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2020-08-31-accounts

REGISTERED COMPANY NUMBER: CE016959 (England and Wales) REGISTERED CHARITY NUMBER: 1182652

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

John Crook & Partners Statutory auditors 255 Green Lanes Palmers Green London N13 4XE

AMAR-FRANSES AND FOSTER-JENKINS TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 9
Statement of Financial Activities 10
Balance Sheet 11 to 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 21
Detailed Statement of Financial Activities 22 to 23

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 27 March 2019 to 31 August 2020. 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).

INCORPORATION

The charitable company was incorporated on 27 March 2019 and commenced trading on 1 September 2019.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The advancement of education by providing bursaries, scholarships, grants and other assistance to enable persons of ability to further their studies in the fields of pure and applied art or science, engineering, medicine, music or drama, but excluding theology, religion, the paranormal or metaphysics.

The bursaries that are established are intended to be annual commitments as long as funds will allow. The trustees will continue to fund these bursaries where necessary, although legacies received ensure that the present commitments will be funded for at least the next eight years.

Significant activities

The award of grants to schools and scientific institutions, and the award of grants and creation of bursaries in the fields of art and science and the performing arts.

Public benefit

The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives, in planning future activities, and setting the grant making policy for the year.

STRATEGIC REPORT Achievement and performance Charitable activities

GUILDHALL SCHOOL OF MUSIC AND DRAMA

2-year Opera Studies Course

This course is for postgraduate students. They are provided with singing lessons, individual coaching in roles and repertoire, and acting and stage techniques such as movement, dance, make-up and drama. As part of the programme the students take part in workshop productions of scenes and fully-staged public productions. They also receive dedicated language coaching and career guidance.

The Gwen Catley Scholarship is offered to one student per year.

Previous beneficiaries have gone on to work at, among other places, the English National Opera, Glyndebourne, Garsington, and at opera houses abroad including Frankfurt and Barcelona.

MA in Acting

This is a three-year full-time programme designed for students who hold a university degree and wish to have a full professional training in acting. The programme consists of a number of modules covering: voice and speech studies, movement studies, rehearsal projects, workshops, productions and casting.

One beneficiary has performed in two major roles in the Royal Shakespeare Company's production of Imperium, and also in radio plays.

Page 1

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

MA in Collaborative Theatre Production and Design

This course aims to bring together early-career theatre practitioners, including designers, sound designers, lighting designers, stage managers and video designers. The emphasis is on collaboration - working together in creative teams on a variety of theatre projects.

All of the beneficiaries to date have found work in their chosen field.

NATIONAL OPERA STUDIO

The National Opera Studio offers a nine-month course for twelve young opera singers and four répétiteurs who are about to embark on a professional career. All the major UK opera companies are involved in the selection of the candidates and three of them offer residencies. Essentially, the course is about developing singing skills and underpinning technique. One or two roles are explored in depth, and the artists are exposed to unfamiliar works and art songs, and tackle contemporary music and stagecraft.

The Trust offers the Eileen Goddard Bursary to a singer, as well as a bursary to a répétiteur.

Previous beneficiaries have gone on to work at, among other places, the Royal Opera House, English National Opera, Glyndebourne, Garsington. Opera North, Scottish Opera, Welsh National Opera, as well as at opera houses abroad including Antwerp and Tallinn.

ROYAL BALLET UPPER SCHOOL

At this school, 16 - 19-year-old students continue the training they have received in their earlier years and are working towards a career with the world's leading dance companies.

The Trust originally offered a bursary to one of these students, always one from abroad since they do not qualify for grants in the UK. However, there was a change of policy during 2018, and for safeguarding and other reasons it is no longer possible to sponsor an individual. All donations now go towards supporting a year group.

Prior to this change of policy, those the Trust was supporting have been employed by Birmingham Royal Ballet and Scottish Ballet.

ROYAL BOTANICAL SOCIETY KEW

PhD and MSc Courses

The Emily Holmes Memorial Scholarship offers a sum of money to Kew each year to be divided between a number of students. Students are invited to apply for an award and a panel then assesses and scores each candidate out of ten. Only the highest scoring candidates are considered for awards, taking into account the references from supporting Kew scientists for each applicant, the nature of the work to be funded, and the potential benefit to Kew's science mission, as well as the positive impact the grant would have for the applicant's studies.

