Charity Registration No. 1159773
THE MARINELLI FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE MARINELLI FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Charity number Principal address
Accountants
Bankers
Ms G L Landor Ms M Samardzic Prof. P Cleaver 1159773 32 East Street Oxford Oxfordshire 0X2 OAU Regis Business Accountants Ltd 167-169 Great Portland Street London W1W 5TF Lloyds Bank PLC Gresham Street London EC2V 7HN
THE MARINELLI FOUNDATION
CONTENTS
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Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
4
Statement of financial activities
Balance sheet 5
Notes to the financial statements 6 - 9
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THE MARINELLI FOUNDATION
TRUSTEES REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report and financial statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the ClO's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The CIO's objects are to advance the Arts, Culture and Science for the public benefit.
The ClO generally works for the public benefit to advance the Arts, Culture and Science in particular but not exclusively by:
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Fostering and promoting high standards in the Arts of Drama, Ballet, Dance, Music, Singing, Literature, Poetry, Sculpture, Ceramics, Painting, Drawing, Cinema and Mime.
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Developing and improving the knowledge, understanding and appreciation of the Arts among the general population throughout the United Kingdom including but not limited to, by increasing the accessibility of the Arts to the general public.
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Supporting scientific research projects.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake.
As stated in the previous year's Trustee Annual Report the trustees have not charged for their time and expertise nor have they been reimbursed for travel and other expenses. This will come under review in due course.
Achievements and performance
The Marinelli Foundation CIO’s main objective this year has been to build on the progress previously made regarding establishing a financial base for the operation and aims of the CIO.
Work on the property in Central London owned by the Foundation has been hindered due to the pandemic, but progress has begun again, and significant steps made in improving plans and in execution. The original intention is intact - to adapt the property in order for it to be able to help it to fulfil both the artistic aims of the CIO as set out in its Constitution as well as to render it capable of providing a regular income for the CIO through rentals to help it to fulfil its constitutional aims. The extensive adaptation project is still in progress. The Trustees continue to consult with the founder on practical plans as well as possible projects.
Financial review
The charity has been functioning at minimal capacity while consolidation of its financial base is in progress.
The trustees have assessed the major risks to which the CIO is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a charitable incorporated organisation.
The trustees who served during the year and up to the date of signature of the financial statements were:
Ms G L Landor
Ms M Samardzic
Prof. P Cleaver
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THE MARINELLI FOUNDATION
TRUSTEES REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees' report was approved by the Board of Trustees. Prof. P Cleaver Trustee
Dated 16 August 2024
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THE MARINELLI FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 CIO and of the incoming resources and application of resources of the CIO for that year.
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; and
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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 operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the CIO and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE MARINELLI FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | 2023 | 2022 | ||
| Notes | £ | £ | £ | £ | |
| Income from: | |||||
| Donations and legacies | 3 | - | - | - | 11,024 |
| Net movement in funds | (1,540) | - | (1,540) | 1,388 | |
| Fund balances at 1 January 2023 | 3,705 | 1,500,000 | 1,503,705 | 1,502,317 | |
| Fund balances at 31 December 2023 | 2165 | 1,500,000 | 1,502,165 | 1,502,165 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE MARINELLI FOUNDATION
BALANCE SHEET
AS AT 31 DECEMBER 2023
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2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 6 1,500,000 1,500,000
Current assets
Cash at bank and in hand 2,965 4,505
Current liabilities
800 800
Accruals and deferred income
Net current assets 2,165 3,705
Total assets less current liabilities 1,502,165 1,503,705
Capital funds
1,500,000 1,500,000
Endowment funds - general
Income funds
2,165 3,705
Unrestricted funds
1,502,165 1,503,705
The financial statements were approved by the Trustees on: 16 August 2024
Prof. P Cleaver
Trustee
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THE MARINELLI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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1 Accounting policies
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Charity information
The Marinelli Foundation is a Charitable Incorporated Organisation.
1.1 Accounting convention
The financial statements have been prepared in accordance with the CIO's Constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016). The CIO is a Public Benefit Entity as defined by FRS 102.
The CIO has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the CIO.
1.4 Incoming resources Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the CIO has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE MARINELLI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
| 1 | Accounting policies (Continued) |
|---|---|
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable | |
| for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. | |
| 1.5 | Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation | |
| and any impairment losses. | |
| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful | |
| lives on the following bases: | |
| Freehold land and buildings | |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the | |
| carrying value of the asset, and is recognised in net income/(expenditure) for the year. | |
| 1.6 | Impairment of fixed assets |
| At each reporting end date, the CIO reviews the carrying amounts of its tangible assets to determine whether there is | |
| any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable | |
| amount of the asset is estimated in order to determine the extent of the impairment loss (if any). | |
| Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment | |
| annually, and whenever there is an indication that the asset may be impaired. | |
| 1.7 | Cash and cash equivalents |
| Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments | |
| with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in | |
| current liabilities. | |
| Basic financial assets | |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price | |
| including transaction costs and are subsequently carried at amortised cost using the effective interest method unless | |
| the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the | |
| future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not | |
| amortised. | |
| Basic financial liabilities | |
| Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the | |
| arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the | |
| future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are | |
| not amortised. | |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method | |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of | |
| operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or | |
| less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and | |
| subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities
Financial liabilities are derecognised when the CIO's contractual obligations expire or are discharged or cancelled.
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THE MARINELLI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 Critical accounting estimates and judgements
In the application of the CIO's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Donations and legacies
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Unrestricted Endowment Total Total
funds funds 2023 2022
general
£ £ £ £
Donations and gifts - - - 11,024
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4 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the CIO during the year.
5 Employees
There were no employees during the year.
- 6 Tangible fixed assets
Freehold land and buildings £ Cost 1,500,000 Additions - At 31 December 2022 1,500,000 Carrying amount At 31 December 2023 1,500,000
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THE MARINELLI FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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7 Analysis of net assets between funds
£
Fund balances at 31 December 2023 are represented by:
Tangible assets 1,500,000
Current assets/(liabilities) 2,165
1,502,165
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8 Related party transactions
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In determining the modus operandi, which is currently in development, where there might be a conflict of interest due to the family relationship between one of the trustees and the founder benefactor, the trustee in question has recused herself (and will continue to do so in future) from any relevant decisions.
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