## **THE SIDNEY PERRY FOUNDATION CHARITY REGISTRATION NO: 313758**
## **ACCOUNTS**
**FOR THE YEAR ENDED 31ST DECEMBER 2022**
Page 1
## **THE SIDNEY PERRY FOUNDATION**
## **REPORT OF THE GOVERNING BODY**
## **LEGAL AND ADMINISTRATIVE DETAILS**
The Foundation is a charitable trust registered with the Charity Commission (Registered Charity Number: 313758).
The principal object of the Foundation is ‘to assist persons to obtain education in its widest sense, other than primary, when the expenses thereof would without such assistance be beyond their means’.
The Foundation was established in 1961 with capital given by Sidney James Perry (1888 – 1967), an actuary who became senior partner of Phillips & Drew. In 1945 he had established an earlier educational charity (The Covenantors Educational Trust), which has now been amalgamated with the Foundation.
## **GOVERNORS**
The Governors, who are the charity’s trustees, are:
Clive Barham Carter, MA Miss G. Bland, BA The Revd Canon John Bundock Crispian Collins, MBE, BA (Hons) Oxon Christopher Field JP, MA, ARAM (Deputy Chairman) Dr C. Nobbs, BSc (Hons), MBBS, MA, MRCP Mrs G. Nobbs, RGN Roger J. Pincham, CBE (Chairman)
Governors are appointed by the existing Governors, having regard to obtaining a satisfactory range of relevant skills and experience among the Governors as a whole.
## **SECRETARY AND ADMINISTRATOR** :
Mrs Lauriann Owens, BA (Hons), MSc, PgCert
**OFFICE ADDRESS:**
P.O. Box 889 OXFORD OX1 9PT
## **AUDITORS:**
Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD
**BANKERS** :
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ
Page 2
## **THE SIDNEY PERRY FOUNDATION**
## **REPORT OF THE GOVERNING BODY (CONTINUED)**
## **PUBLIC BENEFIT**
The Governors, as the Foundations trustees, confirm that they have complied with the duty set out in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit when reviewing aims and objectives.
## **OBJECTIVES FOR THE YEAR**
The Governors decided to retain grants at £1,200 or less at trustees’ discretion, and continue to award supergrants of £1,500. In exceptional circumstances grants of up to £2,000 could be made. The Governors agreed to continue the practice of awarding grants to applicants on a year on year basis and to support those in receipt of continuing awards. They continued to relax some of their current restrictions in order to help students in particular need whose cases the Governors view as exceptional.
## **ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR**
The Governors continue to provide grants to assist in a professional or other career. During the year approximately 110 complete application forms were received. A number of these were returned due to the size of the shortfall, lack of references, or the application being well outside the criteria. Although all such applicants were given the opportunity to reapply, not all did. Therefore 78 applications were considered by the Governors. 72 awards were given and 6 were refused. 27 “super grants” of £1,500 were awarded and awards ranged from £500 to one of £2,000. The Philharmonia Orchestra/Martin Musical Scholarship Fund were awarded £30,000 to 7 Instrumental Fellows. Vocal scholarships totalling £30,000 were awarded to 6 students of Guildhall School of Music and Drama (GSMD). One Open University Engineering award for £1,614 was made. In total grants awarded in 2022 amounted to £151,814.
In March 2022 the Governors received correspondence from Weightmans Radcliffes informing them that under the terms of the late Haroutune Matossian’s UK Will the Executor had chosen to appoint a pecuniary legacy in the sum of £50,000 to the Foundation. Grant of Probate in the Estate had been received and the legacy was expected in the spring of 2023.
## **RESERVES POLICY**
The Governors have reviewed their reserves policy in the light of the amount of unspent income held on the unrestricted General Fund.
## **INVESTMENTS POLICY**
The current investment policy is to invest 90% to 95% in equities and the remainder in fixed interest funds. Equity investments are currently held in two charity unit trusts (COIF and M&G). In addition, the Foundation holds funds on short-term deposit with CAF Bank. In 2022 the total return, income and capital combined, on M&G Charifund Units was -0.19% and that on COIF Charities Investment Fund was -9%. (The COIF comparator of indices was -10.1%). The corresponding return on the FTSE All-Share Index benchmark was 0.34%.
Page 3
## **THE SIDNEY PERRY FOUNDATION**
## **REPORT OF THE GOVERNING BODY (CONTINUED)**
## **RISK ASSESSMENT**
The trustees have reviewed the major risks to which the charity is exposed and systems have been established to mitigate those risks.
## **ORGANISATIONAL ARRANGEMENTS**
Grants are based on the academic year and applications are generally expected to arrive by the end of the year before, however later applications may be considered. Applications have to be in writing and supported by signed, up to date original references, one of which must be academic, for consideration by one of four panels each consisting of two Governors. Applications are circulated by post and the Governors meet once a year to discuss policy and to transact the usual business of an Annual General Meeting. The Governors have the responsibilities of charity trustees and have overall direction of the Foundation. Mrs Lauriann Owens acts as Secretary and keeps the records of the Foundation. The Investments are registered in the name of The Sidney Perry Foundation, PO Box 889, OXFORD, OX1 9PT.
## **GRANTS POLICY**
The grant policy was to retain grants at £1,200 and award up to £1,500 as supergrants. In exceptional circumstances grants of up to £2,000 were made. The average award in 2022 was £1,667 and individual grants ranged from £500 to £2,000. The Governors do not consider cases where the deficit is greater than £3,000. The Governors have decided that the primary objective must be to help obtain education, other than primary, in the widest sense, with consideration given to the public benefit and that the Governors would remain flexible.
Awards will not be made for:
- (1) The first year of a first degree, save in exceptional circumstances.
- (2) Students who wish to study outside the UK.
- (3) Second degree courses where the grade in the first degree is lower than a 2(1), save in exceptional circumstances.
- (4) Expeditions overseas, emergency funding or clearance of existing debts.
- (5) Students over the age of 35 years when their course of study commences, save in exceptional circumstances.
- (6) “A” levels, GCSEs and Foundation degrees. Except in exceptional circumstances students on Access, ESOL, HNC, HND, BTEC, SVQ and NVQ levels 1-4.
Page 4
## **THE SIDNEY PERRY FOUNDATION**
## **REPORT OF THE GOVERNING BODY (CONTINUED)**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for the year. In preparing those financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and regulations made thereunder. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was agreed and signed on behalf of the Board of Trustees on 2023.
_______________________________
## **Christopher Field (Deputy Chairman)**
Page 5
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SIDNEY PERRY FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Opinion**
We have audited the financial statements of The Sidney Perry Foundation (the ’charity’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied 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:
• give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland; and
• 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 financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 trustees’ 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 charity’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 trustees 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 trustees are responsible for the other information.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Page 6
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SIDNEY PERRY FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2022**
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 there is 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**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement set out on page 4, the Trustees 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 trustees 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 trustees 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 trustees either intend to liquidate the company or 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.
Page 7
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SIDNEY PERRY FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2022**
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 Charity is required to comply with charity law and, based on our knowledge of its activities, we identified that the legal requirement to comply with the Charity SORP was of key significance.
- We gained an understanding of how the charity complied with its legal and regulatory framework, including the requirement to comply with the Charity SORP, through discussions with management and a review of the documented policies, procedures and controls.
- The audit team, which is experienced in the audit of charities, considered the charity’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override.
- Our approach was to check that all income was properly identified and accounted for and to ensure that only valid and appropriate expenditure was charged to the charity’s funds. This included reviewing journal adjustments and unusual transactions.
