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2021-12-31-accounts

MACE FOUNDATION

Report and Financial Statements For the year ended 31 December 2021

Charity number: 1150134 Company number: 08144743

Not Confidential - Internal

ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Financial statements for the year ended 31 December 2021

Contents Pages
Legal and administrative information 2
Report of the Trustees 3 - 8
Independent Examination report 9
Statement of Financial Activities (including income and expenditure account) 10
Balance sheet 11
Cash flow statement 12
Notes to the financial statements 13 – 19

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Legal and administrative information

Reference and administrative details

Trustees

Mr M Reynolds (Chairman) Mr R Abbate Dr J Grant (resigned 3[rd] August 2022) Ms H Livesey (Treasurer) ( resigned 10[th] June 2021 ) Ms I McAllister (resigned 22[nd] May 2022) Mr J Millett Mrs D Reynolds Ms B Welch Ms K White ( appointed 15[th] July 2021 )

Secretary

Ms C Pate

Executive management

Mr D Hone (Chief Executive Officer) Mrs J Drummond (Head of Fundraising and Partnerships) Mrs J Zhu (Finance Manager)

Registered office and operation address

155 Moorgate London United Kingdom EC2M 6XB

Registered Company number 08144743

Registered Charity number 1150134

Independent Examiner

P D Newton FCA Jacob Cavenagh & Skeet Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM1 2SW

Bankers

Barclays Bank Plc London Corporate Banking Level 28, 1 Churchill Place Canary Wharf, London E14 5HP

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Report of the Trustees for the year ended 31 December 2021

The Trustees are pleased to present their report together with the financial statements of the Mace Foundation for the year ended 31 December 2021.

Structure, governance, and management

The Foundation was incorporated as a private company limited by guarantee on 16 July 2012 (registration number 08144743) and is a registered charity (registration number 1150134). It operates in accordance with its articles of association which were adopted by special resolution on 19 November 2012 and as amended by Special Resolution on 9 April 2019.

Trustees are appointed in accordance with the articles of association of the Foundation. Following an amendment to the governing documents the Foundation Trustees are no longer required to retire by rotation through their period in office. Trustees are required however to give due consideration every five years as to whether the retirement or rotation of Trustees should be reintroduced to ensure the continued good governance of the Foundation and thereon vote upon. To date, all Trustees have been recruited from employees of Mace Limited. Potential candidates are selected through consideration of their leadership, governance, finance, and strategic experience and are appointed in accordance with any skills gaps that have been identified. All Trustees are employees or connected persons of employees of Mace Limited, which is the main funder of the Foundation.

Trustee inductions are individually tailored to meet the needs of each Trustee. External Trustee training is offered to all Trustees who are new to such a role covering topics such as duties of Trustees under company and charity law, governance and effective interpersonal relationships. Trustees who have previously undertaken Trustee training are invited to undertake refresher courses as required. Training needs are assessed individually on an annual basis.

The Foundation is governed by the Trustees who met 4 times for Trustee meetings in 2021 (2020:4). Decisions are taken collectively with questions arising at meetings decided by a majority of votes. The Chairman has a second or casting vote in the event of an equality of votes.

The Mace Foundation’s executive team consists of three members: a Chief Executive Officer, a Finance Manager, and a Head of Partnerships and Fundraising. All members of staff are employed by Mace Limited and seconded to the Mace Foundation. In addition to their work for the Foundation, they may undertake work for Mace Limited.

Related parties

The Mace Foundation was set up by the Mace group of companies to direct its charitable giving and activities. Trustees are Mace employees, or their connected persons and the current Chairman of the Foundation is the Group Chairman and Chief Executive of Mace, Mark Reynolds. Mace Limited is also the major funder of the Foundation, having committed itself to donating £300,000 or 1% of pre-tax profits whichever is the higher, together with the net profit of Mace Limited activities for the Mace Foundation.

