Charity Registration No. 1153618 (England and Wales) Company Registration No. 08325666
SWAROVSKI FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
SWAROVSKI FOUNDATION
CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Trustees | 2 |
| Independent Auditors’ Report | 10 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 15 |
| Statement of Cash Flows | 16 |
| Notes to the Financial Statements | 17 |
SWAROVSKI FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION
Trustee
| Trustee | |
|---|---|
| Nadja Swarovski | |
| Paul van Zyl | |
| Johnathan Edward Michener Baillie | |
| Lorenza (aka Mimma) Viglezio | |
| Helene Antonia vonDamm | |
| Teri Ellen Schwartz | |
| Marisa Schiestl-Swarovski | |
| Melanie Grieder-Swarovski (appointed 23rdMarch 2021) | |
| Director | Jakhya Rahman-Corey |
| Bankers | HSBC |
| 9 The Boulevard | |
| Crawley | |
| West Sussex | |
| RH10 1UT | |
| Registered office | 4thFloor |
| 21 Sackville Street | |
| London | |
| Greater London | |
| W1S 3DN | |
| Statutory Auditor | Saffery Champness LLP |
| 71 Queen Victoria Street | |
| London | |
| EC4V 4BE | |
| Company Registration No. | 08325666 (England and Wales) |
| Charity Registration No. | 1153618 |
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SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees of the Swarovski Foundation present their annual report and financial statements for the year ended 31 December 2020, which are also prepared to meet the requirements of a directors’ report and accounts for Companies Act 2006 purposes.
The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 2016, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard (FRS 102). The legal and administrative information on page 1 forms part of this report.
Constitution, objects and governance
The Foundation was incorporated on 11 December 2012 and is governed by its Memorandum and Articles of Association. The Trustees who have been in office during the period or up to the date of this report are listed on page 1.
The Memorandum and Articles of Association of the Foundation were updated in November 2016. The updated Memorandum and Articles of Association recognise that Nadja Swarovski is the sole member of the Foundation and has the right to appoint Trustees (directors) by way of an ordinary resolution.
The Foundation has created documents to support Trustees onboarding including but not limited to a Policy Handbook, highlighting the roles and responsibilities of Trustees.
The Trustees consider the Board of Trustees and the Director as comprising the key management personnel. The Trustees are responsible for the strategic direction of the Foundation, and they delegate day to day financial and operational responsibilities and administration to the Director.
No trustee remuneration was paid during the year. Details of any trustee expenses and related party transactions are disclosed in notes 5 and 11 of the financial statements.
The remuneration of the Foundation’s Director is reviewed annually, utilising the Swarovski Global Grading System, which is a globally aligned methodology of role evaluation that enables external comparatives and internal equity, and is overseen by the global management consulting expert, Mercer.
The Foundation operates a well-documented and appropriate methodology in relation to the declaration of interest. As part of an annual review, the Trustees attention is drawn to an outline of good practice based on guidance issued by the Charity Commission. The Foundation has in place a policy on conflicts of interest and loyalty, and the Trustees regularly disclose any actual or potential conflicts of interest.
The Trustees are aware of the principles of the 2017 Charity Governance Code for larger charities: organisational purpose, leadership, integrity, decision making, risk & control, board effectiveness, diversity and openness and accountability. The Charity Governance Code was refreshed in December 2020 to expand the diversity principle into equality, diversity and inclusion and to expand the integrity principle. The Swarovski Foundation Policy Handbook is updated regularly to reflect these changes. Furthermore, Trustees have received Charity Commission: The Essential Trustee Guidance (CC3) and Charity Commission: The hallmarks of an effective charity (CC10).
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SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
The Foundation’s objects as set out in its Memorandum of Association are for such purposes as:
“The relief of sickness and the preservation of health among people residing throughout the world; the advancement of art, culture and heritage; the promotion for the benefit of the public of conservation protection and improvement of the physical and natural environment; the promotion of human rights (as set out in the Universal Declaration of Human Rights and subsequent United Nations conventions and declarations) throughout the world.”
Strategy, objectives, and activities
The Swarovski Foundation’s vision is to connect to the philanthropic spirit of Swarovski’s business founder who stated “a precondition of your long-term success is that you endeavour to think not only of yourselves but also of your fellow human beings. Those who adhere to this condition will certainly be blessed with success.” Daniel Swarovski (Founder of the Swarovski Business)
Main objectives
The Swarovski Foundation’s mission is to create impact through grants, awareness and action, across three areas of focus - culture and creativity, human empowerment and the environment, through global partnerships.
