DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 Charity number: 313442 FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 30 SEPTEMBER 2020 BLACKIE FOUNDATION TRUST DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## CONTENTS ||Page| |---|---| |**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1| |**Trustees' Report**|2 - 3| |**Independent Examiner's Report**|4| |**Statement of Financial Activities**|5| |**Balance Sheet**|6| |**Notes to the Financial Statements**|7 - 12| DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED ENDED 30 SEPTEMBER 2020 ## **Trustees** J D B Nickson, Chairman (resigned ) H A S A Blackie, Trustee Dr S Eames, Trustee Dr R Smith, Trustee (appointed ) ## **Charity registered number** 313442 ## **Principal office** c/o The Academic Unit, Royal London Hospital for Integrated Medicine, 60 Great Ormond Street, London, WC1N 3HR ## **Patron** HRH Princess Alexandra, the Hon. Lady Ogilvy KG GCVO ## **Presidents** Lord Colwyn CBE, Vice President Dr R W Davey LVO, Vice President Miss S Hampshire CBE, Vice President J Mclellan, Vice President ## **Accountants** Menzies LLP, Centrum House, 36 Station Road, Egham, Surrey, TW20 9LF ## **Bankers** CAF Bank Limited, Kings Hill, West Malling, Kent, ME19 4JQ ## **Solicitors** Stafford Young Jones, 2nd Floor, Candlewick House, 120 Cannon Street, London, EC4N 6AS ## **Investment Adviser** Fiske PLC, Salisbury House, London Wall, London, EC2M 5QS Page 1 DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## TRUSTEES' REPORT FOR THE YEAR ENDED ENDED 30 SEPTEMBER 2020 The Trustees present their annual report together with the financial statements of the Trust for the year 1 October 2019 to 30 September 2020. ## **Objectives and Activities** ##  **Policies and objectives** The main aims of the Trust are the advancement of the study of, and education in, the science of homeopathy and the encouragement, with financial help, of homeopathic research and of the publication of the results of such research. ##  **Public benefit** The Trustees have referred to the guidance in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the Charity and in planning future activities. In particular the Trustees consider how planned activities will contribute to the aims and objectives set. ## **Achievements and performance** ##  **Review of activities** The Trustees have reviewed the current grant giving process, and have decided to continue awarding block grants to organisations, rather than individual applicants. ##  **Investment policy** The investment profile of the Trust is reviewed regularly by the Trustees and, if necessary, action is taken by an Investment Committee to vary the profile. ## **Financial review** The total income for the year was £45,017 (2019: £48,217). The Trust made grants amounting to £65,000 (2019: £65,000) during the year. The loss for the year before investment gains/losses is 34,367 (2019: 31,496). Net realised and unrealised losses in the Trust's investments in the current year were £115,730 (2019: gain of £26,716). The net movement in the current year of (£150,097) (2019: £4,780) resulted in the carried forward funds at 30 September 2020 being £1,457,087 (2019: £1,607,184). The Trustees have continued to review overall strategy and have made decisions which will support the medical and scientific homeopathic communities in a simple and cost effective way, via the distribution of block grants to suitable organisations. ##  **Reserves policy** The unrestricted reserves of the Charity are available for future projects and for the working capital of the Trust. Restricted reserves consist of the remaining balance of the Arthritic Association Bursary Fund, which provides bursaries to first year students on The Faculty of Homeopathy approved courses. It is the aim of the Trustees to maintain free reserves at a level of at least twelve months' estimated expenditure. ## **Structure, governance and management** The Charity was constituted under a Trust Deed on 17 August 1971 which also appointed the three original trustees. Subsequent trustees have been appointed by the existing Trustees when deemed necessary. When new trustees are appointed, they are provided with a copy of the Trust Deed and latest annual fionanciual statements in order to provide Page 2 DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## TRUSTEES' REPORT (continued) FOR THE YEAR ENDED ENDED 30 SEPTEMBER 2020 adequate background information for their role. In September 1996 the terms of the original Trust were altered by a Deed of variation to permit an increase in the number of Trustees to not more than ten. ##  **President, Vice Presidents and Trustee Board** Jeremy Nickson has stepped down as Chairman of the Trustee Board, and the trustees are grateful for the time he devoted to the charity, Dr Roger Smith has been appointed as a new trustee, and a new chairman will be chosen from the current trustees. ##  **Risk management** The function of risk management for the Trust is discharged by professionally qualified Trustees, together with specialist advisers where necessary. The Trustees request annual reports from the grant receiving bodies, to ensure that the funds have been used in a suitable way, as discussed at the time of the grant