## **T&J MEYER FAMILY FOUNDATION LIMITED** **ANNUAL REPORT AND FINANCIAL STATEMENTS** **Year Ended 31 December 2020** **Charity Registration No. 1087507** **Company Registration No. 3990117 (England and Wales)** ## **T&J MEYER FAMILY FOUNDATION LIMITED** |CONTENTS|| |---|---| ||PAGE| |Legal and Administrative information|2| |Report of Trustees|3-4| |Report of the independent auditor|5-7| |Statement of financial activities|8| |Balance sheet|9| |Cash flow statement|10| |Notes to the financial statements|11-16| Page 1 ## **T&J MEYER FAMILY FOUNDATION LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|J Meyer| |---|---| ||D Drees| ||E Falkman| |**Senior Management**|B Nemeth| ||L Roden| |**Bankers**|Coutts & Co| ||440 Strand| ||London| ||WC2R 0QS| |**Solicitors**|Withers LLP| ||20 Old Bailey| ||London| ||EC4M 7EG| |**Auditor**|Moore Kingston Smith LLP| ||Devonshire House| ||60 Goswell Road| ||London| ||EC1M 7AD| |**Registered and principal address**|5/6 Kendrick Mews| ||London| ||SW7 3HG| |**Charity registration number**|1087507| |**Company registration number**|03990117| Page 2 ## **T&J MEYER FAMILY FOUNDATION LIMITED** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020** The Trustees present their annual report and financial statements for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the Charities Act 2011, Companies Act 2006 and the FRS 102 Statement of Recommended Practice for Charities. ## **Objects of the Foundation** The T&J Meyer Family Foundation is a registered charity with the Charity Commission and is a not for profit limited company governed by its Memorandum and Articles of Association dated 20 April 2000. The directors of the charity are its trustees for the purposes of charity law and throughout the report are collectively referred to as the trustees. Trustees are able to apply the funds to any charitable purpose or institution within or outside the United Kingdom and in such a manner and such proportions as the Trustees determine appropriate. ## **Public benefit** Trustees are aware of the Charity Commission guidance on Charity and Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in this annual report, about the foundations's aims, activities and achievements in the areas of interest that the foundation supports demonstrates the benefit to its beneficiaries, and through them to the Public, that arise from those activities. ## **Organisation** Trustees are responsible for the strategic direction and policy of the Foundation and, subject to any prudent delegation to executive management, make all substantive decisions in relation to the Foundation. Trustees meet at least four times a year to consider grant recommendations, review investment performance and discuss matters of a strategic and administrative nature. Trustees may be appointed by, and serve at the will of the T&J Meyer Family Foundation Limited. New Trustees receive an induction to acquaint them with the governance and policies of the Foundation, as well as what is expected of them in their role. Continued training for Trustees is undertaken through courses, seminars and conferences. ## **Grant making policy** The objects and powers of the Foundation allow Trustees to regularly review how best to apply the charitable funds. The current policy set by the Trustees is to support organisations working in the areas of health, education and conservation to help those most in need. The Foundation's support can be structured as grants, loans or equity investments, with funding decisions driven by social impact and the opportunity to catalyse sustainable solutions. Social impact performance and strategies are reviewed at Board meetings, and the grantmaking policy reviewed at least annually. ## **Reserves policy** The current policy of the Foundation is to hold at all times sufficient cash and cash equivalents to cover grants and operations to be paid over the next 12 months. Actual reserves at year end 2020 is more than the required level for the Charity's 2021 total annual budget of $2,026,000. Expenditure and cash reserves are reviewed at Board meetings, and the reserves policy reviewed at least annually. ## **Investment policy** Under the Memorandum and Articles of Association, the charity has the power to make any investment that the Trustees see fit. The current policy of the Foundation is to seek and ensure consistent and reliable income. Investment performance and strategies are reviewed at Board meetings, and the investment policy reviewed at least annually. ## **Fundraising** The charity does not engage in fundraising activities and no donations are sought from the public. The Foundation does not use third parties to assist with fundraising and the charity received no complaints in the year regarding its fundraising practices. The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011 during the financial year. ## **Activities and achievements** The Foundation continues to fulfil its objects through its grant making policy and it is the Trustees intention to continue doing so. Total expenditure for the year was $1,931,047 (2019: $1,661,846). Net movement in funds for the year was a surplus of $118,783 (2019: $31,972). ## **Income** Total income for the year amounted to $589,150 (2019: $863,830). Investment income earned was lower this year as a result of a decrease in rental income, interest and dividends received. The Foundation manages its assets on a total return basis so that the investment income is simply one component of the overall rate