IM irwinmitchell YFOU ED CHAR 11783 TA (Rel: OS332121-11 RE TEREO C AR NO. 1783 In nclal ed31 202 Annual Report Of the Trustee¥ Independent Examiners Report Balance Sheel Statement of Finanaal Activibes &10 Notes to FinarKial Statements TRUSTEES, REPORT Pag• 1 For tho period ended 31 January 2021 Full name of Charfty . The Mc8ain Family Foundation N•turn of governing document . Charitable Twst Deed dated 15 De￿mber 2017 Règlstratlon Number. 1178329 Tiu6teea- Alastaii David M¥Bdlll Nalalia McBain Oliver James McBain Sophie McBain (appointed 19103120211 Reglsteved Address: 40 Holb)m Viaduct, Holbom, London, EC1 N 2PZ Principal B•nker . Arbuthnot Latham Private Bankers, Arbuthnot House, 7 Wlson Stree( London. EC2M 2SN Sollcltors . Irwin Mitchell LLP, Thomas Eggar House, Frtary Lane, Chichestsr, West Sussex. P019 1UF Indopondont Examlner . Claire Notwood, Jones Avens, PiFer House, 4 Dukes Court, Bognor Road, Chichester, Wesl Sussex, P019 8FX Inve$tm•nt Managers '. Tilney Investment manage￿nt SeNices Limrted, The Observaty, Weslem Road. Bracknell, Berkshire. RG12 1TL Opgrating R•$trlctlons: To provide relieffrom povety or the prornotion ofeducatson anywhere in theworfd or for or towards such other charitable purposes as the Trustees shall select trom trme to time. Sp￿lfi¢ inveslment powern: In acc(xdance wth the Trustee Investrnent Act 1961 as amended by the Charities {Truslee Investment Act 19611 Order 1995. Consliiwtion and objects The objects of the Twsl include the relief of poveity or the promob.on of education anywhere in the worfd or for or towards such other charitsble purposes as the Tnjslees Sh411 select from time to time as detailed in the Charitable Trust Deed dated 15 December 2017. The Tnjstees have paid due w8rd lo guidance issued by the Charity Commission in deading what acliwlies the Trust should undertake. Organi5ation The Trustees who served during the period and Since the period end are set out on page 1. The ststulory Fowerof appointmènt applies in connection w(th the appointment of Trustees and is exercisable by thecontinuing and retiring Trustee5. Grant making policy and activltlès During the period the Trustees made donations in accordancÈ wilti their objects totalling £47.79112020'.£40,2941 Aehlevements and porforniance During the peTiod the Trust has remained in cash whilstthe IrusteeB decide on thè longertemi plans for the asse Financial Review and Investment policy During the year ineoming resources lotalled £812,91812020." £87,8311, resources expended totalled £52,09012020'. £43,297) and there We￿ no other ￿cognIsed gains. As a result the fvnd balance carri&J lorward at31 January 2021 was £1,156,211 12020. £395.3831 The Invest￿nt advi50TS (Tilney Investment Management se￿1￿$ Ltd) are instructed lo invest in cash until longer tem plans have been made. The incoming resources consist of donations and bank dep051t interesL Page 2 R8ser¥es policy 11 is the policy of the charity lo maintain unrestricted fvnds, which are the free reseNes of the charity. There are sufficient funds to cover management and administration costs and lo respond to emergency applications for grants which arise from tsme to tirne. Unrestricted funds were maintained al this level throughout the year. Rlsk manag•ment The trustees have examined the major strategic. business and operational riskswhith the charity f&es and eonfirm that systems have been established lo enable regular reports lo be produced so that the ne￿sSary steps can be iakefi ID le55en these rf5ks. Trustees responsibilities Legislation requires the trustees to prepare financial statements fc* each financial yearwhich show a true and fair view of the state of affairs of the Charity and ol the inc¢Jme and expenditure of the charity for that period. In preparing those financial slalements. the TfU51ees are required to- select suitable accounting policies and then £p￿Y them consistently- make judgments and estimate5 that are reasonatrAe and prudent", state whether applicable accounts.ng stsndards and ststernents of recommended practice have been followed, subject to any departures disd05ed and explained in the financial