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/auditorsresponsibilities. This description forms part of our auditor’s report.
There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or international misrepresentation, or through collusion.
## **Use of our report**
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. 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 auditor’s 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.
Knox Cropper LLP, Statutory Auditor 65 Leadenhall Street London EC3A 2AD
Page 8
## **THE SIDNEY PERRY FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31[ST] DECEMBER 2022**
|**Notes**
**INCOME FROM:**
Legacies and donations
Investment income
Bank interest
**Total**
**EXPENDITURE ON:**
Raising funds
Charitable activities
2
Total
Net income/(expenditure)
before investment gains
**Net (losses)/gains on**
**investments**
4
**Net**
**income/(expenditure)**
**and Net movement in**
**funds**
Transfers between funds
**Fund balance brought**
**forward**
**FUND BALANCE**
**CARRIED FORWARD**|**Unrestricted**
**Funds**
£
50,000
231,262
650
281,912
-
182,819
182,819
99,093
-
99,093
99,093
-
215,910
£315,003|**Restricted**
**Funds**
£
-
229
-
229
-
229
229
-
-
-
-
-
£-|**Endowments**
**Funds**
-
-
-
-
-
-
-
-
(397,428)
(397,428)
-
5,129,967
£4,732,539|**Total**
**2022**
£
50,000
231,491
650
282,141
-
183,048
183,048
99,093
(397,428)
(298,335)
-
5,345,877
£5,047,542|**Total**
**2021**
£
145
210,232
12|
|---|---|---|---|---|---|
||||||210,389|
||||||-
177,337|
||||||177,337|
||||||33,052
628,469|
||||||661,521|
||||||-
4,684,356|
||||||£5,345,877|
The detailed comparative Statement of Financial Activities is set out in Note 9.
Page 9
## **THE SIDNEY PERRY FOUNDATION**
## **BALANCE SHEET**
## **AS AT 31[ST] DECEMBER 2022**
|**Notes**
**FIXED ASSETS**
Tangible Assets
3
Investments
4
**CURRENT ASSETS**
Bank Balances
Debtors
5
Creditors: Amounts falling due
within one year
6
**NET ASSETS**
**CAPITAL FUNDS**
Endowment Funds
7
**INCOME FUNDS**
7
Restricted Funds
Unrestricted Funds|**2022**
£
£
-
4,828,794
172,528
50,000
222,528
(3,780)
218,748
£5,047,542
4,732,539
-
315,003
£5,047,542|**2021**
£
£
-
5,226,222
116,755
6,250
123,005
(3,350)
119,655
£5,345,877
5,129,967
-
215,910
£5,345,877|**2021**
£
£
-
5,226,222
116,755
6,250
123,005
(3,350)
119,655
£5,345,877
5,129,967
-
215,910
£5,345,877|
|---|---|---|---|
||||£5,345,877|
||||5,129,967
-
215,910|
||||£5,345,877|
The financial statements were approved by the Board of Trustees on 2023 and were signed on its behalf by:
_______________________________
## **Christopher Field (Deputy Chairman)**
Page 10
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
## 1. **ACCOUNTING POLICIES**
- a. The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), Financial Reporting Standard 102’ The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The accounts 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 involved following the latest Charities SORP (FRS 102) issued in 2019 rather than the superseded Charities SORP which was issued in 2005 and which is still referred to in the regulations.
The functional currency is the £ sterling.
The Sidney Perry Foundation meets the definition of a public benefit entity under FRS102.
The trustees consider that there are no material uncertainties about the Foundation’s ability to continue as a going concern.
- b. **Donations and Legacies:**
Donations are accounted for in the year in which they are received and legacies are accounted for when there is certainty as to the amount receivable.
- c. **Investment Income:**
Income from investments, together with any associated tax credit, is accounted for in the year in which it is due to be received.
- d. **Grants to Beneficiaries:**
Grants to beneficiaries are treated as an application of income in the year in which they are approved for payment by the Awards Panels.
## e. **Administration expenses**
Administration expenses are shown inclusive of VAT, where applicable.
## f. **Investments**
Investments are a form of basic financial investment and are initially recognised at their transaction value and subsequently measured at 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 revaluations and disposals throughout the year.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
Page 11
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
- g. **Fixed Assets**
- Depreciation is provided on office equipment on a straight line basis over its useful economic life of four years.
## h. **Funds**
General funds represent the funds of the Charity that are not subject to any restrictions regarding their use and are available for application to the general purpose of the Charity. Restricted funds are funds which are used in accordance with specific restrictions imposed by the donor.
Page 12
## **THE SIDNEY PERRY FOUNDATION NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
## 2. **EDUCATIONAL GRANTS**
|Grants awarded during the year
Prior year grants
Support Costs of Processing Grant applications
**Support Costs of Processing Grant applications:**
Secretarial Services
Postage, Stationery and Other Expenses
Depreciation
Bank Charges
Governance
**Governance**
Annual General Meeting
Auditors’ Remuneration: Current Year
Previous Year|**2022**
£
154,014
(2,200)
151,814
31,234
£183,048
25,000
752
-
152
5,330
£31,234
-
3,910
£3,910|**2021**
£
170,738
(22,500)|
|---|---|---|
|||148,238
29,099|
|||£177,337|
|||25,000
572
-
179
3,348|
|||£29,099|
|||-
3,348
-|
|||£3,348|
The Governors, who are the Trustees of the Foundation, do not receive any remuneration and have not received any reimbursement of expenses.
During the year a total of 72 grants amounting to £94,014 (2021: 96 grants amounting to £105,739) were payable to individual applicants to assist them to undertake educational courses. £30,000 to 7 Instrumental Fellows was awarded through the Philharmonia Orchestra/Martin Musical Scholarship Fund (2021: £25,000). £30,000 was awarded to 6 Vocal students through the Guildhall School of Music (2021: £20,000). One award was made through the Open University amounting to £1,614 (2021: none).
The Charity has no employees, all administration being undertaken during the year by the Secretary.
There were no related party transactions in the year.
Page 13
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
## 3. **TANGIBLE FIXED ASSETS**
|**Cost:**
At 1stJanuary 2022
Additions
At 31stDecember 2022
**Depreciation:**
At 1stJanuary 2022
Charge for the period
At 31stDecember 2022
**Net Book Value:**
31stDecember 2022
31stDecember 2021
4.**INVESTMENTS**
**2022**
**Cost**
**Market**
**Value**
£
£
COIF Charities Investment Fund
(85,500 units)
646,103
1,551,764
M&G Charifund Income
(223,000 units)
2,063,030
3,277,030
£2,709,133
£4,828,794
There were no additions or disposals during the year.
Market Value Brought Forward
5,226,222
Realised Gain based on Opening
Market Value
-
Unrealised Gains/(Losses)
(397,428)
Total Investment Gain/(Loss)
(397,428)
Market Value Carried Forward
£4,828,794|**Office**
**Equipment**
**Office**
**Equipment**
**2022**
**2021**
**£**
**£**
1,303
1,303
-
-
1,303
1,303
1,303
1,303
-
-
1,303
1,303
£-
£-
£-
£-
**2021**
**Cost**
**Market**
**Value**
£
£
646,103
1,755,896
2,063,030
3,470,326
£2,709,133
£5,226,222
4,597,753
-
628,469
628,469
£5,226,222|**Office**
**Equipment**
**2021**
**£**
1,303
-|
|---|---|---|
|||1,303|
|||1,303
-|
|||1,303|
|||£-|
|||£-|
|||£5,226,222|
|||4,597,753
628,469|
|||£5,226,222|
Page 14
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
## 5. **DEBTORS**
|5.**DEBTORS**|||||||
|---|---|---|---|---|---|---|
|Accrued legacy
Prepayments
6.
