Company No: 04506398 Charity No: 1094436
THE LEVANTINE FOUNDATION
(A company limited by guarantee)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
Dub & Co Chartered Certified Accountants 7 Torriano Mews London NW5 2RZ
THE LEVANTINE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Report of the trustees | 2-7 |
| Independent examiner's report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes | 11-14 |
THE LEVANTINE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020
Reference and administrative details
Charity registration number: 1094436 Company registration number: 04506398 Registered office and operational address: 106 St. George's Square London SW1V 3QY
Directors and trustees
The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.
The trustees who served during the year and since the year end were as follows:
P Dodds John N Pilkington S Press
Secretary
P Dodds John
Independent examiner
J Davies Dub & Co Chartered Certified Accountants 7 Torriano Mews London NW5 2RZ
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THE LEVANTINE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2020.
The legal and administrative information set out on page 1 forms part of this report. The trustees confirm that the annual report and the financial statements of the charity comply with the current statutory requirements, the Memorandum and Articles of Association, and the Statement of Recommended Practice - Accounting and Reporting by Charities (Charities SORP FRS 102).
Structure, governance and management
Governing document
The Levantine Foundation is a charitable company limited by guarantee with no share capital, incorporated in England and Wales on 8th August 2002 and registered as a charity on 31st October 2002. The charity is governed by its Memorandum and Articles of Association. In the event of the charity being wound up, members are required to contribute an amount not exceeding £1.
Management
The day to day management of the charity is carried out by the chief executive, Elizabeth Sobczynski.
Recruitment and appointment of trustees
Appointment of trustees is at the sole discretion of the existing trustees. The trustees will ensure that any additional member of the board has the necessary skills together with an interest in working in accordance with the aims of the Foundation.
Risk Management
The trustees have examined the major risks (operational, financial and general) to which the company is exposed and confirm that appropriate steps are in place to mitigate these risks.
Objectives and activities for the public benefit
The Board confirms that they have referred to the Charity Commissioner's general guidance on public benefit when reviewing the Foundation's aims and objectives and planning future activities.
In order to fulfil its objective to preserve the heritage on paper of the Near East, the trustees in 2020 continued to consolidate and maintain links with partners in the UK, USA, Europe and Egypt. Despite some continuing social unrest in Egypt, local conditions were judged sufficiently calm to revive conservation activity and to continue surveying and cataloguing the collection.
1. British Council Project 2020
Activity in 2020 was entirely funded for a second year by a major grant from the British Council's Cultural Protection Fund in partnership with the Department for Culture, Media and Sport of £99,826. This was a revised amount and spread across from 2020 into the next financial year 2021. The original focus of activity was on physical cultural heritage protection and social cohesion through training, building local capacity, outreach and education. The planned programme for 2020 included:-
a) 2 four week conservation field campaigns at Deir al-Surian by an international team
b) Training: On-site training of monks and also Cairo based training to up-skill museum professionals & students c) Outreach activities including an educational scheme for primary age school children
d) Creation of a Virtual Tour of Deir al-Surian monastery and its collection as a downloadable resource for education
The Covid 19 pandemic in early 2020 however presented an entirely new scenario, turning the above application plan almost on its head. The two conservation field campaigns became impossible to deliver during the grant period, and the face-to-face training courses planned for delivery in Cairo had to be completely re-envisioned. Inevitably, with circumstances changing on an almost daily basis, activity had to be moved later in the grant year bringing big challenges in delivery. However, other replanned projects were delivered on time thanks to the commitment of the CEO and trustees who took on the management of different projects. Much was learned in the process.
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020
Moving into the Digital World
2020 will become known as the year the world became a digital one in order to survive. Everyone is now a zoom expert but even 6 months before, this was not the case. Conservation is essentially a very physical skill and it required a major shift in understanding to envision how our proposed training could be delivered in this medium.
2. Cultural Heritage Protection
Although no active conservation could occur at the monastery, items conserved since 2002 were safely protected in a controlled environment in the state-of the art library building built previously partly with TLF funds. The trustees took a broad definition of protection & devoted activities towards training and raising awareness in Egypt of the importance of protecting written cultural heritage via an investment in public attitudes for the future.
3. Training
Education and training are important strands of activity permitted under our current NGO Licence in Egypt. Overall course design for all TLF training exercises is by Elizabeth Sobczynski in consultation with academic and conservation colleagues.
