## **The PINE Foundation** 

**Registered Charity No. 1038938** 

## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED** 

**31ST MARCH 2021** 



**The PINE Foundation Year ended 31st March 2021** 

## **Index** 

||**Index**|
|---|---|
|Page:||
|1|Legal and Administrative Details|
|2-13|Trustees' Report|
|14|Independent Examiner's Report|
|15|Statement of Financial Activities|
|16|Balance Sheet|
|17-23|Notes to the Financial Statements|





## **The PINE Foundation Legal and Administrative Details** 

## **TRUSTEES** 

Professor Serguei Braguinski (Secretary to the Board of Trustees) Mr Kentaro Nishida Professor Atsushi Ohyama 

## **SOLICITORS** 

Bates Wells 10 Queen Street Place London EC4R 1BE 

## **INDEPENDENT EXAMINER** 

Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD 

## **BANKERS** 

Barclays Bank plc 100 Fenchurch Street London EC3M 5JD 

## **REGISTERED OFFICE** 

30 Dartmouth Road Forest Hill London SE23 3XU 

Tel: 44 (0)20 8699 6555 

## **STATUS** 

The PINE Foundation (Foundation for Progressive International Education) is a charitable trust governed by a Trust Deed made on 2 March 1994. 

The PINE Foundation is registered in the United Kingdom as a charity and its registered charity number is 1038938. 

Page: 1 



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5 



## **#@;'78'?7C2D=;;5@'** 

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## **$!"#,!#"%'J).%"0/0,%'/01'F/0/J%F%0!''** 

## **,7D@=>=2=>7D'4DG'75H4D>@4=>7D4C'@=52<=25;'** 

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## **-DG2<=>7D'4DG'=54>D>DH'78'!52@=;;@'** 

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## **/,M-%.%F%0!$'/01'(%"L)"F/0,%'** 

## **$233456'78'34>D'4<A>;?;3;D=@'** 

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6 



255!(#$!N$0$*3932%3$'!201!8)03()%!(#$!4%)P$9('!@#35$!25')!$8N%2930E!*$$1N29R!*%)8!(#$! N$0$*3932%3$'?!"#$!9)0'(20(!#201'T)0!4%)9$''!)*!N352($%25!9)88&0392(3)0!30!@#39#!(#$! "%&'($$'!E3F$!E&31209$!201!21F39$!()!(#$!N$0$*3932%3$'B!@#35'(!(#$!52(($%!9)0(30&$!()! $745)%$!0$@!@26'!)*!9)01&9(30E!(#$3%!%$'$2%9#!201!'(&16B!201!%$'4)01!()!(#$!"%&'($$'! @3(#!0$@!31$2'B!#2'!N$$0!(#$!N3EE$'(!2''$(!)*!"#$!+,-.!/)&012(3)0!')!*2%?!"#3'!3'!25')! (#$!8)'(!384)%(20(!9#200$5!(#%)&E#!@#39#!(#$!"%&'($$'!$0'&%$!(#2(!(#$!/)&012(3)0D'! 1)02(3)0'!2%$!&'$1!*)%!(#$3%!30($01$1!4&%4)'$'?! 

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## **1>88;5;D<;'34G;'=7'9;D;8><>45>;@'4DG'N>G;5'@7<>;=6'** 

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7 



#&820! 9243(25! 201! N$9)8$! 4)@$%*&5! 21F)92($'! *)%! (#$! 92&'$'! (#2(! 9)0'(3(&($! (#$! 83''3)0!)*!"#$!+,-.!/)&012(3)0?! 

## **L2DG54>@>DH'4DG'>D?;@=3;D='B;587534D<;'4<A>;?;3;D=@'** 

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## **L-0/0,-/O'"%.-%P'** 

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## **(7C><6'875'M7CG>DH'";@;5?;@'** 

