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2021-09-30-accounts

CHARITY REGISTRATION NUMBER: 288417

JOHN JAMES BRISTOL FOUNDATION

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS 30 SEPTEMBER 2021

JOHN JAMES BRISTOL FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

Contents Page
Report of the Trustees 2 - 10
Independent Auditor’s Report 11 - 13
Statement of Financial Activities 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Financial Statements 17 - 27

JOHN JAMES BRISTOL FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

REPORT OF THE TRUSTEES

TRUSTEES’ REPORT

The trustees of the John James Bristol Foundation (“the Foundation”) present their annual report for the year ended 30 September 2021 together with the audited financial statements for that year.

REFERENCE AND ADMINISTRATIVE DETAILS

The John James Bristol Foundation is a registered charity. Its registration number is 288417.

The present trustees and any past trustees, who served during the year, are:

Joan Yvonne Johnson (Chairman) David William Johnson Elizabeth Dawn Chambers John Barrington Evans Andrew James Jardine Andrew Charles Webley John Michael Haworth (Vice-Chairman) Peter Waudby Goodwin Nicola Jane Parker Julia May Norton

The Chief Executive is: Louise O’Donnell The Foundation operates from: 7 Clyde Road Redland Bristol BS6 6RG

PRINCIPAL PROFESSIONAL ADVISERS

Solicitors

BDB Pitmans LLP 50 Broadway London SW1H 0BL

Bankers National Westminster Bank plc 32 Corn Street Bristol BS99 7UG

External Auditor

Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

Crowe U.K. LLP was reappointed as auditor of the Foundation.

Investment Managers

BlackRock 12 Throgmorton Avenue London EC2N 2DL

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JOHN JAMES BRISTOL FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

REPORT OF THE TRUSTEES

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Foundation is governed by a trust deed dated 9 December 1983, a deed of amendment dated 5 February 1997, deeds of variation dated 20 July 1999, 11 March 2002, 10 July 2009, 21 February 2014, 15 February 2016 and 20 February 2018, the Charities Act 2011 and the Statement of Recommended Practice Accounting and Reporting by Charities (SORP 2015 based on FRS 102). A new governance code, endorsed by the Charity Commission and other industry bodies, was launched in 2018 and revised in 2020. The Trustees have ensured that the Foundation is substantially compliant with the code but there are a number of areas where we do not follow the code, which have been set out below.

The Board of Trustees is responsible for the overall governance of the Foundation. Trustees are appointed by the existing trustees and the total number of trustees may not be fewer than five or more than ten. At present, three trustees are “Family Trustees” who once appointed remain as trustees until death, voluntary retirement, disqualification or removal, (a “Family Trustee” is a direct descendant of the Founder’s parents), and seven trustees are “Non-Family Trustees”. “Non-Family Trustees” remain in office for a maximum of seven years before being subject to a re-election process. There is no limit on the number of times a “Non-Family Trustee” can be re-elected. Trustees have been appointed who are well known to the family or indeed to John James himself and as such have not been time limited. However, as time passes this becomes harder and Trustees have been recruited with suitable expertise and experience. The Trustees will consider time limiting new Trustees and diversity when future trustees are recruited. The Board is aware that a Trustee with knowledge of Education is needed. The Trustees are mindful to review the appointment and retention of Non-Family Trustees in 2022.

New trustees are appointed by the unanimous resolution of existing trustees who may nominate a replacement giving details of the person’s background and suitability. If the nominated person is willing to be considered for the vacancy then all potential candidates will be interviewed by at least three of the existing trustees who will make recommendations to the full Board.

Effective partnership between trustees and staff continues to contribute to the Foundation’s success. Having both a Chairman and Vice-Chairman ensures that trustees’ roles and responsibilities are carried out effectively. Whilst all trustees can access information concerning the Foundation’s operation at any time and two trustees monitor each aspect of the Foundation’s work, the Vice-Chairman’s close involvement continues to give support to the Chairman. The Board reviews its performance informally which is considered sufficient. External review every three years, as recommended in the code, will be considered in the future.

Trustees had 10 meetings this year by telephone due to the pandemic, where trustees reviewed funding applications and agreed grants, considered strategy and investment performance and reviewed operating plans and budgets. At two of the meetings the trustees looked at the investments and a sub-committee of 3 Trustees has been set up which reports to the full Board. These meetings help to inform the other meetings.

New trustees receive an induction pack containing everything they need to know about the Foundation and its work for effective and informed decision-making. Appropriate trustee-training sessions, held by outside advisers and independent organisations, are encouraged and all trustees have sight of the magazine ‘Governance & Leadership’ and the Charity Commission News emails.

All trustees give their time freely and no trustee remuneration was paid in the year. Details of trustees’ expenses are disclosed in note 6 to the accounts. Trustees are required to disclose all relevant interests and register them with the Chief Executive and in accordance with the Foundation’s policy withdraw from decisions where a conflict of interest arises. During the year Mrs J Johnson donated a number of items of jewellery to the Foundation. Some of the jewellery and the remaining painting will be offered for sale at a future date and are held in stock. There were no other related party transactions in the year. The trustees delegate the exercise of certain powers in connection with the management and administration of the Foundation as set out below. This is controlled by regular reports to trustees so that all decisions, made under delegated powers, can be ratified by the trustees.

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JOHN JAMES BRISTOL FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

REPORT OF THE TRUSTEES

STRUCTURE, GOVERNANCE AND MANAGEMENT (Continued)

Investment Management

Since 16 September 2008, in accordance with the provisions of the Foundation’s Deed, the trustees have delegated the management of the investment portfolio to BlackRock who manage the majority of the Foundation’s investments on a discretionary basis. The Foundation holds investments in two Property funds directly.

