## **THE CARMELA AND RONNIE PIGNATELLI FOUNDATION**
## **REPORT AND STATUTORY ACCOUNTS**
**YEAR ENDED 31 MARCH 2023**
## **THE CARMELA AND RONNIE PIGNATELLI FOUNDATION**
I N D E X
## **Year ended 31 March 2023**
||**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 2023**
The Trustees present their annual report and accounts of the charity for the year ended 31 March 2023. 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, net of gift aid, totalling £200,015 (2022 - £230,080) during the year. The Trustees made grants to 76 (2022 - 74) charities during the year totalling £190,000 (2022 - £197,500).
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. During the year the Trustees transferred £194,373 (2022 - £203,106) to the unrestricted fund.
At the year end the charity had reserves of £1,032,491 (2022 - £947,311), of which £1,032,491 (2022 - £947,311) relates to the expendable endowment fund and £nil (2022 - £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 2023**
During the year the charity made grants to:
Action Against Hunger Action on Postpartum Psychosis African Adventures Foundation Awamu Baha’i Agency for Social and Economic Development – United Kingdom (BASED UK) Beis Brucha Books2Africa Born on the Edge Bridge2Aid Camphill School Aberdeen Cancer Research Care for Carers Caudwell Children ChildAid to Eastern Europe Children at Risk Foundation UK Dean and Cauvin Young People’s Trust Dig Deep (Africa) Endless Medical Advantage Fellowship & Aid to the Christians of the East (FACE) Forever Angels For Refugees Friends of Ibba Girls; School, South Sudan Friends of St James Mission and School Friends of Zichron Dovid Get Set Girls Habitat for Humanity GB Happy Kids HealthProm Home-Start Cymru Hopefield Animal Sanctuary Incredible Kids Jacaranda UK Foundation Karibuni Children Learning For Life Let’s Educate Them Livability MAD-Aid Melrose Wakefield Hospital Mission Without Borders Mobile Education Partnerships New Routes UK NMC Midland Ltd (Muscular Dystrophy Support Centre) Noa Girls One by One Parents Against Child Exploitation Polka Children’s Theatre Ltd Pragya Pratham UK Project Shelter Wakadogo Railway Children Re:Source Blackburn Refuge4Pets Resolve Now
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 2023**
Royal Hospital Chelsea Appeal Ltd SDFK/AFRINSPIRE Self Help Africa Small Steps Foundation SolarAid South Warwickshire and Worcestershire Mind Street Child Stripey Stork Sussex Association for Spina Bifida and Hydrocephalus (SASBAH) The Brain Tumour Charity The HoverAid Trust The Life intervention friendship and education foundation The Link foundation The Lorna Young Foundation The Lunchbowl Network The Noah Initiative The Separated Child Foundation THE TEHILA TRUST Thembalitsha UK Theodora Children’s Charity Transforming Health and Education in Nepal (on behalf of Kathmandu International Study Centre) Zest Health for Life
## **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 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 2023**
## **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
30 January Approved by the trustees on 2024 and signed on their behalf by:
MR M PIGNATELLI Trustee
5
## **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 2023**
## **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 2023.
## **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; or
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: 31 January 2024
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 2023**
|**Unrestricted**
**Expendable**
**income**
**endowment**
**Total**
**Note**
**Fund**
**Fund**
**2023**
**£**
**£**
**£**
**Income and endowments from:**
_Donations and legacies:_
Donations received
15
200,000
200,015
Gift aid receivable
-
50,000
50,000
_Investments:_
Dividend income
9,094
-
9,094
Interest income
-
177
177
9,094
177
9271
**Total income and endowments**
9,109
250,177
259,286
**Expenditure on:**
_Raising funds:_
Investment management fees
-
813
813
_Charitable activities:_
Grants made
5
190,000
-
190,000
Accountancy fees
5
5,100
-
5,100
Administration fees
5
8,250
-
8,250
Bank charges
5
132
-
132
**Total expenditure**
203,482
813
204,295
Net gains/(losses) on investments
7
-
30,189
30,189
**Net (expenditure)/income**
(194,373)
279,553
85,180
**Transfers between funds**
194,373
(194,373)
-
**Net movement in funds**
-
85,180
85,180
**Reconciliation of funds:**
Total funds brought forward
-
947,311
947,311
**Total funds carried forward**
-
1,032,491
1,032,491
|**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_
|
|---|---|
All income and expenditure derive from continuing activities.
