MAISON DE L’INSTITUT DE FRANCE À LONDRES (Fondation Edmond de Rothschild)
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2022
Charity number: 312897
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
YEAR ENDED 31ST MARCH 2022
CONTENTS
Page Reference and administrative details of the charity, its Trustees and Advisers - 1 Report of the Trustees - 2 - 5 Report of the Auditors - 6 - 7 Statement of Financial Activities - 8 Balance Sheet - 9 Notes to the Financial Statements - 10 - 17
Page 1
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
YEAR ENDED 31ST MARCH 2022
TRUSTEES: Mme Beatrice Keighley, Chair Lady Janvrin M Antoine de Navacelle Mme Anne-Marie Gray M Jean-Hugues de Lamaze
CHARITY REGISTERED NUMBER: 312897
PRINCIPAL OFFICE: 8 Queen’s Gate Terrace London SW7 5PF AUDITORS: Newton & Garner Ltd Chartered Accountants Building 2 30 Friern Park North Finchley London N12 9DA BANKERS: CAF Bank Ltd Kings Hill West Malling Kent ME19 4JQ
Page 2
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
REPORT OF THE TRUSTEES
YEAR ENDED 31ST MARCH 2022
The Trustees present their annual report together with the audited financial statements of La Maison de l’Institut de France à Londres (Fondation Edmond de Rothschild) (the charity) for the year ended 31st March 2022. The Trustees confirm that the annual report and financial statements of the charity comply with the requirements of the Charities Act 2011, the charity’s trust deed and Accounting and Reporting by Charities: Statement of recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland (FRS 102).
Structure, Governance and Management Constitution
The charity was founded in 1920 by the Institut de France with a gift from the Baron Edmond de Rothschild. It is constituted under a Charity Commission Scheme dated 21st June 1951 as amended on 2nd January 1985, and is registered charity number 312897.
The principal object of the charity is to provide accommodation for French academics and students who wish to come to London for study or research, thereby fostering cultural, academic and international relations between the two countries. The charity achieves its objectives through publicity in France undertaken by itself and the Institute de France, and by providing a convivial environment at La Maison in London, on a bed and breakfast basis in fourteen rooms.
The income is derived from the investment of the original gift from the Baron, now managed by the Charities Official Investment Fund (COIF), and from contributions from the guests towards the running costs. The charity’s overall objectives remain unchanged. However, following a finance agreement with the Institut de France in Paris, the principal objective for the year was to undertake a complete refurbishment of the building occupied by the charity. A further objective was to effectively manage the charity throughout the restrictions and limitations imposed by the British Government during the COVID-19 pandemic.
Method of Appointment or Election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Charity Commission Scheme. Trustees are recruited through networking or their involvement with the Institut de France in Paris.
Prospective candidates are interviewed by the Trustees and representatives of the Institut de France. Upon appointment, Trustees receive an induction to the history and running of the Charity. In accordance with the constitution, the minimum number of co-optive Trustees in office at any given time should be four and two ex-officio Trustees. The co-optive Trustees are appointed for a term of five years.
The Trustees who served during the year were:-
Mme Beatrice Keighley, Chair Lady Janvrin M Antoine de Navacelle Mme Anne-Marie Gray M Jean-Hugues de Lamaze
The two ex-officio Trustees are the Ambassador of France in London, S E Mme Catherine Colonna, and the Chancellor of the Institut de France in Paris, M Xavier Darcos.
Page 3
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
REPORT OF THE TRUSTEES
YEAR ENDED 31ST MARCH 2022
Organisational structure and decision making
The Trustees are responsible for the overall control of the charity's operations and meet regularly to review the performance of La Maison and authorise strategic decisions.
Day to day management is delegated to the charity's director who is supported by a team of staff.
Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular, those related to the operations and finances of the charity and are satisfied those systems are in place to mitigate exposure to the major risks.
