The Blenheim Foundation
Charity Registration No. 290988 Trustees' report and unaudited fi nancial information For the year ended 5 April 2024
The Blenheim Foundation
Legal and administrative information
| Trustees | Lady Henrietta Spencer-Churchill |
|---|---|
| Randolph Churchill | |
| Lord Roberts of Belgravia | |
| Charity number | 290988 |
| Principal address | Withers LLP |
| 20 Old Bailey | |
| London | |
| EC4M 7AN | |
| Independent examiner | Julie Mutton FCA |
| CLA Evelyn Partners Limited | |
| Old Library Chambers | |
| 21 Chipper Lane | |
| Salisbury | |
| Wiltshire | |
| SP1 1BG | |
| Accountants | Evelyn Partners LLP |
| Old Library Chambers | |
| 21 Chipper Lane | |
| Salisbury | |
| Wiltshire | |
| SP1 1BG | |
| Solicitors | Withers LLP |
| 16 Old Bailey | |
| London | |
| EC4M 7EG | |
| Investment Managers | Cazenove Capital |
| 1 London Wall Place | |
| London | |
| EC2Y 5AU | |
| Bankers | Barclays Bank PLC |
| 14 Park Street | |
| Woodstock | |
| Oxford | |
| OX20 1SW | |
| Northern Trust (Guernsey) Limited | |
| PO Box 71 | |
| Trafalgar Court | |
| Les Banques | |
| St Peter Port | |
| Guernsey | |
| GY1 2JA |
The Blenheim Foundation
Contents
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement offnancial activities | 6 |
| Balance sheet | 7 |
| Notes to thefnancial information | 8 - 13 |
The Blenheim Foundation
Trustees' report for the year ended 5 April 2024
The Trustees present their Annual report under the Charities Act 2011 together with the independently examined fi nancial statements for the year ended 5 April 2024 which have been prepared in accordance with the requirements of the Act and the Charities SORP (FRS 102) and Update Bulletin 1 issued by the Charity Commission.
1. Reference and Administration Information
Reference and administration information is set out on the fi rst page of this report.
2. Structure, Governance and Management
(a) This settlement was created by deed dated 6 November 1984 by the 11th Duke of Marlborough in charitable form. The charitable objects of the settlement are as follows:-
(i) the restoration and preservation of Blenheim Palace and park and other speci fi ed buildings and land in the vicinity thereof for the public bene fi t;
(ii) the promotion of the study and appreciation of Blenheim Palace and park as a place of historic and architectural interest and natural beauty;
(iii) the education of the public in the arts of architecture, landscaping and history; and
(iv) the provision, or assistance in the provision, of social welfare facilities at Blenheim for recreation or other leisure activities with the object of improving the conditions of life of the public at large.
The 11th Duke of Marlborough died on 16 October 2014.
(b) The Trustees have powers to pay or apply all or part of the income and capital of the settlement for the above purposes.
(c) No part of the trust fund or the income thereof may be applied on the restoration or preservation of any property which is occupied personally by the Duke or any other person or any part of Blenheim Palace and park not regularly open to the public or used for commercial purposes.
(d) Subject to the above, the Trustees may, if they consider the purposes of the trust can no longer be ful fi lled, transfer the trust fund to such charity as they shall, at their absolute discretion, select.
(e) On 13 December 1984 the trustees of Blenheim Settled Estates conveyed some 10 acres of land at Long Hanborough, together with 7 Witney Road, to the Trustees to be held as an accretion to the capital.
(f) The original settled capital, together with accretions thereto, are considered to be the equivalent of an expendable endowment. No restriction has been placed on the Trustees on its application.
3. Statutory objectives, aims and activities
The Settlement meets its objectives by funding various restoration projects at Blenheim Palace and in Blenheim Park, in areas open to the public.
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The Blenheim Foundation
Trustees' report for the year ended 5 April 2024
4. Restoration funding at Blenheim Palace in Blenheim Park
Following discussions during the year ended 5 April 2009 and agreement by the Charity Commission the Trustees entered into an agreement with the Blenheim Palace Visitors Partnership whereby in general Blenheim Palace Visitors Partnership undertakes all restoration works on the Palace and Park with the Blenheim Foundation only making a contribution towards the cost of speci fi c projects in order to ensure the e ffi cient management of all restoration projects being undertaken. The Blenheim Palace Visitors Partnership came to an end on 31 March 2015 and restoration work was until December 2016 undertaken by Blenheim Visitors Limited, however, a new charitable company limited by guarantee, the Blenheim Palace Heritage Foundation, has now taken over the house opening operations and now undertakes restoration work on the Palace and Park.
