Greenwich Blue Coat Foundation Report and FRnanci8l Statements for the year ended 31 Mareh 2022
Gi'eenivich Blue CoAt Foundation year ended 31 March 2022 Conteilts Page Legal and administs'ative information 214 Trustees, annual i'eport 518 Indepcndent auditors, i'eport Statement of financial activities 10 Stateincnt of financial position 11114 Notes to the financial statements
Greenwlch Blue Coat Follndatlon year ended 31 March 2022 L¢gxl and adminlstratlve information Greenwich Blue Coal Foundation is reglildied by the ch'Ity Commis5ionei% foT England and Wnles under a s¢heme origiD#t¢d 7 June 1963. 'rhe registthrd charity number 1$ 312407 Trustees Mr M Leader Mi's G Page Mrs C Stanley Mr D Newson Mrs S Blooinfield Mi Culin Powell Mi. L Fleicher Chaii'man Vice Chairn]an Clej'k to Ilje trustee5 M I Bakey LLB MTh Addi'e&5 13() Chai'lioll Laiit London SE7 8AB Audltors West Wake Pi'ice LLP StatutOTy Audiioj's and CharieiEd Accountants Thc M¢zzanine Floor 68 Cornhill Londo EC3V 3QX BankeY$ National Weslmillsler nk PIC 2 Greenwich Chiii'cli Sti'eet London SEI0 9BQ liivtstment man8gers R#lhbone Invesimerti Managemeni Linbie<i 159 Nlew Iland Strect London WIS2UI) Tu S¢pteinbei' 2021 Brooks Macdonald As%et Managctncnt 21 Loillbard Sii'eei Londoii Appointed 13 S¢ptember 2Q21 EC3V 9AH
Greenwich Illve Co#t fioundation Trllstees annual report Th¢ Trustees have pleasure in submiiiing thcir &llnual teport and audiicd financial staiemenis for the year ended 31 March 2022. Thc financial siaicmeKis have been ptepar¢d in accordance willi ihe accounting policies sel OUI tn noi¢ I lo Ilie acLounls and comply with Cli&riti¢g Aci 2011 and Chariiies SORPIFRS1021 ALcounLinB and R¢poriing by Charilic5-. SiaiuD¢nl of Recomnicndtd Practice applicable 10 ¢liariiies preparing their aceounts in aecoiylance iviili Ihc financial Repaiting Stsndaid Applicablc ill the UK and Republic of Irelarjd IFRS 1021 effective l January 2019. Le8al and adniinisiraiivc infomialion out on pagc I form5 part of this report. Hlstury of the foknnditlo The Greenwich 131u¢ Loal foundation is a C.harilabl¢ Tn]sl established froni the original Bliiecoat School for Girls, founded iii 1700 by'wmc charitable ladies" The Foundation a small annual income for disiribulion lo qualifying iiidividual applicants of eiihci. s¢x. Oblects ot'the FoundAtiOn find Piiblic Beiiefit The Iruslees have uomplied with the diity in s¢eiion 17151 of Ihc Charili¢s Aci 2011 to hHvB due regard 10 guidance published by Ihe clrIlY Commis%ion. Grdnl% arc Inadc to a wide rnngc of bcneficiaries. Thr Fuundalinn has a relatively small sum of Inoney available annually aDd doe5 not therefore usually IMBke lllrge individual awards. 'riie avcra8¢ aivard is an)und E500. Awards are iiiAde io support young pwple with limiied means iii furthering Ilieir education or The truslcc5 will eonsidei. 8pplic8tion8 from individwdls whu meet the resideiilial aiid 4ualificaiions and are seeking award which fa115 within the above d¢scripiion. All applicants will requiied lo wmpleie an application foim. All aw8rd8 air madc solely at thc di5crelion of Ilie Itusiee5 and applicants may be c8lled to interview. To qualify applicant% Tnust.. Be under 25 years of age Either bc prcscnily living in the Londun Borough of Greenwich and have btcn doing so conliTriiou51y for Iwo yeai or Have been edueaied or b¢ currenily receiving educ41ioll conlinuou51y for IWO years iii the Luiidun Boroug1) ufGreeiiwicli. Slruetvre? govti'nance &iid mllnllgement In accordance with an Order of Ihe Chariiy CoinmissioiieiE lor F.iibbland and W31es dalcd 6 Oclob¢i' 20116 Inade undci- S¢Clion 26 of lh¢ C112rities Aei 1993, lh¢ Tiustees hereby rttulved lo Rinend paragrnph 311) of Ilie'l'rll%i In%irum¢n¢ daicd 7 Julle 1963 r¢laiiiig lo Tlie body oltruslees ofihe Foundglion shall, whcii ¢oinpleie, coiisisl of 5cvcii personq, tliai i.s to Say:" Oiie Tepreseni#iive Irustee, lu be appoinied by Ihe Soutliivark Dioc£san Board ofEduc&iliun IiitDtpDfdied Aiid Six ¢o-oplAtive Iriisiees, lo be apwiiiled by r¢8L)luiion ofilie Ii'ustees.
