Registered number: 09395678 Charity number: 1167925
IC Philanthropy Foundation (A company limited by guarantee)
Unaudited
Trustees' report and financial statements for the year ended 31 December 2020
IC Philanthropy Foundation
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Chairman's statement | 2 |
| Trustees' report | 3 - 10 |
| Independent examiner's report | 11 |
| Statement of financial activities | 12 |
| Balance sheet | 13 |
| Notes to the financial statements | 14 - 22 |
IC Philanthropy Foundation
(A company limited by guarantee)
Reference and administrative details of the company, its Trustees and advisers for the year ended 31 December 2020
Trustees
B N A Weatherill CBE
B Cuthbertson
H Reiter
A Blackman
E C Scott
J M Tacon
F Bunster Galeno
L J Hannon
E S Mead (appointed 5 May 2020)
Company registered number
09395678
Charity registered number
1167925
Registered office
6 Hillbury Gardens Warlingham Surrey CR6 9TQ
Company secretary
L J Hannon
Accountants
Kreston Reeves LLP Chartered Accountants 168 Shoreditch High Street London E1 6RA
Bankers
Lloyds Bank 3 St George's Rd Wimbledon London SW19 4DR
Page 1
IC Phll•nthropy Found•tlon IA company Ilmlt•d by guarants• Chalrman'a 8tat•rn•nt lorth• year 31 D•¢•mb•r X120 The chaim)8n pr•s•nts his ststwnent for the year. IC Philanthropy i¥ a Chartse Foundalion set up by the Counal of Int8matic¥wl Tennis Clth I'the IC Counol") and registered with Thé Chanty Crrfnmission for Ernd and Wdes. Il• main pur¥ is to t•ach tennis to disadvanlaged children and disat4ed JDung pèc. It 18 ovgr 10 ywr¥ since the IC coun agrwj to set up chanty. Throughout this period we h •een number of programme8 ari)ur the worhj gr and the numb8T of chrfdren and young people pacIPating irbcrnas9. Since incwbon. th0 progrwnmes ha touthed the hvés of S(n 17.000 young dNKluals and in many cases will have kept chddren off the Streets and W4¥ay from drugs and crime. Al the programme# dltr in styne wjy. We th) nol seek to impoje fixed guidelinès other than to r•qul a88urance8 that there are Chihj saleguarth.ng Standards in ploc• and that membern of the national IC8 t&e rewsibrfity for Ih wtcome8 of evwy w¢)grwrrn which we In the last 18 months. with the hnp8ct ol Co¥i&19 around the worfd. have witne88ed g per1 of seriou8 d18rnptn for most of the priwarn. As a rnsult, grants were made, generalty on a condTrtional basis, so that rf th• pandemic int•rNpt•d a progrMe a Suitab propOrtm of tho grant axl distributed for 2020 and 2021 would claw•d back against the cost of future r$. In Ihi8 ICP has successfvlty Saved •ome £19,400. whilst al the Same ts'me uwng some of the grants made to continue to the young Kwle in voriou8 actiwlies such as exercises, games and guidan lor keeping fft online, in of lenni8. land my fellN Tru•tee• arn very gratdul ta thom orymiiing the sYogf•nm•• th• addrtknid wofk Ih•l th•y havo put in to enwre that the benefits ot Iheir effryts have nLrt been lost or unduly curtaled. I would aho like to thank th)nor• w11 continued to WO in • ped when fthver funds a aValtIe for philanthrc¥>ic activities. For all Invoed in the tennis world. whethof tharllablè. •dueation81 or commeraal. we wish every(¥ a1088 challenging environment in the ca)ming months. Bary We8theflN CBE Chaimian D•t•'. 24 June 2021 Page 2
IC Philanthropy Foundation (A company limited by guarantee)
Trustees' report for the year ended 31 December 2020
The Trustees present their annual report together with the financial statements of the company for the year 1 January 2020 to 31 December 2020. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objectives of the charity are:
(i) To make grants to International Lawn Tennis Clubs (“ICs”) around the world which run or monitor programmes for disadvantaged children or disabled young people with a view to allowing them to experience the fun of playing tennis and thereby acquiring life skills which could improve their chances in life.
