THE FOUNDATION OF SAINT FRANCOIS
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
REGISTERED CHARITY No. 1165715
THE FOUNDATION OF SAINT FRANCOIS
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
CONTENTS
| Page | |
|---|---|
| REPORT OF THE TRUSTEES | 1-3 |
| REPORT OF THE INDEPENDENT EXAMINER | 4 |
| STATEMENT OF FINANCIAL ACTIVITIES | 5 |
| BALANCE SHEET | 6 |
| NOTES TO THE FINANCIAL STATEMENTS | 7-10 |
THE FOUNDATION OF SAINT FRANCOIS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2020
The Trustees are pleased to present their annual trustees' report together with the financial statements of the charity for the year ended 30 June 2020.
Reference and Administration Details
Full name: The Foundation of Saint Francois (The Charity)
Registered Charity number: 1165715
Principal address: BDB Pitmans LLP One Bartholomew Close London EC1A 7BL
Trustees:
Mr X J de la Rochefoucauld (Chairman) Mr S P Weil Mr S de la Rochefoucauld Mr A C C de la Rochefoucauld
Officer:
Mrs H D’Monte (secretary to the trustees)
Solicitors:
BDB Pitmans LLP, one Bartholomew Close, London, EC1A 7BL
Independent Examiner: Julia Strike TEP BDB Pitmans LLP One Bartholomew Close London EC1A 7BL
Structure Governance and Management
Governing document
Deed dated 4 December 2014 (the Deed) established the Charity. New Trustees are appointed by resolution of the Trustees completed in accordance with clause 8.1.1 of the Deed, or by deed. There should always be a minimum of 3 Trustees. Induction and Training for New Trustees is provided when relevant. It would be the responsibility of the senior trustee to explain the new Trustees responsibilities and duties, whilst providing copies of the Charity instrument, past accounts and guidance booklets provided by the Charity Commission. No special skills are required as the Charity does not provide a service.
Objectives and Activities
The Charity was established as a charity in 2014 and was registered with the Charity Commission on 23 February 2016, with the specific charitable object of the advancement of the Roman Catholic faith throughout the world and has applied the Charity Fund and the income derived from it accordingly.
Page 1
THE FOUNDATION OF SAINT FRANCOIS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2020
Objectives and Activities (continued)
In general terms the Trustees consider the position at their regular meetings and donations are made as they deem appropriate.
The Trustees received grant income from a US Foundation, The Foundation of St Benedict (the US Foundation) during the period ended 30 June 2020. The funds received from the US Foundation are held under the terms of various Expenditure Responsibility Grant Agreements (the Agreements). The Trustees have created a contingency fund containing the donation from the US Foundation so that they can report to the US Foundation as and when the funds are utilised as per the terms of the Agreements.
Grant Making Policy
The trustees made grants to promote the Catholic faith and support the Benedictine Order.
Full details of grants made during the year are given in Note 4 to the accounts.
Risk Management
The Trustees have considered the main areas of risk and are of the opinion that the Charity has the resources and systems that, under normal conditions, will allow these risks to be mitigated to an acceptable level in its day-to-day operations. In particular, the Trustees do not enter into commitments in excess of their available cash resources and as a result they operate in a very low risk environment. Any drop in income received will be matched by an appropriate reduction in expenditure.
Financial Review and Reserves Policy
The Trustees do not seek to raise money from the general public since funding is obtained from private donations. The Trustees have appointed Rathbones to advise them on their investments and have agreed an investment policy. The Charity Deed confers on the Trustees very wide powers of investment.
One donation was received in the period totalling £81,517.02 (2019: one grant - £204,878), as detailed in note 2 of these accounts. It was received in the Unrestricted and Expendable Endowment. The donations received are from the Foundation of St Benedict and are subject to the wide terms of the Expenditure responsibility grant agreements (ERGA).
Charitable grants were made in the year of £10,000 (2019: £69,395.00). Expenditure relating to the management and administration of the Charity amounted to £6,707.36 (2019: £5,580).
The Trustees are formalising their grant giving and considering a number of ways to support their aims. They would normally aim to spend the income arising in any one year.
Going Concern
The Trustees have prepared the financial statements on a going concern basis. However, before reaching their decision to do so, careful consideration has been given to the possible implications of COVID-19.