Following the retention of BlackRock in 2019 the Trustees have refined the asset allocation to increase the exposure to global equities whilst retaining the focus on income generation. During the year two formal meetings were held with the investment managers, with a number of informal conversations with the sub-committee of Trustees to provide more detailed discussions of proposals. At these meetings, in addition to the investment strategy, the performance of the portfolio in relation to market changes, income targets, benchmarks, future prospects and the extent of any ethical investments were considered.

Chief Executive

The Chief Executive is responsible for the day to day management of the Foundation’s affairs and for implementing policies agreed by the trustees. The Chief Executive receives regular assistance from the Chairman and the Vice-Chairman and may request help from other trustees if she needs it. In line with the Foundation’s policy, the Chief Executive has disclosed all relevant interests to the trustees. During the year the Foundation’s membership of the Charity Finance Group was renewed.

The remuneration of the Chief Executive, and all paid staff, is reviewed annually by the Board of Trustees; account is taken of UK labour market statistics and professional pay scales. The skill, experience and competence of an individual are assessed together with their contribution to the smooth running of the Foundation.

Advisory Groups

Professional advice is sought from outside advisers as and when necessary.

Statement of Trustees' Responsibilities

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

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:

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JOHN JAMES BRISTOL FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

REPORT OF THE TRUSTEES

STRUCTURE, GOVERNANCE AND MANAGEMENT (Continued)

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.

Risk Management

A review of the perceived risks faced by the Foundation, as it executes its grant making function, is carried out on an annual basis. In the opinion of the Trustees the Foundation has in place systems, support and controls to mitigate risks to an acceptable level on day-to-day operations.

Uncertain financial returns have been identified as the Foundation's major financial risk given the particularly tumultuous time all financial markets have experienced over the last twelve months. This is mitigated by regular meetings being held with the investment managers where investment strategy, the portfolio and financial performance is under review as are the investment managers themselves. Constant monitoring and checking of data supplied by the investment managers together with the receipt of the annual reports on their key internal controls and independent verification of the portfolio holdings all help to reduce the extended risks in this area.

The use of a Foundation's grant for an unsavoury or unauthorised purpose is also considered a potential major risk area. This is mitigated by largely restricting grants to charities registered with the UK Charity Commission or similar body. All grants are checked to be in line with the Foundation's objects and the Charity Commission website is consulted on any charity applying to the Foundation. A Public Benefit and Equality Act 2010 checklist is completed for all grants made and official receipts are required from all beneficiaries receiving a grant. All applicants are requested to supply a copy of their current Safeguarding Policy and this is reviewed against a checklist of key requirements. Multiple grants are only paid on receipt of satisfactory progress reports. During the year the Trustees and Chief Executive visited only 3 projects due to the restrictions during the Covid-19 pandemic. These additional checks, in the trustees’ opinion, help to reduce the risks in this area.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The objects of the Foundation are to make charitable grants under the terms of its deed for the relief of poverty or sickness or the advancement of education among the inhabitants of the City of Bristol, or other purposes beneficial to such inhabitants as the trustees may at their absolute discretion decide; also for such other objects whatsoever or wherever, being charitable objects or purposes. The Foundation does not fundraise.

At the annual review, it was agreed that the grant making policy would remain unchanged. All grants continue to be monitored carefully against the Charity Commission’s guidance on public benefit and the Equality Act 2010. Trustees are aware of the Charity Commission guidance on Public Benefit and confirm they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it.

Response to the Pandemic

The Foundation’s principal objective is to benefit as many disadvantaged residents of the City of Bristol as possible. Granting money as diversely as it can to registered charities within the Foundation’s key focus areas of education, health and the elderly. The Pandemic led to a switch to remote working for the staff, whilst some have now returned to the office. Trustees have also been meeting remotely, with 10 meetings held by telephone. The Trustees have looked to be active in their response and support to those impacted in the Bristol Area. As highlighted below the Foundation have issued grants, principally to existing beneficiaries, who are focussed on the relief of hardship to residents of Bristol. Trustees have been flexible over the exact use of grants where face to face activity has not been possible with services moving online or offered over the phone.

The Trustees have been conscious of the impact the pandemic has had on the Foundation’s investment income and monitored this closely during the year. Some grants have been returned as events were unable to go ahead and the payment of commitments delayed. The Trustees have been confident that reasonable requests from existing beneficiaries can be met, whilst keeping in mind that the need in the future will be significant.

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JOHN JAMES BRISTOL FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2021 REPORT OF THE TRUSTEES

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT (Continued)

The Foundation’s vision is to enhance the lives of as many disadvantaged residents of the City of Bristol as possible.

The Foundation’s strategic aim is to achieve its vision through grant-making and applications are welcome from charities and not-for-profit organisations who work with Bristol residents in the key focus areas. We believe that a variety of initiatives such as the Foundation’s website – www.johnjames.org.uk which has been updated this year together with the annually updated information leaflet inform potential applicants about our areas of focus.

Grants During the Year (Note 11)

In the key focus area of Education examples of grants made are:

In the key focus area of Health examples of grants made are:

In the key focus area of The Elderly examples of grants made are:

The trustees are aware that many of the grants under the key focus area of Health are of direct benefit to The Elderly. Few grants are made which cannot be fitted into one of the key focus areas and all grants are monitored against the Charity Commission’s guidance on public benefit and the Equality Act 2010.

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JOHN JAMES BRISTOL FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2021 REPORT OF THE TRUSTEES

ACHIEVEMENTS AND PERFORMANCE

The funds necessary to finance the objects of the Foundation are raised by careful management of the Foundation’s investments. BlackRock were appointed in 2008 as the Foundation’s investment managers and the trustees hold regular half yearly meetings with them. From information shared at these meetings the trustees have reviewed the asset allocation to ensure that they have positioned the Foundation as well as is possible, for the foreseeable future, given the challenging global financial situation. These considerations are ongoing.

