Charlty number: 1117282 The Claude and Sofia Marion Foundation Trustees, Report and Financial Ststements 31 December 2020 The Claud6 and Sofia Marlon Foundatlon REFERENCE AND ADMINISTRATNE DEfAILS OF THE CHARITY, rrs TRUSTEES AND ADVISERS For the year end•d 31 December 2020 Tru8t8e8 CMLMarion NSGMFMarion P De Sousa L Dias Gomes LAMMarion PPAMarion C M E Marion Charty rngl8tor•d numb•r 1117282 Prlnclpal offlco 16 Great Queen Street London WC28 SAH Audltor• Bll¢k Rolhenberg Audrt LLP Chartered Accounl8nl8 16 Gr68t Queen Street London WC28 SAH Bankern JP Morgan 60 Vlctona Embanknwnl London EC4Y OJP Julius B80r B8hnofslrass6 36 Zurich 8010 Swltzedand HSBC HSBC Rdationship Management Centre 1st FI￿r 88 Baker Street London W1U 6AX Page 1 The Claude and Sofia Marlon Foundatlon TRUSTEES, REPORT For the y•ar ended 31 Dec•mbor 2020 The Trustees present their annual report together wlth the audlted financial statements of the Charity for the y￿r 1 January 2020 to 31 December 2020. The tru51e8s confiTh that the annual ￿port and financial statements of the foundation comply wlth the cuThent statutory requlrements, the requlremenls of the foundation's goveming docLFmenl and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparfng their accounts in accordance wrth the Flnana'al Reporting Stsndard applloable in the UK and Republi¢ of Ireland {FRS 1021 (effective 1 January 20151. Rgsults The net incoming r8sources for the year ended 31 December 2020 were £1.875,363 (2019 - £4.046,075). Revlow of governance and managomont The foundatlon18 a tru$l, wlth chadtablo Status and gov8m8d by It8 Trust Deed. The Trusta6s moet regularly to agree fvndlng pollcy, monltor Income and eX￿ndit￿ra and allo¢ato fund6. New trustee appointments must be prOp0￿d and agreed by Current Irusteos. Tho Claud8 and Sofia Marion Foundallon seeks to advance. promote or ¢affy Out, such ch8rllabl8 purpo8e8 88 th8 trustee5 in Ih8ir absolute discretion see fit. Th8 foundation carr49$ oul the$& objects by provlding grants to $uitsbl$ In¥tltulions in lin8 wlh the foundation's grant m8kn.ng poli¢le$ delallod below. The Trustee$ ¢onsldor that they have complied with Section 4 of the Charltles Act 2011 wlth regard to the guidance on publi¢ benefit published by the Chadty Commission. Tru•t• The tNslee$ of the during the year were as follow8: C M L Marlon NSGMFMarfon P D8 Sousa CMEMarfon LAMMarfon PPAMarion L Dias Gomes Rovlow of actlvltl•s During the year onded 31 December 2020 a total of £1,249.29912019 - £722,617) was grantsd to ¢haritabl8 organisation8, cultural, healthcare and educational eslabli$hments. Page 2 The Claude and Sofia Marlon Foundatlon TRUSTEES. REPORT {CONTINUEDI For the year ended 31 December 2020 Grant making pollcl The chariV$ aims are to SUPFQrt the development of &Jucath)n. health￿re and other similar adiwties on worldwide basis. This indudes l)oth dI￿¢t charitable support and the support of tharitsble organizations, in the flelds of education. healtho￿, cultural activities. and economlc development of the poor in emerging markets Countries, among others. Recipients aro salecw lo rec8lve grants {or other form8 offinandal supwrt) from reo)mmendations l)rought before the Trustees by one of the Trustees. The Truste6s meet kn¥lix to th￿e times p8r y88r to discuss and decide upon proposals for new grants presented by on& of the Truslees, and to monitor existing grants. Grants may onty be made for purFK*es whl¢h ore c4)arltatle under UK k8W. A significant number of grants are made to UK raglstwed charitl88. Grants to instibjllons whl¢h ar8 not UK rogislored charities are monitored directly by tho Trustees. through a ￿MbinatiOn of person81 vlslts 8nd wrltten reports. Significant grants lo Inslrtulions