the s. eliot foundation (and subsidiaries)

CHARITY REGISTRATION NUMBER: 1159129

THE T. S. ELIOT FOUNDATION

(AND SUBSIDIARIES)

ANNUAL REPORT AND FINANCIAL STATEMENTS

31 MARCH 2018


(AND SUBSIDIARIES)

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

Trustees' annual report (incorporating the directors' report)

Independent auditor's report to the members

Statement of financial activities (including income and expenditure

account)

Statement of financial position —Consolidated

Statement of financial position - Charity

Statement of cash flows

Notes to the financial statements

Page

10

12

12


(AND SUBSIDIARIES)

TRUSTEES' ANNUAL REPORT


The trustees present their report and financial statements for the year ended 31 March 2018.

The financial statements have been prepared in accordance with the accounting policies set outin note I to the financial statements and comply with the chadty's trust deed, the Chadties Act2011 and "Accounting and Reporting by Chadties: Statement of Recommended Practiceapplicable to charities preparing their accounts in accordance with the Financial ReportingStandard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accountingperiods commencing from I January 2016).

Objectives and activities

The primary object of the Foundation is to further the education of the general public, principallyin relation to the works of T.S. Eliot; and to promote art, culture and hedtage in particular poetry, inhis name and to preserve and conserve for the public benefit an archive of poetry, manuscripts,and memorabilia relating to the life and work of T.S. Eliot.

The Trust however is not limited to that primary object and considers all worthwhile causescarefully.

We have referred to the guidance contained in the Chadty Commission's general guidance onpublic benefit when reviewing our aims and objectives and in the planning our future activities.

Achievements and performanceThe Foundation purchased the former summer home of T.S Eliot in Gloucester, Massachusetts in2015 and refurbished the home completing the project in Apdl 2017. The first writers retreatprogramme ran from May 2017 to November 2017 welcoming poets and wdters to spendbetween I and 3 weeks cared for by the resident curator.

The Foundation took on the administration and support of the annual T.S. Eliot Poetry Prizefollowing the closure of the Poetry Book Society back in 2016 and the first award following thischange, took place in January 2017 for the best collection published in 2016. Described as 'thepdze most poets want to win' (Sir Andrew Motion, then Poet Laureate) and 'the world's top poetryaward' (Independent), it is awarded to the author of the best new collection of poetry publishedin the UK and Ireland each year. Announced in January 2018 the 2017 winner was Ocean Vuongfor his debut collection Night Sky with Exit Wounds. The Judges were Bill Herbert (Chair), JamesLasdun and Helen Mort. Chair Bill Herbert said: 'This was a very strong year, and it was a privilegeto read so many books that possessed as well as intdgued us; our shortlist explores grief, pleasure,place and history in a formidable variety of ways.

Ocean Vuong also kindly agreed to read at the opening of the second season of the T.S. EliotWriters Retreat in April 2018.

The T.S. Eliot Poetry Pdze is firmly established as the most valuable and prestigious prize in the UK fora new collection of poetry. It is distinctive among poetry pdzes in being judged by a panel ofestablished poets. To mark the 25th anniversary of the establishment of the Prize the T.S. EliotFoundation announced that the value of the Prize for the best collection for 2017 was to beincreased to E25,000 and that the ten shortlisted poets will each receive EI,500. There were arecord 154 submissions for the 2017 prize.

This year the Foundation also commissioned videos and reviews of the poets' work which wereavailable on tseliot. corn and through the Prize's weekly newsletter.


(AND SUBSIDIARIES)

TRUSTEES' ANNUAL REPORT fcentinveuf


Achievements and performance (continued)The Foundation also delivered the second in its seBes of five annual T.S. Eliot MemoBal Lectures atthe Abbey Theatre in Dublin inspired by T.S. Eliots impact on modern literature. In November 2017the lecture was given by former US Ambassador to the United Nations, Ambassador SamanthaPower. The evening was introduced by Bob Geldof and was followed by an interview with FintanO'Toole.

The Poetry Society of Ame8ca announced The Four Quartets Prize, a new pBze presented in

partnership with the T.S. Eliot Foundation. The pBze is for a unified and complete sequence ofpoems published in America in a print or online journal, chapbook, or book in 2016 and/or2017.The judges for the inaugural prize are Linda Gregerson, Ishion Hutchinson, and Jana Prikryl.