7
## **THE CARMELA AND RONNIE PIGNATELLI FOUNDATION**
## B A L A N C E S H E E T
## **At 31 March 2023**
|**Note**
**2023**
**£**
**Fixed assets**
Investments
7
872,060
**Current assets**
Cash at bank
209,940
**Total current assets**
209,940
**Liabilities**
Creditors: Amounts falling due within one year
8
49,509
**Net current assets**
160,431
**Total net assets**
1,032,491
**The funds of the charity**
Unrestricted income fund
-
Expendable endowment fund
1,032,491
**Total charity funds**
1,032,491|**2022**
**£**
_737,662_
_213,858_
_213,858_
_4,209_
_209,649_
_947,311_
-
_947,311_
_947,311_
|
|---|---|
The financial statements set out on pages 7 to 16 were approved by the Trustees on 2024 30 January and were signed on their behalf by:
MR M PIGNATELLI Trustee
8
## **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 2023**
## **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 2023**
## **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
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**
**2020**
**£**
_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.
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 2023**
## **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 (2022 – 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
190,000
13,482
**Total**
190,000
13,482
**Governance costs**
**2023**
**£**
Bank charges
132
Administration fees
8,250
Accountancy fees
5,100
13,482
Accountancy fees payable to the independent examiner's firm as follows:
- Examination
900
- Accountancy
4,200
5,100
|**Total**
**2023**
**£**
203,482
|
|---|---|
||203,482
|
||**2022**
**£**
_118_
_6,801_
_4,680_
|
||_11,599_
|
||_850_
_3,830_
|
||_4,680_
|
(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 2023**
## **5. Analysis of charitable expenditure (continued)**
|**Recipients of institutional grants:**
Action Against Hunger
Acton on Postpartum Psychosis
AdAmi Project
African Adventures Foundation
African Mission
All Ears International
Ashinaga Association
Autism Wessex
Awamu
Baha’i Agency for Social and Economic Development – United Kingdom (BASED UK)
Beis Brucha
Birmingham Dogs Home
BLESMA the Limbless Veterans
Books2Africa
Born on the Edge
Bridge2Aid
Camphill School Aberdeen
Cancer Research
Care for Carers
Caudwell Children
ChildAid to Eastern Europe
Child in Need India
Child of Hope
Children at Risk Foundation UK
Connie Rothman Learning trust
Cure International UK
Dean and Cauvin Young People’s Trust
Dec Ukraine
Destiny Children
Dig Deep (Africa)
Ecologica Youth Trust
Endless Medical Advantage
Evergreen Africa
Fellowship & Aid to the Christians of the East (FACE)
Fight Against Blindness
Forever Angels UK
For Refugees
Four Paws UK
Fresh Inspirations
Freshfields Animal Rescue
Friends of Ibba Girls’ School, South Sudan
Friends of St James Mission and School
Friends of Zichron Dovid
Gap Ministries
Get Set Girls
Great Western Air Ambulance Charity
Habitat for Humanity GB
Carried forward|**2023**
**£**
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
5,000
-
-
-
2,500
2,500
2,500
-
2,500
-
2,500
67,500|**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_
_-_
_75,000_|
|---|---|---|
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 2023**
|**5.**
**Analysis of charitable expenditure (continued)**
Brought forward
Handicabs Lothian
Happy Kids
Hatzola Trust Ltd
HealthProm
Hestia Housing and Support
Home-Start Cymru
Hope Health Action
Hopefield Animal Sanctuary
Humane Practise Foundation
Humane Society International
Incredible Kids
Jacaranda UK Foundation
Just a Drop
Just Kidding
Karibuni Children
Learning For Life
Let’s Educate Them
Lighthouse
LIV UK
Livability
MAD-Aid
Malawi Schools Trust
Medic to Medic
Melrose Wakefield Hospital
Mission Without Borders
Mobile Education Partnerships
Mustard Seed Autism Trust
Nations Discipleship Enterprise
Nepal Leprosy Trust
Neurokinex
New Routes UK
