Charity Registration No. 1132363
Company Registration No. 06972470 (England and Wales)
MAECENAS
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) CONTENTS
Page Trustees’ report 1-4 Statement of Trustees’ responsibilities 5 Independent auditor's report 6-7 Statement of financial activities 8 Balance sheet 9 Statement of cash flows 10 Notes to the financial statements 11-16
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT)
FOR THE YEAR ENDED 31 JULY 2020
The Trustees are pleased to present their annual Trustees’ report together with the audited financial statements of the Charity for the year ending 31 July 2020.
The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP ‘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), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.
PURPOSES AND ACTIVITIES
The objects of the Charity are to apply the funds of the Charity for the public benefit by making grants to registered charities as the Trustees in their absolute discretion think fit for the:
- e advancement of environmental protection and improvement; e prevention or relief of poverty, distress or suffering by appropriate charitable assistance; e advancement of education; e advancement of the arts, culture and heritage and, e any other exclusively charitable objects and purposes in any part of the world.
Achievement and performance
The Trustees were very pleased with the second Help the Animals at Christmas campaign, in support of animal welfare charitable causes within the UK, which was run as a week-long series of animal welfare themed programmes in December 2019, in collaboration with Channel 5. The campaign developed the initial Help the Animals at Christmas live telethon fundraiser which was first run in December 2018.
Details in respect of each fund are as follows.
Help the Animals
Donations of £521,967 were received as a result of the Charity’s Help the Animals at Christmas campaign. Gift aid totaling £42,108 was received on these donations. Channel 5 provided sponsorship of £73,420 to cover administrative costs (some of which related to the costs of the 2018 campaign such as final audit costs) so as to enable 100% of public funds to go towards charitable causes.
Grants totaling £580,275 were made to the RSCPA, SSPCA, Donkey Sanctuary, Wildlife Aid and the Blue Cross during the period (£500,000 of which related to the 2019 campaign and the balance relating to the 2018 campaign) and it is intended to award the balance of the campaign money to these five charities in the financial year ended 2021.
Faith Foundation
This fund was continued during the year; £15,755 (2019: £10,000) was received and payments of £13,547 (2019: £9,662) have been made to the Faith Foundation Charity in Rwanda.
Unrestricted Fund
Donations of £18,750 (2019: £nil) have been received (including gift aid), grants made from the fund were £16,400 (2019: £1,850), using part of the cash balance brought forward from previous years. Activities in which Maecenas was directly involved included grants made to the New English Ballet and the Handel Society.
Fundraising statements
Section 162A of the Charities Act 2011 requires charities to make certain statements in their annual report in relation to their fundraising activities. The Charity undertook fund-raising activities for the purpose of that section in the period and, accordingly, the Trustees confirm that:
- e the Charity did not contract with commercial participators or professional fundraisers during the period, although it required all of its contractual partners acting on its behalf in relation to the Help the Animals appeal, including Channel 5, to undertake to be bound by the Fundraising Regulator’s Code for relevant activities carried out during
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
the period;
e the Charity has regard to the Fundraising Regulator’s Code for regulating fund-raising; e the Charity took steps to monitor any fund-raising activities carried out on its behalf; e the Charity took steps to protect the public, in particular vulnerable people, from behaviour which: ois an unreasonable intrusion on a person’s privacy
ois unreasonably persistent; or © places undue pressure on a person to give money or other property; and e there was one complaint received by the Charity or person acting on behalf of the Charity for the purpose of fundraising, which was subsequently resolved.
Plans for the future
The Trustees are delighted with the support for the Help the Animals at Christmas 2019 campaign. However, due to the impact of the COVID-19 pandemic, the Trustees are looking at sustainable ways of building on the success of the Help the Animals campaign.
STRUCTURE GOVERNANCE AND MANAGEMENT
Governing document
The Charity is a company limited by guarantee incorporated on 25 July 2009. It is governed by its Memorandum and Articles of Association and was registered as a charity with the Charity Commission on 28 October 2009.
Appointment of Trustees
Trustees are appointed by Ordinary Resolution or a simple majority of Trustees. The minimum number of Trustees is two and the maximum is seven.
Trustee Induction and Training
All new Trustees are given, in the view of the Board, sufficient training and have enough knowledge of their specific field to understand the nature of the Charity and fully comply with the Charity’s views of its mission.
Organisational Structure
The Trustees comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day to day basis. The Board meets regularly to conduct the business of the Charity and is supported by the Administrators.
