Charity Registration No. 312500
THE ALDGATE AND ALLHALLOWS FOUNDATION
GOVERNORS' REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021
THE ALDGATE AND ALLHALLOWS FOUNDATION
CONTENTS
| Page | |
|---|---|
| Governors' report | 1 - 5 |
| Independent auditor's report | 5 - 7 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 16 |
THE ALDGATE AND ALLHALLOWS FOUNDATION
GOVERNORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The Governors present their annual report and audited financial statements of the charity for the year ended 31 December 2021 . The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 (SORP FRS 102 - effective 1 January 2019)
Objectives and activities
The charity’s objective is to promote the education of young persons under 25 (and in smaller measure, under 30) who reside in the City of London or the adjacent London Borough of Tower Hamlets. Its principal activities as reported here are as before: using its carefully managed funds to make grants to a range of eligible individuals and organisations. It requires the monitoring of grant expenditure to ensure that its actions promote public benefit.
The Foundation continues to support a mix of charitable and voluntary organisations that directly assist young people in its area, principally by working with young people in local primary and secondary schools in ways that go beyond statutory educational provision. Activities supported range across art, music, theatre, science, sport and recreational reading and writing. The criteria for grant making are outlined on the Foundation’s website www.aldgateallhallows.org.uk
Governance
The Board considered and approved a suite of important policies during the year including Safeguarding, Social Media, Whistleblowing, Complaints and Monitoring & Evaluation Policies.
A Diversity, Equality and Inclusion (EDI) statement was also agreed by the Board and subsequently placed on our website and twitter handle @AAF1895.
While we have always strived to ensure that everyone is equally valued and respected, the statement reiterates the Foundation’s commitment to creating and sustaining a positive and inclusive working environment for all. We also strongly believe that being a diverse organisation that represents the communities we serve will equip us to better fulfil our responsibilities and influence others to do the same.
We take this opportunity to formally record our thanks to William Hamilton-Hinds and Colonel Michael O’Dwyer OBE for their dedicated service to the Foundation. Both resigned from the Board during the year, having served, seventeen and eight years on the Board respectively. We shall miss their wise counsel and hope that they are both able to continue to stay in contact with the Foundation.
It is with a degree of sadness that I also report that David Mash, the former Chairman of the Foundation also resigned from the Board in May 2022 having so ably served the Foundation for thirty years. A farewell reception will be arranged for him in order to recognise his outstanding contribution to the work of the Charity for over three decades.
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THE ALDGATE AND ALLHALLOWS FOUNDATION
GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Achievements and performance
It was a modest year in terms of grant making. Grants totalling £23,000 were made to 2 organisations and 34 individuals received grants totalling £42,500 towards their undergraduate studies at Queen Mary, University of London.
The most significant award in the year was a three year grant of £45,000 to the Centre of the Cell www.centreofthecell.org (which is based at Barts and the London School of Medicine and Dentistry at Queen Mary, University of London) to meet the cost of a Youth Members Programme. This programme currently has over 500 members aged 14-19, with a high proportion of its active members coming from Tower Hamlets and the City of London. Youth members from these boroughs are usually the first in their family to apply to university and are from low-income backgrounds; both are known barriers to educational attainment.
To increase further representation across these boroughs, Centre of the Cell will actively promote opportunities to join and participate through youth networks such as schools, after-school clubs, community organisations and social media forums.
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Summer School - 2x week-long summer schools per year for YMS members aged 16-18. Summer school activities include lab tours; workshops with research scientists; surgical and dental skills sessions; UCAS application help; work experience and interview advice sessions; and trips to partner locations such as the Wellcome Collection. The week culminates in a visit to the Royal London Hospital helipad which has always been a highlight for attendees.
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Work experience placements for 25 YMS members seeking a science-based work experience. These usually take place during the school term time on the dates set aside by schools for work experience.
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Careers and study support (8 sessions per year, 15+ participants per session). These after-school sessions include advice and guidance on areas such as gaining work experience, writing UCAS applications and practicing interview skills. Youth Members will be partnered with a medical student from Barts and The London School of Medicine and Dentistry, who will provide practical advice as well as being positive role models for participants.
