2022-07-31-accounts

Charity registration number 280281

THE EMMANUEL KAYE FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

THE EMMANUEL KAYE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mrs L N Kaye
	Ms E M Kaye
	Mrs M A Hawes
	Mr A Sternberg
	Mr P Cutler	(Appointed 9 November
		2022)
Charity number	280281
Registered office	PO Box 1540
	Peterborough
	PE2 2YP
Auditor	Azets Audit Services
	Ashcombe Court
	Woolsack Way
	Godalming
	Surrey
	GU7 1LQ
Bankers	Barclays Bank PLC
	1 Churchill Place
	London
	E14 5HP
Investment advisors	Stanhope Capital
	35 Portman Square
	London
	W1H 6LR
	Killik & Co
	46 Grosvenor Street
	Mayfair
	London
	W1K 3HN

THE EMMANUEL KAYE FOUNDATION

CONTENTS

	Page
Trustees' report	1 - 4
Independent auditor's report	5 - 7
Statement of financial activities	8 - 9
Balance sheet	10
Notes to the financial statements	11 - 16

THE EMMANUEL KAYE FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

The Trustees present their report and financial statements for the year ended 31 July 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with 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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Foundation's aim is to benefit registered charities, charitable organisations and other charitable causes. It meets this objective by making grants and donations to charities and charitable causes at the Trustees’ discretion and in accordance with the Foundation’s established principles.

In achieving these objectives for the year, the strategy adopted by the Trustees was consistent with the principles on which the Foundation operates. Beneficiaries are selected from the social welfare, community development, education, arts and culture, healthcare and medical research and activities in North East Hampshire.

The Foundation’s main principles define that beneficiaries be a verifiable registered charity; priority is given to smaller charities without a national presence; and grants may cover core costs or specific project costs.

The strategy used in exercising these principles is based on Trustee sponsored propositions following detailed research which are submitted for consideration at regular quarterly Trustees’ meetings.

Both the Foundation’s objectives and its strategy were successfully conducted throughout the year.

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities and setting the grant making policy for the year.

Grant making policy

The Foundation does not accept unsolicited requests for grants or donations, focussing its support for registered charities principally, but not exclusively, where a relationship with Trustees has been established. All requests for grants or donations sponsored by a Trustee require approval at a formal Trustees’ meeting and must be consistent with the Foundation’s objectives. The Foundation strongly supports projects where a grant or donation can make a meaningful contribution to its aims.

Achievements and performance

An analysis of the Foundation’s activities during the year to fulfil its charitable purpose, consistent with its principles, included support analysed as between the following sectors:

Sector	%
Social welfare	44%
Community development	16%
Education	15%
Arts and culture	7%
Healthcare and medical research	14%
Activities in North-East Hampshire	4%

• 1 -

THE EMMANUEL KAYE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Financial review

The work of the Foundation is sustained by voluntary contributions, by income from investments and by reserves.

During the year ended 31 July 2022, the Foundation received income from investments amounting to £42,575 (2021 - £35,302) and income from donations of £447,315 (2021 - £508,246). It made donations of £666,000 (2021 - £606,000). Losses on investments of £311,538 (2021 - gains of £565,542) were recognised during the year. The Foundation reinvested its residual funds into income-generating investments and deposits, in order to successfully continue its objective of supporting charitable work in the future.

Funds at the end of the year were £4,396,321 (2021 - £4,933,811), of which £424,000 (2021 - £269,000) have been designated to cover multi-year grants awarded but not yet committed. The Foundation’s investment portfolios have been impacted by the downturn in the markets caused by rapidly rising inflation and interest rates.

Reserves policy

The Trustees consider it essential to retain sufficient capital to ensure the future well-being of the Foundation and avoid a wind up of the Foundation should the capital be distributed. Following a review of the Reserves Policy the Trustees have agreed to maintain a reserve of at least £3 million for the time being, allowing donations to be made out of income and a proportion of realised and unrealised capital gains where the Trustees consider this appropriate. The Reserves Policy will be reviewed annually by the Trustees giving consideration to any changes in circumstances.

Fundraising Statement

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although we do not undertake fundraising from the general public, the legislation defines fundraising as ‘soliciting or otherwise procuring money or other property for charitable purposes.’ Such amounts receivable are presented in our accounts as donations.

