The Materna Foundation
Trustees, Report and Financial Statements
Year ended 31 March 2022
Charity number: 1127341
The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Contents**
Reference and administrative information .................................................................................................... 3 Trustees’ report ............................................................................................................................................. 4 Independent examiner’s report ..................................................................................................................... 7 Statement of Financial Activities .................................................................................................................. 8 Balance Sheet ................................................................................................................................................ 9 Statement of Cash Flows ............................................................................................................................ 10 Notes to the financial statements ................................................................................................................ 11
Charity number: 1127341
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The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Reference and administrative information**
**Registered name:** The Materna Foundation
**Settlor:** George Materna
## **Trustees**
The Trustees who served during the year were as follows:
George Materna (Chairman) Anne-Marie de Lourdes Materna Alan Williams Linda Badley Annabelle Materna
Francesca Materna Alexandra Materna Claudia Materna Samara Materna
## **Principal Office**
c/o 66 Queen Square Bristol, BS1 4BE
## **Charity Number:** 1127341
**Governing Document:** Trust deed dated 15 October 2008
## **Advisers**
The principal advisers of the trust are as follows:
## **Bankers**
The Royal Bank of Scotland
## **Accountants**
KPMG LLP 66 Queen Square Bristol BS1 4BE
## **Legal Advisors**
Womble Bond Dickinson 3 Temple Quay - Temple Back East Bristol, BS1 6DZ
Charity number: 1127341
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The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Trustees’ report**
The Trustees present their report and the financial statements for the year ended 31 March 2022. The financial statements comply with the Trust Deed and Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Ireland (FRS 102) and the Charities Act 2011 and the UK Generally Accepted Practice as it applies from 1 January 2015.
## **Structure, governance and management**
The trust was established under the trust deed dated 15 October 2008 and is a registered charity, number 1127341.
## **Appointment of Trustees**
Two of the Foundation’s Trustees are appointed for life (George Materna and Anne-Marie de Lourdes Materna). All other Trustees are appointed for three years, after which they are eligible to put themselves forward for re-appointment.
The original Trust Deed provided for a minimum of three and a maximum of eight trustees. This was subsequently amended through a deed of amendment dated 6 March 2015 to increase the maximum number of trustees to 12. Trustees must sign a declaration of willingness to act as a Trustee before being entitled to vote at any meeting of the Trustees.
## **Grant making policy**
The Trustees welcome applications or requests for funding. The Trustees meet once a year to consider the merits of applications submitted to the Foundation and to make awards if appropriate which are in line with the objectives of the Foundation.
## **Objectives and Activities**
The objectives of the Foundation are set out in clause 2.2 of the Trust Deed. More particularly, the objectives are as follows:
1. The advancement of amateur sport for the benefit of young people under the age of twenty one;
2. To advance in life and help children and young people;
3. To promote and protect the physical and mental health of sufferers of dementia, cancer, stroke and mental illness through the provision of financial assistance, support, education and practical advice;
4. To advance the education of the general public in all areas relating dementia, cancer, strokes and mental illness;
5. To advance the education of children and young people;
6. The relief of sickness and the preservation of health among people who care for the elderly.
The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance issued by the Charity Commission.
Charity number: 1127341
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The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Trustees’ report** _**(cont.)**_
The Foundation carries out its objects primarily through making grants to individuals and charitable organisations working in those areas specified in the Objects. During the year ended 31 March 2022 grants totalling £5,000 were made ( _2021: £9,395_ ), furthering the Foundation’s purposes for the public benefit.
## **Achievements and performance**
A grant totalling £5,000 was made to institutions during the year. Further details of this grant are disclosed in note 5.
## **Financial review**
The results for the year are shown on page 8. The trustees consider the results for the year to be satisfactory.
The principal funding source during the year was bank interest of £21 ( _2021: £10_ ). A donation of £40,000 was received in the year _(2021: £nil)._
No fund raising activities were carried out during the year.
