REGISTERED CHARITY NUMBER: 1094073
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 October 2020
for
The Kay Mason Foundation
Moore
Chartered Accountants
30 Gay Street
Bath
BA1 2PA
The Kay Mason Foundation
Contents of the Financial Statements
for the Year Ended 31 October 2020
|
Page |
Report of the Trustees |
1 to 2 |
Independent Examiner's Report |
3 |
Statement of Financial Activities |
4 |
Balance Sheet |
5 |
Notes to the Financial Statements |
6 to 10 |
Detailed Statement of Financial Activities |
11 |
The Kay Mason Foundation
Report of the Trustees
for the Year Ended 31 October 2020
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
31October2020.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with
the FinancialReportingStandardapplicablein the UK and Republicof Ireland(FRS 102)(effective1 January
2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal activities and objects of the foundation are as follows:
- The advancementof the academic,technicaland physicaleducationof young personsup to the age of 25,
or such other age as the Trustees may from time to time determine.
- The reliefof povertyhardshipand distressof youngpersonsup to the age of 25 (or such otherage as the
Trusteesmay,fromtimetotime,determine)whoareinneedofsuchreliefbyreasonoftheirsocial and
economic situation or as a result of of local, national or international disaster or for any other reason.
-ForsuchotherpurposeswhichareexclusivelycharitablewithinthelawofEnglandandWalesas the
Trustees shall decide.
Fundsraisedby TheKayMasonFoundationin theUK areprimarilytransferredtotheassociatedcharity in
SouthAfrica(TheKayMasonFoundationSouthAfricaTrust(KMFSAT)).TheobjectsofKMFSAT (as
containedinitsTrustDeed)areprimarilythesameasthoseofTheKayMasonFoundationand Richard
Mason, the Chairman of the board of Trustees of the Kay Mason Foundation is also a Trustee of KMFSAT.
FINANCIAL REVIEW
Financial position
Incomefromdonationsandgrantsof£80,853washigherthanlastyear(£61,537).TheTrustees believe
thata satisfactorylevelofongoingdonationswillcontinuetobereceived.Grantspayableduringthe year
of £62,334 were paid directly to The Kay Mason Foundation South Africa Trust (2019 - £51,731).
There was an overall net surplus for the year of £14,963 (2019 - £9,265).
Investment policy
Currentlyalldonatedfundsarekeptin eitheroneorotheroftheFoundation'sbankaccounts.This allows
theFoundationtheflexibilitytopayfees,pocketmoney,donationsandotherexpenseswhen required.
OncetheTrusteesagreethattherearesufficientfundsavailabletotransferfromcashdepositinto longer
term investments, they will come to an agreement on a more detailed long-term investment policy.
Reserves policy
It is the Foundation'sintentionto build up additionalreservesfor the charityto establisha solid foundation
for the Foundation's future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrustandconstitutesan unincorporated
charity.
Page 1
The Kay Mason Foundation
Report of the Trustees
for the Year Ended 31 October 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
TheTrusteesareresponsibleforadministrationandinvestmentpolicyoftheFoundation.Theboard of
Trustees consists of 5 members. The Foundation allows for the appointment of additional Trustees.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1094073
Principal address
PO Box 4893
Tygervalley
Cape Town
South Africa
Trustees
C Freemantle (resigned 27.8.20)
R Mason
A Zintl
E Dimitriadis
C Gull
M Autotte (appointed 2.3.21)
H Dowding (appointed 27.8.20)
A Jobbins (appointed 27.8.20)
Independent Examiner
Moore
Chartered Accountants
30 Gay Street
Bath
BA1 2PA
Approved by order of the board of trustees on 31 August 2021 and signed on its behalf by:
M Autotte - Trustee
Page 2
Independent Examiner's Report to the Trustees of The Kay Mason Foundation
Independent examiner's report to the trustees of The Kay Mason Foundation
IreporttothecharitytrusteesonmyexaminationoftheaccountsofTheKayMasonFoundation (the
Trust) for the year ended 31 October 2020.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsin accordance
with the requirements of the Charities Act 2011 ('the Act').
I reportin respectofmyexaminationoftheTrust'saccountscarriedoutundersection145oftheAct and
incarryingoutmyexaminationIhavefollowedallapplicableDirectionsgivenbytheCharity Commission
under section 145(5)(b) of the Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattention 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 Trust 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.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
Robert Branch
FCA, MAAT
Moore
Chartered Accountants
30 Gay Street
Bath
BA1 2PA
31 August 2021
Page 3
The Kay Mason Foundation
Statement of Financial Activities
for the Year Ended 31 October 2020
|
|
|
|
|
31.10.20 |
31.10.19 |
|
|
Unrestricted |
Endowment |
|
Total |
Total |
|
|
fund |
fund |
|
funds |
funds |
|
Notes |
£ |
£ |
|
£ |
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
|
|
|
Donations and legacies |
|
80,853 |
|
- |
80,853 |
61,537 |
EXPENDITURE ON |
|
|
|
|
|
|
Raising funds |
|
2,906 |
|
- |
2,906 |
241 |
Charitable activities |
|
|
|
|
|
|
Charitable activities |
|
62,984 |
|
- |
62,984 |
52,031 |
Total |
|
65,890 |
|
- |
65,890 |
52,272 |
NET INCOME |
|
14,963 |
|
- |
14,963 |
9,265 |
RECONCILIATION OF FUNDS |
|
|
|
|
|
|
Total funds brought forward |
|
12,804 |
500 |
|
13,304 |
4,039 |
TOTAL FUNDS CARRIED FORWARD |
|
27,767 |
500 |
|
28,267 |
13,304 |
The notes form part of these financial statements
Page 4
The Kay Mason Foundation
Balance Sheet
31 October 2020
|
|
|
|
|
31.10.20 |
31.10.19 |
|
|
Unrestricted |
Endowment |
|
Total |
Total |
|
|
fund |
fund |
|
funds |
funds |
|
Notes |
£ |
£ |
|
£ |
£ |
CURRENT ASSETS |
|
|
|
|
|
|
Debtors |
4 |
15,309 |
|
- |
15,309 |
13,071 |
Cash at bank |
|
13,058 |
500 |
|
13,558 |
833 |
|
|
28,367 |
500 |
|
28,867 |
13,904 |
CREDITORS |
|
|
|
|
|
|
Amounts falling due within one year |
5 |
(600) |
|
- |
(600) |
(600) |
NET CURRENT ASSETS |
|
27,767 |
500 |
|
28,267 |
13,304 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
27,767 |
500 |
|
28,267 |
13,304 |
NET ASSETS |
|
27,767 |
500 |
|
28,267 |
13,304 |
FUNDS |
6 |
|
|
|
|
|
Unrestricted funds |
|
|
|
|
27,767 |
12,804 |
Endowment funds |
|
|
|
|
500 |
500 |
TOTAL FUNDS |
|
|
|
|
28,267 |
13,304 |
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
31 August 2021 and were signed on its behalf by:
M Autotte - Trustee
The notes form part of these financial statements
Page 5
The Kay Mason Foundation
Notes to the Financial Statements
for the Year Ended 31 October 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
have been prepared under the historical cost convention.
