2022-03-31-accounts - The Carmela & Ronnie Pignatelli Foundation

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THE CARMELA AND RONNIE PIGNATELLI FOUNDATION

REPORT AND STATUTORY ACCOUNTS

YEAR ENDED 31 MARCH 2022

THE CARMELA AND RONNIE PIGNATELLI FOUNDATION

I N D E X

Year ended 31 March 2022

	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

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 2022

The Trustees present their annual report and accounts of the charity for the year ended 31 March 2022. 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:

a to support any Charities and promote any Charitable Purposes for the benefit of the general public.
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.
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 16.

The charity received donations totalling £230,080 (2021 - £100,100) during the year. The Trustees made grants to 74 (2021 - 85) charities during the year totalling £197,500 (2021 - £216,788).

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 £947,311 (2021 - £888,648), of which £947,311 (2021 - £888,648) relates to the expendable endowment fund and £nil (2021 - £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.

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 2022

During the year the charity made grants to: AdAmi Project African Mission All Ears International Ashinaga Association Autism Wessex Birmingham Dogs Home Blesma, The Limbless Veterans ChildAid to Eastern Europe Child in Need India Child of Hope Connie Rothman Learning trust Cure International UK Destiny Children Disasters Emergency Committee Ecologica Youth Trust Endless Medical Advantage Evergreen Africa FACE Fight Against Blindness Forever Angels UK Four Paws UK Fresh Inspirations Freshfields Animal Rescue Gap Ministries Kenya Great Western Air Ambulance Charity Handicabs Lothian Hatzola Trust Ltd. Hestia Housing and Support Hope Health Action Humane Practise Foundation Humane Society International Just a Drop Just Kidding Learning For Life Lighthouse LIV UK Malawi Schools Trust Medic to Medic Mission Without Borders Mustard Seed Autism Trust Nations Discipleship Enterprise Nepal Leprosy Trust Neurokinex Nicodemus Omega, The National Association for End of Life Care One by One People Against Poverty Plant Your Future Positive Behaviour Support for Learning Pump Aid Rafiki Thabo Foundation Read for Good ReCycle

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 2022

ROLDA UK Ronald McDonald House Glasgow Sands SOS Children's Villages UK Southwark Pensioners Centre Sreepur Village Bangladesh The Dorothy Foundation The Hope Foundation The HoverAid Trust The Free Shop The Karen Hilltribes Trust The Uphill Trust Thembalitsha UK Turning Corners Viva Walking With The Wounded WellFound Wonder Foundation Worldwide Veterinary Service World Villages for Children ZimKids

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.

THE CARMELA AND RONNIE PIGNATELU FOUNDATION KEPO R T OF TH E TRUSTEES (contln ued) Yev ended 31 March 2022 Reference and admlnlstratlye detalls Settlor Mr M Plgnatelll 17 December 2014 Date of settlement Charlty reglstratlon number Trustees 1162522 Mr M Plgnatelll Mrs J Pignatelll Ms C Plgnatelli 22 Chancery Lane London WC2A I LS Registered address Approved by the trustees on 27 January 2023 and Signed on their behatf by.. MR M PIGNATELLI Trustee

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 2022

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 2022.

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:

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
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.
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: 27 January 2023

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 2022

Unrestricted Expendable income endowment Note Fund Fund £ £ Income and endowments from: Donations and legacies: Donations received 80 230,000 Gift aid receivable - 57,500 Investments: Dividend income 5,913 - Interest income - 24 5,913 24 Total income and endowments 5,993 287,524 Expenditure on: Raising funds: Investment management fees - 772 Charitable activities: Grants made 5 197,500 - Accountancy fees 5 4,680 - Administration fees 5 6,801 - Bank charges 5 118 - Total expenditure 209,099 772 Net (losses)/gains on investments 7 - (24,983) Net (expenditure)/income (203,106) 261,769 Transfers between funds 203,106 (203,106) Net movement in funds - 58,663 Reconciliation of funds: Total funds brought forward - 888,648 Total funds carried forward - 947,311	Total 2022 £ 230,080 57,500 5,913 24 5,937 293,517 772 197,500 4,680 6,801 118 209,871 (24,983) 58,663 - 58,663 888,648 947,311	Total 2021 £ 100,100 25,000 4,622 14 4,636 129,736 2,347 216,788 3,990 9,374 84 232,583 292,089 189,242 - 189,242 699,406 888,648

All income and expenditure derive from continuing activities.

