Charity No. 1058011
THE MALLINCKRODT FOUNDATION
Financial Statements 5 April 2025
THE MALLINCKRODT FOUNDATION
Financial statements for the year ended 5 April 2025
| Contents | Page |
|---|---|
| Reference and administrative information | 1 |
| Report of the Trustees | 2 - 4 |
| Auditors' report | 5 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Cash Flow Statement | 10 |
| Notes to the financial statements | 11 - 16 |
THE MALLINCKRODT FOUNDATION
Reference and administrative information
Charity number: 1058011
Registered Office and operational address:
3.18 Warnford Court 29 Throgmorton Street London EC2N 2AT
Trustees:
Mrs C B Mallinckrodt Mrs C L Fitzalan Howard Mr E G P Mallinckrodt Mr P S A Mallinckrodt Mr H Murray-Philipson (from 3 June 2025) Mr M N Fitzalan Howard (from 3 June 2025)
Bankers:
Schroder & Co Limited 1 London Wall Place London EC2Y 5AU
Investment Manager:
Cazenove Capital 1 London Wall Place London EC2Y 5AU
Auditor:
UHY Hacker Young Thames House Roman Square Sittingbourne ME10 4BJ
1
THE MALLINCKRODT FOUNDATION
Report of the Trustees for the year ended 5 April 2025
The Trustees present their report and financial statements for the year ended 5 April 2025.
The financial statements comply with the charity’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 in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102).
Structure, governance & management
The Mallinckrodt Foundation (the ‘Foundation’) is an unincorporated charity registered as a charity in England and Wales on 12 September 1996.
The Foundation is constituted under a Charitable Trust Deed dated 31 July 1996.
Trustees
The power of appointing new Trustees of the Foundation was vested in the Settlor during his lifetime and thereafter in the Settlor’s spouse Mrs Charmaine B Mallinckrodt and thereafter in such person or persons as the survivor of the Settlor and Mrs Mallinckrodt shall by deeds or deeds revocable or irrevocable or by will or codicil appoint. A new Trustee or new Trustees may be appointed at any time (either by way of replacement or addition).
Subject to the above a Trustee may be appointed or discharged by a resolution of a Meeting of the Trustees provided that a memorandum declaring such appointment or discharge shall be signed as a deed either at the Meeting by the person presiding or in some other manner directed by the Meeting and attested by two other persons present at the Meeting.
Risk management
The Trustees have considered the major risks to which the Foundation is exposed and they have established systems and procedures to manage these risks. The major risk to which the Foundation is exposed is that of incurring significant losses in the investment portfolio. General performance targets are set by the Trustees in relation to the investment portfolio, and the investment performance is kept under review by the Trustees.
Objects and activities
The objects of the Foundation are to apply the income and capital for the benefit of any charitable object or purpose, in any part of the world, as the Trustees think fit. The Trustees currently have a policy of supporting a broad range of charitable activities. The Trustees identify projects and organisations they wish to support. The Foundation does not make grants to people or organisations that apply speculatively.
The Foundation does not actively raise funds and seeks to continue its philanthropic work through the careful stewardship of its existing financial resources.
Public Benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives, and in planning future activities and setting the grant making policy for the year.
Achievements and performance
During the year the Foundation has awarded 20 donations totalling £259,857 (2024: 17 donations totalling £1,284,211) within the Trustees’ themes for support. Of these, 20 were unrestricted donations totalling £259,857 (2024: 15 donations totalling £275,611) and none were designated donations (2024: 2 donations totalling £1,008,600).
2
THE MALLINCKRODT FOUNDATION
Report of the Trustees for the year ended 5 April 2025
Financial review
The capital of the Foundation at the year end, represented by the value of investments and portfolio cash, was £29,176,508 (2024: £29,862,822).
During the year the Foundation received investment income of £1,249,155 (2024: £1,140,108).
The Foundation’s net assets at 5 April 2025 were £29,653,554 (2024: £30,462,039).
Investment policy and performance
The allocation of investments is delegated to the Investment Manager who provides progress reports to Trustees on a regular basis. The Trustees regularly review the current strategy thereby ensuring the careful stewardship of the Foundation’s funds.
