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2020-12-31-accounts

Charity Registration No. 278286

THE RATIU FAMILY CHARITABLE FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE RATIU FAMILY CHARITABLE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr N C Ratiu Mrs I M G Ratiu Mr I S P Ratiu Mrs M C I C Willis Dr D Dan Mr R Pollitzer Mr P M Harrap Charity number 278286 Principal address 18 Fitzhardinge Street London, W1H 6EQ Independent examiner Yashlal P Hindocha, BA, FCA Hindocha & Co Limited Chartered Accountants and Statutory Auditors 34 Queensbury Station Parade Edgware Middlesex HA8 5NN

THE RATIU FAMILY CHARITABLE FOUNDATION

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the accounts 8 - 18

THE RATIU FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Foundation's Trust Deed , the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The principal objectives of the foundation are:

  1. Advancement of education t o the public

  2. Relief of poverty

  3. Promotion and furtherance of education and research to include history, geography, culture, arts,

  4. music, literature, language, industries and economy of Romania and the Romanian people

  5. Publishing the results of any such research at the discretion of the Trustees

  6. Relief of Romanian refugees in the United Kingdom

The Foundation continues to strive to identify appropriate and effective means of furthering the objectives outlined above .

Grant making policy

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Foundation should undertake.

Grant applications and requests are received in Romania and in the United Kingdom and are then submitted to the United Kingdom office. Prior to a trustees' meeting, all applications are updated on the Foundation's internal database and a list of recommendation is drawn up by the director. At the following trustees' meeting the applications are considered and either accepted or rejected based on whether they meet the aims and objectives and if they are in line with the criteria set for approvals. All approved grants are paid subsequently.

Achievements and performance

During the year , the Foundation approved and made grant payments to 9 institutions and 42 individuals.

Grants to individuals include : 3 study grants 4 projects .

The Trustees were satisfied that the criteria for grant approvals had been satisfactorily met. The Ratiu Grants were awarded to Romanian students to study a range of subjects in the UK. Due to both Brexit and Covid 19 pandemic the number of grant applications during the year fell dramatically. The Foundation did support several projects in Romania during the year . The annual friends and family weekend was rebranded as Ratiu Democracy Dialogues and very successfully redesigned with the assistance of the LSE IDEAS thinktank team with it and other conferences held on-line using ZOOM. The fourth volume of Ion Ratiu's diaries 1969 - 1974 was launched and the awardees honoured for "The Elisabeth Pilkington Ratiu Mental Health Award" and the the 'Ion Ratiu Award for Investigative Journalism."

Financial review

The source of funding for the Foundation is by way of unrestricted charitable donation of £330,000 (2019 - £600,000) from Bellerive Limited (the parent company of Regent House Properties Limited, a company in which one of the trustees, Mr N Ratiu is a director). The Foundation almost entirely relied on funding from Bellerive Limited. At the year end, the Foundation owed £545,063 (2019 - £563,888) to Bellerive Limited.

Total grants and donations approved by the Foundation in 20 20 were £ 130,960 (201 9 : £ 253 , 348 ).

THE RATIU FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Investment and reserve policy and performance

It is the policy of the Foundation that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Foundation’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Risk management

The trustees have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The principal risk faced by the Foundation is operational risks from ineffective grant making and the capacity

of the Foundation to make effective grants.

The operational risk arising from grant awards which are ineffective in the advancing of the objectives of the Foundation is managed by reporting processes in place that assist the trustees to review the effectiveness of the projects and the success rates of the individuals receiving study grants. These processes also assist retaining the Foundation’s focus on the public benefit derived from the Foundation’s funding activities.

The risk of a lack of capacity to effectively manage grants is mitigated by retaining trustees with sufficient skills and expertise to review its applicants and secondly through the quality of the institutions who the Foundation support.

Plans for the future

The Foundation plans to continue the activities outlined above in the forthcoming years but at a reduced level of activity subject to satisfactory funding arrangements. Bellerive Limited has come forward to contribute towards funding of the Foundation. The Foundation is also exploring other avenues of generating funds through organised charitable events.

Covid-19 Pandemic has developed rapidly since 31 December 2019, with a significant number of cases. For impact on the Foundation, please refer to post balance sheet event note 18.