**CREDITORS**
Accrued grant
Accruals
7.**FUNDS**
**CAPITAL FUNDS**
**Permanent Endowments**
Sidney Perry Foundation Fund
Covenantors Educational Trust Fund
Helen Fullerton Exhibition Fund
Wilson Foundation Fund
Sir Eric Miller Bequest Fund
Barratt Scholarship Fund
**CAPITAL FUNDS – comparative**
**2021**
**Permanent Endowments**
Sidney Perry Foundation Fund
Covenantors Educational Trust Fund
Helen Fullerton Exhibition Fund
Wilson Foundation Fund
Sir Eric Miller Bequest Fund
Barratt Scholarship Fund|**Balance**
**31/12/21**
£
5,036,784
63,924
5,864
4,815
15,371
3,209
£5,129,967
**Balance**
**31/12/20**
£
4,419,438
56,294
5,164
4,240
13,536
2,826
£4,501,498|**Realised**
**Gain/(Loss)**
**on**
**Investments**
£
-
-
-
-
-
-
£-
**Realised**
**Gain/(Loss)**
**on**
**Investments**
£
-
-
-
-
-
-
£-||**2022**
£
50,000
-
£50,000
**2022**
£
-
3,780
£3,780
**Unrealised**
**Gain/(Loss)**
**on**
**Investments**
£
(387,059)
(7,113)
(653)
(536)
(1,710)
(357)||**2021**
£
-
6,250
£6,250
**2021**
£
-
3,350
£3,350
**Balance**
**31/12/22**
£
4,649,725
56,811
5,211
4,279
13,661
2,852|
||||||||
||||||||
||||||||
||||||||
|||||£(397,428)||£4,732,539|
|||||||**Balance**
**31/12/21**
£
5,036,784
63,924
5,864
4,815
15,371
3,209|
|||||||£5,129,967|
Page 15
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
## 7. **FUNDS (continued)**
Income arising on the Helen Fullerton Exhibition is for the restricted purpose of awarding university exhibitions to individuals intending to qualify for certain professions.
Income arising on the Barratt Scholarship Fund is for the restricted purpose of awarding certain university scholarships.
The income arising on all other endowments can be used for the general purposes of the charity.
|**INCOME FUNDS**
**Restricted Funds**
**Balance**
**31/12/21**
**Net**
**Incoming**
**Resources**
£
£
Helen Fullerton Exhibition Fund
-
148
Barrett Scholarship Fund
-
81
£-
£229
All income arising on these funds was expended during the year.
**Unrestricted Funds**
£215,910
£281,912
**INCOME FUNDS–comparative**
**2021**
**Restricted Funds**
**Balance**
**31/12/20**
**Net**
**Incoming**
**Resources**
£
£
Helen Fullerton Exhibition Fund
-
145
Barrett Scholarship Fund
-
79
£-
£224
**Unrestricted Funds**
£182,858
£210,165|**Resources**
**Expended**
£
(148)
(81)
£(229)
£(182,819)
**Resources**
**Expended**
£
(145)
(79)
£(224)
£(177,113)|**Balance**
**31/12/22**
£
-
-|
|---|---|---|
|||£-|
|||£315,003|
|||**Balance**
**31/12/21**
£
-
-|
|||£-|
|||£215,910|
As set out in note 8, both the permanent endowment funds and a significant proportion of the unrestricted income funds are invested. The unrestricted income funds are available to be spent at the discretion of the Governors.
## Page 16
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 31ST DECEMBER 2022**
## 8. **SPLIT OF ASSETS BETWEEN FUNDS**
|Balances at 31stDecember 2022
represented by:
Fixed Assets
Investments
Net Current Assets
**Split of Assets Between Fund –**
**at 31st December 2021**
Balances at 31stDecember 2021
represented by:
Fixed Assets
Investments
Net Current Assets|**Un-**
**restricted**
**Funds**
£
-
96,255
218,748
£315,003
**Un-**
**restricted**
**Funds**
£
-
96,255
119,655
£215,910|**Restricted**
**Funds**
£
-
-
-
£-
**Restricted**
**Funds**
£
-
-
-
£-|**Permanent**
**Endowments**
£
-
4,732,539
-
£4,732,539
**Permanent**
**Endowments**
£
-
5,129,967
-
£5,129,967|**Total**
£
-
4,828,794
218,748|
|---|---|---|---|---|
|||||£5,047,542|
|||||**Total**
£
-
5,226,222
119,655|
|||||£5,345,877|
Page 17
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 31ST DECEMBER 2022**
## 9. **COMPARATIVE FIGURES FOR THE STATEMENT OF FINANCIAL ACTIVITIES AS REQUIRED BY FRS 102**
|**INCOMING RESOURCES**
Legacies and donations
Investment income
Bank interest
Total
**EXPENDITURE ON**
Raising funds
Charitable activities
Total
Net
income/(expenditure)
before
investment gains
Net gains/(losses) on investment
Net income/(expenditure)
Fund balance brought forward
**NET MOVEMENT IN FUNDS**|**Un-**
**restricted**
**Funds**
£
145
210,008
12
210,165
-
177,113
177,113
33,052
-
33,052
182,858
£215,910|**Restricted**
**Funds**
£
-
224
-
224
-
224
224
-
-
-
-
£-|**Endowment**
**Funds**
£
-
-
-
-
-
-
-
-
628,469
628,469
4,501,498
£5,129,967|**Total**
**2021**
£
145
210,332
12|
|---|---|---|---|---|
|||||210,389|
|||||-
177,337|
|||||177,337|
|||||33,052
628,469|
|||||628,469|
|||||4,684,356|
|||||£5,345,877|
## 10. **RELATED PARTIES**
There were no related party transactions arising in the year (2021: none).
## **THE SIDNEY PERRY FOUNDATION CHARITY REGISTRATION NO: 313758**
## **ACCOUNTS**
**FOR THE YEAR ENDED 31ST DECEMBER 2022**
Page 1
## **THE SIDNEY PERRY FOUNDATION**
## **REPORT OF THE GOVERNING BODY**
## **LEGAL AND ADMINISTRATIVE DETAILS**
The Foundation is a charitable trust registered with the Charity Commission (Registered Charity Number: 313758).
The principal object of the Foundation is ‘to assist persons to obtain education in its widest sense, other than primary, when the expenses thereof would without such assistance be beyond their means’.
The Foundation was established in 1961 with capital given by Sidney James Perry (1888 – 1967), an actuary who became senior partner of Phillips & Drew. In 1945 he had established an earlier educational charity (The Covenantors Educational Trust), which has now been amalgamated with the Foundation.
## **GOVERNORS**
The Governors, who are the charity’s trustees, are:
Clive Barham Carter, MA Miss G. Bland, BA The Revd Canon John Bundock Crispian Collins, MBE, BA (Hons) Oxon Christopher Field JP, MA, ARAM (Deputy Chairman) Dr C. Nobbs, BSc (Hons), MBBS, MA, MRCP Mrs G. Nobbs, RGN Roger J. Pincham, CBE (Chairman)
Governors are appointed by the existing Governors, having regard to obtaining a satisfactory range of relevant skills and experience among the Governors as a whole.