"#$!4)5396!*)%!#)5130E!%$'$%F$'!21)4($1!N6!(#$!"%&'($$'!)*!"#$!+,-.!/)&012(3)0!3'! N2'$1! &4)0! *)%$92'('! )*! 5$F$5'! )*! 309)8$! F$%'&'! *)%$92'('! )*! $74$013(&%$! 30! *&(&%$! 6$2%'!)0!(#$!N2'3'!)*!45200$1!29(3F3(3$'!201!(#$!2''$''8$0(!)*!(#$!53R$53#))1!(#2(!*&(&%$! 0$$1'! 201! )44)%(&03(3$'! 83E#(! N$! 8$(! )&(! )*! *&(&%$! 309)8$?! <)%$! '4$93*392556B! (#$! "%&'($$'! *)%$92'(! 2! '(2N5$! 201! '($216! *5)@! )*! 0$$1'! 2%3'30E! *%)8! (#$! )N53E2(3)0! ()! 9)0(30&$!()!'&44)%(B!*)%!(#$!*)%$'$$2N5$!*&(&%$B!4%)P$9('!'$5$9($1!N6!(#$!"%&'($$'?!M'! 25%$216! 8$0(3)0$1B! (#3'! R301! )*! %$'$%F$'! 4)5396! 3'! 30! 530$! @3(#! (#$! 83''3)0! )*! "#$! +,-.!/)&012(3)0!201!3('!E)25'!201!)NP$9(3F$'!2'!'(2($1!30!(#$!"%&'(!Q$$1?!"#$!28)&0(! 

8 



)*!0$(!9&%%$0(!2''$('!I8)'(56!92'#!%$'$%F$'!#$51!30!(#$!N20RK!2(!:;!<2%9#!=>=;!@2'! ^==aBZZ=?! 

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g$09$B!(#$!"%&'($$'!30($01!()!8230(230!(#$!5$F$5!)*!%$'$%F$'!)*! "#$! +,-.! /)&012(3)0! 2(! 244%)7382($56! (#$! '28$! 5$F$5! IN2%%30E! 6$2%56! 30F$'(8$0(! 4)%(*)53)!*5&9(&2(3)0'K!*)%!(#$!*)%$'$$2N5$!*&(&%$!30!)%1$%!()!8230(230!(#$!/)&012(3)0D'! 2N353(6!()!'&44)%(!3('!N$0$*3932%3$'!*)%!(#$!4&N539!N$0$*3(!30!(#$!5)0E!%&0?! 

## **!M%'-F(/,!')L'!M%',)")0/.-"#$'(/01%F-,'** 

[3(#! '$F$%25! #&01%$1! 83553)0! 30*$9($1! 201! '$F$%25! 83553)0! 4$)45$! 1$21! *%)8! (#$! 9)%)02F3%&'! @)%51@31$B! (#$! 6$2%! &01$%! %$F3$@! 4%$'$0($1! (%$8$01)&'! 9#255$0E$'! ()! $F$%6!4$%')0!201!$F$%6!)%E203e2(3)0?!"#$!+,-.!/)&012(3)0!@2'!0)!$79$4(3)0?!<206! 2'4$9('!)*!"#$!+,-.!/)&012(3)0D!29(3F3(3$'B!*%)8!*&01T%23'30E!()!E%20(!13'N&%'$8$0(! @$%$!38429($1!2'!13'9&''$1!N$5)@?! 

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## _"#$%&'!()!*/)%)&/%2!$(.'*(2/(!%),!2()1-'3.#!*/)%)&/%2!0'%4/2/'5!_ 

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9 



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_"#$%&'!()!1.%)'0!%),!('63.!%&'/7/'/30!_ 

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/3%'(B!CJ\,Q!;]!201!(#$!$0'&30E!(%2F$5!%$'(%39(3)0'!821$!30T4$%')0!9)0(29(!@3(#!(#$! +%)*$'')%! 384)''3N5$! 1&%30E! (#$! 6$2%! &01$%! %$F3$@?! "#$! "%&'($$'! @$%$! A&3($! 9)09$%0$1!2N)&(!(#$!@$55N$30E!)*!(#$!+%)*$'')%!201!#3'!($28?!"#%)&E#)&(!(#$!6$2%B! +%)*$'')%! d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10 



30!j)01)0!30!(#$!G&88$%!)*!=>=;!25')!#21!()!N$!#$51!)0530$!*)%!(#$!'28$!%$2')0?!"#$! "%&'($$'! 5))R! *)%@2%1! ()! %$'&830E! N)(#! (#)'$! 8$$(30E'! 201! 8$$(30E'! @3(#! 301$4$01$0(!$72830$%'!30!4$%')0!2'!'))0!2'!3(!3'!'2*$!()!1)!')?! 