The trustees feel that they have maintained the public’s awareness of the Foundation during this year. This has been achieved through the regularly updated website, annually revised leaflets and publicity of various kinds including social media. The DVD about John James continues to be sent free of charge, on receipt of a large letter stamp, to those who request a copy.

Applications to assist Bristol residents received in the year to 30 September 2021 totalled 493 of which 404 (81.9%) were successful. (2020 – 495 of which 409 (82.6%) were successful). The trustees have adapted their grant making as a result of the pandemic, to focus on those applications which were responding to the pandemic from March 2020, usually from existing beneficiaries. The Trustees also un-restricted a number of grants made previously to enable funds to be used to address the needs of those hardest hit by the pandemic. 19.1% failed because either they were incorrectly targeted or there were insufficient funds available to meet what the applicant required or they did not meet core needs or the trustees had granted funds to another applicant to cover a similar area of need.

In addition to these applications 67 other submissions were received and rejected because they either did not benefit Bristol residents or they were for individuals.

All successful applicants are required to supply the Foundation with an official receipt for the grant received. Letters accompanying the receipt from the receiving organisation provide the Foundation with feedback as to the impact the money will have on the lives of the ultimate beneficiaries. Follow up feedback and reports support this and indicate that grants from the Foundation are making a significant contribution to improving the lives of many of the most vulnerable in the City of Bristol today.

Trustees have received a summary of all applications from the Chief Executive and where further details were required these have been provided to enable the Trustees to make an informed decision. The process going forward is under review. Supporting information, sent by an applicant with their grant request, is available to the trustees at their meeting. If further information is required, it will be requested. Visits suspended due to the pandemic, have been resumed where possible, but remain at low levels.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The Statement of Financial Activities (SOFA), set out on page 14 is designed to reflect all incoming resources receivable in the year irrespective of when income is spent. The Foundation does not raise funds from the public. During the year, and in accordance with the Foundation’s grant making policy, a total of £2,374,530 was granted (note 11) (2020 - £2,340,040). In addition, the Foundation has outstanding commitments for future grants of £2,935,400 (note 14) (2020 - £3,373,500).

Reserves Policy

The main funds of the Foundation take the form of an expendable endowment which generates the unrestricted income from which grants are made. The Foundation has total funds of £89,486,376. Free reserves are the cumulative unrestricted balances less the net book value of tangible fixed assets (note 7). The free reserves of £2,762,256 at the end of the financial year to 30 September 2021 show a reduction on those held at the end of the previous financial year due to the payment of commitments. These free reserves will be added to income in the forthcoming financial year for spending on grants and overheads in that and future years. The trustees are concerned that there are many factors suggesting uncertainty in the financial outlook for coming years and the income that can be expected from the Foundation’s investments. With the level of the Foundation’s future commitments and their desire to be able to respond to a sudden need the trustees feel that it is necessary to hold the current level of reserves to allow for the eventuality that income reduces drastically during the life of the long term commitments. Only by holding this level of reserves are the trustees confident, given future income uncertainty, that the present high level of future commitments is justifiable. The reserves policy is reviewed annually.

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JOHN JAMES BRISTOL FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2021 REPORT OF THE TRUSTEES

Going concern

Having reviewed the financial position, including the ongoing impact of Covid-19 and cash flow forecasts for the period to 30 September 2023, the Trustees consider that there are no material uncertainties and that the Charity therefore has adequate resources to continue its activities for the foreseeable future. Accordingly, the board continues to adopt the going-concern basis in preparing the financial statements.

INVESTMENT POLICY AND PERFORMANCE

The investment policy was updated in 2018 and remains in place. The trustees’ policy is therefore to seek to achieve a balanced portfolio of income producing securities, which may include fixed interest securities, and U.K. and overseas publicly quoted equities in such proportions as is appropriate to economic and investment conditions at any given time. None of the funds are permanently endowed and there are no restrictions in the deed on the investments which can be held.

The trustees’ investment policy is to aim for reasonable long-term overall return at moderate risk, with the level of risk applying to the portfolio as a whole rather than to individual stocks. The Trustees continue to hold the investment in property funds directly.

The Discretionary Portfolio’s investment allocation ranges, which applied through the year, were:

Asset Class Permitted Range (% of Market
Value of the Fund)
UK Equities 23 – 43
Overseas Equities 23 – 43
Fixed Income 14 – 34
Property 0 – 0
Hedge Funds 5 – 15
Cash 0 – 10

BlackRock managed the Discretionary Portfolio throughout the year on a discretionary basis for the trustees.

At the end of last year the final holdings in the Non-Discretionary Portfolio were sold and the sale proceeds transferred to the Discretionary Portfolio (note 8).

Monthly valuations and quarterly performance reports for the portfolio are received. These documents enable the trustees to monitor performance. The formal income target for the BlackRock portfolios remained at £1.85m (2020 - £1.85m) to reflect BlackRock’s predictions. This target has been constantly monitored because of the global market conditions and the impact of the pandemic and generated income of £1,884,583 to outperform the target. The income from the combined portfolios and interest earned on deposits total £2,130,341 (2020 £1,934,071). The investment income figure is shown on the SOFA. The Property Funds generated an income of £245,758.

The trustees are satisfied with the overall income level, and due to the pandemic, a number of commitments were delayed, other grants remained level and new commitments were made. The trustees believe that their rigorous approach to monitoring income and expenditure will maintain the Foundation’s capacity for grant giving in the future .