At 5 April 2025, the Foundation’s investments mainly represented investment in the Sustainable Multi-Asset Fund which accounted for 81% of the value of the settled funds. The Charity Multi-Asset Fund accounted for 19% of the value of the settled funds at the year end.
The investment manager is tasked with maintaining or increasing the value of the portfolio, while ensuring there are sufficient funds to meet all commitments. On 5 April 2025, the market value of the settled funds stood at £29,176,508 (2024: £29,862,822). During the year ended 5 April 2025, net losses on investments were £1,746,935 (2024: gains of £1,526,095).
Grant making policy
At their tri-annual meetings the Trustees consider what grants they will make and receive reports from grant recipients. The Trustees travel widely in the UK and abroad and use the knowledge gained to support the work of the Foundation and to inform their grant-making activities.
Reserves policy
The Mallinckrodt Foundation recognises the need to hold reserves for the maintenance of core charitable activities in the event of income shortfalls. Reserves are defined as income that becomes available which is to be expended at the discretion of the Trustees of The Mallinckrodt Foundation in furtherance of its objects but which has not yet been spent, committed or designated. The Trustees regard the capital of the Foundation, being the investments and portfolio cash, as an endowment which is used to protect the charitable benefit the Foundation can provide in the long-term, whilst also providing sufficient income for the Foundation to maintain its charitable giving. The Mallinckrodt Foundation carefully budgets and plans charitable expenditure, liaising closely with the Investment Manager. Total reserves at 5 April 2025 were £29,653,554 (2024: £30,462,039). Budget and income information is reported to Trustees at their meetings. At the year end, total unrestricted reserves (excluding designated reserves) were £29,653,554 (2024: £30,462,039).
Future plans
During the coming year the Trustees will continue to develop the strategy for providing grants to further charities in an efficient and effective way, and they anticipate increasing grant-making accordingly in due course.
3
THE MALLINCKRODT FOUNDATION
Report of the Trustees for the year ended 5 April 2025
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements 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 period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business.
The Trustees are responsible for keeping proper accounting records that that are sufficient to show and explain the Foundation’s transactions and disclose with reasonable accuracy at any time the financial position of the Foundation 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 Foundation’s trust deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report was approved by the Trustees on 21 January 2026 and signed on its behalf by:
……………………………………………….
Edward G P Mallinckrodt Trustee
4
THE MALLINCKRODT FOUNDATION
Independent Auditor’s Report to The Mallinckrodt Foundation
Opinion
We have audited the financial statements of The Mallinckrodt Foundation for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards 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 been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
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give a true and fair view of the state of The Mallinckrodt Foundation’s affairs as at 5 April 2025 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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• have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors’ report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
5
THE MALLINCKRODT FOUNDATION
Independent Auditor’s Report to The Mallinckrodt Foundation
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees’ report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees’ responsibilities, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing The Mallinckrodt Foundation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Foundation or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on:
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our understanding of the Foundation and the sector in which it operates;
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discussion with management and those charged with governance; and
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obtaining an understanding of the Foundation's policies and procedures regarding compliance with laws and regulations;
We considered the significant laws and regulations to be the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities SORP (FRS 102), the Charities Act 2011, and UK tax legislation.
The Foundation is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the the Data Protection Act 2018 and the Bribery Act 2010.
Our procedures in respect of the above included:
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Review of the financial statement disclosures and agreeing to supporting documentation;
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Review of minutes of meetings of those charged with governance for any instance of non-compliance with laws and regulations;
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Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations; and
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Review of legal expenditure accounts to understand the nature of expenditure incurred.
6
THE MALLINCKRODT FOUNDATION
Independent Auditor’s Report to The Mallinckrodt Foundation
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
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Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
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Obtaining an understanding of the Foundation's policies and procedures relating to:
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Detecting and responding to the risks of fraud; and
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Internal controls established to mitigate risks related to fraud.
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Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;
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• Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;
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Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud.