whi¢h aro not UK registered charbties are Th)nitoreiJ mor8 dosely, usually involving a vlsit by a representatrle of tho f￿ndatIon. or per51￿lIC conver8atlons vAth the sponsor of the project Details of grants made In the year can ba found in note 8. R•••rv•s pollcy The foundallon has been fvnded through donatlon$ from Mr Claude Marfon's employer. No actlvo fundralslng from outside contributors is 8xpecled. The organisation do8$ not have substantial reserv8s 118d to fixed ass819. Initially the foundatlon aims to fund operatiw expen8es arKI tharitable dlstribuflons 8018ly through the inwrne on the investment of Its liquid awts. The chaiity has Substantial fixed assets, no dedKated offiL%, and no employee8.' thus it doe8 not have reserves tied to fixed assets. As a result. no addlU0n￿ reserves need to be sel aside to rnspond to potential drops in investment retums or overall income. Inv•*lmont pollcy and performanc• Th$ Trv$t8•# havo not8d thoir rgsponslbility to hav8 rogard to tha suit8bility of lnvastff￿nt* to tha eharity, consld8rfng the prOF)0￿On of trt& Trust Fund being invested, tho level of risk of the Investments, and the accesslbillty of the Trugt monies while invested. They have also noted the need tor appropriate diversiflcatlon of Investments. The Trustees have also engaged an extem81 r￿sUltant to provvJ6 advice and support relallng lo the foundation's investment wrtlolio. The TnJsl888 m8el two or three tim￿ per year to dlwss the invesknents in the Tnjst fvnd and review recomm8ndatlon$ for fvture investrnent acbvity. At those meetings, the Trustses rOv￿W and. If agre8d, approv8 Investment recommendations.. and review the investrnents of the Trust ftjnd to onsure that they contlnue lo fulfll the standard investment ￿lteria de$rAbed above. The foundalion currently invests in bank fiduciary deposits, money markets and Corporate bonds and. to a Fesser exienL listed equities and equity funds. This wlicy wlll be roview8d annually. The aim of the investments Is to ensure that otffilifvJ costs and grant making aclivity can be funded solely wlth the IncA)me on these liquid investrnents. D8talls of Inve8th)enl perforniance (*n be found In rth 12 10 tho ffinandal ststaments. Page 3 Thg Claude and Sofla Marlon Foundatlon TRUSTEES. REPORT {CONTINUED) For the yoaf anded 31 December 2020 Voluntearn Th8 foundation relies on the contribution of ils Trustees who provide thelr servlces free of charge. Major rlsk8 As noted above. the foundatlon alms to fund Its a¢tlvllle$ through the Income from the Investment of ils liquld assets, therefore the Trustees conslder the major rlsks lo ￿late lo the p8rfomiance of Ihe8e inv8slmenls 8nd of the wlder global equitles, fixed income and currendes markets. The Trugtees are confident that the necessary managemenl 8yStem8 and 8tr8tegle8 have b&en implemented lo millgale those dsks. 81at•ment of TruslM8' respon¥lbllltl•s The Trustees are responsible for pr8p8rlng the TnJstee$' Report and the fln8ncl81 statem8nts in accordance with 8pplicable law and United Kingdom Accountln9 Stand8rds (Unlted Klngdom Generally Acc6pled Accounting Pr8d¢o1 . Th8 law appllcable to charfties in England & Wales r8quir85 the TNstee8 lo prapar& flnanoi81 stslement8 for each finan¢ial year which glve a true and fair view of the state of affairs of the Charfty and of Its Incoming resourGes and application of r&sourc&8, including its income and expenditure, for Ihal period. In preparing these financlal statement5, th& Tru$teo9 are required to.. sele¢t sullabl8 8ccounllng polides and then apply them ¢on818t8ntly', observe the methods and princlples of the Charltles SORP IFRS 1021., make Judgments and accountlng esumates thal are r8asonable and prudent., state whether