REGISTERED CHARITY NUMBER: 1167646
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 June 2021 for The Antonio Carluccio Foundation
MHA Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA
The Antonio Carluccio Foundation
Contents of the Financial Statements for the Year Ended 30 June 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Chartered Accountant’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 14 |
The Antonio Carluccio Foundation
Report of the Trustees for the Year Ended 30 June 2021
The trustees present their report and the audited financial statements of the charity for the year ended 30 June 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 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 published in October 2019.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charitable objectives of the charity are the prevention or relief of poverty and hunger and training of chefs and cooks along with grants towards the expenses of training.
The charity furthers its charitable objectives by use of the donations and legacy payments received to then create grants to other charities who meet the base objectives of the Antonio Carluccio Foundation, specifically aimed at:
-
Providing grants to projects which feed those who are suffering poverty and/or malnutrition
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Financing projects which seek to educate those suffering poverty and/or malnutrition in a way that they can apply that knowledge to feed themselves and others in a healthy, sustainable manner
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Financing projects and individuals undertaking training of chefs and cooks, so as to extend Antonio's legacy to future generations
By making grants, rather than setting up the various projects, we feel that the money will be more efficiently used, reducing our costs significantly whilst doing the most good.
To manage this aim, we use basic criteria initially to filter out those applications which are not in line with the charity's aims and then filter further via our due diligence process to ensure real alignment is met before presenting the remaining applications to the trustees for a final decision.
The trustees have had due regard to the Charity Commission's guidance on public benefit and are confident that the main activities undertaken to further the charity's purposes are for the public benefit.
ACHIEVEMENT AND PERFORMANCE
The charity now has well established processes, banking facilities, clear objectives and a clear plan to achieve them. The trustees work together efficiently, and funds have begun to be raised.
During the accounting period, the charity has made grants of £32,500 across 3 projects. Whilst this is significantly lower than the £674,722 of grants made across 90 projects in the prior year, the prior year was an exceptional year given the impact of the Coronavirus pandemic.
As this is only the third year that the charity has been able to make grants, we are very pleased that it shows solid progress is continuing to be made in meeting the charity's goals.
The grants are currently separated into two types, Education/Nutrition and Feeding. Over the accounting period, the 3 projects supported were all Feeding related, although the prior year split between these two 'headings' was 66.2% Education/Nutrition and 33.8% Feeding. As both types of project were dear to Antonio, we are happy that both have been well supported with parity between them not being part of our criteria for decision making.
For Education/Nutrition projects, we expect to liaise with each project to receive updates on their successes. We have had some really positive feedback from projects which have delivered, and in some cases, exceeded our expectations.
Of course, with a food poverty/nutrition education mandate, the impact of the Coronavirus meant that we had to be very much more active in establishing food banks and supporting existing community initiatives. We made more grants in last three months of the prior year financial year than any other year. Overall, we examined in detail over 250 Covid related applications and made 90 grants.
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The Antonio Carluccio Foundation
Report of the Trustees
for the Year Ended 30 June 2021
FINANCIAL REVIEW
Financial position
In the period to June 2019 the trust's work was currently mainly reliant on donations, and the substantial legacy In the period to June 2019 the trust's work was currently mainly reliant on donations, and the substantial legacy provided by the estate of Antonio Carluccio. However, we have worked hard to protect the intellectual property we own and leverage it via donations which have now begun to flow from our commercial relationship although that isn't reflected in the year to June 2020. Due to the charity still being in its early stages, and the unforeseeable effects of Covid on demand for our support, a decision has not been made as yet on whether to invest a segment of the legacy funds with the intention to create an annual income and therefore an investment strategy is not yet in place. This will be discussed at a trustee meeting in the future. Our intent is to pay out any funds we raise but also with an eye to the foundation's longevity.
As the charity's funds are currently held in cash within a bank account, there is the risk that should the bank fail, all but £85,000 of the charity's holdings would be lost. However, as we are with an extremely strong bank, we feel that this should not become an issue except in the gravest circumstances for the country. This is an issue we keep under frequent review.