Based on our risk assessment, we considered the areas most susceptible to fraud to be journals and key estimates and judgements.
Our procedures in respect of the above included:
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Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation;
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Assessing significant estimates and judgements made by management for bias, including the allocation of support costs;
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Testing the existence and accuracy of income recognised in the year.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of no detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s website at frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Foundation's trustees, as body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit has been undertaken so that we might state to the charitable company’s members 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 Foundation and the Foundation's members as a body, for our audit work, for this report, or for the opinions we have formed.
UHY Hacker Young
Chartered Accountants and Statutory Auditors Thames House Roman Square Sittingbourne Kent ME10 4BJ
Date: 21 January 2026
UHY Hacker Young are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
7
THE MALLINCKRODT FOUNDATION
Statement of financial activities for the year ended 5 April 2025
| Unrestricted Notes Unrestricted Designated £ £ Income and endowments from: Donations 3 - - Investments 4 1,249,155 - Total 1,249,155 - Expenditure on: Raising funds – investment management fees 5 18,562 - Charitable activities 6 292,143 - Total 310,705 - Net income before gains and losses on investments 938,450 - Net (losses) / gains on investments 8 (1,746,935) - Net movement in funds 13 (808,485) - Fund balances brought forward 30,462,039 - Fund balances carried forward 29,653,554 - |
2025 Total funds £ - 1,249,155 1,249,155 18,562 292,143 310,705 938,450 (1,746,935) (808,485) 30,462,039 29,653,554 |
2024 Total funds £ 8,600 1,140,108 1,148,708 16,216 1,308,530 1,324,746 (176,038) 1,526,095 1,350,057 29,111,982 30,462,039 |
|---|---|---|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above and therefore those stated above represent total comprehensive income.
The notes on page 11 to 16 form part of these financial statements.
8
THE MALLINCKRODT FOUNDATION
Balance Sheet as at 5 April 2025
| Notes Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Liabilities Creditors: amounts due within 1 year 12 Net current assets Liabilities Creditors: amounts due after 1 year 13 Net assets Funds Unrestricted funds 14 Total charity funds |
2025 £ 29,176,508 151,661 468,718 620,379 (113,333) 507,046 (30,000) 29,653,554 29,653,554 29,653,554 |
2024 £ 29,862,822 152,455 468,892 621,347 (22,130) 599,217 - 30,462,039 30,462,039 30,462,039 |
|---|---|---|
The financial statements were approved by the Trustees and authorised for issue on 21 January 2026 and signed on their behalf by:
......................................................
Edward G P Mallinckrodt Trustee
The notes on page 11 to 16 form part of these financial statements.
9
THE MALLINCKRODT FOUNDATION
Statement of Cash Flows for the year ended 5 April 2025
| Notes | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Cash flows from operating activities: | ||||||
| Net cash used in operating activities | (a) | (188,708) | (1,440,901) |
|||
| Cash flows from investing activities: | ||||||
| Dividends and interest from investments | 1,249,155 | 1,140,108 | ||||
| Proceeds from sale of investments | 36,632 | 21,981,309 | ||||
| Purchase of investments | (1,015,487) | (23,166,626) | ||||
| Change in investment cash | (81,766) | (64,852) |
||||
| Net cash used in investing activities | 188,534 | (110,061) |
||||
| Change in cash and cash equivalents in the reporting period | (174) | (1,550,962) |
||||
| Cash and cash equivalents at the beginning of the reporting period | (b) | 468,892 | 2,019,854 |
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| Cash and cash equivalents at the end of the reporting period | (b) | 468,718 | 468,892 |
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| (a) Reconciliation of net (expenditure) / income to net cash flows from | operating activities | |||||
| Net (expenditure) / income for the reporting period | (808,485) | 1,350,057 | ||||
| Adjustments for: | ||||||
| Losses / (gains) on investments | 1,746,935 | (1,526,095) | ||||
| Dividends and interest from investments | (1,249,155) | (1,140,108) | ||||
| Decrease / (increase) in debtors | 794 | (126,469) | ||||
| Increase in creditors | 121,203 | 1,714 |
||||
| Net cash used in operating activities | (188,708) | (1,440,901) |
||||
| (b) Analysis of cash and cash equivalents | ||||||
| Cash in hand | 468,718 | 468,892 |
||||
| Total cash and cash equivalents | 468,718 | 468,892 |
||||
| (c) Analysis of changes in net debt: | ||||||
| 6 | April | Non-cash | 5 April | |||
| 2024 | Cash flows | movement | 2025 | |||
| £ | £ | £ | £ | |||
| Cash and cash equivalents | 468,892 | (174) | - | 468,718 |
The notes on page 11 to 16 form part of these financial statements.