Page 2
THE FOUNDATION OF SAINT FRANCOIS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2020
Public Benefit
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit, and in particular the guidance on charities for the advancement of religion, when reviewing the Charity’s aims and objectives and in planning future activities and deciding on the grants for the year. The Objectives and Activities section of the report provide a brief summary of activities undertaken.
Responsibilities of the Trustees
Law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any 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 accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with applicable law and regulations. 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.
Signed on behalf of the trustees:
Date: 18/11/2020
Page 3
THE FOUNDATION OF SAINT FRANCOIS
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
I report to the trustees on my examination of the accounts of the Foundation of Saint Francois for the year ended 30 June 2020 which are set out on pages 5 to 10.
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 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.
Independent examiner’s statement
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of the 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 be reached.
Julia Strike TEP BDB Pitmans LLP One Bartholomew Close London EC1A 7BL
Date: 18/11/2020
Page 4
THE FOUNDATION OF SAINT FRANCOIS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2020
| Unrestricted Fund Income and Endowments from: Notes £ Donations 2 - Investments Dividends 3,203.67 Total incoming resources 3,203.67 Expenditure on: Fundraising costs Investment management fees 3 - Charitable expenditure: Charitable Grants 4 - Support costs 5 6,707.48 Total resources expended 6,707.48 NET INCOME/EXPENDITURE (3,503.81) Other recognised gains/losses Exchange rate gains (losses) - Gains/(losses) on investments: -realised 6 - -unrealised 6 - Net movement in funds (3,503.81) Transfer between funds 3,503.81 - Balances brought forward - Balances carried forward at 30 June 2020 - £ |
Unrestricted Fund Income and Endowments from: Notes £ Donations 2 - Investments Dividends 3,203.67 Total incoming resources 3,203.67 Expenditure on: Fundraising costs Investment management fees 3 - Charitable expenditure: Charitable Grants 4 - Support costs 5 6,707.48 Total resources expended 6,707.48 NET INCOME/EXPENDITURE (3,503.81) Other recognised gains/losses Exchange rate gains (losses) - Gains/(losses) on investments: -realised 6 - -unrealised 6 - Net movement in funds (3,503.81) Transfer between funds 3,503.81 - Balances brought forward - Balances carried forward at 30 June 2020 - £ |
Contingency Fund £ 82,517.02 - 82,517.02 3,043.08 10,000.00 - 13,043.08 69,473.94 4,185.51 (579.15) 36,699.59 109,779.89 (3,503.81) 106,276.08 492,047.64 598,323.72 £ |
Total Total 2020 2019 £ £ 82,517.02 204,878 3,203.67 6,351 |
|---|---|---|---|
| 3,203.67 - - 6,707.48 |
85,720.68 211,229 3,043.08 2,721 10,000.00 69,396 6,707.48 5,580 |
||
| 6,707.48 | 19,750.56 77,697 |
||
| (3,503.81) - - - |
65,970.13 133,532 4,185.51 8,164 (579.15) (573) 36,699.59 23,860 |
||
| (3,503.81) 3,503.81 |
106,276.08 164,983 - - |
||
| - - |
106,276.08 164,983 492,047.64 327,064 |
||
| - £ |
598,323.72 £ 492,047 £ |
The notes on pages 7 to 10 form part of the financial statements
Page 5
THE FOUNDATION OF SAINT FRANCOIS
BALANCE SHEET AS AT 30 JUNE 2020
| Notes Fixed Assets Investments 6 Current Assets Cash at bank 8 Creditors Amounts falling due within one year 9 Net Assets Represented By: 30 June 2020 balances as page 4 |
Unrestricted Fund £ - 500.00 500.00 500.00 - - £ |
Contingency Fund £ 416,604.00 181,719.72 598,323.72 - 598,323.72 598,323.72 £ |
Total Total Funds Funds 2020 2019 £ £ 416,604.00 381,650 182,219.72 128,793 |
|---|---|---|---|
| 598,823.72 510,443 500.00 18,396 |
|||
| 598,323.72 492,047 £ |
|||
| 598,323.72 £ 492,047 £ |
The notes on pages 7 to 10 form part of the financial statements
Approved and signed on behalf of the trustees by:
…………………………………………
Date: 18/11/2020
…………………………………………
Page 6
THE FOUNDATION OF SAINT FRANCOIS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
1 Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, with the exception that the investments are shown at market value at the balance sheet date 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), and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102.