As we fund projects around the world, there is the added danger that Sterling will weaken against world currencies, reducing the 'buying power' against non-UK projects. As currency conversion varies daily, this will always be the case, but should a disorderly Brexit or other geopolitical events occur, there is the risk that Sterling will weaken suddenly. As we have no set date or expectation for funding projects due to the age of the charity, we can potentially 'weather the storm' by waiting for improvements in the currency conversion before making any overseas grants.
The charity received income of £23,034 during the year and made grants totalling £32,500.
Due to the current size of the charity, in addition to their duties as trustees, the charity trustees also manage the administration and business of the charity however they receive no remuneration from the charity for fulfilling this role. The trustees were supported in this work by a donation in kind of staff time to the value of £10,000 from Chamberlain Berry LLP towards the day to day running and administration of the charity.
Reserves policy
The reserves of the charity as at 30 June 2021 were £283,407 (2020: £319,600), all of which are represented by unrestricted funds.
Due to the young age of the charity, the lack of an investment strategy and no current fixed outgoings, there is no requirement for a reserve fund. As these things change, a strategy will be built for maintaining a reserve to ensure that the charity continues to move into the future.
FUTURE PLANS
Again, due to the young age of the charity and the need to be flexible, firm plans have not yet been made beyond that of continuing to achieve our charitable objectives by making suitable grants to worldwide projects that meet our objectives as previously detailed.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a constitution and is a charitable incorporated organisation incorporated in England and Wales.
Recruitment and appointment of new trustees
The trustees of the charity are appointed by the existing trustees based on experience.
Organisational structure Trustees
Steven Berry, Chair, Treasurer and Founding Trustee Andrea Stevenson, Founding Trustee Simon Kossoff, CEO and Trustee
There are currently no other roles, employees or linked persons within the charity.
Induction and training of new trustees
Due to the size of the charity and the format of existing roles, there is no current intention to add to the trustees. Should that change, a detailed induction and training programme will be put in place.
Key management remuneration policy
There is no management remuneration, so no need for such a policy to be put in place.
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The Antonio Carluccio Foundation
Report of the Trustees
for the Year Ended 30 June 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Wider network
Although the intent is to create links to certain charities, this has not yet been finalised.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1167646
Principal address
c/o Chamberlain Berry LLP 27/28 New Road Chippenham SN15 1HS
Trustees
Mr S Berry Mrs A S C Stevenson Mr S Kossof
Independent Examiner
MHA Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA
Bankers Barclays Bank UK Plc Leicester LE87 2BB
17th March 2022 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
............................................................................... Mr S Berry - Trustee
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Independent Examiner's Report to the Trustees of The Antonio Carluccio Foundation
In accordance with our engagement letter, we have prepared for your approval the financial statements of The Antonio Carcluccio Foundation for the year ended 30 June 2021, which comprise the Statement of Financial Activities, Balance Sheet and related notes, from the charity’s accounting records and from information and explanations you have given us.
As a practicing member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/ members handbook.
This report is made solely to the Board of Trustees as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of the charity and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Board of Trustees as a body, for our work or for this report.
It is your duty to ensure that the charity has kept proper accounting records and to prepare accounts that give a true and fair view of income and expenditure of the charity. You consider that the charity is exempt from the statutory requirement for an independent examination or an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
MHA Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA
17 March 2022 Date: .............................................
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The Antonio Carluccio Foundation
Statement of Financial Activities for the Year Ended 30 June 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Prevention or relief of poverty and hunger and training of chefs and cooks Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 Unrestricted fund £ 23,034 1,500 57,727 59,227 (36,193) 319,600 283,407 |
2020 Total funds £ 19,229 7,860 691,824 699,684 (680,455) 1,000,055 319,600 |
|---|---|---|
The notes form part of these financial statements
Page 5
The Antonio Carluccio Foundation
Balance Sheet 30 June 2021
| 2021 Unrestricted fund Notes £ CURRENT ASSETS Debtors 9 444 Cash at bank 286,635 287,079 CREDITORS Amounts falling due within one year 10 (3,672) NET CURRENT ASSETS 283,407 TOTAL ASSETS LESS CURRENT LIABILITIES 283,407 NET ASSETS 283,407 FUNDS 11 Unrestricted funds 283,407 TOTAL FUNDS 283,407 |
2020 Total funds £ - 345,400 345,400 (25,800) 319,600 319,600 319,600 319,600 319,600 |
|---|---|
17 March 2022 The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr S Berry - Trustee
The notes form part of these financial statements
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The Antonio Carluccio Foundation
Notes to the Financial Statements for the Year Ended 30 June 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The Antonio Carluccio is a charitable incorporated organisation (CIO) registered in England and Wales. The address of the principal office is given in the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities are detailed in the Report of the Trustees.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued in October 2019 (the SORP), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Income
All income is recognised in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
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 payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
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The Antonio Carluccio Foundation
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
1. ACCOUNTING POLICIES - continued
Allocation and apportionment of costs
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governance costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
Financial Instruments
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:
Financial assets - other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 9.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Financial liabilities - accruals are financial instruments, and are measured at amortised cost as detailed in note 10.