GreenwÉch Blue CoAt fioiindatlon Trllstees, annual report Stru¢tur¢7 govenillnce mlrtagement leonilnuedl When recruiting new Irusiees Ihe board looks for individua15 Ivilh Skills &n6 ¢XrIence which are of value to Ilie Foundalion. Thc chairmdn is appLTrinied by the Iiusi¢es ¥nnu#lly. The Iruslees usually tneei guai'lerly 10 consider Bnd nke final dcci5ions on the awarding of grants lo successful &pplTcanls. The day 10 day adniitiisiraiioll of grant5 and Ihe proce5SiTJg of applicanis prior lo consideraiion by lh¢ Iruslees is dclcgalcd lo Ihc Clerk lo Ihe'fruslee5. As a regisleiEd chRrily, Ihc foiitidaiioti is uciiipt froin th¥iilioll on 115 inconTrc and capital gains iind¢r Scciioll 505 Taxes Act 1988. The foutidalion is not Dble lo regisicr for V AT and accordingly VA T is included wTthirt the expense heading 10 which li r¢lai¢s, Rl$lc management The Iruslee5 have absessed il)¢ majoi. i'isks to wliich Ilie Charity is expoged, in pariicular thos¢ I'elated lo ilie operBlions and financc5 of the Chdrily> dnd s&lisfi¢d thai sysiems are in place lo IniliBale the cffccl of Ihogt ri5k5. Revlew of x¢tlvltSets 8nd fulllre plans The Iwsi¢cs lloted ilial 41 ¥tartis weiE made individuals Iliis year lolRlling £22,528 compared lu 32 lasi year of £18,679. Trollowiiig Ihc clDsur¢ Df Blackh¢atli F31uccoal Cliurch of England School IBBCSI in 2014 Ihc Trustees have continued to discuss amendinents to Ihc Tiusi Deed iviih Ihc Charity Conimission. Al B meeiing Df Ihc Tnjslces on I Ith Fcbruary 2021 Ilie following rcsolution ivas unanimously agrccd by the Trustees Iproposed by Mr D.N¢wson and secondcd by Mr L.Fl¢ichcrl.' sclieiiie lo (lelele clftiise 12 nf Ilje Arfii?i.Fter of Ecliicaiioii s SclteiiTe 017111 Mul'ch 1963 Gjid io aFiieiid cloiisg 13 ofilje llIe schenie hy ilie oddiiioii offa li1¥ sifb claiise 13{4) ITJ siibstuFiiially iheloiiii ofiiviYlliJgpJvvioiisly uHvitiidbJj ilie Tiiisiees IlJeii'iiJeeliii¥ o[Jsi Noveipibej. 2Q17 OJTd27ih Febiii&Jy 202Q. Tli¢ ivoi'dipig appIve{l by ili¢ TJii.fffee.i iheij. Iiiecliiig oil Noiiiibei' 2017 iv0.i <is.folloivs 'TlJe TJiisiee.r.Flinllnpply ihe itlCOFITe cose i& desigJiiii¢d (/. ¢1 Cliiij'clj oJ'FtJglaiid Scliool. The Trusiees coniiiiue to chase the Charily Commission regular basis and aiE STIII aivailing Ihcir dcci5ion oth Ihe propo%¢d ainendmenl. Having continued lo iiie¢t via Zooiii diiTiiig Ihc Ci)vid 19 lockdowns Ili¢ Twsi¢es have now reverted 10 in person meetings. In Julie 2021 IliL Trus1¢¢S carried oiil a ieview of Ilic pcrfvriran¢¢ of Il?¢ Tni%l's inve%lincnl manAgcr, fiailibonc5, and iiivilcd Iwo Iternalive In311agcis Iv IJr¢%¢tii a case ID lake OTI Ilie portfolio. Following this r¢ViV ilic TYu.sÈce8 decided lo dispcnsc with the SCFviies Of Railibonc5 and appoinicd Brookg Macdonald as rhe new invesiTn¢lll niaiioger. Tbe Truslc¢s fell Ilial Brooks Macdoiiald would iakc a Inoir pcisondl ini¢r¢91 in Ilic atrairs or the Foundlllion's poiifuliu, be betier ai coiiiiniiiii¢atlllbT Wltli the Truslees alld Incoming I'0$0¢t5 The Foiindalion 1% dcpciidcni on income fioiii lis iiiveslinents. Poll¢y $12temen*s Ptsll¢y on resetwes Tlie Itu8tees' policy is lo keep ainouiii iii reserve giifficienl lo cover une yeai s l)#$i¢ ¥ranis.
