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2021-04-05-accounts

REGISTERED CHARITY NUMBER: 1165220

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 5 April 2021

for

The Cynara Foundation

J P B Harris & Co. Chartered Accountants Harmile House 54 St Marys Lane Upminster Essex RM14 2QP

The Cynara Foundation

Contents of the Financial Statements for the Year Ended 5 April 2021

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 12
Detailed Statement of Financial Activities 13

The Cynara Foundation

Reference and Administrative Details for the Year Ended 5 April 2021

TRUSTEES Ms V Eng C P Snowden P G Gibbs PRINCIPAL ADDRESS c/o Heartwood Health Management 77 Mount Ephraim Tunbridge Wells TN4 8BS REGISTERED CHARITY 1165220 NUMBER INDEPENDENT EXAMINER J P B Harris & Co. Chartered Accountants Harmile House 54 St Marys Lane Upminster Essex RM14 2QP

Page 1

The Cynara Foundation

Report of the Trustees for the Year Ended 5 April 2021

The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the Charity, under the terms of the Trust Deed;

Public benefit

The Trustees confirm that they referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting grant making policy for the year.

Grantmaking

In pursuance of their objective of relieving global poverty the trustees have focused to a significant extent on organisations established with a view to improving the health of those in poverty

Details of grants made during the period are detailed in note 4 to the financial statements.

FINANCIAL REVIEW

Financial position

Unrestricted funds

Incoming resources for the year amounted to £40,353 Grants of £120,000 were made and support costs amounted to £4,260. The deficit has been made good by transfer from the expendable endowment fund.

Expendable endowment

The expendable endowment stood at £3,771,516 at the balance sheet date.

Principal funding sources

The principal funding source comprises gifts from the trustees of the charity to establish or add to its Expendable Endowment and subsequently from investment income.

Investment policy and objectives

The trustees have agreed that the Endowment Fund should be managed by Heartwood on a discretionary basis following a global multi asset class portfolio of ethically screened assets. The portfolio has a medium risk profile and aims to deliver a net total return of CPI plus 3% per annum over the long term.

Reserves policy

The trustees aim to maintain the endowment fund at a sufficient level to generate an income level to maintain the grantmaking planned in the future. The trustees are satisfied with the current level of reserves.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust dated 11 November 2015 and constitutes an unincorporated charity.

By a resolution of the trustees made on 3 March 2019 any US resident individuals or organisations were irrevocably excluded as beneficiaries of the charity.

Recruitment and appointment of new trustees

New trustees may be appointed by the existing trustees by virtue of a power contained within the trust deed. A minimum of three trustees is required by the trust deed.

Page 2

The Report Of th¢ Trn$tees for Year Ended S Apru 2021 STRucfuRE, GOVERNAr4cE AtYD MANAGEME Organii4tloDal strucluTe Th¢ ¢lwity is 80￿n￿d by its Trustees ￿4]9 may exer¢ise all pow&5 contaitwi in the trust deryj. V¢roni Christopkn Snowden are appK)intd fur life and Peter (iibbs for a tennof 5 years. The Tr￿tr¢s must hold at least tsvo ordiw meetin8s each ye95. At those m￿1￿88. TTh￿te¢S agyee broad strate anda¢tivity forthe TrJsL includin8 CO￿$1derati0￿Of 8rani m3kin& investn￿ll￿ 8nd reserve8. duetion trnith8bfn¢w thistee8 05L 8ppointmenL lleH' tr￿Stees ¢xpre5sly acknowl his OT her acceptanc¢ of offtce of TrLL%e of the Charity. Itt sele¢ung new TFusltrs. th¥ 'l'nL8tees must hav¢ regard to the skill$, knoThled8e ex￿￿ellee [￿ded for efttttive ad￿7n￿￿TTdtiOn of the ¢haTiLy. New Trust¢¢s are WO￿a¢d with a ¢opy of the tr￿St deed aTJd a copy of the C￿lty.$ Lat2st rt and accounts. Risk mamgetllent The tr￿￿te¢s hair a duty to ideT]tt"fy reMcw tbe risks to which the 1$ exy)sed alld to ¢llsure approwl controls are in place to proiryd¢ reasollable assurance a8ain* fiaudand error. Approvcd by order of tbe bo8rdof In]st￿ on................ . . and si8ttd on itslKhalt by". C P Snowthn. Truslee Pa8e 3

Independent Examiner's Report to the Trustees of The Cynara Foundation

Independent examiner's report to the trustees of The Cynara Foundation

I report to the charity trustees on my examination of the accounts of The Cynara Foundation (the Trust) for the year ended 5 April 2021.