THE CARMELAAND RONNIE PIGNATELU FOUNDATION BALANCE SHEET At 31 March 2022 Note 2012 2021 Flxed assets Investments 737A62 76Z509 Current assets Debtors Cash it bank 25,000 130.088 155,088 1 213.858 Total cwrent assets 213,858 Llabilities Creditor& Amounts falling due wlthin one year Net current assets 4209 2a949 209,649 126,139 88&648 Total net assets 947.311 The funds of the charity Unre5trbtted income lund Expendable eTrdowmen£ fund Total charity fund$ 947.311 884648 947,311 88a048 The financi315taoments Set ouc on pages 7 to 16 were approved by the Trustees on and were signed on their behf by." 27 January 2023 MR N PIGNATELLI Trustee

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 2022

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.

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 2022

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
Fund
Fund
£
£
Income and endowments from:
Donations and legacies:
Donations received
100
100,000
Gift aid receivable
-
25,000
Investments:
Dividend income
4,622
-
Bank interest
-
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
216,788
-
Accountancy fees
3,990
-
Administration fees
9,374
-
Bank charges
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.

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 2022

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 (2021 – 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 197,500 11,599 Total 197,500 11,599 Governance costs 2022 £ Bank charges 118 Administration fees 6,801 Accountancy fees 4,680 11,599 Accountancy fees payable to the independent examiner's firm as follows: - Examination 850 - Accountancy 3,830 4,680	Total 2022 £ 209,099 209,099 2021 £ 84 9,374 3,990 13,448 700 3,290 3,990

(continued)

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 2022

5. Analysis of charitable expenditure (continued) Recipients of institutional grants: Able Child Africa Action in Africa AdAmi Project African Mission Age International All Ears International Angkor Hospital for Children UK Anglican International Development Ashinaga Association Autism Wessex Basispoint Ireland Birmingham Dogs Home BLESMA the Limbless Veterans Books to Africa Butterfly Space CHIFUNDO UK ChildAid to Eastern Europe Child in Need India Child of Hope Children Change Colombia CHILDREN OF WATAMU Compass Children’s Charity Connie Rothman Learning trust Cure International UK DeafBlind UK Dec Ukraine Destiny Children DFN UK Ecologica Youth Trust Education and Health Trust Uganda Edinburgh City Mission Educate. Educate For Life Endless Medical Advantage Evergreen Africa FACE Fight Against Blindness Forever Angels UK Four Paws UK FRANK Water Fresh Inspirations Freshfields Animal Rescue Friends of Atsede and Indie’s Clinic Friends of Ibba Girls’ School Friends of Kipkelion Future of Taru Gap Ministries Great Western Air Ambulance Charity Handicabs Lothian Hatzola Trust Ltd Carried forward	2022 £ - - 2,500 2,500 - 2,500 - - 2,500 2,500 - 2,500 2,500 - - - 2,500 2,500 2,500 - - - 2,500 2,500 - 15,000 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 80,000	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 - - - - 64,288