Cwreenwich Blue Coat foundat50 Tru5t¢es 4nnual report Pollcy on Invesimeiht5 The Ftrundalion's invast1llenL have been pla¢ed in the h&nd8 of Btooks Macdonald (previously wilh Railibolle Invesimeni Managcmcni l.imii¢dl. The ItustCC5' policy is 10 monitor the perfonnance of (he invesiments on 3 regiilar basis iii¢ludin8 ethical considerations wlii¢h th¢ Irusiees feel must be fleCie in the portfoliu. In addilion, 511¢ fund iiianagers acl on illbltuclivns froiTI th¢ IIVStc¢s to mainiAin eapiial growth and provide annual iIicom¢ Suffici1 lo provide adeqiialc Branls. Lllw applicable 10 chariii&4 in England and Wales irquires Ihe trllsiees 10 prepare fin#n¢ial staleinenls foi- each finin¢ial year which give a and lair view of Ihe ehai'iiy's financial aLliVili¢S during the year and of il$ financial position at the cnd of the yehr. In prcparing those finanLial siairmenis, th¢ Iruslees are rcquired 10.. seleet suitable accouttiing polic1¢8 alld then apply them consisi¢iiily', Observ¢ ihe methods dnd principle8 in Ihe applicable Clixritits SORP. make jud&iements at]d esliinales thai arc r¢a%(snAble and prudent; Sle wli¢ih¢r applicdble 3ccouiilinB slandards stalemeTrls of recotnm¢nd¢d practice liave been lollowed siibject lo any dcpartur&8 disclosed 3nd explained prepare Ihc fiiiaiicial stalenienls on Ihc goin8 ¢onccrn basis llnlc%s it is itppropriate 10 prcsum¢ that tlic charity ivill continu¢ in business. The trustees are responsible foT keeping a¢¢ounling r¢cords wliich disclosc wilh rcasonablc accurdcy 81 any Itine Ihc fingncial position of Ihe charily an(1 enable Iheiii to eii%iirc Ilial Ilie filn¢la1 statements cotnply willi th¢ Charities Act 2011 artd the provisions of Ili¢ trust deed. 'I'liey arc al%0 r¢sponsiblc for safcguarding ihc ass¢ls of the ch3Tity and hence for Laking reasonable siepg (or Ihe PT¢v¢niion and deleelion of fraud and oilicr irrcgul&riiies. Audlror5 Thc oudit0, W¢sl W8ke Priee LLP, have sigiiified their willinBness 10 contiiiue iti olyice. Appioved by the Trustees 8 Novcmbcr 2022 and sigiied oli Ihcir bchalf by Mr M I lJalc¢r Clei'k 10 the.1.ru5ttS
Wesl Wake Price LLP Sialulory Auditoi's Chartei'¢d Accountants The MezzaniEJe Floor, 68 Coi-nhill London EC3V 3QX Independent Auditors, Repnrt to the Trustees of Greenwich Blue Coat Foundation Opinion We liave audited the financial siateinents of Greenw5ch Blue Coat Foundalion for Ilie year ended 31 March 2022 whicl) comprise the Stat¢ment of Fiiiancial AclivEti¢s, th¢ Stateineni of Financial Position, and the i'elaled notcs. The financial I'epoiling framcwork thai lias been appli¢d in Iheit pi"eparation is applicable law and tl)e United Icingdom Accounting Standards, sncluding FRS 102 Tl)e Finaneial Reporting Standai'd applicable in the UK and cpublic of li'elartd (United Kingdom Genei2lly Accepted Accoullting Pi'actice). In OUT opiniot) the financial stat¢m¢nts'. give a true and fair view of tli¢ slate of the clidriiy's affaii's as al 31 Mai'ch 2022 and of ils incoining resourccs and applicaiion of r¢suui'ceg, including its iJicoJn¢ and expenditure, for the y¢ai' dien ended; Iiave been prop¢rly prepared in accordance witli Utkited Kingdom Cien£rally Aceepted Accounting Practice. and have been piepai'ed in accoidance with th¢ rcquireinents of tlie Cliarities Act 2011. Basi$ for opinRon We conducted our audit in aceordance willi Inierna(ional Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilitics under Ihose standards are fiii'tlier described in tlie auditol 5 l'espoiisibiliiios for tlic audit of tlie financial stateinenls section oloui. IEPOI-I. We are independent oftlie cliai'Èly In accordanc¢ ivitli tlie etliical requiretnents that are relevant 10 our audit of Ilie fInancial slateni¢nts iii the UK, Including the FRC'S Eiliical Standard, and wc have fulfilled our oiliei. ethical responsibilities in accordance witl) d)ese rcquiretnents. Wc believe tlial tlie audit evidence we l)ave obtaiiied is suffiLient and appi'opj'iate lo provide a basis foi. nur opinion. Conelusions relattn% to going coneern We liave t)otiiing to repoTt in respeci of the following tter8 in relation to whicli tlie ISAS (UK) require us to report to you wl)¢re'. tlie Trnsiees, use of tlie goinLT concei'n basis of accountiiig in t]K preparation of Ilie fJnaAcial stateiiienls is noi appropi'iaie; or the Tis(teS liave not disclosed in tlie financial stal¢inenls any ideiitified Inalci'ial un¢¢itainties tl?at may cast significani doubi about tlie cl)4rity'S ability to continiie to adopi Ilic going eonccrn ba%is of accounting for a period of 8t leasi twelve Inonths froin the date whet) tl)e financial statemciits al'e autlioi'ised foi. issue. Other information l-l)e oili¢i' inforinalion coinpi'ises tlie information incliided in tlie annual i'cpoi't, otl)er tl)an Ilie financial stat¢n)¢nts lid our aiidiloi s Irport tliei'con. The I'iiistecs 1( I'e rcspon8ibl¢ for tlie other inforinaiioii. Oui. opinion on tl)e financial stateinenls does not covcr tlic otlici. information and w¢ do not express any forin of assui'ance conelitsion Iher¢on.
