REGISTERED COMPANY NUMBER: 06972470 (England and Wales)

REGISTERED CHARITY NUMBER: 1132363

MAECENAS

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Page

Report of the trustees

1

to

3

Independent examiner's report

4

Statement of financial activities

5

Balance sheet

6

to

7

Notes to the financial statements

8

to

13

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 2025. 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.

ACHIEVEMENTS AND PERFORMANCE

Details in respect of each of the Charity's funds are as follows:

Faith Foundation

This fund was continued during the year; £6,312 (2024: £31,913) was received and payments of £28,820 (2024. £20,375) have been made to the Faith Foundation Charity in Rwanda.

Unrestricted Fund

Donations of £119,837 (2024: £62,500) including £66,500 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 £126,149 (2024: £94,413) was received during the year.

Charitable grants of £114,120 (2024: £60,875) were made by the Charity.

Expenditure (other than grants) was £10,177 (2024: £11,622).

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 2025 there were reserves of £27,622 (2024:£25,770 ) to be used for charitable purposes in the future. As at 31 July 2025, these were restricted funds held of £3,875 (2024: £15,063).

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.

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

06972470 (England and Wales)

Registered Charity number

1132363

Registered office

Charles Russell Speechlys LLP

5 Fleet Place

Farringdon

London

EC4M 7RD

Trustees

S P Weil Solicitor

J F Weil Author

Independent Examiner

Berringers LLP

Chartered Accountants

Lygon House

50 London Road

Bromley

Kent

BR1 3RA

Approved by order of the board of trustees on 10 May 2026 and signed on its behalf by:

S P Weil - Trustee

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 2025.

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

10 May 2026

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

119,837

6,312

126,149

94,413

EXPENDITURE ON

Charitable activities

Grant funding

85,480

28,640

114,120

61,481

Other

9,997

180

10,177

11,016

Total

95,477

28,820

124,297

72,497

NET INCOME/(EXPENDITURE)

24,360

(22,508

)

1,852

21,916

Transfers between funds

8

(11,320

)

11,320

-

-

Net movement in funds

13,040

(11,188

)

1,852

21,916

RECONCILIATION OF FUNDS

Total funds brought forward

10,707

15,063

25,770

3,854

TOTAL FUNDS CARRIED FORWARD

23,747

3,875

27,622

25,770

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

CURRENT ASSETS

Debtors

6

16,625

3,875

20,500

36,288

Cash at bank

12,462

-

12,462

1,706

29,087

3,875

32,962

37,994

CREDITORS

Amounts falling due within one year

7

(5,340

)

-

(5,340

)

(12,224

)

NET CURRENT ASSETS

23,747

3,875

27,622

25,770

TOTAL ASSETS LESS CURRENT LIABILITIES

23,747

3,875

27,622

25,770

NET ASSETS/(LIABILITIES)

23,747

3,875

27,622

25,770

FUNDS

8

Unrestricted funds

23,747

10,707

Restricted funds

3,875

15,063

TOTAL FUNDS

27,622

25,770

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 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.

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 10 May 2026 and were signed on its behalf by:

S P Weil - Trustee

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

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.	GRANTS PAYABLE

2025

2024

£

£

Grant funding

114,120

60,875

The total grants paid to institutions during the year was as follows:

2025

2024

£

£

New English Ballet Theatre

10,000

25,000

Garsington Festival Opera

-

5,000

Philanthropy Impact

-

2,000

Continuo

12,500

-

HRP

3,980

-

Handel House ARC

4,000

-

Handel Society

50,000

3,500

Zita Memorial Foundation

5,000

-

Faith Foundation

28,640

25,981

114,120

61,481

3.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

£

Independent examiner's fee

6,522

5,340

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2025 nor for the year ended 31 July 2024.

5.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

62,500

31,913

94,413

EXPENDITURE ON

Charitable activities

Grant funding

40,866

20,615

61,481

Other

11,016

-

11,016

Total

51,882

20,615

72,497

NET INCOME

10,618

11,298

21,916

RECONCILIATION OF FUNDS

Total funds brought forward

89

3,765

3,854

TOTAL FUNDS CARRIED FORWARD

10,707

15,063

25,770

6.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

20,500

36,288

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Accrued expenses

5,340

12,224

8.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.8.24

in funds

funds

31.7.25

£

£

£

£

Unrestricted funds

General fund

10,707

24,360

(11,320

)

23,747

Restricted funds

Faith Foundation

15,063

(22,508

)

11,320

3,875

TOTAL FUNDS

25,770

1,852

-

27,622

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

119,837

(95,477

)

24,360

Restricted funds

Faith Foundation

6,312

(28,820

)

(22,508

)

TOTAL FUNDS

126,149

(124,297

)

1,852

Comparatives for 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

3,854

21,916

25,770

Comparative 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

94,413

(72,497

)

21,916

9.	RELATED PARTY DISCLOSURES

During the year £3,030 (2024: £5,676) 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 £4,000 (2024 £3,500) and the New English Ballet Theatre of £10,000 (2024: £25,000), all of which SP Weil is a trustee

Donations of £66,500 (2024: £45,000) were received from SP Weil in the unrestricted fund,