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 2022

5. Analysis of charitable expenditure (continued) Brought forward Headway – The Brain Industry Association Helm Training Limited Hestia Housing and Support Hope Community Village Hope Health Action Hope Rescue Hospices of Hope Humane Practise Foundation Humane Society International International China Concern Impact Foundation In Touch / Kids United IT Schools Africa Jacaranda UK Foundation Jairah Funds Joshua Orphan and Community Care Just a Drop Just Kidding Just Small Change Karuna Trust Kashmiri and African Deaf Children’s Trust Learning For Life Legs 4 Africa Lepra Lighthouse LIV UK Lucy Air Ambulance for Children Made with Hope Make a Difference Schools - Mombasa Malawi Schools Trust Makhad Martha Trust Medic to Medic Mission Without Borders MTV Staying Alive Foundation Mustard Seed Autism Trust National Star Foundation Nations Discipleship Enterprise Nepal Leprosy Trust Neurokinex Nicodemus Niger Delta Youth Foundation Omega, The National Association for End of Life Care One by One Operation Smile UK Our Sansar Over the Wall People Against Poverty Carried forward	2022 £ 80,000 - - 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 - - - 2,500 130,000	2021 £ 64,288 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 - 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 - 136,788

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 2022

5. Analysis of charitable expenditure (continued) Brought forward Phoenix Foundation Plant Your Future Plus (Forth Valley) Limited Positive Behaviour Support for Learning Prevent 2 Protect Pump Aid Rafiki Thabo Foundation Read for Good ReCycle Resolve Now ROLDA UK Ronald McDonald House Glasgow Safe Anaesthesia Worldwide Safe Child Thailand (formerly Thai Children’s Trust) S.A.L.V.E INTERNATIONAL Sands Sebastian’s Action Trust Second Sight Serendip Children’s Home Sisterland UK Ltd SOS Children’s Villages UK Southwark Pensioners Centre Sreepur Village Bangladesh Sunshine Wishes Children’s Charity Teen Action The Biojemmss Organisation The Citizens Foundation UK The Congo Children Trust The Dorothy Foundation The Hope Foundation The HoverAid Trust The Free Shop The Karen Hilltribes Trust The Life Foundation The North London Foodbank The Soko Fund The Uphill Trust Thembalitsha UK TIKVA Turning Corners TY CARIAD AFRICA United World Schools Vietnamese Mental Health Services Village Water Viva Walking With The Wounded Wamba Community Trust Carried forward	2022 £ 130,000 - 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 - 185,000	2021 £ 136,788 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

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 2022

5. Analysis of charitable expenditure (continued) Brought forward WellFound Whitehaven Community Trust Wonder Foundation Worldwide Veterinary Service World Villages for Children Y Bont Young & Inspired Zambia Orphans Aid UK Zamcog ZimKids	2022 £ 185,000 2,500 - 2,500 2,500 2,500 - - - - 2,500 197,500	2021 £ 201,788 - 2,500 - - 2,500 2,500 2,500 2,500 2,500 - 216,788

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 £197,500 (2021 - £230,236) of which £197,500 (2021 - £230,236) was unrestricted.

6. Related party transactions

The charity received donations during the year of £230,000 (2021 - £100,000) 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 (loss)/gain on revaluation Market value as at 31 March 2022 Investments at fair value comprised: Listed equities	2022 £ 762,509 136 (24,983) 737,662 737,662	2021 £ 385,165 85,255 292,089 762,509 762,509
8. Debtors Gift Aid receivable	-	25,000

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 2022

9. Creditors: amounts falling due within one year Accruals Accountancy fees Donations payable Other creditors	2022 £ 1,800 2,400 - - 4,200	2021 £ 1,800 1,200 25,000 949 28,949

10. Analysis of charitable funds

Brought Forward £ Unrestricted income fund - Expendable endowment fund 888,648 888,648	Income Expenditure Transfer £ £ £ 5,993 (209,099) 203,106 287,524 (772) (203,106) 293,517 (209,871) -	Gains/ (losses) £ - (24,983) (24,983)	Carried forward £ - 947,311 947,311

Analysis of charitable funds – previous year Brought Forward Income Expenditure Transfer £ £ £ £ Unrestricted income fund - 4,772 (230,236) 225,514 Expendable endowment fund 699,406 125,014 (2,347) (225,514) 699,406 129,736 (232,583) -	Gains/ (losses) £ - 292,089 292,089	Carried forward £ - 888,648 888,648

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

737,662 762,509