There remains a lack of local expertise and training in conservation and preservation of ancient manuscripts on parchment and paper. During 2020, on-site training at the monastery was not possible due to the pandemic. Planned originally to be delivered face-to-face to 30 people in the Coptic Museum, the Board decided to change tack into digital/on-line delivery mode for the first time. This allowed a great expansion in access - 206 people from across the Middle East & Europe participated in the 10 programmes. Digital delivery proved its value as even practical conservation skills were delivered on screen. 11 tutors from 9 European centres beamed into the Manial Palace Museum in Cairo, courtesy of our partner the Minstry of Tourism & Antiquities. This mode permitted some cost saving as well as vastly increasing the charty's reach.
Building on the site-based training of monks in 2019, the digital training in 2020 included museum professionals from Egyptian museums: 44 delegates attended at the Manial Palace, with 61 other online Egyptian participants, thus creating the beginning of a pool of future professionals with the basic knowledge and skills to care for written cultural heritage.
Website Training Materials
One major benefit of the digital mode was to create the ability to record the training sessions for future use. Also, training materials are now available to individuals to downlaod from our website www.thelevantinefoundation.org
Capacity building & Diversity
The goal of this museum collaboration is to build a critical mass of expertise beyond the monastery, and to develop a more diverse local capacity as well as a professional workforce with sufficient specialist and business skills to promote cultural heritage - thus enhancing future cultural management.
2020 programme participants represented different religious backgrounds in Egypt - in the words of partner Giovanni Pagani (Recanati e Restauro, Rome),
" Personally, I have been impressed by the huge number of people who joined the programme, especially those from Egypt: Muslims and Copts. This reinforces my conviction of the great potential of cultural heritage to act as a bridge across cultures and belief"
4. Outreach: Advocacy and Education.
Since the beginning of TLF involvement with Deir al Surian in 2002, there remains an evident lack of awareness of the importance of written cultural heritage among the local population in Egypt in general and of the Deir al-Surian collection globally. An important aim of the British Council grant was to develop an outreach programme to foster greater awareness and interest in the collection and to open up access to a hidden aspect of cultural heritage that is fundamental to the beliefs and identity of the community.
The pandemic required a re-definition of outreach as physical visits to the monastery were stopped. Once again a
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020
digital approach was adopted resulting in the development of two films available on YouTube or to download from the website. The final production of the films would extend into the following year being launched in February 2021.
4.A "Preserving World Memory" - The Levantine Foundation & Deir al-Surian
The aim of this film was to produce a virtual tour of Deir al-Surian monastery and its collection to highlight its global importance and also the achievements of TLF over the past 20 years. The objective was to create an educational resource to a potential world audience via our new website and YouTube and to share it with cultural organisations, conservation training providers and academic departments in the field worldwide.
Originally conceived as a live-footage based 25 minute documentary, it is true to say that the film could not have been made in 2020 without the digital skills of our film makers, Oniki Films led by Murat Gokmen. Pandemic conditions prevented any live filming in Egypt. It was eventually made entirely remotely between London, Oxford, Hamburg and edited in Cairo with Arabic subtitles drawing on our photographic archive of still images & remote live interviews.
The planned launch was on 16 February 2021 at a zoom webinar and will target audiences across Europe. At the time of writing (June 2021) it had achieved over 1300 viewings and is now a downloadable resource from our website.
4. B. " The Wonders of Writing"
Originally planned as an extension of actual visits to the monastery by children and families, this project was redesigned as a film for children aged 9-11 years and their school teachers to introduce the history of the Library, its contents, and the craft of manuscript illumination, including the making of their own note-book using simple binding techniques - the basis of book making since the first century AD.
The film was written and created by Elizabeth Sobczynski, Hywel John and Ben Woolf and is available in both Arabic and English versions. The aim is to distribute it to primary schools in both UK and Egypt in 2021. This will be another downloadable resource from our website.
5. Monastery visits
No visits were possible by scholars or others to the monastery during 2020 because of pandemic concerns.
6. Publicity - Spreading the Word to a Wider World
A. Press and PR were a vital part of promoting the training in Egypt in 2020 and thanks to our Press consultant, Angelica Tarnowska, excellent coverage was achieved in Al Ahram, Al Diplomacy and other regional media outlets. Social Media also proved its worth in advertising it across Europe and the Middle East. Much of this activity will bear fruit later in 2021 - Vatican Radio in particular promising an article on both films and training.