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JOHN JAMES BRISTOL FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2021 REPORT OF THE TRUSTEES

INVESTMENT POLICY AND PERFORMANCE (Continued)

The Discretionary Portfolio’s performance, in terms of total return, for the year was 15.33% as against the composite benchmark of 15.24%. The composite benchmark at the year end comprises:

Name Weighting
(% of Composite Benchmark)
FTSE All-Share Net Index in GBP 33%
MSCI All CountryWorld Net TR Index - in GBP 16.5%
FTSE All World Developed Europe Ex UK TR Index GBP Net Return 2.5%
FTSE Custom USA Net of Tax Mid – Day 10%
FTSE Custom Japan Net of Tax Mid – Day 2%
MSCI EmergingMarkets Index(Net) 2%
FTA All Stocks Gilts Index 12%
iBoxx SterlingNon-Gilt 1-10 Yr Index 12%
LIBOR 3 Month Index +3% 10%
1 Week LIBID 0%

As at the 31[st] December 2021 the investment value was £89,300,069, a gain in value of £2,475,135 from the year end value of £86,824,934.

Employees

The Foundation supports equal opportunities and aims to be an organisation that employees enjoy working for and where they feel supported and developed. Employees are kept fully informed about the Foundation’s strategy and objectives, as well as day-to-day news and events. All employees are encouraged to give their suggestions and views on performance and strategy. As a result of the pandemic and the restricted activities of the Foundation two employees were furloughed during the year. The employees remain valued members of staff and their pay was topped up to 100% to ensure that they were not penalised financially.

All eligible employees have been offered the opportunity to join the NEST Pension fund under Automatic Enrolment and two employees have now joined. The Chief Executive has a contractual commitment for 7% of her gross salary to be paid into her personal pension fund.

FUTURE PLANS

The John James Bristol Foundation is a lasting tribute to the philanthropy of John James and the present trustees remain committed to the City of Bristol and many of John James’ own aims and concerns. For future generations, the work on archiving the records held by the Foundation and John James’ family continues. The trustees can envisage other sites being identified for the commemorative boards in the future.

This year saw payments under the John James Award Scheme for Bristol’s Independent Schools and the Foundation has received details of the pupils it is supporting. The cream tea for elderly City of Bristol residents was sadly cancelled again due to the pandemic as were many of the shows at the theatre, but it is hoped that these can resume again in 2022.

The number of funding applications to assist City of Bristol residents was similar to last year. The trustees are aware that for people living in certain areas of the City of Bristol who have low income, are disabled or have a minority ethnic background the opportunities to live, work and thrive here are severely reduced especially as a result of the pandemic. The level of commitments has increased to enable organisations to plan ahead with larger projects.

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JOHN JAMES BRISTOL FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2021 REPORT OF THE TRUSTEES FUTURE PLANS (Gontinuedl th the leve15 of deprivation seen in certain areas of the City of BrÈstol the trustees do not anticipate a reduction in grant applications in the fijbjre, indeed the number may InC￿aSe. as we have indications that haritsble groups and projects are crying out for help to keep going. We believe that our grant making wlicy, which incorporates the Charity Commission's guidan￿ on public benefft and the Equality Act 2010, is able to continue lo cope with the increase in the level of applicatsons and thus it will remain unchanged. The Foundation's key areas of fr£us will conbnue to be education. health and the eldety within the City of Bristol. The trustees Consider that the Foundation has a sound financial base upon which to build for the future and that there are SuffI￿ent fvjnds lo meet its obligations_ We shall continue to liaise closely with BlackRock over the need to balance Income requirements Wtth the underfying securty of the Foundatson's investment5 which generate that income. Our intention still temains to see income levels generated that will allow the total granls made to grow with inflation but Ihat depends largety on global market Gonditions beyond our Gontrol. These remain challenging brres but the trustees look back on the year wtth satiskfjbon at what has been achieved and we are confident that we are a5 well positioned as is wssible to meet the demands of the coming year. Approved by the trustees and signed on their behalfr. John Haworth Vice-chairm Date. L2L Page 10

Independent Auditor’s Report to the Trustees of John James Bristol Foundation

Opinion

We have audited the financial statements of the John James Bristol Foundation (‘the charity’) for the year ended 30 September 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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:

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 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 trustee's 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 contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.

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 in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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Independent Auditor’s Report to the Trustees of John James Bristol Foundation

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Acts 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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 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 identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR) and Employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Board of Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

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Independent Auditor’s Report to the Trustees of John James Bristol Foundation

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor London

Date: 10 February 2022

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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JOHN JAMES BRISTOL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 SEPTEMBER 2021

Notes
INCOME AND ENDOWMENTS FROM:
Donations and other income
Charitable activities
Investments
2
Total Income and Endowments
EXPENDITURE ON:
Raising funds
3
Charitable activities
4
Total Expenditure
Net gains/losses on investments
8
NET INCOME
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
AT 30 SEPTEMBER 2021
12,13		 Unrestricted
£
58,093
34
2,130,341		 Expendable
Endowment
£		 2021
Total
Funds
£
58,093
34
2,130,341		 2020
Total
Funds
£
177,817
17
1,934,070
2,188,468
321,321
2,515,133
2,836,454
-
(647,986)
(647,986)
3,410,242
2,762,256		 -
9,433,164
9,433,164
9,433,164
77,290,956
86,724,120		 2,188,468
321,321
2,515,133
2,836,454
9,433,164
8,785,178
8,785,178
80,701,198
89,486,376		 2,111,904
280,676
2,482,160
2,762,836
(2,313,037)
(2,963,969)
(2,963,969)
83,665,167
80,701,198

