Golubovich Foundation - Charities report - 18.1
Golubovich Foundation - Charities report - 18.1
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Golubovich Foundation |
| Report of the Trustees and |
| Financial Statements for the Year Ended 30 June 2018 |
| Golubovich Foundation |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2018 |
| Page |
| Report of the Trustees | 1 to 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 to 7 |
| Golubovich Foundation |
| Report of the Trustees |
| for the Year Ended 30 June 2018 |
| 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 30 June 2018. 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 2015). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The Foundation seeks to foster relationships between Russia and the UK in the area of the performing arts, by inviting established |
| UK centres of excellence to identify and develop the talents of young Russian nationals in their particular field of expertise. |
| The Foundation will not only provide term support commitment to ensure that such talent is allowed to reach full individual |
| potential, but also promote charitable events for the furtherance of these aims. |
| Volunteers |
| At present, it is not a policy of the Foundation to seek the assistance of volunteers for the furtherance of its promotion and aims. |
| However, the trustees will continue to review, in light of the needs and activities of the organisation. |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities |
| During the period in question, the trustees have reviewed various projects whilst observing a continuing hiatus in Charitable |
| commitments. Whilst the process has not yet identified the right opportunity for the Charity to build upon the undoubted success of |
| the initial five years, nevertheless, the Trustees remain confident of new activities coming to fruition in the future. |
| In the meantime, the Charity continues to make modest donations to organisations sympathetic to the aims and principles of the |
| Charity. |
| Fundraising activities |
| The policy of the Foundation is to seek to organise promotional events designed not only to raise awareness and income, but also to |
| present the ongoing development of its sponsored students in a public, performing environment. During the period in question, |
| existing corporate investors have continued to provide financial commitment to the projects extant. |
| The Foundation has completed sponsorship term commitments with the Trinity College of Music. The Trustees consider that their |
| collaboration with this famous college of music has not only met the objectives originally created for the Foundation but exceeded all |
| expectations. What has been achieved has been there for all to see in the outstanding productions performed by the students during |
| previous years. |
| History identifies major events involving the UK and Russia working together against a common adversity. The Trustees have |
| chosen to sustain this relationship, by ensuring that places and monuments important to the UK from this perspective form the |
| backcloth for fundraising and performances. |
| FINANCIAL REVIEW |
| Principal funding sources |
| The Foundation does not seek to rely upon a specific source of funding. However, it is reasonable to expect that future donations will |
| be funded by entities with a strong bias towards Anglo-Russian culture and whose aspirations to see the co-development of |
| performing arts in these countries empathise with those of the Foundation. |
| It is no coincidence that these funding entities appreciate the common history of our two countries and are content to see that their |
| charitable funding of the core objectives of the Foundation spills out for the benefit of areas important to both cultures and |
| particularly in naval history. |
| Investment policy and objectives |
| It is the policy of the Foundation to maintain reserves in easily realisable deposits and without exchange rate risk, to best match the |
| nature of periodic commitments. |
| Reserves policy |
| A significant part of the work undertaken by the Foundation is geared to future commitments. The trustees constantly review such |
| undertakings to ensure that the organisation has sufficient reserves at the outset to finance contracts to their fulfilment. |
| FUTURE PLANS |
| The trustees maintain a broad base of contacts within Russia and continue to view projects, as part of their mandate. The Charity |
| remains fully committed to funding a worthwhile venture, which can be identified to have an expectation of maintaining the same |
| levels of excellence and results arising from the Charity's involvement in the development process. |
| Golubovich Foundation |
| Report of the Trustees |
| for the Year Ended 30 June 2018 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing documents, the memorandum and articles of association, and constitutes a limited |
| company, limited by guarantee, as defined by the Companies Act 2006. |
| Recruitment and appointment of new trustees |
| The policy of the Foundation is to seek the appointment of individuals to the Board of trustees, whose skills and personal |
| philosophies are seen to empathise with the long term interests and objectives of the Foundation. |
| Induction and training of new trustees |
| In line with the recruitment criteria, new trustees will already have business and/or industry skills and the Foundation is unlikely to |
| have to provide a structured induction in the future. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| Advisers |
| The trustees have secured the services of the Right Honourable Timothy Lewin to promote the objects of the charity in the UK and to |
| assist with the organisation and presentation of charitable events. |
| Approved by order of the board of trustees on |
| Golubovich Foundation |
| Statement of Financial Activities |
| for the Year Ended 30 June 2018 |
| 30.6.18 | 30.6.17 |
| Unrestricted fund |
Total funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Total |
| EXPENDITURE ON |
| Raising funds | 2 |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 224 |
| Golubovich Foundation |
| Balance Sheet |
| At 30 June 2018 |
| 30.6.18 | 30.6.17 |
| Unrestricted fund |
Total 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 |
| FUNDS | 7 |
| Unrestricted funds | 494 | 224 |
| TOTAL FUNDS | 224 |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the year ended 30 June 2018. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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 special provisions of Part 15 of the Companies Act 2006 |
| relating to charitable small companies. |
| The financial statements were approved by the Board of Trustees on |
| Golubovich Foundation |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2018 |
| 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 2015)', 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. |
| 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. |
| 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. |
| 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. |
| 2. | RAISING FUNDS |
| Raising donations and legacies |
| 30.6.18 | 30.6.17 |
| £ | £ |
| Support costs |
| 3. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 30 June 2018 nor for the year ended 30 June 2017. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 30 June 2018 nor for the year ended 30 June 2017. |
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted fund |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Total |
| Golubovich Foundation |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2018 |
| 4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
| Unrestricted fund |
| £ |
| NET INCOME |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 96 |
| TOTAL FUNDS CARRIED FORWARD | 224 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.6.18 | 30.6.17 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.6.18 | 30.6.17 |
| £ | £ |
| Trade creditors |
| Other creditors |
| Accrued expenses |
| 7. | MOVEMENT IN FUNDS |
At 1.7.17 |
Net movement in funds |
At 30.6.18 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 224 | 270 | 494 |
| TOTAL FUNDS | 270 | 494 |
| Net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 1,309 | (1,039 | ) | 270 |
| TOTAL FUNDS | ( |
) | 270 |
| Golubovich Foundation |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2018 |
| 7. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
At 1.7.16 |
Net movement in funds |
At 30.6.17 |
| £ | £ | £ |
| Unrestricted Funds |
| General fund | 96 | 128 | 224 |
| TOTAL FUNDS | 96 | 128 | 224 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 1,000 | (872 | ) | 128 |
| TOTAL FUNDS | 1,000 | (872 | ) | 128 |
| 8. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 30 June 2018. |