(ii) To assist in the provision of facilities, equipment and coaching that will encourage an increase in playing opportunities for less advantaged young people through the community of national IC’s at the same time as giving ICs the opportunity to make a contribution to society through tennis.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The Charity is focused on the following:
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The raising of funds globally;
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The allocation of funds which will aid in the development of local programmes;
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Working in partnership with the programme owners, i.e. a relevant national IC or other promoting organisation, and offering advice where relevant;
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Monitoring the effectiveness of the programmes through the national IC responsible for the programme; and
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Ensuring that every programme continues to have an IC which is responsible for the programme.
We have five sources of funds: the biennial Tennis Ball (suspended since the outbreak of the Covid 19 pandemic), at a prestigious hotel complemented by a live auction which to date has provided the largest source of income; smaller fund raising events; direct grants from individual donors who support the ideals of our charity; contributions from like minded charities/trusts which allocate some of their own funds to our charity, and in 2020 we obtained a licence to run a small lottery where ticket sales are limited to £20,000. We are extremely grateful to all those who have contributed to this support in the past year.
Applications for grants to run a programme are received from within the IC family. These grant applications are reviewed by the Trustees and if they meet established criteria a grant will be made. An application for a grant must, in normal circumstances, be matched by local funding, in order to satisfy the Trustees that the IC is sufficiently committed to monitoring and supporting the programme. Their reports must comply with the required format and must be received regularly to allow the Trustees to monitor and assess the effectiveness of the use of the grants.
Page 3
IC Philanthropy Foundation (A company limited by guarantee)
Trustees' report (continued) for the year ended 31 December 2020
Objectives and activities (continued)
c. Main activities undertaken to further the company's purposes for the public benefit
The charity is focused on ensuring that disadvantaged children and disabled young people benefit and can improve their sense of well-being through physical education and tuition.
Achievements and performance
a. Key performance indicators
From a small beginning in early 2010 the Philanthropy arm of the IC Council and now the IC Philanthropy Foundation (ICP) has raised funds to support these tennis programmes. The success of the fund raising and the number of children and young people benefiting from the programmes encouraged the members of the Philanthropy committee of the IC Council to incorporate as a company limited by guarantee and obtain charitable status.
These accounts are a testament to this strategy as the charity has a healthy bank balance of £172,451 (2019: £163,507) as at the end of December 2020 and is currently contributing to 14 programmes.
b. Review of activities
The past year has presented challenges to everyone and the pandemic has meant that many of our programmes were put on hold. Organisers and coaches in some programmes communicated with their players online and posted challenges and activities via video to the children to try at home thus keeping them active and engaged. This worked well although there were some programmes where the absence of either computer hardware or the high cost of internet data meant this form of communication was not available to the children.
During 2020 we said goodbye to the Kids Tennis Foundation in Australia but we are pleased to report a new programme in Argentina which will start fully in Argentina once the pandemic is seen to be under control.
The programmes which are supported around the world are:
ARGENTINA
Iniciacion en Tenis para Ninos con Discapacidad Intelectual, Buenos Aires
The Development of Tennis initiative has been created for mentally handicapped children in schools in Buenos Aires. Activities which were due to start in 2020 have been on hold during the pandemic. The partner charity, Fundación Baccigalupo, supported by Gabriella Sabatini, kept 700 children active during this time by generating daily videos with a variety of different sporting and cognitive challenges.
AUSTRALIA
Ken Rosewall Regional Project, New South Wales
Administered and conducted by the Australian Charity, Kids Tennis Foundation (KTF), the Ken Rosewall Regional Project (KRRP) is named in honour of one of Australia’s greatest tennis players. It provides tennis coaching for underprivileged kids in primary schools in regional and rural areas of Australia. One of the highlights of 2020 was the Kimberly Tour which delivered educational development options and tennis tuition to the remote indigenous children in the Kimberly region of Western Australia. At the end of 2020, KRRP was merged into the activities of Tennis Australia, meaning that the need for support from ICP ceased. It is a great success story that this initiative has been taken over by TA. We await another initiative from colleagues in Australia.
