THE FOUNDATION OF SAINT FRANCOIS TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 REGISTERED CHARITY No. 1165715 THE FOUNDATION OF SAINT FRANCOIS TRUSTEES. RepoRT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 CONTENTS Pag• REPORT OF THE TRUSTEES 14 REPORT OF THE INDEPENDENT EXAMINER STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS 7-10 4LQi THE FOUNDATION OF SAINT FRANCOIS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 The Trustees are pleased to present their annu81 trustees, report logether the financlal statements of the charity for the year end8d 30 June 2021. R•f•r•nte and Adminlstratlon Detalls Full name: The Foundation of Saint Francois (The Charmy) Registered Charlty number.. 1165715 Principal address.. BD8 Pitmans LLP One Barthoiomew Close London EC1A 78L Tru8lees- Mr X J de18 Rochefoucauld (Chairm8nl MrSPWeil Mr S de la Rochefoucauld Mr A C C de la Rochefou¢auld Officer: Mis P Byall Isecrelary to the truste88) Solicitors.. Charles Russell Speechty8, 5 Fleet Place. London EC4M 7RD Independent Exarniner: H8rpreet Dehal BDB Pltmans LLP One Bartholomew Ch)88 London EC1A 78L Structur• Gov•m8n¢• and M•nag•m•nt Gr*vemlng dorum•nt Deed dated 4 December 2014 (the Deed) estsbllshed the Charfty. New Trustee5 are 8ppolnled by resolullon of the Trustees completed in ¥GGordance 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 proV￿ed when relevant. It would be the responsibility of the senlor trust88 to exptain the new Trustees responsibilities and duties, whilst providing copies of the Charity instrument, past accounts and guidance booklets provided by th8 Charity Commission. No special skills are required as the Charlty does not provkle a servKe. Obl•¢tlvos and A¢tlvltl•s The Charity was eslabllshed as a ch8rlty in 2014 and was registergd wth the Charity Commission on 23 February 2016, with the specffic charltable object of the advancement of the Roman Catholic faith IhrougtrKJUt the world and has appligd the Charlty Fund and th6 income derived from it accordingly. Page 1 SL THE FOUNDATION OF SAINT FRANCOIS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 Obl•ctlv•¥ and Aetlvitl•s IcontinuÈdl In general terms the Trusl8es consider the position al their regular meetiThJs and donations are made as they deem appropriate. The Trustees recelved grant income from a US Foundatlon, The Foundation of St Bénedict (the US Foundalionl during tha period ended 30 June 2021. The funds re¢elved from the US Foundation are held under the terms of vanous Expenditure Responsibility Grant Agreements (the Agreemenl81. The fruslees report lo the US Foundation a8 and when the furKls are utlllg&d as per the terms of the Agreements. and on an annual basis. Grnnt M4klnq Pollcy The trustees made grants lo prornote Ihe Catholic falth and support tha Bened￿tine Order. Full details of grants made durlng the year are giv8n In Note 4 to the accounts. Rl•k M•nag•m•nt The Trustees have Considered the maln areas of risk and are of the oplnlon that the Charity has the resources and systems that. under normal Gondrtions, will allow these rlsks lo be mSllgaled to an acceptable level in its day-lo-day operatlons. In partlcular, the Trustees do not enter Into commitments In exc888 of thalr available ¢ash resources and as a resun Ihoy operate in a vary low rlsk envlronm¢nl. Any drop in Income received wlll be matched by an appropTlale reduction in expendllure. Flnancl•l R•vl•w and R•••TV•• Pollcy The frustaes do not seek to Tai¥8 money from the general publ1¢ $lnce fundSng Is obtained from prlvate donations. Tha Trustees have appointed Ralhbones lo advise them on their investments and have 8greed an Investment policy. The Charfly Deed confers on th8 Trustees very wide powers of Inv8Stmenl. On8 donation was received in the perlod totalllng £74,211.0312020.' one donatlon £81,517). as d8talled in note 2 of these accounts. It was received in the Contingency Fund. The donallon received Is from the Foundallon of St Benedict and is subject to the wlde terms of the Expenditure respon$lbility grant agreements IERGA). Charmabla grants weré made in the year of £20,00012020.. £10,000). Expenditure rel8llng to the management and administrallon of the Charity amounled lo £8,879.21 12020.. £6,707). The administration of the Chartty passed from BDB Pilman$ during the year to Char18s Russell Speechlys. Golng Conc•m