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Trial mentoring programme – Centre of the Cell will trial access to Barts & London medical and dental students for YMS members seeking mentoring, or who want longer conversations with biomedical students about their studies.
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Volunteering opportunities during school holidays - Youth Members will be given the opportunity to undertake volunteer training and help deliver Centre of the Cell events for families and children during the school holidays. Members find this experience invaluable for boosting confidence and communication skills, as well as providing experience for CVs, UCAS applications, and interviews.
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Partnership projects with other London-based STEM and education organisations and related schemes, including the Royal Institution, British Science Association, Royal Society, and Kings College London (and their Science Gallery London).
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‘Big Question’ Lectures (2-4 per year, 40+ participants per lecture). The flagship lectures series is aimed at 16 – 18 year olds studying science, and the wider public. Lectures are given by leading researchers or healthcare professionals at Queen Mary University of London. The lectures provide the opportunity to hear about the latest developments in biomedical science and to meet a leading scientist or clinician.
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THE ALDGATE AND ALLHALLOWS FOUNDATION
GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Monitoring & Evaluation
Denise Jones and Richard Foley (Chair and Chief Executive of the Foundation, respectively) spoke and marked the opening of a new library at Hermitage Primary School in a short ceremony on the 13th July 2021. They were joined by Zoe Howe, Head Teacher, (who was retiring at the end of the term), Polly Jones, Chair of Governors, Senior staff and pupils, who performed a selection of stories for the visitors, as well as representatives from the Tower Hamlets School Library Service.
After being without a permanent library for a number of years, Hermitage Primary School in Tower Hamlets was awarded £60,000 from the Aldgate & Allhallows Foundation towards the building of a new permanent library for its students.
The library offers reading resources and ICT to pupils and their families through extended opening times, and with solar panels incorporated into the construction and a thermally efficient design, it was built with its carbon footprint in mind.
The services that libraries provide, whether at a school or in the community, create important opportunities for learning, support literacy, the acquisition of knowledge, help foster new ideas and engender a love of reading.
The Foundation hopes that this new building will be a space of learning to benefit children in Tower Hamlets for many years to come.
Financial Review
The value of the Foundation’s investments increased by approximately £761,147 during the year, with the reserves increasing to £682,532. The Foundation’s income from its investments also increased by approximately £30,000 in the same period.
The amount received from Hickson’s Charity fell by approximately £44,000 during the year. However, now that a promotion Agreement has been agreed between Brewers’ Company (Trustee for Hickson’s Charity) and Miller Homes (formerly Wallace Land), the Foundation hopes should the proposed development at South Mimms in Hertfordshire proceed, its income will increase exponentially in future years.
Covid-19 Pandemic
The Foundation’s offices were closed during part of 2021 due to Covid-19 pandemic, and other than one member of staff who has been furloughed, have all been successfully working from home.
Governors continued to hold their Board Meetings remotely throughout the year and signed the London Funders Pledge http://covid19funders.org.uk/ giving a commitment to support our existing grantees in these difficult circumstances. Close contact was maintained with all our grantees throughout the pandemic and a large number of grant variations were agreed by the Board through the course of the year.
Appreciation
Finally, all the Governors join with me in acknowledging and thanking the staff team for all their considerable efforts under the continued leadership of our Chief Executive, Richard Foley. We welcome Carl Hanser, as our new Grants Manager and hope he finds his time at the Foundation to be both fulfilling and rewarding.
Alongside our professional advisers who are listed in this report, we do also wish to thank particularly Paul Windmill of Myers Clark for his close attention to our financial well-being.
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THE ALDGATE AND ALLHALLOWS FOUNDATION
GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Structure, governance and management
The Aldgate and Allhallows Foundation is an unincorporated charity governed by a Scheme dated 8 February 1971 made by the Secretary of State for Education and Science under Section 18 of the Charities Act 1960.
The Governors are the trustees of the charity.