## **SECRETARY AND ADMINISTRATOR** :
Mrs Lauriann Owens, BA (Hons), MSc, PgCert
**OFFICE ADDRESS:**
P.O. Box 889 OXFORD OX1 9PT
## **AUDITORS:**
Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD
**BANKERS** :
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ
Page 2
## **THE SIDNEY PERRY FOUNDATION**
## **REPORT OF THE GOVERNING BODY (CONTINUED)**
## **PUBLIC BENEFIT**
The Governors, as the Foundations trustees, confirm that they have complied with the duty set out in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit when reviewing aims and objectives.
## **OBJECTIVES FOR THE YEAR**
The Governors decided to retain grants at £1,200 or less at trustees’ discretion, and continue to award supergrants of £1,500. In exceptional circumstances grants of up to £2,000 could be made. The Governors agreed to continue the practice of awarding grants to applicants on a year on year basis and to support those in receipt of continuing awards. They continued to relax some of their current restrictions in order to help students in particular need whose cases the Governors view as exceptional.
## **ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR**
The Governors continue to provide grants to assist in a professional or other career. During the year approximately 110 complete application forms were received. A number of these were returned due to the size of the shortfall, lack of references, or the application being well outside the criteria. Although all such applicants were given the opportunity to reapply, not all did. Therefore 78 applications were considered by the Governors. 72 awards were given and 6 were refused. 27 “super grants” of £1,500 were awarded and awards ranged from £500 to one of £2,000. The Philharmonia Orchestra/Martin Musical Scholarship Fund were awarded £30,000 to 7 Instrumental Fellows. Vocal scholarships totalling £30,000 were awarded to 6 students of Guildhall School of Music and Drama (GSMD). One Open University Engineering award for £1,614 was made. In total grants awarded in 2022 amounted to £151,814.
In March 2022 the Governors received correspondence from Weightmans Radcliffes informing them that under the terms of the late Haroutune Matossian’s UK Will the Executor had chosen to appoint a pecuniary legacy in the sum of £50,000 to the Foundation. Grant of Probate in the Estate had been received and the legacy was expected in the spring of 2023.
## **RESERVES POLICY**
The Governors have reviewed their reserves policy in the light of the amount of unspent income held on the unrestricted General Fund.
## **INVESTMENTS POLICY**
The current investment policy is to invest 90% to 95% in equities and the remainder in fixed interest funds. Equity investments are currently held in two charity unit trusts (COIF and M&G). In addition, the Foundation holds funds on short-term deposit with CAF Bank. In 2022 the total return, income and capital combined, on M&G Charifund Units was -0.19% and that on COIF Charities Investment Fund was -9%. (The COIF comparator of indices was -10.1%). The corresponding return on the FTSE All-Share Index benchmark was 0.34%.
Page 3
## **THE SIDNEY PERRY FOUNDATION**
## **REPORT OF THE GOVERNING BODY (CONTINUED)**
## **RISK ASSESSMENT**
The trustees have reviewed the major risks to which the charity is exposed and systems have been established to mitigate those risks.
## **ORGANISATIONAL ARRANGEMENTS**
Grants are based on the academic year and applications are generally expected to arrive by the end of the year before, however later applications may be considered. Applications have to be in writing and supported by signed, up to date original references, one of which must be academic, for consideration by one of four panels each consisting of two Governors. Applications are circulated by post and the Governors meet once a year to discuss policy and to transact the usual business of an Annual General Meeting. The Governors have the responsibilities of charity trustees and have overall direction of the Foundation. Mrs Lauriann Owens acts as Secretary and keeps the records of the Foundation. The Investments are registered in the name of The Sidney Perry Foundation, PO Box 889, OXFORD, OX1 9PT.
## **GRANTS POLICY**
The grant policy was to retain grants at £1,200 and award up to £1,500 as supergrants. In exceptional circumstances grants of up to £2,000 were made. The average award in 2022 was £1,667 and individual grants ranged from £500 to £2,000. The Governors do not consider cases where the deficit is greater than £3,000. The Governors have decided that the primary objective must be to help obtain education, other than primary, in the widest sense, with consideration given to the public benefit and that the Governors would remain flexible.
Awards will not be made for:
- (1) The first year of a first degree, save in exceptional circumstances.
- (2) Students who wish to study outside the UK.
- (3) Second degree courses where the grade in the first degree is lower than a 2(1), save in exceptional circumstances.
- (4) Expeditions overseas, emergency funding or clearance of existing debts.
- (5) Students over the age of 35 years when their course of study commences, save in exceptional circumstances.
- (6) “A” levels, GCSEs and Foundation degrees. Except in exceptional circumstances students on Access, ESOL, HNC, HND, BTEC, SVQ and NVQ levels 1-4.
Page 4
## **THE SIDNEY PERRY FOUNDATION**
## **REPORT OF THE GOVERNING BODY (CONTINUED)**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for the year. In preparing those financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and regulations made thereunder. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was agreed and signed on behalf of the Board of Trustees on 2023.
_______________________________
## **Christopher Field (Deputy Chairman)**
Page 5
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SIDNEY PERRY FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2022**
## **Opinion**
We have audited the financial statements of The Sidney Perry Foundation (the ’charity’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied 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:
• give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland; and
• 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 financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 trustees’ 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 charity’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 trustees 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 trustees are responsible for the other information.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Page 6
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SIDNEY PERRY FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2022**
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 there is 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**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement set out on page 4, the Trustees 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 trustees 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 trustees 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 trustees either intend to liquidate the company or 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.
Page 7
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SIDNEY PERRY FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2022**
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 Charity is required to comply with charity law and, based on our knowledge of its activities, we identified that the legal requirement to comply with the Charity SORP was of key significance.
- We gained an understanding of how the charity complied with its legal and regulatory framework, including the requirement to comply with the Charity SORP, through discussions with management and a review of the documented policies, procedures and controls.
- The audit team, which is experienced in the audit of charities, considered the charity’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override.
- Our approach was to check that all income was properly identified and accounted for and to ensure that only valid and appropriate expenditure was charged to the charity’s funds. This included reviewing journal adjustments and unusual transactions.
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/auditorsresponsibilities. This description forms part of our auditor’s report.
There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or international misrepresentation, or through collusion.
## **Use of our report**
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. 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 auditor’s 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.
Knox Cropper LLP, Statutory Auditor 65 Leadenhall Street London EC3A 2AD
Page 8
## **THE SIDNEY PERRY FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31[ST] DECEMBER 2022**
|**Notes**
**INCOME FROM:**
Legacies and donations
Investment income
Bank interest
**Total**
**EXPENDITURE ON:**
Raising funds
Charitable activities
2
Total
Net income/(expenditure)
before investment gains
**Net (losses)/gains on**
**investments**
4
**Net**
**income/(expenditure)**
**and Net movement in**
**funds**
Transfers between funds
**Fund balance brought**
**forward**
**FUND BALANCE**
**CARRIED FORWARD**|**Unrestricted**
**Funds**
£
50,000
231,262
650
281,912
-
182,819
182,819
99,093
-
99,093
99,093
-
215,910
£315,003|**Restricted**
**Funds**
£
-
229
-
229
-
229
229
-
-
-
-
-
£-|**Endowments**
**Funds**
-
-
-
-
-
-
-
-
(397,428)
(397,428)
-
5,129,967
£4,732,539|**Total**
**2022**
£
50,000
231,491
650
282,141
-
183,048
183,048
99,093
(397,428)
(298,335)
-
5,345,877
£5,047,542|**Total**
**2021**
£
145
210,232
12|
|---|---|---|---|---|---|
||||||210,389|
||||||-
177,337|
||||||177,337|
||||||33,052
628,469|
||||||661,521|
||||||-
4,684,356|
||||||£5,345,877|
The detailed comparative Statement of Financial Activities is set out in Note 9.