The prize is launching in the 75th anniversary year of the original publication of Four Quartets in asingle volume, in Ame8ca, in 1943.Three finalists will receive $1,000 each. The winner will receivean additional $20,000. The winner will be announced in ApBI 2018.

Financial reviewThe fund generates income, which is used towards the objects of the charity. 1ne fund generatedincome, via its investment portfolio, in the year ended 31 March 2018 at K186,703 (2017:f135,756).In addition it received donations totalling 52,610,848 (2017:K2,257,624).

After taking account of the above-mentioned donations and other income, together with thecost of grants, prize giving, support of pBzes, running of retreat, investment management fees andsupport and governance fees totalling 5623,395, the charity is showing net incoming resources forthe period of 52, 174,156. A loss of 840,010 was realised on the investment portfolio in the periodand a gain of EI56,996 represents the unrealised change in the revaluation of the fund at the yearend. The overall net income for the year is therefore 52,291,142 (2017: 83,047,236) and the fundscarried forward are 515,415,128 (2017:513,123,986).

Structure, governance and managementThe T.S. Eliot Foundation is a Charitable Incorporated Organisation (CIO) registered with theCharity Commissioners under registration number 1159129 formed under the Trust Deed dated 29November 2014. The trustees have adopted the provisions of the Charities Statement ofRecommended Practice (SORP) 'FRS 102' issued in 2014.

The names of the trustees who have held office duBng the period and since the year end areshown on page 3. The trustees have delegated the day to day management of the cha8ty toJudith Hooper, the CEO.

New trustees receive an induction from the Board which involves an awareness of a trustee'sresponsibilities, the governing document, administrative procedures and the history and approachof the cha8ty. A new trustee would receive a copy of the previous year's financial statements anda copy of the Charity Commission leaflet "The Essential Trustee: what you need to know".


(AND SUBSIDIARIES)

TRUSTEES' ANNUAL REPORT (continued)


Reference and administrative details

Charity registration number1159129

Principal officSovereign Court230 Upper Fifth StreetCentral Milton KeynesMK9 2HR

TrusteesMrs C Reihill

Mr P DurranceMrs J Bodley

AuditorKeens Shay Keens MK LLP

Chartered Accountants 8 Statutory Auditor

Sovereign Court230 Upper Fifth StreetCentral Milton KeynesMK9 2HR

Plans for future periodsDuring the next year the trustees intend to meet the objectives of the charity by working on their

core projects of the T.S.Eliot Poetry Prize and running the Poets Retreat in Gloucester,

Massachusetts USA. The trustees will continue working with the Poetry Society of Amedica on

establishing the Four Quartets Prize as an important Poetry Prize in USA and will deliver the third

annual T.S. Eliot Memorial Lecture at the Abbey Theatre in Dublin. They will also continue to make

further grants to institutions and individuals in line with the charity's chaffitable activities.

Public benefitIn addition to the activities described under achievements and performance the trustees have

made a very significant contdibution to the Happy Days: Enniskillen International Beckett Festival.

The American theatre critic and playwright, Robert Brustein, brought T.S. Eliot and Samuel Beckett

together when he called them 'wasteland prophets of the Western world', they have also been

described as the first modernist and the last. The Trustees therefore felt that a sponsorship of the

Beckett Festival with a particular emphasis on T.S. Eliot was an appropriate way to further promote

the heritage of T.S. Eliot.

Working with Modern Poetry in Translation they have continued to place Poet Educators in schools

in Camden to work with children through the medium of poetry as an additional support to the

traditional curriculum. The Trust also supported a Poet Educator at St Elizabeth's Catholic Primary

School.

They have supported events celebrating T S Eliot's work for example FOUR QUARTETS, which will

have its world premiere for three performances at the Richard 8. Fisher Center for the Performing

Arts in Bard in July 2018 in USA. Pam Tanowitz, has created a major, transcendent work in perfect

unison with T. S. Eliot's masterpiece, "Four Quartets". This will come to the Barbican in London in

May 2019.


