| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| MAECENAS |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2024 |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| MAECENAS |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2024 |
| MAECENAS |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 July 2024 |
| Page |
| Report of the trustees | 1 | to | 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 | to | 6 |
| Notes to the financial statements | 7 | to | 11 |
| MAECENAS (REGISTERED NUMBER: 06972470) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 July 2024 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The objects of the Charity are to apply the funds of the Charity for the public benefit by making grants to registered charities as the Trustees in their absolute discretion think fit for the: |
| - advancement of environmental protection and improvement; |
| - prevention or relief of poverty, distress or suffering by appropriate charitable assistance; |
| - advancement of education; |
| - advancement of the arts, culture and heritage and, |
| - any other exclusively charitable objects and purposes in any part of the world. |
| ACHIEVEMENT AND PERFORMANCE |
| Details in respect of each of the Charity's funds are as follows: |
| Faith Foundation |
| This fund was continued during the year; £31,913 (2023: £27,750) was received and payments of £20,375 (2023: £27,510) have been made to the Faith Foundation Charity in Rwanda. |
| Unrestricted Fund |
| Donations of £62,500 (2023: £87,464) including £45,000 personally from the trustee SP Weil were received during the year. The unrestricted fund made payments to The Handel House Trust Limited (a charity of which SP Weil is also a trustee) and New English Ballet Theatre (SP Weil also a Trustee). |
| Plans for the future |
| The Trustees envisage continuing support to the Continuo Foundation, Handel House Trust and the New English Ballet Theatre going forward. |
| FINANCIAL REVIEW |
| Total income of £94,413 (2023: £115,215) was received during the year. |
| Charitable grants of £60,875 (2023: £194,811) were made by the Charity. |
| Expenditure (other than grants) was £11,622 (2023: £14,604). |
| The Trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available to meet the Charity's obligations. |
| Reserves Policy |
| The Trustees have established a Reserves Policy with reference to Charity Commission guidance (CC1 9) and accounting standards (FRS102). The Trustees believe that no formal reserves policy is necessary as there are no on-going running costs. The Charity's policy is to distribute funds to recipient charities when income is received. Cash flow is carefully monitored to match income receipts with operating expenditure. Subject to this, the Trustees aim to apply all income to direct charitable purposes. As at 31 July 2024 there were reserves of £25,770 (2023: £3,854), to be used for charitable purposes in the future. As at 31July 2024, these were restricted funds held of £15,063 (2023: £3,765). |
| Public Benefit Statement |
| The Trustees are aware of the Charity Commission's guidance on public benefit. The Charity's objects are far-reaching and for the public benefit. By making grants to other charities which advance purposes falling within the Charity's objects, the Trustees are confident that their public benefit duty is fulfilled. The Trustees have not placed any restriction limiting the class of those capable of benefit. Finally, the Trustees are satisfied that there is no detriment, harm or undue private benefit that arises from carrying out the Charity's objects. |
| MAECENAS (REGISTERED NUMBER: 06972470) |
| REPORT OF THE TRUSTEES |
| for the year ended 31 July 2024 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| The Charity is a company limited by guarantee incorporated on 25 July 2009. It is governed by its Memorandum and Articles of Association and was registered as a charity with the Charity Commission on 28 October 2009. |
| The Trustees of the Charity, who are also directors, and those who served during the year were: |
| Mr S P Weil |
| Mr J F Weil |
| Appointment of Trustees |
| Trustees are appointed by deed, the statutory powers of appointing new Trustees apply. |
| Trustee Induction and Training |
| All new Trustees are given, in the view of the Board, sufficient training and have enough knowledge of their specific field to understand the nature of the Charity and fully comply with the Charity's views of its mission. |
| Organisational Structure |
| The Trustees comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis. The Board meets regularly to conduct the business of the Charity and is supported by the Administrators. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Independent Examiner |
| Berringers LLP |
| Chartered Accountants |
| Lygon House |
| 50 London Road |
| Bromley |
| Kent |
| BR1 3RA |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| MAECENAS |
| Independent examiner's report to the trustees of Maecenas ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2024. |
| Responsibilities and basis of report |
| As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
| Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
| Independent examiner's statement |
| 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: |
