Registered number: 13422409 Charity number: 1197949
The Janus Foundation
(A company limited by guarantee)
Trustees' report and financial statements For the period ended 31 May 2022
The Janus Foundation
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent auditors' report on the financial statements | 6 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 - 22 |
The Janus Foundation
(A company limited by guarantee)
Reference and administrative details of the Charity, its Trustees and advisers For the period ended 31 May 2022
| Trustees | Susan Boyce (appointed 14 September 2021) |
|---|---|
| Natasha Cowley (appointed 8 March 2022) | |
| Vanessa Ferrett (appointed 26 May 2021, resigned 21 June 2021) | |
| Rev Christopher Maclean (appointed 26 May 2021) | |
| Ake Nilson (appointed 26 May 2021) | |
| Dr Andrew Richardson (appointed 26 May 2021) | |
| Sara Spratt (appointed 26 May 2021, resigned 28 April 2022) | |
| Simon Weymouth (appointed 20 July 2021) | |
| Company registered number 13422409 Charity registered number 1197949 Registered office Parsonage Office East Church Lane Canterbury Kent CT4 7AD Independent auditors Kreston Reeves LLP Chartered Accountants Statutory Auditor 37 St Margaret's Street Canterbury Kent CT1 2TU |
Page 1
The Janus Foundation
(A company limited by guarantee)
Trustees' report For the period ended 31 May 2022
The Trustees present their annual report together with the audited financial statements of the Charity. The Charity was incorporated on 26 May 2021 and as such the financial statements are prepared for the period 26 May 2021 to 31 May 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Charity's objects are to advance such objects or purposes in any part of the world as are exclusively charitable according to the law of England and Wales as the Charity Trustees see fit from time to time. The trustees in particular seek to support charities or projects in any or all of the following areas:
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Local history and archaeology.
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Support of academic research in history, archaeology and environmental related disciplines through the funding of PhDs, Masters and other research related projects.
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Local community projects
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Support for increasing understanding of the historic environment.
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Supporting creative artists, musicians and writers and encouraging accessibility of art, music and theatre within local communities.
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Habitats and species of conservation interests in the local landscape, including those associated with traditional farming practices.
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Support for trialling alternative land management models which benefit the environment.
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Supporting and encouraging projects and events that enhance physical, moral, spiritual and cultural lives with particular emphasis on young and disadvantaged people.
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Providing educational activities relating to natural and cultural heritage.
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Supporting the maintenance of historic buildings.
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Increasing public understanding of and access to natural and cultural heritage and improving access to art and culture, as evidenced by the support of the Foundation for the wide-ranging activities undertaken by the Lossenham Project.
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Providing support to the activities of clergy supporting the communities in their local parishes by the provision of grants to those parishes.
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Preserving/promoting dying or scarce art forms and practices.
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Supporting medical research projects with a local health or wellbeing focus, especially those which do not have access to support or funding through the usual vehicles.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Page 2
The Janus Foundation
(A company limited by guarantee)
Trustees' report (continued) For the period ended 31 May 2022
Achievements and performance
a. Review of activities
In its first year the charity provided funding to the following major projects, which fall within its objectives:
The Lossenham Project
This is a community heritage and research project to investigate the archaeology, history, and landscape of Lossenham. It focuses on the lands of Lossenham Farm but will also include the wider setting of the farm, including all of Newenden, as well as the River Rother, Hexden Channel, Rother Levels, and neighbouring parishes.
The Project is financed by the Janus Foundation and involves various heritage organisations and community contacts, including the Carmelite Order.
As part of this project, The Janus Foundation has also provided grants and a loan facility to Isle Heritage CIC , a community interest company active in archaeology and running community-based projects around Lossenham and elsewhere, with a particular focus on Kent and nearby areas.
The Carmelite Priory at Aylesford
For the restoration of their Statue of Our Lady - a magnificent fifty year old award winning statue in need of repair, and also the restoration of the St Anne's Chapel whose walls are adorned with the most beautiful Arts & Crafts ceramic work and sgraffito which has suffered water damage.
