## **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| 1 ## **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. 2 ## **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 3 ## **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. 4 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: 1. 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 3. 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. 4. 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 6 ## **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. 7 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 beh￿f 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. 9 ## **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. 10 ## **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) 11 ## **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_| |---|---|---| 12 ## **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_| |---|---|---| 13 ## **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_| |---|---|---| 14 ## **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_| 15 ## **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_ 16