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IC Philanthropy Foundation (A company limited by guarantee)
Trustees' report (continued) for the year ended 31 December 2020
Achievements and performance (continued)
CAMBODIA
Tennis Kep
The Tennis School of Kep, financed by the Association Sportive de Kep and supported by IC of France, has been running for over 10 years. It provides young children who have very limited access to schooling and extracurricular activities with coaching, supervision and the opportunity to develop skills for a better future. During the pandemic volunteers maintained contact with the children by taking part in village tours to check on the health of families and to raise the awareness of hygiene issues. They provided soap, masks, snacks and cleaning gel for the kids and their families. We have very recently heard that due to a Covid outbreak in the region of Kep, this programme has had to be suspended. We are confident that they will return when the pandemic is deemed to be under control.
CHILE
Aprende Jugando (Learn at Play), Santiago
The key target of the programme is young boys and girls between 9 and 16 years who are at significant risk of exposure to drugs or crime. They are supported by the coaches and members of IC of Chile, who participate in the programme to encourage the children to see that they have different options in life. The children value the opportunity to join IC activities and junior tournaments as well as being able to participate in activities with exprofessional players. The pandemic has been especially hard for those poorer groups of society in Chile for various reasons, including the lack of access to technology and lockdowns in areas where the virus had hit strongly.
ETHIOPIA
Tariku & Desta Kids’ Education Through Tennis Development, Addis Ababa
Monitored by the IC of Germany, children from the city slums are given tennis coaching, education and free meals. Discipline in tennis and at school is a requirement for participation in the programme and several children who exceed expectations have been rewarded with tennis trips to Germany. The head coaches are brothers Tariku and Desta Tesfaye, who both represented Ethiopia in African Championships and Tariku at the Davis Cup. Yonas Gebre, who was one of the first children involved over 20 years ago, has successfully finished his studies in the USA and returned to Addis Ababa. Shortly before his return, he received a very special award. His former college in Idaho declared him as "the most valuable player of the whole state in the last decade".
GREAT BRITAIN
The Edgbaston Priory Community Tennis Programme, Birmingham
The programme is run in co-sponsorship with the charity Give It Your Max and with support from Edgbaston Priory Tennis Club. It delivers tennis coaching and competition opportunities in schools and community venues to disadvantaged children. The programme has also helped over 50 disabled young people play tennis and has weekly free sessions aimed at improving and sustaining mental health. Community projects are important and parents and families are encouraged to be involved. During the pandemic, online quizzes, challenges and activities for everyone in the local community were made available via social media.
ISRAEL
Israel Tennis Centers ‘Embrace’ Programme, Jaffa, Tel Aviv
Most of the children attending the ‘Embrace’ programme face a difficult home life of poverty and instability and are from a variety of ethnic backgrounds. The selection process gives no priority to race, gender or religion and is an all-inclusive tennis/life skills programme. The children learn tennis and sports skills at the Tennis Center and the programme collaborates with daycare centres where the kids learn important life skills. In addition, the children receive academic tutoring and homework help, promoting learning and studying skills that lead to academic and ultimately personal success. During the pandemic, tablets were provided for the children at risk so that they could connect to social networks and Zoom activities. Tennis training videos were sent via WhatsApp and Facebook for training at home and a Zoom support group was established with a Social Worker.
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IC Philanthropy Foundation (A company limited by guarantee)
Trustees' report (continued) for the year ended 31 December 2020
Achievements and performance (continued)
LUXEMBOURG
Initially, this progamme was established for the children of refugee families from Syria seeking to settle in the Principality. Many of these families have moved elsewhere during the resettlement process so IC Luxemburg has set up a new programme in a poorer region. The programme has been remodelled to bring in poor children to families known to a local tennis school. The Social Office (a state entity) looks after families which are in social and economic need. These families buy their food in "Cent Boutiques"; grocers who sell food and first necessity items at discounted prices to people in need. The Cent Boutiques and the social workers in the less well-off region have committed to help recruit the children. Children keen to pursue the sport will then join an existing tennis school infrastructure where tennis lessons will be arranged and where they will be able to mix with other kids and thus benefit from social mixing. A start-up date later in 2021 will be confirmed this Spring.