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1) Culture and Creativity - We preserve cultural heritage and foster emerging creative talent by funding educational charities and institutions working across fashion, jewellery and design
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2) Human Empowerment - We promote education equality and gender equality by working with organisations that educate young people and address the challenges facing women around the world
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3) Environment - We partner with environmental organisations and projects engaged in the conservation, protection and improvement of the natural world.
Strategies for achieving stated objectives:
The Sustainable Development Goals (SDGs) and Sustainability - The Sustainable Development Goals or Global Goals are a collection of 17 interlinked global goals designed to be a "blueprint to achieve a better and more sustainable future for all". The SDGs were set in 2015 by the United Nations General Assembly and are intended to be achieved by the year 2030. Since 2018, the Swarovski Foundation has been aligning with the SDGs. This framework underpins the strategy of the Foundation to deliver our objective and help drive impact.
The SDGs are the best practice for modern philanthropy, providing unifying language to find and collaborate with partners working toward the same goals and thus by collaborating with grantees, the process of aligning with the SDGs yields greater impact.
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SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
Furthermore, Sustainable Development refers to the many processes and pathways to achieve Sustainability. Sustainability is a paradigm for thinking about the future in which environmental, societal, and economic considerations are balanced in the pursuit of an improved quality of life. There are four identified dimensions to sustainable development - social, natural/environmental, political and economic. The Swarovski Foundation aligns to social sustainability (achieve peace, equality and human rights) and environmental sustainability (conservation, all living things, resources and life support systems).
Global Partnerships – We work with and provide grants to global charities and institutions to deliver our objectives. All grants are subject to assessment to ensure alignment to our values, code of conduct and the strategic objectives of the Swarovski Foundation.
Community Engagement – Nadja Swarovski shares “money is not the only currency” as we can use human power to create change, such as volunteering. The Foundation seeks to empower Swarovski employees globally to understand engagement opportunities to volunteer and/or fundraise for charities which can create further impact for Foundation partners.
Significant activities that contribute to the achievement of the stated objectives in the year ending 31 December 2020:
The Sustainable Development Goals (SDGs) - The Swarovski Foundation is committed to supporting the 17 Sustainable Development Goals; we believe in the power of the global goals to shape a better world. Our Foundation focuses on eight key goals which most closely link to our partners’ work and the communities we reach including but not limited to No Poverty (Goal 1), Quality Education (Goal 4), Gender Equality (Goal 5), Clean Water and Sanitation (Goal 6), Decent Work and Economic Growth (Goal 8), Life Below Water (Goal 14), Life on Land (Goal 15) and Partnerships for the Goals (Goal 17). All partners of the Swarovski Foundation must align with the SDGs and promote sustainability.
Global Partnerships – Since 2013, the Swarovski Foundation has reached over 600,000 people through partnerships with 55 organisations across 47 countries. In 2020 The Swarovski Foundation has supported 21 organisations in 24 different countries, reaching a total of 83,000 people; 45,000 of those under the pillar of Culture and Creativity, 18,000 under the pillar of Human Empowerment and 20,000 under the Environment.
Community Engagement - The Swarovski Foundation believes in the power of engaging both external and internal stakeholders to involve them in its work and be one of our partners. The Swarovski Foundation regularly sets up various engagement activities that aim to drive both more awareness and concrete actions to activate change. In 2020 the Swarovski Foundation has carried out engagement efforts for its workforce especially in the first months of the year before the pandemic hit - reaching a total of 40 employees (through its first lunch lecture in Gdansk, Poland and a Swarovski Waterschool training for Swarovski employees in Austria and raising more than 2,100 Euros in support of Women for Women International - and again towards the end of the year with new virtual engagement formats that allowed employees from all over the world to take part.
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SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
Delivering Objectives During COVID-19 - The Swarovski Foundation recognises that COVID-19 had increased inequality leaving a devastating impact on individuals, organisations and economies. Whilst the Swarovski Foundation does not deliver services directly to beneficiaries, we considered during such challenging times that we must uphold longstanding charity partnerships, so that they are able to deliver the necessary support needed to beneficiaries. Our charity partners had shown such resilience and creative measures to deliver their work safely on the ground, as well as virtually, reaching over 100,000 people. We know the ripple effects of the pandemic continue, and therefore the Swarovski Foundation will continue to observe the situation and will adapt to any changes necessary to achieve the greatest positive social and environmental impact.
Some examples of partners aligning with Foundation strategic areas year ending 31 December 2020:
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Blue Marine Foundation - The Swarovski Foundation has partnered with the Blue Marine Foundation, to educate the Aeolian Islands community and achieve effective marine conservation. Blue Marine Foundation aims to build 48 students’ awareness in marine conservation, promote education across 1,000 local community members and launch 4 Marine programs in Lipari and Salina island with 3 schools by 2021. The Blue Marine Foundation project aligns with SDG Quality Education (Goal 4), Life Below Water (Goal 14) and Partnerships for the Goals (Goal 17).
