| Page | ||
|---|---|---|
| Reference and Administrative Information |
||
| Directors' Annual Report |
4-8 | |
| Directors' Responsibilities Statement |
||
| Independent | Auditor's Report |
10-12 |
| Consolidated | Statement of Financial Activities | 13 |
| Consolidated | Balance Sheet | 14 |
| Consolidated | Statement ofCash Flows | 15 |
| Notes to the | Consolidated Financial Statements |
16-22 |
| Directors | Frank Holz | ||||
|---|---|---|---|---|---|
| Alistair Laidlaw | |||||
| Anat Loewenstein | |||||
| Sebastian Wolf | |||||
| Josh Garde-Aruml | |||||
| Ramin Tadayonl | |||||
| Edoerdo Mldena | |||||
| Nicole Eter | |||||
| Rainier Schlingemann | |||||
| Jens Folks Kfilgaard | |||||
| Charity Number | in England and Wales | 1140791 | |||
| Company | Number | 07472054 | |||
| Registered | Office | 5 Fleet Place | |||
| London | |||||
| EC4M 7RD | |||||
| United Kingdom |
|||||
| Auditors | Hell Llfford Hall | ||||
| Chartered Cerfified Accountants |
and Statutory Auditom | ||||
| Greyfrlars Lodge |
|||||
| 5Greyfriars | |||||
| Waterford | |||||
| Ireland | |||||
| Bankers | Bank of Ireland | ||||
| 28 Main Street | |||||
| Blackrock | |||||
| Co Dublin | |||||
| Ireland | |||||
| Solicitors | Charles Russell Speechlys |
LLP | |||
| 5 Fleet Place | |||||
| London | |||||
| EC4M 7RD | |||||
| United Kingdom | |||||
| Investment | Bankers | Credit Suisse | |||
| 5 Cabot Square | |||||
| London | |||||
| E144QR | |||||
| United Kingdom |
| for the fin | ancial | year ended 31 December 2020 | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Unrestricted | ||||||
| Funds | Total | Funds | Total | ||||
| 2020 | 2020 | 2019 | 2019 | ||||
| Notes | 6 | 6 | |||||
| Income | |||||||
| Charitable | a divides | 5.1 | 2,579,460 | 2,579,460 | 5,166,334 | 5,166,334 | |
| Total incoming | resources | 2,579,460 | 2,579,460 | 5,166,334 | 5,166,334 | ||
| Expenditure | |||||||
| Charitable | activities | 7.1 | 2,579,505 | 2,579,505 | 3,979,066 | 3,979,066 | |
| Net gains | on Investments | 10 | 15,401 | 15,401 | 138,956 | 138,956 | |
| Net income | 15,356 | 15,356 | 1,326224 | 1,326,224 | |||
| Net movement | in funds for the financial year | 15,356 | 15,356 | 1,326,224 | 1,326,224 | ||
| Reconciliation | offunds | ||||||
| Balances | brought forward at 1 January |
13.2 | 8,654,049 | 8,654,049 | 7,327,825 | 7,327,825 | |
| Balances | carried forward at 31December | 8,669,405 | 8,669,405 | 8,654,049 | 8,654,049 |
| Restated | |||||||
|---|---|---|---|---|---|---|---|
| 2020 | 2020 | 2019 | 2019 | ||||
| Fixed Assets | Notes | Group | Charity | Group | Charity6 | ||
| Investments | 10 | 1,323,469 | 1,323,470 | 1,308,068 | 1,308,069 | ||
| 1,323,469 | 1,323,470 | 1,308,068 | 1,308,069 | ||||
| Current Assets | |||||||
| Debtors | 11 | 88,149 | 359,164 | 197,208 | 292,761 | ||
| Cash at bank and In | hand | 8,014,854 | 6,053,333 | 7,560,445 | 5,371,153 | ||
| 8,103,003 | 6,412,497 | 7,757,653 | 5,663,914 | ||||
| Creditors: one year |
Amounts | falling due within | 12 | (757,067) | (249,826) | (411,672) | (56,753) |
| Net Current | Assets | 7,345,936 | 6,162,671 | 7,345,981 | 5,607,161 | ||
| Total Assets less Current Liabilities | 8,669,405 | 7,486,141 | 8,654,049 | 6,915,230 | |||
| Furids | |||||||
| Unrestricted | funds | 8,669,405 | 7,486,141 | 8,654,049 | 6,915,230 | ||
| Total funds | 13.1 | 8,669,405 | 7,486,141 | 8,654,049 | 6,915,230 |
| for the finandal year ended |
31 December 2020 |
||
|---|---|---|---|
| 2020 | 2019 | ||
| Cash flows from operating | activities | 6 | 6 |
| Net movement In funds Adjustments for. |