applScabl8 UK Accounttng Stsndards (FRS 1021 have bean followed, 8ublect to 8ny m8tsrf81 departU￿S disclosed and explained in the financial ststement8', prep8r8 th8 flnanclal statements on th8 golng concern basls unless il Is Inapproprlata to pr86ume that the Charlty w511 continue in business. The Trustees arg rgspon$ibl6 for k68plng adequate accounllng r8¢ord8 that are Sufflclent to show and expl8ln Ihe Charitls transactions and disdose wllh reasonable accuTacy al any tlme the flnanclal posbtlon of the Char and enable them lo ensure that the financial $tslements Qomply wlth the Charllles Act 2011, the Charfly (Accounts and Reports) Regul81ions 2008 and the provislons of the Trust deed. They are olso regponslble for safeguardlnu the assets of the Charity and hence for18klng reasonable stèps for tha preventlon and oletectlon of fraud and other Irregularitie8. D18c106uro of Infomatlon to audltorn Each of Ihe person$ WIKI are Trustees at the tim8 whan thls Trustees, R•port 1$ approved h88 confirmed that: so far 05 that Trustee is aware, there Is no relevant audlt Informallon of whlch the charltys 8udllors are unaware. and that Trustee has taken all the steps that ought to h8ve bean laken as a TnJste8 in order to be awar8 of any rolovant audit infomiation and lo establish that the charity's auditors are aware of that infomauon. Page 4 The Claudo and Sofla Marf¢)n Foundatlon TRUSTEES. REPORT (CONTINUED) For tho yoar gnded 31 De¢ember 2020 Audltors The auditors. Blick Rothonberg Audit LLP, have indicated their willingnoss to continue in office. The designa￿￿ Trustees will propose a moticm reapp)inting the auditots at a m88ting ofth8 Trustees. AppKoved by order of the members of the board of Trustees c their behalf by: and $lgned on C M L Marlon Page 5 **The Claude and Sofia Marion Foundation** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CLAUDE AND SOFIA MARION FOUNDATION** ## **Opinion** We have audited the financial statements of The Claude and Sofia Marion Foundation (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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 Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charity'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 Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and 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. Page 6 **The Claude and Sofia Marion Foundation** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CLAUDE AND SOFIA MARION FOUNDATION (CONTINUED)** We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; 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 require for our audit. ## **Responsibilities of trustees** As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so. ## **Auditors' responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 Auditors' 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 the 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: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and noncompliance with laws and regulations, our procedures included the following: enquiring of management concerning the charity’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the charity’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the charity’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the charity operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the charitable company. The key laws and regulations we considered in this context included the Charities Act 2011 and applicable tax legislation. One particular focus area was the risk of fraud through management override of controls. Our procedures to Page 7 ## **The Claude and Sofia Marion Foundation** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CLAUDE AND SOFIA MARION FOUNDATION (CONTINUED)** respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the charity for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments. Another focus area was non-compliance with the rules of the Charity Commission. The charity was authorised and regulated by the Charity Commission throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the charity and the Charity Commission; and discussion of regulatory matters with the appointed officers of the charity. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Blick Rothenberg Audit LLP** Chartered Accountants Statutory Auditors 16 Great Queen Street London WC2B 5AH ## Date: 7 October 2021 Blick Rothenberg Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 8 The Claudo and Sofia Marfon Frjundation STATEMENT OF FINANCIAL ACTivrriES For the yaar ended 31 December 2020 Unr•8trictod fund8 2020 T¢)tsl fund8 2020 Tot81 funds 2019 Incomg from: Donations Investments Foreign exchange gain 59,583 1,604,301 $93.760 9, 749 1,612,401 1,604.301 593.760 Totsl In¢omo Expendlturo on: Raising funds Charitable actlvltles Foreign exchange loss Inter88t pald 2357.644 2,257,6M 1.622, 150 156.587 1.284,484 156.587 1284.484 133,641 762,952 1,840,513 5,202 35.232 35,232 Total oxpondlture 1876,303 1.476,303 2, 742,308 Net movem•nt In fund• b•for• othor roco9nl•od galns Gains on revaluatlon of fixed a8sel8 781,341 1.094.022 781,341 1,094,022 (1,120, 158) 5, 166,903 Net mov•m•nt In fund• R0Gonclllatlon of lund•: Total funds brought forward Net movement in funds 1,875,383 1.875,363 4,046, 745 40,575,907 1,875,363 40.575,907 1,875,383 36,529, t62 4.046, 745 Total funds ¢anl•d forward 42,451,270 4Z,451,270 40,JTS,90T The Statement of Financial Acli¥1ts8 knthdes all galns and h)sses recognlsed In the year. The notes on p4es 12 to 19 forni part of th8se finandal statomonts. Page g The Claud? and Sofia Marlon Foundation BALANCE SHEET A• at 310ocomber 2020 2020 2019 Flxed ass•ts Investments Curr•nt assets 12 43.752,041 38.030,643 Debtors Cash at bank and in hand 13 395.260 3k47.301 404,449 1284,079 3.742,561 2,688,528 CredltoryJ: amounts falllng due withln one y88r 14 (&043,332) (93.264) Not currant Ilabllttl•8 l a•••t• 11,300,771) 2,595,264 Total a•••t• l••• curr•nt Ilablllilo• 42.451,270 40,625,907 Credltors: amounts falling due after than one year 15 (50.0(X)) Total n•t asuts 42N51,270 40,575,907 Charlty funds Restricted funds Unrestrlcted funds 16 42.451,270 40,575,907 Total fund• 42,451,270 40.575,907 The llnanclal statements were approved 8nd auth￿l$e￿ for Issue by the Trustees on é2&Jz/ and $lgned on thelr behalf by.. CMLMarfon The noles on pag8s 12 to 19 fomi part of these financial siatoments. Page 10 The Claude and Sofla Marlon Foundatlon STATEMENT OF CASH FLOWS For tho yoar endèd 31 Docfrmber 2020 2020 2019 Noto Cash IIoT*8 from operatlng a¢tlvltlo8 Net cash used in operating actlvllies 17 {548,7171 (1,489,422) Cash Ilows frorn Invesllng actlvltl•8 Dividends, interests and rents frcffi investments Proceods from sale of investments Pur¢has8 of investments 1,613,490 1, 754,372 7.534,085 10,858.513 112.427.717) (8, 788,161) N•t ¢a8h {u*•d Inyprovldod by Inv•8tlng actlvltl•• (3,280,142) 3,824,724 N•t ¢a•h provldod by flnanclng actlvltle• Chango In ¢uh and ¢a8h •qulval•nts In th• y•ir Cash and cash equivalents at the beginning of the year (3,828,839) 2,335,302 2,284,079 (51,223) Cash and ca•h •qufval•nt• at th• •nd of th• y•ar 18 (1,544,780} 2,284,079 Tho notes on pag85 12 10 19 form part of these flnanclal statements Page 11 The Claudg and Sofla Marf¢)n Foundatlon NOTES TO THE FINANCIAL STATEMENTS For the y&ar 8nd•d 310ocomber 2020 A¢countlng pollcle• 1.1 Ba$ls of preparatlon of flnanclal statomonts The financial Statements