MEXICO
Tenis Para Todo El Mundo (Tennis for Everybody), Leon
In conjunction with The Municipal Sports Commission, the programme supports underprivileged children from the local schools between the ages of 6 and 16. This is a vulnerable community with a high exposure to drugs and the programme aims to foster a positive attitude, a strong work ethic and an approach to life that may help the children to overcome some of the challenges they are likely to experience in such an environment. This programme was suspended due to severe pandemic conditions and will hopefully be reinstated towards the end of 2021.
THE NETHERLANDS
Street Tennis Project Reigersbos, Amsterdam
In Amsterdam, in conjunction with the Richard Krajicek Foundation, tennis coaching is provided for approximately 65 children, aged 6-16. There are many one-parent households and high unemployment in the district and consequently the financial support from the parents for tennis activities is limited. The programme offers the children 2-4 hours of tennis coaching per week; in addition the kids are also taught life skills and the importance of healthy eating. A partnership has been set up with a regular tennis club, which allows the children to also participate in junior team competitions and tournaments.
NEW ZEALAND
Aspirational Childhood Education Programme (ACE), Auckland
The pilot for the ACE Programme commenced in a low decile primary school in South Auckland during February to April 2019. Sixteen diverse students aged around 10 years old were selected by the school to take part. The programme combines tennis tuition with life skills targeting disadvantaged children. For each lesson a primary life skill is introduced and demonstrated by an activity or game, e.g. communication, responsibility, honesty, problem solving and the fact that everything has a value. As the lessons are delivered free of charge to the children, IC NZ decided with the school that the children should choose some act of service beneficial to the school as a payment in kind. As a special treat, the Bairds class was taken to the Davis Cup match between New Zealand and Venezuela in March 2020. ICNZ is now expanding their programme to include a greater number of pupils at other schools.
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IC Philanthropy Foundation (A company limited by guarantee)
Trustees' report (continued) for the year ended 31 December 2020
Achievements and performance (continued)
SOUTH AFRICA
Vosloorus Development Programme, Vosloorus Township, Gauteng
The project started in 2011 and at present around 100 children are coached and mentored on a weekly basis with tennis each afternoon and Saturday mornings. Since inception, around 250 children have benefitted from this initiative with some having gone on to represent the province at inter provincial tournaments. This year a record was set when four children were chosen. Head Coach Michael Lelosa visits the four local schools to canvas children and now, with the tennis club having been affiliated to Tennis SA and a club formed, more families are attending and bringing their children. Lockdown hampered the programme but since September 2020 children have been entered into local events which now allow spectators. Life Skills Days will be reintroduced once lockdown restrictions are lifted.
SOUTH AFRICA
Kenton Junior Tennis Programme, Kenton-on-Sea, Eastern Cape
The programme in the small coastal town of Kenton-on-Sea and its neighbouring Township, Ekuphumleni, teaches tennis and life skills to school children in an environment rife with unemployment, drugs and alcohol. A “future generation” group has been started at the primary school and for those children too young to undertake the walk to the courts just yet, the community hall or a flat area next to the school will be used. The programme has also established a close relationship with the local Kenton Tennis Club which provides its facilities free of charge. Despite Covid-19, 2021 is proving to be exciting with numbers of older children returning to or starting the programme increasing to more than twice that of 2019 and 2020.
SPAIN
Children with Learning Difficulties, Barcelona
The programme is managed by former two-time French Open champion, Sergi Bruguera, in co-sponsorship with the Catalan Tennis Federation and Acell Federation. Over 50 people with learning disabilities receive regular tennis coaching and undergo a life skills programme. This programme offers year-round sports training and an opportunity to develop physical fitness, demonstrate courage, have fun and participate in the sharing of gifts, skills and friendship with their families. The sports and leisure activities boost self-confidence and skills; the players create new social connections and feel integrated into the community.
The Acell Federation coordinated all online activity during the pandemic, which enabled all participants to keep active both physically and mentally. The coaches maintained day to day follow up on the players in support of their new online activity.