Page 9
## **THE SIDNEY PERRY FOUNDATION**
## **BALANCE SHEET**
## **AS AT 31[ST] DECEMBER 2022**
|**Notes**
**FIXED ASSETS**
Tangible Assets
3
Investments
4
**CURRENT ASSETS**
Bank Balances
Debtors
5
Creditors: Amounts falling due
within one year
6
**NET ASSETS**
**CAPITAL FUNDS**
Endowment Funds
7
**INCOME FUNDS**
7
Restricted Funds
Unrestricted Funds|**2022**
£
£
-
4,828,794
172,528
50,000
222,528
(3,780)
218,748
£5,047,542
4,732,539
-
315,003
£5,047,542|**2021**
£
£
-
5,226,222
116,755
6,250
123,005
(3,350)
119,655
£5,345,877
5,129,967
-
215,910
£5,345,877|**2021**
£
£
-
5,226,222
116,755
6,250
123,005
(3,350)
119,655
£5,345,877
5,129,967
-
215,910
£5,345,877|
|---|---|---|---|
||||£5,345,877|
||||5,129,967
-
215,910|
||||£5,345,877|
The financial statements were approved by the Board of Trustees on 2023 and were signed on its behalf by:
_______________________________
## **Christopher Field (Deputy Chairman)**
Page 10
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
## 1. **ACCOUNTING POLICIES**
- a. The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), Financial Reporting Standard 102’ The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The accounts 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 involved following the latest Charities SORP (FRS 102) issued in 2019 rather than the superseded Charities SORP which was issued in 2005 and which is still referred to in the regulations.
The functional currency is the £ sterling.
The Sidney Perry Foundation meets the definition of a public benefit entity under FRS102.
The trustees consider that there are no material uncertainties about the Foundation’s ability to continue as a going concern.
- b. **Donations and Legacies:**
Donations are accounted for in the year in which they are received and legacies are accounted for when there is certainty as to the amount receivable.
- c. **Investment Income:**
Income from investments, together with any associated tax credit, is accounted for in the year in which it is due to be received.
- d. **Grants to Beneficiaries:**
Grants to beneficiaries are treated as an application of income in the year in which they are approved for payment by the Awards Panels.
## e. **Administration expenses**
Administration expenses are shown inclusive of VAT, where applicable.
## f. **Investments**
Investments are a form of basic financial investment and are initially recognised at their transaction value and subsequently measured at 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 revaluations and disposals throughout the year.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
Page 11
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
- g. **Fixed Assets**
- Depreciation is provided on office equipment on a straight line basis over its useful economic life of four years.
## h. **Funds**
General funds represent the funds of the Charity that are not subject to any restrictions regarding their use and are available for application to the general purpose of the Charity. Restricted funds are funds which are used in accordance with specific restrictions imposed by the donor.
Page 12
## **THE SIDNEY PERRY FOUNDATION NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
## 2. **EDUCATIONAL GRANTS**
|Grants awarded during the year
Prior year grants
Support Costs of Processing Grant applications
**Support Costs of Processing Grant applications:**
Secretarial Services
Postage, Stationery and Other Expenses
Depreciation
Bank Charges
Governance
**Governance**
Annual General Meeting
Auditors’ Remuneration: Current Year
Previous Year|**2022**
£
154,014
(2,200)
151,814
31,234
£183,048
25,000
752
-
152
5,330
£31,234
-
3,910
£3,910|**2021**
£
170,738
(22,500)|
|---|---|---|
|||148,238
29,099|
|||£177,337|
|||25,000
572
-
179
3,348|
|||£29,099|
|||-
3,348
-|
|||£3,348|
The Governors, who are the Trustees of the Foundation, do not receive any remuneration and have not received any reimbursement of expenses.
During the year a total of 72 grants amounting to £94,014 (2021: 96 grants amounting to £105,739) were payable to individual applicants to assist them to undertake educational courses. £30,000 to 7 Instrumental Fellows was awarded through the Philharmonia Orchestra/Martin Musical Scholarship Fund (2021: £25,000). £30,000 was awarded to 6 Vocal students through the Guildhall School of Music (2021: £20,000). One award was made through the Open University amounting to £1,614 (2021: none).
The Charity has no employees, all administration being undertaken during the year by the Secretary.
There were no related party transactions in the year.
Page 13
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
## 3. **TANGIBLE FIXED ASSETS**
|**Cost:**
At 1stJanuary 2022
Additions
At 31stDecember 2022
**Depreciation:**
At 1stJanuary 2022
Charge for the period
At 31stDecember 2022
**Net Book Value:**
31stDecember 2022
31stDecember 2021
4.**INVESTMENTS**
**2022**
**Cost**
**Market**
**Value**
£
£
COIF Charities Investment Fund
(85,500 units)
646,103
1,551,764
M&G Charifund Income
(223,000 units)
2,063,030
3,277,030
£2,709,133
£4,828,794
There were no additions or disposals during the year.
Market Value Brought Forward
5,226,222
Realised Gain based on Opening
Market Value
-
Unrealised Gains/(Losses)
(397,428)
Total Investment Gain/(Loss)
(397,428)
Market Value Carried Forward
£4,828,794|**Office**
**Equipment**
**Office**
**Equipment**
**2022**
**2021**
**£**
**£**
1,303
1,303
-
-
1,303
1,303
1,303
1,303
-
-
1,303
1,303
£-
£-
£-
£-
**2021**
**Cost**
**Market**
**Value**
£
£
646,103
1,755,896
2,063,030
3,470,326
£2,709,133
£5,226,222
4,597,753
-
628,469
628,469
£5,226,222|**Office**
**Equipment**
**2021**
**£**
1,303
-|
|---|---|---|
|||1,303|
|||1,303
-|
|||1,303|
|||£-|
|||£-|
|||£5,226,222|
|||4,597,753
628,469|
|||£5,226,222|
Page 14
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
## 5. **DEBTORS**
|5.**DEBTORS**|||||||
|---|---|---|---|---|---|---|
|Accrued legacy
Prepayments
6.
**CREDITORS**
Accrued grant
Accruals
7.**FUNDS**
**CAPITAL FUNDS**
**Permanent Endowments**
Sidney Perry Foundation Fund
Covenantors Educational Trust Fund
Helen Fullerton Exhibition Fund
Wilson Foundation Fund
Sir Eric Miller Bequest Fund
Barratt Scholarship Fund
**CAPITAL FUNDS – comparative**
**2021**
**Permanent Endowments**
Sidney Perry Foundation Fund
Covenantors Educational Trust Fund
Helen Fullerton Exhibition Fund
Wilson Foundation Fund
Sir Eric Miller Bequest Fund
Barratt Scholarship Fund|**Balance**
**31/12/21**
£
5,036,784
63,924
5,864
4,815
15,371
3,209
£5,129,967
**Balance**
**31/12/20**
£
4,419,438
56,294
5,164
4,240
13,536
2,826
£4,501,498|**Realised**
**Gain/(Loss)**
**on**
**Investments**
£
-
-
-
-
-
-
£-
**Realised**
**Gain/(Loss)**
**on**
**Investments**
£
-
-
-
-
-
-
£-||**2022**
£
50,000
-
£50,000
**2022**
£
-
3,780
£3,780
**Unrealised**
**Gain/(Loss)**
**on**
**Investments**
£
(387,059)
(7,113)
(653)
(536)
(1,710)
(357)||**2021**
£
-
6,250
£6,250
**2021**
£
-
3,350
£3,350
**Balance**
**31/12/22**
£
4,649,725
56,811
5,211
4,279
13,661
2,852|
||||||||
||||||||
||||||||
||||||||
|||||£(397,428)||£4,732,539|
|||||||**Balance**
**31/12/21**
£
5,036,784
63,924
5,864
4,815
15,371
3,209|
|||||||£5,129,967|
Page 15
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 31[ST] DECEMBER 2022**
## 7. **FUNDS (continued)**
Income arising on the Helen Fullerton Exhibition is for the restricted purpose of awarding university exhibitions to individuals intending to qualify for certain professions.
