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2021-04-05-accounts

Charity Registration No. 1178834

THE IAN AND CLARE MATTIOLI CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

THE IAN AND CLARE MATTIOLI CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

I T Mattioli C Mattioli L J Mattioli A Dariani

Charity number 1178834 Principal address 106 Brand Hill Woodhouse Eaves Loughborough LE12 8SS Independent examiner K M Hilliard ACA FCCA CTA 36 Tyndall Court Lynchwood Peterborough Cambridgeshire PE2 6LR Bankers Lloyds Bank plc 21 - 23 Hill Street London W1J 5JW

THE IAN AND CLARE MATTIOLI CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 11

THE IAN AND CLARE MATTIOLI CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021

The trustees present their report and financial statements for the year ended 5 April 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements 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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity's objects are :

  1. To advance in life and help young people through:

  2. a) the provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life;

  3. b) providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.

  4. To act as a resource for young people by providing advice and assistance and organising programmes of physical, educational and other activities as a means of:

  5. a) advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals;

  6. b) advancing education;

  7. c) relieving unemployment;

  8. d) providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such persons.

  9. Such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the trustees may from time to time determine.

The charitable objectives are met by operating in the following areas:

The charity aims to help:

The charity meets it's objectives by:

THE IAN AND CLARE MATTIOLI CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Public benefit statement

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

During the year the charity received transfers of assets with an aggregate value of £234,000 and cash donations of £5,438. These donations together with investment income generated of £36,592 resulted in total incoming resources of £276,030.

During the year the charity incurred charitable expenditure of £110,687 in accordance with the purposes outlined above.

Financial review

The charity splits its reserves between cash and shares. Pershing Securities Ltd acts as custodian of it's investments.

The general fund is unrestricted and represents the total reserves of the charity. The level of this fund will vary depending on donations received and the level of expenditure.

The charity does not carry out any significant fundraising activities.

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Future plans

During the coming year the charity plans to continue to meet it's charitable objectives by advancing in life and helping young people and by acting as a resource for young people.

Structure, governance and management

The charity was founded by Ian and Clare Mattioli in 2016 and its governing document is a Trust Deed dated 31 August 2016 and updated on 14 June 2018. The trust gained charitable status on 18 June 2018.

The trustees who served during the year and up to the date of signature of the financial statements were: I T Mattioli

C Mattioli L J Mattioli A Dariani

New trustees are appointed as required and receive a comprehensive induction on the activities of the charity.

As a small grant-giving organisation, the trustees manage the charity themselves , with part time administrative and financial support . The trustees meet once or twice a year, but day to day decisions are made on the basis of email exchanges and telephone conversations, once the annual budget has been agreed.

The trustees' r eport was approved by the Board of Trustees.

.............................. I T Mattioli Trustee Dated: .........................

THE IAN AND CLARE MATfioLI CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE IAN AND CLARE MAThIOLI CHARrrABLE TRUST I rewt to the trustées on ry exarr￿nation of the ￿￿Kial statern￿ ot Th8 lan Clare Matholl Cha￿table Tw81 (the charity) fof the ye• erKkd 5 2021. R•$pon$lblliti•s and basls of r•port As the trust•es of the charity yw are re9p￿1b￿ for the prep•rntK)n (rf fmanoal stat•ments in aC¢(￿danCe wth the rnwlroments ofthe ChwiliesAd 2011 (the 2011 Art). I report In fèSPeCt of my exwnknalon of the •t#tements carTled out wbder saetion 145 of the 2011 ACL In carrying ¢)ul ry exwnlnafjon I have lol¢yhd al the applicable Directions glven by Ihe Charity Commi981on under ￿tion 145(SXb) olthe 2011 A Kl•p•nd•nt •XaM￿•￿ stat•m•nt Since tho ch8rity'8 gro￿ incom• exc¢ed•d £250,000 your •x•mhier must be a metY)er of a boty listed in ieGtion 145 of the 2011 ACL I confinn that l am quaIrf￿1 to undertake th? ex￿174tion becau$e l am m•mbw ol, vrt¥Gh Is ono of tho16Ated bodlè8. Your att•nlon 18 dr•1￿ kn th• fad that th• charity has financial statem•nts In ac¢ord4nGe wh Accountlng and RfjporbThJ by Charltl•s prnparing Ihdr accounts in •c¢ordorKe wth Flnancial Reportlng Slandard applicabl• In the UK and Republc of Irelw•J {FRS 102) In preference to the ACCOUn￿ng •nd R•portlng by charrt￿.. St4lomènt of RectsmmèrMl•d Pr• knsued on 1 2005 wttlch IB reforred to In the exlant regulalloni bLrt ha• been vAthdrawn. l undèrstand that tri3 has be￿ don• h order for fin•n￿r statements to provld• a tNe and falr vtvw In acco￿an¢t ￿th Gtn•ro1ty AcGept•d ACC￿n￿n9 Prath• 6ffective frr rePO￿￿j perlod8 btyinning on or •ft•r 1 JaNary 2016. I have completed my examkMlorL l conffimi th•t r4) mth have come to my att•thn kn ￿￿neGlOn eXa￿n?￿on 9￿1￿j me cwse to hll•vè that In ary m8t•rial rn•pKt'. accounting recordi were not kept in re8F¢Ct of Ihe chwity as r•wlr•d by 130 of the 2011 Aet,. th• flnanclal #tatemenl• do nol accord Ittho recordi", or the finandal gtatements do not lth th• applicab￿ rnqiir•m•nts concemlrfj tho fonn content of aCcO￿ts set wt In the Charitie8 {Accwrts and Reports) Rwlations 2008 other than any requk•m•nl that Ihe accounts g tN• fair ¥1￿ tAthich i¥ not g matter con81dèred •$ part of an Independent 0￿n￿￿On. I have no concerm and hav¢ ￿me ar¥0￿ no othw In conrth wlth the ex4Ndnation to ￿th1¢h att•ntion shoukl b• in thls reP￿t in order lo ¢nAe • U￿r￿tanth9 ofthe flnanclal stat•m to be reath K M Hlllard ACA FCCA CTA 36 Tyndall Court Peterborough Cambrldgeshire PE2 fjLR Ded'.