The Trustees have prepared the financial statements on a going concern b8sls. However. before reaching Ih8ir declslon lo do so, careful consideration has been giv8n lo the possible implication5 of COVID-19. Page 2 THE FOUNDATION OF SAINT FRANCOIS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 Publlc Benofit The Trustee5 have refefred to the guidance contsined in the Charity Commission's general guldance on publ￿ benefit, and in particular the guidance on charities for the advancement of religion, when reviewing the Charitys ainis and objectives and in planning future activities and dociding on the grants fcy the ye8r. The Objectfves and Activities se¢tion of the report provide a brief summary ol activities undertaken. Responslbllltles of th• Truste0• Law appllc8ble to charltl88 In England & Wales requlres the Trusl6es lo prepare financial statements for èach financial year whlch a true and fair vlew of the charitws financial activities during the year and of Ils financial position at the end of the year. In preparlng financial sl8tem&nts giving a true and falr view, the Trustees should follow best practice and.. se1￿1 sultsble ac¢ountlng pollcles and then appty them conslstenuy, make ludgemènts and esllmates that are reasonable and prudent: stst8 whethor applicable accounllng standards and statements of recommended pracllce have been followed. 8ublecl lo any departures dls¢lo8ed arKI èxplained In the nancial statements and; prepare the flnancl81 statements on the going concem bas18 unless It Is Inapproprkgle lo presurne that the charity will ¢ontlnue In op8r8lbJn. Th8 Trustees are reswnsible for keeplng accounting records whlch dlsclose wllh reasonable accura¢y the flnancial posltion of the charsty and which Onable them lo ensure th81 the financial statements comply with applicable law and regulallons. They are also responslble for safeguarding the assets of Ihe charity and hence for taking reasonabl8 $leps lor the prev6nllon and deteollon of fraud and other irregularllies. Signed on behall of tho Iru$tse8: {Ihh)ISL+¥) DE LA QoCttLsfDO dluLD Date: IT Iii ItpI4 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 2021 I report lo the trustees on my examination of the accounts of the Foundalion of Saint Francois for the year ended 30 June 2021 wh￿h are set out on pages 5 to 9. Responsibilities and basis of report As the charity trustees of the Trust you are responsibje for the preparation of the aecounls in accordance wi(h the requirements of the Charities Act 2011 (Ihe Act'l. I report in respect of my exarninalion of Ihe Trust's accounts carried Olrt under sectton 145 of the 2011 Act and in Carrying out my examination I have follchved all the appI￿able Directions given by the Charrty CommisshJn under section 14515} (bl of the Act. Independent examiner's statement I have completed my exarninalion. I confirni that no material mattels have come lo my attention in conneclion with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of ihe Trust as required by section 130 of the the accounts do not accord with those record5". or the accounts do not compty wrth the applicable requirements concerning the fomi and content of the accounts sel out in the Charitie5 (Accounts and Reports) Regulations 2008 other than any requirement that the accounts gwe a Irue and fairf vithv which is not matter considered as part of an independent examination. I have no concems and have come across no other rnatte￿ in connection wth the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Harpreel Dehal FCCA BDB Pitmans LLP One Bartholomew Close London EC1A 7BL Dale.. g th?21 Page 4 THE FOUNDATION OF SAINT FRANCOIS STATEMENT OF FINAMCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021 Unr•8trlcted Contlngoncy Fund Fund Total 2021 Total 2020 Income and Endowm•nts from: Notes t)onalion$ 74,211.03 74,211.03 82,517 Inveslmenls Dlvldends and Intarost 4,071.47 4.071.47 3,203 Total Incomlng rnsourc 78,282.50 78,282.50 85,720 Expondltur? on: Fundralslng co¥ts Investment management fees 3,942.43 3.942.43 3,043 Charltsblo oxp•ndlture: Charitable Grants Support Q08ts 20.000.00 8.879.21 20,000.1)O ,879.21 10,000 6,707 Total rnsourcM oxynd•d 32.621.64 32,821.64 19,750 NET INCOMEIEXPENDITURE 45,460.86 45.460.86 65,970 Other recognljed g8ln81108108 Exchange rale gains I10ss8s1 Gainslllossesl on inveslmenls: -realised -unr8allsed 125.709.52} {25.709.52) 4,186 8.597.15 95,785.00 ,597.15 95,785.00 (579) 36.699 N•t movomgnl In fvnd8 124,133.49 124,133.49 106,276 Balances brought forward 598,323.72 598,323.72 492.048 Balances carrled forward at 30 June 2021 £ 722.457.21 £ 722.457.21 £ 598,324 The rh)tes on pages 7 10 10 fom part of the financial staloments Page 5 THE FOUNDATION OF SAINT FRANCOIS BALANCE SHEET AS AT 30 JUNE 2021 Total Funds 2021 Total Funds 2020 Unr•strictèd Fund Contlngency Fund Notes Flxed Assets Investments 351.159.00 351.1 $9.00 416,604 Currant Assets Cash at bank 377.070.21 377.070.21 182,220 728,229.21 728,229.21 598,824 Cr•dltor• Amounts f8111ThJ due wilhln one year 5,772.00 5,772.00 500 £ 722,457.21 722,457.21 598,324 R•pro•gntod By: 30 June 2021 balanGes as p8g8 4 722,457. £ 722,457.21 £ 598,324 Thè notes on pages 7 to 10 form part of the financlal 618lements Approved and $lgn•d on bèhalf of th• trustew4 by: SffA￿ ia.u8.3.....D£....LA...nc) L14LS-fiL¥) GWLI Date". Page 6 THE FOUNDATION OF SAINT FRANCOIS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 l Accounting Polic58• Basls of accountlng The financial slalements have been prepared under the historical cost conventlon. wllh the exception that the investments Ère shown at market value al the balan¢e sheet date in accordance with the Statement of Recomm8nded Practice.. Accounting and Reportlng by Charities preparing their accounts in accordance wllh the Flnancial Reporting Standard applicable in the UK and Republlc of I￿l￿nd IFRS 1021. and the Charities AGI 2011. The Charity Constllutes a public benefrt entity as defined by FRS 102. Th8 accounts have been pr8pared in aGcordanc& wilh the FSn8nclal Reporting Standard applicable in the United Kingdom and Republ￿ of Ireland IFRS1021 aTrd wth the Charllies Act 2011. InGomlng Rgsourc•i Th1$ Is included in tha Statement of Financial Actlvllles ￿en- The charity becomes gnlltl8d to the resources, the trustee5 are vlrtually certaln they wlll receiv8 the resourGe$'. and the monetary value can bo measured wllh sufficient reliablllty. Resourcas Expgndod Expendlture Is aGwunted for on an a¢¢ruals basis. All admlnislration expen888 are oharllable support costs. Donallons are recorded when the trustee8 havo made the deci5i0n lo pay them. unless the donatlons are 5ublecl lo conditlons belng fumlled. Fund Accountlng Unrestrlcled funds are those which ara used for the general advoncemenl of the Charilys objectives. The Conllngency Fund is hold for distribution by the Trustees under the terms ol varlous ERGA'8. Forglgn Currenclè$ Transa￿￿OnS in Euros and US Dollar5 are 8hown In thls account in steding. They are Converted using tha average exchange rate applicable al during the accounllng periotj. Assets and IlabllltSe8 denominated in foralgn curr8nci8s al the year end are Ir8nslaled into slerting al year end rale$. If currencies are exchanged, th8 8Ctual values, as convert8d, ar8 used. Invo$tm•nti Investments represent UK and foreign quolod securlues and are staled at market value. Golng Concern Having assessed the Charlws financlal posS1ion and plans for th8 for8seeab18 future, the Trvslees 8r8 satisfied that It remains approprlate to prepare the financi81 sl818ments on a going concern basis. Wh8re necessary eslimales and judgements are based on his10ri¢81 experience and other factors. Before reaching Ihls conclusion the Trusle8s discussed th8 impll¢alions of COVID-19 as shown In the Report of the Trustees. Unrostrfcted Contlngency Fund Fund Total 2021 Total 2020 2 Oonatlons recelv•d st Benedi¢t of Nursia Foundation £ 74.211.03 £ £ 82,517 Unrestrlcted Contlngency Fund Fund Total 2021 Total 2020 3 Fundrai$lng costs Ralhbones Investment Management 3.942.43 £ 3.942.43 £ 3,043 Page 7 ## **THE FOUNDATION OF SAINT FRANCOIS** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021** |**4 **|**Charitable Expenditure**|||||**Contingency**|**Contingency**||**Total**||**Total**| |---|---|---|---|---|---|---|---|---|---|---|---| ||||||||**Fund**||**2021**||**2020**| ||**Grants Payable (All to institutions)**||||||**£**||**£**||**£**| ||Caritas Anchor House||||||**-**||**-**||3,000| ||Our Lady of Walsingham||||||**10,000.00**||**10,000.00**||7,000| ||St Margaret's and All Saints Catholic||||||||||| ||Church||||||**10,000.00**||**10,000.00**||-| |||||||**£**|**20,000.00**
|**£**|**20,000.00**
|£|10,000
