Charlty number: 1117282 The Claude and Sofla Marlon Foundation Trustees, Report and Financial Statements 31 December 2021 ThÈ Claudo and Sofia Marlon Foundatlon REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVJSERS For th6 y•ar onded 31 Dgcombor 2021 Tru8t•es CMLMarion NSGMFMarion P De Souga L Dias Gomes LAMMarfon PPAMarion C M E Marlon Charlty regl$t•r•d number 1117282 Prlnclpal offlc• 16 Great Queen Street London WC28 SAH Audltori Blick Rothenberg Audll LLP Chartered Accountants 16 Great Queen Street London WC2B SAH Bankers JP Morgan 80 Victoria Embankment London F.P.AY n.frp Jtsllus Baer Bahnofslrasse 36 Zud¢h 8010 Switterfand HSBC HSBC Rela￿onshIp Managemont Centre 1st Floor 88 Baker Street London W1U6AX Page 1 Tha Claude and Sofia Marlon Foundatlon TRUSTEES, REPORT For th8 yèar Ond￿ 310o¢emb0r 2021 The Tnjstees present their annual Rport together with Ihe audited financlal stalemenls of the Charity for the 1 January 2021 to 31 Decemb8r 2021. The truste85 confirm that the annual r6POrt and financial statements of the foundation comply with the ctjrrent statutory requ1￿ments, the requlrements of the fourtdalion's goveming document and the provisions of the Statement ol Recommended Practice ISORPI, applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 (effective 1 January 20151. Obl•ctIv￿ and aCt￿ltI•l R68uIts The nel outgoing resourc88 for the year ended 31 D8cemb8r 2021 wer8 £423,167 12020 - net incoming ro$our¢es £1.875,3631. Revlaw of governanco and managomont The foundation18 a Injst, wSlh charttab16 8tatus and governed by It8 Tru8t Deed, The Trustees meel regulady to agree fundlng policy, monrtor Income 8nd expendlture and 811ocate fund6. New trustee appointments must ￿ proposed and agreed by current trustees. The Claud8 and Sofia Marion Foundallon 8eek$ to advance, prornote or Cafry Out, such ¢harll8bl8 purposes as th8 trustees In thelf absolute dl8¢retion See fll. Th8 foundation cairies out th0s8 oblects by providlng grants lo suttable lTrsthullon$ In Ilne with the foundallon'8 granl m8king policies detailed below. The Tru8t888 con81d8r that (hey have complied wSlh Section 4 of the Charltles Act 2011 wlth regard to Ihe guld8nc8 on publlc benefll publlshed by the Charity Commls819n, Tntho8 The trustaes of the charlty dudng the ye8r wor8 88 follow8.. C M L M8rion NSGMFMarion P De Sousa CMEMarion LAMMarion PPAMarion L OIBS Gomes Revlew of actlvltlo• During the year ended 31 December 2021 a total of £1.900,906 {2020 - £1,249,299) was granted to char6table oryanisations, cullural. healthcare and educational establishments. This included amoLtnts pledged by the foundation to be pald In future years. Gran15 paid out in cash during the year lotalled £992,901 {2020 £1,240.201). Pag6 2 The Claude and S(ffla Mavlon Foundatlon TRUSTEES. REPORT ICONTINUEDI For the year fynded 31 December 2021 lconllnuodl Granl maklng pollclos The chaAiy's alms are to support the development of education, with a special foGu$ on 8ducallon of the young at risk, healthcare, 8nvironm8nt and sustainability, culture as well as social programs for the poor and other simllar activities on a wortdwide basls. This includes both direct charitsbl& 8UPPOrt and the support of charrtable organizalions. in the fields of edu¢allon, heakthcare, environment and ¥ustain8billty. cultural and SOGial aclivi11o8, and economic dovelopmenl of the pr)or In emergin9 rnarkets countdes. among others. R8¢lpi•nts aro selected to recelve gmnt8 lor other forms of fln8nd818UPPOrt) from recomm8ndallons brought b&forg the TnJslees by one of the