Review of activities and future developments
The net incoming resources of the charity amounted to £4,045,001 (2021 – incoming £1,016,839). The realised and unrealised gains in the market value of the investments amounted to £4,608,605 (2020 gain of £20,037). The combined effect is to increase total funds at 31 March 2021 to £9,263,265 (2021 - £4,201,425). During the year, there were no visitors due to the COVID-19 restrictions in place and renovation work carried out on the property.
Room rates were last increased on 1 April 2019 from £85 to £88 per night for a double/twin room, from £65 to £68 per night for a single room, and £45 to £48 per night for a student room. Staff wages were also increased on 1 April 2019 from £9 to £10 per hour for housekeeper positions. It is expected that room rates and staff wages will be reviewed and increased ahead of the anticipated reopening of the organisation in October 2022. All staff were retained throughout the year and were placed on furlough, except the Director who continued to work full-time.
Objectives for 2022-23 include the completion of the refurbishment project and the reopening of the organisation, anticipated in October 2022. The refurbishment project, which started in June 2021, has progressed well and has involved rewiring and replumbing the entire building, the installation of a new fire system, repair and repainting of the front and rear external facades, extensive repairs to all windows, removal of an external service corridor, removal and replacement of old asbestos fire doors, installation of new bathrooms, including en-suite toilets to all bedrooms, opening the access between the guest lounge and study to provide a multi-purpose function room, complete internal redecoration, new flooring, new furnishings and new radiators throughout the building, and the reconfiguration of the lower ground floor to include the relocation of the main kitchen, alterations to the dining room, installation of a rooflight and enlargement and extensive refurbishment of the Director’s flat. Financial support for the renovation project was provided by the Institut de France in Paris and from the Trust’s own funds.
The relationship of La Maison with the Institut de France in Paris is very close. The Chancellor of the Institut de France is an ex-officio Trustee of La Maison, and the Institut de France is responsible for approving admission policy for guests wishing to stay at La Maison.
Page 4
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
REPORT OF THE TRUSTEES
YEAR ENDED 31ST MARCH 2022
Review of activities and future developments continued:
Investment policy and performance
The Trustees' policy is to invest surplus funds in the Charities Official Investment Fund (COIF).
Reserves policy
The charity was obliged to cease its primary operations in mid-March 2020 due to the COVID-19 restrictions imposed by the British Government. The property owned by the Trust subsequently underwent extensive renovation work between June 2021 and October 2022. The performance of the COIF Investment Fund has, however, remained strong. The Trustees monitor and meet regularly to review the financial position of the charity, including the reserves, and presently remain satisfied that there are sufficient general reserves to meet the anticipated operating needs of the charity for the foreseeable future.
Page 5
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
REPORT OF THE TRUSTEES
YEAR ENDED 31ST MARCH 2022
Statement of the trustees' responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales require the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently.
-
Observe the methods and principles in the Charities SORP;
-
Make judgements and estimates that are reasonable and prudent.
-
State whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements.
-
Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
As far as the Trustees are aware, there is no relevant audit information of which the Charity’s auditor are unaware; and the Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.
The Trustees confirm that they have met the responsibilities set out above and complied with the requirements for preparing the financial statements. The financial statements set out on pages 8 to 17 attached have been compiled from, and are in accordance with, the financial records maintained by the Trustees.
Approved by the Trustees on 2023 and signed on its behalf
TRUSTEE
MAISON DE L'INSTITUT DE FRANCE A LONDRES
YEAR ENDED 31ST MARCH 2022
Page 6
(FONDATION EDMOND DE ROTHSCHILD)
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF MAISON DE L'INSTITUT DE FRANCE A LONDRES (FONDATION EDMOND DE ROTHSCHILD)
We have audited the financial statements of Maison De L’Institut De France A Londres for the year ended 31st March 2022, which comprise the Statement of Financial Activities, Balance Sheet and related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Trustees as a body, in accordance with Section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor’s 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 charity and the charity’s Trustees as a body for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Trustees and Auditors
As explained more fully in the Statement of Trustees’ responsibilities, the Trustees are responsible for the preparation of the accounts which give a true and fair view.