statements." and prepare the financial statements on the going concern basis unle55 it is inappropri*e lo presume that the Charity will conts'nue lo operate. Th¢ Trustees are responsible for keeping proper accounting records which di¥dose with reasonable ac¢uTacy at any tsme the financial position ofthe Charity and toensure Ihatthe finanryal stslements ¢x>mk with the ChariliesAct 2011. They are also responsibleforsafeguarding the assets oflhe Charity and hen fortaking reasonable steps for the prevenb'on and detection of fraud and other irregulariti'es. A D McBain N McBain O J McBain S McBain Page 3 THE MCBAIN FAMILY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MCBAIN FAMILY FOUNDATION l ￿pOrt io the trustees on my examination ol finsnciAI At￿￿M￿nt* af Thrd. K4rRain Famity FouThl8tr)n Ith tharityl for the period end8d 31 January 2021. Responsibilitie• •nd b•$l$ of rnport As the trustees of the charity you are responsitrAe for the preparth.on of the ￿O￿al statements in ac£ordance with Ihe requirements of the Charities Act 2011 (the 2011 Actl. I report in resped of my examination of the charity's financial stalements carried oth under section 145 01 the 2011 Act. In cairymg out my examinats.on I have fdlowed all the apKlicat4e Diiéthons gNen by the Charity Commission under section 14515llbl of the 2Q11 Act. Indgpendent •xamlner'8 ststement I have comrAeted my examinabon. I rxjnffirn that no matters have corne lo my atten￿On in connecthon with Ihe examinats.on giving me cause to bdieve that in any material respect.. accounting records were ￿1 kept in respect of the charity A5 required by section 130 of th8 2011 Act,. or the finanaal statements do not accord those record5', or th8 ffinancial statements do not coM￿Y wilh th8 apFI1￿ble requirem8nls corwning the fomi and content of accounis set out in the Charibes (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Iwue and fair view whl¢h is not a matter consldered gs part of an independent exarninalioTh. I have no concems and have cLYne auoss no other matter$ in CLJnnecion ￿1th th? exarninaiion to which attention should be in thls report in order to enat4e a proFer UnderSt￿ding of the finanrial staiements to be reached. Claire Ncfivood 8Sc FCAATII Jone5 Avens Limiled Piper House 4 Dukes Court Bognor Road Chichester West Sussex P0198FX GA.. 6672023 1 Page 4 NDATION 21 t31.1.21 at 31.1. Curr•ntA66•ts tsi bJrtk 315,083.41 DeblW8 272.500 00 1 199.2S9.02 87.5￿ JO 40? $83.41 L￿b11t1•s fAlllng du• *ihln 12 mMth• Crgditorg N*t ¢urr¢nt A•8•t• 3,048 00 7,200.00 Fund Balan￿ at 31.121 Llnr8sthctsd t,156.211.02 395.383.41 The ffinanc￿l statements approved by the toard of Iruslees on. AlastyiT David McB81n rrusiee N21alia Mcaain Tru51eÈ Oliv¥ Jameg m￿1n Trusiee SDphYa McBgin Tfusieg Tho notaa ort PS90s e.10 tcth P•1 of1heEe Page 4 MCBA NFA REGISTERED CHA 178329 t 31.1.21 1.1.2 Current Amets ash at bank 946,759.02 315,083.41 ebtors 212,500.C() 1,159,259.02 87.SLK).00 402,S83.41 Liabilitfjes falling due within 12 months Cred1tors Ngt Current Assets 3,048.(Kl 1.156.211.02 7,21YJ.00 395,383.41 Fund Balance a• at 31.1.21 Unrestricted £ 1,156.211.02 395,383.41 The finanaal stalements were a￿roVed by th8 board of Iwslees on .............. ..and Signed w their behdf by Ajathr D8*id McBain Trustee Natslia Mr*ain Trustee Oliver James M¢Bain Trustee OFknie Mc£ain Twstee The noles on pages &10 fomi p8rt ofthese a￿oUnts. Poge S REGISTE CHARITY N 29 21 Year ended P•rfod ended EXPENDITURE Donations and Leg8aes Gross inve8tmeTht IrKc*ne 812,500.00 417.61 87,500.(K> 331.04 Total Incorng 812.9 7.f57 RBsources expended Charit8ble Activrtieg 52,09). 