Research Grant - Effects of climate change on coffee

Since 2015 an annual grant has been awarded from the Trust to Dr Aaron Davis for the purpose of monitoring the effects of climate change in Ethiopia so as to be able to offer guidance to coffee farmers. Coffee is the backbone of the Ethiopian economy, providing 30% of the country's export earnings and employing 25% of the population. Some 20 million people, depend directly or indirectly on coffee for their livelihood, so increasing coffee production will help eradicate poverty and hunger, but there are numerous challenges to be faced in an uncertain climatic future.

The research grant has enables Dr Davis to purchase climate monitoring equipment, dataloggers and below ground moisture sensors, and to train local people to operate the equipment. This work continued until April/May 2020. His work is now in Madagascar where the aim is to establish the most suitable type of coffee to be grown in the conditions there.

Page 2

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

Diploma in Horticulture

The Trust continues to make an annual donation in support of Kew's Diploma programme which was introduced following a 2013 Horticulture Matters industry report highlighting a major sector skills gap.

The three-year course, involving 14 students per year, aims to:

NUFFIELD LABORATORY OF OPTHAMOLOGY, UNIVERSITY OF OXFORD

The Trust has been funding a DPhil research programme into age-related macular degeneration (AMD). This has been focussing on using gene therapy to rescue cone cells, the light sensitive cells in the retina at the back of the eye that are destroyed by macular degeneration. The results were presented at a major international conference in May 2018 organised by the Association for research in Vision and Ophthalmology (ARVO).

In early 2019, a major breakthrough in gene therapy treatment for age-related macular degeneration was announced by Professor McLaren at the Nuffield Laboratory of Ophthalmology. It is believed that ultimately using gene editing will be the best way to correct the genetic defects that predispose patients to AMD and this will form a basis for curative treatments in future.

The funding for this research will cease after the 2020/21 academic year and will be transferred to the Institute of Ophthalmology at UCL.

UNIVERSITY COLLEGE LONDON

Slade School of Art

The Trust offers the Irving Wernick Scholarship to an MA student at the Slade. The work of the recipient in 2017/19 focussed largely on buildings, street scenes and city views. The Trust raised the issue that the scholarship was supposed to be for a figurative painter and the recipient for 2019/20 is indeed such a painter.

PhD in Structures

The Maurice Franses Memorial research grant was awarded for the purpose of focussing on multihazard assessment and strengthening of masonry structures, in particular bridges.

PhD in Motor Neurone Disease

The work is on spinal and bulbar muscular atrophy - a rare genetic variant of motor neurone disease. Patient-derived stem cells are being converted into motor nerve cells, which are then tested to see if and why they start to degenerate with the disease. In addition, these cells will enable the testing of any potential drugs in human cells for the first time.

UNIVERSITY OF EAST ANGLIA

MScs and PhDs in Climate Change

This course is designed to train the next generation of climate change experts, with the hope that graduates will go on to tackle climate change in the future through a broad range of careers including academia, policy making and business. The course is structured in modules which bring together the physical and the social sciences.

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AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

The Trust took the decision to make the two awards at PhD level from the 2019/20 academic year, replacing the MScs. One project is on "Ocean drivers of Antarctic ice shelf melt and sea level rise: understanding future changes." The objective is to use newly available climate model simulations to investigate how changes in ocean circulation around Antarctica will interact with changing ice shelf melt rates and glacial retreat to drive future sea level rise. The second project is on "Global fluvial flooding risks under climate change using a global regionalised hydrological model". The objective is to improve an existing hydrological model using different regionalisation methods, to compare their performance and to use newly available climate model simulations to investigate how changes in climate will affect global flood risks.

Prostate Cancer Research

Professor Colin Cooper is undertaking ground-breaking research into the diagnosis of aggressive prostate cancer. He has launched a clearly defined three year programme of research to secure clinical trials. One of his requirements is for the training of a new generation of PhD and MD students, and the Trust is providing £20,000 per year for three years for this purpose from the academic year 2019/20.

SAMLING

The Trust donates £5,000 annually to the Samling Artists' Programme

This programme nurtures the artistic development of exceptional young singers and piano accompanists at the start of their careers. Intensive weeklong residencies refine their performance skills and artistry, culminating in public masterclasses and performances.