Income arising on the Barratt Scholarship Fund is for the restricted purpose of awarding certain university scholarships.
The income arising on all other endowments can be used for the general purposes of the charity.
|**INCOME FUNDS**
**Restricted Funds**
**Balance**
**31/12/21**
**Net**
**Incoming**
**Resources**
£
£
Helen Fullerton Exhibition Fund
-
148
Barrett Scholarship Fund
-
81
£-
£229
All income arising on these funds was expended during the year.
**Unrestricted Funds**
£215,910
£281,912
**INCOME FUNDS–comparative**
**2021**
**Restricted Funds**
**Balance**
**31/12/20**
**Net**
**Incoming**
**Resources**
£
£
Helen Fullerton Exhibition Fund
-
145
Barrett Scholarship Fund
-
79
£-
£224
**Unrestricted Funds**
£182,858
£210,165|**Resources**
**Expended**
£
(148)
(81)
£(229)
£(182,819)
**Resources**
**Expended**
£
(145)
(79)
£(224)
£(177,113)|**Balance**
**31/12/22**
£
-
-|
|---|---|---|
|||£-|
|||£315,003|
|||**Balance**
**31/12/21**
£
-
-|
|||£-|
|||£215,910|
As set out in note 8, both the permanent endowment funds and a significant proportion of the unrestricted income funds are invested. The unrestricted income funds are available to be spent at the discretion of the Governors.
## Page 16
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 31ST DECEMBER 2022**
## 8. **SPLIT OF ASSETS BETWEEN FUNDS**
|Balances at 31stDecember 2022
represented by:
Fixed Assets
Investments
Net Current Assets
**Split of Assets Between Fund –**
**at 31st December 2021**
Balances at 31stDecember 2021
represented by:
Fixed Assets
Investments
Net Current Assets|**Un-**
**restricted**
**Funds**
£
-
96,255
218,748
£315,003
**Un-**
**restricted**
**Funds**
£
-
96,255
119,655
£215,910|**Restricted**
**Funds**
£
-
-
-
£-
**Restricted**
**Funds**
£
-
-
-
£-|**Permanent**
**Endowments**
£
-
4,732,539
-
£4,732,539
**Permanent**
**Endowments**
£
-
5,129,967
-
£5,129,967|**Total**
£
-
4,828,794
218,748|
|---|---|---|---|---|
|||||£5,047,542|
|||||**Total**
£
-
5,226,222
119,655|
|||||£5,345,877|
Page 17
## **THE SIDNEY PERRY FOUNDATION**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 31ST DECEMBER 2022**
## 9. **COMPARATIVE FIGURES FOR THE STATEMENT OF FINANCIAL ACTIVITIES AS REQUIRED BY FRS 102**
|**INCOMING RESOURCES**
Legacies and donations
Investment income
Bank interest
Total
**EXPENDITURE ON**
Raising funds
Charitable activities
Total
Net
income/(expenditure)
before
investment gains
Net gains/(losses) on investment
Net income/(expenditure)
Fund balance brought forward
**NET MOVEMENT IN FUNDS**|**Un-**
**restricted**
**Funds**
£
145
210,008
12
210,165
-
177,113
177,113
33,052
-
33,052
182,858
£215,910|**Restricted**
**Funds**
£
-
224
-
224
-
224
224
-
-
-
-
£-|**Endowment**
**Funds**
£
-
-
-
-
-
-
-
-
628,469
628,469
4,501,498
£5,129,967|**Total**
**2021**
£
145
210,332
12|
|---|---|---|---|---|
|||||210,389|
|||||-
177,337|
|||||177,337|
|||||33,052
628,469|
|||||628,469|
|||||4,684,356|
|||||£5,345,877|
## 10. **RELATED PARTIES**
There were no related party transactions arising in the year (2021: none).
**The Sidney Perry Foundation Audit Findings Report**
**Year Ended 31[st] December 2022**
## **The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
The Governors
The Sidney Perry Foundation
P. O. Box 889
Oxford, OX1 9PT
4 July 2023
Dear Governors,
## **Audit findings for the year ended 31[st] December 2022**
This Audit Findings Report highlights the significant findings arising from the audit and sets out the key matters which we are required to formally report to those charged with governance in accordance with International Standard on Auditing (UK) 260.
As you will appreciate, our audit procedures are designed primarily to enable us to form an opinion on the accounts as a whole. Our procedures include such tests of the accounting records and internal control systems as are, in our opinion, necessary for audit purposes. Consequently, whilst our procedures may identify certain weaknesses which may exist, the audit procedures in themselves should not be relied upon to reveal all the weaknesses which may exist in the system.
This report has been prepared for your sole use and we assume no responsibility to any other party in respect of its contents. The report should not be disclosed to any third party without our prior written consent.
This report is not exhaustive and deals with only the more significant matters which came to our attention during the audit. Other matters of lesser significance have been discussed with the relevant staff during the course of our audit work.
In conclusion we would like to take this opportunity of expressing our appreciation to Lauriann Owens for her assistance and co-operation during the course of our audit. If you have any queries on any of the points in this letter, please do not hesitate to contact us.
Yours Sincerely
**Knox Cropper LLP**
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**The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
## **Contents**
Audit Overview Pages 3-4 Materiality and Audit Adjustments Page 5 Key Audit Risks and Conclusions Page 6-7 Internal Control Observations and Recommendations Page 8 Emerging Issues Pages 9-11 Letter of Representation Pages 12-15
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**The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
## **Audit Overview**
## **General**
The purpose of our audit is to gather sufficient evidence to allow us to conclude that the transactions and balances disclosed in the accounts are unlikely to be materially misstated, to establish that disclosures reflected in the accounts comply with the requirements of legislation and relevant accounting standards, to assess whether the accounting policies adopted are appropriate and consistently applied and to assess whether judgements exercised and estimates made in the preparation of the accounts are fair and reasonable.
## **Audit Report**
We confirm that we have completed the audit to our satisfaction and intend to issue an unqualified audit opinion on the Financial Statements. This means that we have no material reservations over the figures or information disclosed in the financial statements.
The wording of our audit report is in accordance with the standard text for unqualified audit reports prescribed by the Financial Reporting Council. Our report also includes a section which is specific to this audit setting out our response to the risk of material misstatement in respect of irregularities arising from noncompliance with laws and regulations, including fraud.
## **Estimates and Judgments**
There are no significant key estimates and judgments made by management affecting the financial statements.
## **Accounting Policies and Disclosures**
The accounting policies which have been adopted in the financial statements are in accordance with Generally Accepted Accounting Practice and are, in all material respects, appropriate to the organisation’s operations and in compliance with FRS 102 and the Charity Statement of Recommended Practice 2019.