Taxation
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
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.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements and considered the potential impact of the coronavirus Covid-19 pandemic in reaching this conclusion. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. DONATIONS AND LEGACIES
| Donations Donated services and facilities Royalties |
2021 £ 6,425 10,000 6,609 23,034 |
2020 £ 47 12,000 7,182 |
|---|---|---|
| 19,229 |
The donated services and facilities received by the charity were in relation to the general administration of the charity.
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The Antonio Carluccio Foundation
Notes to the Financial Statements - continued
for the Year Ended 30 June 2021
3. RAISING FUNDS
Other trading activities
| Other trading activities | |||
|---|---|---|---|
| Marketing CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 5) £ Prevention or relief of poverty and hunger and training of chefs and cooks 32,500 GRANTS PAYABLE Prevention or relief of poverty and hunger and training of chefs and cooks |
2021 £ 1,500 Support costs (see note 6) £ 25,227 2021 £ 32,500 |
2020 £ 7,860 Totals £ 57,727 |
|
| 2020 £ 674,722 |
4. CHARITABLE ACTIVITIES COSTS
5.
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The Antonio Carluccio Foundation
Notes to the Financial Statements - continued
for the Year Ended 30 June 2021
5. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| GRANTS PAYABLE - continued The total grants paid to institutions during the year was as follows: |
||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Dovecot & Princess Drive Community | 2,500 | 2,500 |
| Hope For Sutton | 10,000 | 4,954 |
| Foodblessed | 20,000 | - |
| Action Through Enterprise | - | 5,000 |
| Hands Around the World | - | 8,000 |
| The Tiyeni Fund | - | 2,800 |
| Mellon Educate | - | 18,000 |
| St Petrocks Exeter | - | 10,000 |
| Holy Trinity Church Sunningdale | - | 10,000 |
| One Church Brighton | - | 13,000 |
| Clink | - | 20,000 |
| ePap Children's Feeding Project | - | 10,045 |
| University of Surrey | - | 24,000 |
| St Paul's CofE | - | 7,500 |
| Fitba (Morton Greenock) | - | 5,400 |
| ThamesReach | - | 8,287 |
| FoodKind | - | 12,000 |
| The Mayors Fund | - | 10,000 |
| Westwood 2015 Ltd | - | 6,000 |
| Compassion London | - | 10,000 |
| Leon Foundation | - | 25,000 |
| Hospitality Action | - | 25,000 |
| Migrateful | - | 10,000 |
| Bromley Food Bank | - | 10,000 |
| FoodCycle | - | 10,000 |
| Lakefield | - | 6,200 |
| Chefs In Schools | - | 10,000 |
| Hackney Quest | - | 5,000 |
| Aspire Wrestling Alliance | - | 4,500 |
| Bosence Farm | - | 20,000 |
| Seven Fields Primary | - | 9,660 |
| Chooselife Cymru | - | 6,300 |
| The Smile Brigade | - | 10,000 |
| Bridgend Farmhouse | - | 7,500 |
| Emmaus | - | 17,001 |
| Full Circle Food | - | 10,000 |
| Edinburgh Com Food | - | 8,350 |
| Square Food | - | 10,000 |
| Food Nation | - | 3,000 |
| Nth Somersetpeople | - | 4,500 |
| Feeding Bristol | - | 10,000 |
| Foxhole Comm Ctr | - | 5,000 |
| DENS LTD | - | 10,000 |
| Action Against Hunger | - | 25,000 |
| Cracking Good Food | - | 10,000 |
| Highgate Newtown CC | - | 7,000 |
| Broomhouse Centre | - | 10,000 |
| Reuben's Retreat | - | 2,400 |
| Sherbourne | - | 1,000 |
| Craven Vale | - | 3,000 |
| Life Kitchen | - | 10,000 |
| QPG Comm Hub | - | 10,000 |
| Age UK Westminster | - | 2,250 |
| Dauntsey Vale Link | - | 8,000 |
| All Saints Church | - | 8,375 |
| Kind | - | 4,500 |
| St Paul's Hostel | - | 10,000 |
| First Light Trust | - | 2,000 |
