REGISTERED COMPANY NUMBER: 06527950 (England and Wales) REGISTERED CHARITY NUMBER: 1124106
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 June 2024 for Mazzini Garibaldi Foundation
Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ
Contents of the Financial Statements for the Year Ended 30 June 2024
Mazzini Garibaldi Foundation
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Notes to the Financial Statements | 9 to 12 |
| Detailed Statement of Financial Activities | 13 |
Mazzini Garibaldi Foundation
Report of the Trustees for the Year Ended 30 June 2024
The trustees present their report with the financial statements of the charity for the year ended 30 June 2024. The trustees have adopted the provisions of 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) (effective 1 January 2019).
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
06527950 (England and Wales)
Registered Charity number 1124106
Registered office
79 Essex Road London N1 2SF
Trustees
P V J Ciccone Chairman P F J M Capella Vice Chairman G Besagni (resigned 15 December 2023) A Giacon V S Menozzi (resigned 15 December 2023) D A Pini A Tondelli J A Zani J Menozzi (appointed 15 December 2023) C Belli (appointed 15 December 2023)
Secretary
P V J Ciccone
Independent Examiner
Sarah Alexander FCCA FCA Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ
Investment Managers
Coutts and Co 440 Strand London WC2R 0QS
Bankers
Coutts and Co 440 Strand London WC2R 0QS
Page 1
Mazzini Garibaldi Foundation
Report of the Trustees for the Year Ended 30 June 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Charity is a Company limited by guarantee. It was incorporated on 7 March 2008 and registered as a charity on 17 May 2008. It is governed by its memorandum and articles of association.
Recruitment and appointment of new trustees
The initial trustees were appointed because of their knowledge and understanding of the aims and objectives of the Charity. New trustees are appointed by the existing trustees who will consider on a regular basis, whether additional trustees are required to fulfil specific roles within the Charity. In identifying new trustees consideration will be given to their background, relevant skills and knowledge of the area in which the Charity operates. The overriding requirement for all trustees is that they must be in sympathy with the Charity’s objectives and are able to offer time and skills to support the Charity.
New trustees will receive training from the Charity’s professional advisors and the existing trustees.
Risk management
The trustees are assessing the major risks to which the Charity is exposed and believe that by monitoring reserve levels, ensuring controls exist over key financial systems and by examining the operational risks faced by the Charity, they have established effective systems to mitigate those risks.
OBJECTIVES AND ACTIVITIES Objectives and aims
The objects for which the Charity is established are:-
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(1) To advance the education of the public and in particular the Italian community in the United Kingdom:
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(i) in the subjects of literature, science and art; and
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(ii) by providing and assisting in the establishment of lectures, classes, examinations, bursaries and scholarships.
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(2) To advance education in the Italian language and culture.
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(3) To relieve the mental and physical sickness of the general public, and in particular the Italian community in the United Kingdom through the provision of financial assistance and support to convalescent and residential care homes, hospitals, infirmaries or any other charitable institutions.
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(4) To benefit persons of Italian descent who are resident in the United Kingdom by relieving either generally or individually those who are in conditions of need, hardship or distress.
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(5) The promotion of equality and diversity for the public benefit by, for example:
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(i) advancing education and raising awareness about peoples from different countries or racial groups to promote good relations between such persons;
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(ii) promoting knowledge and mutual understanding between peoples of different countries or racial groups; in particular between the British and Italian communities in the United Kingdom.
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(6) To promote for the benefit of the Italian community in the United Kingdom the provision of facilities for recreation of other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the condition of life of the said inhabitants.
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(7) Such other charitable purposes as the trustees shall in the absolute discretion from time to time decide.
Grant making
Grant applications are welcomed from individuals and groups from the Italian community living in the United Kingdom. Applications are assessed to ensure that they meet the objectives of the Charity and benefit numerous people. Approval for payment is given at trustee board meetings.
Page 2
Mazzini Garibaldi Foundation
Report of the Trustees for the Year Ended 30 June 2024
ACHIEVEMENT AND PERFORMANCE
Public Benefit
The trustees have paid due regard to the Charity Commission’s guidance on public benefit. They wish to ensure that the widest possible public benefit is secured within the parameters set down in the memorandum and articles of association. They achieve this by considering all applications submitted to them and will consciously seek to make grants to a wide range of applicants.