43.297.IXI Ttstsl R880urces Expended 52,090.C 43.297.00 Ngt incorna lorthè yÈ#rlNet movement In lund8 7flJ,827.61 44,534.04 Fund balance brought fo￿￿[d 395.383.41 350,849.37 Fund b•l•nce carried fopw•rd 31.1.21 1,156,211.02 395,383.41 Jne of Ihe Chartys a￿1￿11¢5 were acquired cff discontinued during this fiscal perioj. The Charity ha5 no recognised gain5 or1055e5 Other than those dealt with in the Statement of Financial A(￿VItIes. The notes on pages 8-10 fomi part ofthese account8. Page e THE MC8AIN FAfvILY FOUNATION REGISTERED CHARrrY NO. 1178329 Notes to th A Counts for the erlod ended 31 Janu 21 1 ACCOUNTING POLICIES The McBain Family Foundatson is an unincorporated charity, registered with the Charsty Commiwon number 1178329. The registered address is 40 Holborn Viaduct, Holborn, London, EC1N 2PZ ACCOUNTING CONVENTION The financial stslemenls have been Prepared in accordance with Charities Act 2011 and'Accounting and Reporty"ng by Charities.. Statement of Recommended Pra￿l¢e applicable lo charities Preparing their accounts in accordance wrth the Financial Reportng Stsndard applicable In the UK and Republic of Ireland IFRS 1021. las amended for accounts'ng periods¢ommencJng Irom 1 January 20191. The charity isa PLbbli¢ Benefit Entity as defined by FRS 102. The charlty ha5 taken advantage oflhe provisions in the SORP for chanb'es apptying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flow5. The accounts are prepared in slerting. whith is the functional currency of the charity- The accounts have been prepared on the historical cost convention modified forthe revaluation ofinvestments. The principal accounting policies adopted are set out below. GOING CONCERN At the lime of approving the a￿trUnts, the trustees have reasonable expectalign that the charity has adequate resour￿5 to continue in operab'onal existence for the foreseeable future. Thus the trustees, continue lo adopt the going concem basis of accounting in preparation of the accounts. CHARITABLE FUNDS & FUND ACCOUNTING Unrestricted funds are available for use at the discretion of the trustees in frjrtherance of their charilat4e objectives unless the tunds have been designated for other purposes. Incomlng Resources In￿mIng resources indudes investment income. which is recognised when the charity has a legal right to the in¢orne. The gain or loss arising on the disposal of an asset is determined as the difference btheen the sale proceeds and the carying value of the asset, and is recognised in net incornellexpenditure) for the year. GA.. 6719009 1 Page 7 1A GRANTS PAYABLE GTrnls payable are debited to expenditurewithin the Statement of Financial Acb"wlies during the perth in whith the Trust enters into a ￿nstrUCtive obligation lo make such payments. recognising a liability where payments are lo be made in ftjture periods. INVESTMENTS AND INVESTMENT INCOME I Investments are stated atiair value and Ehe movemeni shown comprises realse(l and unrea115ed gains an(J losses. Raalised gains orlosses arising on the dispDsal of investments Itogetherwfth provisionsfordiminulion in value), a credrted or debited to the Slatement 01 Financial Activities, and subsequently transferred to Unrestricted Funds. CHARITABLE ACTivmES The cost of charitable activities consists of grants made. COST OF GENERATING FUNDS The cost of generating ￿ndS con5i5ts of investment management fees. GOVERNANCE COSTS Goveman￿ costs comprise all costs involving the public accountabilty of the charity and its compliance with regulahon and good practice. These costs indude costs related lo slatutory audit and legal feès togetherwith other overhead and support costs. CASH AND CASH EQVIVALENTS Cash and cash equivalents indude deposits held at call with bank& 1.10 FINANCIAL INSTRUMENTS The charity has elected lo apply the provisions of SecthJn 11 'Basic Finanaal Instruments and section 12 '0ther Finarbcial Inslwments Issues" of FRS 102 to all of its financial instrumènts. Financial assets and liabilib'es are oftset. with the net amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an inlents.on to settle on a nel basis or to realise the asset and settle the liability simultaneously. Baslc flnanclal assets Basic financial assets, which indudes debtors and cash and bank balances, are initially measured at transaction pA¢e Ineludiny transéetion eosts and are ￿ubSequentIY eèrried at amortised eost using the effective interest rnethod unless the arrangement constitutes a finanang transaction, where the transaction is measured althe presentvalue of the fu￿re receipts discounted al a market rale of InleresL Financial assets classified as receivable within one year are