| Magic Breakfast | - | 10,000 |
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The Antonio Carluccio Foundation
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
| 5. GRANTS PAYABLE - continued Made in Hackney Queen's Crescent Community Association Nuture Through Nature Body & Soul Hemmingwell Community & Skills Centre Hornsey Lane Estate Bethany Community Outreach New Destinations Network CIC Blackburn Youth Zone Friends of Holcot Weston Supermarket Foodbank St Aloysius Manchester Congolese Organisation Clothe & Feed Activiteens Fuel Our Frontline Employability Solutions Ltd PermaFuture Agroec Ltd Nomad Rangers CIC Bridging the Gap Manchester Angellite Quo Vadis Trust The Ability Cooperative Ltd Community Drug and Alcohol Recovery Services (CDARS) Ulster University Blackthorn Trust 6. SUPPORT COSTS Management £ Prevention or relief of poverty and hunger and training of chefs and cooks 10,000 |
- - - - - - - - - - - - - - - - - - - - - - - - - - 32,500 Governance Other costs £ £ 35 15,192 |
5,000 5,000 1,500 5,000 1,500 5,000 5,000 5,000 10,000 2,500 5,000 5,000 5,000 2,500 8,500 5,000 5,000 2,400 5,000 5,000 2,500 2,300 4,000 9,000 10,000 5,000 674,722 Totals £ 25,227 |
|---|---|---|
Accountant's / Independent examiner's remuneration
The total fee for the accounts preparation is £1,512 (2020: Total fee for the independent examination and accounts preparation was £1,800 ).
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2021 nor for the year ended 30 June 2020.
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The Antonio Carluccio Foundation
Notes to the Financial Statements - continued
for the Year Ended 30 June 2021
7. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
During the year and prior year no trustees were reimbursed for travel or other expenses.
Key management personnel remuneration
The charity considers its key management personnel comprise the trustees. No employee benefits were received by key management personnel.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Raising funds Charitable activities Prevention or relief of poverty and hunger and training of chefs and cooks Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Other debtors 444 |
Unrestricted fund £ 19,229 7,860 691,824 699,684 (680,455) 1,000,055 319,600 2020 £ - |
|---|---|
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The Antonio Carluccio Foundation
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accrued expenses Accruals for grants payable 11. MOVEMENT IN FUNDS |
2021 £ 3,672 - 3,672 |
2020 £ 1,800 24,000 |
|---|---|---|
| 25,800 | ||
| At 1.7.20 £ Unrestricted funds General fund 319,600 TOTAL FUNDS 319,600 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 23,034 TOTAL FUNDS 23,034 Comparatives for movement in funds At 1.7.19 £ Unrestricted funds General fund 1,000,055 TOTAL FUNDS 1,000,055 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 19,229 TOTAL FUNDS 19,229 |
Net movement in funds £ (36,193) (36,193) Resources expended £ (59,227) (59,227) Net movement in funds £ (680,455) (680,455) Resources expended £ (699,684) (699,684) |
At 30.6.21 £ 283,407 283,407 Movement in funds £ (36,193) (36,193) At 30.6.20 £ 319,600 319,600 Movement in funds £ (680,455) (680,455) |
|---|---|---|
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The Antonio Carluccio Foundation
Notes to the Financial Statements - continued
for the Year Ended 30 June 2021
12. RELATED PARTY DISCLOSURES
There were no related party transactions in either the year ended 30 June 2021 or 30 June 2020.
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