Achievement
During the year the Charity was able to continue grant making and made grants to seven eligible groups.
Investment performance
Investment performance reports are made once a quarter by the investment managers. The reports show an average net portfolio return of 16.04% (2023: 4.84%) was achieved during the year. Income received from investments in the period was £62,609 (2023: £51,246). Realised gains on investments during the period were £61,166 (2023: £2,321). Unrealised gains on investments at 30 June 2024 amounted to £228,213 (2023: £56,999).
FINANCIAL REVIEW
Reserves policy
The Charity was set up to receive a single donation from the members of the Mazzini Garibaldi Club Limited and does not anticipate receiving any further substantial donations in the foreseeable future and has no plans to carry out fundraising activities.
The Charity intends to exist for many years providing support to eligible groups from income derived from Investments. Accordingly, the Charity’s policy on reserves is to strive to maintain the original capital base as adjusted for movements in the retail price index and to distribute annually (on average) any surplus returns on investment arising.
The Charity will, however, also consider requests for more substantial donations on a case by case basis and will continue to review its reserve policy in the light of experience of requests for funding received.
Investment policy and objectives
The trustees have full unrestricted powers of investment.
Investments are managed through appointed investment advisors whose overall objective is to “Aim to enhance the real value of the Charity’s initial investment over a five year time horizon”. The Trustees aim to achieve a return that maintains the real (inflation adjusted) value of the capital whilst also delivering a cash flow to meet charitable grants and donations. The Trustees wish to follow a total return approach. Sufficient liquidity and cash reserves should be maintained to meet annual donations and grants requirements.
FINANCIAL POSITION
Total income in the period comprised of interest received of £1,500 (2023: £1,467), dividends received of £61,109 (2023: £49,779) and realised gains on investments of £61,166 (2023: £2,321). Costs were incurred in managing the Charity’s investments and during the year the Charity made grants totalling £137,100 (2023: £7,880).
The Charity has funds to carry forward of £2,328,460 (2023: £2,128,967). There are no restrictions placed on these funds although the trustees have decided that grants will be mainly made out of the income received from the investments.
FUTURE DEVELOPMENTS
Now that the Charity has an established investment base, the trustees are able to offer grants and will continue to develop the Charity’s links with potential beneficiaries and raise the profile of the Charity.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Page 3
Mazzini Garibaldi Foundation
Report of the Trustees for the Year Ended 30 June 2024
STATEMENT OF TRUSTEES’ REPONSIBILITIES
The trustees (who are also the directors of Mazzini Garibaldi Foundation for the purposes of company law) are responsible for preparing the trustees’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in 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; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 21 March 2025 and signed on its behalf by:
.................................................. P V J Ciccone – Company Secretary and Trustee
Page 4
Independent Examiner’s Report to the Trustees of Mazzini Garibaldi Foundation
Independent examiner’s report to the trustees of Mazzini Garibaldi Foundation
I report to the charity trustees on my examination of the accounts of Mazzini Garibaldi Foundation for the year ended 30 June 2024.
Responsibilities and basis of report
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Sarah Alexander FCCA FCA Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ
Date: 26 March 2025
Page 5
Mazzini Garibaldi Foundation
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 30 June 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| Notes | £ | £ | |
| INCOME FROM | |||
| Investment income | 3 | 62,609 | 51,246 |
| -------------- | -------------- | ||
| Total | 62,609 | 51,246 | |
| -------------- | -------------- | ||
| EXPENDITURE ON | |||
| Raising funds | 4 | 12,060 | 9,805 |
| Charitable activities | 5 | ||
| Grant making | 140,435 | 17,038 | |
| -------------- | -------------- | ||
| Total | 152,495 | 26,843 | |
| Unrealised gains on investment assets | 228,213 | 56,999 | |
| Realised gains on investment assets | 61,166 | 2,321 | |
| -------------- | -------------- | ||
| NET INCOME | 199,493 | 83,723 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 2,128,967 | 2,045,244 | |
| -------------- | -------------- | ||
