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2021-08-31-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 YEAR ENDED 31 AUGUST 2021

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 YEAR ENDED 31 AUGUST 2021

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Cash Flow Statement 11
Notes to the Financial Statements 12 to 21
Detailed Statement of Financial Activities 22 to 23

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021

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 year ended 31 August 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

Summary of the purposes of the charity as set out in its governing document

To fund postgraduate education, training and research by providing (i) bursaries, scholarships, awards, grants and other assistance to education establishments; (ii) bursaries, scholarships, awards, grants and other assistance for the benefit of persons to further their continuing studies and education in the fields of pure or applied art or science, engineering, medicine, music or drama but excluding theology, religion, the paranormal or metaphysics; and (iii) subsidised accommodation to postgraduate students attending the academic institutions that the CIO supports and graduate music and drama students whilst auditioning or fulfilling cover roles in London.

Summary of main activities

Summary of main activities
Guildhall School of Music and
Drama - Two singers on the two year Opera Studies Course
- Three year MA in Acting
- One year MA in Collaborative Theatre Production and Design
National Opera Studio - Singer on one year course
- Répétiteur on one year course
Royal Botanical Society Kew - Specific aspects of a variety of PhD and MSc courses and research projects
- Long term research projects relating to coffee
- Three year Diploma in Horticulture
The Royal Ballet Upper School - Three year ballet course
UCL Slade School of Art - Two year MA in fine art
- One year MA in print making
UCL Structural Engineering - Three year PhD project in structures
UCL Institute of Neurology - Long term post doctoral research grant into motor neurone disease
Samling Institute - Contribution to residential course for early career singers
University of East Anglia - Long term post doctoral prostate cancer research project
- Two three year PhD projects relating to climate change
Royal Opera House - Three-year apprenticeship in technical theatre
Birmingham Royal Ballet - Constant Lambert two year Fellowship for orchestral conductor
Garsington Opera - Annual Learning and Participation project for local schools
Alzheimer's Research UK - Early career post doctoral research project into Alzheimer's disease

In 2018 the Trust acquired a large detached dwelling which it has converted and extended to form ensuite accommodation for seven postgraduate music students either from the Guildhall School of Music & Drama (GSMD) or the National Opera Studio (NOS). In addition to the spacious, communal living areas there is also a fully sound-proofed rehearsal room complete with a grand piano. The cost of accommodation is set at a level purely to cover running and maintenance costs and there is no return on the capital costs of purchase and development which were borne by the Trust.

The first students took occupation in August 2020 and the building has been fully booked for the past two academic years. Only students attending approved courses at either GSMD or NOS are entitled to reside in the premises and only for the duration of their courses.

Confirmation that Trustees have regard to Charity Commission guidance on public

All Trustees are aware of the Charity Commission's guidance on public benefit.

Policy on social investment

The Trustees consider that the provision of funding for postgraduate education and research in both the arts and sciences is of benefit to the wider community insofar as it increases the sum total of knowledge and understanding and furthers the development of a new generation of scientists, teachers and performing artists. It also significantly contributes to areas of research, particularly those for which institutions cannot easily source Research Council funding.

Page 1

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021

OBJECTIVES AND ACTIVITIES

Policy on grant making

The Trust decides on the field of study or research it wishes to support, and then choses the appropriate academic institutions which specialise in these fields. It also decides on the amount of the grant to be made. Individual recipients of the grants are selected by the institutions and not by the Trust.

Contributions made by volunteers

The only volunteers to the Trust are the Trustees themselves whose services are provided free of charge apart from those of the two solicitors, Michael Sheridan and Rebecca Sheridan.

STRATEGIC REPORT

Achievement and performance

Charitable activities

The achievements of the charity are principally those enabling individuals to study or conduct research in their chosen field. Students in the performing arts supported by the Trust have gone on to pursue careers, some of them at a very high level such as appearing in roles at many UK and European Opera Houses and theatres including the Royal Opera House, Covent Garden, and the Royal Shakespeare Company. Those conducting research in different fields of medicine are all the time making advances in the diagnosis and treatment of various conditions and are publishing papers to disseminate their findings.