In relation to the above, we confirm that all solicitations are managed internally, without involvement of commercial participators or external professional fundraisers, or third parties.

We have received no complaints in relation to fundraising activities. We require Trustees to behave reasonably at all times in their contact with donors. No-one should be pressured into donating, and we don’t contact anyone if we know they don’t want us to. We take our supporters’ requests and the protection of their personal data seriously. All of our supporters can choose to opt-out of our communications at any time, and we never swap or sell their data.

Investment policy

The Trustee’s policy is to invest in forms of investment to provide both income and long term capital gain. To this end the Trustees have transferred day to day responsibility for investment decisions to our Investment Advisors who will manage the Foundation’s investment policy on the broad principles agreed by the Trustees. These principles include seeking to primarily hold investments that integrate environmental, social and governance concerns, and, over time, to increasingly shift the balance of the portfolio to investments that actively contribute to or accelerate progress towards the UN’s Sustainable Development Goals.

The Trustees have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The Board of Trustees has agreed to maintain the Foundation’s existing principles and objectives for the foreseeable future to ensure that its grants and donations are continuing to have a meaningful positive impact upon the activities of the beneficiary and, wherever possible, making a contribution to the general good.

• 2 -

THE EMMANUEL KAYE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Structure, governance and management

The Emmanuel Kaye Foundation (“the Charity” or “the Foundation”) was established by a Declaration of Trust on 1 May 1980.

The Trustees who served during the year and up to the date of signature of the financial statements were:

Mrs L N Kaye Ms E M Kaye Mrs M A Hawes Mr A Sternberg J H K Forster (Deceased 21 February 2022) Mr P Cutler (Appointed 9 November 2022)

The Declaration of Trust states that there must be more than two but not more than five trustees. The power of appointing new or additional trustees is vested in the Continuing Trustees. The existing Trustees are responsible for the induction of new trustees.

Day to day management of the Charity has been delegated to Mrs Madeleine A Hawes.

The Trustees continue to monitor the major risks to which the Charity is exposed, and systems are in place to manage those risks. Internal risks are minimised by the implementation of procedures for authorisation of transactions of the Charity. External risks to funding are periodically reviewed to ensure acceptable risks and returns are being achieved.

The Foundation is run independently from any other charity or organisation.

Statement of trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that year.

In preparing these financial statements, 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, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and 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 Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

• 3 -

THE EMMANUEL KAYE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 Sl ed tor and on behalf of the Board of TNstees Mr A Sternb•rg Trustee Dal8d..

THE EMMANUEL KAYE FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE EMMANUEL KAYE FOUNDATION

Opinion

We have audited the financial statements of The Emmanuel Kaye Foundation (the ‘Foundation’) for the year ended 31 July 2022 which comprise the statement of financial activities, the balance sheet and the 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)

In our opinion, the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 July 2022 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Foundation 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 Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

• 5 -

THE EMMANUEL KAYE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE EMMANUEL KAYE 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 and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Foundation’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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• 6 -

THE EMMANUEL KAYE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE EMMANUEL KAYE FOUNDATION

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.

Robert Southey (Senior Statutory Auditor) for and on behalf of Azets Audit Services Chartered Accountants Statutory Auditor

6 April 2023

......................... Ashcombe Court Woolsack Way Godalming Surrey United Kingdom GU7 1LQ

Azets Audit Services is eligible for appointment as auditor of the Foundation by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

• 7 -

THE EMMANUEL KAYE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2022

Current financial year

Unrestricted Unrestricted funds funds general designated 2022 2022 Notes £ £ Income from: Donations and legacies 2 447,315 - Investments 3 42,575 - Total income 489,890 - Expenditure on: Charitable activities 4 324,842 391,000 Net gains/(losses) on investments 6 (311,538) - Net (outgoing)/incoming resources before transfers (146,490) (391,000) Gross transfers between funds (541,000) 541,000 Net movement in funds (687,490) 150,000 Fund balances at 1 August 2021 4,664,811 269,000 Fund balances at 31 July 2022 3,977,321 419,000	Total 2022 £ 447,315 42,575 489,890 715,842 (311,538) (537,490) - (537,490) 4,933,811 4,396,321	Total 2021 £ 508,246 35,302
		543,548
		649,847
		565,542
		459,243 -
		459,243 4,474,568
		4,933,811