## _873.%22!%00300#3)'!_ 

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i4&(!)0!#)51!1&%30E!(#$! 4201$839B!)09$!3(!'&N'31$'?! 

## **(O/0$'L)"'L#!#"%'(%"-)1$'** 

W3F$0! (#$! 9&%%$0(! ')93)T4)53(3925! '3(&2(3)0! 30! H&''32B! 201! $'4$932556! 30! F3$@! )*! (#$! 1$F2'(2(30E!38429(!(#$!CJ\,Q!;]!4201$839!3'!#2F30E!)0!(#3'!9)&0(%6B!(#$!"%&'($$'! 2%$!1$($%830$1!()!1)!255!30!(#$3%!4)@$%!()!9)0(30&$!201!()!309%$2'$!(#$3%!'&44)%(!()!(#$! +%)*$'')%!201!,01&'(%325!+)5396!H$'$2%9#!W%)&4?!H$9$0(56B!(#$!+%)*$'')%!928$!&4!@3(#! 2! 0$@B! $793(30E! %$'$2%9#! 4%)4)'25B! @#39#! @355! $745)%$! (#$! V2420$'$! $74$%3$09$! )*! 2445630E! ())5'! 201! (#$! $74$%3$09$! )*! '(%2($E39! *)%$'3E#(! ()! '$(! &4! 2! 02(3)025! 1$F$5)48$0(!'(%2($E6B!@3(#!(#$!E)25!)*!2445630E!(#$!5$'')0'!()!(#$!H&''320!92'$!)09$!3(! 3'!%$216!()!%$(&%0!()!(#$!9)&%'$!)*!%$*)%8'?!"#$!"%&'($$'!9)0'31$%!(#3'!4520!()!N$!F$%6! 2((%29(3F$B! 30! 42%(! N$92&'$! 3(! 9%$2($'! '60$%E3$'! @3(#! (#$! '&44)%(! *)%! V2420$'$! +#Q! '(&1$0('!'(&1630E!5$'')0'!*%)8!V2420D'!)@0!(%20'3(3)0!()!2!82%R$(!$9)0)86!1&%30E!(#$! <$3P3T"23'#)!$%2?!"#$6!5))R!*)%@2%1!()!%$9$3F30E!(#$!1$(235'!)*!(#$!4%)4)'25!201!()! 9)0(30&30E!()!'&44)%(!(#$!+%)*$'')%D'!!,01&'(%325!+)5396!H$'$2%9#!W%)&4?! 

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

"#$!"%&'($$'!30($01!()!9)0(30&$!(#$3%!'&44)%(!*)%!(#$!$79$55$0(!+#Q!'(&1$0('!@#)8! (#$6!#2F$!31$0(3*3$1!')!*2%B!201!()!'$$R!)(#$%!'&9#!'(&1$0('!1$'$%F30E!)*!'&44)%(!30!(#$! *&(&%$?!M'!8$0(3)0$1B!(#$6!30($01!()!4%)F31$!)0$!8)%$!6$2%!)*!'&44)%(!()!<%!C251@$55! @#)!*29$'!20!$7($0'3)0!)*!#3'!'(&16!1&$!()!4201$839T%$52($1!13'%&4(3)0?! 

M'!13'9&''$1!1&%30E!(#$!M00&25!W$0$%25!<$$(30E!#$51!)0!V&56!=Z["#] B!=>=>B!(#$!"%&'($$'! #2F$!31$0(3*3$1!20)(#$%!4)($0(325!9201312($!*)%!E%20(!'&44)%(!()!2(($01!2!()4T5$F$5!+#Q! 4%)E%288$!2'!42%(!)*!3845$8$0(30E!"#$!+,-.!/)&012(3)0D'!83''3)0!()!#$54!V2420! N&351!#3E#$'(T5$F$5!#&820!9243(25!@3(#!30($%02(3)025!%$29#!30!(#$!*3$51!)*!$9)0)839'! 201!'(%2($E6?!g$!3'!<%!"2R&62!g3%23@2B!2!1)9()%25!'(&1$0(!2(!g3()('&N2'#3!X03F$%'3(6! 30! V2420?! <%! g3%23@2! 24453$1! ()! '$F$%25! ()4! XG! +#Q! 4%)E%288$'! 201! %$9$3F$1! 2183''3)0!@3(#!*30209325!231!*%)8!(#$!G(%2($E6!201!<202E$8$0(!4%)E%288$!2(!(#$! X03F$%'3(6! )*! <2%65201B! (#$! '28$! 4%)E%288$! 30! @#39#! 20)(#$%! +,-.! /)&012(3)0! 