The Edward Showler Foundation
This Foundation was set up in memory of Edward Showler by his parents. Edward died of soft tissue sarcoma in 2017, a rare form of cancer. The foundation have partnered with the cancer institute at UCL to carry out a research programme.
Tenterden Counselling Service
This is a registered charity (No 292667) established over 30 years ago providing professional counselling services to support the mental well-being of those who live in Tenterden and the surrounding area.
Kent Archives
A grant was made towards the digitisation of mediaeval and later wills from the local area, to help in studying the social history of the Rother Valley.
Kent Kindness
Kent Kindness is a small charity, whose volunteers provide English lessons to the immigrant boys at the two Reception Centres in West Kent. These boys have arrived in Britain from many different countries, basically everywhere where there is conflict. The majority are currently from Kurdistan and Afghanistan. These boys have all made their journey alone so with no family members. The lessons have to be tailored for boys who can speak very limited English and those who cannot read or write no English at all to those who have quite good English.
Maritime Kent
This is a joint project by the Centre for Kent History and Heritage (CKHH) and Canterbury Christ Church University (CCCU) with The University of Southampton to study the maritime trade connections between Kent and Continental ports.
Page 3
The Janus Foundation
(A company limited by guarantee)
Trustees' report (continued) For the period ended 31 May 2022
Achievements and performance (continued)
Zooarchaeology
The Janus Foundation has supported the continuation of zooarchaeological studies in the UK with various grants, both for specific projects (such as the cataloguing of the Baker Collection) and more generally trying to maintain the status of archaeology and zooarchaeology in particular at UK universities.
Additionally, several local parishes have been granted money to alleviate family hardship and for the upkeep of their fabric.
Financial review
a. Going concern
The charity has an in year deficit due to the recognition of committed grants. The Charity has received sufficient funds post year end to continue to operate. Therefore, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
Given the grant making nature of the Charity and that it is newly formed the trustees did not currently consider that a level of operating reserves was required. This has been considered in the year ended 31 May 2023.
Although committed grants for year ending May 2022 exceed income there has been further income committed post year end to cover the shortfall. See the post balance sheet event disclosure.
c. Deficit
There is an in first period deficit of £147,213 due to the recognition of committed grants. The Charity has received sufficient funds of £536,363 post year end to continue to operate.
Structure, governance and management
a. Constitution
The Janus Foundation is a company limited by guarantee as defined by the Companies Act 2006. It was constituted as a company on 26 May 2021 and is governed by a Memorandum and Articles of Association. .
b. Methods of appointment or election of Trustees
Trustees are appointed and retire in accordance with the requirements of the Articles of Association. In selecting new individuals for appointment as Charity trustees, the Charity will have regard to skills, knowledge and experience needed for an effective administration of the Charity.