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').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCA which is one of the listed bodies.

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.

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 accounts to breached.

A S Robinosn FCA

A S Robinson FCA J P B Harris & Co. Chartered Accountants Harmile House 54 St Marys Lane Upminster Essex RM14 2QP

Date: 20 July 2021

Page 4

The Cynara Foundation

Statement of Financial Activities for the Year Ended 5 April 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
2
Total
EXPENDITURE ON
Raising funds
3
Charitable activities
Charitable activities
Other
5
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
10
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
-
40,353
40,353
-
120,000
4,260
124,260
-
(83,907)
83,907
-
-
-		 Endowment
fund
£
375,000
-
375,000
18,243
-
-
18,243
768,405
1,125,162
(83,907)
1,041,255
2,730,261
3,771,516		 5.4.21
Total
funds
£
375,000
40,353
415,353
18,243
120,000
4,260
142,503
768,405
1,041,255
-
1,041,255
2,730,261
3,771,516		 5.4.20
Total
funds
£
-
59,515
59,515
21,000
100,000
4,271
125,271
(258,721)
(324,477)
-
(324,477)
3,054,738
2,730,261

The notes form part of these financial statements

Page 5

The CynarA FoundatKbn 5 APTII 2021 4.21 Total fi￿dI 5.4.20 Totsl Notes FIXED ASSETS Jnv¢slnThts 3.724J73 3,724J73 2.665.490 CURRELYf ASSETS Cash at bank 1750 50,143 52893 70.521 CREDITORS Amoullts fall]D8 ¢kne withm year (2,750) (¥￿) (5,751b) {5,750) 47,143 47,143 64.771 TOTAL ASSETS LE&8 Ci)RRENr LIABtLTfiES 3,771 J16 3,771J16 2.730,261 NET A&SETS 3,771516 3,771 J16 2,730,261 10 3,771 516 2 730.261 TOTAL Fuf4DS J,771A16 2.730.261 The fLtWLCLal statements apptovcd by the Board of T[￿tteS and authorisd for is8UC . and were si￿d on its IKhalf by". C P SN)wdcu- TrLLStee The notes forn) part of these staternents Pa8c 6

The Cynara Foundation

Notes to the Financial Statements for the Year Ended 5 April 2021

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Investment income is recognised as receivable.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

TAXATION

The charity is exempt from tax on its charitable activities.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

INVESTMENTS

Investments are shown at market value at the balance sheet date. All gains or losses on revaluation or on disposal are included in the Statement Of Financial Activities.

continued...

Page 7

The Cynara Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

2. INVESTMENT INCOME

UK Income
Interest
Gilts
Unit Trust Interest
UK Dividends
Unit Trust Dividends
Overseas Income
Interest
Dividends
3.
RAISING FUNDS
INVESTMENT MANAGEMENT COSTS
Portfolio management
4.
GRANTS PAYABLE
Charitable activities
The total grants paid to institutions during the year was as follows:
Malaria Consortium
Against Malaria Foundation
Schistosomiasis Control
5.
OTHER
Support costs		 5.4.21 5.4.20
£ £
11 11
1,421 2,694
4,858 7,199
7,192 5,855
5,489 9,375
2,878 3,564
18,504 30,817
40,353 59,515
5.4.21
£
18,243
5.4.21
£
120,000
5.4.21
£
50,000
50,000
20,000
120,000
5.4.21
£
4,260		 5.4.20
£
21,000
5.4.20
£
100,000
5.4.20
£
100,000
-
-
100,000
5.4.20
£
4,271

Support costs include the independent examiners fee of £1,260.(2020: £1,250).

continued...

