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2022-08-31-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 2022

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 2022

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 8
Statement of Financial Activities 9
Balance Sheet 10 to 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 24
Detailed Statement of Financial Activities 25 to 26

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

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 2022. 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.

Since the date of the last Report, the Trust has implemented a second one year MA in collaborative theatre at GSMD and has established an annual post-doctoral research grant at the UCL Institute of Ophthalmology for research into macular degeneration. Also at UCL, the Trust has established a three year PhD scholarship at the Bartlett School of Architecture. The Trust has also committed to a three year PhD scholarship at the Royal Horticultural Society’s research laboratory at Wisley which will commence in September 2023.

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
- Two one year MA in Collaborative Theatre Production and Design
National Opera Studio - Early career opera singer on one year course
- Early career 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
The Royal Horticultural Society - Three year PhD scholarship
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
UCL Institute of Ophthalmology - Annual post doctoral research grant into macular degeneration
UCL Bartlett School of Architecture - Three year PhD scholarship
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. This building now named Bravura House has been fully occupied for the past three academic years and there has been no shortage of students seeking to apply for annual residency

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.

Page 1

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

OBJECTIVES AND ACTIVITIES

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.

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 of enabling post graduates to study or conduct research in their chosen field and to provide funding for longer term research projects.

In February 2023 the “Office of the Vice-President of UCL” arranged for us to meet all seven of our current students and researchers at UCL. It proved to be a wonderful occasion where they all gave short presentations and talked about their work and how the awards had enabled them to progress their academic careers. This intimate gathering enabled the students from widely differing disciplines to meet one another and make some surprising connections between the arts and sciences. For us it was a moving and celebratory event and it was perhaps the best manifestation of the objectives of the Trust.

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.

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).

Page 2

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT 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

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).

Page 3

AMAR-FRANSES AND FOSTER-JENKINS TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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 13 July 2023 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 2022 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).

In our opinion the financial statements:

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.

Page 6

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

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

We inspected the minutes if 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 specific 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.

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

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journals 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.

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.

Page 7

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

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

17 July 2023

Page 8

AMAR-FRANSES AND FOSTER-JENKINS TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Grants to academic institutions
Grants to primary schools
Other
Total
Net gains on investments
NET INCOME
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported
Prior year adjustment
12
As restated
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
2,227,763
196,044
-
2,423,807
10,985
192,000
1,100
91,363
295,448
497,596
2,625,955
-
2,625,955
5,189,506
696,918
5,886,424
8,512,379		 Restricted
fund
£
5,000
-
-
5,000
-
-
-
-
-
-
5,000
-
5,000
(5,000)
-
(5,000)
-		 2022
Total
funds
£
2,232,763
196,044
-
2,428,807
10,985
192,000
1,100
91,363
295,448
497,596
2,630,955
-
2,630,955
5,184,506
696,918
5,881,424
8,512,379		 2021
Total
funds
as restated
£
1,186,924
178,548
1,228
1,366,700
94,429
151,000
1,100
121,030
367,559
220,884
1,220,025
205,000
1,425,025
4,456,399
-
4,456,399
5,881,424

The notes form part of these financial statements

Page 9

AMAR-FRANSES AND FOSTER-JENKINS TRUST

BALANCE SHEET 31 AUGUST 2022

Notes
FIXED ASSETS
Tangible assets
13
Investments
Investments
14
Investment property
15
CURRENT ASSETS
Debtors
16
Cash at bank
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
19
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
4,532,676
1,191,863
2,375,000
8,099,539
3,490
1,263,971
1,267,461
(854,621)
412,840
8,512,379
8,512,379		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
funds
£
4,532,676
1,191,863
2,375,000
8,099,539
3,490
1,263,971
1,267,461
(854,621)
412,840
8,512,379
8,512,379
8,512,379
-
8,512,379		 2021
Total
funds
as restated
£
3,960,679
1,266,067
2,410,000
7,636,746
3,391
1,240,192
1,243,583
(2,998,905 )
(1,755,322 )
5,881,424
5,881,424
5,886,424
(5,000)
5,881,424

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

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

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

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 13 July 2023 and were signed on its behalf by:

The notes form part of these financial statements

continued...