of return. ## **Grants and donations** The Foundation made 15 grants totalling $1,255,057 (2019: $957,165). A full list of the grants made is shown on pages 12 and 13. Page 3 I&)MEYERFAklLYFQLhVATIOPILWfftD RiPoRTOFTTrbETItU8TtESlCQNtV￿ED] F(JA T￿￿yE&S￿E￿lDEts$1 DECEMttRI020 4Nd¢aih. Gov￿1￿ of th* TN11￿$ wlh th• thwly. *•y Nw•rwhh 4 Ihlrd PM Th* w• f4t WP4t Ihil L4tc*# il ity Ilmi lh• Iirtincw tslth• •JlbfAishlhotlh* App￿￿&bYlhtyrmthI￿n 21 %(tr ￿￿ JMty4r ## **T&J MEYER FAMILY FOUNDATION LIMITED** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T&J MEYER FAMILY FOUNDATION LIMITED** ## **Opinion** We have audited the financial statements of T&J Meyer Family Foundation Limited (‘the company’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities (incorporating the Summary Income and Expenditure Account), the Balance Sheet, the Cash Flow Statement 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 Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charitable company’s affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006 and 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 charitable company 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 charitable company'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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 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 or a material misstatement of the other information. 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. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the trustees’ annual report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. Page 5 ## **T&J MEYER FAMILY FOUNDATION LIMITED** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T&J MEYER FAMILY FOUNDATION LIMITED** We have nothing to report in respect of the following matters where the Charities Act 2011 require us to report to you if, in our opinion: - the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or - - the financial statements are not in agreement with the accounting records and returns; or - the charitable company has not kept adequate accounting records; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we required for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** The trustees have elected for the financial statements to be audited in accordance with the Charities Act 2011 rather than the Companies Act 2006. Accordingly we have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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. ## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud** The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows: - We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are [the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the financial Reporting Council. - We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. - We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. - We inquired of management and those charged with governance as to any known instances of non-compliance or suspected noncompliance with laws and regulations. - Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. Page 6 ## **T&J MEYER FAMILY FOUNDATION LIMITED** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF T&J MEYER FAMILY FOUNDATION LIMITED** - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charitable company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit report. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the company’s members 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 any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed. ………………………………………………… Date: 25 June 2021………………… Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor Devonshire House 60 Goswell Road London EC1M 7AD Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. Page 7 ## **T&J MEYER FAMILY FOUNDATION LIMITED** **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020** **----- Start of picture text -----**
Note 2020 2019
Unrestricted Unrestricted
funds funds
$ $
Income
Investment income 3 589,150 863,830
Total income
589,150 863,830
Expenditure on:
Raising funds - Investment management costs 88,931 172,360
Charitable activities 5 1,842,116 1,489,486
Total expenditure 1,931,047 1,661,846
Net expenditure before gains & losses on investment (1,341,897) (798,016)
Net gains/(losses) on investments 6
Net gains on investments 802,256 659,605
Unrealised gains/(losses) on foreign exchange 658,424 170,383
1,460,680 829,988
Net income 118,783 31,972
Total funds brought forward 25,961,827 25,929,855
Total funds carried forward 26,080,610 25,961,827
**----- End of picture text -----**
The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing operations. The notes on pages 11 to 16 form part of these financial statements. Page 8 T&JIiYERFAMLYFOLVIIATIOPILWAif&D B￿lICE BHEET AtsAfJi DE¢EkI￿all• 2019 190,050 77•7.2Z4 23@Si.127 7J@61.171 25.Wl.127 Th• OJWll ## **T&J MEYER FAMILY FOUNDATION LIMITED** ## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020** **----- Start of picture text -----**
Note 2020 2019
$ $
Net cash used in operating activities 15 (1,952,596) (1,651,162)
Cash flows from investing activities
Additions of investments (1,103,342) (1,918,280)
Disposal proceeds of investments 2,465,655 2,741,539
Interest received 187,251 270,606
Dividend income 33,367 46,154
Rent received 368,532 539,945
Net cash from investing activities 1,951,463 1,679,964
Change in cash and cash equivalents in the year (1,133) 28,802
Cash and cash equivalents at beginning of year 86,992 58,190