award, and in keeping with the aims of the Charity. ## **Plans for future periods** ##  **Future developments** The Trust remains committed to its charitable aims. It is particularly keen to support new ventures which will interest more health professionals in homeopathic training, which will then support both patient care and the development of a new generation of researchers in the future. The charity is actively searching for new trustees to take the charity forward. ## **COVID-19 Coronavirus** The trustees have considered the impact of Covid on the charities activities and future, but consider that there have not been any major challenges because of the pandemic. The financial reserves are more than adequate to cover a downturn in investment income and donations and the trustees can continue to communicate effectively by remote means. ## **Independent Examiner** Janice Matthews of Menzies LLP has been appointed as independent examiner for the ensuing year. This report was approved by the Trustees and signed on their behalf by: **Dr S Eames Trustee** 27-Oct-2021 **Date:** Page 3 DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED ENDED 30 SEPTEMBER 2020 ## **Independent Examiner's Report to the Trustees of Blackie Foundation Trust (the 'Charity')** I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 September 2020. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. ## **Responsibilities and Basis of Report** As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent Examiner's Statement** Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Dated: 29-Oct-2021 Janice Matthews FCA ## **Menzies LLP** Chartered Accountants Centrum House 36 Station Road Egham Surrey TW20 9LF Page 4 DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED ENDED 30 SEPTEMBER 2020 |**Note**
**Income from:**
Donations and legacies
2
Investments
3
**Total income**
**Expenditure on:**
Raising funds
4
Charitable activities
5,6
**Total expenditure**
**Net expenditure before investment**
**gains/(losses)**
Net gains/(losses) on investments
8
**Net expenditure before other recognised gains**
**and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**2020**
**£**
**551**
**44,466**
**45,017**
**10,424**
**68,960**
**79,384**
**(34,367)**
**(115,730)**
**(150,097)**
**(150,097)**
**1,606,704**
**1,456,607**|**Restricted**
**funds**
**2020**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**480**
**480**|**Total**
**funds**
**2020**
**£**
**551**
**44,466**
**45,017**
**10,424**
**68,960**
**79,384**
**(34,367)**
**(115,730)**
**(150,097)**
**(150,097)**
**1,607,184**
**1,457,087**|_Total_
_funds_
_2019_
_£_
_690_
_47,527_
_48,217_
_10,933_
_68,780_
_79,713_
_(31,496)_
_26,716_
_(4,780)_
_(4,780)_
_1,611,964_
_1,607,184_| |---|---|---|---|---| The notes on pages 7 to 12 form part of these financial statements. Page 5 DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## BALANCE SHEET AS AT 30 SEPTEMBER 2020 |**Note**
**Fixed assets**
Tangible assets
7
Investments
8
**Current assets**
Cash at bank and in hand
**Creditors:**amounts falling due within one year
9
**Net current (liabilities)/assets**
**Net assets**
**Charity Funds**
Restricted funds
Unrestricted funds
**Total funds**|**£**
**48,869**
**(77,888)**|**2020**
**£**
**-**
**1,486,106**
**1,486,106**
**(29,019)**
**1,457,087**
**480**
**1,456,607**
**1,457,087**|_£_
_117,198_
_(77,954)_|_2019_
_£_
_-_
_1,567,940_| |---|---|---|---|---| |||||_1,567,940_
_39,244_| |||||_1,607,184_| |||||_480_
_1,606,704_| |||||_1,607,184_| The financial statements were approved by the Trustees and signed on their behalf, by: 27-Oct-2021 **Dr S Eames Date:** The notes on pages 7 to 12 form part of these financial statements. Page 6 DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 30 SEPTEMBER 2020 ## **1. Accounting Policies** ## **1.1 Basis of preparation of financial statements** The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes 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) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. Blackie Foundation Trust constitutes a public benefit entity as defined by FRS 102. ## **1.2 Going concern** The trustees have considered the impact of Covid on the charities activities and future, but consider that there have not been any major challenges because of the pandemic. The financial reserves are more than adequate to cover a downturn in investment income and donations and the trustees can continue to communicate effectively by remote means. ## **1.3 Income** All 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. ## **1.4 Expenditure** 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. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. ## **1.5 Tangible fixed assets and depreciation** All fixed assets are initially recorded at cost. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Computer equipment - 33% Page 7 DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 30 SEPTEMBER 2020 ## **1. Accounting Policies (continued)** ## **1.6 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliabily in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities. ## **1.7 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank. ## **1.8 Cash at Bank and in hand** Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.9 Liabilities** Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. ## **1.10 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. ## **2. Income from donations and legacies** ||**Unrestricted**|**Restricted**|**Total**|_Total_| |---|---|---|---|---| ||**funds**|**funds**|**funds**|_funds_| ||**2020**|**2020**|**2020**|_2019_| ||**£**|**£**|**£**|_£_| |Donations and Legacies|**551**|**-**|**551**|_690_| Page 8 DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 30 SEPTEMBER 2020 ## **3. Investment income** |Income from UK listed investments