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Equal Justice Initiative - The Equal Justice Initiative (EJI) is committed to ending mass incarceration and excessive punishment in the United States, to challenging racial and economic justices, and to protecting basic human rights. It works with communities that have been marginalized by poverty and discouraged by unequal treatment and is committed to protecting basic human rights for the most vulnerable people in society, and to changing the narrative about race in the US. In 2020 the Swarovski Foundation supported the EJI's core funding and the project aligns with SDG Quality Education (Goal 4), and Partnerships for the Goals (Goal 17).
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Nest - The Swarovski Foundation supports Nest to help promising and engaged artisans, providing them with the support they need to strengthen their businesses through the Artisan Accelerator Program, improve the environmental impact of production and preserve important cultural traditions around the world. Nest aligns with SDG No Poverty (Goal 1), Quality Education (Goal 4), Gender Equality (Goal 5), Clean Water and Sanitation (Goal 6), Decent Work and Economic Growth (Goal 8), and Partnerships for the Goals (Goal 17). In 2020, with the support of the Foundation, Nest reached 10 businesses employing more 4,800 artisans represented across 8 countries.
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Teach for Austria - The Swarovski Foundation supports Teach for Austria, helping to recruit, select and train university graduates to work with hundreds of disadvantaged children in Austria. The partnership began in 2014 and covers the program costs for participants of the fellowship. Teach for Austria aligns with Quality Education (SDG 4) and Gender Equality (SDG 5). In 2019, the partnership was renewed for a further 3 years, and aimed to recruit, place, train and mentor a total of 15 Fellows teaching 1,500 children, as well as educating 50 Swarovski Waterschool Ambassadors.
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The Nature Conservancy (TNC) – The Swarovski Foundation supports The Nature Conservancy, which implements multiple restoration methods and works with local communities and authorities to restore landscapes in the Mantiqueira Mountains of Brazil. The Mantiqueira Mountains project will indirectly benefit 20 million people and 1.2 million hectares of land by 2030. The Nature Conservancy project aligns with SDG No Poverty (Goal 1), Quality Education (Goal 4), Clean Water and Sanitation (Goal 6), Life on Land (Goal 15) and Partnerships for the Goals (Goal 17).
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SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
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Whitechapel Gallery - The Swarovski Foundation has supported the Whitechapel Gallery since 2015, donating funds towards its Youth Programme, which supports young people through short- and longterm creative engagement opportunities including creative work placements, meeting creative professionals and contemporary art workshops and masterclasses. Whitechapel Gallery aligns with Quality Education (SDG 4) Decent Work and Economic Growth (SDG 8) and Partnership for the Goals (SDG 17) . Since 2015, the Swarovski Foundation has reached approximately 4,000 young people through the Youth Programme.
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Women for Women International - The Swarovski Foundation supports Women for Women International's social and economic empowerment programme in Nigeria, which helps women survivors of war to rebuild their lives by measurably improving their incomes, health and wellbeing, and decisionmaking abilities. Women for Women International aligns with SDG No Poverty (Goal 1), Quality Education (Goal 4), Gender Equality (Goal 5) and Partnerships for the Goals (Goal 17). Since 2014, the Swarovski Foundation have supported more than 1,000 women survivors of war in Nigeria.
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UNFPA - UNFPA is the United Nations’ sexual and reproductive health agency with a mission to deliver a world where every pregnancy is wanted, every childbirth is safe and every young person's potential is fulfilled. In November 2020 the Swarovski Foundation answered a UNFPA emergency appeal to provide life-saving assistance to mothers and their children in Yemen by empowering midwives with emergency clinical services, and distributing clean delivery kits containing simple items that can help a woman deliver safely if she cannot access a health facility. Swarovski Foundation partnered with UNFPA on Giving Tuesday communications and fundraising initiative and will continue this commitment to its work in Yemen through 2021. This project aligns with Quality Education (Goal 4), Gender Equality (Goal 5) and Partnerships for the Goals (Goal 17).
Financial Review
Incoming resources of £760,138 (2019: £635,139) were received in the year, primarily in the form of grants from Swarovski AG, whilst resources of £459,761 (2019: £1,083,536) were expended within the year. In addition to these amounts, the Statement of Financial Activities also recognises incoming resources and equivalent expenditure of £393,462 (2019: £322,836) representing an estimate of services donated by the Swarovski Group in 2020 in respect of employee time in the management of the grants programme, legal services and finance and administration services.
