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REGISTERED COMPANY NUMBER: 06972470 (England and Wales)
REGISTERED CHARITY NUMBER: 1132363
MAECENAS
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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Berringers LLP
Chartered Accountants
Lygon House
50 London Road
Bromley
Kent
BRI 3RA
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MAECENAS
CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 July 2023
Page
Report of the trustees 1 to 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 to ll
Detailed statement of financial activities 12
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MAECENAS
REPORT OF THE TRUSTEES
for the year ended 31 July 2023
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 2023. 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 | 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:
- advancement of environmental protection and improvement;
- prevention or relief of poverty, distress or suffering by appropriate charitable assistance;
- advancement of education;
- advancement of the arts, culture and heritage and,
- any other exclusively charitable objects and purposes in any part of the world.
ACHIEVEMENT AND PERFORMANCE
The trustees were pleased to make grants in 2023 to the following organisations:
- The Handel House Trust Limited
- Royal Academy of Music
- New English Ballet Theatre
- St Christophers Hospice
- CLIC Sargent Cancer for Children
- Cambridge Summer Music
- Cambridge Handel Opera Company
- Garsington Opera for the Arts Hub
- The Faith Foundation
- Continuo Foundation
Details in respect of each of the Charity's funds are as follows:
Faith Foundation
This fund was continued during the year; £27,750 (2022: £14,900) was received and payments of £27,510 (2022:
£15,021) have been made to the Faith Foundation Charity in Rwanda.
Unrestricted Fund
Donations of £83,739 (2022: £202,756) including £40,000 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) 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.
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MAECENAS
REPORT OF THE TRUSTEES
for the year ended 31 July 2023
FINANCIAL REVIEW
Total income of £115,215 (2022: £245,818) was received during the year.
Charitable grants of £194,811 (2022: £292,149) were made by the Charity.
Expenditure (other than grants) was £14,604 (2022: £18,433).
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 (CCl 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 2023 there were reserves of £3,854 (2022: £98,054), to be
used for charitable purposes in the future. As at July 2023, these were restricted funds held of £3,765 (2022: £3,948).
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
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MAECENAS
REPORT OF THE TRUSTEES for the year ended 31 July 2023
Registered office Charles Russell Speechlys LLP 5 Fleet Place Farringdon London EC4M 7RD
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 BRI 3RA
S Wlarch 2024 Approved by order ofthe board oftrustees OM ........ eee eeeeeeeeeeeeeereeeeeeeeeee and Signed on its behalf by:
S P Weil - Trustee
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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 2023.
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
3. 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
4. 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
BRI 3RA
Date: ooo eee ecececseeseesecseeneteeeseenes
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MAECENAS
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STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 July 2023
2023 2022
Unrestricted Restricted Total Total
fund funds funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 87,465 27,750 115,215 245,818
EXPENDITURE ON
Charitable activities
Grant funding 166,878 27,933 194,811 292,149
Other 14,604 - 14,604 18,433
Total 181,482 27,933 209,415 310,582
NET INCOME/(EXPENDITURE) (94,017) (183) (94,200) (64,764)
RECONCILIATION OF FUNDS
Total funds brought forward 94,106 3,948 98,054 162,818
TOTAL FUNDS CARRIED FORWARD 89 3,765 3,854 98,054
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The notes form part of these financial statements
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MAECENAS
BALANCE SHEET 31 July 2023
2023 2022 Unrestricted Restricted Total Total fund funds funds funds Notes £ £ £ £ CURRENT ASSETS Debtors 5 3,725 3,750 7,475 3,750 Cash at bank 4,818 15 4,833 116,904 8,543 3,765 12,308 120,654 CREDITORS Amounts falling due within one year 6 (8,454) - (8,454) (22,600) NET CURRENT ASSETS 89 3,765 3,854 98,054 TOTAL ASSETS LESS CURRENT LIABILITIES 89 3,765 3,854 98,054 NET ASSETS 89 3,765 3,854 98,054 FUNDS 7 Unrestricted funds 89 94,106 Restricted funds 3,765 3,948 TOTAL FUNDS 3,854 98,054 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The_Schfinancial 2004statements andwere were signedapproved on itsbybehalfthe by:Board of Trustees and authorised for issue on
S P Weil - Trustee
The notes form part of these financial statements
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MAECENAS
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 July 2023
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.
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.
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MAECENAS
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NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 31 July 2023
- ACCOUNTING POLICIES- continued Going concern
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. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 2023 2022 £ £ Auditors' remuneration 5,160 4,951
- NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
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MAECENAS
NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 31 July 2023
TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.
- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total fund funds funds £ £ £ 202,750 43,068 245,818 136,901 155,248 292,149 18,433 - 18,433 155,334 155,248 310,582 47,416 (112,180) (64,764) 46,690 116,128 162,818 94,106 3,948 98,054 2023 2022 £ £ 7,475 3,750
INCOME AND ENDOWMENTS FROM Donations and legacies
EXPENDITURE ON Charitable activities Grant funding Other Total NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
- DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
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MAECENAS
NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 31 July 2023
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022 £ £ - 17,500 8,454 5,100 8,454 22,600 Net movement At At 1.8.22 in funds 31.7.23 £ £ £ 94,106 (94,017) 89 3,948 (183) 3,765 98,054 (94,200) 3,854 Incoming Resources Movement resources expended in funds £ £ £ 87,465 (181,482) (94,017) 27,750 (27,933) (183) 115,215 (209,415) (94,200) Net movement At At 1.8.21 in funds 31.7.22 £ £ £ 46,690 47,416 94,106 4,353 (405) 3,948 111,775 (111,775) - 116,128 (112,180) 3,948 162,818 (64,764) 98,054
Other creditors Accrued expenses
- MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds Faith Foundation
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds General fund
Restricted funds Faith Foundation
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds General fund
Restricted funds Faith Foundation Continuo Fountation TOTAL FUNDS
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MAECENAS
NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 31 July 2023
- MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows:
Incoming Resources Movement resources expended in funds £ £ £ Unrestricted funds General fund 202,750 (155,334) 47,416 Restricted funds Faith Foundation 14,911 (15,316) (405) Continuo Fountation 28,157 (139,932) (111,775) 43,068 (155,248) (112,180) TOTAL FUNDS 245,818 (310,582) (64,764)
- RELATED PARTY DISCLOSURES
During the year £9,444 (2022: £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 £93,000 (2022: £87,150), The English Concert of £Nil (2022: £15,000) and the New English Ballet Theatre of £23,000 (2022: £9,000), all of which SP Weil is a trustee. Donations of £40,000 (2022: £198,000) were received from SP Weil in the unrestricted fund, £Nil (2022: £25,000) from Maria Bjornson Memorial Fund of which SP Weil is a trustee. During the year, donations of £43,739 were received from the estate of Ann Weil, who is the aunt of SP Weil.
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115,215 245,818
MAECENAS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 July 2023 2023 2022 £ £
INCOME AND ENDOWMENTS Donations and legacies Donations Total incoming resources EXPENDITURE Charitable activities Grants to institutions
Total incoming resources 115,215 245,818 EXPENDITURE Charitable activities Grants to institutions 194,010 291,478 Support costs Finance Bank charges 801 671 Governance costs Auditors' remuneration 5,160 4,951 Legal fees 9,444 13,482 14,604 18,433 Total resources expended 209,415 310,582 Net expenditure (94,200) (64,764)
This page does not form part of the statutory financial statements
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