FINANCIAL INFORMATION

2021 Financial Review

Total income for 2021 amounted to £3.0 million (2020 – £3.7M). Donations from the Asfari family constitute the principal source of income for the Foundation. Over the years, the family has made substantial donations to the Foundation, part of which is intended to progressively build an investment capital base that at a future date can serve to fund charitable expenditures. Income from investments is usually applied to augmenting the investment capital but with the flexibility to be called upon for annual expenditures if required.

Total expenditure on charitable activities for 2021 was £3.1 million (2020 – £3.4M). Of this total, £2.6 million (2020 – £2.8M) was spent on grants awarded across the Foundation’s programmes. Support costs to operate the organisation amounted to £0.4 million (2020 – £0.6M).

At 2021 year end, the funds of the Foundation amounted to £16.3 million (2020 – £15.2M). These funds were entirely unrestricted. During 2021, some £1.0 (2020 – deficit of £1.2M) was added as a result of net gains on investments and a surplus of income over expenditure.