OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-07-31-accounts

REGISTERED COMPANY NUMBER: 06972470 (England and Wales) REGISTERED CHARITY NUMBER: 1132363

MAECENAS

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA

MAECENAS

CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 July 2022

Page
Report of the trustees 1 to 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6 to 7
Notes to the financial statements 8 to 13
Detailed statement of financial activities 14

MAECENAS

REPORT OF THE TRUSTEES

for the year ended 31 July 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2022. 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

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:

ACHIEVEMENT AND PERFORMANCE

The trustees were pleased to make grants in 2022 to the following organisations:

Details in respect of each of the Charity's funds are as follows:

Help the Animals

The Channel 5 campaign has finished and the account was closed during the year.

Faith Foundation

This fund was continued during the year; £14,900 (2021: £19,500) was received and payments of £15,021 (2021: £19,644) have been made to the Faith Foundation Charity in Rwanda.

Continuo Foundation

During the year the Continuo Foundation set up its own bank account, the use of Maecenas was temporary until they received a Charity Number. This fund was closed during the year after donations of £28,160 and the full balance of £139,929 was transferred to Continuo Foundation and the bank account was closed.

Unrestricted Fund

Donations of £202,756 (2021: £150,000) including £198,000 personally from the trustee SP Weil were received during the year. The unrestricted fund made payments to The Handel House Trust Limited (a charity of which SP Weil is also a trustee), The English Concert (SP Weil a trustee), Royal Opera House and New English Ballet Theatre (SP Weil a Trustee).

Plans for the future

The Trustees envisage continuing support to the Continuo Foundation, Handel House Trust and the New English Ballet Theatre going forward.

Page 1

MAECENAS

REPORT OF THE TRUSTEES for the year ended 31 July 2022

FINANCIAL REVIEW

Total income of £245,818 (2021: £398,528) was received during the year.

Charitable grants of £292,149 (2021: £262,904) were made by the Charity.

Expenditure (other than grants) was £18,433 (2021: £28,296)

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.

Reserves Policy

The Trustees have established a Reserves Policy with reference to Charity Commission guidance (CC1 9) and accounting standards (FRS102). 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 2022 there were reserves of £98,054 (2021: £162,818), to be used for charitable purposes in the future. As at July 2022, these were restricted funds held of £3,948 (2021: £116,128).

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 restriction 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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

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.

The Trustees of the Charity, who are also directors, and those who served during the year were:

Mr S P Weil Mr J F Weil

Appointment of Trustees

Trustees are appointed by deed, the statutory powers of appointing new Trustees apply.

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 ADMINISTRATIVE DETAILS

Registered Company number

06972470 (England and Wales)

Registered Charity number

1132363

Page 2

MAECENAS

REPORT OF THE TRUSTEES for the year ended 31 July 2022

Registered office

One Bartholomew Close London EC1A 7BL

Trustees

S P Weil Solicitor J F Weil Author

Company Secretary

Broadway Secretaries Limited

Independent Examiner

Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Maecenas for the purposes of company law) are responsible for preparing the Report of the trustees 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 those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

18.05.2023

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.......................................................................... S P Weil - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MAECENAS

Independent examiner's report to the trustees of Maecenas ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2022.

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:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Paul Allan BSocSc FCA The Institute of Chartered Accountants in England and Wales

Berringers LLP Chartered Accountants Lygon House 50 London Road Bromley Kent BR1 3RA

Date: .............................................

Page 4

MAECENAS

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 July 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
202,750
Charitable activities
Other inome
-
Other trading activities
2
-
Total
202,750
EXPENDITURE ON
Charitable activities
Grant funding
136,901
Other
18,433
Total
155,334
NET INCOME/(EXPENDITURE)
47,416
RECONCILIATION OF FUNDS
Total funds brought forward
46,690
TOTAL FUNDS CARRIED FORWARD
94,106		 Restricted
funds
£
43,068
-
-
43,068
155,248
-
155,248
(112,180)
116,128
3,948		 2022
Total
funds
£
245,818
-
-
245,818
292,149
18,433
310,582
(64,764)
162,818
98,054		 2021
Total
funds
£
364,362
43
34,123
398,528
262,904
28,296
291,200
107,328
55,490
162,818

The notes form part of these financial statements

Page 5

MAECENAS

BALANCE SHEET 31 July 2022

Unrestricted
fund
Notes
£
CURRENT ASSETS
Debtors
6
-
Cash at bank
116,706
116,706
CREDITORS
Amounts falling due within one year
7
(22,600)
NET CURRENT ASSETS
94,106
TOTAL ASSETS LESS CURRENT
LIABILITIES
94,106
NET ASSETS
94,106
FUNDS
8
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
3,750
198
3,948
-
3,948
3,948
3,948		 2022
Total
funds
£
3,750
116,904
120,654
(22,600)
98,054
98,054
98,054
94,106
3,948
98,054		 2021
Total
funds
£
3,750
165,368
169,118
(6,300)
162,818
162,818
162,818
46,690
116,128
162,818

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 6

continued...

