## **THE CARMELA AND RONNIE PIGNATELLI FOUNDATION**
## **REPORT AND STATUTORY ACCOUNTS**
**YEAR ENDED 31 MARCH 2024**
## **THE CARMELA AND RONNIE PIGNATELLI FOUNDATION**
I N D E X
## **Year ended 31 March 2024**
||**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 2024**
The Trustees present their annual report and accounts of the charity for the year ended 31 March 2024. 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 £50,000 (2023 - £200,015) during the year. The Trustees made grants to 78 (2023 - 76) charities during the year totalling £197,500 (2023 - £190,000).
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 £205,400 (2023 - £194,373) to the unrestricted fund.
At the year end the charity had reserves of £930,051 (2023 - £1,032,491), of which £930,051 (2023 - £1,032,491) relates to the expendable endowment fund and £nil (2023 - £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.
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 2024**
## **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. During the year the charity made grants to:
1001Fontaines UK A Partner in Education A Place To Call Our Own Action Through Enterprise Amplify Action Blossoms London Ltd Borderline Counsel Cataracts are Curable Cetacean Research Chance for Childhood Cheetah Conservation Children on the Edge Christel House Europe City to Sea CIO CLCS Colchester Cribs International Daisies Kids Club Eduspots Embrace The Middle Everyone's Invited Ezra Umarpeh Ltd Facet CIO Fareshare Midlands Fountain of Life Future of Taru Global Support Link Green Shoots Foundation Hands Around The World Hearts + Minds Ltd Helen Bamber Foundation Inter Care Ltd Interburns International Aid Kidasha Kisumu Children Trust Lilomi Linda's Fund Lives in Focus LMK (Let me Know) Manisha UK Medevac Frontline Memusi Foundation Microphthalmia, Anophthalmia & Coloboma Support Mondochallenge Foundation One by One Pear Tree Special School Fund Pestalozzi International Polka Children's Theatre Ltd
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 2024**
Porridge and Pens Ghana Pump Aid Pursue Remember by Baby Remembrance Photography Reprieve Rescue the Perishing Safehands Sailors' Society Salt of the Earth Scholarships for Street Kids Seal Future Foundation Sense International Signpost International SSAFA Svitlo Education The Biojemmss Organisation The Book Bus Foundation The Dorcas Dress Project The Friends of H.O.P.E The Hummingbird Initiative The Joshua Generation The Lorna Young Foundation The Lunchbowl Network Tiny Tims Children Together for Short Lives Tools for Inner Peace Tushinde Children's Trust Us in a Bus Via Wings Zambia Orphans Aid
## **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 2024**
## **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 2025 and signed on their behalf by: 30 January
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 2024**
## **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 2024.
## **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: 31/01/2025
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 2024**
|**Unrestricted**
**Expendable**
**income**
**endowment**
**Note**
**Fund**
**Fund**
**£**
**£**
**Income and endowments from:**
_Donations and legacies:_
Donations received
-
50,000
Gift aid receivable
-
12,500
_Investments:_
Dividend income
6,170
-
Interest income
-
6,911
6,170
6,911
**Total income and endowments**
6,170
69,411
**Expenditure on:**
_Raising funds:_
Investment management fees
3,334
_Charitable activities:_
Grants made
5
197,500
-
Accountancy fees
5
4,920
-
Administration fees
5
9,000
-
Bank charges
5
150
-
**Total expenditure**
211,570
3,334
Net gains/(losses) on investments
7
-
36,883
**Net (expenditure)/income**
(205,400)
102,960
**Transfers between funds**
205,400
(205,400)
**Net movement in funds**
-
(102,440)
**Reconciliation of funds:**
Total funds brought forward
-
1,032,491
**Total funds carried forward**
930,051
|**Total**
**2024**
**£**
50,000
12,500
6,170
6,911
13,081
75,581
3,334
197,500