Bank interest receivable
_Total 2019_
**Investment management costs**
Investment management fees
Bank charges
_Total 2019_
**Analysis of grants**
The British Homeopathic Society
The Faculty of Homeopathy
_Total 2019_|**Unrestricted**
**funds**
**2020**
**£**
**44,416**
**50**
**44,466**
_47,527_
**Unrestricted**
**funds**
**2020**
**£**
**10,274**
**150**
**10,424**
_10,933_|**Restricted**
**funds**
**2020**
**£**
**-**
**-**
**-**
_-_
**Restricted**
**funds**
**2020**
**£**
**-**
**-**
**-**
_-_
**Grants to**
**Institutions**
**2020**
**£**
**30,000**
**35,000**
**65,000**
_65,000_|**Total**
**funds**
**2020**
**£**
**44,416**
**50**
**44,466**
_47,527_
**Total**
**funds**
**2020**
**£**
**10,274**
**150**
**10,424**
_10,933_
**Total**
**2020**
**£**
**30,000**
**35,000**
**65,000**
_65,000_|_Total_
_funds_
_2019_
_£_
_47,351_
_176_
_47,527_| |---|---|---|---|---| |||||_Total_
_funds_
_2019_
_£_
_10,813_
_120_
_10,933_| |||||_Total_
_2019_
_£_
_30,000_
_35,000_| |||||_65,000_| |||||| . **4. Investment management costs** **5. Analysis of grants** Page 9 DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 30 SEPTEMBER 2020 ## **6. Governance costs** |**Governance costs**||||| |---|---|---|---|---| ||**Unrestricted**|**Restricted**|**Total**|_Total_| ||**funds**|**funds**|**funds**|_funds_| ||**2020**|**2020**|**2020**|_2019_| ||**£**|**£**|**£**|_£_| |Accountancy fees|**3,960**|**-**|**3,960**|_3,780_| The independent examiner's remuneration for the year was £3,300 (2019: £3,250). ## **7. Tangible fixed assets** |**Cost**
At 1 October 2019 and 30 September 2020
**Depreciation**
At 1 October 2019 and 30 September 2020
**Net book value**
At 30 September 2020
_At 30 September 2019_
**Fixed asset investments**
**Market value**
At 1 October 2019
Revaluations
At 30 September 2020
**Investments at market value comprise:**
UK Quoted Shares
All the fixed asset investments are held in the UK.|**2020**
**£**
**1,486,106**||**Office**
**equipment**
**£**
**1,945**
**1,945**
**-**
_-_
**Listed**
**securities**
**£**
**1,567,940**
**(81,834)**| |---|---|---|---| ||||| ||||| ||||| ||||| ||||**1,486,106**| ||||_2019_
_£_
_1,567,940_| ||||| ## **8. Fixed asset investments** Page 10 DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 30 SEPTEMBER 2020 ## **9. Creditors: Amounts falling due within one year** |**Creditors: Amounts falling due within one year**||| |---|---|---| ||**2020**|_2019_| ||**£**|_£_| |Accruals and deferred income|**77,888**|_77,954_| ## **10. Summary of funds** - **. Summary of funds - current year** |**Balance at 1**
**October 2019**
**£**
General funds
**1,606,704**
Arthritic Association Bursary Fund
**480**
**1,607,184**
**.**
**Summary of funds - prior year**
_Balance at_
_1 October_
_2018_
_£_
General funds
_1,611,484_
Arthritic Association Bursary Fund
_480_
_1,611,964_|**Income**
**£**
**45,017**
**-**
**45,017**
_Income_
_£_
_48,217_
_-_
_48,217_|**Expenditure**
**£**
**(79,384)**
**-**
**(79,384)**
_Expenditure_
_£_
_(79,713)_
_-_
_(79,713)_|**Gains/**
**(Losses)**
**Balance at**
**30**
**September**
**2020**
**£**
**£**
**(115,730)**
**1,456,607**
**-**
**480**
**(115,730)**
**1,457,087**
_Gains/_
_(Losses)_
_Balance at 30_
_September_
_2019_
_£_
_£_
_26,716_
_1,606,704_
_-_
_480_
_26,716_
_1,607,184_|**Balance at**
**30**
**September**
**2020**
**£**
**1,456,607**
**480**| |---|---|---|---|---| |||||| |||||| |||||**1,457,087**| |||||| |||||| |||||_1,607,184_| The Arthritic Association Bursary Fund represents funds available to provide a bursary system to first year students studying for Faculty of Homeopathy approved courses. Page 11 DocuSign Envelope ID: DE968425-E741-4017-8058-E9AB3514D4A1 ## BLACKIE FOUNDATION TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 30 SEPTEMBER 2020 ## **11. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |Fixed asset investments
Current assets
Creditors due within one year
**Analysis of net assets between funds - prior year**
Fixed asset investments
Current assets
Creditors due within one year|**Unrestricted**
**funds**
**2020**
**£**
**1,486,106**
**48,389**
**(77,888)**
**1,456,607**
_Unrestricted_
_funds_
_2019_
_£_
_1,567,940_
_116,718_
_(77,954)_
_1,606,704_||**Restricted**
**funds**
**2020**
**£**
**-**
**480**
**-**
**480**
_Restricted_
_funds_
_2019_
_£_
_-_
_480_
_-_
_480_|**Total**
**funds**
**2020**
**£**
**1,486,106**
**48,869**
**(77,888)**
**1,457,087**
_Total_
_funds_
_2019_
_£_
_1,567,940_
_117,198_
_(77,954)_
_1,607,184_| |---|---|---|---|---| |||||| ## **12. Related party transactions** No salaries or wages have been paid to any Trustees and there are no staff. None of the Trustees received any remuneration or reimbursed expenses during the year (2019: £Nil). Page 12