REGISTERED COMPANY NUMBER: CE005781 (England and Wales) REGISTERED CHARITY NUMBER: 1164689
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
MAX'S FOUNDATION
Numera Partners LLP 4th Floor Charles House 108-110 Finchley Road London NW3 5JJ
MAX'S FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
MAX'S FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Max's Foundation was set up as a legacy to 10 year old Max Schiller, who passed away suddenly from an undetected genetic heart condition known as hypertrophic cardiomyopathy.
The main aim of the Foundation is to help ensure that no other family lose a child to a genetic heart condition by funding research into cardiomyopathies and supporting those affected by these conditions.
Since its inception Max's Foundation has funded core costs for research projects at the Inherited Cardiovascular Diseases Unit Great Ormond Street Hospital, the world renowned and largest paediatric centre in the UK. The research is focused on the early identification of cardiomyopathies in young children, advancing medical treatments and ultimately halting their progression.
Significant activities
The Charity funds research into the early detection of hypertrophic cardiomyopathy through partnerships with researchers and service providers. The Charity also funds projects that help support young people and their families who are affected by genetic heart conditions.
Great Ormond Street Hospital
During the year £35,000 of surplus funds were paid to Great Ormond Street Hospital (charity registration no. 1160024).
Since 2017 Max's Foundation has partnered the Centre for Inherited Cardiovascular Diseases at Great Ormond Street Hospital to fund the role of Research Nurse for six years and life-saving monitoring equipment as well as necessary lab equipment. Max's Foundation are also co-funding the role of a research nurse for six years. Headed by Professor Juan Pablo Kaski, a professor of Paediatric Inherited Cardiovascular Medicine at the UCL Institute of Cardiovascular Science, where he leads the UCL Centre for Paediatric Inherited and Rare Cardiovascular Diseases, and Consultant Paediatric Cardiologist at Great Ormond Street Hospital (GOSH), London, UK. the centre is the largest in the UK dedicated to the evaluation and management of the full range of inherited cardiac conditions in children. His clinical and research interests are focused on the clinical and genetic characterisation of inherited cardiovascular disease and sudden cardiac death in childhood. Professor Kaski is also an ambassador for the charity.
The Centre's focus is on paediatric inherited cardiac conditions, with a special interest in cardiomyopathies. Its aims are firstly to be able to identify HCM in children, develop therapies to halt the progression of HCM and eventually prevent the manifestation of HCM itself. The role of the Research Nurse is to introduce patients to ground-breaking trials and analyse data from studies aiming to find new and better ways to detect rare heart conditions, particularly hypertrophic cardiomyopathy.
In 2019, the Centre announced the development of the first-ever tool to identify children at risk of sudden death from cardiomyopathy. Max's Foundation was credited in the press release and in subsequent articles as a contributing organisation.
Max's Foundation receives no statutory funding and is entirely reliant on donations from individuals, corporates and trusts, raised through fundraising events and activities. The Covid-19 pandemic and subsequent lockdowns between 2020 and 2022 severely impacted The Charity's ability to raise funds and its research and support commitments were funded from reserves. The Charity is now focused on re-establishing its fundraising activities to guarantee its grant commitments and rebuild reserves.As a small grant making organisation which is entirely volunteer run, The Charity relies entirely on the passion and enthusiasm of its committed trustees, committee members and supporters. Continuing to develop and widen its supporter base and networks remains paramount to the Charity's long term aims and objectives.
Public benefit
The Trustees confirm their compliance with the duty to have due regards to the public benefit guidance (section 17 of the Charities Act 2011) published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.
Grantmaking
A grant is defined as a financial award made by the Charity from its fund to support charitable activities to registered charities, charitable community groups and, on occasions, to individuals. In all grant making, the Charity is governed by its founding principles, criteria and processes established by its founders, the Schiller family at time of the Charity's inception.The Board of Trustees has ultimate collective responsibility for all grant making decisions in line with the Foundations Charitable purposes and any restrictions agreed with donors and funding partners. The Trustee's reserve the right to apply conditions to any grant and the right to not approve any recommendation or nomination if they determine that the resulting grant would not be charitable, or would conflict with the Foundations stated policies or damage its reputation.
Page 1
MAX'S FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
During 2023, fundraising events held by the Charity included 2 supper quizzes and a Golf Day. The quiz events raised almost £7,000 between them and the Golf day raised £21,000. Approximately £4,500 was raised through monthly and one-off donations, including birthday fundraisers.
Future fundraising plans for 2024 include a gala dinner as well as a quiz night and a golf day. The Charity also have a runner taking part in the London Marathon.
FINANCIAL REVIEW
Financial position
At the balance sheet date of 31 December 2023 total reserves were £45,479 (2022: £44,297) of which £45,479 were unrestricted.
Reserves policy
The Foundation's policy is to hold £10,000 in the bank as a reserve to cover running costs and other expenses.