4,920
9,000
150
214,904
36,883
(102,440)
-
(102,440)
1,032,491
930,051
|**Total**
**2023**
**£**
_200,015_
_50,000_
_9,094_
_177_
_9,271_
_259,286_
_813_
_190,000_
_5,100_
_8,250_
_132_
_204,295_
_30,189_
_85,180_
_-_
_85,180_
_947,311_
_1,032,491_
|
|---|---|---|
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 2024**
|**Note**
**Fixed assets**
Investments
7
**Current assets**
Cash at bank
**Total current assets**
**Liabilities**
Creditors: Amounts falling due within one year
8
**Net current assets**
**Total net assets**
**The funds of the charity**
Unrestricted income fund
Expendable endowment fund
**Total charity funds**|**2024**
**£**
672,183
263,221
263,221
5,353
257,868
930,051
-
930,051
930,051|**2023**
**£**
_872,060_
_209,940_
_209,940_
_49,509_
_160,431_
_1,032,491_
-
_1,032,491_
_1,032,491_
|
|---|---|---|
The financial statements set out on pages 7 to 16 were approved by the Trustees on 30 January 2025 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 2024**
## **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 2024**
## **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**|**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
|9,271
|
|**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
|
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 2024**
## **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 (2023 – 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
14,070
**Total**
197,500
14,070
**Governance costs**
**2024**
**£**
Bank charges
150
Administration fees
9,000
Accountancy fees
4,920
14,070
Accountancy fees payable to the independent examiner's firm as follows:
- Examination
1,000
- Accountancy
3,920
4,920
|**Total**
**2024**
**£**
211,570
|
|---|---|
||211,570
|
||**2023**
**£**
_132_
_8,250_
_5,100_
|
||_13,482_
|
||_900_
_4,200_
|
||_5,100_
|
(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 2024**
## **5. Analysis of charitable expenditure (continued)**
|**Recipients of institutional grants:**
1001Fontaines UK
A Partner in Education
A Place to Call Our Own
Action Against Hunger
Acton on Postpartum Psychosis
Action Through Enterprise
African Adventures Foundation
Amplify Action
Awamu
Baha’i Agency for Social and Economic Development – United Kingdom
(BASED UK)
Beis Brucha
Blossoms London Ltd
Books2Africa
Borderline Counsel
Born on the Edge
Bridge2Aid
Camphill School Aberdeen
Cancer Research
Care for Carers
Cataracts are Curable
Caudwell Children
Cetacean Research
Chance for Childhood
Cheetah Conservation
ChildAid to Eastern Europe
Children at Risk Foundation UK
Children on the Edge
Christel House Europe
City to Sea CIO
CLCS Colchester
Cribs International
Daisies Kids Club
Dean and Cauvin Young People’s Trust
Dig Deep (Africa)
Eduspots
Embrace the Middle
Endless Medical Advantage
Everyone’s Invited
Ezra Umarpeh Ltd
Fellowship & Aid to the Christians of the East (FACE)
Facet CIO
Fareshare Midlands
Forever Angels UK
For Refugees
Fountain of Life
Friends of Ibba Girls’ School, South Sudan
Friends of St James Mission and School
Friends of Zichron Dovid
Carried forward|**2024**
**£**
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
-
-
-
60,000|**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_
_62,500_|
|---|---|---|
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 2024**
|**5.**
**Analysis of charitable expenditure (continued)**
Brought forward
Future of Taru
Get Set Girls
Global Support Link
Green Shoots Foundation
Habitat for Humanity GB
Hands Around The World
Happy Kids
HealthProm
Heart + Minds Ltd
Helen Bamber Foundation
Home-Start Cymru
Hopefield Animal Sanctuary
Incredible Kids
Inter Care Ltd
Interburns
International Aid
Jacaranda UK Foundation
Karibuni Children
Kidasha
Kisumu Children Trust
Learning For Life
Let’s Educate Them
Lilomi
Linda’s Fund
Livability
Lives in Focus
LMK (Let Me Know)
MAD-Aid
Manisha UK
Medevac Frontline
Melrose Wakefield Hospital
Memusi Foundation
Microphthalmia, Anophthalmia & Coloboma Support
Mission Without Borders
Mobile Education Partnerships