West Wake Price LLP Siatiitoiy Auditoi's Chai'lered Accountaiits The Mezzanine Flooi., 68 Cornliill London EC3V 3QX Independent Auditors, Report to the Trustees of Greenwich Blue Coat Foundation (continued) In conncction witli our 8udit of the financial %iateinertts, oui. i'esponsibility is to read the other informatioii and. in doiiig so, considcr wlietlier tlie othci. infoiThation is materially iiiconsssicnt with the fiiiancial statem¢n(s' oi. our knowledgc obtained in the audit or othcnvisc appcars to be materially Ini%ftated. Ir we identify sucli Jnaterial inconsistencies oi. appaiEnt inaierial Inisstat¢mctits, wc al'e i'equii'ed to detcrjnine whether there is a indtei'ial illiSStateTI)cnt in Ilie finaiicial 51atements or a material missiatenieni of thc othcr infomjation. If, based on Ilie work Ive have pei'foi'incd, we cojiclude that tliere is a material niissrateinent of this athei. inf0mtion, we 8r¢ iEquii'ed io i'epoit Iliai fact. We have nothing to report itl this regard. M4tter$ on whieh we are required to report by exception Wc liave notliing to itport in respect of the following mairers in relation to which tile Cliai'itics {Aeeounis and Reporl.s) Regulations 2008 require us to i'epoTt to you if. in oui. opinioll.. the infoiination giveE) in tlie financial stat¢menis is inconsistent in any inaterial i'especi wttli tli¢ meinbers, report., or sufficient accounting records have not been kcpt. ar th¢ financial stateii)enls are not in agreement willi th¢ accounting iecoi'ds. or we l)ave not i'eeeived all th¢ infonnaiion and explanations wc iequiit for our audit. ResponsibilitSes of the Trustees As explained more fully in tlie Tiustees, responsibilities siatenient Isei out on pages 2 to 4 of Ihe-FnJstees' aiiniial rcportl, the Trustees ai'c i'cspot]sible for ilie prepai'ation of the financial stal¢inents and fol. being satisfi¢d tliat iliey give a tnie aiid fair vi¢w, and for sucli internal ¢Qlltrul as the Truslees deteiinine is necessaiy to enable the prcparation of financial statenienfs thai are free fron) Inat¢rial Inisstateinent, whe111. due lo fraud or eri'or. Auditor's responsibilities for Éhe audit of the financial statements We have been appointed as aiiditor under section 145 of the Charilics Act 2Q I l and rcpol't in accordanc¢ witli the Aci and relevdnt i.eLjlatlOs made of lisving effect tli£reundei'. Our objectives al'e to obtain reasonable assui'ance about wl)elher Ihe financial s(aten)enis as a wliole ai¢ fl'ee froi Inatei'ial niissiatcinent, whcthei. due to fraud oi. crrar, 2nd to issue an auditor's i'eport ilial iiicludes oyi. opiiiion. Reasonable clssuiancc is a liigh level of assui2n¢c but is not a guarantee that an audit conducted in accordance witll ISAS IUICI will always detcci a material mi88tateinent wlien it exists. Misstateiiienls can arise froiii fi?ud or ci'i'or and are coi)sidcred Inatcrial if. individually oi. in the aggregaTr, tliey could I'easonably be expected to infliicncc il)e econoinic dccisions of users takcn oil ihe basis of Iliese financial s(aieinen¢s. As pai'l of ali aiidit in accorddnce witli ISAS IUICI, we exa'c15¢ PTofessioJial judgn)ent at]d Imaintain Pl'ofcssional seeptiLism Ilii'ougliDiit tlie audit. We also.. Idenlify and assess Ilie ri5k5 of iiiat¢rial Inisstateinent of ¢1)e financial statcincnts. wheiher due to fTaud oi. erroT, desigi) and pej'foi'in aiidii proccdures respon%ive to Il)ose I'isks, and obtain aiidit evidence rliat is sufficient aiid appi'opi'iate lo pi'ovidc a basis for oui. opinion. I'lie ri%k of no( deieciing a Iiiaterial tlllSSlateinent i'esuliing fi-oiii fi'2ud is liighei. th&n for one r&sulting fiDm eTfoT. as fiRud Inay involve collusion, forB¢ly, intenliojial omission%, Jnisrepi'cEentaiions. or ihc ov¢tYide of ii)teinal control.
