PERRY FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
REGISTERED CHARITY NUMBER
310885
REGISTERED COMPANY NUMBER 00335659
PERRY FOUNDATION
(A company limited by guarantee and not having a share capital)
Index to the Financial Statements for the year ended 30 September 2024
| Page | |
|---|---|
| Company Information | 1 |
| Report of the Council of Management | 2 |
| Report of the President | 5 |
| Report of the Independent Examiner | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 |
PERRY FOUNDATION
(A company limited by guarantee and not having a share capital)
Company Information for the year ended 30 September 2024
Trustees of the Council of Management
Mr.S.J.Norris BSc NSch a.b. President Mr. A. Scott BVetMed MRCVS b. Mr K.C Brown OBE FCSI a. retired 15 May 2024 Prof B.D.L Fitt MA PhD DIC FRSB b. Prof G.J Jellis BSc PhD FRSB CBiol b. Dr.I.Frood BSc PhD b. Dr K Pallett BSc PhD b. Dr V Foster BSc PhD b.
a. Member of the Finance Committee b. Member of the Grants Committee
Bankers
Barclays Bank PLC
Investment Managers
Schroder/Cazenove Capital Management
Co-opted Member of the Finance Committee
John Griffith-Jones
Independent Examiner
Steven Collins FCCA Baverstocks Chartered Certified Accountants Dickens House Guithavon Street Witham Essex, CM8 1BJ
Company Secretary
Gordon Bennett BSc FCA
Website
www.perryfoundation.co.uk
Registered Office
16 Sandgate Lane London SW18 3JP Registered Company Number 00335659
Registered Charity Number 310885
Page 1
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Report of the Council of Management For the year ended 30 September 2024
The Council of Management present their report with the financial statements of the Foundation for the year ended 30 September 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) in preparing the annual report and financial statements of the Foundation.
Objectives and activities.
The main objective of the Foundation is to promote the cause of agriculture and related disciplines in the UK by using its income to grant Postgraduate Scholarships in appropriate areas of work. Full details of the Foundation's objects may be found in the Memorandum of Association. The Perry Foundation has not been a fund raising body but keeps under review opportunities of adding to our funds.
Achievements and Performance
The Foundation invites approaches for part funding Postgraduate Scholarships through its website, by allowing details of its funding to be included in appropriate publications and on their websites. The application require full details of the applicant and the research to be undertaken and must have the full support of the university, college or research establishment in the UK where the project will be completed. All projects must be of definable benefit to agriculture in the United Kingdom.
Financial Review
The Statement of Financial Activities for the year ended 30 September 2024 is shown on page 7 of the financial statements and the work of the Foundation is described in this report. There was a deficit on the general fund of £3,622 (2023 - surplus £46,177)
The overall cost of a Postgraduate Scholarship increases every year and the Foundation aims to fund new scholarships each year with an aggregate total amount of £42,000, each award taking into account the likelihood that scholarships may exceed three years.
During the year two new PhD Scholarships were awarded.
Income generation
All income is derived from returns on investments and interest on cash deposits. There was no other income during the year.
Page 2
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Report of the Council of Management For the year ended 30 September 2024
Financial Review Continued….
Investment Policy
The Foundation’s investments continue to be held in the Cazenove Charity Multi-Asset Fund. This is a total return fund aiming to provide a consistent 3-4% income per annum and is is managed by Schroders/Cazenove on a discretionary basis. During the year an interest bearing cash fund was set up with Cazenove.
The Foundation also has cash with Barclays Bank PLC
The investment performance and the management of the invested funds is closely and regularly monitored by the Trustees through the Finance Committee.
Quoted UK investment income for the year amounted to £207,782 (2023:£191,933) During the year the market value of the investment increased by £497,052
Resources expended and services
Grants are charged to the Income and Expenditure account when their payments become due. The total value of grants payable during the period was £126,411 (2023:£114,763)
Reserves
The Council of Management have reviewed the reserves of the Foundation and consider that investment portfolio underwrites commitments for scholarships in excess of the general reserve.
At the financial year end the values of net cash reserves held were
£184,594
As a policy the Trustees aim to maintain a general reserve (cash) equivalent to one year’s grants.
Structure, governance and management
The activities of the Foundation are governed by its Memorandum and Articles of Association, copies of which are available upon application to the company secretary. Perry Foundation is a company limited by guarantee, not having a share capital, and its registered company number is 335659. Perry Foundation is a registered charity number 310885.
The Foundation is managed by the Council of Management.
The names of the Trustees of the Council of Management are shown on page 1, where membership of Committees is also shown. All appointments to the Council of Management and to Committees are made by the Council of Management and all appointees must be Trustees of the Perry Foundation having been elected to trusteeship at a General Meeting. Trustees of the Council and Committees receive no payment for their work for the Foundation.