(AND SUBSIDiARIES)

TRUSTEES' ANNUAL REPORT (contrnuecg


Public benefit (continued)The Foundation also collaborated with, loaned works of Art and made a grant to The TurnerContemporary Gallery in Margate for their Exhibition —Journeys with The Waste Land running fromFebruary to May 2018. Journeys with 'The Waste Land'was a major exhibition explonng thesignificance of T.S. Eliot's poem The Waste Land through the visual arts. In 1921, T.S. Eliot spent afew weeks in Margate at a crucial moment in his career. He arnved in a fragile state, physicallyand mentally, and worked on The Waste Land sitting in the Nayland Rock shelter on MargateSands. The poem was published the following year, and proved to be a pivotal and influentialmodernist work, reflecting on the fractured world in the aftermath of the First World War as well asEliot's own personal cnsis.

The Foundation made a grant to The Poetry Archive to build an Archive celebrating past T.S EliotPoetry Prize Winners and the Winners will be added to the archive as part of the future pnze.

Reserves policyThe trustees held 815,415,128 in reserves at the year-end consisting of properties valued at84,363,768 including the Poets Retreat in the USA and a property in Kensington which houses T.S.Eliot related memorabilia and the T. S. Eliot archive which is currently being catalogued andconserved, together with an investment portfolio of R9,654,950. The charity is self-funding and doesnot seek grants or donations and as such the income from the reserves is used to meet the annualneeds including the refurbishment and running of the Poets Retreat in Gloucester, Massachusettsand the annual T.S. Eliot Poetry Pnze together with any grants awarded by the Foundation toprojects which further its aims.


(AND SUBSIDIARIES)

TRUSTEES' ANNUAL REPORT (continued)


Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in

accordance with applicable law and United Kingdom Accounting Standards (United Kingdom

Generally Accepted Accounting Practice).

The law applicable to chaffties in England and Wales requires the trustees to prepare financial

statements for each financial year which give a true and fair view of the state of affairs of the

chaffty and of the incoming resources and application of resources of the charity for that year.

In prepaffng these 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 judgements and estimates that are reasonable and prudent;

- state whether applicable accounting standards have been followed, subject to any material

departures disclosed and explained in the financial statements; and

— prepare the financial statements on the going concern basis unless it is inappropriate to presume

that the charity will continue in operation.

The trustees are responsible for keeping sufficient accounting records that 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, the Chaffity (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.

The trustees' annual report was approved and signed on behalf of the board of trustees by:

Mrs C Reihill

D.t.~: Atfje. j!.s.. . .


(AND SUBSIDIARIES)

INDEPENDENT AUDITOR'3 REPORT


OpinionWe have audited the financial statements of The T. S. Eliot Foundation (the 'parent charity') and itssubsidiaries together (the "group") for the year ended 31 March 2018 which comprise theconsolidated statement of financial activities, the group and parent charity balance sheets, theconsolidated statement of cash flows and the notes to the financial statements, including asummary of significant accounting policies. The financial reporting framework that has beenapplied 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 group's and the parent charity's affairs as at 31March 2018 and of the group's incoming resources and application of resources, for theyear then ended;have been properly prepared in accordance with United Kingdom Generally AcceptedAccounting Practice; andhave been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinionWe 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 theAuditor's responsibilities for the audit of the accounts section of our report. We are independent ofthe group in accordance with the ethical requirements that are relevant to our audit of theaccounts in the UK, includ&ng the FRC's Ethical Standard, and we have fulfilled our other ethicalresponsibilities in accordance with these requirements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concernWe have nothing to report in respect of the following matters in relation to which the ISAs (UK)require us to report to you where:

the trustees' use of the going concern basis of accounting in the preparation of thefinancial statements is not appropriate; orthe trustees have not disclosed in the financial statements any identified materialuncertainties that may cast significant doubt about the group's or the parent charity'sability to continue to adopt the going concern basis of accounting for a period of at leasttwelve months from the date when the financial statements are authorised for issue.

Other informationThe trustees are responsible for the other information. The other information comprises theinformation included in the annual report, other than the financial statements and our auditor'sreport thereon. Our opinion on the financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent withthe financial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated. If we identify such material inconsistencies or apparent materialmisstatements, we are required to determine whether there is a material misstatement in thefinancial statements or a material misstatement of the other information. If, based on the work wehave performed, we conclude that there is a material misstatement of this other information, weare required to report that fact.

