Registered company number: 10572650 Registered Charity number: 1176337
THE CANDY FOUNDATION LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 DECEMBER 2020
THE CANDY FOUNDATION LIMITED (A company limited by guarantee)
CONTENTS
| Page: | |
|---|---|
| Reference and administrative details of the charity, its trustees, and advisers | 1 |
| Trustees’ Report | 2 - 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Statement of Financial Position | 7 |
| Notes to the Financial Statements | 8 - 10 |
THE CANDY FOUNDATION LIMITED
PAGE 1
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 10572650 (England and Wales)
Registered Charity number
1176337
Registered Office
49 Upper Brook Street Mayfair London W1K 2BR
Directors
Nicholas Candy Holly Vukadinovic Christopher Sullivan Kevin Cahill (appointed 19 May 2020) David Williams (appointed 19 May 2020)
Trustees
Nicholas Candy Holly Vukadinovic Christopher Sullivan Kevin Cahill (appointed 19 May 2020) David Williams (appointed 19 May 2020)
THE CANDY FOUNDATION LIMITED
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TRUSTEES’ REPORT FOR THE YEAR ENDING 31 DECEMBER 2020
The Trustees present their report and independently examined financial statements of the charity for the year ended 31 December 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” (“FRS 102 SORP”) in preparing the annual report and financial statements of the charity.
Reference and Administrative Information
The Candy Foundation Limited was registered as a charity on 18 December 2017 and began operating in January 2019. The Trustees, the principal address and the professional advisors of the charity are detailed on page 1.
Structure, Governance and Management
Organisational Structure
The full name of the charity is The Candy Foundation Limited (“The Candy Foundation”).
The Candy Foundation was formed as a company limited by guarantee on 19 January 2017 – registered company number 10572650 (England and Wales). It is registered with the Charity Commission – charity number 1176337. The company is governed under an Articles of Association document dated 19 January 2017.
Governance
The governing body of the charity is the Board of Trustees, the members of which are listed on page 1. In accordance with the charity’s Articles of Association, the minimum number of Trustees is two and the maximum is seven.
There are currently no formal induction and training procedures for Trustees as they have all been closely involved with the activities of the charity since its inception. Trustees appointed subsequently have and will be given copies of the Articles of Association and the charity’s most recent annual report and accounts.
Management
The Board of Trustees is responsible for the overall business, strategy and policies of the charity and may exercise all the powers of the charity. In accordance with the terms of the Articles of Association, the Board has delegated the day-to-day management and administration of the charity to one member of staff.
Objectives & Activities
Objectives, Vision & Mission
The charity’s purposes, as set out in the objects contained in the Articles of Association document, are restricted specifically to:
- the application of charity’s funds for the public benefit as the Trustees may in their discretion think fit for any charitable objects and purposes in any part of the world.
In addition, the Trustees have agreed that:
THE CANDY FOUNDATION LIMITED
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TRUSTEES’ REPORT FOR THE YEAR ENDING 31 DECEMBER 2020
-
the vision of the charity is to help facilitate a world where severe disadvantage and challenging circumstances can be overcome with the right kind of help.
-
the mission of the charity is to make best use of the advantages available to Nick and Holly Candy and their global network in order to drive positive change through effective social investments and carefully considered grants, with a particular focus on children in need.
To enable the Trustees to deliver the charity’s objectives, the strategy is to award grants to registered charities in order for them to deliver services both in the UK and overseas. Generally, the Trustees do not make grants in response to unsolicited applications or individuals.
Grant Making Policy
The charity currently only accepts applications for grants on a ‘by invitation’ only basis. Grants will be considered by the Trustees if they fit within the key objectives of the Foundation.
Activities
In the year to 31 December 2020, the charity made six grants to six separate charitable projects, which included strategic grants to two long-term beneficiary charities, whose work is absolutely critical to supporting children living with severe disabilities and promoting and protecting the human rights of children internationally. A series of smaller grants were also issued to three new beneficiary charities aligned with the Foundation’s mission to support children living in difficult circumstances.
An emergency grant was also expeditated in February 2020 in aid of the Australian bushfire crisis. The largest single grant in 2020 was for £100,000 to Disability Rights International.
A further grant commitment of £100,000 was also made to Disability Rights in December 2020, with payment deferred to 2021.
Achievements, Performance and Public Benefit
Achievement and Performance
Whilst still in its early development, the Trustees are pleased to report that the charity has continued with its grant giving programme during the year and has also developed more broad-based grant giving to new beneficiary causes in order to help the Trustees gain a more comprehensive understanding of the issues vulnerable children face on a daily basis. The Covid-19 pandemic has only revealed even more challenges to the most vulnerable children and the charity has a strategy in place to ensure grants go where they are needed most.
Public Benefit
The Trustees confirm that they have had due regard to the guidance issued by the Charity Commission in respect of the public benefit when reviewing the charity’s activities and performance.
Financial Review
Financial Review
In the year to 31 December 2020, the charity received donations of £263,553 . This was entirely made up of personal donations from the two founding members – Nick and Holly Candy. There was no other income during the year. Total grants of £262,454 were then made during the year. Any expenditure such as
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TRUSTEES’ REPORT FOR THE YEAR ENDING 31 DECEMBER 2020
administrative or professional services costs were fully underwritten and paid for by Nick and Holly Candy to enable 100% of the income to be donated to beneficiary charities.
Further notes on the financial statements can be found on pages 5 and 6.
Reserves
The Trustees do not see the need for holding substantial reserves in cash, and they do not want the charity to hold money under management. The Trustees are happy to hold only sufficient cash to cover grant making and ongoing operational expenses.