11 



N$0$*3932%6B! <%! G#)(2%)! f282E&9#3! 3'! 25')! $0%)55$1?! <%! g3%23@2! #2'! $74%$''$1! 2! '(%)0E!1$'3%$!()!2(($01!(#3'!4%)E%288$!201!(#$!"%&'($$'!4520!()!'(2%(!'&44)%(30E!#3'! '(&16!*%)8!(#$!0$7(!*3'925!6$2%?!! 

M'!255!(#$'$!4520'!%$A&3%$!5)0ET($%8!9)883(8$0(!)0!(#$!42%(!)*!"#$!+,-.!/)&012(3)0B! (#$!"%&'($$'!@355!9)0(30&$!()!E3F$!4%3)%3(6!()!R$$430E!21$A&2($!%$'$%F$'!201!4%$F$0(30E! (#$!1$45$(3)0!)*!(#$!/)&012(3)0D'!&0%$'(%39($1!*&01'?!"#$!'&44)%($%'!)*!201!1)0)%'!()! "#$!+,-.!/)&012(3)0!#2F$!%$4$2($156!821$!3(!R0)@0!()!(#$!"%&'($$'!(#2(!(#3'!3'!(#$3%! 1$'3%$!25')?! 

"#$!"%&'($$'!30($01!()!9)0(30&$!(#$3%!$**)%('!()!9&(!9)'('B!25(#)&E#!(#$6!%$253e$!(#2(! (#$6!#2F$!9&%%$0(56!258)'(!%$29#$1!(#$!5383(!)*!@#2(!920!N$!1)0$!@3(#)&(!P$)42%13'30E! (#$! 2N353(6! )*! "#$! +,-.! /)&012(3)0! ()! 8$$(! 3('! )NP$9(3F$'?! "#$! "%&'($$'! #2F$! $74%$''$1!(#$3%!%$0$@$1!9)883(8$0(!()!1)!@#2($F$%!(#$6!920!)0!2!F)5&0(2%6!N2'3'!()! #$54!(#$!/)&012(3)0?! 

## **"%O/!%1'(/"!Q'!"/0$/,!-)0$'** 

H$52($1!42%(6!(%20'29(3)0'!2%$!2'!%$4)%($1!30!0)($!;=!)*!(#$!*30209325!'(2($8$0('?! 

## **$=4=;3;D='78'!52@=;;@&'";@B7D@>9>C>=>;@''** 

"#$!"%&'($$'!2%$!%$'4)0'3N5$!*)%!4%$42%30E!(#$!"%&'($$'D!H$4)%(!201!(#$!*30209325! '(2($8$0('!30!299)%1209$!@3(#!2445392N5$!52@!201!X03($1!Y30E1)8!M99)&0(30E! G(2012%1'!IX03($1!Y30E1)8!W$0$%2556!M99$4($1!M99)&0(30E!+%29(39$?K! 

"#$!52@!2445392N5$!()!9#2%3(3$'!30!.0E5201!k![25$'!%$A&3%$'!(#$!"%&'($$'!()!4%$42%$! *30209325!'(2($8$0('!*)%!$29#!*30209325!6$2%B!@#39#!E3F$!2!(%&$!201!*23%!F3$@!)*!(#$! '(2($!)*!2**23%'!)*!(#$!9#2%3(6!201!)*!(#$!309)830E!%$')&%9$'!201!2445392(3)0!)*! %$')&%9$'!)*!(#$!9#2%3(6!*)%!(#2(!4$%3)1?!!,0!4%$42%30E!(#$'$!*30209325!'(2($8$0('B!(#$! "%&'($$'!2%$!%$A&3%$1!()S! 