Further, Mark Reynolds and Jason Millett are both directors and shareholders of Mace Finance Limited, the ultimate parent company of Mace Limited. Mark Reynolds was also a Trustee of LandAid (resigned on 31 December 2021), a former strategic charity partner who continues to be an informal beneficiary. Debbi Reynolds is the wife of Mark Reynolds. Several Trustees made small or immaterial donations to the Foundation or partners, but these do not warrant further disclosure.

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Objectives and activities

The Foundation’s objects are such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the Trustees may from time to time determine, but not exclusively by the provision of grants.

The Foundation is committed to making a positive difference in the communities where Mace operates through charitable activities which benefit the communities for the long term. The Foundation does this on two levels: strategic charity partnerships and a match funding programme.

The key theme for the Foundation is giving back to communities with a focus on the following areas:

The Foundation looks to find suitable strategic charity partners and signs multi-year agreements to provide targeted funding for projects. In 2020, Mind and St. Mungo’s were appointed as 3- year strategic charity partners. In 2021, the Foundation set up an official two-year partnership with Dubai Cares to help break the cycle of poverty, illiteracy, and low expectations through education in developing countries.

Achievements and performance

Despite the ongoing challenges of the global pandemic, Trustees are proud to announce in 2021, the Mace Foundation and Mace people donated over half a million to charities, giving back to hundreds of communities around the world. The monetary value is made up of funds donated by the Mace Foundation (£316,169) plus the funds donated by Mace people captured via the Foundation’s match funding programme (£203,972).

Match funding

Our match funding programme remains at the heart of the Foundation and allows Mace people to increase funds they are raising for a charity close to their hearts and in their communities. £289,525 (2020: £112,009) was raised for 86 charities via this programme. A few examples of the potential impact this programme made in 2021:

“Together with my family we took part in a 10k walk in memory of my grandfather who had dementia. We raised money for the hospice who looked after him. We raised over £1,000 to help make a real difference.” Mace Foundation match funding beneficiary

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Strategic charity partnerships

As a result of the Foundation's grants, during 2021 our strategic charity partners, Dubai Cares, Mind and St Mungo’s, were able to provide much needed services to some of the most disadvantaged and vulnerable people in our communities. As well as making a difference to the lives of their beneficiaries, these partnerships engage Mace staff through fundraising challenges, volunteering, and pro bono opportunities. Some of the key achievements of 2021 include:

“I went to Mind when the combination of lockdowns, online bullying and isolation became too much for me to bear. They helped me back on my path when I was at my lowest and I’m eternally grateful.” Mind beneficiary

Financial review

The Foundation’s income for the year totalled £442,729 (2020: £381,253) whilst expenditure totalled £424,571 (2020: £356,546) of which £316,169 (2020: £277,958) relates to direct charitable expenditure. Income and Expenditure in 2020 was impacted by the Covid-19 pandemic.

Funding comes from three main sources: Mace Limited donations £295,000 (2020: £260,000), Mace Limited employee and affiliate fundraising £141,117 (2020: £120,948), and other donations £6,612 (2020: £305).

Charitable expenditure of £316,169 (2020: £277,958) was made up of strategic charity partnerships £130,000 (2020: £120,000), direct donations to charities £100,728 (2020: £123,780) and employee and project match funding donations £85,441 (2020: £34,178). Support and governance costs totalled £106,056 (2020: £78,180).

£38,140 of restricted expenditure was made in 2021 (2020: £109,151); the majority relating to Mace employee fundraising donations for strategic charity partners and a £5,000 donation to Aids Care Education and Training.

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Reserves

On 31 December 2021 reserves totalled £91,196 (2020: £73,038). The Trustees had previously agreed that no more than five per cent (5%) of the Foundation’s annual income should normally be retained as unrestricted funds at the year-end. The actual level of reserves is reviewed annually in December and Trustees agreed that the 2021 surplus reserves should be brought forward to 2022 to mitigate against any future potential fundraising shortfalls.

Risk management

The Trustees have undertaken their annual review of the major risks to which the Foundation is exposed and are satisfied that appropriate mitigating actions are in place to reduce or control each risk.

A new risk area has been identified under operational/governance with regards to the Foundation ensuring, on an annual basis, that they are following best practice and where appropriate Gambling Commission codes of practice to demonstrate compliance with the terms of the lottery license.