Adequate consideration was given to the potential impact of changes in legislation and accounting standards which arose during the year.
No significant changes arose during the current year which affected the financial statements and therefore the form and content of the accounts are consistent with the preceding year.
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**The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
## **Professional Ethics and Independence**
We confirm our compliance with the Ethical Standard issued by the Financial Reporting Council.
In addition to our audit work, we have carried out the preparation of the Statutory Accounts. We have ensured our independence, as auditors, through a review and a second individual independent of the audit.
## **Other Audit Matters**
In accordance with UK auditing standards, we confirm the following matters in relation to our audit of the financial statements:
- a) We have not identified or been made aware of any incidents of fraud or suspected fraud. We would emphasise that our work as auditor is not intended to identify any instances of fraud of a non-material nature and should not be relied upon for this purpose.
- b) We have not identified or been made aware of any incidents of non-compliance with laws and regulations which could have a material impact on the financial statements.
- c) We have not identified or been made aware of any related party transactions other than matters which have been disclosed in the financial statements.
- d) We have received all requested third-party confirmations which represent an essential element of our audit evidence.
- e) Apart from the matters set out in this report, there were no significant matters discussed with management during the audit which we are required to bring to your attention. There were no significant disagreements with management, or any limitations placed on the scope of our work. No significant difficulties were encountered during the audit.
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**The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
## **Materiality and Audit Adjustments**
## **Materiality**
Materiality is used both to plan the nature and extent of audit testing and to evaluate the effect of misstatement. In accordance with ISA (UK) 260 ‘Communication with those charged with governance’, we are obliged to include details in this report of all unadjusted errors which are below materiality unless they are clearly trivial. Whilst our audit procedures are designed to identify misstatements which are material to our audit opinion, we also report to those charged with governance and management any uncorrected misstatements of lower value errors to the extent that our audit identifies these.
Omissions or misstatements are regarded as material if they would reasonably influence the users of the financial statements. The assessment of what is material is a matter of professional judgement.
Our assessment of materiality the year ended 31st December 2022 was calculated as follows:
||£|**Explanaton**|
|---|---|---|
|Overall Materialityfor the Financial Statements|5,643|Accounts materiallymisstated where total errors exceed this value|
||||
|Performance Materiality|4,232|Workperformed to capture individual errors at this level.|
||||
|TrivialityLevel|282|Unadjusted errors above this level are reported.|
## **Audit Adjustments**
All adjustments arising from our audit work have been discussed with management and appropriately reflected in the financial statements.
We confirm that no misstatements were detected during the audit which remain uncorrected in the financial statements other than matters which are both individually and cumulatively clearly trivial.
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**The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
## **Key Audit Risks and Conclusions**
The following schedule sets out the key risks which we identified as part of our audit planning. It sets out our approach to ensuring that these risks did not give rise to any material misstatement in the financial statements and our audit findings.
||**Risk**|**Audit Approach**|**Audit Findings**|
|---|---|---|---|
|**1**|**Completeness of income**|We will review the underlying documentaton|We are satsfed income is completely and|
||Under ISA (UK) 240 there is a presumed risk of|
supportng investment and other income as well|accurately stated.|
- **1 Completeness of income** We will review the underlying documentation Under ISA (UK) 240 there is a presumed risk of supporting investment and other income as well fraud in relation to revenue recognition. The as verifying distribution on investment holdings to presumption is that the Charity could adopt published amounts to ensure that all income to accounting policies or recognise income in such a which the Charity is entitled has been included. way as to lead to a material misstatement in the reported revenue position.
- **2 Management override of Controls** Due to the size and nature of the entity, the Under ISA (UK) 240 there is a presumed risk that potential for management override of controls is management and directors have the ability to considered a significant risk. We will review the process transactions or make adjustments to accounting records and investigate all significant financial records outside of the normal financial and unusual transactions identified. control processes. Such transactions could lead to a material misstatement.
- No instances of management override of controls were detected by our audit procedures.
**3 Identification of all related party transactions** The risk of material misstatement of related party relationships and transactions can arise due to a failure by entities to identify or disclose related party relationships and transactions, whether by lack of understanding or knowledge of relationships that fall within the definition, or by
We will review the details of related party No related party transactions were identified. transactions prepared by the Board and obtain representation from the Board that the register accurately and completely discloses all related party transactions. We will review our audit work to identify any previously unidentified related parties and related party transactions.
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## **The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
using unidentified related parties to cover up fraudulent activities or financial reporting.
- **4 Allocation of income, expenditure, gains, and losses between the funds of the Charity** The Charity is required to use fund accounting to recognise the movements in the year on each fund, in particular investment returns.
We will review the allocations to ensure these reflect the underlying investment holdings of each fund. We will review the disclosures in the financial statements to ensure these are completely and accurately stated.
Restricted income and expenditure were found to be accurately identified within the accounting records. Transactions and balances in respect of endowment funds were found to be in line with the calculations for these apportionments.
We are satisfied that the disclosures in respect of funding accounting are completely and accurately stated.
- **5 The complete and accurate processing of grants payable**
We will review the grants authorisation process and grants supporting documentation.
We are satisfied that grants payable are accurately disclosed in the financial statements.
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**The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
## **Internal Control Observations and Recommendations**
We are required to report to you, in writing, significant deficiencies in the internal controls and the internal control environment that we have identified during the course of our audit. These matters are limited to those which we have concluded are of sufficient importance to be reported to you. Our audit cannot necessarily be expected to disclose all deficiencies in the system and, as a result, the matters reported may not be the only ones which exist.
The accounting records continued to be well maintained during the year and we can report that no significant weaknesses were identified during the audit.
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**The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
## **Emerging Issues**
## **Charities Act 2022**
The Charities Act 2022, which makes a number of amendments to the Charities Act 2011, became law on 24 February 2022. However, the provisions of the Act are being implemented in a phased way, over a period of 18 months, so that the Charity Commission has sufficient time to update its guidance. A key point to note is that the Act does not impose any additional obligations on charity trustees. Instead, it simplifies the administrative steps which trustees are required to take when making certain decisions. Full details of the Act can be found at: htps://www.knoxcropper.com/artcles/charites-act-2022/
All provisions in the Act are expected to be implemented by the autumn of 2023 with the exception of those relating to ex-gratia payments which are subject to further consideration by the Charity Commission.
## **Charity Commission Guidance on Internal Controls**
In April 2023, the Charity Commission issued updated guidance on internal controls, which is set out in its CC8 document. The restructured guidance is now more concise and it covers issues that were not in existence or widely relevant to the sector when first drafted. New sections cover the use of mobile payments systems, such as Apple Pay, and the receipt of donations in the form of cryptoassets, such as cryptocurrency and NFTs. Existing advice on more traditional risks, including the risks relating to fundraising and public collections, making payments to related parties, and operating internationally has been updated and there is a new section on accepting hospitality. The guidance also includes an updated checklist which facilitates a periodic review of the adequacy of internal controls.
## **Charity Commission Annual Return 2023**
Following a consultation in 2022, the annual return for 2023 contains a number of additional questions. Some of the information required will come directly from the statutory accounts but some charities may have to compile additional data which may be time consuming. The updated Annual Return (AR23) will apply to charities’ financial years ending on or after 1 January 2023 and the additional information required depends in some cases on the size and nature of the charity. New information required includes:
- a) For all charities, an analysis of income and, for charities with income over £100,000, details of the highest donation received from a corporate donor, an individual donor and from a related party.
- b) An analysis of grants to individuals, other charities and non-charities, where these are material.