URUGUAY
Growing Up with Tennis, Montevideo
The programme began over 10 years ago. Tennis nets are set up in public squares, multisport areas and school courtyards, all situated in very poor and ‘difficult’ neighbourhoods. The children, aged from 6 to 14 years, receive an average of 4 hours (two sessions) tennis instruction per week. The aim is to keep children away from the dangers of drugs, to practice a sport and share the values of team playing, to learn respect for teachers and fellow players, to generate self-confidence and pride and to learn to win and lose as well… all with their families’ support. During the pandemic the children were sent videos with tennis exercises and live interviews from Uruguayan young players to inspire and motivate them while at home.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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IC Philanthropy Foundation (A company limited by guarantee)
Trustees' report (continued) for the year ended 31 December 2020
b. Financial review
During the year, the company has received revenue of £38,667 (2019: £48,826). Running expenses amount to £10,980 (2019: £12,641). Further grants of £54,157 (2019: £62,422) were made to a number of programmes in 2020 resulting in a deficit of £26,470 (2019: deficit of £26,237) for the year. The curtailment of activity due to the pandemic has meant not all of the grants made in 2020 have been fully utilised. These unused grants of £19,400 will be carried over into 2021.
The Trustees have set aside a reserve of £136,000, representing 2 years’ worth of average grants to the programmes. To date this was because the major fund-raising event, the Tennis Ball, took place no more frequently than every other year. The Trustees acknowledge the enormous amount of effort required by volunteers to put on this event. The Trustees have recently concluded there is likely to be a reduced appetite for supporters of our ideals to attend large dinners. They have decided to hold fund raising events which are smaller and more intimate. They will also be looking at alternative fund-raising activities as part of the review and assessing the impact of the Covid 19 pandemic on people’s attitudes. The Trustees have settled on this level of reserve as it currently provides sufficient buffer in the event that the fund-raising environment becomes difficult.
In view of the potential restraint on fundraising and the unknown impact of the Covid 19 pandemic, the Board of Trustees will also be considering a change in the Charity’s reserves policy. From trying to maintain a reserve of at least two years grants going forward, they will look at averaging over a rolling five-year period for underpinning continuity.
The Trustees seek to limit the charitable expenditure (other than the expense of fundraising events) over a 5 year period to no more than 10% of its income from all sources over the same 5 year period as a mechanism to ensure that the programmes are the primary beneficiaries of funds generated by the Charity.
Structure, governance and management
a. Constitution
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 19 January 2015. It is a registered charity with the Charity Commission with number 1167925.
The Articles require there shall be at least three Trustees. At least two members of the board shall be approved or nominated by the IC Council in a general meeting and there shall be no more than 10 Trustees of whom no more than three shall be persons who are not members of an International Club (“IC”), provided that there shall at all times be a majority of Trustees who are members of an IC.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The Trustees are supported by a Foundation Secretary. The Trustees are noted on page 1 of this report.
The Charity does not have any employees and none of the Trustees receive remuneration or other benefit from their work with the Charity. Expenses incurred in the normal course of Trustee business are reimbursed in accordance with an expense policy.
The Charity has adopted a policy of rotation, whereby a third of the Board of Trustees retires every year and are able to offer themselves for re-election at the next relevant Annual General Meeting for a further term of three years or less. It will be the policy of the Charity to seek new Trustees, initially on an informal basis as the activities of the Charity mature.
Page 8
IC Philanthropy Foundation (A company limited by guarantee)
Trustees' report (continued) for the year ended 31 December 2020
Structure, governance and management (continued)
The Charity is restricted to 10 Trustees in number, of which three may be Trustees elected from outside the membership of the ICs as independent Trustees. At present there is one Independent Trustee, with the remainder as members of an IC, all of whom will act independently from national ICs and the Council of ICs. It is also the policy of the Charity to recruit additional volunteers to work on sub-committees, without becoming a Trustee. Since our last report three new Trustees have been appointed. Felipe Bunster Galeno, a member of the IC of Chile, Jane Hannon, already Secretary of the Foundation who is a member of the IC of Barbados and Scott Mead who is a member of the IC of GB and USA bringing the Trustee number to 9.