10
THE MALLINCKRODT FOUNDATION
Notes to the financial statements for the year ended 5 April 2025
1. General Information
- The Mallinckrodt Foundation is an unincorporated charity registered with the Charity Commission for England and Wales. The Foundation’s principal place of business is 3.18 Warnford Court, 29 Throgmorton Street, London EC2N 2AT.
2. Accounting policies
a) Basis of accounting
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed asset investments, and in accordance with the 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) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. These financial statements have been prepared in pounds sterling and are rounded to the nearest pound.
The Foundation constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.
The preparation of the financial statements requires the Trustees to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on the Trustees' best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change. The Trustees consider that there are no key sources of estimation uncertainty.
b) Going concern
The Trustees have reviewed the Foundation’s investments and operations. The Foundation holds sufficient cash to meet administration, governance and grant-making costs. The Foundation also holds reserves which are available to supplement income requirements to meet charitable objectives as required. The Trustees consider that there are no material uncertainties over the Foundation’s ability to continue as a going concern for the foreseeable future, being a period of at least 12 months from the date of signing the financial statements.
c) Income
Income is stated on a receivable basis.
Income received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. Income receivable from Gift Aid claims is recognised when the claim had been approved by HMRC.
Investment income is credited gross to the Statement of Financial Activities on the date it becomes payable.
d) Expenditure
Expenditure is recognised in the period to which they relate. Expenditure includes attributable VAT which cannot be recovered. Donations payable are recognised in the statement of financial activities once they have been approved by the Trustees, the recipient has been informed, and any conditions placed on the recipient have been met.
Expenditure on raising funds includes investment manager fees which are calculated quarterly by Cazenove Capital (the investment manager) and included in investment manager fees on a payable basis.
Administration costs consist of the day-to-day administration of the Foundation’s affairs as carried out by staff employed by The Schroder Foundation. The costs are recharged to the Foundation on a percentage basis, based on the level of activities of the Foundation.
Governance costs are the costs associated with the governance arrangements of the Foundation. These costs are associated with the constitutional and statutory requirements and include any costs associated with the strategic management of the Foundation’s activities.
11
THE MALLINCKRODT FOUNDATION
Notes to the financial statements for the year ended 5 April 2025
e) Gains/losses on investment assets All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses on investment assets represent the difference between their fair value at the end of the year and their fair value at the beginning of the year, or transaction value if acquired during the year. Realised gains and losses on disposal of investment assets represent the difference between the sale proceeds and the fair value at the beginning of the year, or transaction value if acquired during the year.
f) Taxation
The Foundation benefits from the tax exemptions available to UK registered charities and accordingly is not liable for income tax or capital gains tax on income and gains derived from its investments.
g) Financial instruments
The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
- h) Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using their closing quoted market price. Realised and unrealised gains and losses are shown in the statement of financial activities together as net gains on revaluation and disposals of investment assets. Investments held in the cash liquidity funds are classified within current assets.
The Foundation does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the Foundation is that of volatility in the investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub-sectors.
i)
Debtors
Debtors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.
j)
Cash at bank and in hand
- Cash and cash equivalents consist of cash on hand and balances with banks, and investments in money market instruments which are readily convertible, being those with original maturities of three months or less.
k)
Creditors
Creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.
l)
Unrestricted funds
Unrestricted funds are donations, investment income and other incoming resources receivable or generated for the objects of the Foundation. The general fund therefore comprises those monies which may be used towards meeting the charitable objectives of the Foundation at the discretion of the Trustees.