The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and with the Charities Act 2011.
Incoming Resources
This is included in the Statement of Financial Activities when: The charity becomes entitled to the resources, the trustees are virtually certain they will receive the resources; and the monetary value can be measured with sufficient reliability.
Resources Expended
Expenditure is accounted for on an accruals basis. All administration expenses are charitable support costs. Donations are recorded when the trustees have made the decision to pay them, unless the donations are subject to conditions being fulfilled.
Fund Accounting
Unrestricted funds are those which are used for the general advancement of the Charity's objectives. The Contingency Fund is held for distribution by the Trustees under the terms of the ERGA dated 1 December 2016.
Foreign Currencies
Transactions in Euros and US Dollars are shown in this account in sterling. They are converted using the average exchange rate applicable at during the accounting period. Assets and liabilities denominated in foreign currencies at the year end are translated into sterling at year end rates. If currencies are exchanged, the actual values, as converted, are used.
Investments
Investments represent UK and foreign quoted securities and are stated at market value.
Going Concern
Having assessed the Charity's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on a going concern basis. Where necessary estimates and judgements are based on historical experience and other factors. Before reaching this conclusion the Trustees discussed the implications of COVID-19 as shown in the Report of the Trustees.
| 2 Donations received St Benedict of Nursia Foundation 3 Fundraising costs Rathbones Investment Management |
Unrestricted Fund £ - - £ Unrestricted Fund £ - £ |
Contingency Total Total Fund 2020 2019 £ £ £ 82,517.02 82,517.02 204,878 |
|---|---|---|
| 82,517.02 £ 82,517.02 £ 204,878 £ |
||
| Contingency Total Total Fund 2020 2019 £ £ £ 3,043.08 £ 3,043.08 £ 2,721 £ |
Page 7
THE FOUNDATION OF SAINT FRANCOIS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
| 4 Charitable Expenditure Grants Payable (All to institutions) Caritas Anchor House Internship at St Paul’s Shadwell Lady of Walsingham Notre Dame de Paris Quarr Abbey 5 Support Costs BDB Pitmans LLP administration fees Independent examination fee Bank charges Balance 6 Investments 30 June 2019 £ Contingency Fund 381,650.00 381,650.00 £ (All UK and foreign Quoted Securities) |
Unrestricted Contingency Total Total Fund Fund 2020 2019 £ £ £ £ - 3,000.00 3,000.00 8,000 - - - 8,500 - 7,000.00 7,000.00 25,000 - - - 17,896 - - - 10,000 - £ 10,000.00 £ 10,000.00 £ 69,396 £ Unrestricted Contingency Total Total Fund Fund 2020 2019 £ £ £ £ 6,022.00 - 6,022.00 5,058 500.00 - 500.00 500 185.48 - 185.48 22 6,707.48 £ - £ 6,707.48 £ 5,580 £ Realised & Balance Purchases Disposals Unrealised 30 June at cost at cost Gains 2020 £ £ £ £ 80,357.12 81,523.56 36,120.44 416,604 80,357.12 £ 81,523.56 £ 36,120.44 £ 416,604 £ Historic cost at 30 June 2020 331,733 £ Realised losses 2020 £(579) Unrealised gains 2020 £36,700 |
Contingency Total Total Fund 2020 2019 £ £ £ 3,000.00 3,000.00 8,000 - - 8,500 7,000.00 7,000.00 25,000 - - 17,896 - - 10,000 |
|---|---|---|
| 10,000.00 £ 10,000.00 £ 69,396 £ |
||
| Contingency Total Total Fund 2020 2019 £ £ £ - 6,022.00 5,058 - 500.00 500 - 185.48 22 |
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| - £ 6,707.48 £ 5,580 £ |
||
| Realised & Balance Disposals Unrealised 30 June at cost Gains 2020 £ £ £ 81,523.56 36,120.44 416,604 |
||
| 81,523.56 £ 36,120.44 £ 416,604 £ |
Following the disruptions caused by the Covid 19 pandemic, which has resulted in economic uncertainty; the value of investments held by the trust did reduce during the year to a low at the end of March 2020. The value of the investments have recovered somewhat by the year end. The Charity is invested for the long term and are well placed as long term investors to manage the short term fluctuations which have happened as a result of the Covid crisis. There are no plans for major changes to the portfolio to take advantage of any losses made at this time.