The Grants Committee consider all completed Applications for Postgraduate Scholarships and, with the support of the Finance Committee, make recommendations to the Council of Management who decide which award applications will be supported.
The Finance Committee reports to the Council of Management on all aspects of finance, income and expenditure and the management of the Foundation's invested funds.
The Council of Management and the two Committees meet at intervals during the year and, after approval by the Council of Management, Committee recommendations are implemented by the Secretary who has day to day responsibility for the administration of the Foundation.
Page 3
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Report of the Council of Management For the year ended 30 September 2024
Independent Examiner
The independent examiner, Baverstocks, will be proposed for re-appointment at the forthcoming annual general meeting.
The company has taken advantage of the small companies' exemption in preparing the report above.
The trustees declare that they have approved the trustees' report (including directors' report) above.
Signed on behalf of the charity's trustees
S.J.NORRIS BSc NSch President of the Council of Management
4th December 2024
Page 4
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Report of the President For the year ended 30 September 2024
Our charitable purpose is unchanged, namely the support of research and education in UK agriculture and related areas for the public benefit. Our main focus is the funding of PhD studentships at University departments and recognised research establishments.
The Trustees continue to carry out our charity’s purposes for the public benefit and confirm that, in doing so, we have had regard to the Charity Commission’s public benefit guidance where relevant.
Once again we were able to shortlist from a strong field of applications,and held interviews in January 2024 in person. From this engaging day we were able to select candidates whom we believe will gain their Doctorates and hopefully go on to make careers in research.
Our investments continue to be managed by Cazenove Capital Management, part of the Schroder Group. We are grateful to Jeremy Barker and their experienced team of fund managers for providing us with relevant investment advice and a stable stream of income.
This year we saw the retirement of Keith Brown and we record our thanks for his many years of service
I am pleased to report that following Keith's retirement , John Griffith-Jones joined as a co-opted member of the Finance Committee. Finally I would like to thank all our other Trustee members of Council.
They give freely of their time and expertise for the benefit of the Foundation and also my thanks on their behalf t Secretary, Gordon Bennett, his good humour and professionalism ensure the smooth running of the Foundation
S.J.NORRIS BSc NSch President of the Council of Management
Page 5
PERRY FOUNDATION (REGISTERED COMPANY NUMBER 00335659)
(A Company limited by guarantee and not having a share capital)
REGISTERED CHARITY NUMBER 310885
Independent Examiners' Report to the trustees of the Perry Foundation
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024.
Responsibilities and basis of report
As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no 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 company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 accounts to be reached.
Steven Collins FCCA
Baverstocks Chartered Certified Accountants Dickens House Guithavon Street Witham Essex, CM8 1BJ
5th December 2024
Page 6
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Statement of Financial Activities for the year ended 30 September 2024 (Including summary income and expenditure account)
| Notes INCOME Income from quoted investments TOTAL INCOME EXPENDITURE Charitable activities: Grants paid 3 Management / administrative expenses 6 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) FOR THE YEAR BEFORE TRANSFERS TRANSFERS BETWEEN FUNDS NET INCOMING RESOURCES/(RESOURCES EXPENDED) BEFORE REVALUATIONS AND INVESTMENT ASSET DISPOSALS OTHER RECOGNISED GAINS/(LOSSES) ON INVESTMENT ASSETS Unit Trust Equalisation Realised (net) Unrealised NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD |
Unrestricted Endowment Total Total Funds Funds 2024 2023 £ £ £ £ 153,685 54,097 207,782 191,933 |
|---|---|
| 153,685 54,097 207,782 191,933 |
|
| 126,411 - 126,411 114,763 23,652 11,533 35,185 30,993 |
|
| 150,063 11,533 161,596 145,756 |
|
| 3,622 42,564 46,186 46,177 |
|
| (100,000) 100,000 - - |
|
| (96,378) 142,564 46,186 46,177 |
|
| 124 - 692 692 (75) - 353,796 353,796 (130,486) |
|
| - 354,488 354,488 (130,437) |
|
| (96,378) 497,052 400,674 (84,260) 114,473 4,634,218 4,748,691 4,832,951 |
|
| £18,095 £5,131,270 £5,149,365 £4,748,691 |
The statement of financial activities includes all gains and losses recognised in the year.