The skills required on the Board of Trustees and its sub-committees are finance, the law, child development and protection, tennis, communication, marketing and fund raising. These skills are represented in the existing Board and sub-committee structure and enhanced by the appointment of these three new Trustees.
c. Organisational structure and decision-making policies
Trustees meetings
At a Trustees’ meeting, unless a quorum is participating, no proposal is to be voted on except a proposal to call another meeting. The quorum for Trustees’ meetings shall be two. If the total number of Trustees is less than the quorum required, the Trustees must not take any decision other than a decision to appoint further Trustees.
The Trustees meet at least three times a year and more often if required. The matters reserved for the attention of the Trustees include, inter alia:
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The review of and approval of budgets and financial statements;
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The review of grant applications and the subsequent approval of the level of a grant to an applicant with or without conditions;
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The review of regular reports, which must at least be annual, received from the ICs to whom grants have been made; and
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Dealing with matters necessary to run the Charity in accordance with its “Objects” and obligations as a registered charity.
Management structure
The Charity has established the following sub-Committees with defined functions and areas of responsibility.
The Executive sub-committee has responsibility for day to day matters and for monitoring the performance and activities of ICP as a Charity and reporting to the Charity Commission and the Registrar of Companies for England and Wales. Governance accounting and reporting to the shareholders is part of its remit. There are also a Marketing and Fund Raising sub-committee, a Communications and Website sub-committee and a Programme, Performance and Child Protection sub-committee. Each sub-committee is required to meet at least twice a year and prepare written reports for the Board of Trustees on its activities during the period since the previous Board meeting.
Page 9
IC PhM•nthropy Foundatlon (A comp•ny Ilmtt•d by guav•nt••) Tru•t•e•' rnport (contlnu•d) for th• y••r •nd•d 31 O•c•mb•r 2020 Stat•m•nt of Tru•t•••' r••pon•lbllltl•• The Tfustees Iwtho are also the dKectors of Ihe compwy frK the purposès ol eunpany law} are reswJn$it4• for preparing the Tru8lee8' r)t and the slatements in Cdance tmth apPIati16 law and Unrted lfjngdcrfn NountIng Standards (United 1fjn9d Gener81ty Accepted AccLwntiw Practice). Crynpany Tequires the TnJ8tees lo prep8fe finano818tatemerts fLY financvl Y. Under compgny Iw4V, the Trustéès mu8t not appr lh• fin¢1 slatements unless Ilw are satisfKryd that they give a truo and fair low of the stale of affa'rs ol the cunpany and crf its incoming reS[c8S arKI apph"Cats"C of resources, including its incomè and expenditure. lor that penDJ. In pryrwlg those financwl $tat•ments, Trustèes are required to.. I0Ct surt8ble 8c£ounting pol*xs th•n c81#tonty, ctherve the method8 prinudèi of the Ch8nli•s SORP IFRS 1021,. make judgments and accounting estimates thal ar• regwnablo and wudent,. state ilthelher a[wable UK Accounting Standards IFRS 1021 hav? twn IL4kMYd. •ufy'xt to any matefial partures dlsclosed ond •XFth"nod in the firwKial •pare the financwl statwnents on th• concwn ba•ii unl8M rt i• inar4XWiatè io wesum• that th• company 7MII wnbnue in I31fte$S. Thè Tru8téas are re8pon8ible kewmng adequate accounting r•cord• that are Suffi¢)1 to sh(yw and explain the companls transgctiw¥ and dkKlose •cr)Jr8cy at any l#ne the financial of the company and onable them lo ensure th81 the fmaneial statements wrth the Cp$n$ Act 20. They re al80 respc$ Icrf safegung tha assets of the compMy herKe lor takin9 re4•or1 8ttyi f¢x the prevention 4nd dfjt8cti of Iraud and other Irr•gur. pproved by ordw cl the members cf the board of Tru•1 on 24 JUM 2021 and •19n on thth'r h&ll ty. B Cuthb•rt•on Tru8t80 Page 10
IC Philanthropy Foundation (A company limited by guarantee)
Independent examiner's report
for the year ended 31 December 2020
Independent examiner's report to the Trustees of IC Philanthropy Foundation ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 December 2020.
