DoGusign Envelope ID". EFC98128-98E1448WBEF9-0211EA94D87D Registered number: 09041095 {England and Wales) Charity number: 1164583 THE MAX BARNEY FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
Docusign Envelopp ID". EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION IA company limited by guarantee) CONTENTS Page Reference and administrative details of the Company. its Trustees and advisers Trustees. report Independent auditor's report on the financial ststements statement of financial activities Balance sheet 10- 11 Statement of cash flobvs 12 Notes to the financial Statements
Docusign Envelopp ID". EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2024 Trustees A Bard M H Goldstein G Phillips Company registered numbor 09041095 (England and Wales) Charity registered number 1164583 Registered office 168 Shoreditch High Street London E16HU Independent auditor Cooper Parry Group Limited 69-73 Theobalds Road London WC1X 8TA Principal bankers Royal Bank of Scotland Threadneedle Street London EC2R 8LA Page 1
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION {A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MAY 2024 The trustees, who are also directors under company law, present their report and financial ststements for the year ended 31 May 2024. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association and Accounting and Reporting by Charities.. Statement of Recommended Practice "SORP applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective 1 January 2019. Objectives and activities . Objectives and aims The purposes for which the charity is established are to provide relief for unemployment through vocational training and job creation and other general charitable activities. b. Public benefit The trustees have had regard lo the Charity Commission's guidance on public benefit. The significant activities undertaken lo further the charity's purposes for the public benefit and hen the details of the issues the charity seeks to tackle and the changes and differences il seeks to make are included below. c. Grantmaking policy The charity achieves its objectives by making grants considered by the Iruslees. d. Achievement and performance The charity has continued to bring in significant resources during a difficuyc period and hence have distributed over £2m to charities in support of ils charitable objectives. Financial review a. Flnanclal posltlon The charity reiVed donation income in the year of £1,590,594 12023.. £3,999,643), investment income of £73,892 12023.. £26,178), and incurred costs of generating funds of £18,964 12023.. £8,532). Governance costs incurred amounted to £13,434 12023.. £32,727). Governance and support costs are included in the total charitable expenditure shown in the Statement of Financial Activities "SOFA In the year the grants payable tolalled £2,360,26012023.' £1,585,952). A breakdown of grants by charitable objective is shown in the notes. Al 31 May 2024 the charity had net assets of £3,476,88912023'. £4,211,994> in unreslricled funds. b. Reserves policy The reserves policy is to hold funds to fulfil future grant making opportunities in support of the charitable objectives. e. Future plans The charity hopes to continue lo expand its reach through grants and donations. Page 2
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Structure, governance and management a. Governing document The charity is controlled by ils governing document, a deed of trust, and conslitules a limited company, limited by guarantee, as defined by the Companies Act 2006. b. Induction and training of new trustees There are no plans to recruit additional trustees at present. Once new Iruslees join the board we do not necessarily provide formal training. They are advised of a trustee's duties and responsibilities as outlined in the Charity Commission website. C. Structure. governance and management All of the directors are members of the Company and guarantee lo contribute no more than £1 in the event of a winding up. The organisation of the charity currently comprises a Board of DirectorslTruslees who meet on average each quarter to consider and plan grant making and any other matters relating lo the charity. The power of appointing new trustees is vested in the Board. Statement of Trustees. responsibilities The Trustees Iwho are also the directors of the company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the company and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently", observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomiation to auditor In so far as the trustees are aware.. there is no relevant audit information of which the charitsble company's auditor is unaware, and the Iruslees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and lo establish that the auditor5 are aware of that information. Page 3
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION {A company limited by guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Auditor The audit business of Haines Watts London LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Walls London LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its pla. The Auditors, Cooper Parry Group Limited, have indicated their willingness to be reappointed for another temi and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating lo small companies. Approved by order of the members of the board of Trustees on Dec-05-2024 and signed on their behalf by.. DoBuStyn•d by.. 999602C8A(M32.. Gary Phillips Trustee Page 4
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MAX BARNEY FOUNDATION Opinion We have audited the financial statements of The Max Barney Foundation (the 'charilable company'l for the year ended 31 May 2024 which comprise the Statement of financial aclivilies, 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 Awepted Accounting PracliTrl. In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as al 31 May 2024 and of ils incoming reSoUrS and application of resources. including its income and expenditure for the year then ended", have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practs'ce,. and 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 {UKI IISAS IUKII and applicable law. Our responsibilib'es under those standards are further described in the Auditorts responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo 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 responsibilitiès 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. Concluslons relatlng to golng concem 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 materi81 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the ch8ri18ble company's ability to continue as a going concern for a period of al least twelve months from when the financial st81emenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Page 5
