**REGISTERED CHARITABLE INCORPORATED ORGANISATION 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 2024**
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 2024**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 5|
|**Report of the Independent Auditors**|6 to 8|
|**Statement of Financial Activities**|9|
|**Balance Sheet**|10|
|**Cash Flow Statement**|11|
|**Notes to the Cash Flow Statement**|12|
|**Notes to the Financial Statements**|13 to 22|
|**Detailed Statement of Financial Activities**|23 to 24|
## **AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 August 2024. 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.
Such has been the demand for contributions to projects being undertaken by postgraduate researchers at RBS Kew, that the annual funding for the Emily Holmes Award has been doubled from £10,000 to £20,000.
Our first post-doctoral research project carried out under the aegis of Alzheimer's Research UK at the Bristol Brain Centre, has been completed and has been replaced with a PhD research project at the UCL Institute of Neurology.
|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|- Three year PhD research project at the UCL Institute of Neurology|
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 to cover running and maintenance costs and provision of a reserve fund: 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 four academic years and there has been no shortage of students seeking to apply for annual residency.
Page 1
## **AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024**
## **OBJECTIVES AND ACTIVITIES Summary of main activities**
There have been several significant changes within the Trust in the course of the last year. Fabio Bonfante was appointed CEO of the Trust at the beginning of April 2024 to take over the roles previously carried out by the founder trustees, Maureen Amar and Richard Jenkins. Fabio has transformed the administration of the Trust and has introduced new accounting and management software to improve efficiency. He oversaw the launching of the Trust's website which has been highly praised and which has achieved the desired aim of increasing public awareness of the Trust's charitable activities. The management of the Trust's property investment portfolio is being brought in-house resulting in considerable savings for the Trust. By the end of the current financial year, we will no longer be paying any managing agent's fees.
The objectives and activities of the Trust remain largely unchanged as a result of the internal reorganisation. The year has been a period of consolidation rather than growth which we anticipate will resume under Fabio's stewardship.
Such has been the demand for contributions to projects being undertaken by postgraduate researchers at RBS Kew, that the annual funding for the Emily Holmes Award has been doubled from £10,000 to £20,000.
Our first post-doctoral research project carried out under the aegis of Alzheimer's Research UK at the Bristol Brain Centre, has been completed and has been replaced with a PhD research project at the UCL Institute of Neurology.
## **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.
Page 2
## **AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024**
## **OBJECTIVES AND ACTIVITIES**
## **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, but it is planned to bring the management of these properties in-house when a CEO is appointed. 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.
The founder trustees, Maureen Amar and Richard Jenkins will be 80 years old in early 2024 and the Board recognises that for the Trust to continue and develop it will need to appoint a chief executive officer who will take over their roles and report to the Board. The CEO will also be responsible for raising the profile of the Trust and developing a fund raising strategy in order to increase the level and extent of scholarship financing. The Trust has appointed suitable candidate who commenced the roles in April 2024. The Trust has also commissioned the building of a Website which will be integral to the policy of expansion and profile enhancement.
The Board is confident that the Trust has sufficient resources to cover all costs which will be incurred with the employment of the CEO and the provision of a new office and associated equipment, but also to continue its programme of modest but consistent growth in funding.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a charitable incorporated organisation as defined by the Charities Act 2011 whose only voting members are its charity Trustees.
## **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 Charitable Incorporated Organisation number**
CE016959 (England and Wales)
## **Registered Charity number**
1182652
## **Registered office**
Whixall House Exeter Road London NW2 4SD
Page 3
**AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024**
## **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
## **Bankers**
Barclays Bank plc Leicester Leicestershire LE87 2BB
## **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 charity 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).
Charity 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable incorporated organisation for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable incorporated organisation will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable incorporated organisation and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
**AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024**
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable incorporated organisation's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **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, on 22 May 2025 and signed on the board's behalf by:
R M Jenkins - Trustee
Page 5
## **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 2024 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:
- give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- the charitable company has not kept adequate accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 6
## **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 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. We enquired of management, and board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
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 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.