THE IAN AND CLARE MATTIOLI CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2021

Unrestricted
funds
2021
Notes
£
Income from:
Donations and legacies
3
239,438
Investments
4
36,592
Total income
276,030
Expenditure on:
Raising funds
5
2,819
Charitable activities
6
115,007
Total resources expended
117,826
Net gains/(losses) on investments
10
61,801
Net movement in funds
220,005
Fund balances at 6 April 2020
1,405,564
Fund balances at 5 April 2021
1,625,569		 Total
2020
£
176,250
35,996
212,246
2,666
48,739
51,405
(234,589)
(73,748)
1,479,312
1,405,564

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE IAN AND CLARE MATTIOLI CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2021

Notes
Fixed assets
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2021
£
£
1,351,761
4,300
271,068
275,368
(1,560)
273,808
1,625,569
1,625,569
1,625,569		 2020
£
£
1,025,201
700
380,863
381,563
(1,200)
380,363
1,405,564
1,405,564
1,405,564

The financial statements were approved by the Trustees on .........................

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..............................
I T Mattioli
Trustee
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THE IAN AND CLARE MATTIOLI CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

Charity information

The Ian and Clare Mattioli Charitable Trust is a charity constituted by a trust deed dated 31 August 2016 and updated 14 June 2018.

1.1 Accounting convention

The financial statements have been prepared in accordance 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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Donations of assets are recognised at fair value.

1.5 Resources expended

Expenditure is accounted for on an accruals basis.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held with banks .

THE IAN AND CLARE MATTIOLI CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies (Continued)

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets and liabilities

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of financial activities.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Donations and gifts 239,438 176,250

THE IAN AND CLARE MATTIOLI CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

4 Investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Income from listed investments 36,590 35,986
Interest receivable 2 10
36,592 35,996
Raising funds
Unrestricted Total
funds
2021 2020
£ £
Fundraising and publicity
Advertising 600 -
Investment management 2,219 2,666
2,819 2,666
Charitable activities
Charitable Charitable
causes causes
2021 2020
£ £
Schooling 25,713 27,099
Charitable donations 84,974 20,200
110,687 47,299
Share of governance costs (see note 7) 4,320 1,440
115,007 48,739

5 Raising funds

6 Charitable activities

THE IAN AND CLARE MATTIOLI CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

7 Support costs

Governance
costs
£
Accountancy fees (inc. under-accrual in prior years)
4,320
4,320
Analysed between
Charitable activities
4,320		 2021
£
4,320
4,320
4,320		 2020
£
1,440
1,440
1,440

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

9 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Total - -
Net gains/(losses) on investments
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Revaluation of investments 61,801 (252,872)
Gain/(loss) on sale of investments - 18,283
61,801 (234,589)

10 Net gains/(losses) on investments

THE IAN AND CLARE MATTIOLI CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2021

11 Fixed asset investments

Cost or valuation
At 6 April 2020
Gifts to the charity
Valuation changes
Investment management fees
Dividends and interest received
At 5 April 2021
Carrying amount
At 05 April 2021
At 05 April 2020
Investments at fair value comprise:
Cash
Listed investments
12
Debtors
Amounts falling due within one year:
Other debtors
13
Creditors: amounts falling due within one year
Accruals and deferred income		 Listed
investments
£
1,025,201
234,000
61,801
(2,219)
32,978
1,351,761
1,351,761
1,025,201
2021
2020
£
£
43,825
13,065
1,307,936
1,012,136
1,351,761
1,025,201
2021
2020
£
£
4,300
700
2021
2020
£
£
1,560
1,200

THE IAN AND CLARE MATTIOLI CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

14 Related party transactions

During the year the charity received donations of investments at market value from the following trustees: I T Mattioli: £234,000 (2020: £nil)

C L Mattioli: £nil (2020: £105,514)

L J Mattioli: £nil (2020: £17,904) A K Dariani: £nil (2020: £49,207)

Included within the donations of investments made by I T Mattioli were the following: K3 Capital Group plc: £234,000 (2020: £nil)

The charity received investment income from Mattioli Woods plc of £29,048 (2020: £30,155) and from Custodian REIT plc of £3,930 (2020: £5,300).

I T Mattioli, a trustee, is a director of Mattioli Woods plc, Custodian REIT plc and K3 Capital Group plc.