| 1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
| 2. | the accounts do not accord with those records; or |
| 3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
| 4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
| 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 accounts to be reached. |
| Paul Allan BSocSc FCA |
| The Institute of Chartered Accountants in England and Wales |
| Berringers LLP |
| Chartered Accountants |
| Lygon House |
| 50 London Road |
| Bromley |
| Kent |
| BR1 3RA |
| 14 May 2025 |
| MAECENAS |
| STATEMENT OF FINANCIAL ACTIVITIES |
| for the year ended 31 July 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| EXPENDITURE ON |
| Charitable activities |
| Other |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 3,854 |
| MAECENAS (REGISTERED NUMBER: 06972470) |
| BALANCE SHEET |
| 31 July 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS/(LIABILITIES) |
| FUNDS | 7 |
| Unrestricted funds | 89 |
| Restricted funds | 3,765 |
| TOTAL FUNDS | 3,854 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| MAECENAS (REGISTERED NUMBER: 06972470) |
| BALANCE SHEET - continued |
| 31 July 2024 |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| MAECENAS |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 July 2024 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Critical accounting judgements and key sources of estimation uncertainty |
| There are no significant estimates or judgements used. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Cash donations are recognised on receipt. Other donations are recognised once the Charity 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 Charity 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. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| Going concern |
| The Trustees have considered the effect of the Covid-19 outbreak. As Maecenas has no employees, and the administrative function can all be completed remotely, there has been minimal disruption to operations caused by the lockdown. Donations can also be made online, via phone, or via cheque, and therefore the pandemic is unlikely to prevent donations being received. The trustees consider it unlikely that the prolonged outbreak will cause significant disruption. The Trustees believe that no formal reserves policy is necessary as there are no on-going running costs. The Charity's policy is to distribute funds to recipient charities when income is received. Accordingly, at the time of approving the financial statements, the trustees have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Financial instruments |
| MAECENAS |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 July 2024 |
| 1. | ACCOUNTING POLICIES - continued |
| Going concern |
| The Charity 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 Charity's balance sheet when the Charity 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 out 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 constituted 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. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operation 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 Charity's contractual obligations expire or are discharged or cancelled. |
| 2. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Independent examiner's fee | 5,340 | 5,160 |
| MAECENAS |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 July 2024 |
| 3. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| fund | funds | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| EXPENDITURE ON |
| Charitable activities |
| Other |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 94,106 | 3,948 |
| TOTAL FUNDS CARRIED FORWARD | 89 | 3,765 | 3,854 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| MAECENAS |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 July 2024 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Accrued expenses |
| 7. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.8.23 | in funds | 31.7.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 89 | 10,618 | 10,707 |
| Restricted funds |
| Faith Foundation | 3,765 | 11,298 | 15,063 |
| TOTAL FUNDS | 21,916 | 25,770 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 62,500 | (51,882 | ) | 10,618 |
| Restricted funds |
| Faith Foundation | 31,913 | (20,615 | ) | 11,298 |
| TOTAL FUNDS | ( |
) | 21,916 |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.8.22 | in funds | 31.7.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 94,106 | (94,017 | ) | 89 |
| Restricted funds |
| Faith Foundation | 3,948 | (183 | ) | 3,765 |
| TOTAL FUNDS | 98,054 | (94,200 | ) | 3,854 |
| MAECENAS |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 July 2024 |
| 7. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 87,465 | (181,482 | ) | (94,017 | ) |
| Restricted funds |
| Faith Foundation | 27,750 | (27,933 | ) | (183 | ) |
| TOTAL FUNDS | 115,215 | (209,415 | ) | (94,200 | ) |
| 8. | RELATED PARTY DISCLOSURES |
| During the year £5,676 (2023: £9,444) was paid to Charles Russell Speechlys where SP Weil is a current partner. |
| Donations from the unrestricted fund were made to The Handel House Trust Limited of £3,500 (2023: £93,000), and the New English Ballet Theatre of £25,000 (2023: £23,000), all of which SP Weil is a trustee. |
| Donations of £45,000 (2023: £40,000) were received from SP Weil in the unrestricted fund, |