REFERENCE AND ADMINISTRATION DETAILS
Registered Company number (England and Wales) 06972470
Registered Charity number 1132363
Registered Office
50 Broadway
Westminster London
SW1H OBL
Trustees
The Trustees of the Charity, who are also the directors for the purpose of Company Law, who served during the year and up to the date of approval of these financial statements were:
Simon Patrick Weil
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
Jonathan Francis Weil
Noleen McDonnell (retired 20 November 2020) Nannette Oliver
Company Secretary Broadway Secretaries Limited 50 Broadway Westminster London SW1H OBL
Bankers C. Hoare & Co 37 Fleet Street London EC4P 4DQ Auditors HW Fisher LLP Acre House 11-15 William Rd London NW1 3ER
Solicitors & Administrators BDB Pitmans LLP 1 Bartholomew Close London EC1A 7BL
FINANCIAL REVIEW
Total income of £661,329 (2019: £914,210) was received during the year.
Charitable grants of £610,222 (2019: £761,512) were made by the Charity.
Expenditure (other than grants) was £66,477 (2019: £90,115).
The Trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available to meet the Charity’s obligations.
Public Benefit Statement
The Trustees are aware of the Charity Commission’s guidance on public benefit. The Charity’s objects are far-reaching and for the public benefit. By making grants to other charities which advance purposes falling within the Charity’s objects, the Trustees are confident that their public benefit duty is fulfilled. The Trustees have not placed any restrictions limiting the class of those capable of benefit. Finally, the Trustees are satisfied that there is no detriment, harm or undue private benefit that arises from carrying out the Charity’s objects.
MAECENAS (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
:
Risk Management
The Trustees review and discuss, if required, at meetings any risks to which the Charity may be exposed. Where appropriate, systems or appropriate controls are in place to mitigate the risks the Charity may face. They only identified risk is the Covid-19 pandemic, which has the ability to disrupt operations and prevent grant funds from being spent as intended.
Reserves Policy
The Trustees have established a Reserves Policy with reference to Charity Commission guidance (CC1 9). The Trustees believe that no formal reserves policy is necessary as there are no on-going running costs. The Charity’s policy is to distribute funds to recipient charities when income is received. Cash flow is carefully monitored to match income receipts with operating expenditure. Subject to this, the Trustees aim to apply all income to direct charitable purposes. As at 31 July 2020 there were reserves of £55,490 (2019: £70,860), to be used for charitable purposes in future. As at 31 July 2020, there were restricted funds held of £50,655 (2019: £68,163).
DISCLOSURE OF INFORMATION TO AUDITOR
Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
Approved by the Board of Trustees and signed on their behalf by: Mr SPmite: ie” a |
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES’ RESPONSIBILITIES
FOR THE YEAR ENDED 31 JULY 2020
The Trustees, who are also the directors of Maecenas for the purpose 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 Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then 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 Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF MAECENAS
Opinion
We have audited the financial statements of Maecenas (the ‘Charity’) for the year ended 31 July 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, 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).
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 July 2020 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and = have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's 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 UK, including the FRC’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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: = the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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the information given in the Trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors' report included within the Trustees’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees' report.
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MAECENAS
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We have nothing to report in respect of the follawing matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion - adequate accounting records have not been kept, of returns adequate for our audit have not been received from branches not visited by us; or
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- the financial statements are not in agreement with the accounting records and returns; or - Certam disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees’ report and from the requirement to prepare a Strategic report.