As noted, the trustees made a grant to an institution totalling £5,000 ( _2021: £9,395_ ). All grants complied with the objectives of the Foundation as set out above. Total expenditure was £9,500 ( _2021: £11,195_ ). The Foundation has net assets of £266,685.66 ( _2021: £407,164.38_ ).
The trustees have decided that holding reserves is unnecessary as they will only distribute income as grants to the maximum available in a given year. Undistributed funds are held to be applied in furtherance of the Foundation’s charitable objectives.
A significant part of the Foundation’s assets is an interest in Gattaca Plc (formerly Matchtech Group Plc). The trustees believe this investment will provide a good return in terms of income and capital growth. Although the share value has fallen, the trustees believe there is significant potential for future growth. They review the position regularly and are currently satisfied that the holding should be retained. A dividend of £4,500 was received in the year from the Foundation’s interest in Gattaca Plc.
Charity number: 1127341
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The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Statement of Trustees’ responsibilities in respect of the Trustees’ annual report and the financial statements**
Under charity law, the trustees are responsible for preparing the Trustees’ Annual Report and the financial statements for each financial year which show a true and fair view of the state of affairs of the charity and of the incoming resources and the application of resources for that period.
In preparing these financial statements, generally accepted accounting practice entails that the trustees:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether the recommendations of the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;
- state whether the financial statements comply with the trust deed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The trustees are required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
Approved by the trustees and signed on …………………………………… by:
**George Materna** _Trustee_
Charity number: 1127341
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The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Independent examiner’s report**
I report on the accounts of The Materna Foundation for the year ended 31 March 2022, which are set out on pages 8 to 17.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (“the Charities Act”) and, although not required, have sought an independent examination.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s statement**
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention
1. which gives me reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Mr Simon Knee FCA**
S D Knee Chartered Accountants, 10 Bath Road, Old Town, Swindon, Wiltshire, SN1 4BA
Date:
Charity number: 1127341
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The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Statement of Financial Activities** _**For the year ended 31 March 2022**_
|||**Total Funds**|Total Funds|
|---|---|---|---|
|||**2022**|2021|
||_Note_|**£**|£|
|**Income and endowments from:**||||
|Donations and legacies|_2_|**40,000.00**|-|
|Investments|_3_|**4,521.28**|10.48|
|**Total income**||**44,521.28**|10.48|
|**Expenditure on:**||||
|_Charitable activities_||||
|Grant making|_4_|**9,500.00**|11,195.00|
|**Total expenditure**||**9,500.00**|11,195.00|
|Net gains/(losses) on investments|_7_|**(175,500.00)**|285,450.00|
|**Net income/(expenditure)**||**(140,478.72)**
|274,265.48
|
|**Net movement in funds**||**(140,478.72)**|274,265.48|
|**Reconciliation of funds:**||||
|Total funds brought forward||**407,164.38**
|132,898.90
|
|**Total funds carried forward**||**266,685.66**
|407,164.38
|
Incoming resources and resulting net movements in funds in each year arise from continuing operations. All funds are unrestricted.
