THE BLAIR FOUNDATION Unaudited Annual report and accounts For the year ended 5 April 2024 Reglstered Charlty No 801755
Page I The Blair Foundation Contents Page Legal and administrative information Report of the Trustees, Report of the Independent Examiner Receipts and payments account statement of assets and liabilities Notes,. Accounting policies Taxation Investment income Grants paid other expenditure Administrative expenses Employee information Transactions with Trustees Tangible Fixed Assets 10. Fixed Asset Investments 10-11 li 11 11 11 12 12-13
Page 2 The Blair Foundation LegaL and administrative information Name and Reglstered The charity is registered as The Blair Foundation. and its registered number Number of Charlty is 801755. Admlnistratlon and The Trust Deed states that there must be at least thr Tiustees. The power Managemant of to appoint Trust5 vested in the Settlor (Robert CampbelL Thornton) during Charlty his lifetime. Following the death of the settlor, the power to appoint new trustees vests in the current trUstS. Governlng Document The Trust was created by Deed on 29 March 1989. It is an unincorporated association. registered as a UK charity. Names of Trustees Jennifer Mary Thomton Alan Thomas TIK)rnton Fiona Peta Thornton ppoInted 25 JULY 20181 Prlnclpal Address The Barn Quarrs Farm DudweLL Lane Chewton Mendip Somerset BA3 4ND Sollcltors Chubb BuLLeid 7 Market Place Wells Somerset BA5 2RJ Accountants EveLyn Partners LLP Onslow House OnsLow Street Guildford Surrey GUI 4TL Bankers LLoyds Bank PLC P O Box 1000 BXI ILT Investment Advlsors EveLyn Partners Investment Management Limited 45 Gresham Street London EC2V 7BG
Page 3 The BLair Foundation Trustees, report The Trustees present their report and accounts for the year ended 5 April 2024. The accounts have been prepared in accordance with the Deed of Trust and the recommendations of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iretand IFRS 1021 (effective I January 2019). Powers of Trustees The Trustees have power to apply income as it arises, as welL as the whole or part of the capitaL of the Trust Fund, for such charitable purposes as the Trustees shaLI think fit, The Trustees have power to accLJmulate income throughout the accumulation period (twenty one years from the date of the original deed). Any accumulations shall be heLd as an accretion to the capitaL of the Trust Fund and be subsequentLy distributed as if it were income arislng in the current year of distribution. The Trustees have the power to invest in the purchase or other acquisition or improvement of any properly as if they were absolutely entitled to the Trust Fund beneficiaLIy, The Trustees have the powers to employ agents to transact any business on their behalf, provided that the Trustees exercise reasonabLe supervision of any person or corporation employed by them, and that aLL actions exercised by advisors on behalf of the Trustees are reported to them as soon as possSble. Objects The objects of the Charity are for the Trustees to apply the income and capital of the trust for such charitable purposes as they shaLI see fit Governance The Charity was established by Charitsble Trust Deed dated 29 March ig89. The deed requires that there must be at least three serving Trustees. The statutory power to appoint new Trustees vested in the SettLor, Robert Thornton. during his lifetime. FoLLowing the death of the SeltLor, the power to appoint new truStS vests in the continuing Trustees. How the Charfty operates The Trustees currentLy meet at least once a year to review the activities of the Trust, and to review and approve donations to charitabLe bodies, A receipt for aLL donations made is requested from donees and held by the Trustees Donations are funded from cash held with Smith & WiLLiamson Investment Management. The accounting records are maintained by Philtppa JilL Thornton. ActTrAtles During the year 2023/24, the Blair Foundation spent just over £IOI,000 on 50 charities - a simiLar figure to the previous year. 16 charities received ftjnds of between £3.000 and £7,000 including the Queen Elizabeth Foundation, Ayrshire Fiddlers, Handicapped Children's Action Group, HFT IformerLy Home Farm Trust), Project Factory and Bristol ChiLdren's Help Society. ALI these organisations have been helped by the BF in the past and written about in previous reports. Two thirds of the charities we supwrt are invoLved with helping people with physicaL or learning disabilities, life limiting illnesses or mental health issues live Life to the fuLI. A fifth of the donations went to wildlife charities including Somerset Wildlife, the SOIL Association, and the Barn Owl Trust. These amounts. the groups we sUPPOrt and. for many. their West Country location are in Line with our commitment over many years.
