine and the preservation of the Capital of th¢ Endowment funds the
Trustees obtain th¢ bcncfil of exlerndl professional advicc from Sorbu5 Partners LLP on tlie appropriatc asset
allocation as b&ween quoted and ¢onunon charity funds, investments, cash on deposit and fixcd inlcrest and
managed funds.
The Endowment owns f8rn1land leased at market rents, quoted shares and in a eollective property fund.
All tnve5tm¢nts held by the Endowment have been acquired in accordanee with the power5 Confe￿ on the
Trustees. The property investments funds of the Endowment are vested in The Beth Johnson Endowment
Limited (company 01120137) as nominee for thc Endowment. Cash is on deposil with I.landelsbanken plc
and Sorbus Partners LLP. The quoted investments are in the custody of Sorbu5 Partners LLP as nominee for
the Endowmcnt.
At the start of th¢ y¢ar the Endowment Funds were £4.7m. The income 8encrated was £100,699 which
represented an overall yield of1.990/0.
At the end of the year the pernianent endowment fimds (fixed asset investments) amounted lo a total of £4.9m
and were repreS￿ted as to 51.96 /0 investment property and a property fwid, 47.200/9 quoted and unquoted
s¢¢urities and 0.960/0 cash less 0.180/0 current liabilities. The Endowment funds increased in value during
2021 by £158,236.

THE BETH JOHNSON ENDOWMEFrr
REPORT OF THE TRUSTEES
Ri$k PoIiey
The Trustees have considered the major risk5 to which the Endowment is exposed aad have reviewed these
risks and established systems and procedures to manage those risks. The Trustees consider variability of
investment returns on the pcrmanenl endowment to constktute the Endowment's inajor financial risk.
The risk of d¢pletion of the capilal PErmanent endowment inveslmcnl asscts is addressed by the use of Sorbus
Pilt1ners LLP (a related party) as investment advisers who rcport on the capital and income perforn)an¢e of
the quoted funds and investment strategy each quarter and which are then reviewed by the Trustees. In
r¢lation to th¢ land and property the Trustees engage surveyors to advise on value and rentals.
PlaDS for the Future
The Trustees plan lo generate sufficient incom¢ from the Endowment funds whilst preserving e8Pltal values,
to increase income and Continu¢ to make grants to achieve the objects.
Publle Benefit
Thc TNstccs havc due regard to the guidance published by Ihc Charity Commission in relation to public
benefit requirements.
Flnanclal Revlcw
Tlie bldtement uf financial activities is on page 7. Total investment in¢ome for tILe period amounted to
£100.699 (2020 .. £92.257). Gran18 of £32,000 (2020: £72,000) were madc which resulted in a net incrcase
bvfvre other reco¥nis¢d gains of £211,305 (net deci'ea8e in 2020'.{£19,800)). Nct income and net movements
in funds £201,842 (2020 -. (£102,086)) after nel gains on investments of £173.537 (2020 :(£82,286)).
The Endowment ￿nd blllance At 31 Deeember 2021 was £4,875,425 (2020 £4,730,644). 1.he unrcslricted
fund balance Al 31 December 2021 was £177,309 (2020 £120,248). The tot81 funds of th¢ charity al 31
Deccmber 2021 werc £5,052.734 (2020 £4,850,892).
Reserves Poll
The reserves policy is that the income reserves of the Fndowment should reprcscnt six months inve5tmcnl
income. At the year end this would require a minimum income reserve of £50,000 (2020 £46,000). Th¢
actual income reserves are £177.309 (2020.. £120,248).
Trustees
The Trust deed provides that there should be not less than two or more than six Trustees. The power to
appoint new Trustees is vested in the existing Trustees.
When there is a requirement for 8 new trustee. another trustee would be identified and appointed by the
remainlng truslees. The Trustees are responsible for the induction and training of any new trnstee which
involvcs cxplaining trustee's r¢sponsibiLilics. the governing document, administrative procedures. the history
and philosophical approach of th¢ Endowm¢nl and the requirements of the guidance issued by the Charity
Commission.
Mr A A Reeves wds appointed a trnstee on 2 August 1972. Mr M W Thowless-Re¢ves on 5 October 2018.
Mrs S R Beard resigned as a tNstce and Mr R E Poole appointed on 27 July 2021.