Grant making policy

The Mace Foundation does not consider external requests for grants or donations, focusing support on specific charities and not-for-profit organisations which build on existing relationships through Mace Limited employees and projects. All requests are subject to Trustee approval and must align with the Foundation’s charitable objectives.

The Mace Foundation was able to help more communities thrive by making donations to LandAid, Great Ormand Street Hospital, WheelPower, Feeding America, and the Frida Hartley Women Shelter in South Africa. Over the course of the year these donations were able to:

Plans for future periods

In 2021, Mace launched its new strategy through to 2026 and this shows not only the ambition for post pandemic growth (Grow Together) but also more effective employee engagement over the longer term. The objectives and goals of the Mace Foundation have similarly been focussed on increasing engagement and both raising increased resources and measuring the outputs (impact of its activities). There has been a deliberate synergy between the objectives and activities of the charity and the strategic goals of Mace. Whilst the Mace Foundation retains independence from the Mace Group the objects of the charity are such that its charitable giving is aligned to supporting the communities where Mace works.

Mace’s 2021-2026 strategy has set a target of 50% of Mace people to be actively engaged with the Mace Foundation by 2026 and that Mace Foundation donates a further £6million to our charity partners and communities.

In response to Mace’s new strategy the Mace Foundation executive team undertook a review of the future governance, engagement and growth of the Mace Foundation. This was carried out in a number of ways including gathering feedback from Mace’s Group Board, Mace’s top 200 cohort, Mace’s

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Wellbeing Ambassadors and setting up focus groups made up of Mace employees from different disciplines, business engines and locations. Feedback was reviewed and discussed by the Board of Trustees.

In considering the future governance, engagement and growth of the Foundation from 2022 onward there are three main strategic areas of focus:

  1. Increasing engagement and participation of Mace people both in the UK and overseas

  2. Increasing income and growing the charity to provide a platform for sustainable charitable grants

  3. Effective utilisation of funds making grants to deliver increased outputs and impact.

2022 is due to be the last year of the Foundation’s existing charity partnerships with Dubai Cares, Mind, and St Mungo’s and will therefore be in many respects a transitional year. However, it also needs to be a year of relaunch and increased activity if the Foundation is going to take any significant steps to increase engagement and fundraising.

Public benefit

The Trustees have considered the Charity Commission’s requirement in respect of public benefit. In their view, the charity meets, in full, the criteria to satisfy the test. The Trustees’ annual report describes the activities undertaken to further its charitable purposes for the public benefit.

Political donations

Donations to political parties are specifically prohibited by the Mace Foundation. Therefore no donations were made within the year.

Directors and officer’s insurance

During the year, the company provided directors’ and officers’ insurance cover.

Trustees' responsibilities in relation to the financial statements

The Trustees (who are also directors of Mace Foundation for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the directors’ report) and the financial statements in accordance with 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).

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 and 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 maintaining proper accounting records which 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. They are also responsible for

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The maintenance and integrity of the charity’s website is the responsibility of the Trustees. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

In preparing the trustees’ report advantage has been taken of the small company’s exemption.

28 September 2022

Approved by the Trustees on ………………..………. and signed on their behalf by:

Mark Reynolds Chairman

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Independent Examiner’s Report to the Trustees of Mace Foundation (the Company)

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021 set out on pages 10 to 19.

Responsibilities and basis for report

As the charity’s trustees (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 Charites 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

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 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 the 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 Newton FCA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW

Date: 28/09/2022

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Statement of Financial Activities (including income and expenditure account) for the year ended 31 December 2021

Notes
Income:
Donations and legacies
3
Total income
Expenditure:
Costs of raising funds
Fundraising costs
4
Expenditure on charitable activities
Donations payable
5
Total expenditure
Net income/(expenditure)
Net movement in funds
Funds brought forward
11/12
Funds carried forward		 Unrestricted
funds
2021
£
Restricted
funds
2021
£
Total
funds
2021
£
Unrestricted
funds
2020
£
Restricted
funds
2020
£
Total
funds
2020
£
404,589
38,140
442,729
272,102
109,151
381,253
404,589
38,140
442,729
272,102
109,151
381,253
(21,262)
-
(21,262)
(17,720)
-
(17,720)
(365,169)
(38,140)
(403,309)
(229,675)
(109,151)
(338,826)
(386,431)
(38,140)
(424,571)
(247,395)
(109,151)
(356,546)
18,158
-
18,158
24,707
-
24,707
73,038
-
73,038
48,331
-
48,331
91,196
-
91,196
73,038
-
73,038

All income and expenditure derive from continuing activities.