We have nothing to report in this regard.


(AND SUBSIDIARIES)

INDEPENDENT AUDITOR'3 REPORT


Matters on which we are required to report by exceptionWe 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 parent charity financial statements is inconsistent in anymateffial respect with the trustees' report; orsufficient accounting records have not been kept; orthe parent chaffity financial statements are not in agreement with the accounting records;orwe have not received all the information and explanations we require for our audit.

Responslbllies of trusteesAs explained more fully in the statement of trustees' responsibilities, 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 thepreparation of financial statements that are free from matedial misstatement, whether due tofraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group's and the

parent chaiity's ability to continue as a going concern, disclosing, as applicable, matters relatedto going concern and using the going concern basis of accounting unless the trustees either

intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for fhe audit of the flnanciai statementsWe have been appointed as auditors 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 awhole 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 aguarantee that an audit conducted in accordance with ISAs (UK) will always detect a matedial

misstatement when it exists. Misstatements can arise from fraud or error and are consideredmaterial if, individually or in the aggregate, they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.

A further descffiption of our responsibilities for the audit of the financial statements is located on theFinancial Reporting Council's website at: http: //www. frc.org. uk/auditorsresponsibilities. This

description forms part of our auditoys report.

Other makerYour attention is drawn to the fact that the group and the parent chaffity have prepared financial

statements in accordance with "Accounting and Reporting by Chaffities: Statement ofRecommended Practice applicable to charities preparing their accounts in accordance with theFinancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102j" in preferenceto the Accounting and Reporting by Charities: Statement of Recommended Practice issued on I

April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in

accordance with Generally Accepted Accounting Practice effective for reporting peffiods

beginning on or after I January 2015.


(AND SUBSIDIARIES)

INDEPENDENT AUDITOR'3 REPORT fcontrnued)


Use of our reportThis report is made solely to the group's and parent 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 group's and parent charity's trustees those matters we

are required to state to them in an auditors' report and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the group and

parent charity and the group's and parent charity's trustees as a body, for our audit work, for this

report, or for the opinions we have formed.

Keens Shay Keens MK LLP

Chartered AccountantsStatutory Auditor Sovereign Court

230 Upper Fifth Street

Central Milton Keynes

MK9 2HR

Keens Shay Keens MK LLP is eligible for appointment as auditor of the charity by virtue of its

eligibility for appointment as auditor of a company under of section f212 of the Companies Act

2006.


(AND SUBSIDIARIES)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

31 MARCH 2018

Income and endowmentsDonations and legaciesInvestment incomeTrading operationsOther income

2018Unrestricted

funds Total fundsNote E

3 2,624,613 2,624,6135 185,808 185,808

3,583 3,5834 895 895

201 7

Total fundsE

2,257,624135,687

69

Total income 2,814,899 2,814,899 2,393,380

ExpenditureInvestment Managers feesRunning costs of writers' retreatGrants, prizes 3. donations funding

Support L governance costsTrading expenditure

57,436107,210332,616

87,40150,150

57,436107,210332,61687,40150, 150

27,81019,386

I 67,93590,368

Total expenditure 634,813 634,813 305,499

Net gains on investments 116,986 116,986 959,355

Net income and net movement in funds 2,297,072 2,297,072 3,047,236

Reconciliation of fundsTotal funds brought forward

Total funds carried forward

13,123,986 13,123,986 10,076,750

15,421,058 15,421,058 13,123,986

The chadty and group statement of financial activities includes all gains and losses

recognised in the year.All charity and group income and expenditure dedve from continuing activities.

The notes on pages 13 to 23 form part of these financial statements.