- '$5$9(!'&3(2N5$!299)&0(30E!4)5393$'!201!(#$0!24456!(#$8!9)0'3'($0(56U! 

- )N'$%F$!(#$!8$(#)1'!201!4%309345$'!30!(#$!C#2%3(3$'!GJH+U! 

- 82R$!P&1E$8$0('!201!$'(382($'!(#2(!2%$!%$2')02N5$!201!4%&1$0(U! 

- '(2($!@#$(#$%!2445392N5$!299)&0(30E!'(2012%1'!#2F$!N$$0!*)55)@$1B!'&NP$9(!()!206! 82($%325!1$42%(&%$'!13'95)'$1!201!$745230$1!30!(#$!*30209325!'(2($8$0('U! 

- 4%$42%$!(#$!*30209325!'(2($8$0('!)0!2!E)30E!9)09$%0!N2'3'!&05$''!3(!3'!30244%)4%32($! ()!4%$'&8$!(#2(!(#$!9#2%3(6!@355!9)0(30&$!30!N&'30$''?! 

"#$!"%&'($$'!2%$!%$'4)0'3N5$!*)%!R$$430E!4%)4$%!299)&0(30E!%$9)%1'!(#2(!13'95)'$!@3(#! %$2')02N5$!299&%296!2(!206!(38$!(#$!*30209325!4)'3(3)0!)*!(#$!9#2%3(6!201!$02N5$!(#$8! ()!$0'&%$!(#2(!(#$!*30209325!'(2($8$0('!9)8456!@3(#!(#$!C#2%3(3$'!M9(!=>;;B!(#$!C#2%3(6! IM99)&0('!201!H$4)%('K!H$E&52(3)0'!=>>_B!201!(#$!4%)F3'3)0'!)*!(#$!(%&'(!1$$1'?!"#$6! 2%$!25')!%$'4)0'3N5$!*)%!'2*$E&2%130E!(#$!2''$('!)*!(#$!9#2%3(6!201!#$09$!*)%!(2R30E! %$2')02N5$!'($4'!*)%!(#$!4%$F$0(3)0!201!1$($9(3)0!)*!*%2&1!201!)(#$%!3%%$E&52%3(3$'?! 

12 



## **-DG;B;DG;D='%R43>D;5@'** 

<))%$!Y30E'()0!G83(#!jj+!#2F$!301392($1!(#$3%!@35530E0$''!()!9)0(30&$!30!)**39$!2'! 301$4$01$0(!$72830$%'!201!)**$%!(#$8'$5F$'!*)%!%$T$5$9(3)0!2(!(#$!*)%(#9)830E!M00&25! W$0$%25!<$$(30E?! 

"#3'!%$4)%(!@2'!244%)F$1!N6!(#$!d)2%1!)*!"%&'($$'!)0!ll22 December, 2021l!201! '3E0$1!)0!3('!N$#25*!N6S!llllllllllllllllllll! 

Serguei Braguinski, Trustee, Secretary to the Board of Trustees 

13 



## **Independent Examiner's Report to the Trustees of The PINE Foundation** 

I report to the trustees on my examination of the accounts of The PINE Foundation for the year ended 31 March 2021. 

## **Responsibilities and basis of report** 

As the charity trustees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

I report in respect of my examination of the Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent Examiner's Statement** 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

- (1) accounting records were not kept in respect of the Foundation as required by section 130 of the Act; or 

- (2) the accounts do not accord with those records; or 

- (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 


Devonshire House 60 Goswell Road London EC1M 7AD 


Date: 