We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with regulations made under Section 154 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit of financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Trustees’ report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies, we consider the implications for our report.
Page 7
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
YEAR ENDED 31ST MARCH 2022
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES AND MEMBERS OF MAISON DE L'INSTITUT DE FRANCE A LONDRES (FONDATION EDMOND DE ROTHSCHILD)
Opinion on the financial statements
In our opinion the financial statements: -
-
give a true and fair view of the state of the charity’s affairs as at 31st March 2022 and of its incoming resources and applications of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
-
the information given in the Trustees’ report is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
David Watts, FCA (Senior Statutory Auditor) for and on behalf of Newton & Garner Limited Chartered Accountants Statutory Auditor
DATE: BUILDING 2 30 FRIERN PARK NORTH FINCHLEY LONDON N12 9DA
Page 8
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31ST MARCH 2022
INCOME Investment Income Charitable Activities Government Grants Paris Institut Grant Profit on Sale of Investments TOTAL INCOME CHARITABLE ACTIVITIES EXPENDITURE Provision of accommodation services TOTAL EXPENDITURE NET (EXPENDITURE)/ INCOME Transfer between funds Net gains / (losses) on revaluations of investment assets NET MOVEMENTS IN FUNDS RECONCILIATION OF FUNDS Total funds at 1st April 2021 TOTAL FUNDS AT 31ST MARCH 2022 |
Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 2022 2022 2021 Notes £ £ £ £ 3 65,876 - 65,876 62,494 4 21,337 - 21,337 - 5 - - - 62,079 6 - 246,092 246,092 707,339 3 - - - 376,138 ------------ -------------- ------------- ------------- £87,213 £246,092 £333,305 £1,208,050 ======= ======== ======== ======== 7 177,837 719,072 896,909 211,248 ------------ ------------- ------------ ------------ £177,837 £719,092 £896,909 £211,248 ======= ======= ======= ======= (90,624) (472,980) (563,604) 996,802 - - - - 4,708,605 (100,000) 4,608,605 20,037 ------------ ------------- -------------- ------------ 4,617,981 (572,980) 4,045,001 1,016,839 4,183,817 1,034,447 5,218,264 4,201,425 ---------------- -------------- --------------- --------------- 16£8,801,798 £461,467 £9,263,265 £5,218,264 ========= ======== ========= ========= |
|---|---|
The notes on pages 10 to 17 form part of these financial statements
Page 9
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
BALANCE SHEET YEAR ENDED 31ST MARCH 2022 Notes 2022 2021 FIXED ASSETS Tangible fixed assets 11 6,508,038 2,150,109 Fixed asset investments 12 2,245,732 1,937,127 --------------- --------------8,753,770 4,087,236 CURRENT ASSETS Debtors 13 56,686 30,704 Cash at bank 471,741 1,111,939 --------------- --------------528,427 1,142,643 CREDITORS Amounts falling due within one year 14 (18,932) (11,615) --------------- --------------- NET CURRENT ASSETS 509,495 1,131,028 --------------- --------------- NET ASSETS 15 £9,263,265 5,218,264 ========= ========= CHARITY FUNDS General funds 16 £9,263,265 £5,218,264 ========= =========
The financial statements were approved by the Trustees on and signed on their behalf, by:
)
) - Signed on behalf of the Trustees
)
The notes on pages 10 to 17 form part of these financial statements.
Charity number - 312897
Page 10
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2022
1. Legal status of charitable company
Maison De L’institut De France A Londres is registered with the Charity Commission in the United Kingdom as a charity. The charity’s registered number and principal office address can be found in the Trustees Report.
2. Accounting policies
Basis of preparation of financial statements
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Charities Act 2011.
Maison De L’Institut De France A Londres 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 notes. There are no material uncertainties about Maison De L’institut De France A Londres ability to continue as a going concern.
In preparing the financial statement, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP (FRS 102) the restatement of comparative items was required. No material restatement of comparative items was required.
The financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounding to the nearest £.
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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund are set out in notes to the financial statements.
Income
All income is accounted in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Page 11
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2022
Income (continued)
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Income from granted funds are recognised as above when receivable.
Invested income is accounted for when receivable.
Expenditure
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of the resources. Central overhead costs are allocated on the basis of staff time attributable to particular activities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with enabling the charity to comply with external regulation, constitutional and statutory requirements and in providing support to the Trustees in the discharge of their statutory duties.
Tangible fixed assets and depreciation
All assets costing more than £100 are capitalised.
Tangible fixed assets are stated at cost less depreciation. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following basis: -
Freehold property - 0% Improvements - 25% straight line Furniture & fixtures - 10% straight line Office equipment - 20% straight line
MAISON DE L'INSTITUT DE FRANCE A LONDRES
Page 12
(FONDATION EDMOND DE ROTHSCHILD)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2022
Investments
Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations, additions and disposals throughout the year.
Debtors
Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and 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 overdraft. Bank overdraft are shown within borrowings in current liabilities.
Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
Financial instruments
The Trust has elected to apply the provision 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 Trust’s balance sheet when the company 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 assets 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, when the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classifieds receivable within one year are not amortised.
MAISON DE L'INSTITUT DE FRANCE A LONDRES
Page 13
(FONDATION EDMOND DE ROTHSCHILD)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2022
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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.
VAT
| The Charity is registered for VAT, therefore the value of income shown in the accounts from | The Charity is registered for VAT, therefore the value of income shown in the accounts from | contributions by |
|---|---|---|
| "pensionnaires" is stated net of VAT. | ||
| 2022 | 2021 | |
| 3. Investment income | ||
| COIF dividends | 65,876 | 62,494 |
| Profit on Sale of Investments | - | 376,138 |
| ------------- | ------------ | |
| £65,876 | £438,632 | |
| ======= | ====== | |
| 4. Charitable activities income | ||
| Contributions by "pensionnaires" | £21,337 | £ - |
| ======= | ======= | |
| 5.Government Grants | ||
| CJRS grants | - | 37,079 |
| Council Covid-19 Grant | - | 25,000 |
| ------------- | ------------- | |
| £ - | £62,079 | |
| ======== | ======== | |
| 6. Paris Institut Grant | £246,092 | £707,339 |
| ======== | ======== | |
| 7. Charitable activities expenditure: | ||
| provision of accommodation services | ||
| Direct costs | 37,194 | 14,788 |
| Staff cost | 79,877 | 92,256 |
| Support costs | 57,916 | 28,462 |
| Auditor’s fees | 2,850 | 2,850 |
| Renovation Project Costs (restricted) | 719,072 | 72,892 |
| ----------- | ---------- | |
| £896,909 | £211,248 | |
| ======= | ======= |
The staff costs include key management personnel total costs of £48,555 (2021 - £48,965) for their services to the clients.
The profit made on sale of investments and the grant received from Paris contributed to funding the renovation costs.
Page 14
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2022
8. Support costs allocation to activities
| Cost | 2022 | 2021 |
|---|---|---|
| Staff costs | 9,711 | 8,112 |
| Telephone | 740 | 2,067 |
| Printing, postage & stationery | 306 | - |
| Premises costs | - | 11,020 |
| Repairs & renewals | 120 | - |
| Other direct costs | 47,039 | 7,263 |
| ---------- | ----------- | |
| Total | £57,916 | £28,462 |
| ====== | ====== |
9 . Net income for the year
This is stated after charging:
| Depreciation of tangible fixed assets: | |
|---|---|
| Owned by the charity | 2,738 7,263 |
| Loss on disposal of fixed assets | 39,536 - |
| Auditors’ fee | 2,850 2,850 |
| ===== ===== |
During the year, Trustees received reimbursement of travel expenses from Paris to London of nil (2021 - nil).