The notes on pages 17 to 27 form part of these financial statements

Page 14

JOHN JAMES BRISTOL FOUNDATION BALANCE SHEET AT 30 SEPTEMBER 2021 Note5 2021 2020 FIXED ASSETS: Tangible assets Investments Discretionary Portfolio Propety Funds 91,173 98.457 80.655,058 6 169 876 71,652.120 5. 739.650 86.824.934 7T.391, T70 TOTAL FIXED ASSETS 86,916,107 77.490,227 CURRENT ASSETS: Current asset investments Debtors Cash at bank and in hand 68.710 120,983 2.503,424 13Q.000 145,424 3,102,176 TOTAL CURRENT ASSETS 2.693,117 3.377,600 LIABILITIES: Creditors.. Amounts falling due wrthin one year 10 166, 629 NET CURRENT ASSETS 2.570.269 3.270,971 TOTAL ASSETS LESS CURRENT LIABILMES 89.486.376 80.101,198 TOTAL NET ASs￿s 89.486.376 80.701.198 THE FUNDS OF THE FOUNDATION: Expendable Endovm)ent Funds Unrestricted Funds 12.13 86.724.120 2,762.256 77.290. 956 3.410,242 TOTAL FUNDS 89.486.376 80,701, 198 Approved and authorised for issue by the trustees and stgned on their behalfr. John Haworth Vice£hair Date.. 2t72L The notes on pages 17 to 27 fomi part of these flnanclal statements. Page 15

JOHN JAMES BRISTOL FOUNDATION

CASH FLOW STATEMENT

YEAR ENDED 30 SEPTEMBER 2021

Cash flows from operating activities:
Net Income for the year
Adjustments for:
Depreciation charges
(Gains)/Losses on investments
Investment income
(Increase)/Decrease in current asset investments
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net cash provided by/(used in) operating
Activities
Cash flows from investing activities:
Investment income
Purchase of equipment
Net cash provided by investing activities
Cash flows from financing activities:
Net cash provided by/(used by) financing activities
Change in cash and cash equivalents in the
Year
Analysis of cash and cash equivalents
Cash brought forward
Cash carried forward		 2021
£
8,785,178
7,284
(9,433,164)
(2,130,341)
61,290
24,441
(43,781)		 2020
£
(2,963,969)
9,444
2,313,037
(1,934,070)
(112,000)
1,961,860
17,719
(11,514,271)
2,130,341
-		 (707,979)
1,934,070
(7,599)
(598,752) 1,926,471
-
(598,752)
3,102,176
2,503,424		 (973)
1,217,519
1,884,657
3,102,176

The notes on pages 17 to 27 form part of these financial statements

Page 16

JOHN JAMES BRISTOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2021

1. PRINCIPAL ACCOUNTING POLICIES

a) Basis of Preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2015 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their account in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014. The Foundation constitutes a public benefit entity as defined by FRS 102.

Having reviewed the financial position, including the ongoing impact of Covid-19 and cash flow forecasts for the period to 30 September 2022, the Trustees consider that there are no material uncertainties and that the Charity therefore has adequate resources to continue its activities for the foreseeable future. Accordingly, the board continues to adopt the going-concern basis in preparing the financial statements.

b) Incoming Resources

The income generated by the expendable endowment is unrestricted income.

Investment income represents dividends and interest on deposits, with any associated tax credits or recoverable taxation. Investment income is accounted for when it is declared receivable.

Income from government and other grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Gift of items are taken to income on receipt of the goods, with any profit realised on sale.

c)

Resources Expended

d) Investments

Investments are included in the financial statements at market value. Realised and unrealised gains and losses are included in total in the Statement of Financial Activities in the year in which they arise. These gains are computed either by reference to the market value of investments at the beginning of the accounting year or cost if purchased during the year. Current asset investments held at year end are paintings which are expected to be sold in the next financial year. These were valued by an external art valuation expert from Bonhams.

Page 17

JOHN JAMES BRISTOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2021

1. PRINCIPAL ACCOUNTING POLICIES (Continued)

e) Taxation

The Foundation carries on activities, which are exempt from corporation tax and income tax. It does however suffer VAT which is included with the expenditure to which it relate.

f) Tangible fixed assets

Depreciation is provided to write off cost less the estimated residual value of tangible fixed assets by instalments over their estimated useful economic lives as follows: Office equipment 25% straight line Freehold property 2% straight line

A full year’s depreciation is charged on assets acquired during the financial year. The freehold property has been included at its 26 August 1998 valuation. This valuation has been frozen under the transitional provisions of Financial Reporting Standard 15 and will not be updated.

All assets over £1,000 are capitalised.

g) Financial instruments

The John James Bristol Foundation has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with accrued interest and other debtors. Financial liabilities held at amortised cost comprise grants payable and accruals.

Investments, including bonds held as part of an investment portfolio are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure.

h) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand, cash held for reinvestment and short term deposits.

i) Fund accounting

The charity’s principal Fund is an expendable endowment, which may be used to support all the charity’s objects. However, in order to demonstrate adherence with the policy adopted to preserve the capital of the charity, the Trustees have created the following funds:

The endowment fund which represents the expendable endowments.

The unrestricted fund which consists of the general fund which represents unexpended income and/or liabilities.

j) Critical accounting judgements and key sources of estimation uncertainty

In the application of the Foundation’s accounting policies, which are described in note 1, trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates 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 the revision affects the current and future periods. In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

Page 18

JOHN JAMES BRISTOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2021

2.
INVESTMENT INCOME
Listed investments in the UK
Listed investments overseas
Interest received		 2021
£
1,556,891
573,147
303
2,130,341		 2020
£
1,364,759
550,884
18,427
1,934,070

3. COST OF RAISING FUNDS

These costs comprise the investment manager’s fees. The trustees are of the opinion that without these there would be no income available for distribution and as such they have been charged to the unrestricted funds which is consistent with the policy in prior years.