The trustees recognise the full value of multi-year grant commitments in the year in which the Swarovski Foundation create a legal or constructive obligation, and where the terms of the related agreement support this accounting treatment.
As a result, at 31 December 2020, the net liabilities of the Swarovski Foundation amounted to £138,198 (2019: £403,977). The net liabilities position recognises a decrease of £265,779 in 2020’s net liabilities compared to 2019, when several new multi-year grants were made. Swarovski AG provide Trustees with an undertaking on an annual basis in the form of a letter of support that the full value of multi-year grant commitments will be met as the future payment instalments arise.
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SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
Reserves Policy
As noted above, as at 31 December 2020, the Foundation is in a negative reserves position of £139,198 (2019: £403,977).
The Foundation operates within the confines of a project budget that is reviewed and approved by the Board of Trustees. The Foundation is provided with funding by Swarovski AG on an unrestricted basis. Within these unrestricted funds, certain funds have been designated by Trustees for future projects, but this remains at their discretion.
The negative reserves position in 2020 arises from a timing difference between income received to fund grant commitments and the recording of multi-year grant commitments as a liability on the balance sheet. The Trustees have received confirmation from Swarovski AG that funding will be provided as the need to make payment of grant instalments arises in the form of a letter of support, and accordingly the Trustees have satisfied themselves that the Foundation remains a going concern and the going concern basis of accounting remains appropriate.
Future Considerations and COVID-19
The Swarovski Foundation will continue in its vision to spark change for good through awareness and action, by supporting culture and creativity, promoting human empowerment, and preserving the environment, through global partnerships (as stated above).
The Swarovski Foundation recognises that COVID-19 is having a devastating impact on individuals, organisations and economies, and the ultimate outcome remains uncertain. Whilst the Swarovski Foundation does not deliver services directly to beneficiaries, it recognises that its grants support charity organisations to fulfil this service. Therefore, during these challenging times the Swarovski Foundation considers it important to uphold longstanding charity partnerships, so that they can deliver the necessary support needed to beneficiaries.
The Swarovski Foundation will continue to observe the situation and will adapt to any changes necessary to achieve the greatest positive social impact.
Grant Making Policy
The Swarovski Foundation has determined the following policy for Grant making purposes.
Principles
In awarding Grants, the Trustees apply the following principles:
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a) Alignment with the Swarovski Foundation’s mission to support charitable initiatives and organisations working in three focus areas: culture and creativity, promoting human empowerment and conserving natural resources.
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b) Applications from key geographical areas which align with Swarovski’s wider business operations are eligible for consideration and where there is a need for our support in alignment with United Nations Sustainable Development Goals; and
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c) To support any charitable organisation, trust, association, or institution formed for any of the charitable purposes whose purposes align with the Swarovski Foundation objectives.
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SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
Exclusions
The Swarovski Foundation does not accept unsolicited Grant requests.
All Grant applications are subject to the Board’s approval. Trustees shall not approve the use of any Grant funds that fall outside of the Swarovski Foundation mission and objectives. The number of projects which can be supported by the Swarovski Foundation is, of necessity, limited to the amount of funds available for distribution in any one year.
Risk Management
The Trustees have examined the major strategic, business, and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary steps can be taken to lessen these risks.
The financial risk of not being able to pay grant instalments when due is mitigated by the letter of support provided by Swarovski AG, noted on page 7. The operational risk that the funds may not be used for the purpose granted is mitigated both by the frequent contact with charity partners, as well as the process of funding grants in two tranches, with the second tranche not paid until satisfactory progress has been made. While the reputational risk of being associated with an errant charity partner is of concern to all charitable organisations, the Foundation attempts to lessen this through its due diligence process. In addition, the Foundation does not deal directly with beneficiaries of our charity partners.
Fundraising
The Trustees are aware of the additional disclosure requirements and guidance of The Charities (Protection and Social Investment) Act 2016; the updated Charity Commission’s guidance - Charity fundraising trustee duties (CC20); and the Institute of Fundraising handbook - Trustees and fundraising: a practical handbook; however, as the Foundation does not raise funds via direct contact with the general public, these are considered to be not applicable at the present time.
COVID-19 Risk Management
The Swarovski Foundation is funded by Swarovski AG, and does not rely on fund-raising for its income. It has no staff of its own, and services of several UK and Austrian-based staff are donated by the Swarovski businesses in those countries. It has no volunteers.
The Swarovski Foundation does not deliver services directly to beneficiaries, but funds other charitable organisations. Its primary financial asset is cash, it does not have investments. Likewise, its primary financial liabilities are the grants payable to its charity partners; there are no pension or other financial liabilities.