10. Staff costs
Wages & salaries 87,535 97,540 Social security costs 2,053 2,828 ----------- ----------£89,588 £100,368 ====== =======
The average monthly number of full-time equivalent employees during the year was as follows:-
Direct charitable work 6 6 == ==
No employee received remuneration amounting to more than £60,000 in either year.
Page 15
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2022
11. Tangible fixed assets
Furniture Land and Office fittings & buildings Improvements equipment equipment Total Cost At 1st April, 2021 2,100,000 89,027 9,998 135,922 2,334,947 Additions - - - 203 203 Disposals - (89,027) (7,884) (109,459) (206,370) Revaluation 4,400,000 - - - 4,400,000 -------------- ------------- -------------- ------------- -------------- At 31st March, 2022 £6,500,000 £ - £2,114 £26,666 £6,528,780 ========= ======== ======== ======== ========= Depreciation At 1st April, 2021 - 58,291 8,995 117,552 184,838 Charge for the year - - 379 2,359 2,738 On Disposal - (58,291) (7,884) (100,659) (166,834) --------------- -------------- --------------- --------------- --------------- At 31st March, 2022 - £ - £1,490 £19,252 £20,742 ========= ======== ======== ======== ========= Net book value At 31st March, 2022 £6,500,000 £ - £625 £7,413 £6,508,038 ========= ======== ======== ========= ========= At 31st March, 2021 £2,100,000 £30,736 £1,003 £18,370 £2,150,109 ========= ========= ======== ========= =========
Furniture, fixtures & fittings represent the contents of the freehold property, 8 Queens Gate Terrace, London.
The freehold property was undergoing substantial renovation work at 31[st] March 2022. Following completion of the work the property was valued by the Trustees at 31[st] March 2023, and was based on the average of Estate Agents’ valuations.
The historical cost of the freehold property is £28,848.
Page 16
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD) NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2022
2022 2021 Listed Securities
| 12. Fixed assets investments Cost or valuation At 1st April, 2021 Gain in value Additions in the year Market value as at 31st March, 2022 Historical cost at 31st March, 2022 All the investments are held in the UK. Material investments Charities Official Investment Fund (COIF) 13. Debtors Accrued income Prepayments VAT Repayable 14. Creditors Amounts falling due within one year: Trade creditors Social security and other taxes Accruals Sundry creditors |
Listed Securities 1,937,127 208,605 100,000 --------------- 2,245,732 ======== £ 121,255 ======== £2,245,732 £1,937,127 ========= ========= 15,591 14,253 5,824 583 35,271 15,868 ------------ ------------ £56,686 £30,704 ======= ======= 8,165 3,120 1,553 1,892 6,940 4,810 2,274 1,793 --------- ---------- £18,932 £11,615 ====== ====== |
|---|---|
Page 17
MAISON DE L'INSTITUT DE FRANCE A LONDRES
(FONDATION EDMOND DE ROTHSCHILD)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2022
2022 2021 15. Analysis of net assets between funds Tangible fixed assets 6,508,038 2,150,109 Fixed asset investments 2,245,732 1,937,127 Current assets 528,427 1,142,643 Creditors due within one year (18,932) (11,615) ------------- ------------£9,263,265 £5,218,264 ========= =========
----- Start of picture text -----
16 . Summary of funds
Balance Incoming Resources Transfers Net Investments Balance
01.04.21 resources expended between funds gains/losses 31.03.22
----- End of picture text -----
| Balance Incoming Resources Transfers Net Investments Balance 01.04.21 resources expended between funds gains/losses 31.03.22 |
|
|---|---|
| Unrestricted | 4,183,817 87,213 (177,837) 100,000 4,608,605 8,801,798 |
| Restricted | 1,034,447 246,092 (719,072) (100,000) - 461,467 |
| ---------------- ---------------- -------------- -------------- ------------- --------------- | |
| Total Funds | £5,218,264 £333,305 £(896,909) - £4,608,605 £9,263,265 |
| ========= ========= ======== ======== ======== ========= |