There are two ex-officio Governors; two Governors are appointed by nominating bodies and a further nine Governors are co-opted. Governors serve for three years after which period they may put themselves forward for re-appointment. Governors meet formally twice a year and are all invited to acquaint themselves with the work of the beneficiaries who are supported by the Foundation.
A review of performance has included skills audit, training needs and skills gaps within the overall body. Nominating bodies are made aware of skills requirements and their applicants are selected on these requirements. Co-opted vacancies are selected from similar criteria on recommendation from within the Board.
The day to day administration of the Foundation is carried out by the staff of The Portal Trust for which a fee is paid. An agreement between the two Foundations was signed in May 2009. An overlap in board membership (see note 4 on page 15 for details) allows the two foundations to share expertise while reinforcing the individual approach of each one. As The Aldgate & Allhallows Foundation does not employ staff, it is exposed to fewer risks than some other charitable organisations.
Nominating bodies are made aware of skills requirements and their applicants are selected on these requirements. Co-opted vacancies are selected from similar criteria on recommendation from within the Board.
Reference and administrative details
Website: www.aldgateallhallows.org.uk Twitter: @AAF1895
The Aldgate and Allhallows Foundation is a charity registered in England and Wales number 312500. The principal address of the charity is 31 Jewry Street, London, EC3N 2EY.
The Governors who served in the year were as follows: Nominated H Whitbread nominated by The Brewers' Company M O'Dwyer (resigned November 2021) nominated by The Brewers' Company
Co-opted J Hall K Everett M Fredericks W Hamilton-Hinds (resigned August 2021) R Hazlewood (Deputy Chair) S Islam D Jones (Chair) S Knowles D Mash (resigned May 2022)
Ex-officio L Jørgensen K Hedderly
The Chief Executive is R Foley MSc.
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THE ALDGATE AND ALLHALLOWS FOUNDATION
GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
The principle advisors to the charity are:
Auditors
Myers Clark Chartered Accountants and Statutory Auditors Egale 1, 80 St Albans Road Watford Hertfordshire WD17 1DL
Bankers
C Hoare & Co 37 Fleet Street London EC4P 4DQ
Investment advisors
James Hambro & Partners LLP 45 Pall Mall London SW1Y 5JG
Solicitors
Devonshires Salisbury House London Wall London EC2M 5QY
Statement of governors' responsibilities
Charity law requires the Governors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the net incoming/(outgoing) resources for the year. In preparing the financial statements the Governors are required to:
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Select suitable accounting policies and apply them consistently;
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Make judgements and estimates that are reasonable and prudent; and
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Prepare the financial statements on a going concern basis unless it is inappropriate to do so.
The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with the Charities Act 2011. The Governors are also responsible for safeguarding the assets of the charity and hence for taking steps for the prevention and detection of fraud and other irregularities.
The governors' r eport was approved by the Board of Governors.
D Jones
Chair Dated: 4 May 2022
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THE ALDGATE AND ALLHALLOWS FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE GOVERNORS OF THE ALDGATE AND ALLHALLOWS FOUNDATION
Opinion
We have audited the financial statements of The Aldgate And Allhallows Foundation (the charity ) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been a pplied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the ’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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THE ALDGATE AND ALLHALLOWS FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE ALDGATE AND ALLHALLOWS FOUNDATION
Responsibilities of governors
As explained more fully in the s tatement of governors' r esponsibilities, the governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the governors are responsible for assessing the charity ’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
The extent to which the audit was considered capable of detecting irregularities including fraud
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
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The nature of the industry and sector, control environment and performance;
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Results of our enquiries of Management about their own identification and assessment of the risks of irregularities;
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Any matters we identified having obtained and review the charity's documentation of their policies and procedures relating to;
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identifying, evaluating and complying with laws and regulation and whether they were aware of any instances on non-compliance;
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
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The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisations for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
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THE ALDGATE AND ALLHALLOWS FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF THE ALDGATE AND ALLHALLOWS FOUNDATION
We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts disclosed in the financial statements.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty.
Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation:
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reading the minutes of meetings of those charged with governance; and
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enquiring of management as to actual and potential litigations and claims
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditors responsibilities.