The notes form part of these financial statements
Page 7
PERRY FOUNDATION (REGISTERED COMPANY NUMBER 00335659)
(A Company limited by guarantee and not having a share capital)
REGISTERED CHARITY NUMBER 310885
BALANCE SHEET AS AT 30 SEPTEMBER 2024
| Notes FIXED ASSETS: Investments 7 CURRENT ASSETS: Cash at bank 8 CREDITORS: Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL NET ASSETS FUNDS OF THE CHARITY Endowment Fund 12 Unrestricted fund 12 |
Unrestricted Endowment Total Total Funds Funds 2024 2023 - 5,131,270 5,131,270 4,634,218 23,704 - 23,704 120,085 - |
|---|---|
| 23,704 - 23,704 120,085 5,609 - 5,609 5,612 |
|
| 18,095 - 18,095 114,473 |
|
| 18,095 5,131,270 5,149,365 4,748,691 |
|
| - 5,131,270 5,131,270 4,634,218 18,095 - 18,095 114,473 |
|
| 18,095 5,131,270 5,149,365 4,748,691 |
The charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The trustees have not required the charity to obtain an audit of its in accordance with section 476 of the of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of the accounts.
These accounts have been prepared in accordance with the provision applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
APPROVED BY THE COUNCIL OF MANAGEMENT ON 4TH DECEMBER 2024 AND SIGNED ON THEIR BEHALF BY:
S.J.Norris BSc NSch
President of the Council of Management
Page 8
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Notes to the Financial Statements for the year ended 30 September 2024
1 ACCOUNTING POLICIES
- a. Basis of preparation
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. These accounts have been prepared in accordance with the Charities SORP (FRS102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
b. Investment and Interest income
This is included in the accounts when receipt is probable and the amount received can be measured reliably
c. Investment gains and losses
This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
d. Grants
Grants are charged to the income and expenditure account when their payment becomes due. Accordingly, no provision is made for grants authorised and payable in respect of future periods where the payment is dependent upon explicit conditions being met by the recipient of the grant. Such authorised grants are not accrued for but are shown as commitments in the notes to the accounts.
- e. Expenditure
With the exception of grants, expenditure is accounted for on an accruals basis. Managerial and administrative costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
- f. Investments
Investments are initialy stated in the balance sheet at cost value and subsequently at fair value (their market value) at the year end.
g. Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
The Trustees consider the fixed asset quoted investments to represent endowment funds which have been invested to provide income and capital growth to meet the financial needs of the charity.
Page 9
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Notes to the Financial Statements for the year ended 30 September 2024
2. CAPITAL GUARANTEED
Each of the Foundation's trustees undertakes to contribute to the assets of the Foundation, in the event of the Foundation being wound up, such sum as may be required not exceeding £1.
| 3. GRANTS PAID Postgraduate Scholarships Laura Sapelli - University of Herts Understanding host resistance to improve control of light leaf spot on winter oilseed rape in the UK Alex Milliken - Essex University Natural variation in pea photosynthesis and water use efficiency Evren Bingol - University of Herts Understanding interactions between Leptosphaeria maculans and L. Scott Ewing Glasgow University Improving Crop Quality Using LED Lighting in Vertical Farms’ Cristina McBride-Serrano Lancaster University p y y in agroecosystems experiencing variable rainfall patterns? Fareed Bhatti - Rothamsted/Notts Understanding Eyespot disease of cereals: past, present and future Claire Wheeler - University of Herts _Clostridioides difficile_in UK pigs and risks to the food chain Patrick McClean Rothamsted/Herts Investigating fungal spore production in UK arable crop systems under current and future environmental conditions Joseph Leaper Worcester Univ Ecologically intensifying UK vineyards to enhance their sustainability Piotr Kaszniki Essex University Photosynthesis and water use in wheat ears Zoe McFarlane Glasgow University Exploiting recent advances in plant biology to develop drought-resistant crops Laura Gimenez-Molina University of Herts Characterization of the durable quantitative resistance of Brassica napus (oilseed rape) against Pyrenopeziza brassicae (light leaf spot) Elena Bidash - AFCP joint studentship at Cambridge/NIAB Gene editing techniques crop breeding project Total cost of Postgraduate Scholarships |
£ 3,000 10,000 6,000 12,400 9,821 7,875 7,000 14,000 14,000 12,425 7,000 3,000 4,000 |
|---|---|
| £110,521 |
Page 10
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Notes to the Financial Statements for the year ended 30 September 2024
3. GRANTS PAID (cont.)
| Additional Awards R McGowan Essex small award L Mackinlay-Amos Harper Adams small grant LEAF small grant AFCP AUC grant AFCP grant Charity Coord Director Alex Millican travel grant Claire Wheeler travel grant NIAB small grant FCCT Windsor Leadership grant Abi Brock/TMAF small grant Total cost of all Grants |
250 1,500 2,000 780 3,000 500 500 360 5,000 2,000 |
|---|---|
| £15,890 | |
| £126,411 |
4. TAXATION
No liability to UK taxation occurs.
5. STAFF COSTS
The average number of employees during the year was nil (2023: Nil)
No directors' emoluments were paid during the period (2023: £Nil).