(AND SUBSIDIARIES)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 MARCH 2018

Fixed assetsIntangible fixed assetsTangible fixed assetsinvestments

2018Note K

12 8,61713 56,64714 14,018,618

2017E

55,32212,026, 121

14,083,882 12,081,443

Current assetsDebtorsCash at bank and in hand

15 9,9221,371,904

521,690547,716

Creditors: amounts falling due within one year

Net current assets

Net assets

1,381,826 1,069,406

1 e (44,650)

1,337, 1 76

(26,863)

1,042,543

15,421,058 13,123,986

Funds of the chadityUnrestdicted funds

Total charity funds

18 15,421,058 13,123,986

15,421,058 13,123,986

These finapcial statements were approved by the board of trustees and authodised for issue

on gtIr, rir4and are signed on behalf of the board by:

Mrs C Reihill

Trustee


10


(AND SUBSIDIARIES)

CHARITY STATEMENT OF FINANCIAL POSITION

31 MARCH 2018

Fixed assetsTangible fixed assetsInvestments

2018Note

13 56,64714 14,018,718

2017

55,32212,026, 121

14,075,365 12,081,443

Current assetsDebtorsCash at bank and in hand

15 10,9411,369,212

521,690547,716

Creditors: amounts falling due within one year

Net current assets

Net assets

1,380,153 1,069,406

16 (40,390) (26,863)

1,339,763 1,042,543

15,415,128 13,123,986

Funds of the charityUnrestricted funds

Total charity funds

18 15,415,128 13,123,986

15,415,128 13,123,986

These financial statements were approved by the board of trustees and authodsed for issue

on 2 @7&ADfrt) and are signed on behalf of the board by:

Mrs C Reihlll

Trustee


11


(AND SUBSIDIARIES)

CONSOLIDATED STATEMENT OF CASH FLOWS


Notes2018

82017

E 5

Cash flows from operating activitiesCash generated from operations 20 2,524,616 1,935,287

Investing activitiesPurchase of tangible fixed assets

Purchase of intangible fixed assetsPurchase of investment propertyPurchase of other investments

Proceeds on disposal of otherinvestments

Interest received

(1,325)(9,400)

(87, 126)

(2,996,920)

1,208,535185,808

(34,788)

(433,246)

(1,999,783)135,687

Net cash used in investing activities

Net cash used in financing activities

(1,700,428) (2,332,130)

Net increase/(decrease) in cash and cashequivalents 824, 188 (396,843)

Cash and cash equivalents at beginning ofyear 547,71 6 944,559

Cash and cash equhralents at end of year 1,371,904 547,716

The notes on pages 13 to 23 form part of these Enancial statements.

12


(AND SUBSIDIARIES)

NOTES TO THE FINANCIAL STATEMENTS


1 Accounting policies

Charity information

The Charity is registered charity in England and Wales and is unincorporated. The address of

the pdincipal office is Sovereign Court, 230 Upper Fifth Street, Central Milton Keynes, MK9 2HR.

Its principal place of business is Flat 3, Kensington Court Gardens, London, W8 SQE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the chadity's Trust deed,

the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of

Recommended Practice applicable to chadities prepading their accounts in accordance

with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)"

(as amended for accounting periods commencing from I January 2016(. The charity is a

Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports)

Regulations 2008 only to the extent required to provide a true and fair view. This departure

has involved following the Statement of Recommended Practice for charities applying FRS

!02 rather than the version of the Statement of Recommended Practice which is referred to

in the Regulations but which has since been withdrawn.

The financial statemenis are prepared in sterling, which is tl;e functiona! currency of the

charity. Monetary amounts in these financial statements are rounded to the nearest E.

The financial statements have been prepared under the historical cost convention, modified

to include the revaluation of freehold properties and to include investment properties and

certain financial instruments at fair value. The principal accounting policies adopted are set

out below.

1.2 Going concernAt the time of approving the financial statements, the trustees have a reasonable

expectation that the charity has adequate resources to continue in operational existence for

the foreseeable future. Thus the trustees continue to adopt the going concern basis of

accounting in preparing the financial statements.

1.3 Charitable funds

General funds are unrestdicted funds which are available for use at the discretion of the

trustees in furtherance of their chaditable objectives unless the funds have been designated

for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used.

The purposes and uses of the restdicted funds are set out in the notes to the financial

statements.

1.4 Incoming resourcesIncome is recognised when the charity is legally entitled to it after any performance

conditions have been met, the amounts can be measured reliably, and it is probable that

income will be received.

