IM irwinmitchell ANC EME (Ref.. 05332121-11
THE MCBNJN FAMILY F RE TERED CHARITY N NDATI -117 Contents to Financi I Statemen Annual Report of the TrusleÈ8 Independent Examiners Report Balance Sheet Statement of Cash flows Slalemenl of Finanoal Actiwibe5 7-11 Note8 to Fin8ncial SlalÈmÈn18 12 SchedLle of Investments
TRUSTEES, REPORT Page 1 Forthe year ended 31 January 2022 Full namo of Charity . The McBain Family Foundation Nature of governing document . Charitable Trust Deed dated 15 December 2017 Registration Number: 1178329 Trusteos: Alastair David McBain Nalalia McBain Oliver J8mes McBain Sophie McBain Registered Address: 40 Holborn Viaduct, Holborn, London, EC1 N 2PZ Principal Banker . Arbuthnot Latham Private Bankers, Arbuthnot House, 7 Wilson Street, London, EC2M 2SN Solicitors Irwin Mitchell LLP, Thomas Eggar House, Friary Lane, Chichester, Wesl Sussex, P019 1UF Independent Examiner . Claire Notwood, Jones Avens, Piper House, 4 Dukes Court, Bognor Road, Chichester, West Sussex, P019 8FX Investment Managers . Tilney Investment Management seices Limited, The Observatory, Western Road, Bracknell, Berkshire, RG12 1TL Operatlng Restrlctlons: To provide relief from poverty or the promotion of education anywhere in the worfd or for or towards such other charitable purposes as the Trustees shall select from time to time. Speclflc Investment powers: In accordance with the Trustee Investment Act 1961 as amended by the Charities (Trustee Investment Act 19611 Order 1995. Constitution and objects The objects of the Trust include the relief of poverty or the promotion of education anywhere in the world or for or towards such other charitable purposes as the Trustees shall select from time to time as detailed in the Charitable Trust Deed dated 15 Dember 2017. The Trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the Trust should undertake. Oryanisation The Trustees who served during the period and since the period end are sel out on page 1. The slatulory power of appointment applies in connection with the appointment of Trustees and is exercisable by the continuing and retiring Trustees. Grant making policy and activities During the period the Trustees made donations in accordance with their objects lotslling £1,420,07512021..£47,7911 Achievements and pgrfomiance During the period the Trust has remained in cash whilst the trustees decide on the longer term plans for the assets. Financial Review and investment policy During the year incoming resources lolalled £539,701 12021.. £812,918), resources expended lotalled £1,424,484 12021.. £53,090) and there were realised gains of £32,829.5912021.' nill. As a resultthe fund balan Caled forward at 31 January 2022 was £271,42912021.. £1, 156,2111 The investment advisors (Tilney Investment Management Services Lldl are instructed to invest in cash until longer term plans have been made. The incoming resources consist of donations and bank deposit interest.
Pag• 2 Reserves pollcy Is the policy ol the charhy to malntsln unrostricted funds. whlt are the free resewves of Ihe charity- There are sJJfficientfundsto cover mawwem8llt and administration costs and to r¢5purd to emeryenCYapesL43n5fOrgrants which arise from time to time. Unrestricted furds were maintsined at Ihis levol throughovt Ihe yeaf. Ri•k mwagem•nt Thetrusteès have eXaMedlhe major stratsglB, tAasinessand operational risk8whSChthecharftylaand rx)nffimi that system6 have been eslablished to enable regsJl8r repNis to be produced so that the necessary steps can be taken to lessen thes risks. TN8teets re6pon$lbllltl•s Le9i51atlon requires the trustee5 to pr8pare finencial 8tatem6nts foreach linanclal yearwhlch show a true and [rvieW of the stale of affairs of the Charity and of the income and expendthlre of th8 tharityfcr that parfod. In preparir#J thLXS• financial 6tatèmonts, the Trust6eS 8ra rgqulrad to: select suitable 8ccounUThJ PoleS and th8n appty them consistantfy.. makejtKlgments and ests"mates that are reasonable and prudenL state vjhelher appllcable accourtlng standards and statèments crf recommended practice have been folk)wed, subjeci to any departures dlsclosed and explained in Ihe financial statements", ond prepare the flnancial ststements on the goiw concem basis unless it is inapprDpriate to prosume that the Chaity will ¢ontinue to OPgT8te. Th& Trustees ar6 r6sponsible for keeping proper accounting records whlch dlsclos• vlth reasonable accuracy atanytime the financial positson of the Charityand to ensure Ihatthe financial statementscomp wAh the ChatieS Act 2011. They are 81so responsible fur spfe9uarding th8 assets of Ihe Charity and hence fortskiTrJ reasonablo slepsfor the prevention and detection Irau and other trregularffje5. A D McBain N McBaln S Mc8ain 30o¥8ber2022.... .....................