_The notes on pages 11 to 17 form part of these financial statements._
Charity number: 1127341
8
The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
|**Balance Sheet**
**_As at 31 March 2022_**
_Note_
**Fixed assets:**
Investments at market value
_7_
**Total fixed assets**
**Current assets:**
Cash at bank
_13_
**Total current assets**
**Liabilities:**
**Creditors**: amounts falling due within one year
_11_
**Net current assets**
**Total assets less current liabilities, being net assets**
**The funds of the charity:**
Unrestricted funds
|**Total Funds**
**2022**
**£**
**219,000.00**
**219,000.00**
**52,185.66**
**52,185.66**
**(4,500.00)**
**47,685.66**
**266,685.66**
**266,685.66**
|Total Funds
2021
£
394,500.00
394,500.00
16,084.38
16,084.38
(3,420.00)
12,664.38
407,164.38
407,164.38|
|---|---|---|
These financial statements were approved by the trustees on ………………………… by:
**George Materna** _Trustee_
_The notes on pages 11 to 17 form part of these financial statements._
Charity number: 1127341
9
The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
|**Statement of Cash Flows**
**_For the year ended 31 March 2022_**
_Note_
**Cash flows from operating activities:**
**_Net cash provided by/(used in) operating activities_**
_12_
**Cash flows from investing activities:**
Donations, dividends and interest from investments
**_Net cash provided by/(used in) investing activities_**
**_Change in cash and cash equivalents during the_**
**_year_**
Cash and cash equivalents at the beginning of the
year
**_Cash and cash equivalents at the end of the year_**
_13_
|**Total Funds**
**2022**
**£**
**(8,420.00)**
**44,521.28**
**44,521.28**
**36,101.28**
**16,084.38**
**52,185.66**
|Total Funds
2021
£
(13,655.00)
10.48
10.48
(13,644.52)
29,728.90
16,084.38|
|---|---|---|
_The notes on pages 11 to 17 form part of these financial statements._
Charity number: 1127341
10
The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Notes to the financial statements**
## **1 Accounting policies**
## **Basis of preparation**
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Ireland (FRS 102) and the Charities Act 2011 and the UK Generally Accepted Practice as it applies from 1 January 2015.
## **Going concern**
The financial statements have been prepared on the basis of being a going concern as the trustees do not have any concerns about the Foundation’s ability to continue as a going concern, as there are sufficient resources in reserve to meet any liabilities that may fall due for at least the next 12 months from the date these accounts are approved.
## **Public benefit**
The Foundation is a public benefit entity.
## **Incoming resources**
Incoming resources are recognised in the Statement of Financial Activities (SoFA) when the Foundation becomes entitled to the resources, the trustees believe it is probable they will receive the resources, and the monetary value can be measured with sufficient reliability.
Where incoming resources have related expenditure the incoming resources and related expenditure are reported gross in the SoFA.
## **Taxation**
The trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
Charity number: 1127341
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The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Notes to the financial statements** _(continued)_
## **1 Accounting Policies** ( _continued_ )
## **Expenditure and liabilities**
Liabilities are recognised as soon as there is a legal or constructive obligation which commits the Foundation to the expenditure.
Charitable activities include expenditure associated with grant making and include the direct costs, support costs and governance costs relating to these activities.
## **Funds structure**
Unrestricted funds represent resources available to be applied by the trustees for the general purposes of the Foundation. All funds are unrestricted.
## **Judgement and key sources of estimation uncertainty**
The preparation of financial statements in conformity with FRS 102 requires trustees to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenditure. The estimates and associated assumptions are based upon historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are review on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects bother current and future periods. Certain critical accounting judgements in applying the Foundation’s accounting policies are described below:
- The trustees have considered the valuation of fixed assets investments and have concluded no impairments are necessary.
## **Fixed asset investments**
Fixed asset investments are recognised initially at cost, and subsequently included in the balance sheet at their market value at the balance sheet date.
Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the period end and opening market value (or purchase date if later). Realised and unrealised gains are aggregated in the Statement of Financial Activities.
## **Debtors and creditors**
Debtors and creditors are recognised at their settlement amount, net of any applicable discounts.
Charity number: 1127341
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The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
|**Notes to the financial statements**_(continued)_
**2**
**Donations**
Donations
**3**
**Investment income**
Dividend income – Gattaca Plc
Bank interest – Royal Bank of Scotland
**4**
**Grant making**
Grants payable (see note 5)
Governance costs (see note 6)|**2022**
**£**
**40,000.00**
**40,000.00**
**2022**
**£**
**4,500.00**
**21.28**
**4,521.28**
**2022**
**£**
**5,000.00**
**4,500.00**
**9,500.00**|2021
£
**-**
**-**
2021
£
-
10.48
10.48
2021
£
9,395.00
1,800.00
11,195.00|
|---|---|---|
Charity number: 1127341
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The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Notes to the financial statements** _(continued)_
## **5 Grants Payable**
|**Grants payable to institutions**
_Objective Grants paid_
The Rainbow Centre, Fareham
3
1
Meon Valley, Southampton
3
0
**Total Grants before costs**
1|**2022**
**£**
**5,000.00**
**-**
**5,000.00**|2021
£
5,000.00
4,395.00
9,395.00|
|---|---|---|
All grants are paid to assist institutions to undertake activities or projects in line with the Foundation’s own objectives. Objective numbers refer to “Objectives and Activities” section of the trustees’ report (page 4). All grants are unconditional.