Future Plans
The charity will continue to further develop its income, events and grant making strategy over the next year and will continue to expand its grant giving programme and develop relationships with a wider range of beneficiary charities.
The Trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees:
Nicholas Candy Trustee
27 October 2021
THE CANDY FOUNDATION LIMITED
PAGE 5
INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDING 31 DECEMBER 2020
Report to the Trustees of The Candy Foundation (charity number 1176337) on accounts for the year ended 31 December 2020 set out on pages 1 to 10.
I report to the Trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the ICAEW.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr D P Stone ACA
28 October 2021
Relevant professional body: ICAEW
2 Hangers Way, Dunster, Minehead, Somerset, TA24 6RT
THE CANDY FOUNDATION LIMITED
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STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOME FROM: Donations and legacies EXPENDITURE ON: Charitable activities 2 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2020 Unrestricted funds 2019 £ £ 263,553 200,000 |
|---|---|
| (263,538) (200,000) |
|
| 15 - - - |
|
| 15 - |
The Statement of Financial Activities includes all gains and losses recognised in the year.
THE CANDY FOUNDATION LIMITED
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STATEMENT OF FINANCIAL POSITIION AS AT 31 DECEMBER 2020
| Notes CURRENT ASSETS Cash at bank and in hand Debtors 4 CURRENT LIABILITIES Creditors (amounts falling due within one year) 5 TOTAL NET ASSETS CHARITY FUNDS Unrestricted Funds TOTAL FUNDS |
2020 2019 £ £ 15 - 100,000 65,000 |
|---|---|
| 100,015 65,000 (100,000) (65,000) |
|
| 15 - 15 - |
|
| 15 - |
The charitable company is entitled to exemption from audit under section 477 of the Companies Act 2006 (“the Act”) relating to small companies and the trustees have not required the charitable company to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to small companies subject to the small companies’ regime and in accordance with FRS102 SORP.
The financial statements were approved and authorised for issue by the board of Trustees and signed on their behalf, by:
Nicholas Candy Director / Trustee
27 October 2021
The notes on pages 8 to 10 form an integral part of these financial statements.
THE CANDY FOUNDATION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting Policies
Basis of preparation
These 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 2015)”.
The Foundation is a Public Benefit Entity as defined by FRS102.
The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. As such, the Trustees continue to adopt the going concern basis in preparing the financial statements.
Income
All income is recognised when the Foundation is legally entitled to the funds, it is probable that the income will be received, and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation 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.
Taxation
The Foundation is exempt from corporation tax on its charitable activities.
Charitable Funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable objectives of the Foundation.
2 Expenditure on charitable activities
| Donations to UK charities Donations to overseas charities Independent Examiner’s fee Other administrative expenses |
2020 £ 210,240 52,214 200 884 ___ |
2019 £ 200,000 - - - ___ |
|---|---|---|
Total: 263,538
200,000
THE CANDY FOUNDATION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
3. Grant making
Analysis of Grants
The charity made the following material grants to institutions during the year:
| Name of institution Australian Bushfire Disaster Appeal UBS Optimus Foundation (for Disability Rights International) The Children’s Trust Starlight Children’s Foundation Embrace CVoC Winston’s Wish |
2020 £ 52,214 200,000 (20,000) 10,240 10,000 10,000 ___ 262,454 |
2019 £ - 100,000 100,000 - - - |
|---|---|---|
| ___ 200,000 |
Further information on the institutions supported is as follows:
UBS Optimus Foundation
A grant-making foundation that offers UBS banking clients a platform to use their wealth to drive positive social and environmental change. The foundation selects programmes that improve children’s health, education and protection, ones that have the potential to be transformative, scalable and sustainable. Grants from The Candy Foundation to UBS Optimus Foundation were donated specifically for UBS’s work with the human rights charity Disability Rights International.
Disability Rights International
Disability Rights International promotes the human rights and full community integration of people with disabilities worldwide. Its campaigns seek to draw attention to, and end, the pervasive and abusive practice of institutionalizing children with disabilities.
The Children’s Trust
The UK’s leading charity for children with brain injury and neurodisability, delivering rehabilitation, education and community services through skilled teams who work with children, young people and their families.
Community Enterprise Foundation - Australian Bushfire Disaster Appeal
Bendigo Bank’s charitable arm (Community Enterprise Foundation) established a bushfire appeal in response to the Australian bushfire crisis in 2020, with 100% of donated funds going directly to communities in need and to provide relief and recovery in the fire affected areas.
Starlight Children’s Foundation
Starlight is a non-profit organisation founded in 1982. Starlight’s programmes use the power of play to make the experience of illness and treatment better for children and their families.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Embrace CVoC
Embrace Child Victims of Crime is the only national charity that is solely focused on supporting children and young people who have been the victims of serious crime and their immediate families.
Winston’s Wish
Winston’s Wish is the UK’s childhood bereavement charity, supporting children and their families after the death of a parent or sibling.
4. Debtors
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Obligation donations | 100,000 | 65,000 |
A grant funding obligation to Disability Rights International of £100,000 was made on 15[th] December 2020 and is due and payable within the next 12 months. This grant will be funded by obligated donation receipts.
5. Creditors (amounts falling due within one year)
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Committed grants | 100,000 | 65,000 |
6. Trustees
None of the Trustees (or any person connected with them) received any remuneration during the year.
7. Employees
There are no employees of the Foundation.
8. Related Party Transactions
There were no disclosable related party transactions during the year.