THE BETH JOHNSON ENDOWMEwr
REPORT OF THE TRUSTEES
Trnstees, Responsfibilities in re]ation to the FinAyJclal Statemevjts
The Trnstees are responsible for preparing the Trn8tee9 Annual Report and the financial statem¢nls in
a¢cordanc¢ with applicable law and United Kingdom Aeeount Standards (United Kingdom GeTherally
Accepted Accounting Praclice).
The low appli¢able to ¢h8rities in England alld Wales requires the TrusteGs to prepare finallcial staletnents for
eacb fiiiancial year whicli give a tTU¢ and fair view of the state of affairs of the Endow]nenL and of the income
resourc¢s and application of resoufGes of tli¢ charity for that pcriod. In preparing th¢8e financial statcmellts,
the Trndees are Tequired io..
sd¢Gt SUjtabl¢ accounting policies and then apply tIwD CODSiStantly•
observe tlie Tnetbod8 and prin¢ipl¢s sn the Charities SORJ?;
niak¢ judg¢m¢nts and estimates that are i'eosonable artd prudent-
slate whcihcr 8pplicable &¢countin8 St4ndords have be¢n followed, subject to any material departures
disdosed and explained in Ilie financial statements.; and
prepore tbe financial slalernenls on th¢ going concern basis uilless it is inappropriate to presume that
thtt cl￿ritY will continue in busines8.
The Trustee5 are responsible for keeping proper a¢¢ountinB reeords that disclose will) reasc>n8ble accuracy Ai
any lime the financial posilion of the Endowment and enable tl)em to ellsur¢ that the fillanaial stsl'cments
comply widi the Charities Aet 2011, tho ChllTity (Aecounls and Reports) Rcgmlations 2008 and the provisions
of tlie tsust deed. They arc also respDnsiblc for 8af¢gu8rding th¢ ass¢ls of Ibe Endowrnenl alld hen¢¢ lor taking
reasonable Ste￿ for the prevention and d¢tcotion of fraud and othcr irrcguiaiitie8.
Approved by the Truste¢s on
27 June
2022 and were signed by..
A A Reeves
TDJStee
W Thowles8-Reeve8
TTUSte¢
R E Poole
Trustee

TIIE BETH JOHNSON ENDOWMwr
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF THE BYfH JOIINSON EbTDOWMENr
OplJJion
We have audited tbe financial staten*Ats of The B￿h Johnsott Endowment (the 'charity') for the year ended
31 DeceDkner 2021 wlueli Compris¢ th¢ Statem¢ni of Finan¢ial ActivitA¢5. 1h¢ Balance She¢t. th¢ Cas]1 Flow
Statement and notes ￿ ll￿ fmau¢ial 8ts1em¢nts, including SI￿]ficallt accounting policie$. Tlie finanei81
TCPOrting fram¢work that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including fRS 102 'The Financial Rcporting Standard applic4ble in the UK and
Republic of treiand" (United Kingdom Generally Accepted Accounting Practice).
In OUT opinion tbe financial st8tem¢nts'.
give a tN¢ and fair vicw of the state of the charity's affairs as at 31 D¢cember 2021 and of ils incoming
resouTces and application of resources for the year then ended;
have been properly pr¢par¢d in accordance with United Kingdom Generally Accepted Accountin8
Practice. and
have b¢¢n prepar¢d in accordance ivith the requireinents of the Charities Act 2011.
Basls for oplnlon
We have been appointed as auditorsunder section 145 of the Charities Act 2011 And report in 8ecord8ne¢ with
regulations made under Section 154 of tbat Act.
Wc coDduct¢d our audit in accordance with Jlltemational stand￿d$ on Auditing IiiK) (ISAS (UK)) and
8pplicabl¢ law. OuTT¢sponsibilltie5 und¢r thos¢ standard5 are fijrtber d¢scribed ill t1￿ Auditor's r¢5ponsibilities
for the audit of the financial statements section of our report. Wo are independent of the charity in accordance
wlth th¢ ¢il)ical r¢quirements that &Tt relevant to our audit ofthe financial slatcment5 in the UK illoluding the
FRC'S Ethical Siulldard and we have fijlfllled our other ethical r¢sponsibilities in accordan¢¢ witli tljese
requirements. We believe t1￿1 the 8udit evidence we have obtained is suffi¢i¢nt and appropriate to PTovid¢
basis for our opinion.
Conclusions relatillg to golng Concern
In auditing the finanoial slat¢ments, we have concluded Ihat the Injsiees, use of tbe going COn￿M btsis of
a¢¢ounting in the preparatiok of die fiDan¢ial sthteinents is appropriate.
Based on tbe work we have performed, we have not identified any material uncertainties relating to events or
colldition5 thal imdividually or collcctivcly, may c8sI significant doubt on the chauty's ability lo continue as a
going conc¢rn for a p¢riod of at least twelve monihs froni when the fillancial statements authorised for
Èssu¢.
Our ￿SponSIbl11tieS and tlie responsibililies of the tntsle¢5 with respcct to going concern aTe deS￿ibed in the
relevant sections of this report.
Other Informatlon
The other inforniation comprises the Information included in the Annual Report other than the finaneial
stat¢ments and our auditor'8 report ther¢on. Tlie trnstees are responsible for the other infonnation contained
wiihin th¢ Annual Report. Our opinion on the financial slaten]ents does uot cover the other information an
we do not express kny form of assurancv conclusion thereon.