**Luke Holt FCA, for and on behalf of Moore Kingston Smith LLP Chartered Accountants** 

Page: 14 



**The PINE Foundation Statement of Financial Activities** 

## **For the year ended 31st March 2021** 

||**Unrestricted**|**Total**|**Total**|
|---|---|---|---|
|**Note**|**Funds**|**2021**|**2020**|
|**Income**<br>Income from:|**£**|**£**|**£**|
|Donations and Gifts<br>Interest receivable<br>Dividends receivable<br>**Total Income**<br>**Expenditure**<br>Expenditure on raising funds:<br>Fundraising<br>**2**|54,673<br>10<br>12,034<br>66,717<br>19,148<br>82,462<br>101,610<br>147,331<br>(19,674)<br>92,764<br>92,764<br>807,003<br>899,767|54,673<br>10<br>12,034<br>66,717<br>19,148<br>82,462|80,923<br>30<br>16,294|
||||97,247|
||||19,484|
|Charitable Activities:||||
|Grant Making<br>**3**|||91,645|
|**Total Expenditure before gains and losses**<br>Gain/(loss) on investments<br>**8**<br>Exchange (losses)/gains||101,610<br>147,331<br>(19,674)<br>92,764<br>92,764<br>807,003<br>899,767|111,129|
||||(64,294)<br>7,303|
|**Net income/(expenditure)**|||(70,873)|
|||||
|||||
|**Net Movements in Funds**|||(70,873)|
|Balances brought forward at<br>1st April<br>Balances carried forward at|||877,876|
|||||
|31st March|||807,003|
|||||



Page: 15 



**The PINE Foundation Balance Sheet at 31st March 2021** 


|**Note**|**2021**|**2021**|**2020**|**2020**|
|---|---|---|---|---|
|**Fixed Assets**<br>Tangible fixed assets<br>**7**|**£**|**£**<br>-|**£**|**£**<br>342|
|Investments<br>**8**||672,105||524,774|
|**Current Assets**<br>Debtors<br>**9**|891|672,105|600|525,116|
|Cash and cash equivalents|256,925||289,780||
|**Creditors: Amounts falling due**|257,816||290,380||
|**within one year**<br>**10**|(30,154)||(8,493)||
|**Net Current Assets**||227,662||281,887|
|**Total Net Assets**||899,767||807,003|
|**Funds Available**|||||
|Unrestricted general fund||899,767||807,003|
|||899,767||807,003|



Approved by the Board of Trustees on…22 December, 2021…………………... and signed on its behalf by: 

……………………………………………. 

**S Braguinski** Trustee 

## Atsushi Ohyama 

…………………………………………….. 

**A Ohyama** Trustee 

Page: 16 



**The PINE Foundation Notes to the Financial Statements For the year ended 31st March 2021** 

## **1 Accounting Policies** 

## **Accounting Convention** 

The PINE Foundation meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared in accordance with 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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). 

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the potential impact of the COVID 19 pandemic on the charity. While the Foundation could not entirely avoid the negative impact of COVID 19 on some parts of its activity (see pages 9 - 11 in the Trustees Report for details), the trustees believe that this impact has so far been contained and The Pine Foundation will continue to operate as a going concern. The charity therefore continues to adopt the going concern basis in preparing its financial statements. 

The principle accounting policies adopted in the preparation of the financial statements are set out below: 

## **Fixed Assets** 

Individual fixed assets costing more than £500 are capitalised at cost and are depreciated on a straight line basis over their estimated useful lives as follows: 

Office equipment 3 years 

Depreciation rates, economic lives and impairment of asset values are reviewed annually. 

## **Investments** 

Investments are initially measured at cost and subsequently measured at fair value as per quoted market price. Any realised and unrealised gain or loss is taken to the Statement of Financial Activities. 

## **Cash and Cash Equivalents** 

Cash and cash equivalents includes cash held in hand, deposits held at call with banks and cash held as investments with a maturity of 90 days or less. 

Page: 17 



**The PINE Foundation Notes to the Financial Statements For the year ended 31st March 2021** 

## **1 Accounting Policies (continued)** 

## **Financial Instruments** 

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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 instruments are measured at amortised cost with the exception of investments which are measured at fair value. 

## **Judgements and Key Sources of Estimation Uncertainty** 

In the application of the charity’s accounting policies, the directors are required to make judgements, 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 experience 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 to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in the accounts relate to: 

Useful Economic Lives - The annual depreciation charge for property, plant and equipment is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended were necessary to reflect current circumstances. 

## **Income** 

All income is included when the charity has entitlement to the income, there is probability of receipt and the amount can be measured. 

Donations are treated as income in the period in which they are receivable. Interest receivable is treated as income of the period in which it accrues. 