Designated funds are unrestricted funds that have been put aside by the Trustees for a specific purpose and are thus treated as not available for the general activities of the charity.
3. Income from Donations
| Donations | Unrestricted Designated £ - - |
Unrestricted £ - - |
2025 Total £ - - |
2024 Total £ 8,600 |
|---|---|---|---|---|
| 8,600 |
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THE MALLINCKRODT FOUNDATION
Notes to the financial statements for the year ended 5 April 2025
| 4. Investment income 2025 £ Dividends – Distribution 604,407 Dividends – Accumulation 615,843 Bank interest 28,905 1,249,155 All investment income received in 2025 and 2024 was derived from unrestricted funds. 5. Raising funds – costs 2025 £ Investment management fees 18,562 All costs incurred in both 2025 and 2024 were in respect of unrestricted funds. 6. Charitable activities 2025 £ Charitable donations (note 7) 259,857 Administration fees payable 25,182 Governance: - Audit Fee 6,240 - Accountancy Fees 864 292,143 All costs incurred in both 2025 and 2024 were in respect of unrestricted funds. 7. Charitable donations 2025 £ Unrestricted donations: A Rocha 20,000 Alliance for the Amazon & Beyond – The Fundo Casa Socioambiental 60,000 Almshouse Association, The - Brain Research Trust 5,000 Cancer Research UK – Borysiewicz Clinical PhD Programme - Christian Responsibility in Public Affairs (CRPA) 5,000 Christadora – Elliman Scholarship Fund - Dominican Council – Oxford 10,000 Faith in Leadership 10,000 FareShare 10,020 Foundation of the College of St George (Companions of Windsor) 5,000 Groundwork UK – Green Doctors 10,000 Harvard Kennedy School of Government 19,729 Hospice UK 20,000 Krzyzowa Kreisau Foundation 8,591 Medecins Sans Frontieres (UK) - Music For All 5,000 Pickups for Peace 5,000 River Church Egham (The Hub at Englefield Green) - Royal Botanical Gardens Kew – Friends & Supporters 20,000 St Luke’s Hospital, Oxford - Unrestricted donations c/fwd 213,340 |
2024 £ 600,990 470,948 68,170 1,140,108 2024 £ 16,216 2024 £ 1,284,211 17,794 6,000 525 1,308,530 2024 £ - - 5,000 5,000 90,000 5,000 8,100 - 10,000 10,000 5,000 - 99,011 - - 1,000 5,000 - 2,500 15,000 5,000 265,611 |
|---|---|
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THE MALLINCKRODT FOUNDATION
Notes to the financial statements for the year ended 5 April 2025
- Charitable donations (continued)
| 7. | Charitable donations (continued) | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Total | Total | ||
| £ | £ | ||
| Unrestricted donations b/fwd | 213,340 | 265,611 | |
| St Patrick’s Soho Outreach | 10,000 | - | |
| Sisters of Christian Charity, Mendham | 7,926 | - | |
| Sisters of Christian Charity, Paderborn | 8,591 | - | |
| Woolf Institute, The | 10,000 | 10,000 | |
| Young Musicians Symphony Orchestra, The | 10,000 | - |
|
| Total unrestricted donations: | 259,857 | 275,611 | |
| Unrestricted designated donations: | |||
| Freiherr Bruno von Schroder Stiftung | - | 8,600 | |
| Worcester College, University of Oxford | - | 1,000,000 |
|
| Total unrestricted designated donations | - | 1008,600 |
|
| Total donations | 259,857 | 1,284,211 |
|
| 8. | Net investment (losses) / gains | 2025 | 2024 |
| £ | £ | ||
| Realised (losses) / gains | (9,642) | 76,655 | |
| Unrealised (losses) / gains | (1,737,292) | 1,449,440 |
|
| (1,746,935) | 1,526,095 |
||
| 9. | Net movement in funds | ||
| Net movement in funds is stated after charging: | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Auditor’s remuneration | |||
| - Audit | 6,240 | 6,000 |
|
| 10. | Investments | 2025 | 2024 |
| £ | £ | ||
| Market value at the beginning of the year | 29,779,163 | 27,067,751 | |
| Additions at cost | 1,015,487 | 23,166,626 | |
| Disposal proceeds | (36,632) | (21,981,309) | |
| Net (losses)/gains on disposals and revaluations | (1,746,935) | 1,526,095 |
|
| Market value at the year end | 29,011,083 | 29,779,163 |
|
| Cash held as part of portfolio | 165,425 | 83,659 |
|
| Total investment value | 29,176,508 | 29,862,822 |
|
| Historical cost at the year end | 28,979,094 | 6,081,710 |
All equity investments are listed on recognised stock exchanges or are authorised unit trusts or OEIC’s.