Structure, governance and management

The Foundation was established by a charitable T rust Deed in London on 18th May 1979. The Trustees meet at least once in every period of six months to review the activities of the preceding months, to award scholarships to Romanian students studying in UK universities and to approve grants for qualifying projects submitted through the Foundation's web-based application procedure.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr N C Ratiu Mrs I M G Ratiu Mr I S P Ratiu Mrs M C I C Willis Dr D Dan Mr R Pollitzer Mr P M Harrap

The Trustees are empowered under the terms of T rust Deed to appoint additional trustees. The deed of trust specifies, unless and until the Trustees shall otherwise resolve, the number of the Trustees shall not be more than 11 or less than 2. It was the Founder's wish that Trustees should be appointed on the basis of their willingness to serve the Foundation.

THE RATIU FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

The Foundation is an independent charity that is managed by the Trustees. The Trustees in each calendar year elect one of their members to act as Chairman of the Trustees during the year. Mr Nicolae Ratiu , as an executive trustee , operates the charity on a day to day basis.

Volunteers assist as and when required with events organised by the Foundation and external consultants are used where specific skills are needed. The Foundation does not have any paid trustee or an executive on a permanent basis.

Principal activities of the Foundation including its finance and investments are controlled from its London, United Kingdom office whereas some of its grants and funds are transferred to its Turda, Romania office to be distributed to the recipients as approved by the board of trustees.

Related parties

Mr. N C Ratiu, one of trustees of the Foundation, is also a director of Regent House Properties Limited, a company which made payments on behalf of the Foundation. Amounts due to Regent House Properties Limited and rents payable to DRT Lease Limited were funded by Bellerive Limited, the parent company of Regent House Properties Limited. DRT Lease Limited and Bellerive Limited are under common control.

The Ratiu Family Charitable Foundation supports and collaborates with other organisations in the United Kingdom and in Romania.

The following grants were paid to institutions in which either Mr N C Ratiu , Mr I S P Ratiu or Mrs I M G Ratiu are also trustees/officers:

Asociatia Turda Fest - £ 18 (201 9 : £ 298 )

Centrul Ratiu Pentru Democratie (Ratiu Centre for Democracy) - £ 39,314 (201 9 : £ 107 , 468 ) Romanian Cultural Centre - £ 867 (201 9 : £ 298 ) Fundatia Pro Patrimonio - £ nil (201 9: £9,726) Pro Patrimonio Foundation UK - £ nil (201 9: £ 200 )

Funds held as custodian trustee

Mr N C Ratiu, one of the trustees, is provided with funds from unrestricted funds. Mr N C Ratiu , as custodian, is authorised by the trustees to release grants and donations in Romania which are in line with the Trust's objectives and aims. At the balance sheet date £ 3 , 888 (201 9 : £ 2 , 762 ) was held by Mr N C Ratiu as custodian of The Ratiu Family Charitable Foundation.

THE RATIU FAMILY CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts 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 of the Foundation for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charit ies (Accounts and Reports) Regulations and the provisions of the T rust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' r eport was approved by the Board of Trustees.

Mr N C Ratiu

Trustee Dated: 29 October 2021

THE RATIU FAMILY CHARITABLE FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE RATIU FAMILY CHARITABLE FOUNDATION

I report to the trustees on my examination of the financial statements of THE RATIU FAMILY CHARITABLE FOUNDATION (the Foundation) for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the Foundation you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Foundation’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Foundation’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Yashlal P Hindocha, BA, FCA

Chartered Accountants and Statutory Auditors 34 Queensbury Station Parade Edgware Middlesex HA8 5NN

Dated: 29 October 2021

THE RATIU FAMILY CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted
Restricted
funds
funds
Notes
£
£
Income and endowments from:
Donations and legacies
3
330,000
-
Investment income
4
552
-
Other income
5
106
-
Total income
330,658
-
Expenditure on:
Raising funds
6
3,108
-
Charitable activities
7 & 8
313,579
-
Total resources expended
316,687
-
Net income for the year/
Net movement in funds
13,971
-
Fund balances at 1 January 2020
185,108
634
Fund balances at 31 December 2020
199,079
634		 Total
2020
£
330,000
552
106
330,658
3,108
313,579
316,687
13,971
185,742
199,713		 Total
2019
£
600,000
8,589
150
608,739
13,334
578,559
591,893
16,846
168,896
185,742

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE RATIU FAMILY CHARITABLE FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2020

2020 2019
Notes £ £ £ £
Fixed assets
Tangible assets 12 86,416 86,416
Heritage assets 13 626,503 626,503
Investments 14 1,200 1,200
714,119 714,119
Current assets
Debtors 15 30,613 34,166
Cash at bank and in hand 2,769 4,414
33,382 38,580
Creditors: amounts falling due within 16
one year (547,788) (566,957)
Net current liabilities (514,406) (528,377)
Total assets less current liabilities 199,713 185,742
Income funds
Restricted funds 634 634
Unrestricted funds 199,079 185,108
199,713 185,742