Trustees. The Trusteeg meel twlce to thr8e limas per year lo discuss and decide upon prop08als for new grants pres•nted by one of the Trustees, and to monitor 8xi8ting grants. Grants may only bo made for purp058& which aro charftable under UK law. A slgnifi¢8nl numb8r of grants ara m8d8 to UK regist8r8d chartlles. Grdnts to Institution5 which are not UK registered ch8ritt8s are monllored d1￿CtlY by the Trustees, through a combination of per60nal vlsits and wrillen reports. Significant gTanls lo inslltulions which are not UK r8gist8red charftles ar8 monltored more c105ely. usually involvlng a visit by a repre8entativ8 of the foundatlon. or periodlc conversatlon8 wlth th8 spoftsor of the prole¢t Detslls of grants made in the year can be found In not8 8. Rnor¥•s pollcy Th8 foundation has been funded through donatlon8 from Mr Cleude Marlon'6 ft)mior amployef. No actlve fijndraising from out8id8 contributors Is expected. Initsally the foundatlon aims to fund op8r8llng expen808 and tharft8ble diBtributlon$ 8018ly through th8 in¢oma on the inv85tm8nl of Its Ilquld assets. Thg eharfty h88 no SU￿1#￿*131 fix•d 8888t8. no d#dlcatèd office. and no 8mploye8s,' thus it dogs not have resorves tled to fixed assets. As a result. no additlonal rnserv&8 noed lo bè set 89id8 to r•5pond to polenllal drops in investment relums or overall Income. Page 3 The Claude and Sofla IAarlon Foundatlon TRUSTEES. REPORT (CONTINUED) For the yoar onded 31 De¢•mb•r 2021 Invotstmont pollcy and p•rfomwnc• The Trustees have Th)ted thoir ro$W￿1bH1ty to hav8 regard to ts suitabihty of investrnents to the charlty. considering the proportion of Tft￿ Fund being invested, the lev81 of risk of the inveslmenl8. and the accessibility of the Trust monies whlle invested. They have also noted the need for approprfate diversification of Investments. The Trustses have a150 engaged an exiemal o)nsullant trj prowdè advlce and support relating to the foundation's Investment POTlfollo. Tho Trust•O8 meet h¥0 or thre8 times per year to dis¢us8 the inve5trnents In tho Twst fund and re￿oW recommendations for future Investment activity. At those meetings, the Trustees review and. If agreed, approve investm8nl rgc0mmènda￿OnS. and revlew the Investments of the Trust fvnd to ensu￿ that they conllnue lo fulfll the standard invèslmenl criteria described above. The foundation ujrrently Invests In bnk fiduciary d8posII9, money maTk81s and bonds and, to a1os88r oxtenc Ilsted equib'es and oquty frjnds. This policy will be reviewed annually. Th8 alm of th8 Investmonts 15 10 onsuro that operatlng Costs and grnnt maklng aclNIty c8n b& fundod solely with the income on thesp liquld investrnents. Detsils of Inveslm8nl perfomiano Can be found In notè 12 to Iho finaThxal statements. Volunt••r Tha 1wnda￿0n rnllas on the (yjntrlbU￿n of its Tn￿ wovlde th8ir 8eryl(xs free of charge. Mttlor rl•k• A8 noted abov8, the foundation aim8 to fvnd rts adlv4ti88 thrDugh the Income from tho iftvostment of ils Ilquld assats, therefore the TTu518•$ ¢onsKlar th8 major risks to relats to the P8rfoman¢e of those Invostmenls and ol the wider global equities, fixed inD)ffl8 and cuffencies markets. The Tru8te8s aro confident Ihat the nec8S8ary rnanagemenl systèms and strategiès havo been implemented to mltig*e those rl8ks. St•l•m•nt of Tru•t•u' r••poMlbllftl•• The Twstees ar8 re8pon8ible for weparlrwJ the Tn￿, Report and the finandal Statements in accordanca with applicable law 8nd Unlted trQngdom Accwntir#J Standards {United Kingdom G8nerally Awepted Accountlng Pra¢tl¢81. The law appil￿ble Io ttsities