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REGISTERED CHARITY NUMBER: 1177442
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2021
for
The Arnaud Massenet Family Foundation
DocuSign Envelope ID: 2A730753-B45B-4526-B932-48DA30A9B338
The Arnaud Massenet Family Foundation
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
DocuSign Envelope ID: 2A730753-B45B-4526-B932-48DA30A9B338
The Arnaud Massenet Family Foundation
Report of the Trustees for the Year Ended 31 March 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objectives are to further such exclusively charitable purposes according to the law of England and Wales as its charity trustees in their discretion from time to time determine.
Significant activities
The charity has continued to fund the construction of a school in South Africa through its donations to Africa Foundation. In addition, the trustees have continued to work to put in place appropriate systems and processes to support the charity's future grant-making activity, once this project is complete.
Public benefit
The charity meets the definition of a public benefit entity under FRS102. The trustees have had due regard to guidance issued by the Charity Commission on public benefit and all grants which are to be made in future will be to further the charity's purposes for public benefit.
Grantmaking
The charity makes grants to organisations and individuals for exclusively charitable purposes.
The charity has a grant-making policy in place which sets out its priorities for funding, the process the trustees follow in making grants and what is required from grant recipients in terms of monitoring and reporting.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The first phase of the school building project, which was supported through the prior year's grant to Africa Foundation, was underway throughout the year. The first phase of construction took place between November 2019 and February 2020 and the trustees received reports on the progress and eventual outcome of the project, along with financial information regarding spending against budget. Following successful completion of this phase, the trustees agreed to fund subsequent phases of the project.
FINANCIAL REVIEW
Financial position
The charity received £113,947 (2020: £3,584) of donations in the year, of which they paid grants to the Africa Foundation of £180,348 and £3,445 for a well in Burkina (2020: £Nil), As a result of expenditure exceeding income the charity is showing a deficit for the year of £74,544 (2020: £2,320).
Reserves policy
The charity had reserves of £10,742 at 31 March 2021, all of which were free reserves. The charity's policy is to pay grants based on its ability to do so taking into account commitments already made.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is an incorporated charity, being a CIO which was set up on 6 March 2018.
Induction and training of new trustees
New trustees are briefed on their legal obligations under charity law, the content of the constitution of the charity, the committee and decision making processes, recent financial performance and future plans. They are introduced to other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
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The Arnaud Massenet Family Foundation
Report of the Trustees for the Year Ended 31 March 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1177442
Principal address
C/O EJM - Womble Bond Dickinson (UK) LLP St Ann's Wharf 112 Quayside Newcastle Upon Tyne NE1 3DX
Trustees
A Massenet
Arnaud Massenet Isabella Massenet Carolina Sciamme-Massenet
Independent Examiner
Christopher Beaumont BA (Hons) BFP FCA DChA Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT
Charitable Incorporated Organisation Company Number
CE013456
Approved by order of the board of trustees on 31 January 2022 and signed on its behalf by:
A Massenet - Trustee
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Independent Examiner's Report to the Trustees of The Arnaud Massenet Family Foundation
Independent examiner's report to the trustees of The Arnaud Massenet Family Foundation
I report to the charity trustees on my examination of the accounts of The Arnaud Massenet Family Foundation (the Trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do 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.
Christopher Beaumont BA (Hons) BFP FCA DChA Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT
31 January 2022
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The Arnaud Massenet Family Foundation
Statement of Financial Activities for the Year Ended 31 March 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 113,947 Investment income 3 39 Total 113,986 EXPENDITURE ON Charitable activities 4 Charitable activities 188,530 NET INCOME/(EXPENDITURE) (74,544) RECONCILIATION OF FUNDS Total funds brought forward 85,286 TOTAL FUNDS CARRIED FORWARD 10,742 |
2020 Total funds £ 3,584 121 3,705 6,025 (2,320) 87,606 85,286 |
|---|---|
The notes form part of these financial statements
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The Arnaud Massenet Family Foundation
Balance Sheet 31 March 2021
| 2021 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 22,899 CREDITORS Amounts falling due within one year 7 (12,157) NET CURRENT ASSETS 10,742 TOTAL ASSETS LESS CURRENT LIABILITIES 10,742 NET ASSETS 10,742 FUNDS 8 Unrestricted funds 10,742 TOTAL FUNDS 10,742 |
2020 Total funds £ 92,706 (7,420) 85,286 85,286 85,286 85,286 85,286 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31 January 2022 and were signed on its behalf by:
A Massenet - Trustee
The notes form part of these financial statements
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The Arnaud Massenet Family Foundation
Notes to the Financial Statements for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Charity status
The Arnaud Massenet Family Foundation is a CIO registered with the Charity Commission.