7 Trustees' Remuneration and Expenses
No remuneration was paid during the year (2019: Nil). No expenses were paid to the Trustees during the year (2019: Nil).
8 Transactions with Related Parties
During the year £6,022 (2019: £5,058) was paid to BDB Pitmans LLP for administration fees, of which Simon Weil (Trustee) is a partner of the firm.
Page 8
THE FOUNDATION OF SAINT FRANCOIS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
| Unrestricted Fund 8 Cash at Bank £ Metro bank (£) 388.00 Metro bank (EURO) 112 Rathbones Invest Mgmt (£) - Rathbones Invest Mgmt (USD) - Rathbones Invest Mgmt (EURO) - Rathbones Invest Mgmt (AUSD) - 500.00 £ Currency equivalents Metro bank (EURO) € Rathbones Invest Mgmt (USD) $ Rathbones Invest Mgmt (EURO) € Rathbones Invest Mgmt (AUSD) AU$ Unrestricted Fund 9 Creditors £ Grants payable - Independent examination fee 500.00 500.00 £ Unrestricted Fund £ 10 Analysis of Net Assets Between Funds Investments - Current Assets 500.00 Creditors (500.00) Total Net Assets - £ Unrestricted For the year ended 30 June 2019 Fund £ Investments - Current Assets 500.00 Creditors (500.00) Total Net Assets - £ |
Contingency Total Total Fund 2020 2019 £ £ £ - 388.00 5,000 1,521.40 1,633.40 19,412 10.84 10.84 11 131,496.96 131,496.96 104,367 48,649.70 48,649.70 (22) 40.82 40.82 26 |
|---|---|
| 181,719.72 £ 182,219.72 £ 128,794 £ |
|
| 1,800 1,800 22,000 162,517 162,517 132,590 53,612 53,612 (25) 73 73 47 Contingency Total Total Fund 2020 2019 £ £ £ - - 17,896 - 500.00 500 |
|
| - £ 500.00 £ 18,396 £ |
|
| Contingency Total Total Fund 2020 2019 £ £ £ 416,604.00 416,604.00 381,650 181,719.72 182,219.72 128,793 - (500.00) (18,396) |
|
| 598,323.72 £ 598,323.72 £ 492,047 £ |
|
| Contingency Total Total Fund 2019 2018 £ £ £ 381,650.00 381,650.00 92,128 128,293.44 128,793.44 234,936 (17,895.80) (18,395.80) - |
|
| 492,047.64 £ 492,047.64 £ 327,064 £ |
Page 9
THE FOUNDATION OF SAINT FRANCOIS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
11 Prior year Statement of financial activities
| Unrestricted Fund Income and Endowments from: Notes £ Donations 2 - Investments Dividends 6,351.14 Total incoming resources 6,351.14 Expenditure on: Fundraising costs Investment management fees 3 - Charitable expenditure: Charitable Grants 4 - Support costs 5 5,580.08 Total resources expended 5,580.08 NET INCOME/EXPENDITURE 771.06 Other recognised gains/losses Exchange rate gains/losses) - Gains/(losses) on investments: -realised 6 - -unrealised 6 - Net movement in funds 771.06 Transfer between funds (115,295.59) (114,524.53) Balances brought forward 114,524.53 Balances carried forward at 30 June 2019 - £ |
Contingency Fund £ 204,878.33 - 204,878.33 2,721.24 69,395.80 - 72,117.04 132,761.29 8,163.62 (573.12) 23,860.23 164,212.02 115,295.59 279,507.61 212,540.03 492,047.64 £ |
Total 2019 £ 204,878.33 6,351.14 |
|---|---|---|
| 211,229.47 2,721.24 69,395.80 5,580.08 |
||
| 77,697.12 | ||
| 133,532.35 8,163.62 (573.12) 23,860.23 |
||
| 164,983.08 - |
||
| 164,983.08 327,064.56 |
||
| 492,047.64 £ |
Page 10