in Engla￿1 & Wale5 rnquires th8 Trustegs to prepare financial statements for each financial whlch give a tnje and fair view of the state of alPdirs of the Charity and of its incoming resources and appllcation of resources, induding Its income and 8xpanditure, for that p8riod. In preparing these financial stslements, thè Trustees are r8quirad lo: setect suilable accounbng wlicies arKI then apply them consistenuy; obseNe the methods and Princ￿)IeS of the Charities SORP {FRS 1021. make judgrnents and accounting estimates that are reasonable and pnJdenL' 8tate whether applicabl6 UK Ac￿Unting Stsndards {FRS 102) have been followed. subject to any material departures disclosed and explained in the financ¢al st8tements: prepare the ffinancial statements on the going concem basis unless It b Inappn)tNiate to presume that th8 Charity wlll eontinue in l)usness. The Trustees are rosr￿nsIble for keepiry ad8quate aciy)unting ￿L￿lS that arp suffici&nt to show and expla the Charfls transadTons and d￿￿[0¥0 With r8asonabl8 accuracy al any time the financi81 position of th& Charity Pagg 4 Tho Claude and Sofia Marlon Foundatlon TRUSTEES. REPORT (CONTINUED) For the year •nd8d 31 Oecèmber 2021 ststoment of Tru¥to•6' r8sponslbllllS98 ICONTINUEDI and 8nablo them to ensure that the financial statements comply wlth th8 Charlli85 Acl 2011, the Charfty (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding th8 assets of the Charity and hence for taking reasonable slep8 for the prevention and detection of fraud an¢J other irregularities. DI8¢1￿ure of InfO￿atIon to audltors Each of the p8rsons who are TnJst8es al the tlmfj when this Trustees, Report is approved ha$ conflrmed that, 80 far as th81 Trustee is aw8ra, th&re Is no relevant audlt informatlon of whlch Ihe ch8rWs auditors 8r& naw8r8, and that Trust86 h8S taken all the $18ps that ought to nave bean taken as 8 Tru8te8 In order to bo aware of any r818vanl 8udil Info￿atiOn and lo establish that the charitys audftors 8ra aware of that Infomialion. Audltor8 The audllots, Bll¢k Rothenberg Audll LLP, hav6 Indlcated Ihelr willlngn889 to contlnue In offl¢e. The deslgnaled Tru8le8s wlll propo88 a mollon reappolnllng the auditors at a meeting of the Trustee8. Approved by order of Ihe membbrn of the board of TNstfjes on 8 August 2022 and $￿Tre￿ on thelr behalf by.. G M L M¥rlon 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 2021 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 2021 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. Page 6 ## **The Claude and Sofia Marion Foundation** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CLAUDE AND SOFIA MARION FOUNDATION (CONTINUED)** ## **Other information** The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. ## **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 no 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. Page 7 ## **The Claude and Sofia Marion Foundation** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE CLAUDE AND SOFIA MARION FOUNDATION (CONTINUED)** 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 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 11 August 2022 Blick Rothenberg Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 8 The Claude and Sofia Marfon Foundallon STATEMENT OF FINANCIAL ACTNITIES For the year ended 310ecember 2021 Unr08trl¢t•d nds 2021 Total fundg 2021 Total fijnds 2020 Not• Incom• from: Donations Investments FO￿ign oxchange gain 34,188 1,561,683 34,188 1,561,683 59,583 1.604,307 593, 760 Total Income 1,595,871 1,595.871 2,257.644 Exp•ndttur• on.. Ralslng