West Wake Price LLP Siatulory Audiloi's Chai'tei'ed Accountants The Mezzanine Flooi., 68 Cornhill London EC3V 3QX Independent Auditors, Report to the Trustees of Greenjvich Blue Coat Foundation (continued) Obtain an undcrqtanding of internal contToI Irlevant to the audit in ordei. to design audit proeediires thai air appi'opriaic in Ilie cii'cutnslances, but not for the PLtiposc of cxpressing an optnion on the effectiveness of tlie intemal control. Evaluate tlie appi'opriateness of accounting policies uscd at)d the reasonableness of accounting &%iimat¢s and irlated disc105ures Inade by tlic tsllste. Conclude on Ilic approprialcness of the Trnswes, use of thc goiiig conccrn basis of aLtounting and. based on tl)e audii evid¢n¢¢ obtaincd, iYlietl)er a Tnate¥ial uncertainty ¢xisls rclatcd lo cvents ur Londiiions that iay cast significant doubt on tlic charity's abiliry 10 Continue as a going con¢crn. If we conclude Ihat a maiei'ial une¢rrainiy exists, wc air requiTed to draw atiention in our auditor's rcpoTt tlie relaied disclosiii'es in tlie financial staien¢nts i)r, if %ucl) disclosures are inadequate, to modify our opinion. Our cni)clusions are based on Il)e audit cvidcnce obtailled up lo the daTr of our auditoi s report. However. futui'e events or conditions niay caus¢ th¢ cliai'ity to eease io continue as a going concern. EvaluaLe Ilie overall presentation, stivcturc and content of the financial slatcmerts, ineliiding tlio disclosiires, aiid wlieilier the financial statcmenls repi'escnt the underlying transaciions and events in a Jnajiner Il)at achieve5 faEI' presenlaiion. We cominunicate witli those chai'ged with governance regarding, ainong otlier ithatters. tlie planncd scope and tiining of Ili¢ audit and sigiiificant audit findings, including any signzficant dcficieneie% in internal control t]iat we identify dui'itig our aiidit. ExplAnation as to what extent the audit was considered capable of detecting irrtgulai'itle4 including rraud. Irregulariti¢s, ineliiding fi'aiid, aL'e inst41nces of non-complianc¢ with law% aiid regulations. We design pi'ocedures iti lin¢ willi oiii. respon5ibilitie5, Oiltlined abov¢, ta detect matci'ial misstaten)ents in rcspccl of in'e8ularitics, including fiaud. Tlie extent to which our proccduies ai¢ capable of deleetii)g i¥i'cgul81'ities. incliiding fraud is detailed b¢low'. Based on our undei'standing of tlie charity, we idcnlified thai the principal ri%ks of iion-cthmpliance witli laivs and regiilatiotis related to tlie iigiilatory frainewoi'k foi. cliarities, and we considci'ed rlic exlei)t to wlii¢li non- Compliaiice ini8Jit liave a inatej'ial effect on lh¢ financial stalcii)ent%. We also considered Ih(xse laws and i-egjiilations Iliat liave a diirct iii)pact on the Pl'epai'ation of tlic fsnancial staienienls siich as tl)e Cl)arities Act 2011, Cliai'iiics SORP FIIS 102. We evaluated .fhe'fisltes incentives aiid oppoitunilics for fraudiilcnt manipiilhtion of tlie financial stateinents liiicliidiiig tlic I'isk of oveiTidc ofconii'olsl and dctei'inined tliat tlic Over11[ i'isk is low because all tr?nsactions cari'ied out by die eliai'ity's Invesln)ent Manager al'e rcported to tlie Chaii'inan of the Trustees and Clerk to tlie Trlislees and i'eviewed at quarterly n)eelings and all incoiii¢ is paid dircctly 10 tlie client's bank ACCLiuni by bank li'a115fers i'ec¢ivcd from tlie Iiivcstiiient Mai)agci'. All .%alc and puirliase coiitracts and any oilier expenses ale veTified by the C'lerk to tlie'l'nistee5. Audit procedures performed by tl)e engageinent lean) included.. Revi¢w of tlie financial stat¢ni¢nl di%closiii'es lo iiiidcrlyiiig supi)oi'ting documentation, in parti¢iilai' Ilie InvestiiTrent Managei s Annual Repoi't for tlic cliaTIty'. Discussions willi iiiaiia£einen( includin considei'ation of kiiown or suspected instances of noncoinpliaiice witli laws aiid regulaiion aii(I fraud; Evaluating the Tnisiees controls designed to preveiit and detect irregularities.
