Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements For the Period ended 31 May 2021
Domino’s Partners Foundation UK & Ireland
(A Company limited by guarantee)
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2021
Company No: 12612857 Charity No: 1192290
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements For the Period ended 31 May 2021
CONTENTS
| Reference and Administrative Details | 1 |
|---|---|
| Chairman’s Statement | 2 |
| Trustees’ Annual Report | 3 – 6 |
| Independent Examiner’s Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 – 14 |
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
For the Period ended 31 May 2021
REFERENCE AND ADMINISTRATIVE DETAILS
TRUSTEES/DIRECTORS: V Barber (appointed 10 June 2020) K Berry (appointed 10 June 2020) D Bouch (appointed 15 February 2021) G Cornish (appointed 10 June 2020) K O’Connor (appointed 10 June 2020) D Sodha (appointed 10 June 2020) T Starrett (appointed 10 June 2020) L Tarran (appointed 10 June 2020) C West (Chair) (appointed 10 June 2020) REGISTERED OFFICE: 1 Thornbury West Ashland Milton Keynes Bucks MK6 4BB REGISTERED NUMBERS: Company No: 12612857 Charity No: 1192290 Independent Examiner: Jonathan Marchant FCA Mazars LLP Chartered Accountants and Statutory Auditor The Pinnacle 160 Midsummer Boulevard Milton Keynes MK9 1FF BANKERS : Barclays Bank Plc Level 12 1 Churchill Place London E14 5HP
1
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements For the Period ended 31 May 2021
CHAIRMAN’S STATEMENT
In May 2020 the Foundation was incorporated with our first grant made in August 2020. In August 2021 we were all delighted to celebrate the anniversary of the first grant made by the Domino’s Partners Foundation, a year in which we managed to support 21 team members across all areas of the Domino's business with grants totalling £58,171.
We continue to use all internal communication channels, team member inductions and being present at all company events, to raise awareness and engagement of the Foundation and how we can support those team members facing times of financial difficulty.
We recognise that we still have a long way to go to establish ourselves across all areas of the business and that we have team members who are suffering in silence, as they are unaware of the support we can provide them with. However, throughout the year we have seen a steady increase in grant applications and have begun 2022 with our highest level of enquires since we launched.
We are extremely grateful for the support we received from many areas of the Domino’s UK and Ireland business and several of their partner agencies whilst establishing the Foundation. This helped us to keep our expenses at an extremely low level, as much of their support was provided free of charge.
Our four key pillars of focus in the year ahead are:
-
To establish Give as you Earn across all areas of the business.
-
Continue to raise awareness of the support we can provide our team members.
-
Ensure the application process is as accessible as possible and digitally led.
-
Ensure we create income revenue streams to secure our long-term financial position.
C West, Chair Date: 31 March 2022
2
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
TRUSTEES’ ANNUAL REPORT FOR THE PERIOD ENDED 31 MAY 2021
The Trustees, who are Directors of the Domino’s Partners Foundation UK & Ireland (‘the Foundation’), present their first annual report and financial statements for the period ended 31 May 2021.
The Foundation was incorporated at Companies House on 20 May 2020, registered as a charity with the Charity Commission on 12 November 2020.
Relationship with Domino’s Pizza Group (DPG)
Under the Articles of Association of the Foundation, DPG has the power to appoint any individual to be a Trustee who is a director, officer or employee of DPG or of any member of the Domino’s Group (the “DPG Trustees”) who is willing to act as a Trustee, and who is permitted by law to do so, without further qualification. DPG shall also have the power at any time to withdraw an appointment and make a replacing appointment and all such appointments and withdrawal of appointments shall be made in writing to the Foundation’s registered office.
Fundraising Approach
The Foundation’s approach to fundraising is to predominantly use the relationship with DPG and its Franchisee partners, its employees and customers to raise funds through fundraising activities.
We do not carry out street fundraising, nor do we undertake fundraising mail shots or telephone canvassing. We work with DPG and its Franchise partners to ensure any fundraising they do for the Foundation complies to recognised standards. We monitor any fundraising complaints (none have been received) and always seek to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate.