fvnds Charilablt a¢livlli•s Int•re8t Pald and forelgn exchange108s 149,879 1,947,664 307,037 149,879 1,947,664 307,037 158,587 1.284,484 35.232 Total •xpondlturo 2A04,580 2.404,580 1.476,303 Nol movemont In fund• botorn olh•i rn¢ognl•èd galns Galns on revalu81KJn ol flx8d assots (808,709) 385,542 1808,709) 385,542 781,341 1,094,022 Not mov8m•nt In fund8 1423,167) 1423.1671 1,875,363 R•conclllatlon of fund*: Tot81 lund8 brought forward Net movement In lunds 42,451,270 (423,167) 42,451,270 (423,1871 40.575,907 1,875,363 Totsl funds carrl•d forward 42,OZb,103 42,QZ8.ID3 42,457.zro The Statement of Finandal A¢tlvities includes all gains and losses recognised in the year. The notes on pages 12 to 20 fom part of these financiai statements. Poge 9 The Claude and Solla Marfon Foundatlon BALANCE SHEET Al at 31 December 2021 2021 2020 Flx•d us•ts Inve8tm8nts Currant a$801• 12 45,601030 43,752,041 Debtors Cash at bank and in hand 13 3x952 716.651 395,260 1347,301 1.061,603 3, 742.561 Crgditor5.' amounts faHing duo on8 y08r 14 13.949,860) (5,043.332) N•t curr•nt Il•bllftl•• (2,888,25n (1,300, 711) Total a•iots l•M ¢urr•nt11oblllUo• 42,718,673 42.451,270 Creditors: amounts falllng due after more th8n one yaar 15 (690.570) Total n•t a88•ts 42,028.103 42,451,270 Chaflty fund• Restrlctsd fund8 Unr88trict8d funds 16 42.028.103 42.451,210 Totsl fund• 42.028,103 42,451,2TO Thy nnan(4fjl otatemonts w•r* •pprovod and authorlo•d by th¢ Truateoo on 08 AugU•t 2022 and tsi9nJd on thdr behaff by: C M L Marlon The notes on page8 12 to 20 fomi part of these fmancial slalements. Page 10 The Claude and Sofia Marfon Foundatlon STATEMENT OF CASH FLOWS For the year ended 310ocefflber 2021 2021 2020 Noto Cash fl1X￿ trom operntlng actlvltlo8 Net cash used in operating activities {1,265,$39) (548, 717) Cash flows from Invo•tlng actlvttlo8 Dividends, inlerests and rents from Investments Proceeds from 8ate of inv88tmonts Purcha89 of Investments 1.581,683 1,613,490 11,415,102 7.534,085 (13.025,9901 (12,427, 717) t￿t ca•h wed In Inv••tlng actlvltl•• (49.205) (3,280.142) Net provldad by Ilnanclng actlvhl•8 Change In eajh ind caih •qulval•nts In th• y•ar Cash and cash equlval6nts al the beglnnlng of the year (1,314,384) {3,828.859> {1,544,780) 2,284,079 Cash and caih equlvalent• at tho ond of the year 17 {2.859,524) (1,544, 780) The notes on pag88 12 to 20 form part of those flnanclal statements Page 11 The Claud• and Sofia Marfon Foundathyn NOTES TO THE FINANCIAL STATEMENTS For th• year ended 31 DKember 2021 Accountlng poH¢l•8 1.1 Basls of preparntion of fina￿1￿1 stat•m•nts The finan¢ial statements have been prepared in accordance ¥Ath the cha11t￿5 SORP IFRS 102} - Accounting and Reporting by ChaFTkn'85.' Ststement of Recommend8d Prnctice applicable to ¢h8ri1188 preparing their a¢counts in accordanc* *ryih the Finanoal Rewrknng StarKl8rd applicable in It*¢ UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. the Financial Reporung Standard appllcable in the UK and Rewbllc of I￿and IFRS 1021 and Ihe Chatlties Act 2011. Thè finandal statements havè ba￿ prepared to give a and f81¢ vle4¥ and have departed from the Charities (Accounts and RerMMs) Regulations 2008 only to the ex1enl required lo provide a Iruo and fai¢ view. This departure has involvad fdlowing ￿ Ch8riti85 SORP IFRS 102) publishod In October 2019 rather than the Accounbng and Reportlng by Charits"es.' Statèmanl of Recommended Practicg offocllve from l April 2005 whlth h88 81n¢e been wlthdrawn. Th8 cla￿je and Sofia marb￿ Foundation meets the definlllon of a publ1¢ bonofit entlty undor FRS 102. The financ￿1 ststements have been Prepared under the hi3loric81 Mst conv8ntlon wlth Items recognised at C05t or transaction vthe unless oth&M8e slated in tho relevant notes to th988 accounts. The follThvirvJ ac¢ountlNJ pollLJ8s have beon applied In deallng ￿￿th Ilems whlch afo considored rnate￿al in relatw)n to the fourKlallon's ffinandal ststerngnt8. 