Page 10

AMAR-FRANSES AND FOSTER-JENKINS TRUST

BALANCE SHEET - continued 31 AUGUST 2022

R M Jenkins - Trustee

The notes form part of these financial statements

Page 11

AMAR-FRANSES AND FOSTER-JENKINS TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022

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
Sale of fixed asset investments
Sale of investment property
Interest received
Dividends received
Net cash provided by investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in 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		 2022
£
2,066,938
(81)
-
2,066,857
-
(277)
24,188
-
-
43,912
67,823
(2,110,901 )
(2,110,901 )
23,779
1,240,192
1,263,971		 2021
as restated
£
1,035,644
(508)
683
1,035,819
(229,416)
(645)
7,979
400,000
53
34,451
212,422
(1,033,421 )
(1,033,421 )
214,820
1,025,372
1,240,192

The notes form part of these financial statements

Page 12

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
2022 2021
as restated
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 2,630,955 1,220,025
Adjustments for:
Depreciation charges 10,892 12,088
Gain on investments (497,596) (220,884)
Loss on disposal of fixed assets - 82,801
Interest received - (53)
Dividends received (43,912) (34,451)
(Increase)/decrease in debtors (18) 1,018
Decrease in creditors (33,383) (24,900)
Net cash provided by operations 2,066,938 1,035,644

2.

ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

Net cash
Cash at bank
Debt
Debts falling due within 1 year
Total		 At 1/9/21
£
1,240,192
1,240,192
(2,954,045 )
(2,954,045 )
(1,713,853 )		 Cash flow
£
23,779
23,779
2,110,901
2,110,901
2,134,680		 At 31/8/22
£
1,263,971
1,263,971
(843,144)
(843,144)
420,827

The notes form part of these financial statements

Page 13

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

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

Freehold 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.

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.

continued...

Page 14

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

2.
DONATIONS AND LEGACIES
Donations from Pledream Limited
Donations from Trustees
Gift aid
Project Phaedra
3.
INVESTMENT INCOME
Rents received
Bravura House Income
Dividends from investments
Deposit account interest
4.
RAISING FUNDS
Other trading activities
Loss on sale of assets
Support costs
Investment management costs
Rent collection
Aggregate amounts		 2022
£
2,111,901
91,910
23,952
5,000
2,232,763
2022
£
96,212
55,920
43,912
-
196,044
2022
£
-
-
-
2022
£
10,985
10,985		 2022
£
2,111,901
91,910
23,952
5,000
2,232,763
2022
£
96,212
55,920
43,912
-
196,044
2022
£
-
-
-
2022
£
10,985
10,985		 2021
as restated
£
985,621
150,929
39,934
10,440
1,186,924
2021
as restated
£
90,282
53,762
34,451
53
178,548
2021
as restated
£
82,801
776
83,577
2021
as restated
£
10,852
94,429		 2021
as restated
£
985,621
150,929
39,934
10,440
1,186,924
2021
as restated
£
90,282
53,762
34,451
53
178,548
2021
as restated
£
82,801
776
83,577
2021
as restated
£
10,852
94,429
a
a
a
s
s

Page 15

continued...

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

5. CHARITABLE ACTIVITIES COSTS

Grants to academic institutions
Grants to primary schools
6.
GRANTS PAYABLE
Grants to academic institutions
Grants to primary schools
The total grants paid to institutions during the year was as follows:
Booker Hill School
The Guildhall School Trust
National Opera Studio
The Royal Ballet School
Foundation & Friends of the Royal Botanical Gardens Kew
Samling Foundation
University College London
University of East Anglia
Birmingham Royal Ballet
Garsington Opera
Alzheimer's Research UK
Royal Opera House Foundation		 Grant
funding of
activities
(see note
6)
£
192,000
1,100
193,100
2022
2021
as restated
£
£
192,000
151,000
1,100
1,100
193,100
152,100
2022
2021
as restated
£
£
1,100
1,100
28,000
28,000
18,000
17,000
10,000
-
17,000
27,000
10,000
5,000
34,000
34,000
40,000
40,000
10,000
-
3,000
-
10,000
-
7,000
-
188,100
152,100

Page 16

continued...

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

7. SUPPORT COSTS

SUPPORT COSTS
Information Governance
Management Finance technology costs Totals
£ £ £ £ £
Other resources expended 38,173 234 1,899 6,690 46,996

8. NET INCOME/(EXPENDITURE)

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

2022 2021
as restated
£ £
Auditors' remuneration 6,690 6,350
Depreciation - owned assets 10,891 12,089
Hire of plant and machinery 5,418 2,208
Deficit on disposal of fixed assets - 82,801

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.