Page 3 THE MCBAIN FAMILY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MCBAIN FAMILY FOUNDATION I report to the trustees on my examination of the financial statements of The McBain Family Foundation (the charity) for the year ended 31 January 2022. Responsibilities and basis of report As the trustees of the chaiity you ale responsible for the preparation of the financial 5t8tements in 8ccoid8nce with the requirernents of the Charities Act 2011 Ithe 2011 Act). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl ol the 2011 Acl. Independent examiner's ststement I have completed tny examination. l (x)nfirm that no Tn8tter5 have wme lo my attention in connedion wlh the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charrty as required by section 130 of the 2011 Act,. or the finanaal statements do not accord with those records., or the financial statements do not comply with the applicable requirements concerning the form and content of account5 set out in the Ch8rities (Accounts and Reports) Regulation5 2008 other th8n any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no ¢oncEMs 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 finanaal statements to be leached. Since the charity's gross intome exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l 8m qualified to undertake the examination because l member of the ICAEW, which is one of the listed bodies. Claire Nomood Bsc FCA ATII Jones Avens Limited Piper House 4 Dukes CoLJrt Bognor Road Chichester West Sussex P0198FX Dated.. 3011112022 GA: 6672023 1
Pw4 C4th•it4nk 946.759Af2 212.ri))A) 308.8.10 4,#92 IM50.10 3.04B.rKJ Z 1.156.211. riiicuYr•rt d ktll.122 )1,858.10 £ 1.15I211.02 -..?j ¥bJi*d onlhotr bphvjfby cverj•m8B Pln TnotO• 5rghh McBth TrA notes rffj page8&10Tofrn
Pag8 S THE AICBAJN FAMILY F NDATI 31 nu 22 Total Not ush used In operatlng a¢tl¥ltlo8 12 (674.050.501 631.258.00 Cash flows from investing a¢iivitio8: Interest and dividends Purchase of investments Proceeds fmm 8alÈ of investments Gift repayment Net cash provided by investing activities 1.311.99 538.389.001 571,218.59 417.61 34.141.58 417.61 Chanyo in cash and Catsh u1Valents in tho year (639,908.921 631,675.61 Cash broughl fotwHrd14t bank and on portfdiol Cash Carrièd ftsard 946.759.02 306.850.10 315.083.41 946.759.02
Pagp 6 THE MCBAJN FAMILY FOUNDATI men fFin anua 2022 Year ended 1.1.22 Y8ar8ndod 31.1.21 INC ME EXPENtXT Don8lions 8nd Legaue8 Gro$$ investment intome RE 538.389.00 1.311.99 812,500.00 417.61 Total Income 539.700.99 812.917.61 Ro8ourc8s exp8nd8d CharitatAe ActivitS 1.426.883.50 52.090.00 Totsl Re$our¢es Expended 1.426.883.50 52.090.00 Net ILosstsllGains on Invetsimènts Realise(J Gain on sale of in¥eslmenls 32.829.59 Net income for the yearlNet mov?ment in fvnds 1854,352.921 760.827.61 Fund ba18nce brought forward 1,156,211.02 395,383.41 Fund balance Garried forward 31.1.22 301.858.10 1,156.211.02 None of Ihe Charity's actNibe5 were 8cquired or discontinued during thi5 fiscal Year. The Charity has no recognised gain8 or losses other than Ih08e dealt with In th& Statetnent of Financial ActivilFes. The notes on pages &10 form p8rt of these accounts.