1.2 Orants payablo General funds are unre8trtrted fijnds 7*hkh are avallable for usa at the dl8(xetlon of tho trustees In lurtherance of the general obl8(aives of the foundathxt and whSch have not boon deslgnatod for other purposes. 1.3 Donatlon• All income is recognlsed once the Ch8rrty hgs artM8mant to th8 Income, It Is probable th8t the income will be racolved and the 8ft￿nI ol Incom8 re(¥fvabl• can be m086ured rollably. 1A Forolgn ¢urroncle& Tho foundatlon's funclioml and FYe8entatkThl currenry ￿ GBP. For&ign Curre￿ tsnsaclion8 ar8 tran￿￿ Into the fvnCIh)n￿ currency uslng the 8POt 8xc*ang8 rates al the dates of the transactions. At each p8rlod end forohJn currency rnonetary Items are translated using tha doslng rate. Non. monetary items measured al htstorbcal cost are translated using the exchange rate at th8 dale of the transaction and non-monetary items measured at tsir Val￿ are measured using th8 8xchanga rale when fair value was deleTmined. 1.5 Flxed assgts Invmlmonts Investments are a form of basic financial instrument 8nd are inttiany recognlsed at their trBnsaction value and subsequenty me8sured at thelr fair value as at the balanco $he&t date using the closin9 quoted market price. Unlisted investrrbents V•ith no reliable estimate of fair value are held at cost less impairment. The statement ot financial activit￿ Indude8 the gains and k￿SeS arising on revaluation and disF*J￿$ Ihroughout th8 Jwr. Page 12 The Claude and Sofla Marft)n Foundatlon NOTES TO THE FINANCIAL STATEMENTS For the ygar anded 31 Dècomber 2021 Accountlng pollcles {contlnu•d} 1.6 Intwe￿ rocelvabl• Interest on funds held on deposlt Is Included wh8n recelvable and the amounl can be measured reliably by the foundatlon: this Is normally upon notlficallon of the Inter881 paid or parable by the 8ank. 1.7 Debtor•, ¢radltorn and provl8lon8 Debtors represent accnjed Interest on Ilsted inve8tmènts, and are Inlualty r8cognised al market v81ue on purchase of the respectnie investment, Subsequently they Ère measured at fÈlr v81ue wllh movamont shown under inrthe from Investm6nts. They are derecognlsed when an Inv8slment Is sold. Cradilors and provisions are recogni$ed where the foundalion has a presanl obllgadon resulting from past event that wlll probably result In th$ transfer of funds to a thlrd party and the omounl due to settlè the obligatEon can bè measuT8d or 8stlmal8d reliably. Credllors and provlslons ar8 InltlaNy recognised at tr8nsactlons value as nong roprosenl a flnanclng tran8actlon. They are only derecognlsod when they are extsn9Ul8h8d. 1.8 Cash at bank and In hand Cash at bank and In hand includes cash and short-lern highly Ilquld Invg$tm8nts with a short maturlty of three months or less from th8 dale of a¢qulsition or openlng of the doposil or similar account. 