Page 4
The Janus Foundat5on (A MpanY Ilmltèd by guarantsel Trustses. r•port Icontlnuedl For th• pgriod endod 31 May 2022 statement of Trustees, responslblllti8# The Trustees Iwho are also the directors of the Charity for the purposes of company lawl are responsible lor prgpanng the Trustees. rgport and the flnancial slalemenls in aOrdanCe with applicable law and United Kingdom Accounting Standards IUnit8¢J 'ngdoM Genèrally Accgplgd Accountsng Practice). Compony law requirès the Trustees to prepare financi81 st8lem8nts for 8ach financial period. Under company law. the Trustees fftust not approvg the financial statements unless they are satisfied that they give a true and fair view ol the state ol affa¢rs of th& Charity and of ts incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial stslemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consistently,. observe the methods and principles of the Chariliey SORP IFRS 1021., make judgments and accounting eslimales Inal are asonable and prudeni.. stslg whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disdosed and explained in the financial statements., prepare the financial statements on the going concem basis unloss it is inappropriate to presurn8 that th8 Charity will continue in business. The Trustees afe responsible for keeping adequate accounting records thal are sufficient to show and explain the Charitys transactions and disc105e with reasonable accuracy al any lime the financial position of the Charity and enable them lo gnsure that the financial stslemonls Comply with the Companies Act 2006. They are also responsiblo for safeguarding the assets of the Charity and hence lor taking reasonable steps lor the prevention and detedion of fraud and other irregularitres. Dl$clo$ure of Informatlon to audltors E8¢h of the person$ who are Trustees at the time when this Tru81898' report is approved has confimèd that.. so far as that Tnjstee is aware, there is no relevant audit infomiation of which the charivs auditors aro unaware. and th8t Tnjslee has takgn all the Steps that ought lo have been taken as a Tru$lg9 in order lo be aware of any relevant audit information and lo establish that the chariws auditors are aware of that infoimation. AudStors The audrtors. Kreslon Reeves LLP, have Indicaleo their willingness to continue in officè. The d8sign8led Trustoes will propose a motion reapwinling the auditors at a meeting of the Ttustees. ved by ortl8r of the mombers of the board of Tru$tee8 and sign8d on Ihgir behalf by. Ake Nilson Trustee Date.. 23 May 2023
The Janus Foundation
(A company limited by guarantee)
Independent auditors' report to the Members of The Janus Foundation
Opinion
We have audited the financial statements of The Janus Foundation (the 'charity') for the period ended 31 May 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 May 2022 and of its incoming resources and application of resources, including its income and expenditure for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 United Kingdom, including the Financial Reporting Council'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.
Page 6
The Janus Foundation
(A company limited by guarantee)
Independent auditors' report to the Members of The Janus Foundation (continued)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' report for the financial period for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, 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 7
The Janus Foundation
(A company limited by guarantee)
Independent auditors' report to the Members of The Janus Foundation (continued)
Auditors' responsibilities for the audit of the financial statements
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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charitable company and industry, and through discussion with the trustees and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:
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Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety and fundraising practices) and fraud; and
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Assessment of identified fraud risk factors; and
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Challenging assumptions and judgements made by management in its significant accounting estimates; and
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Performing analytical procedures to any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
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Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
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Reading minutes of meetings of those charged with governance.
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 8
The Janus Foundation
(A company limited by guarantee)
Independent auditors' report to the Members of The Janus Foundation (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
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Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Samantha Rouse FCCA DChA (Senior statutory auditor)
for and on behalf of Kreston Reeves LLP
Chartered Accountants Statutory Auditor Canterbury
24 May 2023
Page 9
The Janus Foundation
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) For the period ended 31 May 2022
| Note Income from: Donations and legacies 3 Investments 4 Other income 5 Total income Expenditure on: Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Net movement in funds Total funds carried forward |
Unrestricted funds Period ended 31 May 2022 £ 1,272,777 21 21,000 1,293,798 1,441,011 1,441,011 (147,213) (147,213) (147,213) |
Total funds Period ended 31 May 2022 £ 1,272,777 21 21,000 1,293,798 1,441,011 1,441,011 (147,213) (147,213) (147,213) |
|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the period.
The notes on pages 13 to 22 form part of these financial statements.
Page 10
Th• Janus Foundation IA company limitad by guarant••l R•gl$tor•d rtumr: 13422409 Balanc• shg•t As at 31 May 2022 2022 Not• Curr•nt ass•ts Dgblors Cash at bank and in hand 637.748 192.769 830,517 Creditors.. amounts falling due wllhin one year 12 1345,0401 N•t curront a$ts 485,477 Creditors." amounts falling dug after more than one year 13 1632.6901 Not 114bllltlès •xcludlng pen$lon asset {147.213) Total not •s$•ts 1147,2131 Charlty fund¥ Unr¢stricted funds 14 1147.2131 Total funds 1147.2131 The Trustees acknowledge their rosponsibili11gs for coMplng with the requirements of the Act with respect lo accA)unting records and preparation of financial ststements. The financial statements have been prepared in accofdanrE with the provisions applicable to entities subject to the small companies regime. Tha financial stataments We approved and aulhorised for issue by the Trustees and signed on their behalf by-. Ak• Nil¥on Trustee Dal8.' 23 May 2023 The notes on p8ge8 13 to 22 form part of these financS8l statements.