Page 7
## **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 incorporated organisation'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 144 of the Charities Act 2011 255 Green Lanes Palmers Green London N13 4XE
Date: 19 June 2025
The notes form part of these financial statements
Page 8
## **AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024**
|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/(losses) on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|2024
Unrestricted
funds
£
377,552
281,201
-
658,753
126,097
277,500
1,000
50,471
455,068
130,568
334,253
10,766,571
11,100,824|2023
Total
funds
£
2,474,114
231,782
(25,000)
2,680,896
50,044
219,400
1,100
129,982
400,526
(26,178)
2,254,192
8,512,379
10,766,571|
|---|---|---|
The notes form part of these financial statements
Page 9
**AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **BALANCE SHEET 31 AUGUST 2024**
|Notes
**FIXED ASSETS**
Tangible assets
12
**Investments**
Investments
13
Investment property
14
**CURRENT ASSETS**
Debtors
15
Cash at bank
**CREDITORS**
Amounts falling due within one year
16
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
18
Unrestricted funds
**TOTAL FUNDS**|2024
Unrestricted
funds
£
4,523,216
1,295,993
4,252,449
10,071,658
9,014
1,039,703
1,048,717
(19,551)
1,029,166
11,100,824
11,100,824
11,100,824
11,100,824|2023
Total
funds
£
4,524,507
1,165,165
4,252,449
9,942,121
4,658
896,524
901,182
(76,732)
824,450
10,766,571
10,766,571
10,766,571
10,766,571|
|---|---|---|
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 22 May 2025 and were signed on its behalf by:
R M Jenkins - Trustee
The notes form part of these financial statements
Page 8
## **AMAR-FRANSES AND FOSTER-JENKINS TRUST**
|**CASH FLOW STATEMENT**
**FOR THE YEAR ENDED 31 AUGUST 2024**
2024
Notes
£
**Cash flows from operating activities**
Cash generated from operations
1
147,552
Tax paid
(2,286)
Net cash provided by operating activities
145,266
**Cash flows from investing activities**
Purchase of tangible fixed assets
(5,510)
Purchase of fixed asset investments
(53,588)
Purchase of investment property
-
Sale of tangible fixed assets
-
Sale of fixed asset investments
53,328
Sale of investment property
-
Dividends received
67,231
Net cash provided by/(used in) investing activities
61,461
**Cash flows from financing activities**
Loan repayments in year
(63,548)
Net cash used in financing activities
(63,548)
**Change in cash and cash equivalents in**
**the reporting period**
143,179
**Cash and cash equivalents at the**
**beginning of the reporting period**
896,524
**Cash and cash equivalents at the end of**
**the reporting period**
1,039,703|2023
£
2,264,776
(103)
2,264,673
-
(89,136)
(2,252,449)
(25,000)
89,656
375,000
49,405
(1,852,524)
(779,596)
(779,596)
(367,447)
1,263,971
896,524|
|---|---|
The notes form part of these financial statements
Page 11
## **AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024**
## **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
Dividends received
Increase in debtors
Increase in creditors
**Net cash provided by operations**|2024
£
334,253
6,801
(130,568)
-
(67,231)
(2,070)
6,367
147,552|2023
£
2,254,192
8,169
26,178
25,000
(49,405)
(1,065)
1,707
2,264,776|
|---|---|---|
## **2. ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**
Cash at bank
**Debt**
Debts falling due within 1 year
**Total**|At 1/9/23
£
896,524
896,524
(63,548)
(63,548)
832,976|Cash flow
£
143,179
143,179
63,548
63,548
206,727|At 31/8/24
£
1,039,703
1,039,703
-
-
1,039,703|
|---|---|---|---|
The notes form part of these financial statements
Page 12
**AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable incorporated organisation, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, 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 incorporated organisation operates a defined contribution pension scheme. Contributions payable to the charitable incorporated organisation‘s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 13
**AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024**
|**2.**
**DONATIONS AND LEGACIES**
Donations from Pledream Limited
Donations from Trustees
Gift aid
Legacies
Grants received, included in the above, are as follows:
Other grants
**3.**
**INVESTMENT INCOME**
Rents received
Bravura House Income
Dividends from investments
**4.**
**RAISING FUNDS**
**Other trading activities**
Support costs
**Investment management costs**
Rent collection
Aggregate amounts||2024
£
165,000
170,027
42,517
8
377,552
2024
£
8
2024
£
148,701
65,269
67,231
281,201
2024
£
109,959
2024
£
16,138
126,097|2023
£
1,804,891
103,700
25,946
539,577|2023
£
1,804,891
103,700
25,946
539,577|2023
£
1,804,891
103,700
25,946
539,577|
|---|---|---|---|---|---|
||||2,474,114|||
|||||2023
£
539,577||
|||||2023
£
120,832
61,545
49,405||
|||||231,782||
||||||2023
£
36,094|
||||||2023
£
13,950|
||||||50,044|
continued...
Page 14
**AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024**
## **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
Royal Horticultural Society|Grant
funding of
activities
(see note
6)
£
277,500
1,000
278,500
2024
2023
£
£
277,500
219,400
1,000
1,100
278,500
220,500
2024
2023
£
£
1,000
1,100
53,000
44,000
-
21,000
10,000
10,250
20,000
37,000
10,000
10,000
92,500
27,000
40,000
40,000
-
10,000
-
3,000
-
10,000
35,000
7,000
17,000
-
278,500
220,350|
|---|---|
Page 15
continued...