Wesl Wake Price LLP Statutory Auditors Chartei'ed Accountants Th¢ Mezzanine Floor, 68 Coi*hil London EC3V 3QX IndepeiidLiit Audilors, Report to the Trustees of Greenwich Blue Coat Foundation (continued) Identifying and tssiing jouriitsls and evalugting ivheiliei. tlieie was evidence4 of bias by tlic I'rllstees ihat rcpreseiited a risk of Inalei'i81 iiiissiatrinent diie to fraud: Review of oil)ei' Corrcspondeiice fi'om rlie Invcstincnt M8iiager. Vci'ified all grallt applications are approved at Trustees ineetings befoi'¢ payinent is authorised. A furtliey description ofour iesponsibilities for the audit of tlie financial statements l5 located on the Financial Reportiiig Council's websiie at.. ww.fir.or uklaudiloi'sj'es oiisibilities. This description forills part of our auditor's reporL Use of our report Tliis report is Inad¢ solely to Il)e Truste¢s of Greenwicl) Blue Coat Foui)datioii, as a body, in accoi.dancc witli scetion 145 of tli¢ Cliai'ities Aci 2011 and i'egulations n)ade under section 154 of tlial Act. Olli. audit work lias bccn undertaken so that we might 8te lo tlie TLUStees ofGreeJwicli Blue Coat Foundation thosc n)atters we are requii'ed to state to tlien) in an audiioi's, repoFt aiid for no oiljer pui'pose. To tl)e fullo%t extent pemiiitcd by law, we do not accept or as&iin)e responsibility aiiyone otlJ¢r Ilia21 (ii'eenwich Bluc C'oat Foundation and its TteeS as a body, for oui. audit ivoi'k, foi. tliis i'eport, or for the opinions we liaye formcd West Wake Price LLP Statutory Audttors Chartered Accountants Londotk 8 November 2022 West Wake Price LLP is eligible for appoiiitinent as auditor of tlie charity by virtue of its eligibility for appointment as aiiditor of a coinpaiiy under section 1212 af the Companies Act 2tK)6.
Greenwich Blue Coat Foundation Statement of fiJ)aiicial activities year ended 31 March 2022 Unrestrieted Funds 2022 2Q21 Notes Income Inconie from invesunents Gi'ound rents 27,401 205 24,70 I 205 Tot*1 Income £27.606 £24,906 Expenditure cu.yl of&ui.iing.fiiiids.' Investment Inanagement fees 7,101 6.561 ¥pÈiidiliiie oil chui'itable aeliiiilie.Y.' Gi3nls payable 22,528 18,679 Management and adiniiii8tixtion of cliarity 12,768 12,333 Total expenditure £42,397 £37,573 Net expenditur¢ before galns and losse5 on investmeiits 114,7911 (12,6671 N¢t g2inl{loss) on inveslmcnts 108,113 184,277 Net incomellexpodEtUre) for the year 93,322 Reconcillation of funds Total fvnds brought foi'ward 2,389.280 2,217,670 Total funds cari'led forivard £2,482,602 £2,389,280 Tlie notes ort pAges I I to 14 foi'm part of thtse flnancial statetnents
Greenwlch Blue Coat Foundation Statement of Financlal Position year ended 31 March 2022 Unrestricted Funds Notes 2022 2021 Fixed gssets Investinciit propei'iies Listed invc8linenls 1,080.000 1,2() I (J74 1,080,000 1,195,220 £2,341,974 £2,275,220 Current 455ets Dcbtoi's Slioi1 terin deposits COIF Charities Deposit Fund Cash at bank 333 68,218 5R,998 19,628 30 27,742 58,973 33,585 147,177 120,330 Ll&bilities'. amoujits falling due witliin one year 16,549) (6,270) Net current assets £140.628 £114.060 Total net #ssets £2,482,602 £2,389,280 Totgl charity fund5 UMrestriLted funds £2,482,602 £2,389,280 The finaiicial statements on pages 9 to 14 were approved by tlie Tnistees on 8 November 2022 and signed on their belialf by Mi. M Leader ~ C,hairman of Ilie Ti'ustees Mr M l Buker~ Clei'k tu the Ti'ustees The nutes oil page$ I I to 14 foi'in pkrt of tliese fiiiantial stlltcmcnts 10