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MAX BARNEY FOUNDATION ICONTINUEDI Other infomiation The Iruslees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expliciUy stsled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial stalemenls, our responsibility is lo read the other infomialion and, in doing so, consider whether the other information is materially Inconsistent with the financial statements or our knowledge obtained in the audit or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to 8 material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required lo report that fact. We have nothing lo report in this regard. 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 lo report to you if, in our opinion.. the infomialion given in the Trustees, report is inconsistent in any material respect with the financial ststemenls., or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns,. or we have not reiVed all the infomialion and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is neSSary lo enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going conrn basis of accounting unless the Trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic allernalive bul lo do so. Page 6
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MAX BARNEY FOUNDATION ICONTINUEDI Auditor's 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 lo 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 Audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl 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 nonwcompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, and UK laxalion legislation. We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstalemenl of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governan. We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of on-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative eviden as required. As part of an audit in awordance with ISAS IUKI we exercise professional judgement and maintain professional sceplicism throughout the audit. Identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not delecling a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understsnding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, bul not for the purposes of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustee. Conclude on the appropriateness of the Iruslees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, If such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our auditor's report. However, future events or conditions may cause the charity to cease lo continue as a going concem. Page 7
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MAX BARNEY FOUNDATION ICONTINUEDI Evaluate the overall prèsentation, structure and content of the financi81 statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieve fair presentation. We communicate with those charged with governance rarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. A further description of our respDnsibililies for the audit of the financial statements is located on the Financial Reporting Council's website al." www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditor's report. Use of our report This report is made solely lo the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charitable company's trustees those matters we are required lo slate lo them in an Auditor's report and for no other purpose. To the fullest extent pemiilled by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our aLJdil work, for this report, or for the opinions we have formed. Jane Wills {Senior statutory audilorl for and on behalf of Cooper Parry Group Limited Slatulory Auditor 69-73 Theobalds Road London VVC1X 8TA Dale". 1111212024 Cooper Parry Group Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 8
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MAY 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies 1,590,594 3,999,643 Investments 73,892 26,178 Total income Expenditure on: 1664 486 4 025 821 Charitable activities 2,365,115 1,623,794 other 32,398 41,259 Total expenditure 2397513 1 665 053 Net lexpenditurellincome before net losses on investments 1733,0271 2,360,768 Net losses on investments 12,0781 15,7681 Net movement In funds Reconciliation of funds- Total funds brought forward 4.211,994 1,856,994 Net movement in funds 1735,1051 2,355,000 Total unrestricted funds carried fonvard The Statement of financial activities includes all gains and losses recognised in the year. Page g
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION IA company limited by guarantee) BALANCE SHEET AS AT 31 MAY 2024 2024 2023 Note Fixed assets Investments 10 16,998 19,076 16,998 19,076 Current assets Debtors Cash al bank and in hand 11 949,406 2,617,420 1,274,003 3,088,116 3,566,826 4,362,119 Creditors.. amounts falling due within one year 12 1106,9351 1169,2011 Net current assets 3,459,891 4,192,918 Total net assets 3,476,889 4,211,994 Charity funds Unrestricted funds 13 3,476,889 4,211,994 Totsl funds 3,476,889 4,211,994 The entity was entitled to exempts'on from audit under section 477 of the Companies Act 2006. The members have not required the entity lo obtsin an audit for the year in question in accordance with section 476 ofthe Companies Act 2006. However, an audit is reqUId in 8ecord8nce with section 144 of the Charities Act 2011. The Trustees acknowledge their responsibilities for lal ensuring that the charitable company keeps accounb'ng records that comply with Sections 386 and 387 of the Companies Act 2006 and Ibl preparing financial statements which give 8 true and fair view of the slate 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 stalemenls, so far as applicable lo the charitable company. Page 10