Cash and cash equivalents at end of year 85,859 86,992
ERROR
A: Analysis of cash and cash equivalents 2020 2019
$ $
Cash at bank and in hand 85,859 86,992
Deposits - -
Total cash and cash equivalents 85,859 86,992
B: Analysis of changes in net debt
01-Jan-20 Cash Flows 31-Dec-20
$ $ $
Cash 86,992 (1,133) 85,859
Loans falling due within one year - - -
Loans falling due after more than one year - - -
86,992 (1,133) 85,859
**----- End of picture text -----**
Page 10 ## **T&J MEYER FAMILY FOUNDATION LIMITED** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020** **1 Accounting policies 1.1 Basis of preparation** The Foundation is a registered charity and company limited by shares incorporated in England and Wales. The company is a public benefit entity for the purposes of FRS 102. The financial statements have been prepared under the historical cost convention and 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) including update bulletin 2, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006. The financial statements are prepared in US dollars, which is the functional currency of the Charity. Monetary amounts in the financial statements are rounded to the nearest US dollar. ## **1.2 Going concern** The Trustees have assessed whether the use of going concern is appropriate in preparing these financial statements and have considered possible events or conditions that might cast doubt on the ability of the charitable company to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the Trustees have considered the impact Covid-19 has had and continues to have on the Foundation’s operations and forecasts and have taken account of pressures on valuations and income. As such the property assets continue to be held at a reduced estimated value and while the decreased 2020 investment and rental income streams have sustained in to 2021, these are not expected to materially affect the Foundation’s ability to continue to operate, give grants or support its beneficiaries for the next twelve months. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Foundation therefore continues to adopt the going concern basis in preparing its financial statements. **1.3 Income** Donations and investment income are recognised as income when receipt is probable, the charity is entitled to the income and the amount is measurable. Investments donated are included at the value to the charity when gifted where this can be quantified. **1.4 Expenditure** Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered and is allocated to the particular activity where the cost relates to that activity. Expenditure, which is charged on an accruals basis, is allocated between: i costs of raising funds, including investment manager fees and rental expenses; and ii expenditure on charitable activities includes the grants payable and an apportionment of overhead and support costs. Support costs include central functions and have been allocated to activity costs categories on a basis consistent where the use of resources, e.g. staff costs by the time spent and other costs by their usage. ## **1.5 Grants payable** Grants made are accounted for when the grant has been approved by the Trustees and notified in writing to the beneficiary. Multi year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has reasonable expectation that they will receive a grant and any condition attached to the grant is outside the control of the Foundation. ## **1.6 Investments** Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the Statement of Financial Activities. Exchange gains or losses on investments denominated in foreign currencies are included in gains/losses on investments. ## **1.7 Financial Instruments** i) Basic Financial Assets Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at the amount receivable and subsequently adjusted for any impairment or other change in consideration expected to be received on settlement. - ii) Basic Financial Liabilities Basic financial liabilities, including trade and other payables are initially measured at the amount payable and subsequently adjusted for any changes in consideration expected to be paid on settlement. Page 11 **T&J MEYER FAMILY FOUNDATION LIMITED** ## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020** ## **1.8 Unrestricted funds** Unrestricted funds are donations and other incoming resources receivable for the objects of the charity without further specified purpose and are available as general funds. ## **1.9 FX conversion rates** Charitable donations have been converted at the rate of exchange applicable on that day, all costs have been converted at the average rate for the year, with £1 the equivalent to $1.313. All closing balances have been converted at the year end exchange rate. The exchange rate at the year end was that £1 was equivalent to $1.35772. ## **1.10 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with bank and other short term liquid investments with origin maturities of three months or less. ## **2 Critical accounting estimates and areas of judgement** In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Trustees to have the most significant effect on amounts recognised in the financial statements: Fixed asset investments: See Note 10 for further details on the valuation methods used for the investment properties and assumptions upon which the valuations are based. ## **3 Investment income** |Dividend income
Interest receivable
Rent receivable
Other Income
**4 Grants payable**
**Country**
**Impacted**
**EDUCATION**
Educate!