Page 11
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Notes to the Financial Statements For the year ended 30 September 2024
| 6. MANAGEMENT/ADMINISTRATIVE EXPENSES Unrestricted Funds: Professional fees AFCP Students day 2024 Travelling and meeting expenses Independent Examiner remuneration AFCP subscription Insurances General administrative expenses Legal fees Endowment Funds: Cazenove management fees inc capital Total |
2024 £ 13,500 5,067 1,394 1,560 400 1,223 508 - 23,652 142 11,391 35,185 |
2023 £ 13,534 - 247 1,540 300 1,230 1,251 1,589 |
|---|---|---|
| 19,691 5,732 5,570 |
||
| £30,993 |
Page 12
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Notes to the Financial Statements
For the year ended 30 September 2024
7. UK INVESTMENTS
The value of investments allotted to ranges under the Trustee Investment Act was as follows:
| Multi-Asset Cash and Cash Equivalents: Cash Accounts Historical cost |
2024 2024 Market Gross Value Income £ £ 4,970,379 207,782 160,891 - |
2023 2023 Market Gross Value Income £ £ 4,577,966 191,933 56,252 - |
|---|---|---|
| 5,131,270 207,782 |
4,634,218 191,933 |
|
| £5,222,368 | £5,080,242 |
Charges made to the Foundation by Cazenove Capital Management Limited are levied within the Common Investment Funds held.
All management charges are deducted at source by Cazenove prior to funds being transferred to the unrestricted fund.
| Carrying (market) Value at Begining of period Add: Additions to investments during the period Add: Accumulation credits Less: Disposals at carrying value Less: Impairments Add: Reversal of impairments Add/(Deduct): Transfer in/(out) in the period Add/(Deduct): Net gain/(loss) on revaluation Realised loss on sale Relevant realised net gain recognised in previous periods Revaluation in year Carrying (market) Value at End of period |
Cash & cash Listed equivalents Investments Total £ £ £ 56,252 4,577,966 4,634,218 100,000 100,000 - 49,611 49,611 - (11,686) (11,686) - - - - - - 4,639 - 4,639 - (438) (438) - 1,130 1,130 - 353,796 353,796 2024 |
|---|---|
| 160,891 4,970,379 5,131,270 |
Page 13
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Notes to the Financial Statements For the year ended 30 September 2024
8. CASH AT BANK
| 8. CASH AT BANK | ||
|---|---|---|
| Barclays Bank 9. CREDITORS: Amounts falling due within one year Accrued grants and expenses |
2024 £ 23,704 £23,704 2024 £ 5,609 £5,609 |
2023 £ 120,085 |
| £120,085 | ||
| 2023 £ 5,612 |
||
| £5,612 |
Page 14
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Notes to the Financial Statements For the year ended 30 September 2024
10. COMMITMENTS
Grants authorised which are subject to the recipient fulfilling certain conditions but not provided at 30 September 2024 comprise:
| Postgraduate Scholarships Scott Ewing - Glagow C. McBride-Serrano - Lancaster Fareed Bhatti -Nottingham Piotr Kasznicki -Essex Patrick McClean - Roth/Herts Joseph Leaper - University of Worcester Claire Wheeler - Herts Piotr Kaszniki Essex Zoe McFarlane Glasgow Matthew MacLeod – Sainsbury/Cambridge Nott/Trent - £14k for 4 years Student tba AFCP joint students Total |
2024/25 2025/26 2026/27 2027/28 £ £ £ £ 6,200 9,141 7,875 7,875 12,425 12,425 12,425 14,000 14,000 14,000 14,000 14,000 7,000 7,000 7,000 12,425 12,425 12,425 7,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 7,000 14,000 14,000 14,000 4,000 |
|---|---|
| £115,066 £109,725 £87,850 £42,000 |
Page 15
PERRY FOUNDATION
(A Company limited by guarantee and not having a share capital)
Notes to the Financial Statements For the year ended 30 September 2024
11. CHARITY FUNDS
| 11. CHARITY FUNDS | ||
|---|---|---|
| Balances Brought Forward Income Expenditure Transfers Gains/(Losses) Balances Carried Forward |
Endowment Unrestricted Total Fund (EE) Fund (UR) Funds £ £ 4,634,218 114,473 4,748,691 54,097 153,685 207,782 (11,533) (150,063) (161,596) 100,000 (100,000) - 354,488 - 354,488 5,131,270 £18,095 £5,149,365 2024 |
Endowment Unrestricted Total Fund (EE) Fund (UR) Funds £ £ 4,669,614 163,337 4,832,951 611 191,322 191,933 (5,570) (140,186) (145,756) 100,000 (100,000) - (130,437) - (130,437) 2023 |
| £4,634,218 £114,473 £4,748,691 |
The Council of Management consider the investments held with Cazenove Capital Management/Schroders represent endowment funds which have been invested to provide income, with which to pay grants, and also to provide capital growth to maintain the level of grants payable in future years.
Page 16