August 2021 was the 20th anniversary of the first registration of the Amar-Franses & Foster-Jenkins Trust. It was also the year of completion of the development of "Bravura House" and the music rehearsal studio at 34 Exeter Road. In view of the difficult and sometimes desperate situations faced by many students and young artists resulting from the Covid pandemic, we considered it appropriate to celebrate our anniversary by supporting a project which would benefit this badly affected community. Beth Lynch, our sponsored mezzo-soprano at the National Opera Studio suggested we implement her proposal to produce a filmed version of Benjamin Britten's cantata, "Phaedra". Keith Warner, the acclaimed, international opera director kindly agreed to direct the film and Sir John Tomlinson generously agreed to play the role of Theseus. Nick Armfield, one of our sponsored actors from the Guildhall School of Music & Drama, performed the role of Hippolitus. The music was played by the string section of the Glyndebourne Touring Orchestra plus timpani and harpsichord.

The resulting video and recording was received with critical acclaim even though it has limited circulation due to copyright and the Musicians Union's restrictions. It is, however, available as a resource for teaching, training and promotional purposes. The copyright of the film is owned by the Trust.

The cost of making the film was £25,233 of which £17,652 was funded by individual donations plus gift aid. (This was the first time the Trust had undertaken fund raising.) The net cost to the Trust was therefore £7,581 or £379 for every year of the Trust's existence. Apart from the benefit the film has bestowed upon all of the participants it has provided a tangible demonstration the Trust's strapline of Enabling Excellence in the Arts and Sciences.

Financial review

Financial position

It has always been the policy of the Trust to ensure that any scholarship, grant or award that it makes can be adequately funded for the foreseeable future. To this end, the Trust has built an investment portfolio which is independently managed by Rosemount IFA Ltd who account to the Board with a quarterly review of performance. In addition to this, the Trust has acquired by donation, investment properties which generate income for the funding of scholarships, awards and grants. The management of these properties is undertaken by Moretons Property Management Services Ltd. The value of these assets and investments is as shown in the accounts. The Trust also benefits from annual donations from two of the Founder Trustees, Richard Jenkins and Maureen Amar, and occasional other donations and bequests. Any such unrestricted donations are added to the investment portfolio since, on their own, they cannot be relied upon to generate a guaranteed income sufficient for awards and scholarships which are intended to be in place for the foreseeable future.

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.

Page 2

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021

The governing document is a Constitution of a Charitable Incorporated Organisation whose only voting members are its charity Trustees (Foundation Model Constitution).

Charity constitution

The Trust is a Charitable Incorporated Organisation (CIO).

Recruitment and appointment of new trustees

Existing Trustees have been appointed by the Founder Trustees (Richard Jenkins, Maureen Amar and Michael Sheridan), and selection to the Board is by unanimous agreement of the Trustees.

Organisational structure

The strategic decisions of the charity are taken by the trustees 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 Ms M M S Amar J H Amar R E S Amar M S Sheridan Ms R E Sheridan Ms K L McAdam

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

Page 3

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021

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:

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 12 April 2022 and signed on the board's behalf by:

R M Jenkins - Trustee

Page 4

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 year ended 31 August 2021 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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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 this gives rise to a material misstatement in the financial statements themselves. 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 5

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We enquired of management, and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:

We inspected the minutes of meetings of those charged with governance.

We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

We reviewed any reports made to regulators.