## **Grants** 

Grants made by the Foundation are treated as expenditure of the period in which they are approved and the offer is conveyed to the recipient, except in cases where an offer is conditional, such grants being recognised as expenditure only when the conditions are fulfilled. 

## **Expenditure** 

Expenditure is included in the SOFA on an accruals basis. 

Cost of generating funds are costs incurred in attracting voluntary income to support the charity's activities, together with the cost of managing the charity's investments for both income generation and capital maintenance. 

Charitable activity costs include grants payable to third parties in furtherance of the charitable objects of the trust, together with attributable support costs. 

Support costs include costs related to the approval and monitoring of grant awards together with central office and administration costs. 

Governance costs, which are included within support costs, are costs incurred in connection with the strategic management of the charity and in compliance with constitutional and statutory requirements. 

Page: 18 



## **The PINE Foundation Notes to the Financial Statements For the year ended 31st March 2021** 

## **1 Accounting Policies (continued)** 

## **Allocation of expenditure** 

Expenditure is allocated between costs of generating funds and charitable activities on the basis of direct allocation where possible and an apportionment of employee time spent where applicable. 

## **Fund accounting** 

General funds are unrestricted funds available for use at the discretion of the trustees in furtherance of the general objects of the charity and which have not been designated for other purposes. 

Restricted funds represent amounts given to the charity for specific purposes, in accordance with the donors' wishes. 

## **Operating leases** 

Costs under operating leases are charged to the Statement of Financial Activities in the period to which they relate. 

## **Foreign currencies** 

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net income/(expenditure) result. 

## **Taxation** 

As a registered charity, the Foundation is generally exempt from Income Tax but not from VAT. Irrecoverable VAT is, in accordance with standard accounting practice, included in the cost of those items to which it relates. 

## **Functional currency** 

The functional currency of the Foundation is UK sterling rounded to the nearest pound. 

Page: 19 



## **The PINE Foundation Notes to the Financial Statements For the year ended 31st March 2021 (Continued)** 

|**2**<br>**Fundraising**||**Total**|**Total**|
|---|---|---|---|
|||**2021**|**2020**|
|Costs of generating voluntary income<br>Costs of managing investments<br>**3**<br>**Charitable Activities**|**Activities**<br>**undertaken**|**£**<br>9,508<br>9,640<br>19,148<br>**Support**|**£**<br>9,645<br>9,839|
||||19,484|
||||**Total**|
||**directly**|**Costs**|**2021**|
|Grants to individuals and institutions|**£**<br>39,737|**£**<br>36,245|**£**<br>75,982|
|Governance costs|-|6,480|6,480|
||39,737<br>**Activities**<br>**undertaken**|42,725<br>**Support**||
||||82,462|
||||**Total**|
||**directly**|**Costs**|**2020**|
|Grants to individuals and institutions<br>Governance costs|**£**<br>45,322<br>-<br>45,322|**£**<br>40,023<br>6,300<br>46,323<br>**Total**|**£**<br>85,345<br>6,300|
||||91,645|
||||**Total**|
|||**2021**|**2020**|
|**4**<br>**Grants awarded were as follows:**||**£**|**£**|
|Fukushima Friends UK||3,490|-|
|A Professor & Industrial Policy Research Group Moscow<br>S Yamaguchi<br>D. Caldwell||21,792<br>9,455<br>5,000<br>39,737<br>**Total**|24,064<br>10,114<br>11,144|
||||45,322|
||||**Total**|
|||**2021**|**2020**|
|**5**<br>**Support Costs**<br>Staff Costs<br>Travel and Subsistence<br>Property Costs<br>Telephone and Faxes<br>Other Office Running Costs<br>Depreciation<br>Accountancy<br>**Governance Costs**<br>Independent Examiner's fees - current year<br>Prior year under accrual||**£**<br>19,016<br>-<br>6,000<br>1,663<br>434<br>342<br>8,790<br>6,060<br>420<br>42,725|**£**<br>19,290<br>3,204<br>5,997<br>1,780<br>626<br>336<br>8,790<br>5,880<br>420|
||||46,323|



All support costs relate to the charity's grant making activities. 