Grant making policy
Financial assistance is provided to team members to assist them during times of personal misfortune, grief or tragedy. The Trustees consider each claim on its merits and each claim must be approved by the Trustees. The following are the main criteria used to decide if the Foundation will provide financial assistance, and the extent of that assistance:
-
The nature of the incident that caused the misfortune;
-
Whether the applicant meets the eligibility criteria;
-
Whether the applicant caused the incident or if it was beyond their control; and
-
Any other matter that the Trustees deem appropriate.
The Trustees seek to retain as much flexibility as possible in assessing claims. The assistance commonly provided is:
-
Payment to cover for lost wages in the event of injury preventing the team member from working and where all paid leave has been exhausted
-
Cover for medical expenses where there is no insurance (for those who cannot afford such insurance)
-
Funeral expenses
-
Funds to replace essential household items in the event of a natural disaster (for those who cannot afford such insurance).
3
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
TRUSTEES’ ANNUAL REPORT FOR THE PERIOD ENDED 31 MAY 2021
Structure, Governance and Management
Governing Document
The Foundation is incorporated as a private company limited by guarantee.
The Articles of Association of the Foundation established the objects and powers of the Foundation. In the event of the Foundation being wound up, members are required to contribute an amount not exceeding £1 each.
Recruitment and Appointment of the Board of Trustees
Trustees were appointed on incorporation of the Foundation and subsequently by the Board to ensure that the Board includes experience in financial, legal and other relevant fields. Trustees are aware of their obligations in law as Trustees and Directors and are encouraged to acquaint themselves with publications and guidance available from the Charity Commission. Members of the Board have access to external Trustee training.
The Trustees serving during the period were as follows:
| Name of Trustee | Appointment | Resigned |
|---|---|---|
| V Barber |
10 June 2020 | |
| B Barnes | 10 June 2020 | 4 February 2021 |
| K Berry | 10 June 2020 | |
| A Bushnell |
20 May 2020 | 10 June 2020 |
| D Bouch |
15 February 2021 | |
| G Cornish | 10 June 2020 | |
| K O’Connor | 10 June 2020 | |
| J Fearn | 20 May 2020 | 10 June 2020 |
| D Sodha | 10 June 2020 | |
| T Starrett | 10 June 2020 | |
| L Tarran | 10 June 2020 | |
| C West (Chair) | 10 June 2020 | |
| Secretary | ||
| R Gardiner |
Organisational Structure
The Board of Trustees meet at least four times a year and oversees finance, current project work and the future strategy of the Foundation.
The Foundation will set up Trustee sub committees as the charity evolves.
4
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
TRUSTEES’ ANNUAL REPORT FOR THE PERIOD ENDED 31 MAY 2021
Principal risks and uncertainties
The Trustees have examined the major strategic, financial, operational and reputational risks which the charity faces and regularly review what actions can be taken to mitigate these risks. The two risks that would have the highest impact are a decrease in income and not reaching team members for grant applications.
Objectives and Activities
The Foundation’s aims are to provide donations, grants of money, items, services and /or assistance for the relief of financial hardship to individuals that are in need and who are closely connected with the operation of Domino’s Pizza stores with particular consideration given to individuals who are in times of hardship or adversity.
In the consideration of grants, the Trustees have due regard to the Charity Commission’s guidance on public benefit.
Financial Review
Total income for the period ended 31 May 2021 was £405,943.
£42,621 was paid out in the period to 31 May 2021 and a further £68,144 was made after the Balance Sheet date. Other expenditure of £5,400 was made in respect of costs relating to the running of the Foundation. Reserves at 31 May 2021 amounted to £363,330.
Reserves and Investment Policy
The Reserves at the year end of £363,330 are held in a current bank account. The Trustees monitor reserve levels regularly when reviewing grant applications and a reserves policy is currently being reviewed.
Plans for Future Periods
The Trustees intend to continue to help those in need and take into account worldwide events that may affect beneficiaries in the UK.
They have identified four key areas for growing income and protecting the long-term financial stability of the Partners Foundation.
-
Presence at all events to raise awareness and fundraising.
-
Actively seek donations from our franchisee Partners whose team members we are there to support.
-
Establish Give as you earn across all areas of the business. Companies that have this scheme in place see grant applications increase when launching payroll donation schemes as it raises team member awareness.