We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 6

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

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

23 June 2022

The notes form part of these financial statements

Page 7

AMAR-FRANSES AND FOSTER-JENKINS TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Grants to academic institutions
Grants to primary schools
Other
9
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
20
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
477,353
-
186,528
1,228
665,109
94,484
151,000
1,100
95,742
342,326
212,905
535,688
(7,581)
205,000
733,107
4,456,399
5,189,506		 Restricted
fund
£
12,652
-
-
-
12,652
-
-
-
25,233
25,233
-
(12,581)
7,581
-
(5,000)
-
(5,000)		 Year ended
31/8/21
Total
funds
£
490,005
-
186,528
1,228
677,761
94,484
151,000
1,100
120,975
367,559
212,905
523,107
-
205,000
728,107
4,456,399
5,184,506		 Period
27/3/19
to
31/8/20
Total
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 8

AMAR-FRANSES AND FOSTER-JENKINS TRUST

BALANCE SHEET 31 AUGUST 2021

Notes
FIXED ASSETS
Tangible assets
14
Investments
Investments
15
Investment property
16
CURRENT ASSETS
Debtors
17
Cash at bank
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
3,960,679
1,266,067
2,410,000
7,636,746
3,391
1,240,192
1,243,583
(3,690,823)
(2,447,240)
5,189,506
5,189,506
Restricted
fund
£
-
-
-
-
-
-
-
(5,000)
(5,000)
(5,000)
(5,000)		 2021

Total
funds
£
3,960,679
1,266,067
2,410,000
7,636,746
3,391
1,240,192
1,243,583
(3,695,823)
(2,452,240)
5,184,506
5,184,506
5,189,506
(5,000)
5,184,506		 2020
Total
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 year ended 31 August 2021.

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

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

The financial statements were approved by the Board of Trustees and authorised for issue on 12 April 2022 and were signed on its behalf by:

R M Jenkins - Trustee

The notes form part of these financial statements

Page 9

AMAR-FRANSES AND FOSTER-JENKINS TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Tax paid
Taxation refund
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
Sale of investment property
Interest received
Dividends received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Net cash (used in)/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		 Year ended
31/8/21
£
338,726
(508)
683
338,901
(229,416)
(645)
-
400,000
53
42,430
212,422
-
(336,503)
(336,503)
214,820
1,025,372
1,240,192		 Period
27/3/19
to
31/8/20
£
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

Page 10

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021

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)
Adjustments for:
Depreciation charges
(Gain)/losses on investments
Loss on disposal of fixed assets
Interest received
Dividends received
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by operations		 Year ended
31/8/21
£
523,107
12,088
(212,905)
82,801
(53)
(42,430)
1,018
(24,900)
338,726		 Period
27/3/19
to
31/8/20
£
4,434,029
1,539
138,994
-
-
(45,844)
(3,901)
69,760
4,594,577

2. ANALYSIS OF CHANGES IN NET DEBT

Net cash
Cash at bank
Debt
Debts falling due within 1 year
Total		 At 1/9/20
£
1,025,372
1,025,372
(3,939,666)
(3,939,666)
(2,914,294)		 Cash flow
£
214,820
214,820
288,703
288,703
503,523		 At 31/8/21
£
1,240,192
1,240,192
(3,650,963)
(3,650,963)
(2,410,771)

The notes form part of these financial statements

Page 11

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 12 continued...

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

2. DONATIONS AND LEGACIES

Donations from Pledream Limited
Donations from Trustees
Gift aid
Project Phaedra
Assets acquired on Incorporation
3.
OTHER TRADING ACTIVITIES
Sale of property stock
4.
INVESTMENT INCOME
Rents received
Bravura House Income
Dividends from investments
Other income from investments
Deposit account interest
5.
RAISING FUNDS
Other trading activities
Opening stock
Loss on sale of assets
Support costs		 Year ended
31/8/21
£
288,702
150,929
39,934
10,440
-
490,005
Year ended
31/8/21
£
-
Year ended
31/8/21
£
90,283
53,762
34,451
7,979
53
186,528
Year ended
31/8/21
£
-
82,801
831
83,632		 Period
27/3/19
to
31/8/20
£
2,280,359
123,955
30,989
-
2,229,981
4,665,284
Period
27/3/19
to
31/8/20
£
128,500
Period
27/3/19
to
31/8/20
£
77,246
-
39,045
6,799
-
123,090
Period
27/3/19
to
31/8/20
£
120,000
-
2,622
122,622

Page 13 continued...