Page 4 The Blair Foundation Trustees. report (cont..) There were nine new charities which the BF chose to support tast year. Welts Oratorio for example received £4.000. They are a group of 100 singers, under the patronage of Sir John Rutter, which give three choral concerts a year in Wells Cathedral dubbed the 'Queen of English Cathedrals,. WelLs Scout Group was given £lOOO to help buiLd a toiLetand changing block and WeLls Community Network, a volunteer organisation, received £500 for people in need in the Local area. Another new charity to the BF. The Woodland Trust. was supported to the tune of £1,000. Its CEO, Dr Darren Moorcroft. recently wrote,. 'With manifesto commitments missed and the importance of increasing tree cover not changing, we risk trees dropping off the agenda, when the opposite is needed,. WoodLand currently covers just 13/ of the UK compared with 30/0 in France and Germany. According to Carbon Brief, the trees that have gone unpLanted since 2019 would have removed 8.sm tons of carbon dioxide in the next 25 years. Very often. it is not just the money donated to causes such as these but the raising of awareness of the wort< they do that matters, At a time when grassroots charities are being overlooked for public contracts and grants despite being better pLaced than their larger counterparts to deliver them, it is alL the more vital for the BLair Foundation to continue its prc3ramme of charitable giving. Some of the smaller charities we support are consistently unseen, underfunded and their impact unrecognised.. we help give them a voice and a presence to make a difference in their field of expertise. Investments The trust i nveslments are aLL in UK Listed Securities on which the Trustees have taken the advlce of thelr Investment Managers with the exception of the Investment with Halifax Financial Services, The Trustees instructions to the Investment Managers are to maximi the Fund's income, subject to at Least preserving the reaL vaLue of its capital. and therefore to adopt a medium to Low risk investment strategy. The Trustees are satisfied with the portfolio's overall performance. Investment policies and performances are reviewed at meetings by the Trustees, ReseNes poucy It is the intention of the Trustees to maintain the capitaL of the trust so as to provide a continuing. and hopeffuLly Increasing, stream of income. The Trustees consider the charity's finances are in a strong position and enable the future to be faced with confidence. The charity has free reserves of £29,90812023.' free resee5 of £18.8321. The Expendable Endowment Fund can be transferred to the Unrestricted Fund at the Trustees Discretion. Risk management The Trustees Consider that they hoLd adequate funds to m*t current liabiLities. They have reviewed their procedures for the assessrment of management risk and consider that they have proper procedures in pLace, Plans for the future The Trustees intend to continue providing grants in a similar manner to that followed in recent years. The Trustees have considered the impact of covid-19 on the activity of the Trust and have concluded that the Trust WILL be able to continue to operate as planned for the foreseeable future. It is kelY that the impact of the pandemic will increase the needs of some charities and this may result in increased grant expenditure in the future. Publlc Beneflt The principles of public benefit. as defined by the Charity Commission, have been noted by Trustees. The Trustees confirm. having given regard to the Charity Commission's guidance and state their belief that the Fund provides identifiable benefits to a section of the pubLic. The Trustees receive correspondence from those in receipt of support to confirm the positive impact it makes on their circumstances.
Page 5 The BLair Foundation_ Trustees, report (cont_.> Flnandal revlew Donations and investment income generated incoming resources of £28,27812023: £27,621). At 5 April 2024 the Endowment Fund amounted to £459,976 12023.. £459.9761. Unrestricted funds of £29,908 12023., funds of £18,832) are available to fund future trust expenditure and donations. The realised and unreaLised gains on Listed investments during the year was £51,836 (2023.. Ioss £127,823). As the gross income received in the year is more than £25,000, accounts WILI be required to be independentLy examined this year, in accordance with the Charity Commission's accountancy requirements. Trustees, responsibilities The trustees are responsibLe for keeping adequate records which 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 thal thefinancial statements comply with theCharitie5 Act 20ll, the Charities (Accounts and Reports) ReguLations 2008 and the provisions of the trust deed. 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. Approved by the Board of Trustees on w'.J Jc,n and signed on Its behaLf by Jeni Thornton. Trust.