Cut loose from the college environment, even the finest musicians at the beginning of their careers often receive little or no support as they enter the professional world. Samling identifies the "best of the best" and brings them together with singers, directors, actors, pianists and coaches - people at the highest professional level - and crucially people who know how to pass on what they have learned to the next generation. Tailored to each individual artist, the week focuses on performance in both song and operatic repertoire. One-to-one classes cover close study of text, languages, stagecraft, vocal technique and the exploration of character and context in the preparation of roles.

SCHOOLS

Deviating somewhat from the Trust's aim to offer funding at post-graduate level, a decision was made to offer a small amount of financial help on an annual basis to two schools. These schools were chosen because of their connections with the Founder Trustees:

St Andrews Village Primary School, North Lopham

This school is the one attended by the mother of Richard Jenkins from 1910 to 1919. £1,100 is donated annually in her memory for the school to use for a project or outing which could involve the whole school, as well as for equipment or books.

Each year, the Trust receives a letter from the Chair of the Governing Board with details of how the money has been spent.

Booker Hill Primary and Nursery School, High Wycombe

This school was chosen because Maureen Amar had been one of its Governors for five years, during which time she learned that not all children could participate in outings because of the cost. The £1100 is used to ensure no pupil misses out.

Financial review

Financial position

The charity has reserves at the year-end of £4,456,399. There are no restricted funds.

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AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

Principal funding sources

The principal funding is provided by the founding trustees. It is intended that the trust will be able to fund its bursaries from investments funds. Surplus investments funds are invested to generate funds to fund bursaries.

Investment policy and objectives

The investment advisers have been instructed to invest the funds with a view to:

The trustees are satisfied with the performance of the investments against the objectives set.

Reserves policy

The funding trustees intend to provide funds along which along with its investment returns are adequate to fund its grant making commitments. The reserves are not sufficient to achieve this at present and further additions will be made to reserves in the current year.

Future plans

The charity has purchased properties in North London and is planning to develop these into accommodation for students and/or actors/performers performing in London. The purchase of the properties was made possible by a loan from Pledream Properties Limited, a company controlled by the founding trustees.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Organisational structure

The strategic decisions of the charity are taken by the trustee as a body, however the day to day management of the charity is delegated to RM Jenkins and Ms MMS Amar.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

CE016959 (England and Wales)

Registered Charity number

1182652

Registered office

Whixall House Exeter Road London NW2 4SD

Trustees

R M Jenkins (appointed 27/3/2019) Ms M M S Amar (appointed 27/3/2019) J H Amar (appointed 27/3/2019) R E S Amar (appointed 27/3/2019) M S Sheridan (appointed 27/3/2019) Ms R E Sheridan (appointed 27/3/2019) Ms K L McAdam (appointed 27/3/2019)

Page 5

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

Auditors

John Crook & Partners Statutory auditors 255 Green Lanes Palmers Green London N13 4XE

Solicitors

Sheridan & Stretton Riverside House 22A Bradmore Park Road London W6 0DT

Investment Advisers

Rosemount 9 Hare Hall Lane Gidea Park Romford RM2 6BD

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Amar-Franses and Foster-Jenkins Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Page 6

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

AUDITORS

The auditors, John Crook & Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 10 May 2021 and signed on the board's behalf by:

R M Jenkins - Trustee

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF AMAR-FRANSES AND FOSTER-JENKINS TRUST

Opinion

We have audited the financial statements of Amar-Franses and Foster-Jenkins Trust (the 'charitable company') for the period ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF AMAR-FRANSES AND FOSTER-JENKINS TRUST

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

John Crook & Partners Statutory auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 255 Green Lanes Palmers Green London N13 4XE

Date: 26 May 2021

Page 9

AMAR-FRANSES AND FOSTER-JENKINS TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Grants to academic institutions
Grants to primary schools
Other
Total
Net gains/(losses) on investments
NET INCOME
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
4,665,284
128,500
123,090
4,916,874
132,496
132,000
1,100
78,255
343,851
(138,994)
4,434,029
22,370
4,456,399
4,456,399

The notes form part of these financial statements

Page 10

AMAR-FRANSES AND FOSTER-JENKINS TRUST

BALANCE SHEET 31 AUGUST 2020

Notes
FIXED ASSETS
Tangible assets
11
Investments
Investments
12
Investment property
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds
TOTAL FUNDS		 Unrestricted
funds
£
3,729,352
1,052,517
2,640,000
7,421,869
18,584
1,025,372
1,043,956
(4,009,426)
(2,965,470)
4,456,399
4,456,399
4,456,399
4,456,399

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2020.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

continued...