Trustees' expenses

Trustees' expenses
2022 2021
as restated
£ £
Trustees' expenses 264 370

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

10. STAFF COSTS

Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:		 2022
as
£
23,685
413
24,098		 2021
restated
£
13,110
34
13,144
2022 2021
as restated
Bravura House staff 2 2

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

continued...

Page 17

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Grants to academic institutions
Grants to primary schools
Other
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
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
£
1,174,271
178,549
1,228
1,354,048
94,429
151,000
1,100
95,797
342,326
220,884
1,232,606
(7,581)
205,000
1,430,025
4,456,399
5,886,424		 Restricted
fund
£
12,653
(1)
-
12,652
-
-
-
25,233
25,233
-
(12,581)
7,581
-
(5,000)
-
(5,000)		 Total
funds
as restated
£
1,186,924
178,548
1,228
1,366,700
94,429
151,000
1,100
121,030
367,559
220,884
1,220,025
-
205,000
1,425,025
4,456,399
5,881,424

12. PRIOR YEAR ADJUSTMENT

It has been identified that a number of properties that were donated to the charity by Pledream Properties Limited were disposed of in the year to 31 August 2021. However the disposals were not included in financial statements for the year ended 31 August 2021.

As a result they have been recorded in the financial statements for the year ended 31 August 2022.

The proceeds of the disposal were used the reduce the loan account balance due from the charity to Pledream Properties Limited.

continued...

Page 18

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

13. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 September 2021
Revaluations
At 31 August 2022
DEPRECIATION
At 1 September 2021
Charge for year
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021
Cost or valuation at 31 August 2022 is represented by:
Valuation in 2022
Cost
14.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 September 2021
Additions
Disposals
Impairments
At 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021		 Freehold
property
£
3,917,112
582,888
4,500,000
-
-
-
4,500,000
3,917,112
Freehold
property
£
582,888
3,917,112
4,500,000		 Fixtures
and
fittings
£
57,195
-
57,195
13,628
10,891
24,519
32,676
43,567
Fixtures
and
fittings
£
-
57,195
57,195		 Totals
£
3,974,307
582,888
4,557,195
13,628
10,891
24,519
4,532,676
3,960,679
Totals
£
582,888
3,974,307
4,557,195
Listed
investments
£
1,266,067
277
(24,950)
(49,531)
1,191,863
1,191,863
1,266,067

There were no investment assets outside the UK.

continued...

Page 19

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

14. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 August 2022 is represented by:

Valuation in 2020
Valuation in 2021
Valuation in 2022
Cost		 Listed
investments
£
(138,994)
212,905
(49,531)
1,167,483
1,191,863

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

2022 2021
as restated
£ £
Cost 1,167,483 1,192,156
Fixed asset investments were valued on an open market basis basis on 31 August 2022 by Rosemo
Independent Financial Advisers.
INVESTMENT PROPERTY
£
FAIR VALUE
At 1 September 2021 2,410,000
Impairments (35,000)
At 31 August 2022 2,375,000
NET BOOK VALUE
At 31 August 2022 2,375,000
At 31 August 2021 2,410,000
Fair value at 31 August 2022 is represented by:
£
Valuation in 2021 205,000
Valuation in 2022 (35,000)
Cost 2,205,000
2,375,000

Fixed asset investments were valued on an open market basis basis on 31 August 2022 by Rosemount Independent Financial Advisers.

15. INVESTMENT PROPERTY

The investment properties have been revalued on an open market basis on 31 August 2022 by the trustees The trustees have arrived at these valuation using their knowledge of the property market in London to arrive at these figures.

continued...

Page 20

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Tax
Prepayments
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other loans (see note 18)
Trade creditors
Social security and other taxes
Accruals and deferred income
Accrued expenses
18.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Other loans
19.
MOVEMENT IN FUNDS
Prior
year
At 1/9/21
adjustment
£
£
Unrestricted funds
General fund
5,175,407
696,918
Bravura House
14,099
-
5,189,506
696,918
Restricted funds
Project Phaedra
(5,000)
-
TOTAL FUNDS
5,184,506
696,918

continued...