Swarovski Foundation is in close contact with its charity partners to understand how the crisis is impacting these organisations.
The overall Swarovski business is financially healthy, yet like many retail businesses, had felt the liquidity impact of Covid-19 with a large number of stores closed globally during 2020 and early 2021, but many are now reopen and on-line sales healthy. Swarovski AG is expected to continue to support the Swarovski Foundation as it has in the past.
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SWAROVSKI FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
Trustees are mindful that as a corporate foundation, the Swarovski Foundation is supported by the wider business and specifically by Swarovski AG, and share confidence in the Swarovski group. The Swarovski Foundation is part of the overall group budgeting and rolling forecast processes.
Trustees’ responsibilities statement
The Trustees (who are also directors of the Swarovski Foundation 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 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 business.
The Trustees are responsible for keeping proper accounting records that 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 safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Provision of information to the auditor
The Trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Trustees has confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
On behalf of the board
………………………………. N Swarovski Trustee
12 July 2021
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SWAROVSKI FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2020
Opinion
We have audited the financial statements of Swarovski Foundation for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including 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:
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give a true and fair view of the charitable company’s state of affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with 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 charitable company 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
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
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 course of the audit
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SWAROVSKI FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2020
or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 the audit:
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the information given in the Report of the Trustees which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees which includes the Directors’ 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or 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
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees’ Annual Report and the Strategic Report.
Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities Statement set out on page 9, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements 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 charitable company’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 to do so.
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SWAROVSKI FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2020
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 ISAs (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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with informed management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with informed management and updating our understanding of the sector in which the charitable company operates.
Laws and regulations of direct significance in the context of the charitable company include the Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
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SWAROVSKI FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2020
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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, as 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility 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.
Liz Hazell (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP
71 Queen Victoria Street Chartered Accountants London Statutory Auditors EC4V 4BE
Date:
Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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SWAROVSKI FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Income: Donations and legacies 2, 8 Total Income Expenditure: Expenditure on charitable activities 3, 8 Total expenditure Net income / (expenditure) Other gains /(losses) - foreign exchange Net movement in funds for the year Total funds / (deficit) brought forward Total (deficit) / funds carried forward 8 |
2020 Unrestricted & total funds £ 1,153,600 1,153,600 853,222 853,222 300,378 (34,599) 265,779 (403,977) (138,198) |
2019 Unrestricted & total funds As restated £ 957,975 |
|---|---|---|
| 957,975 | ||
| 1,406,372 | ||
| 1,406,372 | ||
| (448,397) 2,062 |
||
| (446,355) | ||
| 42,358 | ||
| (403,977) |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 17 to 25 form part of these financial statements. Note 15 shows the impact of the prior year restatement.
Page 14
SWAROVSKI FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2020
| Note Current assets Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 6 Net current (liabilities) / assets Creditors: amounts falling due after one year 7 Net (liabilities) / assets Funds Unrestricted funds General funds Designated funds Total (deficit) / funds 8 |
2020 £ 514,872 514,872 (619,245) (104,373) (33,825) (138,198) (296,048) 157,850 (138,198) |
2019 As restated £ |
|---|---|---|
| 547,239 | ||
| 547,239 | ||
| (481,296) | ||
| 65,943 (469,920) |
||
| (403,977) | ||
| (446,697) 42,720 |
||
| (403,977) |
The notes on pages 17 to 25 form part of these financial statements.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
Approved and authorised for issue on behalf of the Trustees by:
…………………………….... Trustee N Swarovski
………………………………. 2021 12 July
Company Registration No. 08325666 (England and Wales)
Page 15
SWAROVSKI FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Cash flow from / (used in) operating activities: Net cash provided by operating activities and change in cash and cash equivalents in the reporting period13 Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2020 £ (32,367) 547,239 514,872 |
2019 £ 45,324 501,915 |
|---|---|---|
| 547,239 |
Page 16
SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Swarovski Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 2[nd] floor, 21 Sackville Street, London W1S 3DN.
The principal accounting policies adopted, judgements and key sources of estimating uncertainty in the preparation of the financial statements are as follows:
1.1 Accounting convention
Basis of preparation
The financial statements have been prepared in accordance with 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 (FRS 102), Charities SORP (FRS 102), and the Companies Act 2006.
The Swarovski Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are recognised at the historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The financial statements are prepared in sterling, which is the financial currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The 2019 financial statements have been restated to reflect the reclassification of the charitable grant-making activity for the Swarovski Foundation Community Engagement programme as a designed fund rather at 31 December 2019, rather than a grant payable. The impact of this is shown in note 15.