have been prepared in acc¥)rdance wllh the Chadtles SORP IFRS 1021- Accounting and Reporting by Charltles.. Ststement of Recommended Practice appllcable lo charities preparing their accounts In accordance wllh the Flnanolal Reportlng Standard appllcable In the UK and Republic of Ireland {FRS 1021 leffecllve l January 20191. the Flnaneial Reporting Slandard appllcabte In the UK and Republic ol Ireland (FRS 102) and the ChaTIUes Act 2011. The financial 8tatsments have be8n prepared to glve a Yrue and fal￿ vlew and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'lrue and falr, vl8w. Thls dep8rture has Involved followlng the ChadtSes SORP IFRS 1021 wblSshed In October 2019 rather than the Accountlng and Reportlng by Charlties-. Stat•ment of Recommended Practlce effectlve from 1 Aprll 2005 which has since bgen wlthdrawn. The Claude and Sofia Marion Foundatlon meets the deflnitlon of a publ1¢ b8n8fl1 ontlty undor FRS 102. Th8 flnanci81 slat8menls have boen propared under the hlstorlcal cost convgntlon with ftem6 recogn18ed at C08t or transactlon value unless olheThvls8 Statgd In tho relevant notes to these accounts. The followlng a¢wunting poll¢le8 have been applied In deallng wlth It8ms whlch ar8 con8ider8d m818rlal Sn rolallon to the foundatlon'8 ffln8n¢lal 8tst8m8nl8. 1.2 Grants payabla General funds are unr88trlcted fvnds whlch are avai18blo for use al the dlgcrellon of the tnjstees In furtherance of tho general objectlves of the foundation and which have not been dosignaled for other purpo898. 1.3 Donatlon8 All Income Is recognls8d once the Charity h8s enti￿ement lo the Income, It is probabla th811 Incom8 wlll be recelved and the amount of In¢ome re¢elvable can be measured reliably. 1.4 Fornlgn curr•ncl•• The foundatlon's functlonal and presentatlon81 currency18 GBP. Foralgn currency Iransactlons are translated Into tho functlonal currency using tho spot exchange rates at the dates of the transactions. At ea¢h period end forelgn currency monetsry items are translated uslng the closing rate. Not monetary items measured at hlstodcal cost affj translated u81ng the exchange rate at the date of the transaction and non-monetary Items m688ured al falr value are measured using the exchange rate when falr value w8$ detemiln8d. 1.5 Flxed Investments IrNestmenls 8re 8 fomi of baslc finan¢lal Instrum8nt and are initially rocognised at Ihelr transaction value and 9ubsequently measured at their f81r value as al the balance sheet date usSng the closing quotsd market price. Unlisted investments wfth no reliable estimato of fair value are held al cost less Impalrm8nt. The statement of financl81 activities includes th8 net gains 8nd losses arising on revaluatlon and disposals throughout Ihe year. Pag8 12 The Claud• and Sofla Marlon Foundatk+n NOTES TO THE FINANCIAL STATEMENTS For the year ended 310•c•mber 2020 Accounting policies (contlnuad) 1.6 Intsrest rocelvabl• Inter8St on funds held on deF*)slt is induded ￿en recelvable and thè amount can b8 measured relkqbly by th& foundation.. this is normally up)n notificatlon of tho inter8St paid or payable by thè Bank. 1.7 Dobtorn. credltorn and provl8lon6 Dobtors represent ac¢Ju8d inl8rgst on listed Investrnents, and arg initially recojnised at market value on purchase of the resp8Ctive investrnenL Subyequently they aro measured at fair value w￿h movement sh)wn under in(xJme from ￿n￿Sts￿1ts. Tl*y are Oerecognised when an investment is sold. Creditors and provlsh)r6 are recryJnised whero the ft￿ndation has a prgsent obligatlon re$ultlng from a past event that will probably result in th• transfer of ftlnds to a third party and tho amount du8 to $ettl& the obligation can b8 measured or estimated r￿lably. CredIt￿5 and provisions are Inllially r•Gognised at transactions value as ncrf)8 represent a ffinanung transactlon. They are only doreo)gnised when they are exbnguished. 