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

5. RAISING FUNDS - continued

Investment management costs

Investment management costs
Period
27/3/19
Year ended to
31/8/21 31/8/20
£ £
Rent collection 10,852 9,874
Aggregate amounts 94,484 132,496
6. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
7)
£
Grants to academic institutions 151,000
Grants to primary schools 1,100
152,100

7. GRANTS PAYABLE

Year ended
31/8/21
£
Grants to academic institutions
151,000
Grants to primary schools
1,100
152,100
The total grants paid to institutions during the year was as follows:
Year ended
31/8/21
£
Booker Hill School
1,100
The Guildhall School Trust
28,000
National Opera Studio
17,000
University of Oxford
-
The Royal Ballet School
-
Foundation & Friends of the Royal Botanical Gardens Kew
27,000
Samling Foundation
5,000
St Andrew's CEVA Primary School
-
University College London
34,000
University of East Anglia
40,000
152,100		 Period
27/3/19
to
31/8/20
£
132,000
1,100
133,100
Period
27/3/19
to
31/8/20
£
-
28,000
15,000
10,000
10,000
37,000
5,000
1,100
27,000
-
133,100

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AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

8. SUPPORT COSTS

SUPPORT COSTS
Management
£
Other trading activities
831
Other resources expended
26,004
26,835		 Information
Governance
Finance
technology
costs
£
£
£
-
-
-
81
144
6,350
81
144
6,350		 Totals
£
831
32,579
33,410

9. OTHER

Year ended
31/8/21
£
Light and heat
2,208
Ground rent
-
Rates and water
1,585
Service charge
1,637
Property maintenance
24,318
Legal fees
2,700
Professional fees
23,941
Insurance
7,717
Musicians etc. for Phaedra
23,230
Room hire
1,060
Support costs
32,579
120,975		 Period
27/3/19
to
31/8/20
£
-
150
663
1,162
36,710
17,111
12,821
6,349
-
-
3,289
78,255

Included with the deficit on disposal of assets is the lease premium that was payable to extend the remaining term of the lease on the property. The lease premium payable was £47,751.

10. NET INCOME/(EXPENDITURE)

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

Period
27/3/19
Year ended to
31/8/21 31/8/20
£ £
Auditors' remuneration 6,350 2,719
Depreciation - owned assets 12,089 1,539
Hire of plant and machinery 2,208 -
Other operating leases - 150
Deficit on disposal of fixed assets 82,801 -

Page 15 continued...

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the period ended 31 August 2020.

Trustees' expenses

Period
27/3/19
Year ended to
31/8/21 31/8/20
£ £
Trustees' expenses 370 483

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

12. STAFF COSTS

STAFF COSTS
Period
27/3/19
Year ended to
31/8/21 31/8/20
£ £
Wages and salaries 13,110 -
Other pension costs 34 -
13,144 -

The average monthly number of employees during the year was as follows:

The average monthly number of employees during the year was as follows:
Period
27/3/19
Year ended to
31/8/21 31/8/20
Bravura House staff 2 -

No employees received emoluments in excess of £60,000.

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
4,665,284
Other trading activities
128,500
Investment income
123,090
Total
4,916,874
EXPENDITURE ON
Raising funds
132,496
Restricted
fund
£
-
-
-
-
-		 Total
funds
£
4,665,284
128,500
123,090
4,916,874
132,496

Page 16 continued...