Gi'eenwich Blue Coat Foundation Notes to the financial statements year ended 31 March 2022 Accountlng polieies 1.1 Piiiftncial.slulei?ie771.f - Iw.fi.s ofpjepofr'uhon The financial sial¢inenis al'e prepared under the historical convention, as modified by ili¢ i¢valuation of investiii¢nts at thcir faÈi' value as at the balaD¢e sl)eei date using thc closing quoted market price. Tlie financial .%taten)ents liave been piEpaied in accoTdance with Chartiies SORP (FRS102) - Accounling and Repoiting by Cliarities.. Siatcineni of Rcci)mmended Pjxctice applicable to cliarities pieparit)g t]ieir accounis in aLcordan¢e widi tlie Financial Reportii)g Standard appltcable in the UK and Republic of Ireland IFRS 102) effective l Januaiy 2Q19 and the Charities Act 2011. The financial stateinents have been prepared to give a 'true and fair. view 8nd Iiave depai'led froi)I tlie Chariti¢s (Accounts and R¢porls) Regulations 2008 only io tlie ex(eiit requii'ed to i)rovide a 'iru¢ and fair, vicw. This departure lia8 involved following Cliarities .SORP IFRS102) - AccouiitiiiLF and Reporting by Cliarilies.. Statemei)t of Recoinmcnded Practicc applicable to chai'ities pieparii)g theiv accounts in accoi'dance with the Financial Reporting Standard applicable it) tl)¢ UK and Repiiblie of Ireland (FRS 102) effectiv¢ l January 2019, rathcr tlian ¢1)¢ Accoiiiiting and Reporting by Chai'ities.. Stai¢ineiit of Rccoininended Practite effextive froin l Api'il 2005 wliicl) l)as since been witlidrawn. In accordance witli FRS 102 %ction 7.1 B, the cltsrity is entided to exeinplion frotn preparing staiemeDt of cash flows. The Foundation constitutes a public bcnefii entity as defined by FRS 102. 1.2 Fiijid Iiccouiillltg 'l-he llllTCStrict¢d fiinds are funds wl)icli Ilie 1Thte¢s are fre¢ to use for any pilOse in furtlieran¢e of tl)e cl)ai'itls objccls. All incoming resoiirces are recognised once the eharity is legally cntitlcd io tiie ineoi)ie aiid tli¢ ainount can be quantified witli i'ea5011able accuracy. Itivestment it]eoine and intei'est are llY accrued at tlie balancc slieet date. 1.4 ErpÈFtdiliiie Cosrs of Taising funds Tlies¢ cost5 COtISlSt of iiivestmcnt i)Thnagcment fees and cer(ain legal fees. Grants payable - Gi'ants ar¢ accounted for on a paid basis, unl¢ss a legal or consiru¢live obligation has been CIEatcd. In Ilie event of a ColnItted grani a pi'ovision ivould be Inadc the financi81 sia¢eni¢nts. Manageineni and adminisiration ofcliai'ity- Tl)es¢ eosls include siipport cost% and siatutoiy audii fees. Ii'itcoverable VAT.. Irrecoverable V AT is chaTBed agaiiist tlie categoi'y of e%p¢ndirure foi. wliicll it was iiicurred. The Ttustees consid. tliat grant-tnaking is tlit Foiindatioll's sole cl)ai'lb]e activity. .5 IiivesliiietJl pi'opei'liÉs Invcstii)eni pi'opei'lies al'e incoiyoi2ted into Ilie financial statenients at a valuatioll undei'iaken 011 27 Api'il 2020 Isee note 51. Listed inveslineiit5 ineliidcd in tlic balance slicet at Ilieir fas1. value air valu¢d using tl)c closing quoied I'ke1 pi'icc as at 31 Marcli 2022.