4. CHARITABLE EXPENDITURE

Education Health Elderly General TOTAL
£ £ £ £ £
Direct Costs 659,614 1,338,019 373,897 3,000 2,374,530
Support Costs
Staff 29,780 40,368 20,115 83 90,346
Property 4,702 9,596 2,681 22 17,001
Office 3,104 6,335 1,770 14 11,223
Depreciation 2,015 4,111 1,149 9 7,284
Other 4,079 8,325 2,326 19 14,749
TOTAL 2021 703,294 1,406,754 401,938 3,147 2,515,133
TOTAL 2020 843,665 1,380,532 183,389 74,574 2,482,160

5. NET INCOME / (EXPENDITURE)

This is stated after charging:

This is stated after charging:
Auditor’s remuneration – audit
Legal fees
6.
STAFF COSTS
Wages and salaries
Pensions
Employer’s national insurance costs
The average number of employees was:		 2021
£
14,605
-		 2020
£
14,180
1,818
14,605
2021
£
83,297
3,900
3,149
90,346
No.
4		 15,998
2020
£
81,472
3,808
3,422
88,702
No.
4

Staff time has been allocated over different expenditure categories based on estimated time spent on each area by the staff as disclosed in note 4 to the accounts.

Page 19

JOHN JAMES BRISTOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2021

None of the staff members are full time but given the devolution of roles the trustees consider the total employment benefits, including employer pension contributions and National Insurance, of key management personnel is £55,613 (2020: £54,275). No Employee had employee benefits in excess of £55,613 (2020: £54,275). No trustees received remuneration for their services to the Foundation (2020: nil), and during the year 1 of the trustee was reimbursed out of pocket expenses of £100 (2020: £149).

7.
TANGIBLE FIXED ASSETS
Cost or valuation
At 1 October 2020
Disposals
Additions
At 30 September 2021
Accumulated depreciation
At beginning of year
Disposals
Charge for year
At 30 September 2021
Net book value
At 30 September 2021
At 30 September 2020
8.
INVESTMENTS
Discretionary Portfolio
At 1 October 2020
Transfer from non-discretionary portfolio
Transfer of Property to direct holding
Net investment gains/(losses)
Market value at 30 September 2021
Investments in the UK:
Fixed interest pooled funds
Equity shares and pooled funds
Cash instruments
Investments overseas:
Fixed Interest & Equity shares
Non-Discretionary Portfolio
As at 1 October 2020
Transfer to discretionary portfolio in year
Dividends reinvested
Net investment gains/(losses)
Market value at 30 September 2021
Listed investments in the UK:
Equity shares, pooled funds and cash		 Freehold
Property
£
160,000
-

-		 Freehold
Property
£
160,000
-

-		 Freehold
Property
£
160,000
-

-		 Freehold
Property
£
160,000
-

-
160,000
70,400
-
3,200
73,600
-
-		 -
-

Of the listed investments Blackrock Charity UK Bond Fund (20.7%), ishares Development WD ESG Index (15.3%) and BlackRock Charity UK Equity Fund (33.2%) represent over 69% of the value of the portfolio [2020 – Blackrock Charity UK Bond Fund (22.2%), BlackRock Global Income Fund D Inc (18.2%) and BlackRock Charity UK Equity Fund (32.8%)]. The historic cost of the Discretionary Portfolio’s investments at 30 September 2021 is £73,319,446 (2020: £69,204,681) and non-discretionary portfolio’s historic cost was £34,709.

Page 20

JOHN JAMES BRISTOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2021

8. INVESTMENTS (CONTINUED)

Directly Held Property Funds
As at 1 October 2020
Transfer from Discretionary Fund
Additional transfer in
Unrealised investment (losses)/gains		 2021
2020
£
£
5,739,650
-
-
4,356,567
1,759,036
973
430,226
(376,926)
6,169,876
5,739,650

The historic cost of The Charities Property Fund investment is £3,094,200 and the Property Income Fund for Charities is £1,760,000.

As at 31 December 2021 the investment value was £89,300,069, a gain of £2,475,136 from the year end value of £86,824,933.

9. DEBTORS

Accrued Income
Refund of Grant due
EDITORS
Trade Creditors
Accruals		 2021
£
120,983
-		 2020
£
141,424
4,000
120,983 145,424
2021
£
838
122,010
122,848		 2020
£
4,669
161,960
166,629

10. CREDITORS

11. GRANTS

The following grants have been made during the year:

EDUCATION
BRISTOL INDEPENDENT SCHOOLS – JOHN JAMES AWARD SCHEME
Badminton School
Bristol Grammar School
Clifton College
Clifton High School
Colston’s School
Queen Elizabeth’s Hospital
Redmaids’ High School
BRISTOL SCHOOLS – PRIZES AND AWARDS
Ashton Park School
Badminton School
Bedminster Down School
Blaise High School
Bridge Learning Campus
Bristol Cathedral Choir School		 £
30,000
30,000
30,000
30,000
30,000
30,000
30,000
210,000
5,000
1,500
5,000
5,000
5,000
5,000