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THE MALLINCKRODT FOUNDATION
Notes to the financial statements for the year ended 5 April 2025
10. Investments (continued)
| Investments at market value comprised: Private Equity Charity Multi Asset Funds 11. Debtors Dividends receivable Gift Aid receivable 12. Creditors:amounts falling due within one year Accruals Other creditors – investment management fee Grants payable 13. Creditors:amounts falling due after one year Grants payable 14. Movement in funds – 2025 6 April 2024 £ Unrestricted funds 30,462,039 Total 30,462,039 Movement in funds - 2024 6 April 2023 £ Unrestricted funds 28,111,982 Designated funds 1,000,000 Total 29,111,982 |
2025 2024 £ £ 54,350 116,038 28,956,733 29,663,125 29,011,083 29,779,163 2025 2024 £ £ 151,661 150,716 - 1,739 151,661 152,455 2025 2024 £ £ 23,600 17,770 4,733 4,360 85,000 - 113,333 22,130 2025 2024 £ £ 30,000 - 30,000 - 5 April Income Expenditure Losses 2025 £ £ £ £ 1,249,155 (310,705) (1,746,935) 29,653,554 1,249,155 (310,705) (1,746,935) 29,653,554 Expenditure Gains 5 April Income 2024 £ £ £ £ 1,140,108 (316,146) 1,526,095 30,462,039 8,600 (1,008,600) - - 1,148,708 (1,324,746) 1,526,095 30,462,039 |
|---|---|
15
THE MALLINCKRODT FOUNDATION
Notes to the financial statements for the year ended 5 April 2025
14. Movement in funds – 2025 (continued)
Prior to 5 April 2025, Designated funds were set aside by the Trustees towards future donations in furtherance of the Foundation’s charitable objectives. During the year ended 6 April 2024, the Trustees fully spent the Designated funds through donations totalling £1,000,000 to Worcester College and a donation of £8,600 to the Freiherr Bruno von Schroder Stiftung.
15.
| Analysis of net assets between funds - 2025 Unrestricted Designated funds funds £ £ Investments 29,176,508 - Net assets 477,046 - 29,653,554 - Analysis of net assets between funds - 2024 Unrestricted Designated funds funds £ £ Investments 29,862,822 - Net current assets 599,217 - 30,462,039- |
Total funds £ 29,176,508 477,046 29,653,554 Total funds £ 29,862,822 599,217 30,462,039 |
|---|---|
16. Trustee remuneration
The Trustees consider themselves as comprising the key management personnel of the Foundation, in charge of directing and controlling the Foundation. During the year, the Trustees received no remuneration or benefits in kind. No Trustees received reimbursement of expenses during the year.
17. Related parties
Mrs Claire L Fitzalan Howard is a non-executive director of Schroders plc, the ultimate parent company of Cazenove Capital, which acts as investment manager for the Foundation, and Schroder & Co Ltd, which acts as bankers for the Foundation.
Mrs Charmaine B Mallinckrodt, Mrs Claire L Fitzalan Howard and Mr Philip S A Mallinckrodt are also trustees of The Schroder Foundation, which has made a charge to the Foundation of £26,022 (2024: £17,319) in respect of administration and accountancy services provided. A balance of £17,360 (2024: £11,770) is due to The Schroder Foundation at the year end for administration and accountancy services.
16