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
cl￿rIlY 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 Boroug￿1) 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 ¢X￿rIence 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 n￿ke 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 li￿1¥ sifb claiise 13{4) ITJ siibstuFiiially iheloiiii ofiiviYlliJgpJvvioiisly uHvitii￿dbJj ilie Tiiisiees IlJeii'iiJeeliii¥
o[Jsi Noveipibej. 2Q17 OJTd27ih Febiii&Jy 202Q.
Tli¢ ivoi'dipig appI￿ve{l by ili¢ TJii.fffee.i iheij. Iiiecliiig oil Noi*iiibei' 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¢Vi￿V 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¢ Suffici￿￿1 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;
S￿le 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
it￿ppropriate 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 fil￿n¢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.ru5tt￿S

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 Ti￿s(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. inf0m￿tion, 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.eLj￿latlO￿s 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'fi￿sltes incentives aiid oppoitunilics for fraudiilcnt manipiilhtion of tlie financial stateinents
liiicliidiiig tlic I'isk of oveiTidc ofconii'olsl and dctei'inined tliat tlic Over￿11[ 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 8￿te 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
T￿￿teeS 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 incomellexpo￿dEtUre) 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 1Th￿te¢s are fre¢ to use for any pil￿Ose 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 Col￿nItted 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'l￿b]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 colw￿lJ￿tnls 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$)
Freehold land at valuation a( l Api'il 2021
1,080,000
1.080,000
Slli'plus on valiiation
Fr¢eliold land at valuatio[2 at 31 MArcli 2022
£1,080,000
£1,080,000
Freehold land represeiits t]ie cliarity's interest in land at 1371137a and 1431157 odd, Greenwicl) Hiuh Road. Londot)
SE I O. The land has been leased for 99 yeaiE from 25 De¢einb¢r 1955 aiid 29 Septetnbej. 1954 Tcspectivcly.
The fi'eeliold land, subjett to rl)c leases, Wds I'evalued 27 April 2020 by Phillip Gosden IKfRICS, bel)alf of
Hindwoods Ltd, Cliai'leied s￿￿eY01.$, 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 - he￿d 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 ItUs￿eS 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