Uganda
Familia
India
Promoting Equality in African Schools
Uganda
Room To Read
Global
San Francisco Waldorf School
USA
Santa Ynez Family School
USA
Silverleaf Academy
Tanzania
Sisters SHJ&Mary
Global
Street Child
Liberia
**HEALTHCARE**
Angkor Hospital for Children
Cambodia
Foundation for African Medicine and Education
Tanzania
HealthBuilders
Rwanda
Integrate Health
Togo
Jacaranda Health
Kenya
Komo Learning Centres
Uganda
Last Mile Health
Liberia
Lwala Community Alliance
Kenya
Muso
Mali
NHS Charities
UK
NHS C&W Hospital
UK
NHS G&St.T Hospital
UK
**CONSERVATION**
Crees Foundation
Peru
Shivia
India
Sustainable Living Center
USA
Windermere Island Foundation
Bahamas
**Local Community**
Advance Charity
UK
National Emergency Trust
UK
The Funding Network
UK
Trussell Trust
UK
**MEMBERSHIP**
The Philanthropy Workshop
Global
**2020 Grants Total**
**2019 Grants Total**|**2020**
**$**
**33,367**
**187,251**
**368,532**
**-**
**589,150**
**2020**
**$**
-
20,970
107,000
10,000
-
5,000
10,000
164,860
100,000
10,000
75,000
60,125
50,000
75,000
35,000
200,000
25,000
-
56,354
12,523
12,523
53,160
-
-
-
9,961
81,400
-
69,181
12,000
**1,255,057**|2019

$ 46,154
270,606
539,945
7,125
863,830

2019

$ 100,000
-
92,300
-
10,000
-
50,140
77,424
-
60,000
-
-
-
-
-
100,000
75,000
100,000
-
-
-
216,000
27,005
17,000
5,000
12,903
-
14,393
-
-
957,165| |---|---|---| Page 12 ## **T&J MEYER FAMILY FOUNDATION LIMITED** ## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020** |**5 Expenditure on charitable activities**
**Note**
Grants payable
**4**
**Support Costs**
Professional and consultancy
Wages and salaries
Other expenses
Governance Costs
Note:- Included in governance cost auditor remuneration of $15,410 (2019: $16,300).
**6 Net gains/(losses) on investments**
Unrealised gains on fixed asset investments
Realised gains on fixed asset investments
Unrealised gains on foreign exchange
Realised gains on foreign exchange|**2020**
2019
**$**
$ **1,255,057**
957,165
**43,903**
20,648
**270,078**
263,339
**244,712**
217,034
**28,366**
31,300
**1,842,116**
1,489,486
**2020**
2019
**$**
$ **707,929**
334,270
**94,327**
325,335
**658,424**
170,383
**-**
-
**1,460,680**
829,988| |---|---| ## **7 Trustees** None of the Trustees (or any person connected with them) received any remuneration or expenses reimbursed during the year (2019 $nil). |**8 Employees**
Professionals
Employment costs
Wages and salaries
Social securities costs
Pension costs|**2020**
2019
**Number**
Number
**2**
2
**2020**
2019
**$**
$ **244,717**
238,765
**25,361**
24,574
**-**
**270,078**
263,339| |---|---| In the year one member of staff earned between £80,000 and £90,000 (2019: one) and one member of staff earned between £90,000 and £120,000 (2019: one) The executive directors are considered to be KMP of this charity and total remuneration paid to KMP was $270,078 (2019: $263,339) ## **9 Taxation** The company is a registered charity and no provision is considered necessary for taxation. Page 13 ## **T&J MEYER FAMILY FOUNDATION LIMITED** ## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020** |**10 Fixed asset investments**
Market value at 1 January 2020
Additions to investments at cost
Disposal of investments
Change in value in the period
**Market value at 31 December 2020**
Investments in funds held in the United States a
UK Properties
Social Impact Investments
Unlisted Investments|**2020**
**2020**
**2020**
**2020**
**Property**
**Social Impact**
**Unlisted**
**Total**
2019
$ $ $ $ $ 14,257,092
49,348
2,509,047
**16,815,487**
15,651,031
1,103,342
**1,103,342**
1,918,280
-
(104,316)
**(104,316)**
(243,401)
501,325
1,384
(33,838)
**468,871**
(510,423)
15,861,759
50,732
2,370,893
**18,283,384**
16,815,487
nd the United Kingdom and Property in the United Kingdom
**2020**
2019
**$**
$ **15,861,759**
14,257,092
**50,732**
49,348
**2,370,893**
2,509,047