Page 21

JOHN JAMES BRISTOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2021

11. GRANTS (CONTINUED)

11.
GRANTS (CONTINUED)
Bristol City Council Schools General Hospital Education Service
Bristol Free School
Bristol Grammar School
Bristol Metropolitan Academy
Cabot Learning Federation (The City Academy Bristol)
Cabot Learning Federation (Bristol Brunel Academy)
Clifton College
Clifton High School
Colston’s Girls’ School
Colston’s School
Cotham School
Fairfield High School
Merchants’ Academy
Oasis Academy Brightstowe
Oasis Academy John Williams
Orchard School Bristol
Queen Elizabeth’s Hospital
Redland Green School
Redmaids’ High School
St. Bede’s Catholic College
St. Bernadette Catholic Secondary School
St. Mary Redcliffe & Temple School
St. Matthias Academy
Trinity Academy
EDUCATION – OTHERS
Cotham School
Hareclive Room 13
May Park PTA
E-ACT Launch Pad
Farms for City Children
Friends of Hannah More (2 grants)
Global Goals Centre
Key 4 Life
Lifeskills Learning Bristol
Merchants Academy Primary
National Youth Choirs Grate Britain
Our Narrative Yet Explained
Redcliffe Nursery School
Royal Mencap Society
Royal West of England Academy
South Bristol Youth
St Werburghs Primary School
The Wheels Project
Waycroft MAT
Wellspring Settlement
Wicklea Academy
Young Carers Development Trust
16 Grants of £3,000 or less
TOTAL EDUCATION		 £
5,000
5,000
1,500
5,000
5,000
5,000
2,891
3,000
5,000
2,795
5,000
5,000
5,000
5,000
5,000
5,000
1,500
5,000
3,000
5,000
5,000
5,000
5,000
5,000
136,186
5,000
5,000
5,000
6,500
12,000
6,315
4,910
20,000
20,000
4,072
4,000
3,000
5,000
12,500
76,250
10,000
4,000
15,000
8,000
40,000
10,000
5,545
31,336
313,428
659,614

Page 22

JOHN JAMES BRISTOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2021

11. GRANTS (CONTINUED)

11. GRANTS (CONTINUED) £
HEALTH
Access Sport 10,000
Barnado’s Base 30,000
Bibic 10,000
Black 2 Nature 5,000
BLESMA 5,000
Blind Veterans UK 6,000
Borderlands 16,000
Brain Tumour Support 13,593
Bristol Refugee Rights 25,000
Bristol Somali Forum 5,000
Bristol Somali Youth Voice 9,800
Bristol Soup Run Trust 5,000
Bristol Telphone Football Club 5,000
British Red Cross 10,080
Brook Young People 5,000
Caring in Bristol 25,000
Changing Faces 5,000
CHAS Bristol 15,000
Child Brain Injury Trust 5,000
Church Homeless Trust 5,000
Citizens Advice Bristol 30,000
CLIC Sargent 10,000
Combat Stress 6,656
Crohn’s & Colitis UK 5,000
Deafblind 5,000
Drake Music 5,000
Easton Community Children’s Centre 5,000
Empowered Lives 5,000
Fareshare South West 25,000
Filton Community Association 8,000
Foodcycle 5,000
Friends of Eastville Park 4,048
Grief Encounter 5,000
GWAA 25,000
Gypanzees 10,000
Hawkspring 30,000
Headway 10,000
Heart of BS13 10,000
Huntington’s Disease Association 7,500
In Hope 25,000
Incredible Me 5,000
Incredible Kids 4,000
Inns Court Community Centre (2 grants) 16,875
Jacari Bristol 5,000
Jessie May 25,000
Julian House 8,000
Jump Start Food & Fitness CIC 12,792
Legs 4 Africa 5,000
Marie Curie 32,000
Matthew Tree Project 10,000
Mencap (Keynsham and District) 5,000
Migrateful 7,000
Mothers for Mothers 5,000

Page 23

JOHN JAMES BRISTOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2021

11. GRANTS (CONTINUED)

Motor Neurone Disease Association
North Bristol Advice Centre
NSPCC (2 grants)
One 25
Pauls Place
PDSA
Post Script 360
React
Refugee Women of Bristol
Revitalise
Royal Osteoporosis Society
Sense
Shelter
Shire Advice Settlement Avon (University Settlement)
Sixty One
Southmead Hospital Charities
Southmead Project
St Barnabas Church Knowle West
St John Ambulance
St Pauls Advice Service
St Werburgs City Farm
St Werberg’s Community Centre
Step and Stone
Target Ovarian Cancer
Teenage Cancer Trust
The Church in Westbury Park
The Community of the Sisters of the Church
The Harbour
The Park
The Prince’s Trust
University of Bristol
Unseen
Whizz Kidz
Willow
World Sport Ministires
Young and Free
Young Bristol
34 grants of £3,000 or less
TOTAL HEALTH
THE ELDERLY
Age UK Bristol
Alive (4 grants)
Asian Health and Social Care Association
Carers UK
Christ Church Clifton
Independent Age
Marmalade Trust (2 grants)
RAF Benevolent Fund
Royal West of England Academy
Sight Support West
St Monica Trust		 £
5,000
9,865
25,000
10,000
5,000
3,500
8,000
5,000
12,000
10,000
7,500
15,000
10,000
3,500
30,000
80,000
10,000
10,000
20,000
5,000
10,000
10,500
12,100
10,000
6,000
10,000
4,000
7,500
250,000
15,000
16,000
10,000
14,000
6,000
5,000
5,000
10,000
60,210
1,338,019
£
10,000
12,100
10,000
10,000
10,000
4,000
4,708
5,000
76,250
5,100
8,500

Page 24

JOHN JAMES BRISTOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2021

11. GRANTS (CONTINUED)
St Peter’s Hospice
The Anchor Society
We Care Home Improvements
192 Grants of £3,000 or less
TOTAL ELDERLY
GENERAL
1 Grant of £3,000 or less
TOTAL GENERAL
GRAND TOTAL		 £
105,000
10,000
12,000
91,239
373,897
£
3,000
3,000
2,374,530

12. EXPENDABLE ENDOWMENT

Clauses 3 and 4(1) of the Trustee Deed give the trustees power to retain or spend capital at their absolute discretion. For the time being the trustees have therefore determined that the capital fund shall be retained and invested for the benefit of the Foundation’s future grant making.