1.2 Going concern
The net deficit position in the financial statements arises from a timing difference between income received to fund grant commitments and the recording of full grant commitments as a liability on the balance sheet. The Trustees have received confirmation from Swarovski AG that funding will be received from Swarovski AG as the need to make payment of grant instalments arises. Accordingly, the Trustees have satisfied themselves that the Foundation remains a going concern and the going concern basis of accounting remains appropriate.
1.3 Income
1.3.1 Donations and gifts
Income is recognised in the period in which there is probability of receipt, the charity is entitled to receipt and the amount can be measured with reasonable certainty.
1.3.2 Donated services
Donated services are recognised as income and expenditure in the financial statements when companies and individuals provide their professional expertise pro bono. The value of these donated services is considered to be equivalent to the market value which would have been paid by the Foundation had the service been formally procured.
- 1.3.3 Investment income Investment income is accounted for on a receivable basis.
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SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
1.4 Expenditure
Expenditure is included on an accruals basis including irrecoverable VAT. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Foundation to the expenditure.
1.4.1 Grants
The value of grants is recognised in full as expenditure in the year when the Foundation creates a legal or constructive obligation, even where they may be multi-year in nature. Typically, this arises when an unconditional grant offer has been communicated to the recipient. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant.
-
1.4.2 Governance costs Governance costs are the costs involved in the constitutional and statutory aspects of running the Foundation as a legal entity.
-
1.4.3 Other costs
-
Other direct and support costs are allocated to the appropriate activity as the cost is incurred, or on the basis of the estimated time spent on the activity.
-
1.5 Funds
-
Unrestricted Funds comprise those funds, which the trustees are free to use in accordance with the charitable objects. Designated funds are unrestricted funds of the Foundation which the trustees have decided at their discretion to set aside to use for a specific purpose.
Restricted funds are funds received where the donor has indicated that they can only be spent on specific projects.
1.6 Foreign currency translation
- Foreign currency transactions are translated into pounds sterling at the exchange rate prevailing at the transaction date. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date.
1.7 Areas of judgement and uncertainties
- In the application of the Foundation’s accounting policies, the trustees are required to make judgements, estimates and assumptions. These are based on historical experience and other relevant factors. The estimates and underlying assumptions are reviewed on an ongoing basis.
Donated services have been estimated and consist of staff time and consultancy services donated by Swarovski UK, Swarovski North America and D Swarovski KG in respect of management of the grants programme, legal services and finance and administration services.
1.8 Financial instruments
- The Foundation only has financial assets and 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 value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. There were no bank loans in the year.
Page 18
SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
2 Voluntary income
| Voluntary income | ||
|---|---|---|
Donation–Swarovski AG Donated service-Swarovski North America Donated service–Swarovski UK Donated service–D Swarovski KG |
2020 £ 760,138 43,823 279,887 69,752 1,153,600 |
2019 £ 635,139 - 251,958 70,878 |
| 957,975 |
Donated services have been estimated and consist of staff time and consultancy services donated by Swarovski UK, Swarovski North America and D Swarovski KG in respect of management of the grants programme, legal services and finance and administration services.
3 Charitable activities
| Grant making | 2020 | 2019 |
|---|---|---|
| As restated | ||
| £ | £ | |
| The Nature Conservancy | - | 260,370 |
| British Red Cross | - | 34,588 |
| Blue Marine Foundation | - | 43,235 |
| NAACP LDF | 22,350 | - |
| Equal Justice Initiative | 22,652 | - |
| Jane Goodall | 26,169 | - |
| Teach for Thailand | 34,892 | - |
| Room to Read | 34,892 | - |
| UNFPA | 45,165 | - |
| VOW to End Child Marriage | 9,033 | - |
| Turquoise Mountain | 27,099 | - |
| Conservation International | - | 43,235 |
| Australian Red Cross | 42,720 | - |
| Plastic Ocean Project (2019: cancelled) | - | (78,000) |
| Barefoot College | 34,892 | - |
| Nest Inc | 824 | 195,278 |
Page 19
SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
| Charitable activities (continued) Identity 2020 FIT Foundation Whitechapel Gallery Women for Women Central Saint Martins Mothers 2 Mothers Street Business School (was previously Bead for Life) Sustainable Ocean Alliance Superar Waterkeepers Teach for Austria Support costs (see below, next page) Governance costs (Note 4) Support costs: Grant administration Finance and administration Legal and professional |
2020 £ 4,565 3,918 25,000 43,615 27,099 43,615 - - - - - 365,680 39,041 853,222 2020 £ 340,166 7,986 17,528 365,680 |
2019 As restated £ - - 8,647 52,074 - 52,075 43,395 86,470 25,940 43,235 260,370 288,280 47,180 |
|---|---|---|
| 1,406,372 | ||
| 2019 £ 262,638 7,957 17,685 |
||
| 288,280 |
Included above is a notional cost of £365,680 in respect of donated services (2019: £288,280).