13


(AND SUBSIDIARIES)



1 Accounting policies (continued)

Cash donations are recognised on receipt. Other donations are recognised once the charity

has been notified of the donation, unless performance conditions require deferral of the

amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of

covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an

impending disthbution, the amount is known, and receipt is expected. If the amount is not

known, the legacy is treated as a contingent asset.

Turnover is measured at the fair value of the consideration received or receivable and

represents amounts receivable for goods and services provided in the normal course of

business, net of discounts, VAT and other sales related taxes.

1.5 Resources expendedExpenditure is included on an accruals basis,

Costs of raising funds comprise those costs directly att5butable to managing the investment

portfoiio and raising investment income from the permanent endowment fund.

Grants payable are charged in the year when the offer is conveyed to the recipient.

Support costs are treated as charitable expenditure as they comprise the costs of operation

of the grant making process and the day to day processing of information.

Governance costs represent the audit of the Charity and accounting and tax advisory in

respect of advice to the Trustees on governance issues.

1.6 Tangible fixed assetsTangible fixed assets are initially measured at cost and subsequently measured at cost or

valuation, net of depreciation and any impairment losses.

1.7 Investment propertiesInvestment property, which is property held to earn rentals and/or for capital appreciation, is

initially recognised at cost, which includes the purchase cost and any directly attributable

expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus

or deficit on revaluation is recognised in profit or loss.

1.8 Fixed asset Investments

Unlisted equity investments are initially measured at transaction pace excluding transaction

costs, and are subsequently measured at fair value at each reporting date. Changes in fair

value are recognised in net income/(expenditure) for the year. Transaction costs are

expensed as incurred.

Listed investments are measured at fair value with changes in fair value being recognised in

income and expenditure.

14


(AND SUBSIDIARIES)



1 Accounting policies (continuer0

1.9 Impairment of fixed assets

At each reporting end date, the chadity reviews the carrying amounts of its tangible assets to

determine whether there is any indication that those assets have suffered an impairment loss.

lf any such indication exists, the recoverable amount of the asset is estimated in order to

determine the extent of the impairment loss (if any).

Intangible assets with indefinite useful lives and intangible assets not yet available for use are

tested for impairment annually, and whenever there is an indication that the asset may be

impaired.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other

short-term liquid investments with original maturities of three months or less, and bank

overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial Instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and

Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial

statements, when there is a legally enforceable right to set off the recognised amounts and

there is an intention to settle on a net basis or to realise the asset and settle the liability

simultaneously.

Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially

measured at transaction price including transaction costs and are subsequently carried at

amortised cost using the effective interest method unless the arrangement constitutes a

financing transaction, where the transaction is measured at the present value of the future

receipts discounted at a market rate of interest. Financial assets classified as receivable

within one year are not amortised.

Debt instruments are subsequently caiied at amortised cost, using the effective interest rate

method.

Trade creditors are obligations to pay for goods or services that have been acquired in the

ordinary course of operations from suppliers. Amounts payable are classified as current

liabilities if payment is due within one year or less. If not, they are presented as non-current

liabilities. Trade creditors are recognised initially at transaction price and subsequently

measured at amortised cost using the effective interest method.

15


(AND SUBSIDIARIES)



1 Accounting policies fcontlnuedt

Derecognlfion of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or aredischarged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the trustees are required to makejudgements, estimates and assumptions about the carrying amount of assets and liabilities

that are not readily apparent from other sources. The estimates and associated assumptions

are based on historical expedience and other factors that are considered to be relevant.Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions toaccounting estimates are recognised in the pe6iod in which the estimate is revised where therevision affects only that period, or in the period of the revision and future periods where therevision affects both current and future peniods.