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION IA company limited by guarantee) BALANCE SHEET ICONTINUED) AS AT 31 MAY 2024 The financial statements have been prepared in aceordanee with the provisions applicable lo entities subject to the small companies regime. Dec-05-2024 The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by.. Do¢uSWd by.. &192cBN32. Gary Phillips TrLJStee Page11
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities 14 1347,3871 1,874,445 Cash flows from investing activities Purchase of fixed asset investments 119,0761 Sale of fixed asset investments 19,076 Provision of finance 1197,2011 1335,3021 Interest received 73,892 26,178 Net cash used in investing activities 1123,3091 1309,1241 Change in cash and cash equivalents in the year 1470,6961 1,565,321 Cash and cash equivalents al the bInnIng of the year 3,088,116 1,522,795 Cash and cash equivalents at the end of the year 15 Page 12
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Accounting policies 1.1 Basis of preparation of 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 IFRS 1021 'Accounling and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019),, Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The finsncial ststemenls have been prepared under the historical cost convention, with the exception of investments which are included al market value, as modified by the revaluation of certain assets. 1.2 Summary of slgnlflcant accountlng pollcles and key accountlng estlmates The principal accounting policies applied in the preparation of these financial statements are sel out below.These policies have been consislenlly applied to all the years presented, unless otherwise stated. 1.3 Crltlcal accountlng Judgements and key sources of estlmatlon uncertalnty In the application of the accounting policies, the Iruslees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and assumpts'ons are based on experience and other factors that are considered to be levant. As such actual results may differ from these estimates which are reviewed on an ongoing basis and recognised when appropriate. The critical judgement that the trustees have made in the process of applying the charity's accounting policies that have the most significant effect on the amounts recognised in the stalulory financial statements are discussed below.. Assessin indicators and im aimient In assessing whether there have been any indicators or impairment of assets, the trustees have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators of impairments identified during the current financial year. Ke sources of ests'malion uncertainl Due to the slraighl fonNard nature of the charity's activities, the trustees do not believe that there are any estimation uncertainty's that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 1A Income All income is recognised On the Company has entitlement lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Page 13
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Accounting policies Icontinuedl 1.5 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation ommitting 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 lo the catOry. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consislenl 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. 1.6 Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary lo support them. 1.7 Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustee's meetings and reimbursed expenses. 1.8 Taxation The charity is exempt from corporation lax on its charitsble activities. 1.9 Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Iruslees. Reslricled funds can only be used for particular restricted purposes within the objects of the charity. Reslriclions arise when specified by the donor or when funds are raised for particular restricted purposes. At the current lime the charity does not operate any restricted funds. 1.10 Foreign currencies Assets and liabilities in foreign currencies are translated into sleding at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling al the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. 1.11 Donations Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled lo the funds, the Income is deferred and not recognised until either those conditions are fully met, or the fulfilmenl of those conditions Is wholly within the control of the charity and It Is probable that these conditions will be fulfilled in the reporting period. Page 14
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Accounting policies Icontinuedl 1.12 Cash and cash equivalents Cash and cash eqLJivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible lo a known amount of cash and are subject lo an insignificant risk of change in value. 1.13 Debtors Debtors are recognised at their recoverable amoLJnts at the balance sheet date. 1.14 Trade Creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary ourse of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the reditor for at least e1ve months after the reporting date. If there is an unconditional right to defer settlement for at least e1ve months after the reporting dale, they are presented as non-currenl Trade creditors are recognised initially at the transaction price and subsequenlly measured at amortised cost. 1.15 Fund structure Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity. 1.16 Financial instruments All financial assets and liabilities are initially measured al transaction price (including transaction ostsl. except for those financial assets classified as at fair value through profit or loss, which are inib.ally measured al fair value which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing Iransaclion. If an arrangement Constitutes a financing Iransa¢lion, the financial asset or financial liability is measured at the present value of the future payments discounted al a market rate of Interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to sel off the recognised amounts and the charity intends either lo setde on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when al the contractual rights to the cash flows from the financial asset expire or are settled, bl the charity transfers to another paty substantially all of the risks and rewards of ownership of the financial asset, or cl the charity, despite having retained some, bul not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, ancelled or expires. Conlraclual provisions that permit the issuer to prepay a debt instrument or permit the holder to put il back to the issuer before maturity are not contingent on future events. other than lo protect the holder against the credit deterior8tion of the issuer or a change In control of the issuer. or to protect the holder or issuer against changes in levies applied by a ntral bank or arising from changes in relevant laxalion or law. Investments held in listed entities are initially recognised at cost and then revalued at fair value based on open market values at each reporting period end. Page 15