-
Promoting the Partners Foundation to be one the beneficiary charities for all the fundraising activities that our teams and team members do throughout the year.
5
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
TRUSTEES’ ANNUAL REPORT FOR THE PERIOD ENDED 31 MAY 2021
Trustees’ Responsibilities
The Trustees, who are directors of the Foundation, are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and the Generally Accepted Accounting Practice in the UK. 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 Foundation and of the incoming resources and application of resources, including the income and expenditure, of the Foundation for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently
-
observe the methods and principles in the Charities Statement of Recommended Practice
-
make judgements and estimates that are reasonable and prudent
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation.
The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small Company Provisions
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
The Annual Report was approved by the Board of Trustees on 31 March 2022 and signed on their behalf by:
C West, Chair
6
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
Independent Examiner’s Report to the Members of Domino’s Partners Foundation UK & Ireland
I report on the financial statements of Domino’s Partners Foundation UK & Ireland for the period ended 31 May 2021, which are set out on pages 8 to 14.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the financial statements. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the financial statements under section 145 of the 2011 Act;
-
follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
This report, including my statement, has been prepared for and only for the charity’s trustees as a body. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body for my examination work, for this report, or for the statements I have made.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:
-
accounting records were not kept in respect of Domino’s Partners Foundation UK & Ireland in accordance with section 130 of the 2011 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Jonathan Marchant (Mar 31, 2022 16:59 GMT+1)
Jonathan Marchant FCA Mazars LLP, Chartered Accountants and Statutory Auditor The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, MK9 1FF 31 March 2022
7
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD TO 31 MAY 2021
| Note INCOME FROM: Voluntary income 2 Investment income TOTAL INCOME EXPENDITURE ON: Charitable activities 3 Governance costs 4 TOTAL EXPENDITURE NET MOVEMENT IN FUNDS TOTAL FUNDS BROUGHT FORWARD 10 TOTAL FUNDS CARRIED FORWARD 10 |
Restricted Unrestricted Funds Funds £ £ 97,445 308,498 - 8 97,445 308,506 30,631 11,989 - 5,400 30,631 17,390 66,814 291,116 - - 66,814 291,116 |
Period ended 31 May 2021 Total £ 405,943 8 |
|---|---|---|
| 405,951 42,621 5,400 |
||
| 48,021 | ||
| 357,930 - |
||
| 357,930 |
The notes on pages 10 to 14 form an integral part of these financial statements.
8
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
BALANCE SHEET AS AT 31 MAY 2021
| Note CURRENT ASSETS Debtors 7 Cash & cash equivalents 8 TOTAL CURRENT ASSETS CREDITORS: amounts falling due within one year 9 Net current assets Total assets less current liabilities Net assets FUNDS OF THE CHARITY Total funds 10 |
Restricted Unrestricted Funds Funds £ £ - 50 66,814 319,066 66,814 319,116 - 28,000 66,814 291,116 66,814 291,116 66,814 291,116 |
31 May 2021 Total £ 50 385,880 |
|---|---|---|
| 385,930 | ||
| 28,000 357,930 |
||
| 357,930 | ||
| 357,930 |
The accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relative to small companies.
The financial statements were approved and authorised for issue by the Board of Trustees on 31 March 2022 and signed on its behalf by:
C West Trustee
The notes on pages 10 to 14 form an integral part of these financial statements.
9
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2021
1 ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.
1.1
General information
The Domino’s Partners Foundation UK & Ireland is a company limited by guarantee, incorporated in England and Wales. The address of its registered office, its registered numbers and principal place of business is disclosed on page 1.
The principal activity of the charity is to assist individuals in need who are closely connected with the operation of a Domino’s Pizza store and franchise.
The annual report and financial statements are for the period from 20 May 2020 to 31 May 2021.
The financial statements are presented in Sterling and this is the functional currency of the Charity. The financial statements are rounded to the nearest whole pound.
1.2 Basis of preparation
The financial statements have been prepared under the historical cost convention, and in accordance with applicable accounting standards. In preparing the financial statements the charity follows best practice as set out in the Statement of Recommended Practice: 'Accounting and Reporting by Charities' (SORP 15), the Financial Reporting Standard applicable in the United Kingdom and Ireland (FRS102) and the Charities and Companies Acts.