THE BETH JOHNSON ENDOWMENT
tNDEPENDEwf AUDrroR'S REPORT
TO THE TRUSTEES OF THB B￿H JOHNSON ENDOWMENT
Our responsibility É8 to read the other infornialion and, in doing so, consider wliether the oth¢r infonnation is
malerially incctrnsistenl witb tlie financial statements or our knowledge obtained in the coutse of the audit or
otlien¥ise appears to bc mAterially misstated. If we identify such material incon515t¢noies or apparent material
misstatements. we are required to detern]ine whether this 8iv¢s rise to a material misstatement in il)e financial
statements thernselveq. If, b&g¢d on thr work wp, have, perfornie.d, we. r,one.Iiide. tlial Ihewe. is a material
mis$laiement of tllls other infom￿tio)). we are requiiEd to report that fact.
We have notbing to report iJ] this regard.
MAtt8rs on whl¢h we *r¢ r¢quired to report by exeeptton
We have nothimg to report ill r¢speGt of th¢ following matters where (be Charities Acl 2011 requir¢s us to
report to you if, iii our opinion..
the Tnfornialioll Biv¢n in the financial statements is tneonsisient in ally mataial rcspect with the
Truste￿, Report; or
Sufficient accounting records have not been kept; or
the financial statements are not ln asreenwnl with the accounling r¢cords and retUrn8' or
we have not received all the inforn)alion And explanations we require for OUT audit.
Responslbllltles of trustees
As cxplaincd rnore fijlly in the Ststement of Trustees. respon8ibilitie$ $¢1 out on page 4, tlie tnlstees are
responsible for the prepgLr8tion of the fil￿nCial statements and for bciJJg satisfied that tliey give a true and fair
view, and for such internal ¢ontrol a5 the tn15tees delerniine is necessary to enable the prepAration of financial
statements that arc fr¢¢ from mai¢rial misstat¢m¢Dt, whether due to fraud or ettor.
In prtyaring the financial stst¢m¢nts, th¢ trustees are responsible for assessin8 the ehArity's ability to continue
as a going con¢¢rn, disolosing, as applicable, matters i'¢laied to 80in8 concern and using the going ¢on¢¢rn
basis of accounting unless the Iruslees eitlier intend to liquidate th¢ or to cease operations, or have no
realistic altenwtive but to do so.
Auditor's responsiThl]fide$ for tho audlt of the flnanclal statement$
Our objcctives an to obtain reasonable assurance about whethcr fin8ncial slal¢ments as a whole are free
froin inaterial Misstatement, whether due to fraud oi ¢ttor, and to issue an auditor's report ihal includes our
Opinio￿ Reasonable aS$ll￿nCe is 8 hi£h l¢vcl of assurance, but 18 not a guarottlee that An audit ¢onducted in
accordance with ISAS (UK) will 8Iway5 detecl a materia] misstatement when it exists. Missialement6 can
aris¢ from fraud or error and are considered material rf, iJ)dividually or in the aggregate. they could
rea50nubly bc ¢xpected to influcncc the cconomi¢ d¢cisions of u5eTs taken on the basis of these financial
$tat¢ments.