15,356 | 1,326,224 | |
| Gala on investments | (15,401) | (138,956) | |
| Movements In working capital: |
(45) | 1,187,268 | |
| Movement in debtors Movement in creditors |
109,059 345,395 |
592,649 (268,203) |
|
| Cash generated from operations |
454,409 | 1,511,714 | |
| Cash flows from Investing | activities | ||
| Disposal ofinvestments | 593,717 | ||
| Net cash generated from investment activities |
593,717 | ||
| Net Increase In cash and cash equivalents Cash and cash equivalents at 1 January |
454,409 7,560,445 |
2,105,431 5,455,014 |
|
| Cash and cash equivalents | at 31 December | 8,014,854 | 7,560,445 |
| Cash and cash equivalents | consist of: | ||
| Cash at bank and In hand |
8,014,854 | 7,560,445 | |
| Cash and cash equivalents | at 31 December | 8,014,854 | 7,560,445 |
| for t | he financial year ended 31 December 2020 |
he financial year ended 31 December 2020 |
he financial year ended 31 December 2020 |
||||
|---|---|---|---|---|---|---|---|
| ANALYSIS OF SUPPORT ANO GOVERNANCE COSTS | Basis | of | Support | Support | |||
| appordonment | 2020 | 2019 | |||||
| 6 | 6 | ||||||
| Governance costs Central oiftce costs Finance, IT, consultancy and computer costs Travel, insurance and other costs Promotion |
32,574 91,826 41,869 17773 |
56,238 94,101 39,666 45,695 22,992 |
|||||
| Invoiced events | 184,042 | 258,692 | |||||
| Governance | Governance | ||||||
| 2020 | 2019 | ||||||
| 6 | |||||||
| Council meetings and secretariat Audit, consultancy and legal fees Company secretarial fees |
10,000 20,890 1,684 |
21,553 32,879 1,806 |
|||||
| Invoiced events | 32,574 | 56,238 | |||||
| 9. | ANALYSIS OF GRANTS | ||||||
| Grants to | Grants to | Support | |||||
| individuals | Institutions | costs | Total | Total | |||
| 2020 | 2020 | 2020 | 2020 | 2019 | |||
| 6 | 6 | ||||||
| Research grants | 650,977 | 650,977 | |||||
| Dbservership grants |
15,000 | ||||||
| 650,977 | 650,977 | 15,000 |
| for th | e financial year ended 31 December 2020 | |||
|---|---|---|---|---|
| 10. | INVESTMENTS | |||
| GROUP | Usted | |||
| Investments | Investments | Total | ||
| Valuation | ||||
| At 1 January 2020 Gain onlnvestments |
1,308,068 15,401 |
1,308,068 15,401 |
||
| At 31 December 2020 | 1,323,469 | 1,323,469 | ||
| Net book value | ||||
| At 31 December 2020 | 1,323,469 | 1,323,469 | ||
| At 31 December 2019 | 1,308,068 | 1,308,068 | ||
| CHARITY Investments |
Subsidiary undertaking shares |
Listed Investments |
Total | |
| Valuadon | ||||
| At 1 January 2020 Gain on Investments |
1 | 1,308,068 15,401 |
1,308,069 15,401 |
|
| At 31 December 2020 | 1 | 1,323,469 | 1,323,470 | |
| Net book value | ||||
| At 31 December 2020 | 1 | 1,323,469 | 1,323,470 | |
| At 31 December 2019 | 1 | 1,308,068 | 1,308,069 |
| At 31 December 2020 | the charitable company had a |
the charitable company had a |
n Inte | rest In the |
following subsidiary: |
|
|---|---|---|---|---|---|---|
| Undertaking | Proportion ofvoting rights and shares held |
Holding | Principal activity | Country of incorporation |
||
| Euretina Trading Umited |
100% | Ordinary | shares | Organising conferences |
United Kingdom |
|
| The summary flnandal |
performance | ofthe subsidiary | Is: | 2020 | Restated 2019 |
|
| Turnover Cost ofsales |
2,579,460 (1,268,728) |
5,166,334 (3,229,659) |
||||
| Gross profit Administrative expenses |
1,310,732 (127,468) |
1,936,675 (197,856) |
||||
| Profit before taxation Tax on profit |
1,183,264 | 1,738,819 | ||||
| Profit for the Rnandal year | 1,183,264 | 1,738,819 | ||||