B. Newsletter no. 5 was edited and produced by trustee Philippa Dodds John and distributed in October 2020 .
C. Website upgraded: www.thelevantinefoundation.org
The Foundation website (www.thelevantinefoundation.org) was upgraded in 2020 improving its capacity to download films and training materials as well as communicating news & announcements. The Board continues to review its value as an information resource and as a means of increasing our fundraising potential. Website development is an on-going process each year.
7. Deir al Surian
The successful opening of the new library building in May 2013 to house all the collections in the care of the monastery and funded jointly by TLF, the Headley Trust and Monastic Council fulfills the charity's primary purpose to preserve this cultural heritage for the long term in environmentally controlled conditions. Conservation of individual items (well over a thousand) by visiting and local staff can now proceed in the future. Facilities available for study, survey, future digitisation and a conservation studio make this a state of the art library, perhaps one of the best in the country. Sadly, no conservation was possible in 2020 due to the pandemic.
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020
8. Digitisation
The Foundation continues to encourage the monastery to work towards digitising (photographing) the entire collection. This remains a priority for TLF as it offers the best mode of preserving the actual written contents of the manuscripts for scholarly access without excessive handling. This is especially important in volatile political times when there is a real risk of their physical destruction during bouts of religious conflict. The photographing of selected manuscripts for documenting, conservation and for cataloguing has been accepted - an encouraging sign of improving confidence in the process.
The Monastic Council wishes to control storage and access to the images of manuscripts in acceptable locations within the monastery itself. They are not yet ready to accept full global public access. Digitisation remains an aspiration for TLF until the Monastic Council is comfortable with the images being held outside the monastery for their ultimate safety.
9. Cataloguing
9.A: Coptic, Arabic collections - Yale University
No work was undertaken at the monastery in 2020 although Professor Stephen Davis continues to work on the catalogue in Yale. The Foundation facilitated an introduction to the Monastic Council. Publication by Peeters Publishing House in Belgium is pending.
This work is funded independently by Yale University and is of enormous value to all parties to the conservation work. Not only will this, as yet unstudied, collection benefit from the library's controlled environment; the catalogue, when complete, is a much awaited resource for scholars in this particular field. Future digitisation would also allow scholarly access to this previously invisible collection but this has still to be agreed.
9.B: Ethiopic Collection - Hamburg University Partnership; " Beta Masaheft"
A new digital catalogue, Beta Masaheft, documenting worldwide holdings of Ethiopic MS and including the small but important Ethiopic collection at Deir al Surian, is being developed by Dr Denis Nosnitsin, of the Hiob Ludolf Centre at Hamburg University. Online access is imminent. All costs are to be covered by the university. TLF facilitated the introduction of this collaboration to the Bishop. Dr Nosnitsin participated in the Cairo symposium in December 2019 and also the film in 2020.
The catalogue will be published in different languages including Arabic so that local people and monks may understand their contents, thus achieving the first phase of disseminating the heritage contained therein. The Monastic Council has consented to the taking of photographic images appropriate to the cataloguing process, an important first step in creating confidence that digitisation can be a controllable exercise. The online catalogue simplifies scholarly searches for items. Scholars will still have to visit the monastery to study any manuscript in full. Details of the composition of the Ethiopic Collection can be found in the Annual Reports for 2017 and 2018. Publication of a physical catalogue is expected in 2021.
10. Licence
The current licence to operate in Egypt expired on 19th June 2019. The process of renewal by the Foreign Ministry was put in train by our lawyers at that date.
11. Local Representatives in Egypt
It is a condition of the licence to operate in Egypt that the charity nominat e s a local representative who is the link with statutory authorities. Dr Khalil Nougaim and Mrs Beth Nougaim act as TLF Executive Directors in Egypt. The registered address of the charity in Egypt is: Apartment 74, 11 Hassan Sabry Street, Zamalek, Cairo. The charity is now benefiting from employing a bi-lingual executive assistant, Mrs Nevene Sami. This has greatly improved administrative support in Cairo.
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THE LEVANTINE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020
12. Statutory Authorities in Egypt
As required under the licence, the charity fulfilled its duty to submit Technical and Financial Reports to the Ministry of Social Solidarity (MOSS) for the year 2020 - a formality as there was no activity or expenditure in Egypt that year.
13. Raising awareness and funds
Awareness of TLF activities is most resonant with visits to the monastery to view the achievements since 2002. Sadly, the pandemic prevented any such visits occuring in 2020. Nevertheless, it is hoped that the investment in new assets in digital format will allow greater flexibility in communication to other media outlets and cultural organisations and raise awareness thereby. This will lay the foundation and facilitate future fundraising. We are grateful for the British Council's support for this strategy.
