THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
REPORT AND STATUTORY ACCOUNTS
YEAR ENDED 31 MARCH 2021
THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
I N D E X
Year ended 31 March 2021
| Page | |
|---|---|
| Report of the Trustees | 2 |
| Independent Examiner’s report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 |
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
R E P O R T O F T H E T R U S T E E S
Year ended 31 March 2021
The Trustees present their annual report and accounts of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and with the 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).
Structure, governance and management
The Trust was constituted on 17 December 2014, and is governed by the trust deed. The identification and appointment of new Trustees is considered by the existing Trustees. The Trustees who served during the year are shown in the ‘Reference and administrative details’ section below. All trustees give their time freely and no trustee remuneration was paid in the year. The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks.
Objectives and activities for the public benefit
The Trust’s Objects are to promote such Charitable Purpose or Charitable Purposes as the Trustees shall in their absolute discretion think fit. Such Objects include but are not limited to the following:
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a to support any Charities and promote any Charitable Purposes for the benefit of the general public.
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b to advance in life and help young people through the provision of support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.
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c to provide support, facilities and opportunities to underprivileged and disadvantaged individuals and communities.
The Trust makes grants to charities and other charitable purposes in accordance with its Objects, and are agreed by the Trustees.
The Trustees, having regard to the public benefit guidance published by the Charities Commission, in accordance with Section 17 of the Charities Act 2011, consider that the purpose of activities of the charity satisfy requirements of the public benefit as set out in Section 4 of the same Act.
Financial review
The accounts are set out on pages 7 to 15.
The charity received donations totalling £100,100 (2020 - £160,080) during the year. The Trustees made grants to 85 (2020 - 21) charities during the year totalling £216,788 (2020 - £49,359).
The Trustees’ policy is to distribute the income as it arises and not to accumulate reserves. Whilst the Trustees are aware of the potential need for a small reserve to meet running costs or for exceptional circumstances, it is the Trustees’ intention to obtain further voluntary income to meet those costs as and when they arise.
Gifts of expendable endowment funds are designated to be held as capital, but the Trustees have the discretionary power to use the funds as income.
At the year end the charity had reserves of £888,648 (2020 - £699,406), of which £888,648 (2020 - £699,406) relates to the expendable endowment fund and £nil (2020 - £nil) relates to the unrestricted income fund. The Trustees will distribute income for charitable purposes in line with the Trust’s objectives and capital will be distributed at the Trustees discretion.
The financial performance of the charity is fully dependent on the donations it receives from the settlor, Mr M Pignatelli, and this is expected to be the case going forward.
Achievements and performance
The success of the Trust is measured in terms of the level of donations it receives during the year from the settlor, Mr M Pignatelli, and the performance of the investments these donations are applied to. The funds are then distributed through grants to charitable individuals and institutions in furtherance of the objectives of the charity at the Trustees’ discretion.
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
Year ended 31 March 2021
During the year the charity made grants to: Able Child Africa Action in Africa Age International Angkor Hospital for Children UK Anglican International Development Basispoint Ireland BLESMA the Limbless Veterans Books to Africa Butterfly Space CHIFUNDO UK Child in Need India Children Change Colombia CHILDREN OF WATAMU Compass Children’s Charity DeafBlind UK DFN UK Education and Health Trust Uganda Edinburgh City Mission Educate. Educate For Life FRANK Water Friends of Atsede and Indie’s Clinic Friends of Ibba Girls’ School Friends of Kipkelion Future of Taru Headway – The Brain Injury Association Helm Training Limited Hope Community Village Hope Rescue Hospices of Hope International China Concern Impact Foundation In Touch / Kids United IT Schools Africa Jacaranda UK Foundation Jairah Funds Joshua Orphan and Community Care Just Small Change Karuna Kashmiri and African Deaf Children’s Trust Legs 4 Africa Lepra Lucy Air Ambulance for Children Made with Hope Make a Difference Schools - Mombasa Makhad Martha Trust MTV Staying Alive Foundation National Star Niger Delta Youth Association Operation Smile UK Our Sansar Over the Wall
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
Year ended 31 March 2021
Phoenix Foundation Plus (Forth Valley) Limited Prevent 2 Protect Read for Good Resolve Now Safe Anaesthesia Worldwide Safe Child Thailand (formerly Thai Children’s Trust) Support and Love via Education Sebastian’s Action Trust Second Sight Serendip Children’s Home Sisterland UK Ltd Sunshine Wishes Children’s Charity Teen Action The Biojemmss Organisation The Citizens Foundation UK The Congo Children Trust The Life Foundation The North London Foodbank The Soko Fund TIKVA TY CARIAD AFRICA United World Schools Vietnamese Mental Health Services Village Water Wamba Community Trust Whitehaven Community Trust World Villages for Children Y Bont Young & Inspired Zambia Orphans Aid UK Zamcog
Plans for future years
The charity’s plans for the future rest on the charitable intentions of the settlor, Mr M Pignatelli, who will provide donations to the Trust to further its charitable objectives at his own discretion.