| Current assets Current liabilities |
2,049,123 (865,858) |
2,382,422 (643,602) |
||||
| Net assets | 1,183,265 | 1,738,820 | ||||
| Shareholders' funds |
1,183,265 | 1,738,820 |
| 11. | DEBTORS | Restated | ||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2020 | 2019 | 2019 | |||||
| Group | Charity 8 |
Group 6 |
Charity | |||||
| Trade debtors Taxation Prepayments and accrued income Amounts owed by group companies |
(Note | 15) | 14,560 73,589 |
547 358,617 |
31,780 98,503 66,925 |
4,078 288,683 |
||
| 88,149 | 359,164 | 197,208 | 292,761 | |||||
| 12. | CREDITORS | 2020 | 2020 | 2019 | 2019 | |||
| Amounts falling due |
within one year | Group | Charity | Group | Charity | |||
| 6 | 6 | |||||||
| Trade creditors Other creditors Taxation |
420,270 188,442 5,432 |
108,841 92,838 |
156,183 130,573 |
15,426 21,186 |
||||
| Accruals and deferred | income | 142,923 | 48,147 | 124,916 | 20,139 | |||
| 757,067 | 249,826 | 411,672 | 56,753 | |||||
| 13. | FUNDS | |||||||
| 13.1 | ANALYSIS OF NET ASSETS BYFUND | |||||||
| Financial | ||||||||
| GROUP | fixed | Current | Current | |||||
| assets | assets | liabilities | Total | |||||
| 6 | 6 | |||||||
| Unrestricted funds |
1,323,469 | 8,103,003 | (757,067) | 8,669,405 | ||||
| 1,323,469 | 8,103,003 | (757,067) | 8,669,405 | |||||
| 13.2 | ANALYSIS OF MOVEMENTS ON FUNDS |
|||||||
| GROUP | ||||||||
| Balance | Transfers | Balance | ||||||
| 1 January | Incoming | Resources | between | Gains and | 31December | |||
| 2020 8 |
resources 6 |
Expended 6 |
funds 6 |
losses 8 |
2020 | |||
| Designated funds |
||||||||
| Research fund | 1,627,250 | (650,977) | 335,566 | 1,311,839 | ||||
| Educatlonalfund | 107,681 | (79,365) | 37,285 | 65,601 | ||||
| Unrestricted general fund |
6,919,118 | 2,579,460 | (1,849,163) | (372,851) | 15,401 | 7,291,965 | ||
| Total funds | 8,654,049 | 2,579,460 | (2,579,505) | 15,401 | 8,669,405 |
| ES TO THE CONS | LID | ATE | D | FINANCIAL STATEMENTS | FINANCIAL STATEMENTS | FINANCIAL STATEMENTS | FINANCIAL STATEMENTS | FINANCIAL STATEMENTS | FINANCIAL STATEMENTS | FINANCIAL STATEMENTS | FINANCIAL STATEMENTS | FINANCIAL STATEMENTS | continued | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| financial year ended 31 December 2020 | |||||||||||||||
| FINANCIAL INSTRUMENTS | |||||||||||||||
| GROUP | Note | 2020 | 2019 | ||||||||||||
| 6 | |||||||||||||||
| Financial assets that are equity instruments | measured | at | fair | ||||||||||||
| value | |||||||||||||||
| Investments in listed shares |
10 | 1,323,469 | 1,308,068 | ||||||||||||
| Financial assets that are debt | instruments | measured | at | ||||||||||||
| amortlsed cost | |||||||||||||||
| Trade and other debtors Cash and short term deposits |
11 | 14,560 8,014,854 |
31,780 7,560,445 |
||||||||||||
| Financial liabilities measured |
at amorbsed | cost | |||||||||||||
| Trade creditors Accruels for goods and services |
12 12 |
608,712 142,923 |
286,756 124,916 |
||||||||||||
| Group's income, expense, gains and losses in respect of | |||||||||||||||
| financial Instruments are summarlsed below: |
|||||||||||||||
| On financial assets measured | at fair | value through | SOFA | 10 | 15,401 | 138,956 | |||||||||
| RELATED PARTY TRANSACTIONS | |||||||||||||||
| The parent had transactions |
with | group | companies | and | the | following | amounts | are | due | between the |
|||||
| companies at the year end: |
|||||||||||||||
| Restated | |||||||||||||||
| 2020 | 2019 | ||||||||||||||
| Due from group companies: | 6 | ||||||||||||||
| Eurstlna Trading Limited |
358,617 | 288,683 |