## **6 Governance costs**
|Accountant’s fees
Independent examiner’s fees|**2022**
**£**
**3,540.00**
**960.00**
**4,500.00**|2021
£
1,800.00
-
1,800.00|
|---|---|---|
All governance costs were incurred in the course of the charity’s grant making activities. There were no additional support costs.
The independent examiner did not provide any additional services.
## **7 Fixed Asset Investments**
|**7**
**Fixed Asset Investments**||
|---|---|
|**AIM Listed securities**|**£**|
|Market value at 1 April 2021|**394,500.00**|
|Acquisitions at cost|**-**|
|Revaluations|**(175,500.00)**|
|Market value at 31 March 2022|**219,000.00**|
Charity number: 1127341
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The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Notes to the financial statements** _(continued)_
## **8 Related party transactions**
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or in kind _(2021: nil)_ . In addition, no trustee expenses have been incurred _(2021: nil)_ .
No monetary has been assigned to this donated time in the accounts in line with the Charities SORP (FRS 102).
There have been no related party transactions in the reporting period _(2021: nil)_ .
A donation of £40,000 was received from trustees in the year _(2021: nil)._
## **9 Ultimate controlling party**
The charity is jointly controlled by the trustees.
## **10 Employees**
The trust had no paid employees at 31 March 2022 ( _2021: nil_
|**11**
**Analysis of creditors**
KPMG LLP
S D Knee Chartered Accountants (independent examiner)
|**2022**
**£**
**3,540.00**
**960.00**
**4,500.00**|2021
£
3,420.00
0.00
3,420.00|
|---|---|---|
Charity number: 1127341
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The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Notes to the financial statements** _(continued)_
## **12 Reconciliation of (expenditure)/income to net cash flow from operating activities**
|**Net (expenditure)/income for the year, as per**
**Statement of Financial Activities**
_Adjustments for:_
Deduct gains / add losses on investments
Deduct dividends and interest from investments
Increase/(decrease) in creditors
Decrease/(increase) in debtors
**Net cash (used in)/provided by operating activities**
**13**
**Analysis of cash and cash equivalents**
Cash at bank
Total cash and cash equivalents
|**2022**
**£**
**(140,478.72)**
**175,500.00**
**(44,521.28)**
**1,080.00**
**-**
**(8,420.00)**
**2022**
**£**
**52,185.66**
**52,185.66**|2021
£
274,265.48
(285,450.00)
(10.48)
(2,460.00)
-
(13,655.00)
2021
£
16,084.38
16,084.38|
|---|---|---|
Charity number: 1127341
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The Materna Foundation Trustees’ Report and Financial Statements Year ended 31 March 2022
## **Notes to the financial statements** _(continued)_
## **14 Movement in funds**
|**14**
**Movement in funds**||||
|---|---|---|---|
|**Unrestricted funds**
General Fund
**Total funds**
|**01/04/21**
**£**
407,164.38
407,164.38|**Net**
**movement**
**in funds**
**£**
**(140,478.72)**
**(140,478.72)**|**31/03/22**
**£**
**266,685.66**
|
||||**266,685.66**|
Net movement in funds, included in the above is as follows:
|**Unrestricted funds**
General Fund
**Total funds**|**Income**
**£**
44,521.28
44,521.28|**Expenditure**
**£**
(9,500.00)
(9,500.00)|**Gains and**
**losses**
**£**
(175,500.00)
(175,500.00)|**Net**
**movement**
**in funds**
**£**
**(140,478.72)**
|
|---|---|---|---|---|
|||||**(140,478.72)**|
Charity number: 1127341
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