1.3
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the charity and which have not been designated for other purposes. The charity’s general fund may be used by the charity at its discretion to further its stated charitable objectives.
1.4 Income
These are included in the Statement of Financial Activities (SoFA) when:
-
the charity becomes entitled to the resources,
-
the Trustees are virtually certain they will receive the resources, and
-
the monetary value can be measured with sufficient reliability.
1.5
Expenditure
All support costs incurred have been allocated between charitable expenditure and governance as appropriate. There are no costs relating to more than one functional cost category.
10
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2021
1 ACCOUNTING POLICIES (CONTINUED)
1.6 Allocation of costs
All expenditure and liabilities are included on an accruals basis and recognised when there is a legal or constructive obligation to pay out resources.
1.7 Financial Instruments
The Foundation only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction values and subsequently measured at their settlement value.
1.8 Cash and Cash equivalents
Cash and cash equivalents are cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Going concern
These financial statements have been prepared on a going concern basis. This is based on the charity grant policy of reviewing available funds prior to approval of amounts granted and the support from DPG.
1.10 Judgments in applying accounting policies and key sources of estimation uncertainty
In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The Trustees do not consider there to be any significant judgements, estimates or assumptions in these financial statements.
11
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2021
2 VOLUNTARY INCOME
| 2 VOLUNTARY INCOME |
||
|---|---|---|
| 3 EXPENDITURE Donation from Browning West Foundation Donations from DPG UK Charitable activities Grants paid out to 17 individuals Governance costs (note 4) |
Restricted Funds Unrestricted Funds £ £ 97,445 - - 308,498 97,445 308,498 Restricted Funds Unrestricted Funds £ £ 30,631 11,990 - 5,400 30,631 17,390 |
Period ended 31 May 2021 £ 97,445 308,498 405,943 |
| Period ended 31 May 2021 £ 42,621 5,400 48,021 |
12
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2021 (continued)
4 GOVERNANCE COSTS
| Independent Examiner’s fees Tax services |
Unrestricted Funds £ 4,200 1,200 5,400 |
Period ended 31 May 2021 Total £ 4,200 1,200 5,400 |
|---|---|---|
No trustee received remuneration in the period to 31 May 2021. No trustee received reimbursed expenses in the period to 31 May 2021. The Board are reviewing the need for Trustee Indemnity Insurance in the forthcoming year.
5 STAFF COSTS
There are no staff costs included in our disclosures as The Foundation has no employees but assistance is given on administration, IT and finance tasks by DPG staff. The estimate of time taken by DPG’s staff on Foundation affairs to date is over £50,000.
6 TAXATION
The charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.
7 DEBTORS
| Other debtors ASH & CASH EQUIVALENTS Current accounts |
31 May 2021 £ 50 50 31 May 2021 £ 385,880 385,880 |
|---|---|
8 CASH & CASH EQUIVALENTS
13
Domino’s Partners Foundation UK & Ireland – Annual Report and Financial Statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2021 (continued)
9 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Grant expenditure committed, not paid Accruals Other Creditors |
31 May 2021 £ 5,400 22,600 28,000 |
|---|---|
10 FUNDS
| Unrestricted Restricted Total funds |
As at 20 May 2020 £ - - - |
Income £ 308,506 97,445 405,951 |
Expenditure £ (17,390) (30,631) (48,021) |
As at 31 May 2021 £ 291,116 66,814 357,930 |
|---|---|---|---|---|
Restricted funds are represented by the donation from the Browning West Foundation.
11 RELATED PARTIES
All unrestricted income received originated from DPG, their Franchisee partners and their employees.
During the financial year, Clive West was a director of DPG.
12 COMMITMENTS
The Foundation had no commitments but have made grants of a further £68,144 after date.
13 POST BALANCE SHEET EVENTS
Following the period end, continued uncertainty has arisen due to the impact of Covid-19. The Trustees' have already assessed this risk and it does not cause for any adjustment to these financial statements.
The Trustees will continue to monitor any impacts of Covid-19 on the Foundation, but as at the date of signing the financial statements do not believe that there has been any significant impact requiring disclosure.
14