Page 6 The BLair Foundation Independent Examiner's Report to the Trustees I report on the accounts of the Blair Foundation for the year ended 5 ApriL 2024 which comprise the Receipts and Payments Account, the Balance Sheet and the related notes I to 10. Respectlve responslblllties of trustees and examlners As the charity's trustees you are responsibLe for the preparation of the accounts. You consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Actl and that an independent examination is needed. It is my responsibility to examine the accounls under section 145 of the 2011 Act, follow the procedures Laid down in the GeneraL Directions given by the Charity Commission under section 145151(bl of the 2011 Act, and state whether particuLar matters have come to my attenlion. Basls of Independent examlnefs report My examination was carried out in accordance with the General Directions given by the Charlty Commission. An examination includes a review of the accounting records kept by the the charity and a comparison of the accounts presented with those records. It is also includes consideration of any unusuaL items or disclosures in the accounts. and kIng explanations from you as trustees concerning any such matters The procedures undertaken do not provide all the evidence that wouLd be required in an audit and. consequently. no opinion is given as to whether the accounts present a 'true and fair view and the report is Limited to those matters set out in the statement below. Independent examinerfs statement In connection wlth my examination. no matter has come to my attention.. which gives me reasonable cause to believe that. in any material respect, the requirements.. to keep accounting records in accordance with s130 of the 2011 Act.. and to prepare accounts which accord with the accounting records and to compLy with the accounting requirements of the 2011 Act have not been met., or to which, in my opinion, atteiition should be drawn in order to enabLe a proper understanding of the accounts to be reached. Susan Kumar ACA Holden Granat LLP Springfield House. 23 Oatlands Drive, Weybridge, Surrey tffl 9LZ Date.. 14 June 2025
Page 7 The BLair Foundation Receipts and payments account for the year ended 5 April 2024 Unrestricted Endowment Funds Fund Total 2024 TotaL 2023 Note Recelpts Investment income Investment transactions 28.278 10 239.158 28.278 239.158 27.621 336,741 TotaL Recelpts 267.436 267,436 364,362 Payments Grants paid other expenditure Management charges Investment transactions 101.950 8,000 12,907 10 133,503 101.950 105,200 8,000 7,100 12,907 14.729 133.503 256,289 256,360 256,360 383,318 Net IPayments) / ReIpts for the year Bank account balances at 5 AprfL 2023 Bank account balances at 5 April 2024 11.076 18,832 11,076 18,832 118,9561 37.788 29.908 29,908 18,832
Page 8 The BLair Foundation ststement of assets and Liabilities for the year ended 5 ApriL 2024 Unrestricted Endowment Funds Fund Total 2024 Total 2023 Nota Investment Assets Tangible fixed assets UK Quoted I nvestments 7.500 10 433.867 7.500 7,500 459,976 893,843 947,662 441.367 459.976 901,343 9,162 Monetary Assets Cash and bank balances Evelyn Partners - Investment Account Evelyn Partners - Dividend Account Lloyds Bank 301 7.731 21,876 29.908 301 7,731 21,876 1,875 7,482 9,476 18,833 29.908 Liabilities Independent Examination Fee Accountancy 1.440 1,440 1,260 7.123 7,123 6,260 Approved by the Board of Trustees on and signed on its behalf by Jeni Thorntcn. Trust The notes on pages 8 to 12 form part of these accounts
Page 9 The Blair Foundation Notes to the accounts for the year ended 5 ApriL 2024 ACcOU1NG POUCIES a> Accountlng Conventlons The accounts have been prepared a receipts and payments basis and in accordance with appLicabLe accounting standards and Charities Act 2011. bl Investment Income Income is brought to credit on a cash received basis c) Investments Investments are valued at a mid-market vaLue at 5 April 2024, dl Income All income from donations and gifts are included in income upon recelpt. Any associated income tax recovery is recognised as income when received. el Grants Pald FULL detsils of grants pald to institutions of more than £500 are included in Note 4 of the accounts. TAXATION As a charity, the Trust Is exempt from tax on Income and gains falling within section 524 to 536 Income Taxes Act 2007 or section 256 of the Taxation of ChargeabLe Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity, INVEsfMENT INCOME 2024 2023 Investment Income recalved froffL Dividend Inconie Interest Income 16,592 11.711 17,964 9,657 27,621 28,303