THE BETHJOIINSON EWDOWMENT
INDEFENDENf AUDrroR'S BEPORT
TO THE TRUSTEES OF THB BETH JOHNSON ENDOWME￿£
The extent to whleh the audlt was eonsldered CaPAble of detsetlng irrcgul8rities, Ineludlng fraud
I￿¢guLaritieS ar¢ instances of non-compliaiice with laws 8iid r¢gulations. The objectives of our audit are to
obtain sufficient appropriale audil cvidence regarding compliance with laws w)d regulations that hav¢ a direct
¢ff¢¢t on the determination of material amounts and dis¢losurc5 in the fjnanciaj statements, to perfoiTr audit
procedures to heEp id¢nlify instances of non-collipliance witjj otbeT laws and r¢gulalions that J]]ay have a
material effect on the fmancial statemettts, and to respond appropriately to identified or suspected non-
compliance with18ws and r¢gulalion$ identified during th¢ audli.
In relation to fraud, the objectives of our audit oje lo identify and assess tbe risk of material misstatement of
tli¢ financial Siateinents due to froud, to obtsin suffi¢ienl appropriate audit evidencc regardittg ihe assessed
risks ofmaterial mi$stAtement due to fraud through designing and implementing appropriate r¢spons¢s and io
r¢spond appropriately to fraud or suspect¢d fraud identified during the audit.
However. it 18 the primary responsibility ofmanagement, with the oversight ofthose chargtd with governance,
to en8ure that ihe entity's operations are conducted in Rccordance with the provision8 of laws and r¢gulation8
and for lh¢ prev¢ntion and delection of fraud.
identifying and assessin8 risks of matcri81 mis$latemenl in r¢spe¢i of iTh¢8ularilies, including frau￿ the audit
engagemeilt team:
obtained an und¢rstAnding of th¢ naiure of die sector, includiDg the legal and regulatory framework,
that the eharity op¢rates jll and how tlie cliarity i$ complying with the1¢881 and r¢8ulatory framciyork:
inquired ofmanag¢menL and Ihose ¢barged with governan￿, about thelr own idenii£¢21ion and 4ssessm¢ni o(
the risks olitTegulariLi¢s, including any known acffjal, suspected or alle8¢d in5tance5 offrau￿.
discussed ynatt¥rs about non-compliance with laws and reguleiions and how fraud mi8ht o¢cur includin8
BSSe5sment of hoiv and wllere tha fllwnoi81 statements moy be sus¢eptibl¢ to frnud.
A8 a result of these pr¢)c¢dures we consider the most sigaificant laws and regulations that have o dir¢¢t impact
on th¢ f￿ancial slalen]ellts are FRS 102, Charili¢s SORF (FRS 102), Cbarities A¢t 2011 and Ihe ¢barity'
govcrning document. We perfonned audit prO¢￿Ur¢S to delcct llon-compliances which may have a material
impact on the fin8nci81 slatemenl8 which included revi¢wing the financial Mat¢menls including the TTuslee$'
Report and remaining alert to new or unusual tranwlions whlch may not be in accordance with the governing
documents.
The audit engagement team identified tlle risk of managem￿1 override of controls as the area where the
r]nancial statements were most susceplibl¢ to material rnis8talement due to fraud. Audit procedures perforffled
ineluded but w¢re Lot iimitedto testing mallual journal entries and other adjusttnent8, evaluating the business
rationale tn relation to Si8nificattL unusual traD5a¢lions and transactions enlered into outside the nonnal¢outse
of business and challenging judgments and estimates,
A furtherd¢s¢riptionofourr¢sponsibilitiegforthe audit ofthe financial statements is provided Oll the Finatt¢ial
ReportiDg Council's ivebsile at httpJlwww.frc.or8,ukJ#uditorsrcsponsibilities. This description fornis part of
our auditor's rep()rt.

THE BEfH JOHNSON ENDOWMENT
INDEPENDENT AiJDITOR'S REPORT
TO THE TRUSTEES OF THB BFfH JOHNSON ENI)OWMENT
Use of our report
This report is made solely to the chaJity's trastecs as a body, in accordance ivith the Charities Act 2011. Our
audit work has beeii undertaken so that we might slate lo the cbarity's t￿Sle¢S thos¢ matt¢rs iv¢ are ￿qUired
to state lo them an auditor's report and for no other purpose. To tlie fidlest extent perniitted by law, we do
not accept or assume responsibility to anyone other tb8n the charity ond tlie ebarity's tnistees as a body, for
our audit worK for this report, or for Ilie opinions we have fomed.
ESM QE A¢ilit LLP
RSM UK Audit LLP
StaNtory Auditor
Chartered Accountants
St Philips Point, Temple Row
Birniingham, B2 SAF
Date
27 June
2022
RSM UK Audit LLP is disible to act as all audtlor in tern15 of seelion 1212 of the Companies Act 2006.

THE BFfH JOIINSON EL￿DowmENT
STATE￿￿ OF FJNANCL4L ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
2021
Total
2020
Total
Note
Endomwment
Fwid
Ur￿&trICled
Lljnds
Income
Investmellt incom¢
l(a)
100,699
100,699
92,257
Total itieome
100.699
100,699
92.257
Expendlture
C05t of raisin8 fund5:
vestment management costs l(b)
21.375
21,375
19,678
Fa¢ilili¢s and accountancy costs l(b)
7.381
11,638
19,019
20,379
Expenditure on charitable a¢iiviti¢s
Grants c¢)mmitt¢d
l(b)
32,000
32,000
72,000
Total Expelldlture
(28,756)
(43,638) (72,394)
(112,057)
Net iD¢ome/expelldlture
before 4Falns
and losses on lllvestments
(28,756)
57,061
28,305
(19,800)
Net gainsllosses on investments
173,537
173,537
(82,286)
Net Ineome and net movement In funds
144,781
57.061
201,842
(102,086)
R¢eon¢lJlatlon of funds:
Bmught forward
4,730.644
120,248 4,850,892
4,952.977
Totsl funds of the Endowment
carried f¢)rward
4,875,425
177.309 5,052,734
4,850,892
Thc incoming r¢sourc¢s and resources expended derive from continuing operations.All gains And losses are
inclllded within the Statement ofFin8ncial Activities for the year.