| The Janus Foundation (A company limited by guarantee) Statement of cash flows For the period ended 31 May 2022 Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Net cash provided by investing activities Change in cash and cash equivalents in the period Cash and cash equivalents at the end of the period The notes on pages 13 to 22 form part of these financial statements |
Period ended 31 May 2022 £ 192,748 |
|---|---|
| 21 | |
| 21 | |
| 192,769 | |
| 192,769 | |
Page 12
The Janus Foundation
(A company limited by guarantee)
Notes to the financial statements For the period ended 31 May 2022
1. General information
The Janus Foundation is a charitable company limited by guarantee, incorporated on 26 May 2021, registered in England and Wales with the company number 13422409 and the charity number 1197949. The registered office of the charitable company is Parsonage Office, East Church Lane, Nackington, Canterbury, Kent, CT4 7AD.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Janus Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The accounts are presented in Pounds Sterling and are rounded to the nearest Pound.
2.2 Going concern
The charity has an in year deficit due to the recognition of committed grants. The Charity has received sufficient funds post year end to continue to operate.
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 13
The Janus Foundation
(A company limited by guarantee)
Notes to the financial statements For the period ended 31 May 2022
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes 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.
Page 14
The Janus Foundation
(A company limited by guarantee)
Notes to the financial statements For the period ended 31 May 2022
2. Accounting policies (continued)
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.10 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted funds Period ended 31 May 2022 £ Donations 50 Grants 1,272,727 Total 2022 1,272,777 |
Total funds Period ended 31 May 2022 £ 50 1,272,727 |
|---|---|
| 1,272,777 |
Page 15
The Janus Foundation
(A company limited by guarantee)
Notes to the financial statements For the period ended 31 May 2022
4. Investment income
| Unrestricted funds Period ended 31 May 2022 £ Loan interest receivable 21 Other incoming resources Unrestricted funds Period ended 31 May 2022 £ Grants returned 21,000 |
Total funds Period ended 31 May 2022 £ 21 |
|---|---|
| Total funds Period ended 31 May 2022 £ 21,000 |
5. Other incoming resources
Page 16
The Janus Foundation
(A company limited by guarantee)
Notes to the financial statements For the period ended 31 May 2022
6. Analysis of grants
| Grants Grants to institutions Breathless Project Canterbury Archaeology Canterbury Christ Church University Edward Showler Foundation Friends of St Peters Isle Heritage CIC Kent Kindness Newenden Hall PCC of Avebury Royal Forestry Society St Bartholomews Tenterden Counselling PCC of Avebury St Bartholomews Visiting Artist University of Southampton Royal Forestry Society The Carmelite Charity The Newenden Project |
Grants to Institutions Period ended 31 May 2022 £ 1,321,893 |
Grants to Individuals Period ended 31 May 2022 £ 74,880 |
Total funds Period ended 31 May 2022 £ 1,396,773 |
|---|---|---|---|
| 2022 £ 5,000 10,013 20,000 10,000 2,500 750,000 1,500 30,000 15,000 51,050 7,000 20,000 21,000 21,000 6,000 239,680 84,150 26,000 2,000 |
|||
| 1,321,893 |
During the period, £21,000 was returned to the Charity by Newenden Hall.