1.9 Flnanclal Inslrum•nts Tho foundallon also trad8$ in the followlng flnancial Instrum•nl8.' Forward contracts lor purch8sing foreign gx¢hang8. The transaction costs for ontèrtng Into such contracts are Ire8ted as 3n expense. The conlra¢ls are subsequently mea$ur8d al fair value wlth gains or losses recognlsed In the slalement of fin8nclal activities. Forward conlraots outstanding al the y88r end are shown aB oth8r fixed a8881 Investments. Opllons, swaps and structured 89$0ts. The f•8 or premium for the ¢ontra¢l Is capltalls8d but any separatsly Iden1rf18ble transactlon ¢ost incurred in 8cquldng the contract is Irealed as an expense. The Contract is subsequently me8$ured at falr value. Losses recognised to the extent the foundallon Is obllged to transfer cash in th8 ftrturo. Th8 foundalion has not enler8d into derfvative contracts to manage 6xchange risk 8880claled with SP8clfic IlabllltSes, Ihereforg has not adopted hedge accounllng. Llablllty of tw$teo8 The trustees shall not be liable for any loss to the Trust fund ursless by reason of wilfvl or individual fraud or dlshonesty or wrongful omission on lh8 part ol th8 Trustee who Is 80ught to bo mode liable. Page 13 The Claud• and Sofia Marlon Founda*lon NOTES TO THE FINANCIAL STATEMENTS For the year •nded 31 Dec￿nber 2021 Forolgn •xchang• rntO8 FoTrlgn axchang8 rates during the >Ear. At 1 January 2021 At 31 December 2021 Average durlng the year 1.3665 1.3477 1.1174 1.1907 1.3743 1.1656 Incomo from don•llon• and109•cI•• Unmtrlctod Tot81 funds 2021 2020 Donatlon8 34.188 59,583 ex￿ndItuTe on rnl•lng fund• Fundral•lng tradlng oxp•ns•• Inv89tmenl management fee8 149,879 156,587 Inv•strnent Incom• 2021 2020 Bank intore8t rec8iv•J on £ acr¢unts on $ accounts Dividends r8celved 366 2,410 1,078 on é a¢rxJunts on $ accounts Bond ntewl receive(t accrued 34.630 26,321 51,876 16,514 on $ accounts on £ a¢tounts on E accounls 1.080,695 80,820 338,109 1,173,804 359,331 Total 1.561,683 1,604,301 Page 14 The Claude and P•ofia Marlon FouTrdatlon NOT&S TO THE FINANCIAL STATEMENTS For tho yoar ended 310ecember 2021 Exp•ndltur• on charftablo actlvltl•• 2021 2020 Grants payabl& {see note 8) AuditOTs' remuneration Bank charg8s and sundry gxpan8es 1,900,906 s,000 41,758 1,249,299 10,772 24,413 Total 1,947,664 1.284,484 Included wlthln SUd￿Or$. r•mun8ration for 2020 18 £6,000 In respect of one•off nonvaudit 8ervic88 provmled to Ihe foundallon. Page 15 The Claudo and Sofia Marfon Foundatlon NOTES TO THE FINANCIAL STATEMENTS Forlhe year •nded 310ecefflber 2021 Grants payablg The foundatlon'8 grants ara made to charRabl8 organisations, cultural, healthcare and educational establlshments. An analysis of grants by prolect and currency and the stedlng equlvalent Is glven below.. 2021 2021 2021 2021 2920 Natural Hlslory Museum, London, UK Chartty.. C8nlre for R8sourcing the Green economy Ambassade ord￿ de Malte Re: CHRB Hospllal, Klnsh8sa, Congo Kairos Mont8s80rf School, Ca8cal8. Portugal Ocean Soul Fllms Ltd RO.. Colllsion Ocean Soul Fllms Lld Re.. Blue Foresl Documentary Hope Production Re .' MIGRANTS, Paris, France ICF NOVA SBE Funda¢ao Alfredo d6 Sousa, L18bon, Portugal Don Bosco Bangalore, School Project Xmas. India Associacao 1010101 Llsboa 42, Li8bon, Portugal Don 80gco Hospet, India Igreja Malriz, CAsc818, Portugal CADln. Portugal J8ngada Lda, Fe61a Do Clnema Frances, Portugal Sal881ans Mozambique re.. Scholarships Don Bosco Girl Center. Bangalore, Indla lrnias Clarissas Lbsbon, Portug81 Don Bosco UK. Bolton. UK RE.. Luana's FundraisinglDavang8re Poor Clares Colettines Nottlngh8m, UK Women for Women in support of Victor Custol fundralsing Stsnford Unlverslty Foundatlon, UK Charity Convento dos CaTdaes, Ll8bon, Portug81 Hope Production Re.. WOMAN. Pails. Fran EM Powar. UK Charity Re.. Luke Blug Crast 500,000 500,000 150,000 126,232 135,800 140,000 50,000 120,311 42,885 25,000 21,578 2CN),000 168,704 150,000 127,232 50,000 42,601 250.000 19,000 45,000 40,000 