Mondochallenge Foundation
New Routes UK
NMC Midlands Ltd (Muscular Dystrophy Support Centre)
Noa Girls
One by One
Parents Against Child Exploitation
Pear Tree Special School Fund
Pestalozzi International
Polka Children’s Theatre Ltd
Porridge and Pens Ghana
Pragya
Pratham UK
Project Shelter Wakadogo
Carried forward|**2024**
**£**
60,000
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
-
-
-
122,500|**2023**
**£**
_62,500_
_-_
_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_
_125,000_|
|---|---|---|
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 2024**
|**5.**
**Analysis of charitable expenditure (continued)**
Brought forward
Pump Aid
Pursue
Railway Children
Re:Source Blackburn
Refuge4Pets
Remember by Baby Remembrance Photography
Reprieve
Rescue the Perishing
Resolve Now
Royal Hospital Chelsea Appeal Ltd
Safehands
Sailor’s Society
Salt of the Earth
Scholarships for Street Kids
SDFK/ASFRINSPIRE
Seal Future Foundation
Self Help Africa
Sense International
Signpost International
Small Steps Foundation
SolarAid
South Warwickshire and Worcestershire Mind
SSAFA
Street Child
Stripey Stork
Sussex Association for Spina Bifida and Hydrocephalus (SASBAH)
Svitlo Education
The Biojemmss Organisation
The Book Bus Foundation
The Brain Tumour Charity
The Dorcas Dress Project
The Friends of H.O.P.E
The HoverAid Trust
The Hummingbird Initiative
The Joshua Generation
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
Tiny Tims Children
Together for Short Lives
Tools for Inner Peace
Transforming Health and Education in Nepal
(on behalf of Kathmandu International Study Centre)
Carried forward|**2024**
**£**
122,500
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
2,500
-
187,500|**2023**
**£**
_125,000_
_-_
_-_
_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_
_187,500_|
|---|---|---|
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 2024**
|**5.**
**Analysis of charitable expenditure (continued)**
Brought forward
Tushinde Children’s Trust
Us in a Bus
Via Wings
Zambia Orphans Aid
Zest Health for Life|**2024**
**£**
187,500
2,500
2,500
2,500
2,500
-
197,500|**2023**
**£**
_187,500_
_-_
_-_
_-_
_-_
_2,500_
_190,000_|
|---|---|---|
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 (2023 - £190,000) of which £197,500 (2023 -£190,000) was unrestricted.
## **6. Related party transactions**
The charity received donations during the year of £50,000 (2023 - £200,000) from the settlor and trustee, Mr M Pignatelli, without conditions attached.
|**7.**
**Fixed asset investments**
**2024**
**£**
Market value brought forward
872,060
Additions at cost
1,019,528
Disposal proceeds
(1,256,288)
Net gain on revaluation
36,883
Market value as at 31 March 2024
672,183
Investments at fair value comprised:
Listed equities
672,183|**2023**
**£**
_737,662_
_104,209_
_-_
_30,189_
|
|---|---|
||_872,060_|
||_872,060_|
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 2024**
## **8. Creditors: amounts falling due within one year**
||||
|---|---|---|
|**8.**
**Creditors: amounts falling due within one year**
Accruals
Accountancy fees
Donations payable
Other creditors|**2024**
**£**
1,800
3,540
-
13
5,353|**2023**
**£**
_1,800_
_2,700_
_45,000_
_9_
|
|||_49,509_|
## **9. Analysis of charitable funds**
|**Brought**
**Forward**
**£**
Unrestricted income fund
-
Expendable endowment fund 1,032,491
1,032,491
**Previous year**
**Brought**
**Forward**
**£**
Unrestricted income fund
-
Expendable endowment fund
947,311
947,311|**Income**
**Expenditure**
**Transfer**
**£**
**£**
**£**
6,170
(211,570)
205,400
69,411
(3,334)
(205,400)
75,581
(215,663)
-
**Income**
**Expenditure**
**Transfer**
**£**
**£**
**£**
9,109
(203,482)
194,373
250,177
(813)
(194,373)
259,286
(204,295)
-
|**Gains/**
**(losses)**
**£**
-
36,883
36,883
**Gains/**
**(losses)**
**£**
-
30,189
30,189|**Carried**
**forward**
**£**
-
930,051
|
|---|---|---|---|
||||930,051|
||||**Carried**
**forward**
**£**
-
1,032,491
|
||||1,032,491|
## **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
672,183 _872,060_
16