This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Windmill (Senior Statutory Auditor) for and on behalf of Myers Clark 27 July 2022
Chartered Accountants Statutory Auditor
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THE ALDGATE AND ALLHALLOWS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Endowment funds funds Notes £ £ Income from: Donations 2 22,683 - Listed investments 204,498 - Total income 227,181 - Expenditure on: Grants payable 3 (65,500) - Administration fee 4 (45,000) - Investment managers fee - (53,939) Auditors' remuneration: - For audit (4,560) - Other expenses (4,919) - Total expenditure (119,979) (53,939) Net gains/(losses) on investments 5 80,840 627,044 Net movement in funds 188,042 573,105 Fund balances at 1 January 2021 494,490 7,937,829 Fund balances at 31 December 2021 682,532 8,510,934 |
Total Unrestricted Endowment 2021 funds funds £ £ £ 22,683 66,460 - 204,498 175,147 - 227,181 241,607 - (65,500) (159,750) - (45,000) (41,099) - (53,939) - (51,441) (4,560) (3,888) - (4,919) (5,484) - (173,918) (210,221) (51,441) 707,884 (92,352) (899) 761,147 (60,966) (52,340) 8,432,319 555,456 7,990,169 9,193,466 494,490 7,937,829 |
Total 2020 £ 66,460 175,147 241,607 (159,750) (41,099) (51,441) (3,888) (5,484) (261,662) (93,251) (113,306) 8,545,625 8,432,319 |
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THE ALDGATE AND ALLHALLOWS FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Fixed assets Investments 5 Current assets Debtors Cash at bank and in hand Creditors: amounts falling due within one year 6 Net current assets Total assets less current liabilities Funds of the charity Endowment funds Unrestricted funds |
2021 £ 746 233,799 234,545 (64,002) |
£ 9,022,923 170,543 9,193,466 8,510,934 682,532 9,193,466 |
2020 £ 746 182,884 183,630 (113,521) |
£ 8,362,210 70,109 8,432,319 7,937,829 494,490 8,432,319 |
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The financial statements were approved by the Governors on 4 May 2022
D Jones R Hazlewood Chair Deputy Chair
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THE ALDGATE AND ALLHALLOWS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
1.1 Basis of preparation
The accounts (financial statements) 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.
The financial statements have been prepared in accordance with 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 (FRS 102) - SORP FRS 102 (effective 1 January 2019) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The Governors consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
1.2 Incoming recognition
Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The Foundation is entitled to ten thirteenths of the surplus from the Charity of Alderman James Hickson. This income is recognised when the charity has been notified of the amount due by the trustee of the charity.
1.3 Expenditure recognition
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Grants are initially recognised when approved by the Governors as commitments. When the conditions for payment have been met by the recipients, grants are recognised in the Statement of Financial Activities to the extent that payment is probable.
1.4 Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
1.5 Funds
The permanent endowment fund comprises the original capital fund, and gains thereto, established to provide income for grant payments in accordance with the objectives of the Foundation. The capital cannot be converted into income. The fund is represented by the capital investment included in fixed assets. Unrestricted funds may be applied at the Governors discretion to the general charitable objectives of the Foundation.
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THE ALDGATE AND ALLHALLOWS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 2 Donations Charity of Alderman James Hickson 3 Grants Grants approved in the year Grants per Statement of Financial Activities Creditors at 1 January 2021 Grants paid in the year Creditors at 31 December 2021 Grants awarded can be analysed as follows: Grants to institutions - 2 (2020: 7) Grants to individuals - 34 (2020: 29) Grants payable per Statement of Financial Activities |
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THE ALDGATE AND ALLHALLOWS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 3 | Grants | (Continued) | |
|---|---|---|---|
| Major grants of £10,000 or more were made to the following institutions in 2021: | |||
| Name | Purpose | Amount | |
| Centre of the Cell | Youth Members Programme | 15,000 |
4 Related party transactions and governor's remuneration
None of the Governors (or any persons connected with them) received any remuneration during the year. No G overnors incurred expenses for travel and subsistence (20 20 : £nil ). No Governors incurred reimbursable expenditure (2020: £nil).