3 Donations and legacies

Group

Donations and gifts received

Unrestdicted Total Funds Unrestricted Total FundsFunds 2018 Funds 2017

5 F. F,

2,624, 613 2,624,613 2,257,624 2,257,624

4 Other trading activities

Group

Royalty income 895 895 69 69

Unrestricted Total Funds Unrestricted Total FundsFunds 2018 Funds 201 7

E E

16


(AND SUBSIDIARIES)



5 Investment income

Unrestdicted Total Funds Unrestricted Total Funds

Funds 2018 Funds 2017f 8 E

Income frompropertiesIncome fromIncome frominvestmentsBank interestLoan interest

UK investment

UK listed investmentsnon-UK listed

receivablereceivable

46,20062,857

73,039802

2,910

185,808

46,20062,857

73,039802

29, 10

185,808

46,20037,291

42,5712, 1527,473

135,687

46,20037,291

42,5712, 1527,473

135,687

6 Running costs of writer's retreat

Group

Unrestricted Total Funds Unrestdicted Total FundsFunds 2018 Funds 2017

E E B E

Travel L subsistenceRates 8, waterOffice expensesCurrency exchange differenceSundry expensesRepairs 8. maintenanceLight L heatProperty managementSubscdiptionsInsuranceComputer 8, internet

10,3786657

19,8231,317

45,5226,882

14,704114

7,500847

107,210

10,3786657

19,8231,317

45,5226,882

14,704114

7,500847

107,210

12,9703,691

587(47,874)

34,8945,2723,379

1153,1703, 182

19,386

12,9703,691

587(47,874)

34,8945,2723,379

1153,1703, 182

19,386

17


(AND SUBSIDIARIES)



7 Grants, prizes 8 donations payable

Group

Grants to institutions:

Festival of writing and ideas

St Elizabeths Catholic Primary School - Poet in Residence

The Poetry Archive

Turner Contemporary, Margate —Journeys with The Waste Land

The Academy of American Poets - Support for the 2017 Academy of

American Poets Fellowship ($12,500)

Nick Roth —The Waste Land

Lapidus International

Modern Poetry in Translation —Poetry Placements in Camden

Secondary SchoolEIBF (Happy Days, Beckett Festival)

Bard College - Four Quartets Dance

T.S. Eliot Prize

T.S. Eliot Prize expensesT.S. Eliot Memorial Lecture at The Abbey Theatre, Dublin

Foundation poetry placements in Camden schools

Beckett Festival

Lewis Exhibition

The Koestler Trust

Decadence Event

Abbey Theatre

2018E

1,5005,0008,500

10,000

9,5907,500

10,000

20,50060,008'

20, 11040,00077,73562, 181

20175

35,00056,719

20,00025,000I 5,0005,000

10,0001,216

332,616 167,935

8 Support costs

Group

Support costs Governance Unrestricted UnrestBctedcosts 2018 2017

8 8 5

Bank chargesConsultancy feesWebsite 8 Hosting costs

Audit feesAccountancy feesLegal feesIrrecoverable VAT

1,64036,000

5,0006,6008,324

7,77722,060

1,640 625

36,000 36,0005,0006,600 6,200

8,324 10,544

7,777 22, 102

22 060 14 897

42,640 44,761 87,401 90,368

Governance costs includes payments to the auditors of 56,600 (2017:56,200) for audit fees.

18


(AND SUBSIDIARIES)



9 Trustee remuneration and expenses

No Trustee received any remuneration or reimbursement of expenses during the year (2017ENII)

10 Employees

No salaries or wages have been paid to employees during the year (2017:ENil).

11 Net gains/(losses) on Investments

2018 2017E

Unrealised gain on investment portfolio

Realised (loss)/gain on sale of investments

156,996 638,802(40,010) 320,553

116,986 959,355

12 intangible fixed assets

Group

Website TotalDevelopment

CostsAdditions

As at 31 March 2018

9,400 9,400

9,400 9,400

Amortisation and equipment

Charged for the period

As at 31 March 2018

783 783

783 783

Carrying amount

As at 31 March 2018 8,617 8,617

19


(AND SUBSIDIARIES)



13 Tangible fixed assets

Group

CostAt 1 April 2017Additions

At 31 March 2018

Carrying amountAt 31 March 2018

At 31 March 2017

Fixtures &

fittingsE

55,3221,325

56,647

56,647

55,322

TotalE

55,3221,325

56,647

56,647

55,322

Chadity

CostAt 1 April 2017Additions

At 31 March 2018

Carrying amountAt 31 March 2018

At 31 March 2017

Fixtures &

fittings

55,3221,325

56,647

56,647

55,322

TotalE

55,3221,325

56,647

56,647

55,322

14 Fixed asset investments

Group Investment Otherproperties Investments

K 8

Total

Cost or valuation

At 1 April 2017Additions

Disposals

4,276,642

87, 1267,749,479 12,026, 121

2,996,920 3,084,046

(1,091,549) (1,091,549)