THE BEfH JOHNSON EKDOWMENT
STATEMwf OF FINANCIALPOSITION
AS AT 31 DECEMBBR 2021
2021
2020
Note
Capitol UDre8tricted
Endowment
Total
Total
r5xed asset$
Investments
4,887,659
4,887,659
4,729,423
Current A8sets
Cash at Bank
(3,234)
232,184
228,950
208,784
Current IIMbllldes
CredAtors ajnounts fallin8
du¢ within one year
(9,000)
(54,875)
(63,875)
(87,315)
Net eurrent as$et8
(12,234)
177,309
165,075
121,469
Net a$$ets
4,875,425
177,309
5,052,734
4,850,892
Th¢ fill￿8 of the charity:
Capital F.ndownJent
Unr¢slricted
4,873.425
4,875,425
177,309
4,730,644
120,248
177,309
TotRI charity funds
4,875,425
177,309
5,052,734
4,850,892
The financiol S¢Atements w¢r¢ approved by the Trustees and authorised for issuo
2022 and w
i8ned by:
on
27 June
ve5
M W Thowless-Reeves
Ttuslee
E Pi)ol¢
Trustee
Trnsle¢
io

THE BETH JOHNSON EbfDOWMENT
STATEMENf OF CASH FLOWS
AS AT 31 DECEMBER 2021
Nol¢
2021
2020
CASH FLOWS FROM OPERATtNG ACTiVITJES:
Net income/ {￿pendItUre) for th¢ r¢porting p¢riod
Investmontl (gains)Ilosses
(D¢¢r¢as¢)lincr¢as¢ IA credilors
Jnv¢slment income received
201,842
(173,538)
(23,440)
(100,699)
(102,086)
82,286
17,575
(92,257)
NET rNCOME USED IN OPERATING ACTtvrriBS
(95,835)
(94,482)
CASH FLOWS FROM INVESTING A￿[VITIES..
Investment income:
Tnterest received
356
Dividends received
67,023
58,669
R¢nt rceeived
33,676
33,233
Proceeds from sale of inv¢sIM￿lS
1,658,815
558,665
Purobas¢ of investtn¢nls
(1.643,513)
(540.608)
NET CASH GENERATED FROM INVESTtNG ACTIVITIES
116,IXIl
110,335
INCIiEASB fN CASH AND CASH EQUIVALENTS
IN THE REPORTING PEIUOD
20,166
15,853
Cash and cash equivalents at the beginning of the reportin8 period
208.784
192,931
CASH AND CASH EQUtVALENTS AT THE END
OF TEtE BEPORTING PERtOD
228.950
208,784
li