The fundraising environment continues to be very difficult due to the location of our activities in an area of religious conflict and division. Numerous attacks have targeted Coptic places of worship and their Christian followers. This is further complicated by the global impact of the COVID-19 pandemic with its restrictions on access to the monastery for conservators and world-wide travel.
Notwithstanding these difficulties, TLF will persist and will continue to apply to the small group of grant aiding bodies outside Egypt when the cycle of giving comes round again.
Shortage of project funds focuses on the need for collaborative partners who can bring skill and expertise to this important project with funding from their own institutions e.g. the links with Hamburg and Yale. Conservation skills per se, capable of handling these earliest MS, are in shortest supply from collaborating institutions. We hope this will change in time as the scale of heritage at risk of permanent loss worldwide becomes clearer.
The trustees acknowledge with gratitude the financial support given by the British Council, individuals, trusts and companies in Egypt, Great Britain and the USA. In particular, we are indebted to The Eranda Foundation, The Headley Trust, Mr John Osborn, Mr and Mrs Robert John, The Mercer's Company, Bishop Mattaos, the Sawiris Foundation for Social Development and the Sawiris family, an anonymous American foundation and also the support of our President Sir Derek Plumbly and our patrons Lady Plumbly, the late Lord Norwich and Lord Portman.
Unrestricted funds to cover core administrative and governance costs are especially difficult to source. The trustees are particularly grateful for the unrestricted gift in the past from an anonymous American trust in meeting these and other costs, as these costs continue to grow even if activity is paused for security reasons. For this reason, the trustees agreed to allocate 15% of all donations to this purpose.
In this delicate operating and fundraising environment the trustees continue to review the charity's priorities and the most effective way to deploy its increasingly scarce resources. The combination of volatility in Egypt and a difficult financial prospect for grant making bodies in the UK suffering under the impact of Covid 19 continues to make activity problematic.
Financial review
At the end of the year the trustees saw a reasonable financial result based on careful financial management. Administrative costs were kept to a minimum.
Total resources increased by £4,286 to a total of £15,612 at the year end, these funds being held in UK bank accounts at Barclays and cash in hand in Egypt.
Reserves policy
The trustees have established and will maintain a level of reserves in both the UK and Egypt to meet foreseeable outgoings. TLF bank accounts vary as they are a reflection of the pattern of grant funding in the heritage sector.
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THE LEVANTINE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020
Statement of trustees responsibilities
The trustees (who are also directors of the The Levantine Foundation for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Standards.
Company law 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 charitable company and the incoming resources and application of resources, including income and expenditure, of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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 confirm that to the best of their knowledge there is no information relevant to the independent examination of which the examiner is unaware. The trustees also confirm that they have taken all necessary steps to ensure that they themselves are aware of all relevant examination information and that this information has been communicated to the examiner.
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The number of such guarantees at 31st December 2020 was 3 (2019: 3). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
Small company provisions
The above report has been prepared in accordance with the small companies' regime under the Companies Act 2006.
This report was approved by the Board of trustees on 21st September 2021 and signed on its behalf by
P Dodds John Director and trustee
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THE LEVANTINE FOUNDATION
Independent examiner's report to the trustees of The Levantine Foundation
I report to the charity trustees on my examination of the accounts of The Levantine Foundation ('the charity') for the year ended 31st December 2020, which are set out on pages 9 to 14.
Responsibilities and basis of report
As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
J Davies FCCA Dub & Co Chartered Certified Accountants 7 Torriano Mews London NW5 2RZ
21st September 2021
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THE LEVANTINE FOUNDATION
(INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020
| Unrestricted Restricted Note funds funds £ £ Income Donations and grants 2 71,467 - Investment income 3 5 - Other incoming resources Foreign exchange gain 1 126 - Total income 71,598 - Expenditure Costs of raising funds: Operating and support costs 4 4,418 - Expenditure on charitable activities: Preservation and conservation of artefacts Education and training costs 5 62,894 - Total expenditure 67,312 - Net income/(expenditure) for the year 4,286 - Reconciliation of funds: Total funds brought forward 11,326 - Total funds carried forward 8 15,612 - |
Total funds 2020 £ 71,467 5 126 71,598 4,418 62,894 67,312 4,286 11,326 15,612 |
Total funds 2019 £ 97,385 33 806 98,224 3,524 87,199 90,723 7,501 3,825 11,326 |
|---|---|---|
The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
All income and expenditure derives from continuing activities. There were no other recognised gains or losses other than those stated above. Movement in funds is shown in Note 8 to the financial statements.