not amortised. Impalmient of Ilnanclal assets Financial assets, olherthan those held al fair value through income and 8xpen¢Jiture, are assessed for indicators of Impaimiènt at each rèporting date. Financial assets are impaired whèr8 thère Is obj8th.ve evidence that, as a result Dne or more events that occurred after the initial recognibon ol the financial asset, the estimated future cash fk)ws have been affected. GA.. 6719009 1 Page 8 If an asset is impaired, the impaiment loss is the drfferen￿ be￿een the carrying amount and the present value of the estimated cash flows discounted atthe asset's original effective interest Tate. The impaimienl loss is recognised in net incomellexpendilurel lor the year. If there is a decrease in the impairment loss an5ing from an eVentO￿Urnng afterlhe impainnentwas recognised, the impairment is reversed. The reversal is such that the current carying amount does not exceed what the carying amountwoukl have Deen, na¢ ine Impairmeni previously Deen recognlse(J. The irnp4irfflent reve15al 15 rrwJiii>vJ In net incomellexpenditurel for the year. Basic flnancial liabilities Basic financial liabilities, induding trade and other payables, are iriitially recognised at transaction price unless the arrangement consts'tutes a financing transaction, where the debt instrument15 rneasured al the presentvalue of the fu￿re receipts discounted at a market rale of interesL Debt instruments are subsequenljy Ca￿led atamortised cost, uslng the effectsve interest rate method. Tfade payables are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are dassèd as eurrent liabililie5 if payment is due within one year of less. If not, they are presented as non-currentliabilities. Trade payables are recognised initsally altransaction price and subsequentty measured at amortised cost using the effects.ve interest method. Dereeognition of flnanclal Ilabllltle8 Financial liabilities are derecognised when the chanty'scontractual obligations expire orare discharged or cancelled. 2. CRMCAL ACCOUNnNG ESTIMATES AND JUDGEMENTS In the application ofthe charty's aC￿unting ￿l￿e$. the trustees are required to makejLKlgemenls, eth'mates and as5umpliDns aly)utthe carrying amountofassets and I1a￿.1rtleS thatare not readity apparentfrom othef Sour￿5. The eslirllates and associated assumpb'onsare based on histor￿41 experienceand otherfactorsthal are considered to be relevant. Actual ￿SuIts may differ from these estimates. The e5timale5 and undeflying assumptions are reviewed on an ongoing basis. Rewsionslo 3￿untsng ests"mates are recognised in the period in which the esb.mate is revised where the revision affects only thatperirxl, or in the period of th¢ revision affects only that period, or in the period otthe revigon and future periods where the revision affects both cLKrent and future periods. GA: 6719009 1 Pagg10 THE MCBAIN EGISTERED CHAR TYN 11783 nuA 202 CREDITORS: AMOUNTS FALLING DUE V4ffjTHIN ONE Y£IR Asat 31.1.21 A¥at 31.1.20 Accrued expenses Imn Mitthell LLP- Legal & PTofe88ional lees Independenl Examiners fees 1,800. 1,248.(XJ 4.8Cx).00 2,4￿.00 3,048.00 £￿￿00 . CHARrrA8Le ACTIVITIES Ye•r ended 31.1.21 Period ended 31.1.20 Grants PaY￿e (note 101 47,791.0) 40.294.C Share ol Govern8nc* Costs Inote 111 4,299.tsJ 52,090.C 3,003.00 43,297.00 9, GRANTS PAYABLE Year ond•d 31.1.21 Pgrlod gnded 31.1.20 Universty of Oxford Devdopmenl Chatham Hous¢ Medical Research Foundation Roya Opera House Trussel Trust 27,791.LK) 10,oC￿.((l 2,0(￿. 3.CM)O.CQ 30.294.1XJ 10.000.00 47,791.OJ 40,294.00 10. GOVERNANCE COSTS Y•ar endod 31.1.21 Period ended 31.1.20 rwin Mitthel LLP- Legal & Professional fee8 Inde￿ndent Examiners fo•s Bank ¢harge5 Gately PLC 1,6(￿.00 1.298.C (KJ 1.800.¢J) 1.200.OJ 00 1.2C4). 4,299.CQ £ 3.Cl)100 11. TRUSTEES. REMUNeRAnON AND BENEFITS i¥I¢T w¢re no truste¢5' remunvraljon or other brn￿¢* for lh• period •nded 31 J￿U￿ry 2Wd1 {2020.. ni rustees expenses here were no trustees, expenses paid for the period ended 31 January 2021 1202D'. nll 12. EMPLOYEES ere were no employe8s duiing th• y•ar12020.'nill. 13. RELATEO PARTY TRANSACTIONS There are no related party transactions12020.' nil).