The accounts were approved by the Trustees on 29 October 2021

Mr N C Ratiu Trustee

THE RATIU FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

THE RATIU FAMILY CHARITABLE FOUNDATION is a registered charity, number 278286, and is constituted under a Trust Deed dated 18th May 1979 which is the governing document. The registered office is 18 Fitzhardinge Street, London, W1H 6EQ

1.1 Accounting convention

The accounts have been prepared in accordance with the Foundation's trust deed, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Foundation is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the Foundation. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence with the support of Bellerive Limited . Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds

Restricted funds can only be used for particular purposes within the objectives of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular purposes.

1.4 Incoming resources

Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Foundation has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Investment income is accounted for in the period in which the charity is entitled to receive.

THE RATIU FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is accounted for on an accruals basis, except in the case of grants, which are accounted for when they are awarded. Allocation of support costs are based on what they relate to. Irrecoverable VAT is included with the expense items to which it relates.

Costs of generating funds comprise the costs of fundraising, publicity and programme costs.

Charitable activities include costs of projects and exhibitions undertaken and donations paid to individuals and institutions to further the objectives of the charity.

Governance costs represent those costs of the strategic management of the charity and of complying with constitutional and statutory requirements.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Heritage assets

Nil

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Heritage assets

H eritage assets are accounted at cost , w here this information is not available, and cannot be obtained at a cost which is commensurate with the benefits to the Foundation , the assets are not recognised in the statement of financial position, but are disclosed as a note to the accounts.

At each reporting end date , the Foundation reviews the carrying amounts of the heritage assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the Foundation reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE RATIU FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.11 Financial instruments

The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Foundation’s contractual obligations expire or are discharged or cancelled.

1.12 Foreign exchange

Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are included in Statement of Financial Activities.

1.13 Accumulated funds

Restricted funds

Restricted funds can only be used for particular purposes within the objectives of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular purposes.

Unrestricted funds

Unrestricted funds are donations and other incoming resources received or generated for expenditure and are available to use to further any of the purposes of the charity.

THE RATIU FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.14 Taxation

The Foundation is an exempt charity within the meaning of Schedule 2 of the Charities Act 1993 and as such is a charity within the meaning of Section 506(1) of the Taxes Act 1988. Accordingly, the Foundation is potentially exempt from taxation in respect of income or capital gains received within categories covered under Section 505 of Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively for charitable purposes. The Foundation receives no such exemption in respect of Value Added Tax.

2 Critical accounting estimates and judgements

In the application of the Foundation’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2020 2019
£ £
Donations and gifts 330,000 600,000

During the year, donations of £330,000 (2019 - £600,000) were received from Bellerive Limited, the parent company of Regent House Properties Limited, a company in which one of the trustees, Mr N Ratiu is a director.

4 Investment income

Unrestricted Unrestricted
funds funds
2020 2019
£ £
Rental income 552 8,589

THE RATIU FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

5 Other income

6
7		 UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
Other income
106
150
Raising funds
UnrestrictedUnrestricted
funds
funds
2020
2019
£
£
Fundraising and publicity
Costs of generating donations and legacies
3,108
13,334
3,108
13,334
Charitable activities
Donations
paid and
related
costs
Donations
paid and
related
costs
2020
2019
£
£
Grant funding of activities (see note 8)
130,961
253,348
Share of governance costs (see note 9)
182,618
325,211
313,579
578,559

THE RATIU FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

8 Grants payable

Donations
Donations
paid and
paid and
related
related costs
costs
2020
2019
£
£
Grants to institutions:
Advancement of education of public 28,047
58,160
Relief of poverty 13,104
36,940
Promotion and furtherance of education & research 27,791
55,698
68,942
150,798
Grants to individuals 62,019
102,550
130,961
253,348

Promotion and furtherance of education and research to include history, geography, culture, arts, music, literature, industries and economy of Romania and the Romanian people.

THE RATIU FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

9 Support costs

Support
costs
Governance
costs
£
£
Operating lease charges
-
90,188
Exchange gains
-
(2,009)
Accountancy
-
2,160
Legal and professional
-
19,987
Romanian property
expenses
-
47,947
Insurance
-
1,065
Light and heat
-
5,345
Travelling expenses
-
11,605
Sundry expenses
-
6,330
-
182,618
Analysed between
Charitable activities
-
182,618		 2020
£
90,188
(2,009)
2,160
19,987
47,947
1,065
5,345
11,605
6,330
182,618
182,618		 Support
costs
Governance
costs
£
£
-
89,827
-
(8,088)
-
2,160
-
24,071
-
156,639
-
1,044
-
4,398
-
36,615
-
18,545
-
325,211
-
325,211		 2019
£
89,827
(8,088)
2,160
24,071
156,639
1,044
4,398
36,615
18,545
325,211
325,211

Governance costs includes payments to the Independent examiner of £ 2 , 16 0 (2019- £ 2 , 16 0).