The notes on pages 13 to 19 form part of these financial statements.

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Balance sheet at 31 December 2021

Notes
Current Assets:
Debtors
8
Cash at bank and in hand
Liabilities:
Creditors: Amounts falling due within one year
9
Total net assets
10
The funds of the charity:
Unrestricted funds
12
Restricted income funds
11		 2021
2020
£
£
-
27,430
188,766
63,110
188,766
90,540
(97,570)
(17,502)
91,196
73,038
91,196
73,038
-
-
91,196
73,038

The Trustees (directors) are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the period by virtue of Section 477, and that no member or members have requested an audit pursuant to Section 476 of the Act.

These financial statements have been prepared in accordance with the provisions available to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.

The trustees acknowledge their responsibility for:

28 September 2022 These financial statements were approved by the trustees and authorised for issue on ………………… and are signed on their behalf by:

Mark Reynolds Chairman

The notes on pages 13 to 19 form part of these financial statements.

Company Number: 08144743

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Statement of Cash Flows for the year ended 31 December 2021

tatement of Cash Flows for the year ended 31 December 2021
Notes
Net cash from/(used in) operating activities
15
Cash flows from investing activities
Cash flows from financing activities
Change in cash in the year
Cash at the beginning of the year
Cash at the end of the year		 2021
£
2020
£
125,656
(28,845)
-
-
-
-
125,656
(28,845)
63,110
91,955
188,766
63,110

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Notes to the financial statements for the year ended 31 December 2021

1. General information

Mace Foundation is a registered charity (Charity Number: 1150134) and is a private company limited by guarantee (Company number: 08144743), incorporated in England and Wales and domiciled in England. The registered office is 155 Moorgate, London, EC2M 6XB.

2. Accounting policies

The principal accounting policies are set out below. The accounting policies have been adopted consistently throughout the year.

a) Basis of accounting

The accounts (financial statements) have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.

The financial statements are presented in £ sterling and are rounded to the nearest £1.

The company constitutes a public benefit entity as defined by FRS 102.

b) Going concern

Having assessed the Foundation’s financial position and plans for the foreseeable future in light of the impact of COVID-19, the Trustees are satisfied that it remains appropriate to prepare the financial statements on a going concern basis.

In 2021 and beyond, the donation from Mace Ltd as the main source of income for the charity remains a firm commitment and the Trustees expect the Mace Ltd donation will more than sufficiently cover all the very minimal fixed costs of the charity. The Trustees believe that the pipeline of thoughtfully planned fundraising events will provide the charity with the additional resources to continue its operations.

Through sound financial planning and additional proactive actions in response to the pandemic, the Trustees have concluded that COVID-19 will not materially affect the ability of the charity to continue as a going concern for the foreseeable future.

c) Income

Charitable donations - All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

d) Expenditure

Expenditure is accounted for on an accruals basis and recognised when a liability is incurred.

Costs of raising funds are those costs incurred in attracting voluntary income.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include staff costs, non-recoverable VAT, sundry consumables, and governance costs. Governance costs are those costs primarily incurred in respect of compliance with statutory and constitutional requirements. The basis for the allocation of support costs is set out in note 7.