MAECENAS

BALANCE SHEET - continued 31 July 2022

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

18.05.2023

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

.............................................

S P Weil - Trustee

The notes form part of these financial statements

Page 7

MAECENAS

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

There are no significant estimates or judgements used.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

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.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.

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.

continued...

Page 8

MAECENAS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2022

1. ACCOUNTING POLICIES - continued

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 the 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.

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 out 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 constituted 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 operation 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 of financial liabilities

Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.

continued...

Page 9

MAECENAS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2022

2. OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
2022 2021
£ £
Fundraising events - 34,123

3. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022 2021
£ £
Auditors' remuneration 4,951 5,640

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2022 nor for the year ended 31 July 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2022 nor for the year ended 31 July 2021.

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
150,000
Charitable activities
Other inome
11
Other trading activities
-
Total
150,011
EXPENDITURE ON
Charitable activities
Grant funding
101,500
Other
6,657
Total
108,157
NET INCOME
41,854
RECONCILIATION OF FUNDS
Total funds brought forward
4,835		 Restricted
funds
£
214,362
32
34,123
248,517
161,404
21,639
183,043
65,474
50,655		 Total
funds
£
364,362
43
34,123
398,528
262,904
28,296
291,200
107,328
55,490

continued...

Page 10

MAECENAS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2022

5.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
fund
funds
£
£
TOTAL FUNDS CARRIED FORWARD
46,689
116,129
6.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Other debtors
3,750
7.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Other creditors
17,500
Accrued expenses
5,100
22,600
8.
MOVEMENT IN FUNDS
Net
movement
At 1.8.21
in funds
£
£
Unrestricted funds
General fund
46,690
47,416
Restricted funds
Faith Foundation
4,353
(405)
Continuo Fountation
111,775
(111,775)
116,128
(112,180)
TOTAL FUNDS
162,818
(64,764)		 Total
funds
£
162,818
2021
£
3,750
2021
£
-
6,300
6,300
At
31.7.22
£
94,106
3,948
-
3,948
98,054		 Total
funds
£
162,818

continued...

Page 11

MAECENAS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2022

8. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Faith Foundation
Continuo Fountation
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Faith Foundation
Continuo Fountation
Help the Animals
TOTAL FUNDS		 Incoming
resources
£
202,750
14,911
28,157
43,068
245,818
At 1.8.20
£
4,835
4,798
-
45,857
50,655
55,490		 Resources
Movement
expended
in funds
£
£
(155,334)
47,416
(15,316)
(405)
(139,932)
(111,775)
(155,248)
(112,180)
(310,582)
(64,764)
Net
movement
At
in funds
31.7.21
£
£
41,855
46,690
(445)
4,353
111,775
111,775
(45,857)
-
65,473
116,128
107,328
162,818

continued...

Page 12

MAECENAS

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 July 2022

8. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Faith Foundation
Continuo Fountation
Help the Animals
TOTAL FUNDS		 Incoming
resources
£
150,011
19,500
194,894
34,123
248,517
398,528		 Resources
Movement
expended
in funds
£
£
(108,156)
41,855
(19,945)
(445)
(83,119)
111,775
(79,980)
(45,857)
(183,044)
65,473
(291,200)
107,328

9. RELATED PARTY DISCLOSURES

During the year, £6,870 (2021: £21,042) was paid to BDB Pitmans LLP for legal fees, of which SP Weil was a partner of the firm (until December 2020) and £6,612 was paid to Charles Russell Speechlys where SP Weil is a current partner.

Donations from the unrestricted fund were made to The Handel House Trust Limited of £87,150, The English Concert of £15,000 (2021: £5,000) and the New English Ballet Theatre of £9,000, all of which SP Weil is a trustee.

Donations of £198,000 were received from SP Weil in the unrestricted fund and £25,000 from Maria Bjornson Memorial Fund of which SP Weil is a trustee.

The charity also received an aggregate total of £nil (2021: £5,110) in donations from trustees of Continuo Foundation during the year, these donations were made to the Continuo Foundation restricted fund.

Page 13

MAECENAS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 July 2022
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Other trading activities
Fundraising events
Charitable activities
Other income
Total incoming resources
EXPENDITURE
Charitable activities
Grants to institutions
Support costs
Finance
Bank charges
Governance costs
Auditors' remuneration
Legal fees
Total resources expended
Net (expenditure)/income		 2022
£
245,818
-
-
245,818
291,478
671
4,951
13,482
18,433
310,582
(64,764)		 2021
£
364,362
34,123
43
398,528
262,904
824
5,640
21,832
27,472
291,200
107,328

This page does not form part of the statutory financial statements

Page 14