Nicodemus
NMC Midlands Ltd (Muscular Dystrophy Support Centre)
Noa Girls
Omega, The National Association for End of Life Care
One by One
Parents Against Child Exploitation
People Against Poverty
Plant Your Future
Polka Children’s Theatre Ltd
Positive Behaviour Support for Learning
Pragya
Pratham UK
Project Shelter Wakadogo
Pump Aid
Rafiki Thabo Foundation
Railway Children
Re:Source Blackburn
Carried forward|**2023**
**£**
67,500
-
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
130,000|**2022**
**£**
_75,000_
_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_
-
-
140,000|
|---|---|---|
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 2023**
|**5.**
**Analysis of charitable expenditure (continued)**
Brought forward
Read for Good
ReCycle
Refuge4Pets
Resolve Now
ROLDA UK
Ronald McDonald House Glasgow
Royal Hospital Chelsea Appeal Ltd
Sands
SDFK/ASFRINSPIRE
Self Help Africa
Small Steps Foundation
SolarAid
SOS Children’s Villages UK
South Warwickshire and Worcestershire Mind
Southwark Pensioners Centre
Sreepur Village Bangladesh
Street Child
Stripey Stork
Sussex Association for Spina Bifida and Hydrocephalus (SASBAH)
The Brain Tumour Charity
The Dorothy Foundation
The Hope Foundation
The HoverAid Trust
The Free Shop
The Karen Hilltribes Trust
The Life intervention friendship and education foundation
The Link Foundation
The Lorna Young Foundation
The Lunchbowl Network
The Noah Initiative
The Separated Child Foundation
THE TEHILA TRUST
The Uphill Trust
Thembalitsha UK
Theodora Children’s Charity
Transforming Health and Education in Nepal
(on behalf of Kathmandu International Study Centre)
Turning Corners
Viva
Walking With The Wounded
WellFound
Wonder Foundation
Worldwide Veterinary Service
Carried forward|**2023**
**£**
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
2,500
-
-
-
-
-
-
187,500|**2022**
**£**
_140,000_
_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_
_192,500_|
|---|---|---|
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 2023**
|**5.**
**Analysis of charitable expenditure (continued)**
Brought forward
World Villages for Children
Zest Health for Life
ZimKids|**2023**
**£**
187,500
-
2,500
-
190,000|**2022**
**£**
_192,500_
_2,500_
_-_
_2,500_
_197,500_|
|---|---|---|
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 £190,000 (2022 - £197,500) of which £190,000 (2022 - £197,500) was unrestricted.
## **6. Related party transactions**
The charity received donations during the year of £200,000 (2022 - £230,000) 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 2023
Investments at fair value comprised:
Listed equities|**2023**
**£**
737,662
104,209
30,149
872,060
872,060|**2022**
**£**
_762,509_
_136_
_(24,983)_
|
|---|---|---|
|||_737,662_|
|||_737,662_|
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 2023**
|**8.**
**Creditors: amounts falling due within one year**
Accruals
Accountancy fees
Donations payable
Other creditors|**2023**
**£**
1,800
2,700
45,000
9
49,509|**2022**
**£**
_1,800_
_2,400_
_-_
_9_
_4,209_|
|---|---|---|
## **9. Analysis of charitable funds**
|**Brought**
**Forward**
**£**
Unrestricted income fund
-
Expendable endowment fund
947,311
947,311
**Previous year**
**Brought**
**Forward**
**£**
Unrestricted income fund
-
Expendable endowment fund
888,648
888,648|**Income**
**Expenditure**
**Transfer**
**£**
**£**
**£**
9,109
(203,482)
194,373
250,177
(813)
(194,373)
259,286
(204,295)
-
**Income**
**Expenditure**
**Transfer**
**£**
**£**
**£**
5,993
(209,099)
203,106
287,524
(772)
(203,106)
293,517
(209,871)
-|**Gains/**
**(losses)**
**£**
-
30,189
30,189
**Gains/**
**(losses)**
**£**
-
(24,983)
(24,983)|**Carried**
**forward**
**£**
-
1,032,491
|
|---|---|---|---|
||||1,032,491|
||||**Carried**
**forward**
**£**
-
947,311
|
||||947,311|
## **10. 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
872,060 _737,662_
16