Page 17
The Janus Foundation
(A company limited by guarantee)
Notes to the financial statements For the period ended 31 May 2022
7. Analysis of expenditure by activities
| Grant | |||
|---|---|---|---|
| funding of | Support | Total | |
| activities | costs | funds | |
| Period | Period | Period | |
| ended | ended | ended | |
| 31 May | 31 May | 31 May | |
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Charitable activities | 1,396,773 | 44,238 | 1,441,011 |
Analysis of support costs
| Legal and professional fees Subsistence Subscriptions Project costs - The Lossenham Project Audit Fees Total 2022 |
Activities Period ended 31 May 2022 £ 29,458 279 210 8,471 5,820 44,238 |
Total funds Period ended 31 May 2022 £ 29,458 279 210 8,471 5,820 |
|---|---|---|
| 44,238 |
8. Auditors' remuneration
| Period | |
|---|---|
| ended | |
| 31 May | |
| 2022 | |
| £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual accounts | 5,820 |
9. Staff costs
Page 18
The Janus Foundation
(A company limited by guarantee)
Notes to the financial statements For the period ended 31 May 2022
9. Staff costs (continued)
The average number of persons employed by the Charity during the period was as follows:
| Period | |
|---|---|
| ended | |
| 31 May | |
| 2022 | |
| No. | |
| Trustees | 7 |
No employee received remuneration amounting to more than £60,000 in either year.
| 10. | Trustees' remuneration and expenses | |
|---|---|---|
| During the period, no Trustees received any remuneration or other benefits. | ||
| During the period ended 31 May 2022, expenses totalling £3,067 were paid directly on behalf of 1 | ||
| Trustee. The expenses related to travel and subsistence. | ||
| 11. | Debtors | |
| 2022 | ||
| £ | ||
| Due within one year | ||
| Other debtors | 65,021 | |
| Prepayments and accrued income | 572,727 | |
| 637,748 | ||
| 12. | Creditors: Amounts falling due within | one year |
| 2022 | ||
| £ | ||
| Accruals | 5,820 | |
| Grants accrued - individual | 13,000 | |
| Grants accrued - institutional | 326,220 | |
| 345,040 |
During the period ended 31 May 2022, expenses totalling £3,067 were paid directly on behalf of 1 Trustee. The expenses related to travel and subsistence.
13. Creditors: Amounts falling due after more than one year
2022 £
Page 19
The Janus Foundation (A company limited by guarantee)
Notes to the financial statements For the period ended 31 May 2022
| 13. Creditors: Amounts falling due after more than one year (continued) Accrued grants payable to individuals Accrued grants payable to institutions 14. Statement of funds Statement of funds - current period Income £ Expenditure £ Unrestricted funds General Funds 1,293,798 (1,441,011) 15. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2022 £ Current assets 830,517 Creditors due within one year (345,040) Creditors due in more than one year (632,690) Total (147,213) |
2022 £ 26,000 606,690 632,690 Balance at 31 May 2022 £ (147,213) Total funds 2022 £ 830,517 (345,040) (632,690) (147,213) |
|---|---|
Page 20
The Janus Foundation (A company limited by guarantee)
Notes to the financial statements For the period ended 31 May 2022
16. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the period (as per Statement of Financial Activities) Adjustments for: Dividends, interests and rents from investments Decrease/(increase) in debtors Increase in creditors Net cash provided by operating activities 17. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 18. Analysis of changes in net debt Cash flows £ Cash at bank and in hand 192,769 192,769 |
Period ended 2022 £ (147,213) (21) (637,748) 977,730 192,748 2022 £ 192,769 192,769 At 31 May 2022 £ 192,769 192,769 |
|---|---|
19. Related party transactions
During the period, the Charity made a loan of £65,000 to Isle Heritage CIC, of which Dr Andrew Richardson is also a director. The loan is interest bearing, at 2% per annum. At the period end, an amount of £65,021 was owed to the charity.
During the period, the Charity made grants of £150,000 and committed further grants of £600,000, being a total of £750,000 to Isle Heritage CIC, of which Dr Andrew Richardson is also a director.
There were no other related parties transactions in the period.
Page 21
The Janus Foundation
(A company limited by guarantee)
Notes to the financial statements For the period ended 31 May 2022
20. Post balance sheet events
The charity has an in year deficit due to the recognition of committed grants. The Charity has received sufficient funds post year end to continue to operate.
21. Controlling party
The Charity is limited by guarantee and was controlled by the Trustees during the period.
Page 22