Responsibilities of Trustees
As explained more fully in the staternent of Trustees’ responsibilities, the Trustees, who are also the directors of the Charity for the Purpose of company law, are responsible for the preparation of the financial staternents and for being satisfied that they 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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material messtatement, whether due to fraud or error, and to issue an auditor's 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 (SAs (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 ageregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, a5 a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 responsiility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Rich (Senior Statutory Auditor)
for and on behalf of HW Fisher LLP
Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW13ER United Kingdon
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2020
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | ||
| Notes | £ | £ | £ | £ | £ | £ | |
| Income from: | |||||||
| Donations and legacies | 3 | 18,750 | 579,830 | 598,580 | - | 841,092 | 841,092 |
| Charitable activities | 4 | - | 111 | 111 | 26 | - | 26 |
| Other trading activities | 5 | - | 62,638 | 62,638 | - | 73,092 | 73,092 |
| Total income | 18,750 | 642,579 | 661,329 | 26 | 914,184 | 914,210 | |
| Expenditure on: | |||||||
| Charitable activities | 6 | 16,612 | 660,087 | 676,699 | 2,204 | 849,423 | 851,627 |
| Net income/(expenditure) | forthe | ||||||
| year/ | |||||||
| Netmovement infunds | 2,138 | (17,508) | (15,370) | (2,178) | 64,761 | 62,583 | |
| Fund balances at 1 August | |||||||
| 2019 | 2,697 | 68,163 | 70,860 | 4,875 | 3,402 | 8,277 | |
| Fund balances at 31July | |||||||
| 2020 | 4,835 | 50,655 | 55,490 | 2,697 | 68,163 | 70,860 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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MAECENAS (A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT 31 JULY 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current assets | |||||
| Debtors | 11 | 7,700 | 74,072 | ||
| Cash at bank and in hand | 367,351 | 23,352 | |||
| 375,051 | 97,424 | ||||
| Creditors: amounts falling duewithin oneyear | 12 | (319,561) | (26,564) | ||
| Net current assets | 55,490 | 70,860 | |||
| Income funds | |||||
| Restricted funds | 13 | 50,655 | 68,163 | ||
| Unrestricted funds | 4,835 | 2,697 | |||
| 55,490 | 70,860 |
The financial statements were approved by the Trustees on 03:93. 20 2.1
Mr S P Weil Trustee
Company Registration No. 06972470
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2020
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|---|---|---|---|---|---|---|---|---|
|2020|2019|
|Notes|£|£|£|£|
|Cash|flows from|operating|activities|
|Cash|generated|from|operations|16|343,999|20,775|
|Net|cash|used|in|investing|activities|-|-|
|Net cash used|in financing|activities|-|
|Net|increase|in|cash|and|cash|equivalents|343,999|20,775|
|Cash|and|cash|equivalents|at|beginning|of year|23,352|2577|
|Cash|and|cash|equivalents|at|end|of year|367,351|23,352|
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
1 Accounting policies
Charity information
Maecenas is a private company limited by guarantee incorporated in England and Wales. The registered office is 50 Broadway, Westminster, London, SW1H OBL.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.
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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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2. Going concern
The trustees have considered the effect of the Covid-19 outbreak. As Maecenas has no employees, and the administrative function can all be completed remotely, there has been minimal disruption to operations caused by the lockdown. Donations can also be made online, via phone, or via cheque, and therefore the pandemic is unlikely to prevent donations being received. The trustees consider it unlikely that a prolonged outbreak will cause significant disruption. The Trustees believe that no formal reserves policy is necessary as there are no on-going running costs. The Charity's policy is to distribute funds to recipient charities when income is received. Accordingly, at the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3. Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is recognised in the period in which it is incurred.
Costs of charitable activities comprise all expenditure identified as wholly or mainly attributable to achieving the objectives of the charity.
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2020
1 Accounting policies
(Continued)
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1.6 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 recognised 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 recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition offinancial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
There are no significant estimates or judgements used.
3 Donations and legacies
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Unrestricted Restricted Total Restricted
funds funds funds
2020 2020 2020 2019
£ £ £ £
Donations and gifts 18,750 579,830 598,580 841,092
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
