Charity Registration No. 1165146
Company Registration No. 09208770 (England and Wales)
THE MOURADIAN FOUNDATION LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
THE MOURADIAN FOUNDATION LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr D H Smith Mr J P Blochet Mr Alexandre Mouradian
Charity number 1165146 Company number 09208770 Registered office Sixth Floor Capital Tower 91 Waterloo Road London SE1 8RT
THE MOURADIAN FOUNDATION LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021
The trustees present their report and financial statements for the year ended 30 September 2021.
Objectives and activities
The charity's objectives are to advance the education of the public in the areas of philosophy, ethics, economics, socio-economics and social and political philosophy, taking inspiration from, but not limited to, the work and thought of Baruch Spinoza and their application to the socio-economic problems of the 21st Century. These objectives are met through the provision of lectures, conferences and fora, the publication of articles in publically available academic journals and the sponsorship of academic research for the public benefit. There has been no change in these during the year.
The Mouradian Foundation is forging partnerships with leading academic centres (universities, think-tanks and other research-oriented institutions) around the world to establish intellectual hubs to consider socio-economic matters. A large network of centres in different countries helps to provide a global network of scholars enabling them to interact with one another. This global reach broadens the spectrum of the charity's public policy analysis allowing their research to impact policymakers and academics for the benefit of the general public, worldwide.
The charity's approach to collaborative thinking encourages innovative ideas which may influence new policies, business decisions and societal behaviour.
The Mouradian Foundation awards grants annually to academics from both ends of the political spectrum who research an area of social or economic policy which impacts the public generally. Our grants allow topics within the public interest to be scrutinised and concepts which could shape public policy to be analysed.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Financial review
The charity generated a deficit during the period of £16,033 (2020: a surplus of £50,604). The reserves held at the year end amounted to a deficit of £40,211 (2020: £24,178) and are used to meet the charity's objectives. The charity's assets are adequate to fulfil its obligations and there are no major risks to the charity.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.
This level of reserves has been maintained throughout the year.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a company limited by guarantee and does not have any share capital. None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr D H Smith
Mr J P Blochet Mr A Mouradian
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THE MOURADIAN FOUNDATION LIMITED
TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021
The charity's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The charity's current policy concerning the payment of trade creditors is to:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the company's contractual and other legal obligations.
The trustees report was approved by the Board of Trustees.
Mr Alexandre Mouradian
trustee Dated: 22 November 2022
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THE MOURADIAN FOUNDATION LIMITED
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The trustees, who are also the directors of The Mouradian Foundation Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE MOURADIAN FOUNDATION LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE MOURADIAN FOUNDATION LIMITED
I report to the trustees on my examination of the financial statements of The Mouradian Foundation Limited (the charity) for the year ended 30 September 2021.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). You consider that the audit requirement of s144(2) of the Charities Act 2011 does not apply.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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
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4 the financial statements 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 other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Arnold Hill & Co LLP
Chartered Accountants and Registered Auditors Craven House 16 Northumberland Avenue London WC2N 5AP
Dated: 22 November 2022
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THE MOURADIAN FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Unrestricted funds 2021 Notes £ Income and endowments from: Donations and legacies 3 107,166 Other income 4 - Total income 107,166 Expenditure on: Charitable activities 5 123,088 Net (expenditure)/income for the year/ Net (outgoing)/incoming resources (15,922) Other recognised gains and losses Other gains or losses 9 (111) Net movement in funds (16,033) Fund balances at 1 October 2020 (24,178) Fund balances at 30 September 2021 (40,211) |
Total 2020 £ 459,859 16 459,875 409,271 50,604 - 50,604 (74,782) (24,178) |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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THE MOURADIAN FOUNDATION LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2021
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Current assets | |||||||
| Debtors | 10 | - | 5,500 | ||||
| Cash at bank and in hand | 8,319 | 11,714 | |||||
| 8,319 | 17,214 | ||||||
| Creditors: amounts falling due within | |||||||
| one year | 12 | (48,530) | (41,392) | ||||
| Net current liabilities | (40,211) | (24,178) | |||||
| Income funds | |||||||
| Unrestricted funds | (40,211) | (24,178) | |||||
| (40,211) | (24,178) |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2021. Members have not required the company to obtain an audit.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 22 November 2022
Mr Alexandre Mouradian
Trustee
Company Registration No. 09208770
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THE MOURADIAN FOUNDATION LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 14 Net cash used in investing activities Financing activities Drawdown of borrowings Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2021 £ - |
£ (3,395) - - (3,395) 11,714 8,319 |
2020 £ (160) |
£ 9,401 - (160) 9,241 2,473 11,714 |
|---|---|---|---|---|
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THE MOURADIAN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
1 Accounting policies
Charity information
The Mouradian Foundation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Sixth Floor, Capital Tower, 91 Waterloo Road, London, SE1 8RT.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006 and "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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business.
1.5 Resources expended
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributable to particular activities they have been allocated on a basis consistent with the use of the resources.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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THE MOURADIAN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
1 Accounting policies
(Continued)
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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THE MOURADIAN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
3 Donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Donations and gifts | 107,166 | 449,859 | |
| Performance related grants | - | 10,000 | |
| 107,166 | 459,859 | ||
| 4 | Other income | ||
| Total | Unrestricted | ||
| funds | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Other income | - | 16 | |
| 5 | Charitable activities | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Charitable Expenditure | 113,629 | 283,458 | |
| Grant funding of activities (see note 6) | - | 115,609 | |
| Governance costs | 9,459 | 10,204 | |
| 123,088 | 409,271 | ||
| 6 | Grants payable in the furtherance of the charity's objectives | ||
| In the prior year, the charity made a donation of £38,680 to Columbia University. In the same year the charity | |||
| also made two grants to The London School of Economics in the current year, the first of £38,459 and the | |||
| second of £38,470. |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
All donations in the current and prior year were received from Mr A Mouradian, a trustee of the charity.
Mr D H Smith, a trustee, was paid a total of £Nil (2020: £8,250) for his role as a speaker at events held by the charity.
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THE MOURADIAN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
8 Employees
There were no employees during the current or prior year.
| 9 Other gains or losses Unrestricted funds 2021 £ Foreign exchange gains 111 10 Debtors 2021 Amounts falling due within one year: £ Other debtors - 11 Loans and overdrafts 2021 £ Directors' loans 28,823 Payable within one year 28,823 12 Creditors: amounts falling due within one year 2021 £ Borrowings 28,823 Trade creditors 11,196 Other creditors 180 Accruals and deferred income 8,331 48,530 |
Total 2020 £ - |
|---|---|
| 2020 £ 5,500 |
|
| 2020 £ 28,823 |
|
| 28,823 | |
| 2020 £ 28,823 5,059 203 7,307 |
|
| 41,392 |
13 Related party transactions
As at 30 September 2021 the charity owed Mr Alexandre Mouradian, a director and trustee, £28,823 (2020: £28,983) for a loan that assisted the charity with administrative costs. The loan does not have a fixed repayment date and no interest chargeable thereon.
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THE MOURADIAN FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 14 | Cash generated from operations | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| (Deficit)/surpus for the year | (15,922) | 50,604 | |
| Adjustments for: | |||
| Foreign exchange differences | (111) | - | |
| Movements in working capital: | |||
| Decrease in debtors | 5,500 | 6,000 | |
| Increase/(decrease) in creditors | 7,138 | (47,203) | |
| Cash (absorbed by)/generated from operations | (3,395) | 9,401 | |
| 15 | Analysis of changes in net funds | ||
| The charity had no debt during the year. |
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