## **AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024**
## **7. SUPPORT COSTS**
|Information
Governance
Management
Finance
technology
costs
£
£
£
£
Other trading activities
75,802
354
33,803
-
Other resources expended
2,631
8
661
5,940
78,433
362
34,464
5,940
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
2024
£
Auditors' remuneration
5,940
Depreciation - owned assets
6,801
Hire of plant and machinery
5,141
Other operating leases
25
Deficit on disposal of fixed assets
-|Totals
£
109,959
9,240|Totals
£
109,959
9,240|
|---|---|---|
||119,199||
|||2023
£
6,360
8,169
7,638
-
25,000|
## **8. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.
## **Trustees' expenses**
|**Trustees' expenses**||||
|---|---|---|---|
||2024||2023|
||£||£|
|Trustees' expenses||-|109|
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:
Administrative staff|2024
£
48,314
2,450
50,764
2024
2|2023
£
26,111
465|
|---|---|---|
|||26,576|
|||2023
2|
No employees received emoluments in excess of £60,000.
Page 16
continued...
**AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024**
## **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/(losses) on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
2,474,114
231,782
(25,000)
2,680,896
50,044
219,400
1,100
129,982
400,526
(26,178)
2,254,192
8,512,379
10,766,571|
|---|---|
continued...
Page 17
## **AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024**
## **12. TANGIBLE FIXED ASSETS**
|**COST OR VALUATION**
At 1 September 2023
Additions
At 31 August 2024
**DEPRECIATION**
At 1 September 2023
Charge for year
At 31 August 2024
**NET BOOK VALUE**
At 31 August 2024
At 31 August 2023|Freehold
property
£
4,500,000
-
4,500,000
-
-
-
4,500,000
4,500,000|Fixtures
and
fittings
£
57,195
4,813
62,008
32,688
6,725
39,413
22,595
24,507|Computer
equipment
£
-
697
697
-
76
76
621
-|Totals
£
4,557,195
5,510|
|---|---|---|---|---|
|||||4,562,705|
|||||32,688
6,801|
|||||39,489|
|||||4,523,216|
|||||4,524,507|
Cost or valuation at 31 August 2024 is represented by:
|Valuation in 2022
Cost|Freehold
property
£
582,888
3,917,112
4,500,000|Fixtures
and
fittings
£
-
62,008
62,008|Computer
equipment
£
-
697
697|Totals
£
582,888
3,979,817|
|---|---|---|---|---|
|||||4,562,705|
## **13. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 September 2023
Additions
Disposals
Revaluations
At 31 August 2024
**NET BOOK VALUE**
At 31 August 2024
At 31 August 2023|Listed
investments
£
1,165,165
53,588
(50,463)
127,703
1,295,993
1,295,993
1,165,165|
|---|---|
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 YEAR ENDED 31 AUGUST 2024**
## **13. FIXED ASSET INVESTMENTS - continued**
Cost or valuation at 31 August 2024 is represented by:
|Valuation in 2020
Valuation in 2021
Valuation in 2022
Valuation in 2023
Valuation in 2024
Cost|Listed
investments
£
(138,994)
212,905
(49,531)
(23,188)
127,703
1,167,098
1,295,993|
|---|---|
If fixed asset investments had not been revalued they would have been included at the following historical cost:
||2024|2023|
|---|---|---|
||£|£|
|Cost|1,168,290|1,163,972|
Fixed asset investments were valued on an open market basis basis on 31 August 2023 by Rosemount Independent Financial Advisers.
## **14. INVESTMENT PROPERTY**
|**FAIR VALUE**
At 1 September 2023
and 31 August 2024
**NET BOOK VALUE**
At 31 August 2024
At 31 August 2023
Fair value at 31 August 2024 is represented by:
Valuation in 2021
Valuation in 2022
Cost|£
4,252,449
4,252,449
4,252,449
£
205,000
(35,000)
4,082,449
4,252,449|
|---|---|
The investment properties have been revalued on an open market basis on 31 August 2024 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 19
**AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024**
|**15.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Tax
Prepayments
**16.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other loans (see note 17)
Social security and other taxes
Pensions control
Other creditors
Accrued expenses
**17.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Other loans
**18.**
**MOVEMENT IN FUNDS**
At 1/9/23
£
**Unrestricted funds**
General fund
10,752,772
Bravura House
13,799
10,766,571
**TOTAL FUNDS**
10,766,571
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
593,483
(397,328)
Bravura House
65,270
(57,740)
658,753
(455,068)
**TOTAL FUNDS**
658,753
(455,068)||2024
£
2,978
6,036
9,014
2024
£
-
1,347
691
5,632
11,881
19,551
2024
£
-
Net
movement
in funds
£
326,723
7,530
334,253
334,253
Gains and
losses
£
130,568
-
130,568
130,568|2023
£
692
3,966
4,658
2023
£
63,548
505
-
798
11,881
76,732
2023
£
63,548
At
31/8/24
£
11,079,495
21,329
11,100,824
11,100,824
Movement
in funds
£
326,723
7,530
334,253
334,253|
|---|---|---|---|
|||||
|||||
||
|||
continued...