Page 21

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

19. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
2,367,887
(239,449)
Bravura House
55,920
(55,999)
2,423,807
(295,448)
Restricted funds
Project Phaedra
5,000
-
TOTAL FUNDS
2,428,807
(295,448)
Comparatives for movement in funds
Net
movement
At 1/9/20
in funds
£
£
Unrestricted funds
General fund
4,457,938
1,421,968
Bravura House
(1,539)
15,638
4,456,399
1,437,606
Restricted funds
Project Phaedra
-
(12,581)
TOTAL FUNDS
4,456,399
1,425,025
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,299,059
(302,975)
Bravura House
54,989
(39,351)
1,354,048
(342,326)
Restricted funds
Project Phaedra
12,652
(25,233)
TOTAL FUNDS
1,366,700
(367,559)		 Gains and
losses
£
497,596
-
497,596
-
497,596
Transfers
between
funds
£
(7,581)
-
(7,581)
7,581
-
Gains and
losses
£
425,884
-
425,884
-
425,884		 Movement
in funds
£
2,626,034
(79)
2,625,955
5,000
2,630,955
At
31/8/21
£
5,872,325
14,099
5,886,424
(5,000)
5,881,424
Movement
in funds
£
1,421,968
15,638
1,437,606
(12,581)
1,425,025

continued...

Page 22

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

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		 Prior
year
adjustment
£
696,918
-
696,918
-
696,918		 Net
movement
in funds
£
4,048,002
15,559
4,063,561
(7,581)
4,055,980		 Transfers
between
funds
£
(7,581)
-
(7,581)
7,581
-		 At
31/8/22
£
9,195,277
14,020
9,209,297
-
9,209,297

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Bravura House
Restricted funds
Project Phaedra
TOTAL FUNDS		 Incoming
resources
£
3,666,946
110,909
3,777,855
17,652
3,795,507		 Resources
expended
£
(542,424)
(95,350)
(637,774)
(25,233)
(663,007)		 Gains and
losses
£
923,480
-
923,480
-
923,480		 Movement
in funds
£
4,048,002
15,559
4,063,561
(7,581)
4,055,980

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.

continued...

Page 23

AMAR-FRANSES AND FOSTER-JENKINS TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

20. RELATED PARTY DISCLOSURES

During the year, the charity received donations from RM Jenkins and Ms MMS Amar totalling £90,809 (2021 - £150,929).

The charity received donations totalling £2,107,427 (2021 - £985,692) from Pledream Properties Limited a company controlled by the founding trustees.

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 £843,143 (2021 - £2,954,045). The maximum amount of the loan was £2,954,045.

Sheridan & Stretton are the solicitors for the charity. MS Sheridan and Ms RE Sheridan are partners in the firm. The practice received fees of £463 (2021 - £2,550) in respect of professional advice provided to the charity.

Page 24

AMAR-FRANSES AND FOSTER-JENKINS TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

INCOME AND ENDOWMENTS
Donations and legacies
Donations from Pledream Limited
Donations from Trustees
Gift aid
Project Phaedra
Investment income
Rents received
Bravura House Income
Dividends from investments
Deposit account interest
Other income
CJRS Grants
Total incoming resources
EXPENDITURE
Other trading activities
Loss on sale of tangible fixed assets
Investment management costs
Rent collection
Charitable activities
Grants to institutions
Grants to individuals
Other
Light and heat
Rates and water
Service charge
Property maintenance
Legal fees
Professional fees
Insurance
Musicians etc. for Phaedra
Room hire		 2022
£
2,111,901
91,910
23,952
5,000
2,232,763
96,212
55,920
43,912
-
196,044
-
2,428,807
-
10,985
188,100
5,000
193,100
5,418
522
1,498
20,042
463
9,870
6,554
-
-
44,367		 2021
as restated
£
985,621
150,929
39,934
10,440
1,186,924
90,282
53,762
34,451
53
178,548
1,228
1,366,700
82,801
10,852
152,100
-
152,100
2,208
1,585
1,637
24,318
2,700
23,941
7,717
23,230
1,060
88,396

This page does not form part of the statutory financial statements

Page 25

AMAR-FRANSES AND FOSTER-JENKINS TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

Support costs
Management
Trustees' expenses
Wages
Pensions
Computer costs
Telephone
Postage and stationery
Sundries
Travel
Fixtures and fittings
Finance
Bank charges
Information technology
Repairs and renewals
Governance costs
Auditors' remuneration
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net income		 2022
£
264
23,685
413
458
734
113
280
1,334
10,892
38,173
234
1,899
6,690
295,448
2,133,359
(762)
2,132,597		 2021
as restated
£
370
13,110
34
-
621
107
505
-
12,088
26,835
81
144
6,350
367,559
999,141
7,979
1,007,120

This page does not form part of the statutory financial statements

Page 26