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AMAR-FRANSES AND FOSTER-JENKINS TRUST

BALANCE SHEET - continued 31 AUGUST 2020

The financial statements were approved by the Board of Trustees and authorised for issue on 10 May 2021 and were signed on its behalf by:

R M Jenkins - Trustee

The notes form part of these financial statements

Page 12

AMAR-FRANSES AND FOSTER-JENKINS TRUST

CASH FLOW STATEMENT FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

Notes
Cash flows from operating activities
Cash generated from operations
1
Tax paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Purchase of investment property
Dividends received
Net cash (used in)/provided by investing activities
Cash flows from financing activities
New loans in year
Net cash provided by financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period		 £
4,594,577
(683)
4,593,894
(3,744,891)
(1,191,511)
(2,617,630)
45,844
(7,508,188)
3,939,666
3,939,666
1,025,372
-
1,025,372

The notes form part of these financial statements

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AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
£
Net income for the reporting period (as per the Statement of Financial
Activities) 4,434,029
Adjustments for:
Depreciation charges 1,539
Losses on investments 138,994
Dividends received (45,844)
Increase in debtors (3,901)
Increase in creditors 69,760
Net cash provided by operations 4,594,577

2. ANALYSIS OF CHANGES IN NET DEBT

Net cash
Cash at bank
Debt
Debts falling due within 1 year
Total		 At 27/3/19
£
-
-
-
-
-		 Cash flow
£
1,025,372
1,025,372
(3,939,666)
(3,939,666)
(2,914,294)		 At 31/8/20
£
1,025,372
1,025,372
(3,939,666)
(3,939,666)
(2,914,294)

The notes form part of these financial statements

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AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from corporation 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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

continued...

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AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

2.
DONATIONS AND LEGACIES
Donations from Pledream Limited
Donations from Trustees
Gift aid
Assets acquired on Incorporation
3.
OTHER TRADING ACTIVITIES
Sale of property stock
4.
INVESTMENT INCOME
Rents received
Other fixed asset invest - FII
Other fixed asset inv - UnFII
5.
RAISING FUNDS
Other trading activities
Opening stock
Support costs
Investment management costs
Rent collection
Aggregate amounts		 £
2,280,359
123,955
30,989
2,229,981
4,665,284
£
128,500
£
77,246
39,045
6,799
123,090
£
120,000
2,622
122,622
£
9,874
132,496

continued...

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AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

6. CHARITABLE ACTIVITIES COSTS

6. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
7)
£
Grants to academic institutions 132,000
Grants to primary schools 1,100
133,100
7. GRANTS PAYABLE
£
Grants to academic institutions 132,000
Grants to primary schools 1,100
133,100
The total grants paid to institutions during the period was as follows:
£
The Guildhall School Trust 28,000
National Opera Studio 15,000
University of Oxford 10,000
The Royal Ballet School 10,000
Foundation & Friends of the Royal Botanical Gardens Kew 37,000
Samling Foundation 5,000
St Andrew's CEVA Primary School 1,100
University College London 27,000
133,100
8. SUPPORT COSTS
Governance
Management Finance costs Totals
£ £ £ £
Other trading activities 1,570 83 969 2,622
Other resources expended 1,539 - 1,750 3,289
3,109 83 2,719 5,911

continued...

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AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Depreciation - owned assets
Other operating leases		 £
2,719
1,539
150

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 31 August 2020.

Trustees' expenses

Trustees' expenses

£ 483

The trustees expenses are in relation to travel, subsistence and accommodation incurred by two trustees

11. TANGIBLE FIXED ASSETS

COST
Additions
DEPRECIATION
Charge for year
NET BOOK VALUE
At 31 August 2020		 Freehold
property
£
3,710,823
-
3,710,823		 Fixtures
and
fittings
£
20,068
1,539
18,529		 Totals
£
3,730,891
1,539
3,729,352

12. FIXED ASSET INVESTMENTS

MARKET VALUE
Additions
Revaluations
At 31 August 2020
NET BOOK VALUE
At 31 August 2020		 Listed
investments
£
1,191,511
(138,994)
1,052,517
1,052,517

There were no investment assets outside the UK.

continued...