In addition, in order that the grant support could be suitably co-ordinated, the Trustees of the Blenheim Palace 1984 and 2006 Maintenance Fund Settlements agreed that they would make any distributions for the maintenance and restoration of Blenheim Palace and Park to the Trustees of the Blenheim Foundation, subject to the Trustees of the Blenheim Foundation undertaking expenditure of such sums only on Blenheim Palace and Park. Following agreement by HM Revenue & Customs of these arrangements, the three sets of Trustees of the Settlements have entered into an agreement to this e ff ect. Following Blenheim Palace Heritage Foundation undertaking restoration work on the Palace and Park donations from the Maintenance Fund Settlements now pass directly to that Foundation.
The Blenheim Foundation, New York, a United States registered charity, has similar objectives as those set out in paragraph 2 above and this Foundation has made grants to the Foundation to assist in projects being undertaken by the UK Trustees (see 7(a) below).
5. Achievements for the year
During the year the Trustees continued the programme of works at Blenheim supporting the ongoing restoration work in the Blenheim Chapel.
6. Public Bene t
The public bene fi t of the Foundation's grant making is met by the Trustees applying funds in assisting those areas of Blenheim Palace and Park open to the public being preserved for the enjoyment of the public both now and in the future. The Trustees have complied with the duty under the Charities Act 2011 to have due regard to the public bene fi t.
All Trustees work on a voluntary basis and receive no bene fi ts from the Foundation.
The Foundation's Public Bene fi t Policy is reviewed annually by the Trustees.
7. Financial Review
(a) The Trustees have an ongoing programme of projects for the maintenance and restoration of Blenheim Palace. The income of the Foundation is, subject to reserves for future restoration projects, being applied for the maintenance and restoration of Blenheim Palace. The Trustees may also apply the original settled property (and accretions thereto) for such maintenance and restoration.
(b) During the year ended 5 April 2024 the Trustees received donations of £nil (2023: £10,994) and gross investment income of £65,035 (2023: £176) which was applied towards the restoration of the Chapel. The Trustees approved restoration expenditure of £87,894 (of which £65,035 came from unrestricted income and £22,859 from capital) carried out by the Blenheim Palace Heritage Foundation on the Chapel during the course of the year.
(c) All governance costs incurred during the year were met from capital.
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The Blenheim Foundation
Trustees' report for the year ended 5 April 2024
(d) During the year pro fi ts of £3,774,119 were realised on the investment portfolio. The overall value of the investments increased from £10,604,247 to £10,982,650, including the e ff ect of unrealised gains on the portfolio.
(e) During the year the brought forward investments set out in note 5 were liquidated by MMIP PCC Limited. The Trustees have undertaken the necessary administrative arrangements and once the proceeds from the liquidation were received the Trustees placed the funds with their new investment manager Cazenove Capital.
8. Risk Management
The Trustees assess annually the risks facing the Settlement and review the e ff ectiveness of the contracts to monitor and mitigate against them.
9. Investment Policy
The Settlement's investments are regarded as long-term assets, the purpose of which is to generate income and capital gains on a long-term basis which maintain real value for funding the Settlement's expenditure on its charitable objectives. There is no limitation on the investment powers of the Trustees and they may acquire assets, including land and chattels, either as investments or in furtherance of the objects set out in paragraph 2 above. The day-to-day management of the investments is handled by independent investment managers with discretionary powers within appropriate limits set by the Trustees. The Trustees meet with their investment advisors on a regular basis to review their performance.
10. Reserves Policy
Whilst the Foundation's reserves are wholly made up of an expendable endowment, the Trustees regard the reserves as split between the following categories:-
(a) Expendable Endowment The purpose of the Expendable Endowment is to maintain the original capital of the Foundation and protect it against in fl ation by retaining available gains (as reduced by relevant costs) to ensure the long term viability of the Foundation.