13. ANALYSIS OF ASSETS BETWEEN FUNDS 2021

Tangible fixed assets
Investments and Associated Deposits
Net current assets
Movement in the year
Opening balance as at 1 September 2020
Total income & endowments
Cost of raising funds
Cost of charitable activities
Gains on Investments		 Unrestricted
Expendable
Funds
Endowment
£
£
91,173
-
100,814
86,724,120
2,570,269
-
2,762,256
86,724,120
Unrestricted
Expendable
Funds
Endowment
£
£
3,410,242
77,290,956
2,188,468
-
(321,321)
-
(2,515,133)
-
-
9,433,164
2,762,256
86,724,120		 Unrestricted
Expendable
Funds
Endowment
£
£
91,173
-
100,814
86,724,120
2,570,269
-
2,762,256
86,724,120
Unrestricted
Expendable
Funds
Endowment
£
£
3,410,242
77,290,956
2,188,468
-
(321,321)
-
(2,515,133)
-
-
9,433,164
2,762,256
86,724,120		 Total
£
91,173
86,824,934
2,570,269		 Total
£
91,173
86,824,934
2,570,269
89,486,376








Total
£
80,701,198
2,188,468
(321,321)
(2,515,133)
9,433,164
86,724,120 89,486,376

Page 25

JOHN JAMES BRISTOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2021

13. ANALYSIS OF ASSETS BETWEEN FUNDS 2020

3. ANALYSIS OF ASSETS BETWEEN FUNDS 2020
Tangible fixed assets
Investments and Associated Deposits
Net current assets
Movement in the year
Opening balance as at 1 September 2019
Total income & endowments
Cost of raising funds
Cost of charitable activities
Gains on Investments		 Unrestricted
Funds
£
98,457
100,814
3,210,971
3,410,242
Unrestricted
Funds
£
4,061,174
2,111,904
(280,676)
(2,482,160)
-
3,410,242		 Expendable
Endowment
£
-
77,290,956
-
77,290,956
Expendable
Endowment
£
79,603,993
-
-
-
(2,313,037)
77,290,956		 Total
£
98,457
77,391,770
3,210,971
80,701,198
Total
£
83,665,167
2,111,904
(280,676)
(2,482,160)
(2,313,037)
80,701,198

14. CHARITABLE COMMITMENTS

At 30 September 2021 the Foundation had outstanding commitments to make charitable grants amounting in total to £2,935,400 (2020: £3,373,500) which will be funded from future income. £1,562,066 is due to be met within one year and £1,373,334 is due to be met after more than one year.

Of the material commitments due after one year £1,055,000 is due to schools, £123,344 to Creative Youth Network and £100,000 to Bristol and Weston Hospitals Charity. Major commitments that are due within one year include £450,000 to Great Western Air Ambulance, £250,000 to the Park and £137,000 to Bristol Music Trust. All commitments are subject to the fulfilment of certain conditions.

Material individual commitments and categories of commitments are disclosed below.

b/f
£		 SOFA
£		 Released
£		 New Grants
£		 c/f Total
£
Schools 1,270,500 214,186 6,314 220,500 1,270,500
Bristol and Weston Hospitals
Charity (Above and Beyond)		 100,000 100,000
Barnardo’s–Bristol BASE 30,000 30,000 30,000 30,000
Bristol Music Trust 137,000 137,000
Creative Youth Network 190,000 190,000
Great Western Air Ambulance 475,000 25,000 450,000
Lifeskills Learning 40,000 20,000 20,000
Royal West of England Academy 305,000 152,500 152,500
St Peter’s Hospice - 105,000 195,000 90,000
Southmead Hospital Charity 200,000 80,000 50,000 70,000
The Park, Knowle West 500,000 250,000 250,000
Watershed Arts Trust Ltd 100,000 100,000
Others Less than £25,000 26,000 82,000 131,400 75,400
Total 3,373,500 958,686 56,314 576,900 2,935,400

Page 26

JOHN JAMES BRISTOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2021

15. RELATED PARTY TRANSACTIONS

Mrs J Johnson donated a number of items of jewellery and paintings which totalled £54,475 (2020: £111,021). 2 items remain unsold and held in stock at year-end of £68,710 (2020: 6 items were unsold of £130,000). There were no other related party transactions in the year.

16. STATEMENT OF FINANCIAL ACTIVITIES 2020

Notes
INCOME AND ENDOWMENTS FROM:
Donations, legacies
Charitable activities
Investments
2
Total Income and Endowments
EXPENDITURE ON:
Raising funds
3
Charitable activities
4
Total Expenditure
Net gains/losses on investments
8
NET INCOME
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
AT 30 SEPTEMBER 2020
12,13		 Unrestricted
£
177,817
17
1,934,070
2,111,904
280,676
2,482,160
2,762,836
-
(650,932)
(650,932)
4,061,174
3,410,242		 Expendable
Endowment
£
-
(2,313,037)
(2,313,037)
(2,313,037)
79,603,993
77,290,956		 2020
Total
Funds
£
177,817
17
1,934,070		 2019
Total
Funds
£
2,848,745
10
2,591,979
2,111,904
280,676
2,482,160
2,762,836
(2,313,037)
(2,963,969)
(2,963,969)
83,665,167
80,701,198		 5,440,734
253,852
3,259,271
3,513,123
2,601,263
4,528,874
4,528,874
79,136,293
83,665,167

Page 27