| |**5 **|**Support Costs**|||||**Contingency**|||**Total**||**Total**| ||||||||**Fund**||**2021**||**2020**| ||||||||**£**||**£**||**£**| ||BDB Pitmans LLP accountancy and||||||||||| ||administration fees||||||**6,148.00**||**6,148.00**||6,022| ||Independent examination||fee||||**750.00**||**750.00**||500| ||CRS administration fees||||||**1,782.00**||**1,782.00**||-| ||Bank charges||||||**199.21**||**199.21**||185| |||||||**£**|**8,879.21**
|**£**|**8,879.21**
|£|6,707
| ||||**Balance**||||||**Realised &**||**Balance**| |**6 **|**Investments**||**30 June**|**Purchases**|||**Disposals**||**Unrealised**||**30 June**| ||||**2020**||**at cost**||**at cost**||**Gains**||**2021**| ||||**£**|||**£**|**£**||**£**||**£**| ||Contingency Fund||416,604.00||||169,827.15||104,382.15||351,159| |||**£**|**416,604.00**
|**£**|**-**
|**£**|**169,827.15**
|**£**|**104,382.15**
|**£**|**351,159**
| ||(All UK and foreign Quoted Securities)||||Historic cost at 30 June 2021|||||£|366,569
| ||||||Realised||gains 2021||£8,597||| ||||||Unrealised||gains 2021||£95,785||| Although there were disruptions caused by the Covid 19 pandemic, which resulted in economic uncertainty, the value of investments have continued to recover since March 2020. 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. ## **7 Trustees' Remuneration and Expenses** No remuneration was paid during the year (2020: Nil). No expenses were paid to the Trustees during the year (2020: Nil). ## **8 Transactions with Related Parties** During the year £6,148 (2020: £6,022) was paid to BDB Pitmans LLP for administration and accountancy fees, of which Simon Weil (Trustee) was a partner of the firm for part of the accounting year. In addition, during the year £1,782 (2020: £0) was paid to Charles Russell Speechlys, of which Simon Weil (Trustee) was a partner of the firm for part of the accounting year. Page 8 THE FOUNDATION OF SAINT FRANCOIS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Unrostrlctod Contlngency Fund Fund Totsl 2021 Total 2020 8 Cash at Bank Metro bank 1£) Metro bank IEUROI Rathbones Invest Mgmt l£} Ralhbones Inv8sI Mgmt IUSDI Rathbones Invest Mgmt (EURO) R¥lhbones Invest Mgmt IAUSD) 388.00 759.42 52.84 170,924.03 204,883.28 62.64 388.00 759.42 52.84 170.924.03 204.883.28 62.64 388 1.633 131,497 48,650 41 £ 377,070.21 £ 377.070.21 £ 182,220 Gurrnn¢y equlv•l8nts Metm bank (EURO) R81hbon8s Invest Mgmt (USD) R8thbon8s Invest Mgmt (EURO) Rathbon8s Invest Mgmt (AUSDJ 885 236,200 238.689 115 885 236,200 238.689 115 22,000 132,59Q 125} 4T AU$ Unr•strlcted Conllngency Fund Fund Total 2021 Total 2020 9 Credltor• Independent examlnation fee BDB Pltman8 accountancy fee Charfes Russell Speechlys 8dmlnl$tr8tion fee 750.IXI 3,240.00 1,782.00 750.00 3,240.00 1.782.00 500 5,772.00 £ 5.772.00 £ 500 Unrestrl¢t•d Contlng•n¢y Fund Fund Totsl 2021 Totsl 2020 10 Analy•ls of Not Ass•t¥ Betw••n Fund• Investments Current A¥sels Credltors 351,159.00 377,070.21 {5.772.00) 351,159.00 377.070.21 q5.772.00) 416,604 182,220 15001 Total N8t Assets £ 722,457.21 £ 722.457.21 £ 598,324 Unrostrlctgd Contlngency Fund Fund Totsl 2020 Total 2,019 For the year end•d 30 June 2020 Investments Current Assets Gredllors 416.604.00 181.719.72 418,604.00 381,650 182.219.72 128,793 {500.00) {18.3961 500.00 {500.00) Totsl Net Assets £ $98.323.72 £ 598.323.72 £ 492,047 Pago 9 THE FOUNDATION OF SAINT FRANCOIS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 11 Prlor year Statement of finan¢lal actlvltlos Unrestrictod Fund Contingoncy Fund Totll 2020 Incom8 and End(Jwments from: Notes t)onallon8 82.517.02 82.517.02 Investments Dlvld&nds 3,203.67 3.203.67 Total Incornlng ro8ourco• 3,203.67 82,517.02 85,720.69 Expondllure on: Fundralslng costs Investment management fee8 3,043.08 3,043.08 Charltsbl• •xpondltur•: Charitable Grants Support costs 10,000.00 10,000.00 6.707.48 8.707.48 Total re•ourG•• oxpendod 6,707.48 13,043.08 19,750.56 NET INCOMEIEXPENDITURE {3.503.81) 69,473.M 65,970.13 Oth•r recognlsgd galnsllosie• Exchange r8te galnsllossesl Gain81{105se$) on Investments- -realised -unreali8ed 4.185.51 4.185.51 {579.15) 36.699.59 {579.151 36.699.59 Not movement In funds 13,503.811 109,779.89 106,276.08 Tran8f8r be￿88n funds 3,503.81 13.503.81) 106,276.08 106.270.08 Balances brought forward 492,047.64 492,047.64 Balances carrlgd forward al 30 June 2020 £ 598,323.72 £ 598,323.72 P898 10