Income
Allincomeis recognisedin theStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthe charityto that expenditure,it is probablethat a transferof economicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the
Trustees.
EndowmentfundsrepresentinitiallongtermfundingoftheFoundationandareexpendableat the
Trustees' discretion.
Restricted funds are provided for specific purposes.
Foreign exchange
Assets and liabilitiesin foreigncurrenciesare translatedinto sterlingat the rate of exchangeruling at
thebalancesheetdate.Transactionsinforeigncurrenciesaretranslatedintosterlingatthe rate
rulingonthedateofthetransaction.Exchangedifferencesaretakenintoaccountin arrivingat the
net movement in funds.
continued...
Page 6
The Kay Mason Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 October 2020
2. TRUSTEES' REMUNERATION AND BENEFITS
Therewere no trustees'remunerationor otherbenefitsfor the yearended 31 October2020nor for
the year ended 31 October 2019.
Trustees' expenses
Duringthe year,one trusteereceivedreimbursementof expensestotalling£795(2019- no trustees
received reimbursement of expenses).
3.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Endowment
fund
fund
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
61,537
-
EXPENDITURE ON
Raising funds
241
-
Charitable activities
Charitable activities
52,031
-
Total
52,272
-
NET INCOME
9,265
-
RECONCILIATION OF FUNDS
Total funds brought forward
3,539
500
TOTAL FUNDS CARRIED FORWARD
12,804
500 |
Total
funds
£
61,537
241
52,031 |
|
52,272 |
|
9,265
4,039 |
|
13,304 |
continued...
Page 7
The Kay Mason Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 October 2020
4.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Tax
5.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
6.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Endowment funds
Permanent Endowment Fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
31.10.20
31.10.19
£
£
73
-
15,236
13,071
15,309
13,071
31.10.20
31.10.19
£
£
600
600
Net
At
movement
At
1.11.19
in funds
31.10.20
£
£
£
12,804
14,963
27,767
500
-
500
13,304
14,963
28,267
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
80,853
(65,890)
14,963
80,853
(65,890)
14,963 |
|
|
continued...
Page 8
The Kay Mason Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 October 2020
6. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
Endowment funds
Permanent Endowment Fund
TOTAL FUNDS
Comparative net movement in funds, included in the above ar
Unrestricted funds
General fund
TOTAL FUNDS
A current year 12 months and prior year 12 months combined
Unrestricted funds
General fund
Endowment funds
Permanent Endowment Fund
TOTAL FUNDS |
Net
At
movement
At
1.11.18
in funds
31.10.19
£
£
£
3,539
9,265
12,804
500
-
500
4,039
9,265
13,304
e as follows:
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
61,537
(52,272)
9,265
61,537
(52,272)
9,265
position is as follows:
Net
At
movement
At
1.11.18
in funds
31.10.20
£
£
£
3,539
24,228
27,767
500
-
500
4,039
24,228
28,267 |
|
|
continued...
Page 9
The Kay Mason Foundation
Notes to the Financial Statements - continued
for the Year Ended 31 October 2020
6. MOVEMENT IN FUNDS - continued
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
142,390 |
(118,162) |
24,228 |
TOTAL FUNDS |
142,390 |
(118,162) |
24,228 |
7. RELATED PARTY DISCLOSURES
DuringtheyeartheFoundationmadegrantsof£62,334(2019-£51,731)toTheKay Mason
Foundation South Africa Trust, an associated charity.
Page 10
The Kay Mason Foundation
Detailed Statement of Financial Activities |
|
|
for the Year Ended 31 October 2020 |
|
|
|
31.10.20 |
31.10.19 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Donations |
78,688 |
49,702 |
Gift aid |
2,165 |
11,835 |
|
80,853 |
61,537 |
Total incoming resources |
80,853 |
61,537 |
EXPENDITURE |
|
|
Raising donations and legacies |
|
|
Fundraising charges |
180 |
241 |
Event costs |
1,126 |
- |
Card handling fees |
1,600 |
- |
|
2,906 |
241 |
Charitable activities |
|
|
Grants to institutions |
62,334 |
51,731 |
Support costs |
|
|
Governance costs |
|
|
Accountancy fees |
650 |
300 |
Total resources expended |
65,890 |
52,272 |
Net income |
14,963 |
9,265 |
This page does not form part of the statutory financial statements
Page 11