At 31 March 2018 4,363,768 9,654,850 14,018,618

Carrying amount

At 31 March 2018 4,363,768 9,654,850 14,018,618

At 31 March 2017 4,276,642 7,749,479 12,026, 121

20


(AND SUBSIDIARIES)



14 Fixed asset investments (continued)

Charity Investment Otherproperties investments

E f

Total

Cost or valuation

At I A pdl 2017Additions

Disposa ls

4,276,642

87, 1267,749,479 12,026, 121

2,997,020 3,084, 146

(1,091,549) (1,091,549)

At 31 March 2018 4,363,768 9,654,950 14,018,718

Carrying amount

At 31 March 2018

At 31 March 2017

4,363,768 9,654,950 14,018,718

4,276,642 7,749,479 12,026, 121

Included in other investment additions above is ZI00 investment in the issued share

capital of Dead Poets Live Limited. Dead Poets Live Limited is a wholly owned trading

subsidiary and was incorporated on 7 March 2017, is incorporated in the United

Kingdom. The subsidiary operates as producers and script writers of poetry productions.

The Charity owns the entire issued share capital. The charity also has a subsidiary, The

T.S. Eliot Foundation LLC, which operates in the United States of America which

undertakes similar activities to that of The T.S. Eliot Foundation. A summary of the trading

results of these two entities is shown below.

Summary Profit and Loss account

DeadPoets Live

Ltd

TSEFLLC

TurnoverCost of sales

Gross profitAdministrative expenses

Operating surplus

Taxation

Retained in subsidiary for the year

Net assets

2018E

56,080(27, 103)

28,977(20,403)

8,574

8,574

8,674

2018

(2,644)

(2,644)

(2,644)

(2,644)

21


(AND SUBSIDIARIES)



1$ Debtors

Group

Other debtorsPrepayments 8 accrued income

2018

9,922

2017E

500,00021,690

9,922 521,690

Charity

Other debtorsAmounts due from fellow group subsidiariesPrepayments 8. accrued income

20188

5, 1115,830

2017

500,000

21,690

10,941 521,690

16 Creditors: amounts falling due within one year

Group

Accruals 8, deferred income

20'I 8

44, 650

20178

26,863

Charity

Accruals 8, deferred income

17 Analysis of charitable funds

2018E

40,390

2017E

26,863

GroupBalance at

1 April 2017

Movement in funds

Incoming Resources Revaluations, Balance at 31resources expended gains and March 2018

lossesE 8 f f

Unrestdcted funds 13,123,986 2,814,899 (634,813) 116,986 15,421,058

13,123,986 2,814,899 (634,813) 116,986 15,421,058

Charity

Unrestricted funds 13,123,986 2,797,551 (623,395) 116,986 15,415,128

13,123,986 2,797,551 (623,395) 116,986 15,415, 128

22


(AND SUBSIDIARIES)


31 MARCH 2018

18 Analysis of net assets between funds

Fund balances at 31 March 2018 are represented by:

Intangible assetsTangible assetsInvestments

Net current assets

Charity Total

8

56,64714,018,718

1,339,763

Net assets 15,415,128

19 Related party transactions

During the year the chadty entered in the following transactions with related parties:

Related Party

Set Copyrights Ltd

2018 2017Relationship Transactions

Trustees in common Donations received 683,752 1,357,624

Old Possum's Practical Trust Trustees in common Donations/Grants paid 1,000,000 900,300

20 Cash generated from operations 20188

2017

Surplus for the year 2,297,072 3,047,236

Adjustments for:Amortisation of intangible fixed assetsInvestment income recognised in statement of financial activities

Gain on disposal of investments

783(185,808)(116,986)

(135,687)(959,355)

Movements in working capital:Decrease/(increase) in debtorsIncrease in creditors

511,76817,787

(19,297)2,390

Cash generated from operations 2,524,616 1,935,287

23

the s. eliot foundation (and subsidiaries)

Documents