Page 10 The Blair Foundation Notes to the accounts for the year ended 5 April 2024 (cont,..,> GRANTS PAID 2024 2023 Age UK Ahoy Centre Ayrshire FiddLe Orchestra Barn Owl Trust (The) BLesma BLood Centre UK Bowel Cancer UK Brainwave Bristol ChiLdren's Help Society Bumblebee Conservation Trust BuLlerfLy Conservation Calvert Trust CerebraL Palsy pins CHAS Coram BeanstaLk Coram Life Education Bristol Disabled Sailors Association Eastside CommunityTrust Edlnburgh ChiLdren's Hospital Fareshare Fight Against Blindness Flamingo Chicks Forest of Avon Trust Grief Encounter Handicapped Children's Action Group Haven Day Heads Up Home Farm Trust Jamie's Farm Jessie May - Children's Hospi at Home JuLia's House LifecycLe Life Education, Bristol Marine Conservation Society MNDA Music Space Orchard Vale Trust Penny Brohn Cancer Care PrickLes Hedgehog Rescue Project Factory Project Seagrass QEF Resolve West Scottish Mountain Rescue Seafarers Second Chance SENSE Sofa Project Ltd Soil Association Somerset Wildlife Trust 1.000 1,000 6,000 1.000 500 500 1,000 6,000 1,000 500 1,000 1,000 3.000 500 500 2,000 500 2,000 1,000 4.000 500 500 2,000 1,000 1.000 3,500 1.000 1,000 3,000 1,000 1,000 1.000 500 2,000 500 2,000 5,000 1,000 5.500 5,000 3,000 3,000 2.500 1,000 500 1,000 1,000 1,500 2.000 3.000 500 500 2.500 1,000 5,000 3,000 5,000 3,000 3.000 2,500 1.000 1.500 1,000 3,000 750 5.000 500 7,000 500 51X) 750 14,000 500 1,000 3,000 5,000 3,500 3.500 1,000 1,000 1.500 1,000 1,500
Page 11 The BLair Foundation Notes to the accounts for the year ended 5 April 2024 (conL.,) 2024 2023 st Margaret's Hospice st Peter's Hospice starLight ChiLdren's Foundation Support our Military Veterans Sustrans Tall Ships Youth Trust Teenage Cancer Trust The WoodLand Trust WelLs CathedraL Oratorio Society Wells Community Notwork Wells City Football CLub Wells Scout Group West Country Rivers Trust 2.000 1,000 2.000 500 1,000 3,000 3,500 1,000 4,000 500 2,000 1.000 2.000 3,000 3.000 950 1,000 1.000 Charitable donations of less than £500 200 101,950 105,200 OTHER EXPENDrruRE 2024 2023 SecretariaL servlces Postage 8,000 7,000 100 8.000 7.100 ADMINisfRATIVE EXPENDftURE Investment management fees Accountancy and administration 5,186 7,721 6.113 8,616 12,907 14.729 EMPLOYEE INFORMATION The average number of fulL time empLoyees The average number of part time employees Nil Nil Nil Nil TrANSAcfioNS WITr1 TRusfEES & RELATED PARTY TRANSACTIONS None of the Trustees were paid any remuneration or expenses by the charity during the year 12023. nill. P J Thornton. who is related to the TrUSts, was paid £8.000 for secretarial services in the year12023: £7,000).
Page 12 The BLair Foundation Notes to the accounts for the year ended 5 ApriL 2024 Icont.,..) TANGIBLE FtXED AssErs 2024 2024 2023 Historical TotsL Desk Seal Total Cost At 6 ApriL 2023 At 5 Aprll 2024 7.500 7.500 7,500 7.500 7.500 7,500 Accumulated depreclatlon At 6 April 2023 At 5 AprfL 2024 Net book values At 5 Aprll 2024 7.500 7.500 7,500 Note - The Historlcal desk seal is on loan to The Royal Naval Museum, 10. FIXED ASSEf INVESfMErS TotsL 2024 Total 2023 Investments Market vaLue 6 ApriL 2023 Additions Disposals Net investment gain/lloss) Mid market value at 5 ApriL 2024 947,662 133,503 (239,158) 51.836 893,843 1,155.937 256,289 1336,7411 1127.8?_31 947,662 Market vaLue of Llsted UK Securities Market value of Unlisted UK Securities 676.911 216.932 742,792 204,870 893.843 947.662
Page 13 The BLair Foundation Notes to the accounts for the year ended 5 ApriL 2024 (cont..) 10. FfxED Ass INvEsTME[S- contlnued Investments in individual entities held at 5 April 2024 which are over 5/0 of the portfoLlo of Listed UK Securities by value are.. Market Value Nominal 14,000 4,600 32,700 140 1650 1,475 IFSL Evenlode Investment ishares Core sE100 UCITS Thesis Unit Trust Management Edgewood Select US Select Growth First Trust Global Funds I Shares Core S&P 500 UCITS 35,356 35,526 36,199 49.442 42,916 60,434 The Unlisted Investment is invested in 250.657 HaLFfax UK Investment Funds Corporate Bond Fund Income Shares - RetaiL Class C shares. The investment had a market vaLue of £216,931 at 5 ApriL 2024 <£204.870 at 5 ApriL 2023).