Page 18

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

13. INVESTMENT PROPERTY

INVESTMENT PROPERTY
FAIR VALUE
Additions
Revaluation
At 31 August 2020
NET BOOK VALUE
At 31 August 2020		 £
2,617,630
22,370
2,640,000
2,640,000

The investment properties have been revalued on an open market basis on 31 August 2020 by the trustees The trustees have arrived at these valuation using their knowledge of the property market in London to arrive at these figures.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

15.

Other debtors
Tax
Prepayments
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other loans (see note 16)
Trade creditors
Accruals and deferred income
Accrued expenses		 £
14,000
683
3,901
18,584
£
3,939,666
61,364
5,147
3,249		 £
14,000
683
3,901
18,584
4,009,426

16. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due within one year on demand:
Other loans		 £
3,939,666

continued...

Page 19

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Bravura House
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
4,916,874
Bravura House
-
4,916,874
TOTAL FUNDS
4,916,874		 Resources
expended
£
(342,312)
(1,539)
(343,851)
(343,851)		 Net
movement
in funds
£
4,457,938
(1,539)
4,456,399
4,456,399
Gains and
losses
£
(116,624)
-
(116,624)
(116,624)		 At
31/8/20
£
4,457,938
(1,539)
4,456,399
4,456,399
Movement
in funds
£
4,457,938
(1,539)
4,456,399
4,456,399

Bravura House

Bravura House is a property that has been acquired and developed in North London to provide accommodation for students and/or artists performing in London. The aim is that this property will be self financing in the future and will generate a surplus each year to provide for its ongoing maintenance. The first students took up residence at the end of August 2020 and therefore no income is shown in this period

18. CAPITAL COMMITMENTS

Contracted but not provided for in the financial statements

£ 28,000

The charity has entered into a contract for the purchase of a grand piano for £28,000. A deposit has been paid in respect of this and is included in other debtors and is included in the figure above.

continued...

Page 20

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

19. RELATED PARTY DISCLOSURES

During the year, the charity received donations from RM Jenkins and Ms MMS Amar totalling £123,955.

The charity received donations totalling £2,280,359 including properties valued at £2,180,359 from Pledream Properties Limited a company controlled by the founding trustees.

On 30 August 2019 all the assets and liabilities of an unincorporated charity were transferred to this charitable incorporated organisation. The net assets transferred were £2,229,981

The charity has received a long term loan from Pledream Properties Limited a company controlled by the founding trustees.The maximum amount of the loan was £3,939,666.

Sheridan & Stretton are the solicitors for the charity. MS Sheridan and Ms RE Sheridan are partners in the firm. The practice received fees of £12,035 in respect of professional advice provided to the charity.

Page 21

AMAR-FRANSES AND FOSTER-JENKINS TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020

INCOME AND ENDOWMENTS
Donations and legacies
Donations from Pledream Limited
Donations from Trustees
Gift aid
Assets acquired on Incorporation
Other trading activities
Sale of property stock
Investment income
Rents received
Other fixed asset invest - FII
Other fixed asset inv - UnFII
Total incoming resources
EXPENDITURE
Other trading activities
Opening stock
Investment management costs
Rent collection
Charitable activities
Grants to institutions
Other
Ground rent
Rates and water
Service charge
Property maintenance
Legal fees
Professional fees
Insurance
Support costs
Management
Trustees' expenses
Carried forward		 £
2,280,359
123,955
30,989
2,229,981
4,665,284
128,500
77,246
39,045
6,799
123,090
4,916,874
120,000
9,874
133,100
150
663
1,162
36,710
17,111
12,821
6,349
74,966
483
483

This page does not form part of the statutory financial statements

Page 22

AMAR-FRANSES AND FOSTER-JENKINS TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE PERIOD 27 MARCH 2019 TO 31 AUGUST 2020
Management
Brought forward
Telephone
Postage and stationery
Sundries
Fixtures and fittings
Finance
Bank charges
Governance costs
Auditors' remuneration
Total resources expended
Net income		 £
483
141
499
447
1,539
3,109
83
2,719
343,851
4,573,023

This page does not form part of the statutory financial statements

Page 23