THE BETH JOHNSON ENDOWM
STAfEMENf OF ACCOUNTING POLICIES
FOR THB YEAIiENDED 31 DECEMBER 2021
Jjasls of Preparatio
The ae¢oullls (finan¢ial ￿81¢￿ents) have been prepared in accordanee with the Statement of Recon]mended
Practice.. AceouJting and R¢porting by Cbarites prcpaIi]Jg their accounts ill accordaiice with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 alld the
Fin8llcial Reporting Siandard appli¢Able iii tlie United Kingdom and Republic of Ireland (fRS 102) and the
Charitie5 Act 2011 and UK Geller8lly Accepted Practice as it applied froml Jatluary 2015, Th¢ principal
accounting policies adopt￿ iii the preparation of the a¢countin8 policies are sel out below.
The a¢¢oullts (fiDancial 5tatemenls) havebeen prepared to give a'true and fair, view and have departed from
the Charities (Aceollnts and Reports Re8ulatsons 2008 only to the exterLt required to provide a 'true and fair
view,. This departure has involved following A¢counting and Reporting by Charitie8 preporing th¢1
accounts in accordance with the Finattcial R4)ortin8 Standard applicable in the UK and Republic of treland
(FRS 102) issucd on l6 July 2014 rather I1￿[L tlie A¢¢ouzElin£ aad licporting by Charitics: Statement of
R¢eommended Pra¢ti¢e effective frornl April 2005 whi¢li has sin¢¢ been witlidrawn.
Th¢ fndowmenl metts Ilie definition of a public benefit enlily under FRS 102. Assets and liabil%tie5 are initially
recognis¢d It hislori6al Cost or transaGtion value unless otheNisB stated in the relevant accounting policy note(s).
The financial statements are pttpayed in sterling, which Is the ￿nCtiOnal currency. Monetary amounts in
these fmancial statemoots are rcunded to the ncarcst £.
T]ie following ae¢ounling polici¢s hav¢ been applied comislently in dealin8 Wlth I￿￿$ whicli are considered
Ixaterial ID relation to the Endowmenl8 6nan¢i8181aiun¢nl$.
Golng Concern
The T￿ste#S annually ass¢ss Ihe going concern status of the fJndDwm¢nl End tbe Trustecs do Dot believe
there ate any indications that the charity will not continue io operate for itse foreseeable fiJrur¢, tl*r¢fore the
80ing con¢ern basis of accounting has been adopted.
Fund$ Strneture
The bndowment bas a single p¢m￿nent e]2(bwment, wluckn Tequired th¢ TNsiees lo invest th¢ capital in
peo)¢tuity, the in¢omefrom which is wholly unrestricted. The Endownwnt fuuds ar¢ us¢d to SUPPOrttharities
wh05¢ obje¢ls ar¢ similar to those of tlke Endowment described in the TTUStee5' Report on pa8e 2.
General accumulated thnds are vnrestiicted fijnds availobls to the Endowment for its general purposes #nd
includ¢ fijnds comttilted by the Endowment for grdnts.
Ineoming Resources
Investment illcome, rettts aod other income is I￿gnISed on anaccruals basis and 18 reported gross of r¢lat
expendiiure.
12

THE BETII JOHNSON ENDOWMENT
STATEMBNT OF ACCOUNTING POLICIES
FOR THE. YEAR ENDED 31 DECEMBER 2021
Resources Expended
EXp￿dItUTe is recognised on an accruals basi3 and Is rworted gross of rclated income on the following basis:
ost of generating fuuds comprises Ilje c08tS *880ciated with the investment portfolio.
governance CL)sls include those incurred in the goven)anee of the Endowment and its assets and are
a*sc)r.iRte,d with c.nTh8lithtional and 8t¥Ltiitnry reqilire,me￿t8.
irrecoverablc VA'f ts charged agattist the ¢ale80ry of r¢sourccs ¢xpcllded for which it was incurted.
Exp¢nditurc is allocated between fijnds based on all ossessm¢nt of timc spcnt on cach activity.
Grant mtskitsg Policy
The eurreiit policy of tlie Trnstees is lo pay available ii)come as grants to charitics lo ¢ondvcl wseanh iiito
issues of 8gein8 whi18t preserviu8 ￿Pital values in the Endowmenl and Sufficient revenue reserves.
Fixed A$$e¢ Investments
Tkn¢ investm¢uts held by thg Endowment are st&led at ¢urr¢nt fair value with realised and unreali8ed gaitt$ aud
losses being dealt with in the statement of fmancial a¢livilics. Investment income and 8ains or losses on sal¢
of th¢ inv¢stm¢nt5 ar¢ debil¢d or credited directly to Ib¢ Slatem￿l¢ of fwanoial activities when they are
re¢eivedlin¢urred,
Investment Propertlts
Itsve8tment properties are held as as$cts forth¢irinvestment potential and hirv2lu¢ withthe longt¢rn) Intention
of using tbese assels lo gcnerale r¢ntal incotll¢. Invcslmcnl properties are heLd at fair value (their Current
markel value) and are revaluoj tri-annually by indepelld¢nt exlernal Value￿ with internal reviews by th¢
Trnste¢s in between.
Impalrment of Fixed A$$ets
At each r¢porting end datc, the Endowment review the ¢arryAng aroounts of its tan8ible 88s¢ls to deler]ninc
whether there is any indicationthat Iliose assets have suffered an inJpairni¢ttt loss, If any suck indication exists,
tbe recoverdble Èmount of the asset is estimaled in order to det¢rnin¢ Ilie ¢xt¢ttt of the impairn]cnt loss if any.
Where it is not possible to estimate the recoverable 8mouni of an illdividual asseL th¢ Endowment estimates
the tteoverable amount of the ca8h-generatin8 unit lo which tbe asset belongs.
Re¢overabl¢ arnount is the higher of fairvalue less costs to sell and value in usc. In assessing value ill use. the
estimated ￿tUr¢ cash flows are discounted to tlieir present value using a pre-tax discount rate that reflects
OU￿ent market assessments of thetime value ofmoaey and the risks spccific to Iheasset forwhich the estimates
of cash flows have not been adjusted.
If the LEcoverable amount of an asset (orcash-g¢ne￿tIllg unit) is Cstin￿led to be less than its ¢anying amounL
the carrying amount of tbe asset (or c8sh-gcnerating unit) is reduced to its reooverabl¢ amount. An impairment
1085 is recognised immediately ill profit or loss.
Rccognised impainnent losses Ther5ed if, and only if, the reasons for the impairmettt loss have ceased to
apply. Wliere all irllpainneni loss subsequently reverses. the earryillg amount of the asset (or casb-generaling
unit) is incTeased to the Tevised ¢8timate of its r¢cov¢rabl¢ amoual but so that the increased caTrying amount
does not ¢xceed the carrykng amount that would hav¢been detern]ined had no impainnent loss been recognis¢d
for the asset (or cash-generating unit) PriOT years. A reversal of impairnicni loss is recoguis¢d imm¢diatdy
in profit or loss.
13