D Jones, J Hall and L Jørgensen are also Governors of The Portal Trust . Each charity operates independently with its own policies and separate governing bodies. Administration fees of £4 5,000 (20 20 : £4 1,099 ) were paid to The Portal Trust . This fee is within Other Creditors at the year end.
M O'Dwyer is the Clerk to The Brewers' Company who is the sole Trustee of The Hickson Charity who provided income to the charity of £22,683 (2020: £66,460).
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THE ALDGATE AND ALLHALLOWS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
5 Listed investments
| Income fund | Endowment | Total funds | |
|---|---|---|---|
| fund | |||
| £ | £ | £ | |
| CURRENT YEAR | |||
| At 1 January 2021 | 411,366 | 7,950,844 | 8,362,210 |
| Income reinvested | 1,075 | 5,693 | 6,768 |
| Management fees paid | - | (53,939) | (53,939) |
| Change in value in the year | 80,840 | 627,044 | 707,884 |
| Market value at 31 December 2021 | 493,281 | 8,529,642 | 9,022,923 |
| Historic cost at 31 December 2021 | 397,314 | 7,323,735 | 7,721,049 |
| Geographic analysis: | |||
| UK Fixed interest | - | 1,083,989 | 1,083,989 |
| UK Equities | - | 1,604,800 | 1,604,800 |
| Overseas Equities | 361,799 | 4,544,593 | 4,906,392 |
| Alternative Investments | 126,879 | 1,003,902 | 1,130,781 |
| Cash | 4,603 | 292,358 | 296,961 |
| 493,281 | 8,529,642 | 9,022,923 |
Assets comprising more than 5% of the portfolio were: None
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THE ALDGATE AND ALLHALLOWS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 5 | Listed investments | (Continued) | ||
|---|---|---|---|---|
| Income fund | Endownment | Total funds | ||
| fund | ||||
| £ | £ | £ | ||
| PRIOR YEAR | - | |||
| At 1 January 2020 | 505,227 | 8,015,411 | 8,520,638 | |
| Capital withdrawn | (1,509) | (12,227) |
(13,736) | |
| Management fees paid | - | (51,441) | (51,441) | |
| Change in value in the year | (92,352) | (899) |
(93,251) | |
| Market value at 31 December 2020 | 411,366 | 7,950,844 | 8,362,210 | |
| Historic cost at 31 December 2020 | 396,239 | 7,064,269 | 7,460,508 | |
| Geographic analysis: | ||||
| UK Fixed interest | - | 1,325,979 | 1,325,979 | |
| UK Equities | - | 1,372,026 | 1,372,026 | |
| Overseas Equities | 281,118 | 4,119,386 | 4,400,504 | |
| Alternative Investments | 98,993 | 666,723 | 765,716 | |
| Commodities | - | 377,127 | 377,127 | |
| Cash | 31,255 | 89,603 | 120,858 | |
| 411,366 | 7,950,844 | 8,362,210 |
| Assets comprising more than 5% of the portfolio were: None 6 Creditors: amounts falling due within one year Grants payable (note 3) Other creditors and accruals |
2021 £ 6,500 57,502 64,002 |
2020 £ 56,500 57,021 113,521 |
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THE ALDGATE AND ALLHALLOWS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 7 Analysis of net assets between fund Unrestricted funds Endowment funds £ £ Fund balances at 31 December 2021 are represented by: Investments 493,281 8,529,642 Current assets/(liabilities) 189,251 (18,708) 682,532 8,510,934 Fund balances at 31 December 2020 are represented by: Investments 411,366 7,950,844 Current assets/(liabilities) 83,124 (13,015) 494,490 7,937,829 |
Total £ 9,022,923 170,543 9,193,466 8,362,210 70,109 8,432,319 |
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8 Grant commitments
Grants totalling £156,500 (20 20 : £ 122,250 ) have been approved for future years dependent on progress reports in the current year. They have not been accrued in the financial statements but will form part of grants in future years. These are being disclosed as contingent liabilities.
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