Greenwich Blue Coat Foundation Notes to the financial statements year ended 31 March 2022 Accoumtlng pollcies (continued) 1,7 Gains aiid losse.f oil iiive.fini£nÉ.f All gains and losses are taken to Ilie Stat¢inenl of Financial Activities as tlicy arise. Realised gains and losses are calculated as tl)e diff¢iente betwccn sales pi'oc¢¢ds and tlieii. opening valy¢ or theiy pui'cliasc value if acquired subsequent tu the first day of Ilic financial yeai.. Unrealised gain5 and losses ait calculated as tlie diffci'ence between tlie fair value at the year end and dieir cajyying value. Realised and unT¢alised gains and losses ar¢ cotnbined in th¢ StateineDt of FiIiancial Activities. 1.8 Goiiig CoJicei- l-hc Tti]stces consider that tlie Foundaiion l)as adequate i'esources and that tliei'e arc no material uncertainties about Ilie Foundaiion's ability to continiie as a going concern. 2022 2021 Investment Ineome UK listed ¢quity investmei)ts Overseas equity UK fixed interest sccurilies UK piopeiiy incoiiie distribuiions Inierest on casli deposits 18,689 1,581 6.186 900 45 14,769 1,730 7,372 781 49 £27,401 £24.701 Analysis of grAnts payable Qu&lifying personal grants Total paid duriiig tlie year £22,528 £18,679 The total nuinber of recipients were 32 No beneficiaries were paid ill excess of £l.000 during the year12021.. Nolle). Grant commitments There were no grani colwlJtnls at 31 Mai'cli 202212021.. £Nil). ManaEement nd administration of £liaYity 2022 2U21 Clei'k's fees Audit fees 7.878 4,560 330 7,720 4,320 Siindry expenses 293 £12,768 £12.333
Greeniyich Blue Coat Foundatlon Notes to the financiAI statements year ended 31 INlarch 2022 2022 2021 Flxed asset investments Investment properties (unrestricted fund$) Freehold land at valuation a( l Api'il 2021 1,080,000 1.080,000 Slli'plus on valiiation Fr¢eliold land at valuatio[2 at 31 MArcli 2022 £1,080,000 £1,080,000 Freehold land represeiits t]ie cliarity's interest in land at 1371137a and 1431157 odd, Greenwicl) Hiuh Road. Londot) SE I O. The land has been leased for 99 yeaiE from 25 De¢einb¢r 1955 aiid 29 Septetnbej. 1954 Tcspectivcly. The fi'eeliold land, subjett to rl)c leases, Wds I'evalued 27 April 2020 by Phillip Gosden IKfRICS, bel)alf of Hindwoods Ltd, Cliai'leied seY01.$, at £1,080.001). 2022 2021 Fixed #sset investments Listed investinent5 lunt'estrÈcted fund5) Markei valuc at l April 2021 ,195,220 1.019,233 Additions 366,799 148,074 Disposals 1408.1581 1156,364) R¢alised gairtslllosses) 4,964 15,990 Uni'ealised gainsl{losses) 103.149 168,287 Mai'kci valuc at 31 Marcli 2022 £1,261,974 £1,195,220 Historical cost at 31 Marcli 2022 £714.718 £678.567 Investments at market value comprised.. Equities - hed in Ulc 909,880 802,005 LqiiTties- held ovetseas 191.73.5 210.294 Fixed inleiest- l)¢ld in UK 134,101 182,921 Fixed iniei'est- lield overseas 26,258 £1,261.974 £1,195,220 The ttustccs eonsidei. individual ii)vestment lioldings in excess of 50/0 of tlie porifolio valu¢ to be iiiaterial and Iliose l)eld as 8131 Mar¢li 2022 ivei'e as follows'.- Pei'eeiitaRe of Pot'tfolio 30.29/ 7.200/0 Elolilings 1.653.01 uiiils of coIr Cliai'itics Investiiicni Fuiid 260 units of SPDR Sei'ies I'i'ust S&P 500 L'I'I". Mai'ket Value £382,226 £90.914 13
Greenivich Blue Coat Foundation Notes to the fiiiancial statements year elided 31 March 2022 2022 2021 Debtors Investn)¢nt incoine Ground rent Inierest receivable 283 29 21 29 £333 £30 2022 2021 Liabilitles: ainounts f&llin2 ilue )vitliin one year Ci'editors and accruals Audit fees Clerk's fees 4.560 1,989 4,320 1,950 £6,549 £6,270 Related party trxnsaetlons. tru5tees' remunoratlon and expenses 'I'hei'e were no Jelal¢d paity traiisactions during the year. All ItUseS give fi'eely tl)eii' litne and expertise witliout any foi-iii of I'einuneratian or ot1). benefits in cash or irt klnd 12021.. None) There were no trustees, exp¢nscs dui'ing Ilie yeai. {2021.. None). 10. Staff cost5 and key ftrixnagenient Pei'sonnel remunerAtlon Tlie Foundalioii does iiot cinploy any Staff and it considers Clerk to Ilie Tivste¢s as ils key Inan2g¢iiieii( peJEoiinel aiid liis reinunei?tion is iiieTltioi)ed iii iiote 4 above. I l. Post balAnc¢ sheet events TheTe wei'e no posi bhlance slieel adjLlSting eveiils Ilial l)ave not been adjiisicd foi.. 14