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2020-11-30-accounts

Stanhill Foundation

(A company limited by Guarantee)

Report and Financial Statements

For the period 1 December 2019 to 30 November 2020

Charity Number 1129600

Registered Company Number 6756042

Stanhill Foundation

Report of the trustees for the year ended 30 November 2020

The trustees are pleased to present report of the charity together with the financial statements of the charity for the period 1 December 2019 to 1 November 2020 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities.

Our purposes and activities

Stanhill foundation received donations of £59,500 in the year which allowed it to make several grants in respect of the following fields.

The charity trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.

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Financial review & Reserves policy

During the year there has been income of £59,500 (2019: £180,947) all of which was derived from donations and grants. £17,000 of this was restricted for specific purposes.

Total expenditure for the year was £161,683 (2019: £79,112).

Grants of £152,156 were made, other charitable activities were £6,829 and support costs amounted to £2,699. Accordingly, the Foundation recorded a net deficit of £102,183 for the year and the total funds carried forward amounted to £1,914.

The Trustees expect to distribute its surplus for charitable purposes whilst maintaining a prudent level of reserves.

The Trustees have determined that unrestricted general reserves of at least circa £2,000 will be maintained in order to ensure that average annual operating costs can be maintained at all times. At the year end the charity held £1,914 which is held as general unrestricted funds.

The Trustees are of the view that the Foundation is a going concern.

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Reference and administrative details

Charity number: 1129600 Company number 6756042 Registered Office 32 St James’s Street, London SW1 1HD

Directors and trustees

The directors of the Foundation are its trustees for the purpose of charity law. The trustees and officers serving during the year and on a continuing basis are:

Chairman of Trustees: Ilyas Khan

Trustees: Anton’ de Piro D’Amico Inguanez (Anton’ de Piro) Waseem Shiraz Secretary: Waseem Shiraz

Structure, Governance and Management

Governing Document

Stanhill Foundation is a company limited by guarantee with company number 6756042 and is governed by its Memorandum and Articles of Association dated 15 April 2019. It is a registered charity with the Charity Commission with charity number 1129600.

Appointment of Trustees

As set out in the Articles of Association trustees cab be appointed by ordinary resolution or by a decision of the Directors. There must be at all times at least two serving Trustees.

None of the trustees receive remuneration or other benefits for their work with the Foundation.

Trustee training

New trustees are provided with a briefing of their legal obligations under charity and company law, the Charity Commission guidance on public benefit and the contents of the Foundations Memorandum and Articles of Association. The Foundation will also facilitate access to external professional advisers should this be required.

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Trustees’ responsibilities in relation to the financial statements

The trustees (who are also directors of Stanhill Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.)

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

External Scrutiny

As a charity with a gross income in excess of £25,000 but not exceeding £1,000,000 accounts must be subject to outside scrutiny but trustees may choose either independent examination or audit by a registered auditor, unless the charity’s governing document stipulates one or the other. The Foundations governing documents do not stipulate examination by an auditor and therefore external scrutiny has been undertaken by independent examination.

By order of the board

Trustee – Anton’ de Piro

Date:17[th] September 2021

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Independent Examiner's Report to the Trustees of Stanhill Foundation ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 November 2020.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Neil Finlayson, FCA For and on behalf of Moore Kingston Smith LLP Chartered Accountants

Devonshire House 60 Goswell Road London EC1M 7AD

Date: 22/09/2021

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Stanhill Foundation Statement of Financial Activities (Incorporating the Income and Expenditure account) For the year end 30 November 2020

Notes
Income from:
Donations
2
Other trading activities
Total
Expenditure on:
Charitable Activities
3
Total
Net income/(expenditure)
Funds brought forward
Funds carried forward
11		 2020
2019
Unrestricted
Restricted
Total
2020
Unrestricted
Restricted
Total
2019
£
£
42,500
17,000
59,500
180,947
-
180,947
-
-
-
-
-
-
42,500
17,000
59,500
180,947
-
180,947
144,683
17,000
161,683
79,112
-
79,112
144,683
17,000
161,683
79,112
-
79,112
(102,183)
-
(102,183)
101,835
-
101,835
104,097
-
104,097
2,262
-
2,262
1,914
-
1,914
104,097
-
**104,097 **

All income and expenditure derives from continuing activities.

The notes on page 9 to 11 form an integral part of these accounts.