Page: 20 



**Notes to the Financial Statements For the year ended 31st March 2021 (Continued)** 

## **The PINE Foundation** 

|**6**|**Staff Costs**|**Total**|**Total**|
|---|---|---|---|
|||**2021**<br>**£**<br>38,000<br>32<br>38,032<br>9,508<br>9,508<br>19,016<br>38,032|**2020**|
||||**£**|
||Wages and Salaries<br>Social Security costs<br>Staff costs are allocated to functions as follows:<br>Fundraising - cost of generating voluntary income<br>Fundraising - cost of managing investments<br>Support costs<br>Total||37,584<br>996<br>38,580<br>9,645<br>9,645<br>19,290<br>38,580|



No employee earned in excess of £60,000 in the year (2020: none). The Foundation employed one full-time person during the year (2020: one full time). Details of remuneration in respect of key management personnel is set out in note 12. 

## **7 Fixed Assets** 

|**Cost**<br>At 1st April 2020 and 31st March 2021<br>**Accumulated Depreciation**<br>At 1st April 2020<br>Charge for year<br>At 31st March 2021<br>**Net Book Value**<br>At 31st March 2021<br>At 31st March 2020<br>**8**<br>**Investments**<br>Listed investments at market value:<br>At 1st April<br>Unrealised gain/(loss) in market value<br>At 31 March<br>At historical cost:<br>At 31st March 2021<br>At 31st March 2020||**Office**<br>**Equipment**<br>**£**|**Total**<br>**£**||
|---|---|---|---|---|
|||4,326<br>3,984<br>342<br>4,326<br>-<br>342|4,326<br>3,984<br>342<br>4,326<br>-<br>342||
||||||
||||**Total**|**Total**|
||**UK**|**Overseas**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|
||162,272<br>29,924<br>192,196<br>196,476<br>196,476|362,502<br>117,407<br>479,909<br>344,584<br>344,584|524,774<br>147,331<br>672,105<br>541,060<br>541,060|589,068<br>(64,294)|
|||||524,774|
||||||



Of the 2020 comparatives above, £209,092 of the opening market value and £46,820 of the unrealised loss relates to UK based investments with all other movements relating to overseas investments. 


Page: 21 



**The PINE Foundation Notes to the Financial Statements For the year ended 31st March 2021 (Continued)** 

## **8 Investments (Continued)** 

Investments greater than 5% of the portfolio valuation. 

|**9**<br>**10**|Ishares<br>SPDR S&P500 ETF<br>Japan Daiwa AM Topix Fund (ETF)|**2021**<br>**£**<br>192,196<br>304,931<br>174,978<br>672,105<br>**2021**<br>**£**<br>891<br>891|**2020**<br>**£**<br>162,272<br>219,467<br>143,035|
|---|---|---|---|
||||524,774|
|||||
|||||
||**Debtors**||**2020**|
||||**£**|
||Prepayments||600|
|||||
||||600|
|||||
|||**2021**<br>**£**<br>7,652<br>21,792<br>710<br>30,154||
||**Creditors**||**2020**|
||Amounts falling due within one year:||**£**|
||Accruals<br>Grant creditor<br>Taxation & other social security||7,472<br>1,021|
||||8,493|



## **11 Financial Commitments** 

At 31 March, the Foundation had total commitments under operating leases as follows: 

||**Land and Buildings**|**2021**<br>**£**<br>1,500|**2020**<br>**£**<br>1,500|
|---|---|---|---|
||Expiring within one year|||



The lease is currently on a rolling quarter by quarter basis. Lease payments of £6,000 (2020: £6,000) were recognised in the year. 

Page: 22 



## **The PINE Foundation Notes to the Financial Statements** 

## **For the year ended 31st March 2021 (Continued)** 


## **12 Key Management Personnel** 

The key management personnel of the Foundation are the trustees who currently consist of: 

Professor Serguei Braguinski Mr Kentaro Nishida Professor Atsushi Ohyama 

Key management personnel received no remuneration for their services to the Foundation during the year (2020: £nil). 

Travelling expenses amounting to £nil were paid during the year (2020: £3,015 to 1 trustee). 

The trustees donated a total of £54,673 to the Foundation in the year (2020: £80,923). 


Page: 23