1.8 Ca•h at bank and In hand Cash at bank and In hand Includ8s cash and short4em highty liquld investrnents ￿th a short maturity of three months or less from the dale of acqulgthn or openirwJ of the deposit or simllar account. 1.9 Flnanclal In•trum•nt8 Tho foundation al80 trades In tho folh)wing flnancSal Instrumonts.. Forward contracts for purchasing for8ign exchang8. The trans8ctyon costs for entering into such contracts are treoted as an expense. Th8 C￿traCts are subsequently mea$ur¢d 81 fair value with gains or Fosses ￿¢1)jniSed in the statement of financial a(*vib8s. FoTW8rd contracts outst8nding at the year end are shown as other fixed asset investments. Opts'ons, swaps and structured 8ssots. The feo or premivm for the contract Is capitallsed bul any separaloly i(18nltfiable 1ransacb.on cost In￿rr&I in ac4uiring th8 o)ntract is treat8d as an 8xp8ns8. The contract 1$ sub$equenlty measured 81 fair v8bJe. Losses recognised to the extent the foundation Is obllq&J to transfer cash in Ihe fulure. The foundation has Mt entered into derivabve cJ)ntra¢ts to manage exchange r18k assoclated wrth speafi¢ liabilities, therefore has not adoptod tr￿ge a¢o)untlrwJ. Uablllty of trust•o$ The trustees shall not be liable for any loss to the Tfust fund unl8ss by reason of witful or individual fraud dishonesty or wrongful omission on the part of the Trustee who is sought to be made liable. Page 13 The Claudg and Sofia IAarlon Foundallon NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020 Forelgn axchange rate8 Forèign axthange rates during the ypar At 1 January 2020 At 31 Decémbér 2020 Average during tho year 1.3270 1.3665 1.2920 1. 1877 1.1174 1. 1263 Incomo from donatlons and legaclol Unra•trlcted Total funds fund• 2020 2019 Donation8 59,583 9,749 Dondons income represents voluntary donallons. Exp•ndliur• on ralslng funds 2020 2019 Fundralilng tradlng •XP￿￿• Investment management fee¥ 156,587 133.641 Pagè 14 The Claudo and Sofia Marlon Foundatlon NOTES TO THE FINANCIAL STATEMENTS For the year endéd 31 Do¢•mbor 2020 Invoitsnont Incom• 2020 2019 Bank interest re¢oived on £ acwints on $ accounts Dividends rece1￿1 536 2,410 on é accounts on $ accounts Bond interest received and a(ffi￿d 51.876 16,514 54,855 on $ accounts on É accounts 1,173.804 359,331 1,236,994 320.016 Total 1,604.301 1,612,401 Exp•ndlturn on charhabh acllvlll•• 2020 2019 Grants payable (see note 8) Audlloryd, ￿mUneratIOn Bank charges and sundry expwws 1,249,299 10.T72 24A13 722,677 2,040 38,295 Totsl 1,284,484 762.952 Included wlthln audltors. remuner8tion18 £6.OLKJ in of ontroff non-audlt 8eNices provided to th8 fThJndation. Page 15 The Claude and Sofia Marion Foundatlon NOTES TO THE FINANCIAL STATEMENTS For the year endéd 31 Decamber 2020 Grants payable The foundation's grants are made lo charltable organlsalions, cultural, healthcare and educational establlshments. An analysis of grants by project and ¢urrency and the slerting equivalent is given below.. In currgncy of grant 2020 2020 2020 2020 2019 Don Bosco Bangalore, Indla Ambassade De L'ordre de Mall8. C8ntr8 Hospital, Democratic Republic of Congo Funda￿0 Arpad Szenes Vlelra d8 Slfva, L18bon, Portugal Hope Productlon R8 . WOMAN, Par18, Franca FundaGao Alvaro Carv8lho, Lisbon, Portugal G•miano de Sousa Laboratory, Covld 19 Tests, Ca8cals, Portugal Joaqulm Chav88 Laboratory, Covld 19 T88ts, Cascais, Portugal Fundacao A. Carvalho re.. Estudo8 Seroprevalencla SARS-2COV-2 Don 8osco Arambegama, Srl Lanka Uproar Fund R6.. Lomur & RhinolHamllton, USA Pepe La Tumalni, Kenya Igrgja Malriz, Ca$¢ai$, Portugal Jangada Lda, F&8la