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
R E P O R T O F T H E T R U S T E E S ( c o n t i n u e d )
Year ended 31 March 2021
Reference and administrative details
Settlor
Date of settlement Charity registration number Trustees
Registered address
Mr M Pignatelli 17 December 2014 1162522
Mr M Pignatelli Mrs J Pignatelli Ms C Pignatelli 22 Chancery Lane London WC2A 1LS
Approved by the trustees on 2022 and signed on their behalf by: 28 January
MR M PIGNATELLI Trustee
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
I N D E P E N D E N T E X A M I N E R ’ S R E P O R T
Year ended 31 March 2021
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
I report to the trustees on my examination of the accounts of the Trust for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Dixon Wilson, a firm of Chartered Accountants of which I am a partner has provided bookkeeping services to the Trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no 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.
GREGORY SMYE-RUMSBY ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS
Date: 28 January 2022
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
Year ended 31 March 2021
| Unrestricted Expendable income endowment Note Fund Fund £ £ Income and endowments from: Donations and legacies: Donations received 100 100,000 Gift aid receivable - 25,000 Investments: Dividend income 4,622 - Interest income - 14 4,622 14 Total income and endowments 4,722 125,014 Expenditure on: Raising funds: Investment management fees - 2,347 Charitable activities: Grants made 5 216,788 - Accountancy fees 5 3,990 - Administration fees 5 9,374 - Bank charges 5 84 - Total expenditure 230,236 2,347 Net gains/(losses) on investments - 292,089 Net (expenditure)/income (225,514) 414,756 Transfers between funds 225,514 (225,514) Net movement in funds - 189,242 Reconciliation of funds: Total funds brought forward - 699,406 Total funds carried forward - 888,648 |
Total Total 2021 2020 £ £ 100,100 160,080 25,000 40,000 4,622 8,472 14 172 4,636 8,644 129,736 208,724 2,347 3,095 216,788 49,359 3,990 2,940 9,374 6,161 84 113 232,583 61,668 292,089 (135,277) 189,242 11,779 - - 189,242 11,779 699,406 687,627 888,648 699,406 |
|---|---|
All income and expenditure derive from continuing activities.
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
B A L A N C E S H E E T
At 31 March 2021
| Note Fixed assets Investments 7 Current assets Debtors 8 Cash at bank Total current assets Liabilities Creditors: Amounts falling due within one year 9 Net current assets Total net assets The funds of the charity Expendable endowment fund Unrestricted income fund Total charity funds |
2021 £ 762,509 25,000 130,088 155,088 28,949 126,139 888,648 - 888,648 888,648 |
2020 £ 385,165 40,000 278,445 318,445 4,204 314,241 699,406 - 699,406 699,406 |
|---|---|---|
The financial statements set out on pages 7 to 15 were approved by the Trustees on 2022 28 January and were signed on their behalf by:
MR M PIGNATELLI Trustee
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2021
1. Accounting Policies
(a) Basis of preparation and assessment of going concern
The financial statements have 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 SORP) effective on 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
(b) Fund accounting policy
The charity comprises of an unrestricted income fund and an expendable endowment fund. Unrestricted funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the charity. Expendable endowment funds are capital funds that may be freely converted into spendable income as the trustees see fit.
(c) Income
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
Donations are recognised when the Trust has entitlement to the income, there is reasonable assurance of receipt and the amount of income can be measured reliably.
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Income from interest royalties and dividends is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
Investment gains and losses includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
(d) Expenditure and liabilities
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Trust to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis.