Page 8

The Cynara Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Raising funds
Charitable activities
Charitable activities
Other
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
59,515
-
100,000
4,271
104,271
-
(44,756)
44,756
-
-
-		 Endowment
fund
£
-
21,000
-
-
21,000
(258,721)
(279,721)
(44,756)
(324,477)
3,054,738
2,730,261		 Total
funds
£
59,515
21,000
100,000
4,271
125,271
(258,721)
(324,477)
-
(324,477)
3,054,738
2,730,261

These figures relate to the year ended 5 April 2020.

continued...

Page 9

The Cynara Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

8. FIXED ASSET INVESTMENTS

MARKET VALUE
At 6 April 2020
Additions
Disposals
Revaluations
At 5 April 2021
NET BOOK VALUE
At 5 April 2021
At 5 April 2020		 Listed
investments
£
2,620,869
4,167,481
(3,130,105 )
66,128
3,724,373
3,724,373
2,620,869

Investment assets, shown at market value, outside the UK amounted to £Nil (2020: £1,475,331) at the balance sheet date.

At the balance sheet date, investments in the LF Handelsbanken Balanced Sustainable Multi Asset Fund comprised 99% of the charity's investments.

Cost or valuation at 5 April 2021 is represented by:

Valuation in 2021
Cost
Investments are shown in the balance sheet at the market value on that date.
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses
10.
MOVEMENT IN FUNDS
Net
movement
At 6.4.20
in funds
£
£
Unrestricted funds
General fund
-
(83,907)
Endowment funds
Expendable Endowment
2,730,261
1,125,162
TOTAL FUNDS
2,730,261
1,041,255		 5.4.21
£
5,750
Transfers
between
funds
£
83,907
(83,907)
-		 Listed
investments
£
(37,422)
3,761,795
3,724,373
5.4.20
£
5,750
At
5.4.21
£
-
3,771,516
3,771,516

continued...

Page 10

The Cynara Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

10. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
40,353
(124,260)
Endowment funds
Expendable Endowment
375,000
(18,243)
TOTAL FUNDS
415,353
(142,503)
Comparatives for movement in funds
Net
movement
At 6.4.19
in funds
£
£
Unrestricted funds
General fund
-
(44,756)
Endowment funds
Expendable Endowment
3,054,738
(279,721)
TOTAL FUNDS
3,054,738
(324,477)
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
59,515
(104,271)
Endowment funds
Expendable Endowment
-
(21,000)
TOTAL FUNDS
59,515
(125,271)		 Gains and
losses
£
-
768,405
768,405
Transfers
between
funds
£
44,756
(44,756)
-
Gains and
losses
£
-
(258,721)
(258,721)		 Movement
in funds
£
(83,907)
1,125,162
1,041,255
At
5.4.20
£
-
2,730,261
2,730,261
Movement
in funds
£
(44,756)
(279,721)
(324,477)

continued...

Page 11

The Cynara Foundation

Notes to the Financial Statements - continued for the Year Ended 5 April 2021

10. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Endowment funds
Expendable Endowment
TOTAL FUNDS		 At 6.4.19
£
-
3,054,738
3,054,738		 Net
movement
in funds
£
(128,663)
845,441
716,778		 Transfers
between
funds
£
128,663
(128,663)
-		 At
5.4.21
£
-
3,771,516
3,771,516

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Endowment funds
Expendable Endowment
TOTAL FUNDS		 Incoming
resources
£
99,868
375,000
474,868		 Resources
expended
£
(228,531)
(39,243)
(267,774)		 Gains and
Movement
losses
in funds
£
£
-
(128,663)
509,684
845,441
509,684
716,778		 Gains and
Movement
losses
in funds
£
£
-
(128,663)
509,684
845,441
509,684
716,778
716,778

The endowment fund is to provide assets with which to generate an income to fund the charity's grant making activities. The endowment is expendable and the capital can be used to fund the charitable activities over and above the income arising in any year.

TRANSFERS BETWEEN FUNDS

The transfer from the expendable endowment to unrestricted funds represents the funding of the grants made in excess of the income in the period under review.

11. RELATED PARTY DISCLOSURES

During the year under review the Charity received a gift from a trustee amounting to £300,000 (2020: £Nil).

Page 12