| 4 | Charitable activities | ||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Other income | 111 | 26 | |
| 5 | Othertrading activities | ||
| Restricted | Restricted | ||
| funds | funds | ||
| 2020 | 2019 | ||
| £ | E | ||
| Fundraising events | 62,638 | 73,092 | |
| 6 | Charitable activities | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Grant funding ofactivities (see note 7) | 610,222 | 761,512 | |
| Share ofsupport costs (see note 8) | 51,177 | 79,315 | |
| Share ofgovernance costs (see note 8) | 15,300 | 10,800 | |
| 676,699 | 851,627 | ||
| Analysis by fund | |||
| Unrestricted funds | 16,612 | 2,204 | |
| Restricted funds | 660,087 | 849,423 | |
| 676,699 | 851,627 |
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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FOR THE YEAR ENDED 31 JULY 2020
7 Grants payable
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Grants to institutions: | ||||||
| New English Ballet Theatre | 400 | - | ||||
| Handel Society | 16,000 | - | ||||
| Aspire | - | 500 | ||||
| City Music Foundation | - | 500 | ||||
| English Touring Opera | - | 350 | ||||
| Scholar C ofthe Oratory School | - | 500 | ||||
| Blue Cross | 116,055 | 150,000 | ||||
| RSPCA | 116,055 | 150,000 | ||||
| Scottish SPCA | 116,055 | 150,000 | ||||
| The Wildlife Aid Foundation | 116,055 | 150,000 | ||||
| The DonkeySanctuay | 116,055 | 150,000 | ||||
| Faith Foundation | 13,547 | 9,662 | ||||
| 610,222 | 761,512 | |||||
| Support costs | ||||||
| Support costs | Governance | 2020 | Support costs | Governance | 2019 | |
| costs | costs | |||||
| £ | £ | £ | £ | £ | £ | |
| Bank charges | 1,047 | - | 1,047 | 1,122 | - | 1,122 |
| Legal & professional fees | 49,817 | - | 49,817 | 73,092 | - | 73,092 |
| Consultancy fees | - | - | - | 930 | - | 930 |
| Sundry | 313 | - | 313 | 4,171 | - | 4,171 |
| Audit fees | - | 15,300 | 15,300 | - | 10,800 | 10,800 |
| 51177 | 15,300 | 66,477 | 79,315 | 10,800 | 90,115 | |
| Analysed between | ||||||
| Charitableactivities | 51,177 | 15,300 | 66,477 | 79,315 | 10,800 | 90,115 |
8 Support costs
Governance costs includes payments to the auditors of £15,300 (2019: £10,800) for audit fees.
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. No Trustees were reimbursed for any expenses during the year.
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
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10 Employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |||
|---|---|---|---|---|
| Number | Number | |||
| Total | - | - | ||
| 11 | Debtors | |||
| 2020 | 2019 | |||
| Amounts falling due within one year: | £ | £: | ||
| Other debtors | 7,700 | 63,290 | ||
| Prepayments and accrued income | - | 10,782 | ||
| 7,700 | 74,072 | |||
| 12 | = | Creditors:amounts fallingduewithin oneyear | ||
| 2020 | 2019 | |||
| £ | £ | |||
| Other creditors | 308,101 | 15,764 | ||
| Accruals and deferred income | 11,460 | 10,800 | ||
| 319,561 | 26,564 |
12 = Creditors: amounts falling due within one year
13 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | ||||
|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | |
| 1 August 2018 | resources | expended | 1 August 2019 | resources | expended | 31 July 2020 | |
| £ | £ | £ | £ | £ | £ | £ | |
| Faith | |||||||
| Foundation | 3,402 | 10,000 | (10,230) | 3,172 | 15,755 | (14,129) | 4,798 |
| Help The | |||||||
| Animals | - | 904,184 | (839,193) | 64,991 | 626,824 | (645,958) | 45,857 |
| 3,402 | 914,184 | (849,423) | 68,163 | 642,579 | (660,087) | 50,655 |
The Faith Foundation is to support the development of a school in Rwanda.
The Help the Animals is to support animal welfare charitable causes within the UK.
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MAECENAS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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FOR THE YEAR ENDED 31 JULY 2020
| 14 | ~—sAnalysis ofnet assetsbetween | funds | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
| funds | funds | funds | funds | ||||
| 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | ||
| £ | £ | £ | £ | £ | £ | ||
| Fund balances at 31 July | |||||||
| 2020are represented by: | |||||||
| Current assets/(liabilities) | 4,835 | 50,655 | 55,490 | 2,697 | 68,163 | 70,860 | |
| 4,835 | 50,655 | 55,490 | 2,697 | 68,163 | 70,860 |
15 Related party transactions
During the year, £49,817 (2019: £73,092) was paid to BDB Pitmans LLP for legal fees, of which Simon Weil (Trustee) is a partner of the firm. £6,601 (2019: £15,233) was outstanding as at the year-end.
Simon Weil is also a Trustee of the New English Ballet Theatre. A grant donations from the unrestricted fund to the theatre was made during the year for £400 (2019: f£nil).
The charity also received an aggregate total of £15,000 (2019: Enil) in donations from the trustees during the year.
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| Cash generated from operations | 2020 | 2019 |
|---|---|---|
| £ | £ | |
| (Deficit)/surpus forthe year | (15,370) | 62,583 |
| Movements in working capital: | ||
| Decrease/(increase) in debtors | 66,372 | (68,359) |
| Increase in creditors | 292,997 | 26,551 |
| Cashgeneratedfromoperations | 343,999 | 20,775 |
17 __— Analysis of changes in net funds The Charity had no debt during the year.
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