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
Charitable activities
Grants to academic institutions
132,000
Grants to primary schools
1,100
Other
78,255
Total
343,851
Net gains/(losses) on investments
(138,994)
NET INCOME
4,434,029
Other recognised gains/(losses)
Gains on revaluation of fixed assets
22,370
Net movement in funds
4,456,399
TOTAL FUNDS CARRIED FORWARD
4,456,399
14.
TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 1 September 2020
3,710,823
Additions
206,289
At 31 August 2021
3,917,112
DEPRECIATION
At 1 September 2020
-
Charge for year
-
At 31 August 2021
-
NET BOOK VALUE
At 31 August 2021
3,917,112
At 31 August 2020
3,710,823		 13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
Charitable activities
Grants to academic institutions
132,000
Grants to primary schools
1,100
Other
78,255
Total
343,851
Net gains/(losses) on investments
(138,994)
NET INCOME
4,434,029
Other recognised gains/(losses)
Gains on revaluation of fixed assets
22,370
Net movement in funds
4,456,399
TOTAL FUNDS CARRIED FORWARD
4,456,399
14.
TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 1 September 2020
3,710,823
Additions
206,289
At 31 August 2021
3,917,112
DEPRECIATION
At 1 September 2020
-
Charge for year
-
At 31 August 2021
-
NET BOOK VALUE
At 31 August 2021
3,917,112
At 31 August 2020
3,710,823		 - continued
Restricted
fund
£
-
-
-
-
-
-
-
-
-
Fixtures
and
fittings
£
20,068
37,127
57,195
1,539
12,089
13,628
43,567
18,529		 Total
funds
£
132,000
1,100
78,255
343,851
(138,994)
4,434,029
22,370
4,456,399
4,456,399
Totals
£
3,730,891
243,416
3,974,307
1,539
12,089
13,628
3,960,679
3,729,352

Page 17 continued...

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

15. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 September 2020
Additions
Revaluations
At 31 August 2021
NET BOOK VALUE
At 31 August 2021
At 31 August 2020
There were no investment assets outside the UK.		 Listed
investments
£
1,052,517
645
212,905
1,266,067
1,266,067
1,052,517

Cost or valuation at 31 August 2021 is represented by:

Valuation in 2020
Valuation in 2021
Cost		 Listed
investments
£
(138,994)
212,905
1,192,156
1,266,067

If fixed asset investments had not been revalued they would have been included at the following historical cost:

Cost 2021
£
1,192,156		 2020
£
-

Fixed asset investments were valued on an open market basis basis on 31 August 2021 by Rosemount Independent Financial Advisers.

16. INVESTMENT PROPERTY

FAIR VALUE
At 1 September 2020
Disposals
Revaluation
At 31 August 2021
NET BOOK VALUE
At 31 August 2021
At 31 August 2020		 £
2,640,000
(435,000)
205,000
2,410,000
2,410,000
2,640,000

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AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

16. INVESTMENT PROPERTY - continued

Fair value at 31 August 2021 is represented by:

Fair value at 31 August 2021 is represented by:
Valuation in 2021
Cost		 £
205,000
2,205,000
2,410,000

The investment properties have been revalued on an open market basis on 31 August 2021 by the trustees The trustees have arrived at these valuation using their knowledge of the property market in London to arrive at these figures.

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors
Tax
Prepayments
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other loans (see note 19)
Trade creditors
Social security and other taxes
Accruals and deferred income
Accrued expenses
19.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Other loans		 2021
£
-
508
2,883
3,391
2021
£
3,650,963
35,059
717
1,935
7,149
3,695,823
2021
£
3,650,963		 2020
£
14,000
683
3,901
18,584
2020
£
3,939,666
61,364
-
5,147
3,249		 2020
£
14,000
683
3,901
18,584
4,009,426
2020
£
3,939,666

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AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

20. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Bravura House
Restricted funds
Project Phaedra
TOTAL FUNDS
Net movement in funds, included in the above ar
Unrestricted funds
General fund
Bravura House
Restricted funds
Project Phaedra
TOTAL FUNDS		 At 1/9/20
£
4,457,938
(1,539)
4,456,399
-
4,456,399
e as follows:
Incoming
resources
£
610,120
54,989
665,109
12,652
677,761		 Net
movement
in funds
£
725,050
15,638
740,688
(12,581)
728,107
Resources
expended
£
(302,975)
(39,351)
(342,326)
(25,233)
(367,559)		 Transfers
between
funds
£
(7,581)
-
(7,581)
7,581
-
Gains and
losses
£
417,905
-
417,905
-
417,905		 At
31/8/21
£
5,175,407
14,099
5,189,506
(5,000)
5,184,506
Movement
in funds
£
725,050
15,638
740,688
(12,581)
728,107
e