(b) Restricted Fund. This reserve represents funds received from the Blenheim Foundation, New York, which can only be applied for projects at Blenheim Palace speci fi ed by the donor. This fund had a nil balance as at 6 April 2023 and 5 April 2024 and there were no transactions to report for the year.
(c) Unrestricted Income. This is the element of the reserves that the Trustees regard as being immediately available to meet expenditure on the preservation and restoration of Blenheim Palace in accordance with the Foundation's objectives. To the extent that income is not available to meet any restoration projects undertaken or funded by the Trustees their intention is that such costs will be funded from the Capital Account.
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The Blenheim Foundation
Trustees' report for the year ended 5 April 2024
11. Statement of Responsibilities of the Trustees
The Trustees are responsible for preparing the annual report and the fi nancial information in accordance with applicable law and regulations.
Charity law requires the Trustees to prepare fi nancial information for each fi nancial year. Under that law the Trustees have elected to prepare the fi nancial information in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The fi nancial information is required by law to give a true and fair view of the state of a ff airs of the charity and of the surplus or de fi cit of the charity for that period. In preparing the fi nancial information, 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 UK accounting standards have been followed, subject to any material departures disclosed and explained in the fi nancial information; and
-
prepare the fi nancial information on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper records which disclose with reasonable accuracy the fi nancial position of the Foundation and to enable them to ensure that the fi nancial information complies with the Charities Act 2011. 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.
The Trustees con fi rm that so far as they are aware, there is no relevant audit information of which the charity's independent examiner is unaware. They have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charity's examiner is aware of this information.
12. Appointment of Trustees
The power of appointment is vested in the holder of the title of the Dukedom of Marlborough.
The fi nancial position is as set out in the fi nancial information on pages 6 to 13.
We hereby approve this report.
For and on behalf of the Trustees
........................................................ Lady Henrietta Spencer-Churchill
Trustee
24/01/2025
........................................................
Date
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The Blenheim Foundation
Independent examiner's report to the trustees of the Blenheim Foundation
I report to the trustees on my examination of the fi nancial information of The Blenheim Foundation for the year ended 5 April 2024 which comprise the statement of fi nancial activities, the balance sheet and the notes to the fi nancial information, including a summary of signi fi cant accounting policies.
Respective responsibilities of trustees and examiner and basis of report
As the charity's trustees, you are responsible for the preparation of the fi nancial information in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the charity's fi nancial information carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I con fi rm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the nancial information does not accord with those records; or
-
the fi nancial information does not comply with the applicable requirements concerning the form and content of the fi nancial information set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the fi nancial information gives a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the fi nancial information to be reached.
Julie Mutton
Julie Mutton (Jan 27, 2025 09:00 GMT)
.................................................
Julie Mutton
Fellow of The Institute of Chartered Accountants in England & Wales CLA Evelyn Partners Limited Chartered accountants Old Library Chambers 21 Chipper Lane Salisbury Wiltshire SP1 1BG
Date: 27/01/2025
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The Blenheim Foundation
Statement of fi nancial activities for the year ended 5 April 2024
| Unrestricted Expendable Income Endowment Notes £ £ Income Donations received - - Dividends received 53,402 - Bank interest 11,633 - Total income 65,035 - Expenditure Raising funds 2 - 11,832 Charitable activities - grants 3 65,035 22,859 Charitable activities - support costs 2 - 7,082 Total expenditure 65,035 41,773 Net expenditure before gains /(losses) on investments - (41,773) Net gains/(losses) on investments - 468,574 Net income/(expenditure) for the year and net movement in funds - 426,801 Total reconciliation of funds Total funds brought forward - 11,720,929 Total funds carried forward - 12,147,730 |
Total 2024 £ - 53,402 11,633 65,035 11,832 87,894 7,082 106,808 (41,773) 468,574 426,801 11,720,929 12,147,730 |
Total 2023 £ 10,994 - 176 |
|---|---|---|
| 11,170 | ||
| - 209,802 13,260 |
||
| 223,062 | ||
| (211,892) (42,941) |
||
| (254,833) 11,975,762 |
||
| 11,720,929 |
All income and expenditure derives from continuing activities.