TEIE BErH JoirNSON EKDOWMENT
STATEM￿ OF ACCOUNTING POLICIES
roR THE YEAR ENDED 31 DECEMBER 2021
Cash and CAsh equlv&lents
C8sh 4Dd ¢ash equivalents include ca¥h in hand, deposits held at call with banks, and other short- term Ilquid
investments witlL QTigino1 malllrilies of three montbs or le5S.
aDCA&I in5truLuents
The Endowmettt has elected to apply the provisions of Section I I 'Basio Financial In8￿mentS, and Section
12 '0ther Financial ]nstrum¢nts Issues, of FRS 102 to all of ils financial inslNmenls.
Financial assets are recognised in th¢ E￿aowment'S 8latthnellt of fjllaneial position when the Endowment
beco111￿ party to the cOntrac￿al provisions of the instnmient.
Finan¢ial as$ets are ¢la8sifLed into specified oot¢gori¢s. The classification depeThd6 on th¢ nature and purpose
of lh¢ f)Dan¢ial ass¢t5 and is delenniThed at the tim¢ of reco￿lI10n.
B8s1¢ IIn8nclal ass¢ts
Basic financial assets, which include trade and otl)er reeeivables 2nd eash and bank balances, are initially
measured at Irans8cLion price in¢luding transaction costs and are subsequendy Ca￿led at amortised cosl usitig
the effe¢tive inter¢8t method unless the anngement constitutes a financing Irall$aclio]J, where the financial
asset is measured al the ptBseiil value of the ￿tUre receipts di$¢ouDted at 8 market rote of int¢re$t. Tb¢
Endowment only has basic finan¢i81 ass¢ts.
Impairment of financial assets
Financial assets ar¢ Bs8¢5s¢d for indicatorg of Impatrn]￿t al ¢ach reporting end dale. Financial asset8 are
impaired wher¢ tb¢r¢ is objcctive evidence thal, as a result of onc or morc events that occurred after the inilial
recognilion ofthe finan¢ial asset, the estimated fvLur¢ cash flows have be￿ affected. The impaArn]ent IOBS 18
recogtitsed in profit or loss.
Classiflc*tlon of financial liabilities
Financial liabilities and ¢quity Inst￿mentS are Cl￿gified according to the substance of tlie Contractual
ng¢ment$ entered iDto. An ¢quily inslrument is any conlra¢t that eviden￿$ a residual interest in tkLe assets
of the Endovnn¢nt after deducting all of its liabilitics.
Baslc fiuAuclal114bllltles
Basic financial liabilities at¢ initially measured at transaction pric¢. Thc Endowment only has basic finRncial
liabilities.
Derecognitloll of flnAnclal liabAllth8
Financial liabilities are derecognised when. aod o)Jiy wh#n, the EDdowmenl's contractrJ81 obligations Are
dAscI￿rged, ¢an¢elled, or they expir¢.
14

THE BETH JOFINSON ENDOWMENT
NOTES TO THB FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
l. Statement of f￿all¢la1 actiYitSe$
a) Inve5tin¢nt income
Unrestrirted fuuds:
2021
2020
Bonds
Equiti
4.426
56,311
7.636
46,644
Property (funds)
Property (direct)
6,286
33.676
4,744
33,233
100,699
92.257
b) Total resouw¢s expended
2021
2020
Support
C081s
Total
UnTC5tricled:
Charitable a¢livitle5:
Granls
Facilities/accounlall¢y Costs
32,000
72.000
S04
43,638
84,504
Elldowm¢nt:
Jnveglment managem¢nt and
custodial Costs
Facililieslaccountancy ¢osts
21,375
7,381
19,678
7,875
28,756
27,553
Total Res¢)ur¢cs ¢xp¢nd¢d
72.394
112,057
There were no employee8 (2020". nil) of the Endowment.
The Thistees received no remuneraiion for being Trnstees (202Tr. £nil) and were noi reimbursed for any of
tbeir expenses in tbe ycar (2020: £nil).
l5