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Stanhill Foundation Balance Sheet as at 30 November 2020

Note 2020 2020 2019 2019
£ £ £ £
Current assets
Cash at bank and in hand 4,629 104,412
Other debtors 6 2,085 2,085
6,714 106,497
Creditors: amounts falling due
within one year 7 4,800 2,400
Net current assets 1,914 104,097
Total assets less current liabilities 1,914 104,097
Funds
General funds 11 1,914 104,097
Restricted funds - -
1,914 104,097

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 March 2020 the company was entitled to exemption from audit under section 447 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of the accounts.

Approved and authorised for issue by the Board.

Signed in their behalf by:

Date: 17[th] September 2021

Anton’ de Piro Trustee

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Company Number 6756042

Stanhill Foundation Notes to the Financial Statements For the year ended 30 November 2020

1. Accounting policies

1.1. Basis of preparation of financial statements

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published on 16 July 2014. The financial statements are prepared on a going concern basis, under historic cost convention.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) including Update Bulletin 1. The charitable company is a public benefit entity for the purposes of FRS 102 and therefore the charitable company also prepared its financial statements in accordance with the 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 (The FR~S 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

1.2. Going concern

The trustees have assessed whether the use of going concern is appropriate and have considered possible events ort conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of these financial statements. In particular the trustees have considered the charity’s forecasts and projections and have taken into account of pressures on donation and charitable income. After making enquiries the trustees have concluded that there is reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

1.3. Income

All income resources are included in the Statement of Financial Activities when the Foundation is entitled to income, the receipt is probable and the amount can be measured reliably.

1.4. Unrestricted funds

These resources arise from grants and donations provided for unrestricted purposes and from accumulated surpluses and deficits in the operations for charitable purposes and are expandable at the discretion of the Trustees.

1.5. Designated funds

These funds have been designated for a particular purpose by the Trustees

1.6. Restricted funds

These funds arise from contributions made for specific purposes and are expended in accordance with these purposes.

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Accounting Policies (continued)

1.7. Expenditure

Expenditure is classified under the principal categories of charitable expenditure and the costs of generating funds rather than the type of expense, in order to provide more useful information to users of these accounts. Irrecoverable VAT is treated as an expense.

1.8. Taxation

The charity is exempt from corporation tax on its charitable activities.

1.9. Cash and cash equivalents

Cash and cash equivalents include

1.10. Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognized in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102.

1.11. Key estimates and judgements

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognized in the financial statements.

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognized in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

2. Donation Income

2020
Unrestricted
Restricted
2020
£
42,500
17,000
59,500
42,500
17,000
59,500		 2019
Unrestricted
Restricted
2019
£
180,947
-
180,947
180,947
-
180,947

3. Expenditure on Charitable Activities

Grants payable
Other charitable activities
Support costs (see note 4)		 2020
Unrestricted
Restricted
2020
£
135,156
17,000
152,156
6,829
-
6,829
2,699
-
2,699
144,683
17,000
161,683		 2019
£
67,375
7,462
4,275
79,112

The charity has taken advantage of the exemption available in the charity SORP not to disclose specific information in relation to grant making, on the grounds that the disclosure could result in serious prejudice to the grand maker and/or the recipient institution or individuals.

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4. Support costs

General expenses
Independent examiners fee
Other expenses (governance costs)		 2020
£
186
2,400
113
2,699		 2019
£
1,662
2,400
213
4,275

5. Employees

The charity had no employees in 2019 and 2020

6. Debtors

Other debtors
.
Creditors: Amounts falling due with one year
Accruals		 2020
£
2019
£
2,400
2,400
2020
£
2019
£
2,400
2,400

7. Creditors: Amounts falling due with one year

8. Transactions with Trustees

There was no remuneration or expenses paid to the Trustees during the year (2019: nil). The foundation received donations amounting to £18,500 from TW Indus Limited of which Ilyas Khan is a beneficial owner.

9. Limited Liability

The Trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 by the member of the charity

10. Related Party Transactions

A donation was made to the Christian Heritage Centre at Stonyhurst (charity number 1149129), of which Anton’ de Piro is a trustee.

A donation was made to Topos Institute (registered non-profit in the state of California EIN 84-3431367), of which Ilyas Khan is Chairman.

11. Movement in funds

Unrestricted Funds
Restricted Funds
Total		 As at 1
December
2019
Income
Expenditure
Transfers
As at 30
November
2020
104,097
42,500
(144,683)
-
1,914
-
17,000
(17,000)
-
-
104,097
59,500
(161,683)
-
1,914

Restricted funds

This represents a grant from Pears Foundation to support Lord Shinwin's research work.

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