The charity has creditors which are measured at settlement amounts.
The charity accounts for basic financial instruments on initial recognition at the amount receivable or payable adjusted for any related transaction costs. Subsequent measurement is at amortised cost.
(e) Assets
Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value as bid price) at the year end.
Debtors are measured on initial recognition at settlement amount. Subsequently, they are measured at the cash or other consideration expected to be received.
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2021
1. Accounting Policies (continued)
(f) Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.
2. Prior Year Statement of Financial Activities
| Unrestricted Expendable income endowment Total Fund Fund 2020 £ £ £ Income and endowments from: Donations and legacies: Donations received 80 160,000 160,080 Gift aid receivable - 40,000 40,000 Investments: Dividend income 8,472 - 8,472 Bank interest - 172 172 8,472 172 8,644 Total income and endowments 8,552 200,172 208,724 Expenditure on: Raising funds: Investment management fees - 3,095 3,095 Charitable activities: Grants made 49,359 - 49,359 Accountancy fees 2,940 - 2,940 Administration fees 6,161 - 6,161 Bank charges 113 - 113 Total expenditure 58,573 3,095 61,668 Net gains/(losses) on investments - (135,277) (135,277) Net (expenditure)/income (50,021) 61,800 11,779 Transfers between funds 50,021 (50,021) - Net movement in funds - 11,779 11,779 Reconciliation of funds: Total funds brought forward - 687,627 687,627 Total funds carried forward - 699,406 699,406 |
Total 2019 £ 180,458 45,018 7,835 32 7,867 233,343 2,324 229,313 2,178 5,638 137 239,590 (22,066) (28,313) - (28,313) 715,940 687,627 |
|---|---|
All income and expenditure derive from continuing activities.
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2021
3. Trustees’ remuneration and expenses
The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind.
4. Employees
The Trust did not have any employees during the year (2020 – nil).
5. Analysis of charitable expenditure
The charity undertakes its charitable activities through grant making and awards grants to institutions in furtherance of its charitable objectives.
| Grant funded Governance activity costs £ £ Funded from unrestricted income fund: Grant making 216,788 13,448 Total 216,788 13,448 Governance costs 2021 £ Bank charges 84 Administration fees 9,374 Accountancy fees 3,990 13,448 Accountancy fees payable to the independent examiner's firm as follows: - Examination 700 - Accountancy 3,290 3,990 |
Total 2021 £ 230,236 |
|---|---|
| 230,236 |
|
| 2020 £ 113 6,161 2,940 |
|
| 9,214 |
|
| 500 2,440 |
|
| 2,940 |
(continued)
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2021
| 5. Analysis of charitable expenditure (continued) Recipients of institutional grants: Able Child Africa Action in Africa Age International All Ears International Angkor Hospital for Children UK Anglican International Development Basispoint Ireland BLESMA the Limbless Veterans Blue Cross Books to Africa Butterfly Space CHIFUNDO UK ChildAid to Eastern Europe Child in Need India Children Change Colombia CHILDREN OF WATAMU Compass Children’s Charity DeafBlind UK Demelza House Children’s Hospice DFN UK Education and Health Trust Uganda Edinburgh City Mission Educate. Educate For Life FINCA UK FRANK Water Friends of Atsede and Indie’s Clinic Friends of Ibba Girls’ School Friends of Kipkelion Friends of Monze Future of Taru Giakonda Solar Schools Global Vision International Trust Headway – The Brain Industry Association Helm Training Limited Hope Community Village Hope Rescue Hospices of Hope International China Concern Impact Foundation In Touch / Kids United IT Schools Africa Jacaranda UK Foundation Jairah Funds Joshua Orphan and Community Care Julia’s House Just Small Change Karuna Carried forward |
2021 £ 2,500 2,500 2,500 - 2,500 2,500 1,788 2,500 - 2,500 2,500 5,000 - 2,500 2,500 2,500 2,500 2,500 - 2,500 2,500 2,500 2,500 2,500 - 2,500 2,500 2,500 2,500 - 2,500 - - 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 - 2,500 2,500 99,288 |