Page 20
SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
4 Governance costs
| Legal, professional, finance and administration Audit and accountancy Communication & Promotion Other support costs |
2020 £ 26,146 10,200 1,635 1,060 39,041 |
2019 £ 34,555 9,240 2,365 1,020 |
|---|---|---|
| 47,180 |
Included above is a notional cost of £27,782 in respect of donated services (2019: £34,556).
Net income / (expenditure) is stated after charging:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Auditors’ remuneration | 10,200 | 9,240 |
5 Staff costs, trustee remuneration and expenses, and the cost of key management personnel
The Foundation has no directly employed staff and engages the services of key management personnel and staff employed by Swarovski UK, Swarovski North America and D Swarovski KG in respect of the management of the grants programme, legal services and finance and administration services. The aggregate cost of this was £393,462 (2019: £322,835).
The trustees received no remuneration nor had any expenses reimbursed during the period.
The total employee benefits of the key management personnel of the Foundation were £90,935 (2019: £84,229).
| 6 Creditors: amounts due within one year Accruals Other creditors – grants payable |
2020 £ 10,200 609,045 619,245 |
2019 As restated £ 9,240 472,056 |
|---|---|---|
| 481,296 |
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SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
7 Creditors: amounts due after one year 2020 £ Grants payable (due within 1-2 years) 33,825 33,825 8 Funds 2020 Funds b/fwd Incoming resources Resources expended Gains/ (Losses) £ £ £ £ General unrestricted funds (446,697) 1,040,687 (853,222) (36,816) Designated funds: Community Engagement 42,720 - - 2,380 Creatives for Our Future - 112,913 - (163) Total funds (403,977) 1,153,600 (853,222) (34,599) 2019, as restated Deficit b/fwd Incoming resources Resources expended (Losses) / Gains £ £ £ £ General unrestricted funds 42,358 914,740 (1,406,372) 2,577 Designated funds: Community Engagement - 43,235 - (515) Creatives for Our Future - - - - Total funds 42,358 957,975 (1,406,372) 2,577 |
7 Creditors: amounts due after one year 2020 £ Grants payable (due within 1-2 years) 33,825 33,825 8 Funds 2020 Funds b/fwd Incoming resources Resources expended Gains/ (Losses) £ £ £ £ General unrestricted funds (446,697) 1,040,687 (853,222) (36,816) Designated funds: Community Engagement 42,720 - - 2,380 Creatives for Our Future - 112,913 - (163) Total funds (403,977) 1,153,600 (853,222) (34,599) 2019, as restated Deficit b/fwd Incoming resources Resources expended (Losses) / Gains £ £ £ £ General unrestricted funds 42,358 914,740 (1,406,372) 2,577 Designated funds: Community Engagement - 43,235 - (515) Creatives for Our Future - - - - Total funds 42,358 957,975 (1,406,372) 2,577 |
2019 £ 469,920 469,920 Deficit c/fwd £ (296,048) 45,100 112,750 |
|---|---|---|
| (403,977) 1,153,600 (853,222) (34,599) |
(138,198) | |
| Deficit b/fwd Incoming resources Resources expended (Losses) / Gains £ £ £ £ 42,358 914,740 (1,406,372) 2,577 - 43,235 - (515) - - - - |
Funds c/fwd £ (446,697) 42,720 - |
|
| 42,358 957,975 (1,406,372) 2,577 |
(403,977) |
The Community Engagement programme supports individual charitable initiatives; it has been delayed due to office closures from Covid-19 restrictions. Creatives for Our Future is a new global grant programme designed with advisor the United Nations Office for Partnerships to identify and accelerate the next generation of creative leaders in sustainability. It has already commenced in 2021.
Page 22
SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
9 Analysis of net assets by fund
| 2020 | ||||
|---|---|---|---|---|
| Cash at bank | Current Assets/ | Creditors | Total | |
| Liabilities | Over 1 year | |||
| £ | £ | £ | £ | |
| Funds | ||||
| Unrestricted funds | ||||
| General funds | 357,022 | (619,245) | (33,825) | (296,048) |
| Designated funds | 157,850 | - | - | 157,850 |
| ____ | ____ | ____ | ____ | |
| 514,872 | (619,245) | (33,825) | (138,198) | |
| ____ | ____ | ____ | ____ | |
| 2019, as restated | ||||
| Cash at bank | Current Assets/ | Creditors | Total | |
| Liabilities | Over 1 year | |||
| £ | £ | £ | £ | |
| Funds | ||||
| Unrestricted funds | ||||
| General funds | 504,519 | (481,296) | (469,920) | (446,697) |
| Designated funds | 42,720 | - | - | 42,720 |
| ____ | ____ | ____ | ____ | |
| 547,239 | (481,296) | (469,920) | (403,977) | |
| ____ | ____ | ____ | ____ |
10 Company status
In the case of winding up, each member (who is also a trustee) has guaranteed to contribute an amount not exceeding £10 (2019: £10).