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Accounting policies {continuedl 1.17 Going concem The Iruslees have considered the appropriateness of adopting the going concern basis in preparing the financial statements for the year ended 31 May 2024. The trustees have, at the time of approving the financial stalemenls, a reasonable expectation that the company has adequate resources lo continue in opèmtional existence for the foreseeable future, and therefore, they continue to adopt the going concern basis of accounting in the financial statements. Income from donatlons and legacles Total funds 2024 Total funds 2023 Donations 1,272,475 3,199,715 Gift aid 318,119 799,928 Investment income Total funds 2024 Total funds 2023 Interest reiVed Grants payable Total funds 2024 Total funds 2023 Relief of unemployment through vocational training 2,040,729 1,221,883 Relief of unemployment through job creation 202,016 283,785 General charitsble causes 117,515 80,284 Page 16
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Grants payable {continued) All significant grants payable were made lo inslitulions. Material grants payable to institutions during the period are as follows.. 2024 2023 Name of institution American Jewish Joint Distribution Committee IUKI Trust Friends of the Batzilair Medical Cenler Inc Laniado Hospital The Work Avenue Foundation Ariel University Health Corporation of the Tel Aviv Medical Centre Friends of Bnai Zion Medical Cenler Friends of Sheba Medical Center Tel Hashomer The Shamir Friends Associats'on 546,941 264,829 186,653 100,000 86,335 293,854 60,801 327,234 186,114 219,151 170,488 166,726 100,000 38,248 95,138 39,521 2,052,761 829,272 Other grants to institutions 307,499 756,680 2,360,260 1,585,952 Charitable activities costs Grant funding of activities 2024 Total funds 2024 Dirgct costs 2024 Relief of unemployment through vocational training Relief of unemployment through job creation General charitable causes 2,040,729 202,016 117,515 2,040,729 202,016 122,370 4,855 4,855 2,360,280 2,365,115 Page 17
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 othor expenditure Governance costs 2024 Total fund$ 2024 Management 2024 Other reSoUS expended 18,964 13,434 32,398 18 964 13,434 Net incomellexpenditure) Net incomel{expenditurel is stsled after chargingllcreditingl.. 2024 2023 Auditors, remuneration Trustees. remuneration and benefits Other than trustee's expenses paid there were no trustees, remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023. Trustees. expenses During the year a Iruslee incurred expenses of £8,72012023." £3,288) earrying out activities in support of the charity. There were no other Iruslees. expenses paid for the year ended 31 May 2024 and no other trustees, expenses for the year ended 31 May 2023. Staff costs There were no staff costs for the year ended 31 May 2024 nor for the year ended 31 May 2023. The average monthly number of employees during the year was NIL12023- NIL). No employees received emoluments in excess of £60,000. Page 18
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 10. Fixed asset investments Unlisted investments Cost or valuation Al 1 June 2023 Revaluations 19,076 12,0781 Al 31 May 2024 16,998 Net book value Al 31 May 2024 16,998 Al 31 May 2023 19,076 There were no investment assets outside the UK. 11. Debtors 2024 2023 Due within one year Other debtors 307,036 642,370 828,834 445, 169 Amounts recoverable on contract 949,406 1,274,003 The amounts recoverable on contract relate lo financing extended lo institutions that undertake activities in line with the charity's charitable objectives. Repayment of the receivable is expected to be fully repaid by August 2030. Page 19
Docusign Envelopp ID". EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 12. Creditors: Amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income 88,375 18,560 160,075 9,126 106,935 169,201 13. Statement of funds Statement of funds - current year Balance at 1 June 2023 Galnsl Balance at (Losses) 31 May 2024 Income Expendlture Unrestricted funds General fund 4,211,994 1,664,486 12,397,513) 12,0781 3,476,889 Statement of funds - prior year Balance at 1 June 2022 Gainsl Balance at (Losses) 31 May 2023 Income Expenditure Unrestrlcted funds General Funds 1,856,994 4,025,821 11,665,053) 15,7681 4,211,994 Page 20
Docusign Envelopp ID." EFC98128-98E1448WBEF9-0211EA94D87D THE MAX BARNEY FOUNDATION {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 14. Reconciliation of net movement in funds to net cash flow from operating activitie$ 2024 2023 Net incomelexpendilure for the period las per Statement of Financial Activiliesl 1735,1051 2,355,000 Adjustments for: Losses on investments Interest received Decreasellincreasel in debtors Increaselldecreasel in creditors 2,078 173,8921 521,798 162,2661 5,768 126, 1781 1619,5541 159,409 Net cash provided byllused in) operating activities 1347,3871 1,874,445 15. Analysis of cash and cash equivalents 2024 2023 Cash at bank and in hand 2,617,420 3,088, 11 S Total cash and cash equivalents 2,617,420 3,088,116 16. Analysis of changes in net funds At 1 June 2023 Cash flows At 31 May 2024 Cash at bank and in hand 3,088,116 1470,6961 2,617,420 3,088,116 1470,6961 2,617,420 17. Related party disclosures Donations amounting to £256,05012023'. £73,826) received in the year were from trustees. During the year the foundation made a donation of £14,500 12023.. £20,500) lo the London School of Jewish Studies which is a related paty through Gary Phillips and £17,000 12023.. £10,000> lo United Synagogue which is a related paty through Michael Goldstein. Page 21