Page 20
**AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024**
## **18. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
Bravura House
**TOTAL FUNDS**|At 1/9/22
£
8,498,359
14,020
8,512,379
8,512,379|Net
movement
in funds
£
2,254,413
(221)
2,254,192
2,254,192|At
31/8/23
£
10,752,772
13,799
10,766,571
10,766,571|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Bravura House
**TOTAL FUNDS**|Incoming
resources
£
2,619,349
61,547
2,680,896
2,680,896|Resources
expended
£
(338,758)
(61,768)
(400,526)
(400,526)|Gains and
losses
£
(26,178)
-
(26,178)
(26,178)|Movement
in funds
£
2,254,413
(221)
2,254,192
2,254,192|
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
Bravura House
**TOTAL FUNDS**|At 1/9/22
£
8,498,359
14,020
8,512,379
8,512,379|Net
movement
in funds
£
2,581,136
7,309
2,588,445
2,588,445|
At
31/8/24
£
11,079,495
21,329
11,100,824
11,100,824|
|---|---|---|---|
continued...
Page 21
**AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024**
## **18. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|Incoming
resources
£
**Unrestricted funds**
General fund
3,212,832
Bravura House
126,817
3,339,649
**TOTAL FUNDS**
3,339,649|Resources
expended
£
(736,086)
(119,508)
(855,594)
(855,594)|Gains and
Movement
losses
in funds
£
£
104,390
2,581,136
-
7,309
104,390
2,588,445
104,390
2,588,445|
|---|---|---|
## **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.
## **19.**
## **RELATED PARTY DISCLOSURES**
During the year, the charity received donations from RM Jenkins and Ms MMS Amar totalling £170,027 (2023 - £103,700).
The charity received donations totalling £165,000 (2023 - £1,804,891) 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 £NIL (2023 - £63,548).
Sheridan & Stretton are the solicitors for the charity. MS Sheridan and Ms RE Sheridan are partners in the firm. The practice received fees of £NIL (2023 - £5,087) in respect of professional advice provided to the charity.
Page 22
## **AMAR-FRANSES AND FOSTER-JENKINS TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations from Pledream Limited
Donations from Trustees
Gift aid
Legacies
**Investment income**
Rents received
Bravura House Income
Dividends from investments
**Other income**
Gain on sale of tangible fixed assets
**Total incoming resources**
**EXPENDITURE**
**Investment management costs**
Rent collection
**Charitable activities**
Grants to institutions
**Other**
Light and heat
Ground rent
Rates and water
Service charge
Property maintenance
Legal fees
Professional fees
Insurance
**Support costs**
**Management**
Trustees' expenses
Wages
Pensions
Computer costs
Telephone
Carried forward|2024
£
165,000
170,027
42,517
8
377,552
148,701
65,269
67,231
281,201
-
658,753
16,138
278,500
5,141
25
1,648
9,404
4,845
-
11,955
8,213
41,231
-
48,314
2,450
14,003
1,311
66,078|2023
£
1,804,891
103,700
25,946
539,577
2,474,114
120,832
61,545
49,405
231,782
(25,000)
2,680,896
13,950
220,500
7,638
-
2,067
6,121
29,693
4,508
64,164
7,287
121,478
109
26,111
465
237
710
27,632|
|---|---|---|
This page does not form part of the statutory financial statements
Page 23
## **AMAR-FRANSES AND FOSTER-JENKINS TRUST**
|**DETAILED STATEMENT OF FINANCIAL ACTIVITIES**
**FOR THE YEAR ENDED 31 AUGUST 2024**
2024
£
**Management**
Brought forward
66,078
Postage and stationery
2,072
Sundries
3,482
Fixtures and fittings
6,725
Computer equipment
76
78,433
**Finance**
Sundries
8
Bank charges
354
362
**Information technology**
Repairs and renewals
34,464
**Governance costs**
Auditors' remuneration
5,940
Total resources expended
455,068
**Net income before gains and losses**
203,685
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset investments
2,865
**Net income**
206,550|2023
£
27,632
125
837
8,169
-
36,763
-
273
273
1,202
6,360
400,526
2,280,370
(2,990)
2,277,380|
|---|---|
This page does not form part of the statutory financial statements
Page 24