2020 £ - - - 2,500 2,500 - 1,859 - 2,500 - - - 2,500 - - - 2,500 - 2,500 - - - - - 2,500 - - - - 2,500 - 2,500 2,500 - - - - - - - - - - - - 2,500 - - 29,359 |
|---|---|---|
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2021
| 5. Analysis of charitable expenditure (continued) Brought forward Kashmiri and African Deaf Children’s Trust Kidasha Legs 4 Africa Lepra Lucy Air Ambulance for Children Made with Hope Make a Difference Schools - Mombasa Makhad Martha Trust MTV Staying Alive Foundation National Star Niger Delta Youth Foundation Operation Smile UK Our Sansar Over the Wall Phoenix Foundation PIMA Palestine Plus (Forth Valley) Limited Prevent 2 Protect Read for Good Refugee Children’s Project Reprieve Resolve Now Safe Anaesthesia Worldwide Safe Child Thailand (formerly Thai Children’s Trust) Support and Love via Education Sebastian’s Action Trust Second Sight Serendip Children’s Home Sisterland UK Ltd Spread a Smile Sunshine Wishes Children’s Charity Survivor’s Network Teen Action The Biojemmss Organisation The Citizens Foundation UK The Congo Children Trust The Life Foundation The North London Foodbank The Soko Fund TIKVA Transport for Ugandan Sick Children (TUSC) Tushinde Children’s Trust TY CARIAD AFRICA United World Schools Vietnamese Mental Health Services Village Water Wamba Community Trust Carried forward |
2021 £ 99,288 2,500 - 5,000 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 - 2,500 2,500 2,500 - - 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 - 2,500 - 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 - - 2,500 2,500 2,500 2,500 2,500 201,788 |
2020 £ 29,359 - 2,500 - - - - - - - - - - - - - - 2,500 - - - 2,500 2,500 - - - - - - - - 2,500 - 2,500 - - - - - - - - 2,500 2,500 - - - - - 49,359 |
|---|---|---|
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2021
| 5. Analysis of charitable expenditure (continued) Brought forward Whitehaven Community Trust World Villages for Children Y Bont Young & Inspired Zambia Orphans Aid UK Zamcog |
2021 £ 201,788 2,500 2,500 2,500 2,500 2,500 2,500 216,788 |
2020 £ 49,359 - - - - - - 49,359 |
|---|---|---|
All grants were made to the institutions with no restrictions attached and are to be used by the charities to meet their general objectives.
Expenditure on charitable activities was £230,236 (2020 - £58,573) of which £230,236 (2020 - £58,573) was unrestricted.
6. Related party transactions
The charity received donations during the year of £100,000 (2020 - £160,000) from the settlor and trustee, Mr M Pignatelli, without conditions attached.
| 7. Fixed asset investments Market value brought forward Additions to investment at cost Net gain/(loss) on revaluation Market value as at 31 March 2021 Investments at fair value comprised: Listed equities |
2021 £ 385,165 85,255 292,089 762,509 762,509 |
2020 £ 517,830 2,612 (135,277) |
|---|---|---|
| 385,165 |
||
| 385,165 |
||
| 8. Debtors Gift Aid receivable |
25,000 |
40,000 |
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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
Year ended 31 March 2021
| 9. Creditors: amounts falling due within one year Accruals Accountancy fees Donations payable Other creditors |
2021 £ 1,800 1,200 25,000 940 28,940 |
2020 £ 1,800 2,160 - 244 4,204 |
|---|---|---|
10. Analysis of charitable funds
| Brought Forward £ Unrestricted income fund - Expendable endowment fund 699,406 699,406 |
Income Expenditure Transfer £ £ £ 4,722 (230,236) 225,514 125,014 (2,347) (225,514) 129,736 232,583 - |
Gains/ (losses) £ - 292,089 292,089 |
Carried forward £ - 888,648 |
|---|---|---|---|
| 888,648 |
Analysis of charitable funds – previous year
| Brought Forward £ Unrestricted income fund - Expendable endowment fund 687,627 687,627 |
Income Expenditure Transfer £ £ £ 8,552 (58,573) 50,021 200,172 (3,095) (50,021) 208,724 (61,668) - |
Gains/ (losses) £ - (135,277) (135,277) |
Carried forward £ `- 699,406 |
|---|---|---|---|
| 699,406 |
11. Financial assets and liabilities
The following financial assets are other financial instruments and are initially recognised at transaction value and subsequently measured at their fair value.
Financial assets
Fixed asset investments
762,509 385,165
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