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

• 8 -

THE EMMANUEL KAYE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2022

Prior financial year

Unrestricted Unrestricted funds funds general designated 2021 2021 Notes £ £ Income from: Donations and legacies 2 508,246 - Investments 3 35,302 - Total income 543,548 - Expenditure on: Charitable activities 4 649,847 - Net gains/(losses) on investments 6 565,542 - Net (outgoing)/incoming resources before transfers 459,243 - Gross transfers between funds 26,000 (26,000) Net movement in funds 485,243 (26,000) Fund balances at 1 August 2020 4,179,568 295,000 Fund balances at 31 July 2021 4,664,811 269,000	Total 2021 £ 508,246 35,302
	543,548
	649,847
	565,542
	459,243 -
	459,243 4,474,568
	4,933,811

• 9 -

THE EMMANUEL KAYE FOUNDATION BALANCE SHEET AS AT 31 JULY 2022 2022 2021 Not•s Flxed assets Investments 3,767.617 4,420.676 Current assets Cash al bank and in hand 633.424 517,545 Credltors: amounts falllng du* within on8 year 14,7201 14.4101 N8t ¢urr8nl assets 628,704 513,135 Total assets less current liabilities 4,396,321 4,933,811 Income funds Unrestrict8d funds d8signated Unreslricted funds general 419,000 3,977,321 269,000 4,664.811 4,396,321 4,933,811 e financial statements were approved by the Trustees on MrA Stemberg Trustse 10-

THE EMMANUEL KAYE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

Charity information

The Emmanuel Kaye Foundation is a registered charity in England and Wales. The registered charity number is 280281 and the registered office address is PO Box 1540, Peterborough, PE2 2YP.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Foundation'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 (FRS 102) (effective 1 January 2019)". The Foundation is a Public Benefit Entity as defined by FRS 102.

The Foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Funds held by the Foundation are unrestricted, general funds which can be used in accordance with the charitable objectives and reserves policy of the Foundation.

1.4 Income

All income is recognised once the Charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Investment income

Income arising from the investments and any related tax credit is accounted for in the period in which the income is receivable.

• 11 -

THE EMMANUEL KAYE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

(Continued)

1.5 Expenditure

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

Each grant commitment is dependent on the satisfactory outcome of a review, which for most grants is carried out annually. Consequently, for multi-year grants where the next payment has been approved prior to the year end the grant is recognised as an expense and a liability in the financial statements. The balance of the potential grant commitments not provided for is disclosed as a contingent liability and identified as a designated fund. All expenditure in respect of achieving the aims of the Foundation, including donations and grants, is made at the Trustees discretion. Donations are accounted for when they are communicated to the recipient.

Support costs

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

1.6 Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs and subsequently measured at their market 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.

1.7 Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Basic financial liabilities

Other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Foundation is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Income from donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2022	2021
	£	£
Donations and gifts	447,315	508,246

• 12 -

THE EMMANUEL KAYE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

3 Income from investments

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2022	2021
	£	£
Investment income	42,575	35,167
Interest receivable	-	135
	42,575	35,302

4 Charitable activities

Donations 2022 £ Bank charges - Auditors' remuneration - Investment management fees - Computer software licences - Accountancy and bookkeeping services - - Grant funding of activities (see note 5) 666,000 666,000 Analysis by fund Unrestricted funds - general 275,000 Unrestricted funds - designated 391,000 666,000	Support costs 2022 £ 177 3,840 35,066 259 10,500 49,842 - 49,842 49,842 - 49,842	Total Donations 2022 2021 £ £ 177 - 3,840 - 35,066 - 259 - 10,500 - 49,842 - 666,000 606,000 715,842 606,000 324,842 606,000 391,000 - 715,842 606,000	Support costs 2021 £ 2 3,570 30,216 259 9,800 43,847 - 43,847 43,847 - 43,847	Total 2021 £ 2 3,570 30,216 259 9,800
				43,847 606,000
				649,847
				649,847 -
				649,847

There were no employees during the year.