The Charities registered number and office can be found in the Report of the Trustees.
Going Concern
The Trustees have reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement 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 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 offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
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.
All funds used by the Foundation during the current and prior periods relate to unrestricted funds.
Financial instruments
The charity only has financial assets and financial liabilities of a kind which qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the subsequent actual results.
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The Arnaud Massenet Family Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Deposit account interest 4. CHARITABLE ACTIVITIES COSTS Grants to organisations Independent Examiner's fee Legal & professional fees |
2021 £ 113,947 2021 £ 39 |
2021 £ 113,947 2021 £ 39 |
2021 £ 113,947 2021 £ 39 |
2020 £ 3,584 2020 £ 121 |
2020 £ 3,584 2020 £ 121 |
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| £ | £ | ||||
| 183,793 | - | ||||
| 1,980 | 1,980 | ||||
| 2,757 | 4,045 | ||||
| 188,530 | 6,025 | ||||
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 3,584 |
| Investment income | 121 |
| Total | 3,705 |
| EXPENDITURE ON | |
| Charitable activities | |
| Charitable activities | 6,025 |
| NET INCOME/(EXPENDITURE) | (2,320) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 87,606 |
continued...
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The Arnaud Massenet Family Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 8. MOVEMENT IN FUNDS At 1.4.20 £ Unrestricted funds General fund 85,286 TOTAL FUNDS 85,286 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 113,986 TOTAL FUNDS 113,986 Comparatives for movement in funds At 1.4.19 £ Unrestricted funds General fund 87,606 TOTAL FUNDS 87,606 |
Unrestricted fund £ 85,286 2021 2020 £ £ 7,720 3,275 4,437 4,145 12,157 7,420 Net movement At in funds 31.3.21 £ £ (74,544) 10,742 (74,544) 10,742 Resources Movement expended in funds £ £ (188,530) (74,544) (188,530) (74,544) Net movement At in funds 31.3.20 £ £ (2,320) 85,286 (2,320) 85,286 |
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continued...
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DocuSign Envelope ID: 2A730753-B45B-4526-B932-48DA30A9B338
The Arnaud Massenet Family Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 3,705 | (6,025) | (2,320) |
| TOTAL FUNDS | 3,705 | (6,025) | (2,320) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.19 | in funds | 31.3.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 87,606 | (76,864) | 10,742 |
| TOTAL FUNDS | 87,606 | (76,864) | 10,742 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 117,691 117,691 |
Resources Movement expended in funds £ £ (194,555) (76,864) (194,555) (76,864) |
Resources Movement expended in funds £ £ (194,555) (76,864) (194,555) (76,864) |
|---|---|---|---|
| (76,864) |
9. RELATED PARTY DISCLOSURES
During the year A Massenet who is a trustee of the charity made a donation of £Nil (2020: £3,584) to the charity in the form of the payment of professional fees incurred by the charity.
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The Arnaud Massenet Family Foundation
| Detailed Statement of Financial Activities for the Year Ended 31 March 2021 INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Grants to institutions Support costs Governance costs Independent Examiner's fee Legal & professional fees Total resources expended Net expenditure |
2021 £ 113,947 39 113,986 183,793 1,980 2,757 4,737 188,530 (74,544) |
2020 £ 3,584 121 3,705 - 1,980 4,045 6,025 6,025 (2,320) |
|---|---|---|
This page does not form part of the statutory financial statements
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