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but they were reimbursed a total of £ 796 travelling and subsistence expenses (2019- £ 7 , 035 ).

11 Employees

The average monthly number of employees during the year was:

2020 2019
Number Number
Total - -

THE RATIU FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

12 Tangible fixed assets

Cost
At 1 January 2020
At 31 December 2020
Carrying amount
At 31 December 2020
At 31 December 2019
13
Heritage assets
At 1 January 2020 and at 31 December 2020		 £
86,416
86,416
86,416
86,416
£
626,503

Heritage assets include land and buildings in Romania. It is the Foundation's policy to maintain the property to a standard and is deemed to have indeterminate life. In the opinion of the trustees, the market value is higher than t he book value.

14 Fixed asset investments

Cost or valuation
At 1 January 2020 & 31 December 2020
Carrying amount
At 31 December 2020
At 31 December 2019
15
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 Paintings
£
1,200
1,200
1,200
2020
2019
£
£
6,381
5,271
24,232
28,895
30,613
34,166

THE RATIU FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

16 Creditors: amounts falling due within one year

Other creditors
Accruals and deferred income
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
TotalUnrestricted
funds
2020
2020
2020
2019
£
£
£
£
Fund balances at 31
December 2020 are
represented by:
Tangible assets
86,416
-
86,416
86,416
Heritage assets
626,503
-
626,503
626,503
Investments
1,200
-
1,200
1,200
Current assets/
(liabilities)
(515,040)
634
(514,406)
(529,011)
199,079
634
199,713
185,108		 2020
2019
£
£
545,063
563,888
2,725
3,069
547,788
566,957
Restricted
funds
Total
2019
2019
£
£
-
86,416
-
626,503
-
1,200
634
(528,377)
634
185,742

17 Analysis of net assets between funds

18 Events after the reporting date

Since 31 December 2019, the spread of COVID-19 has severely impacted many local economies and institutions. We have taken a number of measures to monitor and mitigate its effects, such as safety and health measures for our staff, volunteers and trustees (such as social distancing and working from home).

At this stage, the impact on the Foundation and its results has not been significant. Covid-19 Pandemic has not increased the Foundation’s operational risk exposure. Since 31 December 2019, the Foundation has undertaken fewer projects and charitable activities in accordance with the Trustees future plans. Bellerive Limited continues to contribute funds towards the Foundation's activities and we expect this to remain the case. We continue to follow various government policies and advice and, in parallel, we will do our utmost to continue our operations in the best and safest way possible without jeopardising the health of our staff, volunteers and trustees.

THE RATIU FAMILY CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

19 Related party transactions

During the year the company paid rent and services amounting to £ 72 ,000 (201 9 : £ 72 ,000) to DRT Lease Limited. All transactions were conducted on a normal trading basis.

Mr N C Ratiu , one of the trustees, is a director of Regent House Properties Limited , a company which made payments on behalf of the Foundation. Amount due to Regent House Properties and rents payable to DRT Lease Limited are funded by Bellerive Limited, the parent company of Regent House Properties Limited. DRT Lease Limited and Bellerive Limited are under common control.

Bellerive Limited took over £ 39 , 468 (201 9 : £ 49 , 567 ) and £ 72 , 0 00 (201 9 : £ 72 , 0 00) owed by the Foundation to Regent House Properties Limited and DRT Lease Limited .

At the balance sheet date, included in creditors is amount owed to:

Bellerive Limited - £ 545 , 063 (201 9 : £ 563 , 888 ).

During the year the following grants were paid to institutions in which either Mr N C Ratiu, Mr I S P Ratiu or Mrs I M G Ratiu are also trustees/officers :

Asociata Turda Fest - £ 18 (201 9 : £ 298 ) Centrul Ratiu Pentru Democratie (Ratiu Centre for Democracy) - £ 39,314 (201 9 : £ 107,468 ) Romanian Cultural Centre - £ 867 (201 9 : £ 298) Fundatia Pro Patrimonio : £ nil (201 9 - £ 9,726 ) Pro Patrimonio Foundation UK - £ nil (201 9 : £ 200 ).