Clnema Francals, Portugel The FrSends of The French Inslitule, UK Charfty, UK Myschoolpvlsè, 8ayrouth, Lebanon Poor Clares Colettines, UK ro.. Indla Convento dos Cardaes, Lisbon, Portug81 Oc8Bn Soulg Lona Dist8nc8 Music. Fr8nc8 Kristu Jyoti College Soclety. Bangalore, India EM Power, UK Charity Re.. Luke Blue Crest Instltuto Tecnlco Buenos Aires, Argenllna Kairos Montessori School, Cascai$, Portugal Ocean Souls Proiert USA Don 8osco Charslable Soclety. Davengere, Kamalaka Ir¢dia Fondalion GoodPlan8t, Paris. France Unlver8ity of Pennsylvania Foundatlon Ltd, UK Benakl Museum, Greece Associa¢ao nossa Senhora Afillos, Lisbon, Portugal Blue Marine, UK Foundation Aeg8s, Llsbon, Portugal Hope & Heroes Childr9n's Car￿r Fund. New York, NY 225,001 100,¢YJO 60.002 395,157 56,117 150.000 135,800 175,802 120,000 100,000 100,000 100,145 90,374 84,005 75,000 66,948 75,000 66,896 50,000 50,000 45,397 40,723 40,515 38,923 35,898 35,303 27,058 25,000 18,898 19,118 10,000 9,054 7,579 5,931 5,000 50,000 50,000 40.000 30,000 25.000 25,000 10,000 10,000 8.500 7,750 5,000 153.804 107,437 52.474 50,450 21,591 19,725 9,400 8.465 7,838 4,338 755 Totsl Further detsils of the foundation's 3￿1 232750 100002 1249 299 722 617 activltles ar8 dlsclosed in the trusloes, re rant ivin Page 16 The Claude and Sofia Marlon Foundallon NOTES TO THE FINANCIAL STATEMENTS For the yoar ended 31 De¢ombor 2020 Trn$tsas' rornunèratlon Dyrfng thé year, no tnJ8tee8 weived any remuneration or other benefits (2019- £NIL). Durlng the , no ITU8t8e$ racelved any reimbursement of expensès {2019- £NILJ. 10. Partlcularn of 8mployeo8 The foundatlon had no efflployees during the year 11. Taxatlon AS a regi8ter8d charlty Iha foundaUon18 •x8mpt from Corporalkjn Tax. 12. Flxed a88Ot InV￿lMonts Optlonl, Swaps and $tructur•d assets Unllst•d Inve¥tmonts Llstsd sKurltle• FoNord contracts T*)tsl C08t or valuatlon Al 1 January 2020 Additlons to inveslmonls 8t cost Disposa18 al carrying value Capil81 g8lnlllossl Foroign exchange movement 38,025,261 {3,7731 9,1SS 38,030,643 114,878 10,514,329 1,798,510 (5,898,299} 11,635,786) 1,320.725 (226,7031 1671.747) 1.856 12,427,717 17,534,085) 1,094,022 (266,256} 403,635 At 31 D•¢•mbor 2020 114,878 43,290,269 (65,8961 412,790 43,752,041 Page17 The Claud• and Sofia Marion Foundatlon NOTES TO THE FINANCIAL STATEMENTS For the year ended 310écomb8r 2020 13. D•btorn 2020 2019 Other debtors Accrued Interest 56,495 338,765 56,495 347.954 395.260 404,449 l& Crndltori: Amounts falllng du• wlthln on• y￿r 2020 2019 Bank loans and overdrafts Accruals Grants 8ccrued 4,892,081 S,520 145,731 5,520 87,744 5,043,332 93,264 15. Crodltors: Amounts folllng duo aft•r moro than ono ygar 2020 2019 Grants accrued 50,000 16. Summary of fund• Summary of fund8 - curr•nt y•ar 8alarbce at 31 Galn81 D•¢ombèr ILos8881 2020 Balanc• at 1 January 2020 Incomo Ex￿ndItUr• General funds 40,575,907 2,257,644 (1,476,303) 1,094,022 42,451,270 Page 18 Th8 Claude and Solla Marfon Foundatlon NOTES TO THE FINANCIAL STATEMENTS For the year endèd 31 Dfjcom￿T 2020 17. R•conclllallon of n•t movemont In funda to not cash Ilow from op•ratlng artlvltlg• 2020 2079 Ngt income for the ypar (as p8r StateM￿l of Finanoal Acfvitiosl Adjuslment for: 1,875.363 4,046, 745 Loss8sI{galns) ￿ Invesbments Dlvidends, interest and rènts from investments Incre88el{decre88el In credrlor8 1827,7661 (3,818,032) 11,604,301) (1.672,401) 7,987 (105, T34) N•t c••h u8•d In op•ratlng actlvltl•8 1548,7171 (1,489,422) 18. Analy•l• of ca•h and cash •qulv•l•nts 2020 2019 Cash at bank Overdraft faclllty repaydble on d8marKI 3,347,301 14,892,081) 2,284,079 (1,5447801 2,284,079 19. R•lal•d party tran•actlon• There wère no related paty transactions Undertaken durlng the ￿r. Page 19