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Notes to the financial statements for the year ended 31 December 2021 (continued)

Donations payable are payments made to third parties in the furtherance of the charitable objectives of the Foundation. Multi-year grants to strategic charity partners are accounted for when the recipient has a reasonable expectation that they will receive a grant and when the Trustees are satisfied that the conditions included within the agreements have been met; this will usually be on an annual basis. Grant recipients are set out in note 6.

e) Fund structure

The funds held by the charity are either:

Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Restricted funds - these are funds that 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.

f) VAT

The charitable company is not registered for VAT. Non-recoverable VAT is included within support costs.

g) Taxation

The charitable company is exempt from Corporation Tax on its charitable activities. The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

h) Financial instruments

The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement values.

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Notes to the financial statements for the year ended 31 December 2021 (continued)

3. Donations and legacies

Mace Limited donations
Mace Limited employee and
affiliate fundraising
Other donations		 Unrestricted
funds
Restricted
funds
Total
funds
Unrestricted
funds
Restricted
funds
Total
funds
2021
2021
2021
2020
2020
2020
£
£
£
£
£
£
290,000
5,000
295,000
220,000
40,000
260,000
107,977
33,140
141,117
51,797
69,151
120,948
6,612
-
6,612
305
-
305
404,589
38,140
442,729
272,102
109,151
381,253
4.
Fundraising costs
Notes
Direct fundraising costs
Support and governance
7
5.
Charitable activities
Notes
Grants to strategic charity
partners
6
Donations to charities
Match funding donations to
charities
Total donations
Support and governance
7		 Unrestricted
Funds
Restricted
funds
Total
funds
Unrestricted
Funds
Restricted
funds
Total
funds
2021
2021
2021
2020
2020
2020
£
£
£
£
£
£
(2,346)
-
(2,346)
(408)
-
(408)
(18,916)
-
(18,916)
(17,312)
-
(17,312)
(21,262)
-
(21,262)
(17,720)
-
(17,720)
Unrestricted
Funds
Restricted
funds
Total
funds
Unrestricted
Funds
Restricted
funds
Total
funds
2021
2021
2021
2020
2020
2020
£
£
£
£
£
£
(130,000)
-
(130,000)
(120,000)
-
(120,000)
(62,588)
(38,140)
(100,728)
(14,629)
(109,151)
(123,780)
(85,441)
-
(85,441)
(34,178)
-
(34,178)
(278,029)
(38,140)
(316,169)
(168,807)
(109,151)
(277,958)
(87,140)
-
(87,140)
(60,868)
-
(60,868)
(365,169)
(38,140)
(403,309)
(229,675)
(109,151)
(338,826)

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Notes to the financial statements for the year ended 31 December 2021 (continued)

6. Grant payments

100% of the grants and donations were to institutions. The table below shows details of the grants to the strategic charity partners.

Proactive partnerships
LandAid
Mind
St Mungo’s
Dubai Cares
Total grants		 2021
£
2020
£
-
10,000
55,000
55,000
55,000
55,000
20,000
-
130,000
120,000

7. Support costs

Staff costs
Insurance
Bank charges
Non-recoverable VAT
Other costs
Governance costs
Split:
Fundraising costs
(note 4)
Charitable activities
(note 5)		 Unrestricted
funds
Restricted
funds
Total
funds
Unrestricted
funds
Restricted
funds
Total
funds
2021
2021
2021
2020
2020
2020
£
£
£
£
£
£
(99,959)
-
(99,959)
(72,406)
-
(72,406)
(1,898)
-
(1,898)
(1,450)
-
(1,450)
(369)
-
(369)
(126)
-
(126)
(167)
-
(167)
(612)
-
(612)
(573)
-
(573)
(995)
-
(995)
(3,090)
-
(3,090)
(2,591)
-
(2,591)
(106,056)
-
(106,056)
(78,180)
-
(78,180)
(18,916)
-
(18,916)
(17,312)
-
(17,312)
(87,140)
-
(87,140)
(60,868)
-
(60,868)
(106,056)
-
(106,056)
(78,180)
-
(78,180)

The Chief Executive Officer; Mace Foundation Finance Manager; Head of Partnerships and Fundraising are employed and paid by Mace Limited. They are seconded to the Foundation with the relevant costs re-charged to the Mace Foundation. The 3 (2020: 3) staff members during the year are all considered to be key management personnel. No employees received employee benefits of more than £60,000.