11 Controlling party
The Swarovski Foundation is controlled by its Trustees. Nadja Swarovski is the sole member of the Swarovski Foundation and may have a greater degree of control than the other Trustees in some respects, as defined by the updated Memorandum and Articles of Association.
12 Related party transactions
During the year, Swarovski AG donated £760,138 (2019: £635,139) to the Foundation. Additionally, D Swarovski KG donated services valued at £69,752 (2019: £70,878). Swarovski UK donated services valued at £279,887 (2019: £251,958) and Swarovski North America donated services to the Foundation of £43,823 (2019: Nil) (see note 2). Swarovski AG, D Swarovski KG, Swarovski North America and Swarovski UK are considered related parties of the Foundation by virtue of N Swarovski,
Page 23
SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
who is a Trustee of the Foundation and exerts significant influence over Swarovski AG, D Swarovski KG and Swarovski UK by virtue of her role on the Executive Board of the Swarovski Group.
In 2019, Paul van Zyl, a trustee of the Swarovski Foundation, was also a trustee of Nest Inc, which received a 3-year grant of £195,278 during the year. Mr van Zyl abstained from any involvement or voting on proposals relating to Nest Inc.
There were no other related party transactions in the year.
13 Reconciliation of net movement in funds to net cash flow from operating activities
| Net (expenditure) / income for the reporting period (as per the statement of financial activities) Adjustments for: Decrease / (increase) in debtors Increase / (decrease) in creditors Net cash (used in) / provided by operating activities |
2020 2019 As restated £ £ 265,779 (446,335) - 4,500 (298,146) 487,159 |
|---|---|
| (32,367) 45,324 |
| 14 Analysis of changes in net debt 2020 Cash Total 2019 Cash Total |
At start of year £ 547,239 547,239 At start of year £ 501,915 501,915 |
Cashflows £ (32,367) (32,367) Cashflows £ 45,324 45,324 |
At end of year £ 514,872 |
|---|---|---|---|
| 514,872 | |||
| At end of year £ 547,239 |
|||
| 547,239 |
Page 24
SWAROVSKI FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
15 Impact of prior year adjustment
| Changes to balance sheet | As previously | Adjustment | As restated at |
|---|---|---|---|
| reported at 31 | (see below | 31 December | |
| December 2019 | explanation) | 2019 | |
| £ | £ | £ | |
| Current assets | |||
| Cash at bank | 547,239 | 547,239 | |
| Liabilities | |||
| Creditors: amounts falling due within one year | (524,016) | 42,720 | (481,296) |
| ____ | ____ | ___ | |
| Net current assets | 23,223 | 42,720 | 65,943 |
| Creditors: amounts falling due after one year | (469,920) | (469,920) | |
| ____ | ____ | ____ | |
| Net assets | (446,697) | 42,720 | (403,977) |
| Funds | |||
| Unrestricted general funds | (446,697) | - | (446,697) |
| Designated funds | - | 42,720 | 42,720 |
| ___ | ____ | ____ | |
| Total funds | (446,697) | 42,720 | (403,977) |
| Changes to statement of financial activities | |||
| Income | |||
| Donations and legacies | 957,975 | - | 957,975 |
| Expenditure | |||
| Expenditure on charitable activities | 1,449,607 | (43,235) | 1,406,372 |
| ____ | ____ | ____ | |
| Net (expenditure) / income | (491,632) | 43,235 | (448,397) |
| Other gains / (losses) | 2,577 | (515) | 2,062 |
| ____ | ____ | ____ | |
| Net movement in funds | (489,055) | 42,720 | (446,335) |
| Funds brought forward | 42,358 | - | 42,358 |
| ____ | ____ | ____ | |
| Funds carried forward | (446,697) | 42,720 | (403,977) |
The 2019 financial statements have been restated to reflect the reclassification of the charitable grant-making activity for the Swarovski Foundation Community Engagement programme as a designated fund at 31 December 2019, rather than a grant payable. Creditors and expenditure have been restated as a result of this.
Page 25