Comparatives for movement in funds

Unrestricted funds
General fund
Bravura House
TOTAL FUNDS		 Net
movement
in funds
£
4,457,938
(1,539)
4,456,399
4,456,399		 At
31/8/20
£
4,457,938
(1,539)
4,456,399
4,456,399

Page 20 continued...

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021

20. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Bravura House
TOTAL FUNDS		 Incoming
resources
£
4,916,874
-
4,916,874
4,916,874		 Resources
expended
£
(342,312)
(1,539)
(343,851)
(343,851)		 Gains and
losses
£
(116,624)
-
(116,624)
(116,624)		 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.

Project Phaedra

The trust wished to celebrate its 20th anniversary to showcase some of the professionals it had supported over the years. It was not possible to organise a gathering to mark its anniversary. It was therefore decided to produce a recording featuring some of the artists that had been supported. An appeal was launched to offset some of these costs. The project was not expected to be income generating.

21. CAPITAL COMMITMENTS

Contracted but not provided for in the financial statements 2021
£
-		 2020
£
28,000

22. RELATED PARTY DISCLOSURES

During the year, the charity received donations from RM Jenkins and Ms MMS Amar totalling £150,929 (2020 - £123,955).

The charity received donations totalling £288,703 (2020 - £2,280,360 including properties valued at £2,180,360) from Pledream Properties Limited a company controlled by the founding trustees. The company was paid £47,751 in respect of a lease premium on a property that was being sold.

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 balance at the year end was £3,650,963 (2020 - £3,939,666). 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 £2,550 (2020 - £12,035) in respect of professional advice provided to the charity.

The charity received donations from the trustees towards project Phaedra of £6,600.

Page 21 continued...

AMAR-FRANSES AND FOSTER-JENKINS TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021

INCOME AND ENDOWMENTS
Donations and legacies
Donations from Pledream Limited
Donations from Trustees
Gift aid
Project Phaedra
Assets acquired on Incorporation
Other trading activities
Sale of property stock
Investment income
Rents received
Bravura House Income
Dividends from investments
Other income from investments
Deposit account interest
Other income
CJRS Grants
Total incoming resources
EXPENDITURE
Other trading activities
Opening stock
Loss on sale of tangible fixed assets
Investment management costs
Rent collection
Charitable activities
Grants to institutions
Other
Light and heat
Ground rent
Rates and water
Carried forward		 Year ended
31/8/21
£
288,702
150,929
39,934
10,440
-
490,005
-
90,283
53,762
34,451
7,979
53
186,528
1,228
677,761
-
82,801
82,801
10,852
152,100
2,208
-
1,585
3,793		 Period
27/3/19
to
31/8/20
£
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
-
120,000
9,874
133,100
-
150
663
813

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 YEAR ENDED 31 AUGUST 2021

Other
Brought forward
Service charge
Property maintenance
Legal fees
Professional fees
Insurance
Musicians etc. for Phaedra
Room hire
Support costs
Management
Trustees' expenses
Wages
Pensions
Telephone
Postage and stationery
Sundries
Fixtures and fittings
Finance
Bank charges
Information technology
Repairs and renewals
Governance costs
Auditors' remuneration
Total resources expended
Net income		 Year ended
31/8/21
£
3,793
1,637
24,318
2,700
23,941
7,717
23,230
1,060
88,396
370
13,110
34
621
107
505
12,088
26,835
81
144
6,350
367,559
310,202		 Period
27/3/19
to
31/8/20
£
813
1,162
36,710
17,111
12,821
6,349
-
-
74,966
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