210,389 14,7SS 38,241 33,987 35.898 30,CH)O 25.000 25.395 21,624 50,000 8.520 27.D5t5 435.880 50.000 10,000 2,600 2,500 2.600 2,500 10,000 2,100 2.100 450,000 332,e64 10,000 8,558 9,054 90,374 5.000 Pag8 16 Tho Claude and So¢la Marfon Foundatlon NOTES TO THE FINANCIAL STATEMENTS For the year ènded 31 December 2021 Grants payablo {contlnued) Fundacao A. Carvalho re.. E8tudos Seroprevalencia SARS-2COV-2 Fundago Alvaro C8rv81ho, Llsbon, Portugal Funda￿0 Arpad Szenes Vl8ira da Sllva, Llsbon, Portugal G8m)ano de Sousa Laboratory. Covid 19 Tests, C8scais. Portug81 Joaqulm Chav8s Laboratory, Covld 19 Tests, Cascals, Portugal Kristu Jyoti Collego Society, Bangalore. India Myschoolpulse, 86yroulh, LetAnon Ocean Souls Long Dlslance Muslc, Franc8 Pepe La Tumaini, KenyB The Frfends of The French In8tllul•, UK Charity, UK Uproar Fund Ro.. Lemur & RhinalHamilton, USA 45,397 84,tX15 fOO,745 66,948 68,896 5,931 18,898 7,579 38,923 25.(XlO 40,57S Total 2021 1,194,000 450,000 557,200 1.900,906 7,249,299 The 8t)OV8 represents grants commltted and communlcaled lo reclplenls during the year. Grants paid out by the foundation dudng the ￿Or tota118d £992.90112020- £1,240,201). Trusts•8' r•muneratlon During the year, no Trustee5 received any remuneratlon or other benefits (2020- £NIL). During the year ended 31 D6¢fjmber 2021, no Tru8tee exp8n8e8 h8ve been Incurrad (2020- £NIL). 10. Partlcularn of employo•1 The foundallon had no 8mployees durlng the yèar. 11. Taxatlon As a registered charfty the foundation is exempt from Corporation Ta Pa9e 17 The Claude and Sofia Marlon Foundatlon NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2021 12. Flxod a558t Invgslments Options. swaps and styuctured a8•9ts Unllstod Inv••lmont• Ll8t•d s•¢urltl•• Forward contractj Total C08t or valuatlon Al 1 January 2021 Addltions D16posa16 R8valuallons Foreign 8xchang8 mvem8nt 114,876 43290.269 12.715,324 (11,245.9771 399,905 675,503 {65,8961 310,668 (169.125) (14,363) 412,790 43,752,039 13,025,990 (11,415,102) 385,542 1141,539) (817,0421 At 31 Dec*mb8r 2021 114,876 45,835,024 61,282 (404.2521 45,606.930 13. Dobtors 2021 2020 Other débtors Accrued interest 56.495 288,457 56,495 338, 765 344,9152 396,280 Page 18 The Claude and Sofla Marlon Foundation NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Do¢wnber 2021 1& Crodltorn: knunts falllng due wlthln ono yoar 2021 2020 Bank overdrafts AcrAU8ts 8nd deferred Incoo Grants ac(¥ued 3.576,175 10,520 363,105 4,892,081 5.520 145.731 3.949.880 5,043,332 1 S. Cr•dltor•: Amounts falllng du• aft•r mor• Ihan on• y•ar 2021 2020 Grants accrued 690.570 16. 8ummary of funds 8ummary of fvnd• - ￿rrent ymr 8alanc• at 31 GaIn￿ Dgumbgr {Lo8sesl 2021 Balan¢fr at 1 January 2021 Incom• Exp•ndltur• General fund8 41451270 1.595,871 12,404,580) 385,542 42,028,103 Page 19 The Claude and Soila Mèrfon Foundatlon NOTES TO THE FINANCIAL STATEMENTS For thè year gnded 31 December 2021 17. Reconclllatlon of net M0￿ment In fvnds to Mt cash flow from oporntlng a¢tlvlti 2021 2020 Net In￿ th8 year (as per Statement of Flnancial Athiitie8) Adjustment lor. (423.18n 1,875,363 Galn8 on investments Dividends. Interest and rents from investrnonts Incre830 in creditors (2440031 (827, 766) (1.561,6831 (7,604,301) 963,314 7,987 Net ca•h op•rnllng actlvltl•• 11.265.539) (548.717) 1& Analy•l¥ of u•h and ca•h •qulval•nt• Cash at bank Overdraft fa￿lity repayable on demarMI 716.651 3,347.301 I3￿76,175) (4,892,081) (2,859,524) {1.544, 780) 19. R•lat•d party tran••ctlon8 There wero no related party trans8cti￿ undertaken during the ￿r. Page 20