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The Blenheim Foundation
Balance sheet as at 5 April 2024
| Notes £ Fixed assets Investments 5 Heritage assets 6 Current assets Cash at bank 7 107,152 Current liabilities Creditors 8 (17,955) Net current assets Total assets less current liabilities Page Expendable endowment 6 Unrestricted income 6 Total funds All funds are unrestricted. Signed on behalf of the Trustees and authorised for issue by: .............................................................. Lady Henrietta Spencer-Churchill Trustee |
2024 £ 10,982,650 1,075,883 12,058,533 89,197 12,147,730 12,147,730 - 12,147,730 |
£ 55,347 (12,048) |
2023 £ 10,604,247 1,073,383 |
|---|---|---|---|
| 11,677,630 43,299 |
|||
| 11,720,929 | |||
| 11,720,929 - |
|||
| 11,720,929 | |||
24/01/2025
.............................................................. Date
The notes on pages 8 - 13 form part of the fi nancial information
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The Blenheim Foundation
Notes to the fi nancial information for the year ended 5 April 2024
1 Accounting policies
1.1 General information
The Blenheim Foundation was established as a charitable trust by a deed dated 6 November 1984. It is registered with the Charity Commission in England & Wales (No. 290988). The address of the principal o ffi ce is Withers LLP, 20 Old Bailey, London, EC4M 7AN.
1.2 Basis of preparation
The fi nancial information has been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their fi nancial information in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (e ff ective 1 January 2019). The fi nancial information is also prepared in accordance with the Charities Act 2011.
The fi nancial information has been prepared under the historical cost convention, as modi fi ed to include investments at market value.
The trustees con fi rm that the charity is a public bene fi t entity as de fi ned by FRS102.
The fi nancial information is prepared on a going concern basis; there are no material uncertainties about the charity's ability to continue as a going concern.
1.3 Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and have not been designated for other purposes.
The expendable endownment represents the original capital of the Foundation, together with the additional funds added on 13 December 1984 by the Trustees of the Blenheim Settled Estates and transfers in respect of realised and unrealised gains less capital expenditure. There is no requirement to spend the expendable endowment unless, or until, the charity's trustees decide to do so. These funds are invested to produce unrestricted income which can be spent in accordance with the charitable objects.
1.4 Functional currency
The fi nancial information is prepared in sterling, which is the functional currency of the charity. Monetary amounts in the fi nancial information is rounded to the nearest £.
1.5 Income
Investment income and interest is credited to the Statement of fi nancial activities in the period in which it is receivable. Donations are credited in the period in which they are receivable.
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The Blenheim Foundation
Notes to the fi nancial information for the year ended 5 April 2024
1 Accounting policies
(Continued)
1.6 Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.
Support costs consist of costs not directly attributable to direct charitable expenditure but which are in respect of the general administration of the charity and overall management of the funds.
1.7 Investments
Investments are stated at market value at the balance sheet date. Realised and unrealised gains or losses are recognised in the Statement of fi nancial activities. Realised gains or losses are the di ff erence between disposal proceeds and cost. Unrealised gains or losses are the di ff erence between the market value at the year end and the opening market value (or original cost if purchased in the year).
1.8 Heritage assets
Heritage assets are chattels and are stated in the fi nancial information at cost in accordance with the historical cost convention. The Heritage assets are held at Blenheim Palace and are on display to the public. No provision is made in the fi nancial information for any depreciation of the Assets as this is considered to be negligible. In the event of a disposal of a chattel any realised pro fi t (or loss) is taken through the statement of fi nancial activities and then transfered to/(from) the Endowment funds
The Foundation received a donation of Heritage assets from Victor Churchill in 2009 which have not been included in the balance sheet as the Trustees consider the signi fi cant costs involved in obtaining a valuation would exceed the additional bene fi t derived by the users of the fi nancial information in assessing the Trustees' stewardship of the assets
1.9 Foreign currency translation
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange rate di ff erences are taken into account in arriving at the net movement in funds.
1.10 Cash ow statement
No cash fl ow statement is included in the fi nancial information as the Settlement is exempt being a small charity.