Going concern
The Charity has very minimal fixed running costs and therefore are able to continue with very minimal funds. The charity fully expects to continue for 12 months following the submission of these accounts.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
New trustees are appointed by agreement of the existing board of trustees. Trustees commit to a three-year tenure.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
CE005781 (England and Wales)
Registered Charity number
1164689
Registered office
38 Holdenhurst Avenue London N12 0JB
Trustees
D Schiller Mrs S Schiller Miss M Schiller Mrs S Brennan P Maurice Mrs S Burdett S O'Sullivan (resigned 1.12.23)
Independent Examiner
Numera Partners LLP 4th Floor Charles House 108-110 Finchley Road London NW3 5JJ
Website
www.maxsfoundation.org.uk
Approved by order of the board of trustees on 18 October 2024 and signed on its behalf by:
Page 2
MAX'S FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
D Schiller - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MAX'S FOUNDATION
Independent examiner's report to the trustees of Max's Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed
Giles Cohen
Numera Partners LLP 4th Floor Charles House 108-110 Finchley Road London NW3 5JJ
21 October 2024
Page 4
MAX'S FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| 31.12.23 | 31.12.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 54,261 | 103,847 | |
| EXPENDITURE ON | |||
| Raising funds | 11,667 | 39,885 | |
| Charitable activities | |||
| Grant to GOSH for research nurse | |||
| Cardiomyopathy UK | 41,412 - |
80,000 14,776 |
|
| Total | 53,079 | 134,661 | |
| NET INCOME/(EXPENDITURE) | 1,182 | (30,814) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 44,297 | 75,111 | |
| TOTAL FUNDS CARRIED FORWARD | 45,479 | 44,297 | |
The notes form part of these financial statements
Page 5
MAX'S FOUNDATION
BALANCE SHEET 31 DECEMBER 2023
| 31.12.23 | 31.12.22 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 45,479 | 44,297 | |
| NET CURRENT ASSETS | 45,479 | 44,297 | |
| TOTAL ASSETS LESS CURRENT | LIABILITIES | 45,479 | 44,297 |
| NET ASSETS | 45,479 | 44,297 | |
| FUNDS | 5 | ||
| Unrestricted funds | 45,479 | 44,297 | |
| TOTAL FUNDS | 45,479 | 44,297 | |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 18 October 2024 and were signed on its behalf by:
Trustee
The notes form part of these financial statements
Page 6
MAX'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.12.23 | 31.12.22 | |
|---|---|---|
| £ | £ | |
| Event costs | 11,667 | 32,632 |
continued...
Page 7
MAX'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
----- Start of picture text -----
|||||
|---|---|---|---|
|Unrestricted|
|fund|
|£|
|INCOME AND ENDOWMENTS FROM|
|Donations and legacies|103,847|
|EXPENDITURE ON|
|Raising funds|39,885|
|Charitable activities|
|Grant to GOSH for research nurse|
|80,000|
|Cardiomyopathy UK|14,776|
|Total|134,661|
|NET INCOME/(EXPENDITURE)|(30,814)|
|RECONCILIATION OF FUNDS|
|Total funds brought forward|75,111|
|TOTAL FUNDS CARRIED FORWARD|44,297|
|MOVEMENT IN FUNDS|
|Net|
|movement|At|
|At 1.1.23|in funds|31.12.23|
|£|£|£|
|Unrestricted funds|
|General fund|44,297|1,182|45,479|
|TOTAL FUNDS|44,297|1,182|45,479|
|Net movement in funds, included in the above are as follows:|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted funds|
|General fund|54,261|(53,079)|1,182|
|TOTAL FUNDS|54,261|(53,079)|1,182|
----- End of picture text -----
5. MOVEMENT IN FUNDS
continued...
Page 8
MAX'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
5. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.22 | in funds | 31.12.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 75,111 | (30,814) | 44,297 |
| TOTAL FUNDS | 75,111 | (30,814) | 44,297 |
| Comparative net movement in funds, included in the above are as follows: | |||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
| General fund | 103,847 | (134,661) | (30,814) |
| TOTAL FUNDS | 103,847 | (134,661) | (30,814) |
| A current year 12 months and prior year 12 months combined position is as | follows: | ||
| Unrestricted funds | At 1.1.22 £ |
Net movement in funds £ |
At 31.12.23 £ |
| General fund | 75,111 | (29,632) | 45,479 |
| TOTAL FUNDS | 75,111 | (29,632) | 45,479 |
| A current year 12 months and prior year 12 months combined net movement in funds, | included in the above | are as follows: | |
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
| General fund | 158,108 | (187,740) | (29,632) |
| TOTAL FUNDS | 158,108 | (187,740) | (29,632) |
continued...
Page 9
MAX'S FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
6. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
Page 10
MAX'S FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| FOR THE YEAR ENDED | 31 DECEMBER 2023 | |
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 54,261 | 103,847 |
| Total incoming resources | 54,261 | 103,847 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Event costs | 11,667 | 32,632 |
| Charitable activities | ||
| Grants to institutions | 35,000 | 94,776 |
| Support costs | ||
| Management | ||
| Insurance | 306 | 290 |
| Postage and stationery | 378 | 401 |
| Computer costs | 362 | 258 |
| Finance | 1,046 | 949 |
| Sundries | 2,966 | 3,904 |
| Governance costs | ||
| Accountancy and legal fees | 2,400 | 2,400 |
| Total resources expended | 53,079 | 134,661 |
| Net income/(expenditure) | 1,182 | (30,814) |
This page does not form part of the statutory financial statements
Page 11