Responsibilities and basis of report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company 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 company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts 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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the accounts 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 accounts to be reached.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Dated: 25 June 2021 Stephen Tanner BSc (Econ) FCA
Kreston Reeves LLP Chartered Accountants London
Page 11
IC Philanthropy Foundation
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) for the year ended 31 December 2020
| Note Income from: Donations and legacies 3 Charitable activities 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 38,667 - 38,667 65,137 65,137 (26,470) 189,037 (26,470) 162,567 |
Total funds 2020 £ 38,667 - 38,667 65,137 65,137 (26,470) 189,037 (26,470) 162,567 |
Total funds 2019 £ 39,426 9,400 48,826 75,063 75,063 (26,237) 215,274 (26,237) 189,037 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 22 form part of these financial statements.
Page 12
IC PhNanthropy Found•tson (A company 11m1t by guaranlw) R•gl8t•r•d nUrnr. 0939%78 8•l•nc• •h••t at 31 DK•mb•r 2020 2020 2019 Cumt ••••ts lors Cuh at bk and in hand 1,928 172,451 33,100 183,507 174,379 1%,607 Crtyjitors.. wnounts fgllw due wthn one 10 (7,570) 162.667 189,037 Totsl n•t ••••ts 162.667 189,037 Ch•rtty fund• Rulricted Unrejln'cted lund• 11 11 162.687 189,037 Totsl fund• 162,687 189,037 The COmpY was •nlltled lo •x•mpkn from wdrt und•r 477 d Ihe kt 2LWA. The memberB h•¥e not required CPanY to ol)tw'n an thKIrt for the in que8tion in accudance with •tiOn 476 of CnpanIeS Act 20Cfj. The Trui1oé6 acknowWe thr roSponBknThS for c4)mpfyryng vAth requirwnents cl tho Acl with rospxt to Jccounkn'ng recd3 and pryralion ol fine1•1 ststement8. Th• financid st•t•m•nts h•ve bean Fry•red in accd•nce the FYoVMi1 to •ntitie8 •ubJ'ect to the 9m8N cc4npanies regime. Th• finandal 8tatements w•r• and wth(h•d for IU• by th• Tru••• on 24 June 2021 wgned on their behow ty. B Cuthb•rt•on (Trusleel Th• notes pages 14 10 22 fcvm part of tte stskni•n Pap 13
IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2020
1. General information
The company is registered as a charitable company, incorporated in England and Wales, limited by guarantee and was set up by a Memorandum of Association on 19 January 2015. It is a registered charity with the Charity Commission with number 1167925.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
IC Philanthropy Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.
Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
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IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2020
2. Accounting policies (continued)
2.4 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.5 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.6 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
2.7 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
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IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2020
| Notes to the financial statements for the year ended 31 December 2020 |
||
|---|---|---|
| 3. Income from donations and legacies Donations Donations 4. Income from charitable activities 2018 Tennis Ball 2019 Golf Day Total 2020 Income from charitable activities - 2018 Tennis Ball Income from charitable activities - 2019 Golf Day Total 2019 |
Unrestricted funds 2020 £ 38,667 Unrestricted funds 2019 £ 39,426 Unrestricted funds 2019 £ 2,228 7,172 9,400 |
Total funds 2020 £ 38,667 |
| Total funds 2019 £ 39,426 |
||
| Total funds 2020 £ - - |
||
| - | ||
| Total funds 2019 £ 2,228 7,172 9,400 |
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IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2020
5. Analysis of expenditure by activities
| Grants to Institutions Support Costs Governance Costs Grants to Institutions Direct Costs Support Costs Governance Costs |
Activities undertaken directly 2019 £ - 477 - - 477 |
Grant funding of activities 2020 £ 54,157 - - 54,157 Grant funding of activities 2019 £ 62,422 - - - 62,422 |
Support costs 2020 £ - 8,747 2,233 10,980 Support costs 2019 £ - - 10,004 2,160 12,164 |
Total funds 2020 £ 54,157 8,747 2,233 65,137 |
|---|---|---|---|---|