| TOTAL FUNDS CARRIED FORWARD | £2,328,460 | £2,128,967 | |
| -------------- | -------------- |
The notes form part of these financial statements Page 6
Mazzini Garibaldi Foundation
Balance Sheet At 30 June 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 10 | 2,402,104 | 2,182,263 |
| -------------- | -------------- | ||
| CURRENT ASSETS | |||
| Cash at bank | 11,634 | 27,738 | |
| -------------- | -------------- | ||
| 11,634 | 27,738 | ||
| -------------- | ------------- | ||
| CREDITORS | |||
| Amounts falling due within one year | 11 | (85,278) | (81,034) |
| -------------- | -------------- | ||
| NET CURRENT (LIABILITIES)/ASSETS | (73,644) | (53,296) | |
| -------------- | -------------- | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 2,328,460 | 2,128,967 | |
| -------------- | -------------- | ||
| NET ASSETS | £2,328,460 | £2,128,967 | |
| -------------- | -------------- | ||
| FUNDS | |||
| Unrestricted funds | 12 | 2,328,460 | 2,128,967 |
| -------------- | -------------- | ||
| TOTAL FUNDS | £2,328,460 | £2,128,967 | |
| -------------- | -------------- |
The notes form part of these financial statements Page 7
Mazzini Garibaldi Foundation
Balance Sheet - continued At 30 June 2024
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees on 21 March 2025 and were signed on its behalf by:
............................................. P V J Ciccone - Trustee
The notes form part of these financial statements Page 8
Notes to the Financial Statements for the Year Ended 30 June 2024
Mazzini Garibaldi Foundation
1. CHARITY STATUS
The charity is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
2. ACCOUNTING POLICIES
Summary of significant accounting policies and key estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Financial Reporting Standard 102 – reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ – The requirements of Section 7 Statement of Cash Flows.
Income
All income is included on the Statement of Financial Activities when the charity is legally entitled to the income, it is probable this income will be received and the amount can be quantified with reasonable accuracy.
Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Governance costs comprise the cost of governance arrangements which relate to the general running of the Charity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Fixed Asset Investments
Investment assets are shown in the balance sheet at market value. All changes in value in the year, whether or not realised, are reported in the gains and losses on investment assets section of the Statement of Financial Activities.
3.
| INVESTMENT INCOME | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Interest received | 1,500 | 1,467 |
| Dividends | 61,109 | 49,779 |
| ------------ | ------------ | |
| £62,609 | £51,246 | |
| ======= | ======= |
Page 9
Mazzini Garibaldi Foundation
Notes to the Financial Statements for the Year Ended 30 June 2024
| 4. | RAISING FUNDS | ||
|---|---|---|---|
| Investment management costs | 2024 | 2023 | |
| Portfolio management | £12,060 | £9,805 | |
| ======= | ======= | ||
| 5. | CHARITABLE ACTIVITIES COSTS | Grant funding | Support |
| of activities | costs | ||
| (See note 6) | (See note 7) | ||
| 2024 | 2024 | ||
| Grant making | £137,100 | £3,335 | |
| ======= | ======= | ||
| 2023 | 2023 | ||
| £7,880 | £9,158 | ||
| ======= | ======= | ||
| 6. | GRANTS PAYABLE | ||
| Grants approved for payment during the year were as follows - | |||
| 2024 | 2023 | ||
| Other grants | |||
| Supporting education | 7,350 | 6,380 | |
| Care support | 110,250 | - | |
| Culture | 19,500 | 1,500 | |
| ------------ | ------------ | ||
| Total Grants Payable | £137,100 | £7,880 | |
| ======= | ======= | ||
| 7. | SUPPORT COSTS | ||
| 2024 | 2023 | ||
| Governance costs | £ | £ | |
| Independent Examiner’s fees | 2,550 | 2,880 | |
| Bank charges | 489 | 422 | |
| Marketing | 296 | 5,856 | |
| ------------ | ------------ | ||
| £3,335 | £9,158 | ||
| ======= | ======= | ||
| 8. | NET INCOME | 2024 | 2023 |
| Net income is stated after charging/(crediting): | |||
| Independent Examiner’s fees | £2,550 | £2,880 | |
| ======= | ======= |
Page 10
Notes to the Financial Statements for the Year Ended 30 June 2024
Mazzini Garibaldi Foundation
9. TRUSTEES’ REMUNERATION AND BENEFITS
The Memorandum and Articles of Association permit the repayment to trustees of reasonable expenses incurred. They also permit the payment of remuneration in specified circumstances.
| 2024 | 2023 | |
|---|---|---|
| Trustees’ remuneration | £ - | £ - |
| ======= | ======= |
Trustees’ Expenses
There were no trustees’ expenses claimed or incurred neither for the year ended 30 June 2024 nor for the year ended 30 June 2023. In the event of a trustee submitting a claim for expenses this would be subject to the Charity’s normal internal control procedures.