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**The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
**----- Start of picture text -----**
c)
**----- End of picture text -----**
- c) An analysis of employees, including the numbers of permanent, fixed term and self-employed individuals.
- d) Details of the policies which the charity has in place by reference to a list of potential policies set out in the return.
- e) Where relevant to the charity, detailed information on safeguarding practices.
In total there are 10 additional compulsory questions for all charities and up to 13 extra in total, depending on the nature of the charity.
## **Risk of Cyber Crime**
In January 2023, the National Cyber Security Centre (NCSC) released a new report detailing the risks from cyber-crime to charities. The purpose of the report is to help charities understand current cyber security threats, including the extent to which the sector is being affected, and set out where charities can go for help. Following a recent survey, the Charity Commission reported that one in eight charities had experienced cybercrime in the previous 12 months. The NCSC report can be found at: htps://www.ncsc.gov.uk/collecton/charity/cyber-threat-report-uk-charity-sector
## **Investment guidance**
Following the high court judgment on the Butler-Sloss case, the Charity Commission has confirmed that charities can continue to rely on the legal position in its published guidance, set out in CC14, when making investment decisions. The new judgment confirms that, in accordance with their responsibility to act in the best interests of the charity, trustees have the power to implement an ethical investment policy and to exclude certain investments based on non-financial considerations when making financial investment decisions.
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## **The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
## **Fundraising disclosure**
All charities which are required by law to have an audit are required to include details of their fundraising practices in their Annual Report. The Fundraising Regulator has published new research and updated guidance to encourage better compliance with these reporting requirements. The updated guidance emphasises the need for charities to include sufficient detail to meet the statutory requirements and can be found here: The Charities (Protection and Social Investment) Act 2016: an analysis of compliance with fundraising reporting as of July 2022 | Fundraising Regulator
## **Claiming gift aid on waivers**
HMRC has updated its tax guidance for charities to clarify the rules on claiming Gift Aid when a right to receive either a refund or a loan repayment is waived. Where the charity holds a record of the waiver and meets all other Gift Aid rules, HMRC has clarified that the waiver will be eligible for Gift Aid.
## **Proposed changes to Financial Reporting**
The Charity SORP and Financial Reporting Standard 102 (FRS 102), on which the SORP is based, are both in the process of being updated, with changes expected to be implemented for accounting periods beginning on or after 1 January 2025. A consultation document, setting out proposed changes to FRS 102, was issued in December 2022. The proposed changes reflect changes which have been made to International Financial Reporting Standards and include:
- a) a requirement for all leases, with limited exceptions, to be capitalised, requiring the asset and the lease liability to be accounted for in the Balance Sheet.
- b) a revised criteria for the recognition of goods and services based on a five-step model which may have implications for the recognition of grants and contracts
The update to the Charity SORP is following the same timetable as it is required to incorporate all the changes made to FRS 102. However, it is also likely to implement a number of additional changes, reflecting feedback from a wide range of stakeholders. Changes are likely to include:
- a) a requirement for larger charities to include sustainability reporting in their Annual Report
- b) a simplified reporting regime for smaller charities.
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## **The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
## **Letter of Representation**
International auditing standards require us to obtain, from the governors, a number of specific representations and also confirmation of any other material representation given to us during the course of our audit which forms part of our audit evidence. The representations should be made on the basis of enquiries of management and staff with relevant knowledge and expertise.
The following is the full list of representations which we will require to be formally provided to us in a letter, signed on behalf of the governors, prior to signing our audit report.
## **Confirmation of Responsibilities**
1. We have fulfilled our responsibilities as governors under the Charities Act 2011 (“the Act”) for preparing financial statements which give a true and fair view in accordance with the financial reporting framework (FRS 102 and the Charity SORP).
2. We confirm that all accounting records have been made available to you for the purpose of your audit, in accordance with your terms of engagement, and that all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and Governors’ meetings, have been made available to you. We have given you unrestricted access to persons within the charity in order to obtain audit evidence and have provided any additional information that you have requested for the purposes of your audit.
3. We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that:
- so far as each Governor is aware, there is no relevant audit information of which you as auditors are unaware; and
- each Governor has taken all the steps that they ought to have taken as trustee to make themselves aware of any relevant audit information and to establish that you are aware of that information.
## **Estimates and Judgments**
4. We confirm that the methods, significant assumptions and source data used by us in making accounting estimates, and their disclosure in the financial statements, are appropriate and in compliance with the recognition, measurement and disclosure requirements of FRS 102.
5. We confirm that all known actual or possible litigation and claims, the implication of which should be considered when preparing the financial statements, have been disclosed to you and have been accounted for and disclosed in accordance with FRS102 and the Act.
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## **The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
## **Post Balance Sheet Events and Commitments**
6. We confirm that there have been no events since the balance sheet date which necessitate revision of the figures in the financial statements, or inclusion of a note thereto, other than those matters which have already been disclosed or included in the financial statements.
7. We confirm that the Charity has not contracted for any capital expenditure other than as disclosed in the financial statements.
8. We confirm that we have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements.
## **Related Parties**
9. We confirm that we are aware of the definition of a related party as set out in FRS102 and the charity SORP.
10. We confirm that we have disclosed to you all related parties and related party transactions relevant to the charity and that we are not aware of further related party transactions other than those already disclosed in the financial statements in accordance with the requirements of FRS102 and the Act.
11. We confirm that the charity/company has not had, at any time during the year, an arrangement, transaction or agreement to provide credit facilities for governors, nor to provide guarantees of any kind on behalf of the governors, except as disclosed in the financial statements.
## **Laws, Regulations and Contractual Agreements**
12. We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its operations, non-compliance with which could affect the financial statements.
13. The charity has complied with all aspects of contractual and other agreements that could have a material effect on the financial statements in the event of non-compliance.
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## **The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
## **Internal Control and Fraud**
14. We acknowledge our responsibility for the design and implementation of controls to prevent and detect fraud and we confirm that we have assessed the risk that the financial statements may be materially misstated as a result of fraud and that we have made this assessment available to you. We also confirm that, to the best of our knowledge and belief, there have been no significant deficiencies in internal control during the year.
15. We confirm that we have disclosed to you our knowledge of any actual or suspected instances of fraud involving management, employees with a significant role in internal control, and others where the fraud could have a material effect on the financial statements. We also confirm that we have disclosed to you our knowledge of any allegations of fraud or suspected fraud, affecting the financial statements, which have been communicated by employees, former employees, regulators or others.
## **Going Concern**
16. We confirm that, having considered financial projections which reflect the charity’s expectations and intentions for a period of at least twelve months from the date on which the financial statements are expected to be approved, in our opinion, the charity’s financial statements should be prepared on the going concern basis.
## **Uncorrected Misstatements**
17. We confirm that, in our opinion, the effects of any uncorrected misstatements which have been set out in the Audit Findings Report, are immaterial, both individually and in aggregate, to the financial statements as a whole.
18. All grants, donations and other incoming resources, receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms and conditions in the application of such incoming resources.
19. We confirm that we have informed you of the details of all correspondence with the charity’s regulators during the year and, in particular, the details of all Serious Incident Reports that we have made to the Charity Commission
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**The Sidney Perry Foundation: Audit Findings Report for the year ended 31[st] December 2022**
We confirm that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and expertise (and, where appropriate, of supporting documentation) sufficient to satisfy ourselves that we can properly make these representations to you.
Yours faithfully
........................................................... ………………. Signed on behalf of the Board of Governors Date
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