Governance costs include the independent examination charges for the year of £2,317 (including VAT) plus fees for preparation of the accounts of £773 (including VAT).

Support costs have been allocated to charitable activities and fundraising based on staff time.

Trustees’ remuneration and expenses:

No trustees received any remuneration or benefits in kind during the period. No travel or other expenses were reimbursed to trustees during the period.

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Notes to the financial statements for the year ended 31 December 2021 (continued)

8. Debtors

btors
Accrued income
Mace Limited		 2021
2020
£
£
-
21,097
-
6,333
-
27,430

9. Creditors: amounts falling due within one year

Trade creditors
Credit card
Independent examination
Mace Limited
Unpaid charitable donations		 2021
2020
£
£
-
(2,942)
(7,308)
(6,558)
(3,090)
(3,000)
(64,103)
-
(23,069)
(5,002)
(97,570)
(17,502)

10. Allocation of net assets between funds

Current assets
Current liabilities		 Unrestricted
funds
2021
Restricted
funds
2021
Total
funds
2021
Unrestricted
funds
2020
Restricted
funds
2020
Total
funds
2020
£
£
£
£
£
£
188,766
-
188,766
90,540
-
90,540
(97,570)
-
(97,570)
(17,502)
-
(17,502)
91,196
-
91,196
73,038
-
73,038

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ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

Notes to the financial statements for the year ended 31 December 2021 (continued)

11. Restricted funds - 2021

Restricted funds - 2021
Mace Limited Donations
Total restricted funds
Restricted funds - 2020
Mace Limited Donations
Total restricted funds		 Balance at
1 January 2021
Income
Expenditure
Balance at
31 December
2021
£
£
£
£
-
38,140
(38,140)
-
-
38,140
(38,140)
-
Balance at
1 January 2020
Income
Expenditure
Balance at
31 December
2020
£
£
£
£
-
109,151
(109,151)
-
-
109,151
(109,151)
-

Mace Limited Donations – These funds represent donations made from Mace Limited to the Mace Foundation for specific causes and the subsequent donation of these funds.

12. Unrestricted funds - 2021

Balance at
Balance at 31 December
1 January 2021 Income Expenditure 2021
£ £ £ £
General Fund 73,038 404,589 (386,431) 18,158
Unrestricted funds – 2020
Balance at
Balance at 31 December
1 January 2020 Income Expenditure 2020
£ £ £ £
General Fund 48,331 272,102 (247,395) 73,038

18

Not Confidential - Internal

ANNUAL REPORT AND ACCOUNTS 31 DECEMBER 2021

13. Liability of the Members

Notes to the financial statements for the year ended 31 December 2021 (continued)

The charitable company does not have a share capital and is limited by guarantee. In the event of the charitable company being wound up, the maximum amount that each member is liable to contribute is one pound. As of 31 December 2021 there were 8 members (2020: 8).

14. Related party transactions

The Mace Foundation was set up by the Mace group of companies to direct its charitable giving and volunteering activities. Trustees are Mace employees or their connected persons and the current Chairman of the Foundation is the Chief Executive Officer of Mace, Mark Reynolds. Mace Limited is also the major funder of the Foundation, having committed to donating 1% of its budgeted pre-tax profits comprising Mace Limited donations and Mace Limited fundraising events each year.

Further, Mark Reynolds and Jason Millett are both directors and shareholders of Mace Finance Limited, the ultimate parent company of Mace Limited. Mark Reynolds is also a trustee of LandAid, one of Mace Foundation’s strategic charity partners, having joined the LandAid board after it became a strategic partner. During the year a grant was paid to LandAid of £10,000 (2020 - £10,000) and £nil credit card expenditure was also reimbursed to LandAid (2020: £1,220). Additionally, Debbi Reynolds who is a Trustee of Mace Foundation is the wife of Mark Reynolds.

15. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Decrease in debtors
Increase/(decrease) in creditors
Net cash from/(used in) operating activities		 2021
£
2020
£
18,158
24,707
27,430
17,831
80,068
(71,383)
125,656
(28,845)

19

Not Confidential - Internal