10. FIXED ASSET INVESTMENTS (excluding cash)
| FIXED ASSET INVESTMENTS (excluding cash) | Listed |
| Investments | |
| MARKET VALUE | £ |
| At 1 July 2023 | 2,151,956 |
| Additions | 1,714,889 |
| Disposals | (1,709,752) |
| Revaluations | 228,213 |
| -------------- | |
| Market value (excluding cash) | 2,385,306 |
| Cash held as part of investment | 16,798 |
| -------------- | |
| NET BOOK VALUE | |
| At 30 June 2024 | £2,402,104 |
| ======== | |
| At 30 June 2023 | £2,182,263 |
| ======== |
The historical cost of investments at 30 June 2024 was £2,170,695 (2023: £2,094,957) and investments which are individually material within the investment portfolio are detailed as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Coutts US Equity Fund Index | - | 357,096 |
| Coutts Actively Managed UK Equities | 161,080 | 153,142 |
| Coutts Actively Managed US Equities | 314,455 | 197,510 |
| Coutts US Insight Fund | 322,237 | 392,731 |
| Coutts UK Insight Fund | 463,986 | 403,559 |
| Coutts Europe ex UK Equity Index | 127,262 | - |
| JP Morgan Fund | 151,211 | - |
| ======= | ======= |
Listed investments above include the cash balance on the settlement account held by the investment managers at the balance sheet date of £Nil (2023: £30,307).
Page 11
Mazzini Garibaldi Foundation
Notes to the Financial Statements for the Year Ended 30 June 2024
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | 2024 | 2023 |
|---|---|---|---|---|---|
| £ | £ | ||||
| Accruals and deferred income | 85,278 | 81,034 | |||
| -------------- | -------------- | ||||
| £85,278 | £81,034 | ||||
| ======== | ======= | ||||
| 12. | MOVEMENT IN FUNDS | Net | |||
| movement | |||||
| At 1.7.23 | in funds | At 30.6.24 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 2,128,967 | 199,493 | 2,328,460 | ||
| -------------- | -------------- | -------------- | |||
| TOTAL FUNDS | £2,128,967 | £199,493 | £2,328,460 | ||
| ======== | ======== | ======== | |||
| Net movement in funds, included in the | above are as follows: | ||||
| Incoming | Resources | Gains and | Movement in | ||
| resources | expended | losses | funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 62,609 | 152,495 | 289,379 | 199,493 | |
| -------------- | -------------- | -------------- | -------------- | ||
| TOTAL FUNDS | £62,609 | £152,495 | £289,379 | £199,493 | |
| ======== | ======== | ======== | ======== |
13. RELATED PARTIES
There were no related party transactions for the year ended 30 June 2024.
Page 12
Mazzini Garibaldi Foundation
Detailed Statement of Financial Activities for the Year Ended 30 June 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| INCOME | ||
| Investment income | ||
| Interest received | 1,500 | 1,467 |
| Dividends | 61,109 | 49,779 |
| -------------- | -------------- | |
| Total incoming resources | £62,609 | £51,246 |
| -------------- | -------------- | |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 12,060 | 9,805 |
| -------------- | -------------- | |
| Charitable activities | ||
| Grants | 137,100 | 7,880 |
| Governance costs | ||
| Independent Examiner’s Fees | 2,550 | 2,880 |
| Bank charges | 489 | 422 |
| Marketing | 296 | 5,856 |
| -------------- | -------------- | |
| 140,435 | 17,038 | |
| -------------- | -------------- | |
| Total resources expended | 152,495 | 26,843 |
| -------------- | -------------- | |
| Net (expenditure)/income before movements on | ||
| unrealised gains and losses | (89,886) | 24,403 |
| Gains and losses | ||
| Unrealised gains on investment assets | 228,213 | 56,999 |
| Realised gains on investment assets | 61,166 | 2,321 |
| -------------- | -------------- | |
| Net income/(expenditure) | £199,493 | £83,723 |
| ======== | ======== |
This page does not form part of the statutory financial statements Page 13