| Total funds 2019 £ 62,422 477 10,004 2,160 75,063 |
Analysis of direct costs
| Direct Costs 2020 £ - Clinic costs for Junior Challenges - Direct Costs 2019 £ Clinic costs for Junior Challenges 477 |
Total funds 2020 £ - - |
|---|---|
| Total funds 2019 £ 477 |
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IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2020
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Administration Independent examination Computer costs Administration Independent examination Computer costs |
Support Costs 2020 £ 7,974 - 773 8,747 Support Costs 2019 £ 9,840 - 164 10,004 |
Governance Costs 2020 £ 13 2,220 - 2,233 Governance Costs 2019 £ - 2,160 - 2,160 |
Total funds 2020 £ 7,987 2,220 773 10,980 |
|---|---|---|---|
| Total funds 2019 £ 9,840 2,160 164 12,164 |
6. Analysis of grants
| Grants to Institutions Grants to Institutions |
Grants to Institutions 2020 £ 54,157 Grants to Institutions 2019 £ 62,422 |
Total funds 2020 £ 54,157 |
|---|---|---|
| Total funds 2019 £ 62,422 |
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IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2020
6. Analysis of grants (continued)
The company has made the following material grants to institutions during the year:
| Name of institution IC of Germany IC of Uruguay Reves IC of Great Britain IC of South Africa IC of France IC of Spain IC of Argentina IC of New Zealand IC of Netherlands IC of Australia IC of Israel Jaffa IC of Mexico IC of Chile |
2020 £ 8,516 8,179 8,000 6,528 4,566 4,405 4,089 3,709 3,828 2,337 - - - 54,157 |
2019 £ 8,000 8,000 8,000 8,575 4,342 3,986 - 525 3,382 5,544 5,000 4,000 3,068 |
|---|---|---|
| 62,422 |
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,230 ( 2019 - £1,200 ) , and preparation of statutory accounts of £990 (2019 - £960).
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 December 2020, expenses totalling £1,016 were owed to 2 Trustees (2019 - £ 1,029 reimbursed to 2 Trustees).
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IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2020
9. Debtors
| Due within one year Trade debtors Other debtors |
2020 £ - 1,928 1,928 |
2019 £ 30,100 3,000 |
|---|---|---|
| 33,100 |
10. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2020 £ 3,142 8,670 11,812 |
2019 £ 1,960 5,610 |
|---|---|---|
| 7,570 |
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IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2020
11. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Designated funds General funds General Funds - all funds Total Unrestricted funds Statement of funds - prior year Unrestricted funds Designated funds Designated funds General funds General funds Total Unrestricted funds |
Balance at 1 January 2020 £ 136,000 53,037 189,037 Balance at 1 January 2019 £ 136,000 79,274 215,274 |
Income £ - 38,667 38,667 Income £ - 48,826 48,826 |
Expenditure £ - (65,137) (65,137) Expenditure £ - (75,063) (75,063) |
Balance at 31 December 2020 £ 136,000 |
|---|---|---|---|---|
| 26,567 | ||||
| 162,567 | ||||
| Balance at 31 December 2019 £ 136,000 |
||||
| 53,037 | ||||
| 189,037 |
The Trustees have set aside a reserve of £136,000, representing 2 years' worth of average grants to the Programmes as a buffer in the event that the fund-raising environment becomes difficult.
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IC Philanthropy Foundation (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2020
12. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 174,379 (11,812) 162,567 |
Total funds 2020 £ 174,379 (11,812) 162,567 |
|---|---|---|
Analysis of net assets between funds - prior period
| Current assets Creditors due within one year Total |
Unrestricted funds 2019 £ 196,607 (7,570) 189,037 |
Total funds 2019 £ 196,607 (7,570) 189,037 |
|---|---|---|
13. Members' liability
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.
14. Related party transactions
B Weatherill, a Trustee of the charity, incurred expenses of £356 (2019: £804) on behalf of the company during the course of the year and £nil (2019: £nil) were awaiting reimbursement at the end of the year.
B Cuthbertson, a Trustee of the charity, incurred expenses of £660 (2019: £225) on behalf of the company during the course of the year and £885 (2019: £225) were awaiting reimbursement at the end of the year.
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