**18,283,384**
16,815,487| |---|---| The fair value of investment properties has been arrived at following a third party valuation of the property by Knight Frank conducted in March 2020. The valuation has been recognised at £10,870,000 and converted into US dollars at the year end rate. The Trustees do not consider the fair value of the properties to be materially different at the year end. The total property balance of $15,861,759 includes $1,103,342 of expenditure during 2020 related to improvements to the Foundation's property assets as they relate to an ongoing property development. These improvements were passed through MCo Services Limited, a company connected to a Trustee, as the project development agent and at arms length. |**11 Debtors**
Trade debtors
Tax Debtor
Other debtors
**12 Current asset investments**
Market value at 1 January 2019
Reinvest Income
Investment Fund Manager Fees
Grant payments
Other Withdrawals
Net Investment / (De-investment)
Net gains during year
**Market value at 31 December 2020**|**2020**
2019
**$**
$ **-**
37,920
**20,570**
20,570
**63,022**
131,560
**83,592**
190,050
**2020**
2019
$ $ **9,087,818**
10,245,545
**220,502**
316,760
**(42,050)**
(38,340)
**(918,285)**
(705,377)
**(1,016)**
(657,514)
**(1,669,389)**
(1,606,123)
**1,040,708**
1,532,867
**7,718,288**
9,087,818| |---|---| No individual investment exceededs 5% of the total portfolio. Investments in funds held in the United States and the United Kingdom. |Non-UK listed Investments
Non-UK Non-Listed Investments
Non-UK Cash
UK Listed Investments
UK Non-Listed Investments
Social Impact Investments
UK Cash|**2020**
2019
**$**
$ **7,571,708**
7,089,876
**1,050,518**
2,509,047
**776,831**
1,950,733
**106,540**
-
**17,523,489**
14,257,092
**50,732**
49,348
**-**
47,209
**27,079,818**
25,903,305| |---|---| Page 14 ## **T&J MEYER FAMILY FOUNDATION LIMITED** ## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020** |**13 Creditors: Amounts falling due within one year**
Trade creditors
Taxation and social security
Accruals and deferred income
Other creditors
**14 Share capital**
**Authorised**
100 Ordinary shares of £1 each
**Allotted, called up and fully paid**
100 Ordinary shares of £1 each
**15 Cash flows from operating activities**
Net movements in funds
Adjustments for:
Interest receivable
Dividend income
Rent receivable
Net losses/(gains) on investments
Decrease/(Increase) in debtors
Increase/(Decrease) in creditors
**Net cash used in operating activities**|**2020**
2019
**3,577**
3,758
**13,933**
8,882
**38,815**
28,127
**34,188**
177,753
**90,513**
218,520
**2020**
2019
**155**
155
**155**
155
**2020**
**2019**
**$**
**$**
118,783
31,972
(187,251)
(270,606)
(33,367)
(46,154)
(368,532)
(539,945)
(1,460,680)
(829,988)
106,458
(108,811)
(128,007)
112,370
**(1,952,596)**
**(1,651,162)**| |---|---| ## **16 Operating lease income** At the reporting date the charity had outstanding minimum future receipts from non-cancellable operating leases, which fall due as follows: |Due in less that one year|**2020**
2019
**54,166**
157,261| |---|---| ## **17 Control** The company is controlled by the Meyer Charitable Trust (UK). ## **18 Related party transactions** At 31 December 2020, included in other debtors is an amount of $63,224 (2019: $131,557) due from MCo Services Limited, a company in which Trustee J Meyer is a Director. See note 10 for details of transactions with Mco Services Limited in the year in relation to Project Revitalise. Management fees of $81,463 (2019: $78,696) was paid to MCo Services Limited during the year. ## **19 COMPARATIVE INFORMATION: STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR YEAR ENDED 31 DECEMBER 2019** |**Income**
Investment income
**Total income**
**Expenditure on:**
Raising funds - Investment management costs
Charitable activities
**Total expenditure**
**Net expenditure before gains & losses on investment**
**Net gains/(losses) on investments**
Net gains on investments
Unrealised gains/(losses) on foreign exchange
**Net movement in funds**
**Total funds brought forward**
**Total funds carried forward**|**2019**
**2018**
**Unrestricted**
**Unrestricted**
**funds**
**funds**
**$**
**$**
863,830
784,136
**863,830**
784,136
172,360
189,837
1,489,486
1,475,397
**1,661,846**
1,665,234
**(798,016)**
(881,098)
659,605
(441,043)
170,383
(1,602,157)
**829,988**
(2,043,200)
**31,972**
(2,924,298)
**25,929,855**
28,854,153
**25,961,827**
25,929,855| |---|---| Page 15