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The Blenheim Foundation
Notes to the fi nancial information for the year ended 5 April 2024
| 2 Expenditure Raising funds Investment management fees Charitable activities - grants Grants payable (see note 3) Charitable activities - support costs Governance costs (see note 4) Foreign exchange gains Bank charges |
2024 £ 11,832 87,894 8,940 (2,059) 201 106,808 |
2023 £ - 209,802 13,260 - - |
|---|---|---|
| 223,062 |
| 3 | Grants | ||||
|---|---|---|---|---|---|
| Unrestricted | Expendable | Total | Total | ||
| Income | Endowment | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Heritage Foundations | |||||
| Blenheim Palace Heritage Foundation | 65,035 | 22,859 | 87,894 | 209,802 |
The expenditure for the years ended 5 April 2024 and 5 April 2023 was in respect of the restoration of the Blenheim Chapel.
4 Governance costs
| Governance costs | ||
|---|---|---|
| Accountancy fees Independent examiner's fees Legal fees |
2024 £ 7,395 1,485 60 8,940 |
2023 £ 7,320 4,680 1,260 |
| 13,260 |
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The Blenheim Foundation
Notes to the fi nancial information for the year ended 5 April 2024
5 Fixed asset investments
| Fixed asset investments | ||
|---|---|---|
| Cost at 6 April 2023 Additions Disposals Cost at 5 April 2024 Movement in market value Market value at 5 April 2024 |
2024 £ 6,408,627 11,084,838 (7,400,890) 10,092,575 890,075 10,982,650 |
2023 £ 6,408,627 - - |
| 6,408,627 4,195,620 |
||
| 10,604,247 |
The total investment gains in the year of £468,574 in the Statement of fi nancial activities includes the unrealised appreciation in the year of £(3,305,545) above and realised gains of £3,774,119 on investments disposed of during the year.
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The Blenheim Foundation
Notes to the fi nancial information for the year ended 5 April 2024
| 6 Heritage assets Cost at 6 April 2023 Additions Cost at 5 April 2024 The heritage assets comprise the following: Four prints of Blenheim Palace Savonerie carpet Painting of Earl of Godolphin by Sir Godfrey Kneller and Brass Sundial (gift from Victor Churchill) Replicas of Massimiliano Soldani Bronzes, the Scythian Grinder & The Wrestlers Period table Portrait of Sir Winston Churchill by Basia Hamilton A view north-east across the lake from Blenheim Palace towards Woodstock, showing the proposal for a Gothicised perimeter by Lancelot (Capability) Brown A collection of 50 paintings related to John, 1st Duke of Marlborough and his lineage formerly part of the Estate of the late Victor Churchill Portrait (three quarter length) of John, 1st Duke of Marlborough attributed to Adriaen van der Werf Portrait of Consuelo Vanderbilt, Duchess of Marlborough by Helleu Triptych of the Marlborough Family |
2024 £ 1,073,383 2,500 1,075,883 |
2023 £ 1,073,383 - |
|---|---|---|
| 1,073,383 | ||
| £ 40,000 130,000 - 66,667 11,700 13,000 19,500 204,316 18,200 570,000 2,500 |
||
| 1,075,883 |
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The Blenheim Foundation
Notes to the fi nancial information for the year ended 5 April 2024
| 7 Cash held Barclays Bank PLC Northern Trust, Guernsey Cazenove Capital 8 Creditors: amounts falling due within one year Accountancy fees Independent examiner's fees Legal fees Blenheim Agency Limited Investment management fees |
2024 £ 57,484 - 49,668 107,152 2024 £ 3,375 1,485 300 6,918 5,877 17,955 |
2023 £ 55,274 73 - |
|
|---|---|---|---|
| 55,347 | |||
| 2023 £ - 4,680 600 6,768 - |
|||
| 12,048 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or were reimbursed any expenses during the year (2023: nil).
10 Employees
There were no employees during the year (2023: nil).
11 Related parties
There were no transactions with related parties in the year (2023: nil).
| 12 Analysis of net assets between funds Unrestricted Expendable Income Endowment £ £ Investments - 10,982,650 Heritage assets - 1,075,883 Cash at bank - 107,152 Creditors - (17,955) - 12,147,730 |
Total £ 10,982,650 1,075,883 107,152 (17,955) |
|---|---|
| 12,147,730 |
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