None of the Trustees received any remuneration during the year (2021 - £nil) nor were reimbursed any expenses during the year (2021 - £nil).

Auditors' remuneration includes fees payable to the charity's auditor for the audit of the charity's annual accounts. No non-audit services were provided.

• 13 -

THE EMMANUEL KAYE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

5 Grants payable

	Donations	Donations
	2022	2021
	£	£
Grants to institutions:
Parkinson's UK	-	100,000
Rosa Fund UK	40,000	40,000
City Harvest	40,000	40,000
Lyric Hammersmith	32,000	32,000
Lucy Faithfull Foundation	50,000	30,000
Hounslow Action For Youth Association	30,000	30,000
Pause	30,000	30,000
Sheffield Institute for Translational Neuroscience (SITraN)	-	30,000
Jewish Women's Aid	25,000	25,000
UK Music Masters	25,000	25,000
Human Trafficking Foundation	-	25,000
The Orpheus Centre	25,000	25,000
Donmar Warehouse	30,000	20,000
Rotary Club of Hart Trust Fund (Community Aid Scheme)	10,000	20,000
Safe Ground	-	20,000
Holloway United Therapy	-	20,000
Team Up	-	15,000
Seesaw Trusts	15,000	15,000
Helford River Children's Sailing Trust	-	10,000
The Matthew Elvidge Trust	10,000	10,000
The Winchfield Festival - David Kaye Music Award	10,000	10,000
Scottish Jewish Heritage Centre	-	10,000
Envision	10,000	10,000
The Winchfield Festival - Outreach Programme	9,000	9,000
The Oxford Playhouse Trust	-	5,000
Imperial College Trust	50,000	-
The Oxford Hub	25,000	-
Awards for Young Musicians	20,000	-
Grief Encounter	10,000	-
Prison Reform Trust	15,000	-
The Albert Kennedy Trust	40,000	-
LivedHealth	30,000	-
Cardinal Hume Centre	30,000	-
AVA (Against Violence and Abuse)	30,000	-
Working Chance	10,000	-
	666,000	606,000

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THE EMMANUEL KAYE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

6 Net gains/(losses) on investments

	Unrestricted	Unrestricted
	funds	funds
	general	general
	2022	2021
	£	£
Revaluation of investments	(235,267)	313,296
Gain/(loss) on sale of investments	(46,468)	252,246
Foreign exchange losses	(29,803)	-
	(311,538)	565,542

7 Fixed asset investments

Cost or valuation At 1 August 2021 Additions Valuation changes Disposals At 31 July 2022 Carrying amount At 31 July 2022 At 31 July 2021 8 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 9 Creditors: amounts falling due within one year Accruals and deferred income	Listed investments £ 4,420,676 198,015 (235,267) (615,807) 3,767,617 3,767,617 4,420,676 2022 2021 £ £ 3,767,617 4,420,676 2022 2021 £ £ 4,720 4,410	Listed investments £ 4,420,676 198,015 (235,267) (615,807) 3,767,617 3,767,617 4,420,676 2022 2021 £ £ 3,767,617 4,420,676 2022 2021 £ £ 4,720 4,410
		3,767,617
		3,767,617
		4,420,676
		2021 £ 4,420,676
		2021 £ 4,410

• 15 -

THE EMMANUEL KAYE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2022

10 Analysis of net assets between funds Unrestricted funds Designated funds 2022 2022 £ £ Fund balances at 31 July 2022 are represented by: Investments 3,767,617 - Current assets/(liabilities) 204,704 424,000 3,972,321 424,000	Total Unrestricted funds Designated funds 2022 2021 2021 £ £ £ 3,767,617 4,420,676 - 628,704 244,135 269,000 4,396,321 4,664,811 269,000	Total 2021 £ 4,420,676 513,135
		4,933,811

11 Financial commitments, guarantees and contingent liabilities

The charity recognises grant commitments made but not yet settled or provided for as contingent liabilities. These have not been accrued as performance related conditions have not yet been met. These commitments are expected to be settled within 1-2 years and will be funded from unrestricted reserves.

As at 31 July 2022, the value of contingent liabilities in respect of such commitments amounted to £419,000 (2021 - £269,000).

12 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).

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