The notes on pages 11 to 14 form part of these accounts.
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THE LEVANTINE FOUNDATION
BALANCE SHEET 31ST DECEMBER 2020
| Note Current assets Cash at bank and in hand Liabilities Creditors falling due within one year 7 Net current assets Total assets less current liabilities The funds of the charity: Unrestricted funds 8 Restricted funds 8 Total charity funds |
£ £ 25,834 (10,222) 15,612 15,612 15,612 - 15,612 2020 |
£ £ 14,506 (3,180) 11,326 11,326 11,326 - 11,326 2019 |
|---|---|---|
For the year ended 31st December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 SORP.
The financial statements on page 9 to 14 were approved by the Board of directors and trustees on 21st September 2021 and signed on its behalf by:
P Dodds John Director and trustee
Company registration no: 04506398
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THE LEVANTINE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
1 Accounting policies
(a) Basis of accounting
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) (Charities SORP (FRS 102)) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The charity has taken advantage of the disclosure exemption, otherwise requiring a Statement of Cash Flows, as permitted by Update Bulletin 1.
The Levantine Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
(b) Going concern
The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.
(c) Funds accounting
Funds held by the charity are:
Unrestricted funds: these are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Restricted funds: are subjected to restrictions on their expenditure imposed by the donor or where funds have been raised for a specific purpose.
(d) Income
All incoming resources receivable during the year are accounted for in the Statement of Financial Activities. The following specific policies are applied to particular categories of income:
Voluntary income: includes donations, grants and gifts that provide core funding or are of a general nature is recognised where the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured with sufficient reliability.
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THE LEVANTINE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
(e) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is classified under the following activity headings:
Costs of raising are those costs incurred in attracting voluntary income, and those incurred in funds: raising funds. Charitable activities: include expenditure associated with the preservation and conservation of artefacts and include both the direct costs and support costs relating to these activities. Support costs: include central functions and have been allocated to activity cost categories to reflect the use of resources. Costs relating to a particular activity are allocated directly; they also include governance costs associated with the constitutional and statutory requirements of the charity.
(f) Foreign currency translation
Amounts denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All exchange differences are shown on the Statement of Financial Activities.
2 Income from donations and grants
| Unrestricted Restricted funds funds £ £ Grant - British Council 71,092 - Gift aid repayments 375 - Donations - - 71,467 - |
Total 2020 £ 71,092 375 - 71,467 |
Total 2019 £ 92,256 - 5,129 97,385 |
|---|---|---|
3 Investment income
The charity's investment income arises from bank interest receivable.
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THE LEVANTINE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
- 4 Costs of raising funds
Analysis of governance and support costs.
| Operating and support costs Fundraising and marketing Website design and software Governance Independent examination fee Legal and professional fees (Egyptian accounts) Financial Bank charges |
General Governance Support costs £ £ 1,983 - - 2,100 - 245 90 - 2,073 2,345 |
Total £ 1,983 2,100 245 90 4,418 |
|---|---|---|
5 Analysis of expenditure on charitable activities
The charity undertakes direct charitable activities only and does not make grant payments.
| Preservation and conservation of artefacts £ Education and training costs Travel, accommodation and subsistence 1,175 Fees payable and administrative costs 35,335 Training and project expenses 20,620 Publicity 4,000 Printing, postage, stationery and courier 1,764 |
Total £ 62,894 62,894 |
|---|---|
6 Taxation
The charitable company is exempt from corporation tax on its charitable activities.
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THE LEVANTINE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
| 7 Creditors: amounts falling due within one year Other creditors and accruals 8 Movement in funds |
2020 £ 10,222 |
2019 £ 3,180 |
|---|---|---|
| Opening balance £ Unrestricted funds General funds 11,326 Restricted funds Donations/grants - Total funds 11,326 9 Analysis of net assets/(liabilities) between funds Current assets Current liabilities |
Transfer funds Income Expenditure £ £ £ - 71,598 67,312 - - - - 71,598 67,312 Unrestricted Restricted funds funds £ £ 25,834 - (10,222) - 15,612 - Movement in resources |
Closing balance £ 15,612 - 15,612 Total £ 25,834 (10,222) 15,612 |
|---|---|---|
10 Trustees' remuneration
The trustees received no remuneration or benefits during the year.
11 Related party transactions
The following trustees made donations to the charity during the year.
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| N Pilkington | - | 1,000 | |
| P Dodds John | - | 500 |
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