TME BEfH JOHNSON ENDOWME,wr
NOTES TO THE FINANCIAL STATEMENTS
roR THE YEAR ENDED 31 DECEMBER 2021
2. Net movement fin fiIT*ds
2021
2020
Net movement ill funds for lh¢ financial year is stated
after ch8r8in8:
Auditor's rell)uneration
JndetDnity insurance of Thistees
7.200
942
6,840
942
3. nxed asset Investments
Prop
Prop
(funds) (direct)
Total
Cash
Bond8
Equitl¢S
Al boginning of year 95,063
Gaiiis
Additions
Dxsposals
at carryitig value
398,488 2,011,921 123,951 2,100.000
1,560
143,688 28,290
185,168 1.375,876 76,595
4,729,423
173,538
1,643,513
5,874
173.928
(335.065) (1.490,974)
16,704)
(1,658,815)
at end of year
268,991
250,151 2,040,511 222,132 2,105.874
4,887,659
Investment Prop¢rty
t is the Trnstees, opinion that tbc valuation in Ihtt attounts is a reasooabA¢ estimate of th¢ fair value at
31 De¢ernb¢r 2021. The farlulattd and woods at Fradswell w¢re Valu￿ on an open market basis at
£2,Im in De¢emb¢r 2019 by BagshRw8.
Other funds
Property fithds, quot'ed fixed interest> quol¢d managed fimd and quoted itivesimenls canied at fair
value (market value).
Risk Profile
Th¢ Tn￿1¢¢$ Teview the risk PTofae of the investments eaeli year and have regard lo the spread b¢twe¢n
quoted. fixed interest and maDag¢d ptopertyquoted fimds and agricultural land 10 achieve an appTopIiat¢
Spread of risk.
16

THE BETIIJOHNSON ENDOWMENT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
4. Credltors:
Amounts falling due witbin one year
2021
Total
2020
Totsl
Accrua18 and deferred income
15,875
15,315
Accrnals for grant$ payabl¢ in 2022123)
48,000
72,000
Total
63,875
87,315
Accrnals include deferred incoIne of 2021 £6.875 (2020 £6,875) which will be iEleased in Ilio next year and
relates to farm rent r¢c¢iv¢d in advance.
S. Analy81$ of charitable funds
Cartied
ExpenditLf¢ Gains I losses forward
Bfivd
Income
Endowmeiit
4,730,644
(28,756)
173.537
4,875,425
Unrestricted fjJnd8
120,248
100,699
(43,638)
177,309
4,850,892
100,699
(72,394)
173,537
5,052,734
No restricted ineomc was receiv¢d in 2021.
6. Analysi$ of net a55ets between funds
SJ)vestments
Cash at
Creditor8
Net assets
tndowmenl
4,887,659
(3,234)
(9.000)
4,875.425
Unrosti?cted
232 184
875
177 309
4,887,659
228.950
(63,875)
5.052.734
17

THE BETH JOHNSON ENDOWMEwr
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR EKDED 31 DECEMBER 2021
Commitments
Th¢T¢ were no capital commitments at th¢ end of tlie financial y¢ar(2020..£nil).
Related paity trAn$a¢tlons
The Trnstees are al80 the dire¢tors of The Beth Johnson F￿doWm0nt Limited, 8 nominee Company for tILe
Trustecs of the Endowment. The legal title of tlie land and ittv¢stmeTrls owned by the Elldowment 15 Vcstcd
in The Beth Johnson Endowment Limited as bare trustee for the Endowm¢iit.
MW Tbowless-R¢eves, a t￿stee of the Endowmejjt, is the Senior partner alld d¢sigueted member of Sorbus
Partners LLP, who a¢1 os investThent managers lo the Elldowment. He is also a son of AA Reeves, a trust¢¢
of the Endoivment. During the year the End¢)wm¢nt was charged £21,175 (2020 £19,677) foi. investment
manager fees for rn8lla8in8 the investment portfolio on behalf of the Endowment.
18

THE BETH JOHNSON ENDOWMEFTr
APPEND￿ I
31 DECEMBER 2021
Grants
1971- 1979
235,713
1980-1989
796,763
1990- 1999
1,345.000
2000- 2009
1,646,000
2010-2019
1,764,761
2020
56.000
2021
56,000
Total Grants
5,900,237
19