Page 7 THE MCBAIN FAMILY FOUNATION REGISTERED CHARITY NO. 1178329 Notes to the Accounts for the eriod ended 31 Janua 2022 1 ACCOUNTING POUCIES The McBain Family Foundation is an unincorporated charity, registered with the Charity Commission number 1178329. The registered address is 40 Holborn Viaduct, Holborn, London, EC1 N 2PZ ACCOUNTING CONVENTION The financial statements have been prepared in accordan with 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 applicable in the UK and Republic of Ireland IFRS 1021 las amended for accounting periods commencing from 1 January 20191. The charity is a Public Benefi't Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the charity. The accounts have been prepared on the historical cost convention modified forthe valUation of investments. The principal accounting policies adopted are set out below. GOING CONCERN Al the lime of approving the accounts, the Iruslees have reasonable expectstion that the charity has adequate resources to continue in operational existen for the foreseeable future. Thus the Iruslees, continue to adopt the going concern basis of accounting in preparation of the accounts. CHARITABLE FUNDS & FUND ACCOUNTING Unreslricled funds are available for use al the discretion of the Iruslees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Ineoming Resources Incoming resources includes investment income, which is recognised when the charity has a legal right to the income. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net incomellexpenditurel for the year. GA.. 6719009 1
Page 8 1A GRANTS PAYABLE Grants payable are debited lo expenditure within the Statement of Financial Activities during the peri( in which the Trust enters into a conslruclive obligation to make such payments, recognising a liability where payments are lo be made In future periods. INVESTMENTS AND INVESTMENT INCOME All investments are slated at fair value and the movement shown comprise5 both realised and unrealised gains and losses. Realised gains or losses arising on the disposal of investments (together with provisions for diminution in value), are credited or debited to the Statement of Financial Activities, and subsequently transferred lo Unrestricted Funds. CHARITABLE ACTIVITIES The cost of charitable activities consists of grants made. COST OF GENERATING FUNDS The cost of generating funds consists of investment management fees. GOVERNANCE COSTS Governance costs comprise all costs involving the public accountability of the charity and ils compliance with regulation and good practice. These costs include costs related lo statutory audit and legal fees logetherwilh other overhead and support costs. CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held al call with banks. 1.10 FINANCIAL INSTRUMENTS The charity has elected to apply the provisions of Section 11 "Basic Financial Instruments" and section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial inslrumenls. Financial assets and liabilities are offset, with the net amounts presented in the financial ststements, when there is a legally enforceable right to set off the recognised amounts and there is an intention lo settle on a net basis or lo realise the asset and sellle the liability simultaneously. Basic financial assets Basic financial assets, which includes debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequenuy carried al amortised cost using the effective interest method unless the arrangement conslitules a financing Iransaclion, where the transaction is measured at the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. Impairment of financial assots Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment al each reporting dale. Financial assets are impaired where there is objective evidence that, as a result one or more events that occurred after the initial recognition of the financial asset, the eslimaled future cash flows have been affected. GA.. 6719009 1
Page 9 If an asset is Impaired, the impairmenl10ss Is the differen between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in nel incomellexpenditurel for the year. If there is a decrease in the impairment loss arising from an eventoccurring afterthe impairmenlwas recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment previousty bèen recognised. The impairment reversal is recognised in nel incomellexpenditurel for the year. Baslc flnanclal Ilabllltles Basic financial liabilities, including trade and other payables, are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future receipts discounted al a market rate of interest. Debt instruments are subsequendycarried al amortised cost, using the effective interest rate method. Trade payables are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classed as current Iiabililies if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade payables are recognised inib'alty attransaction price and subsequendy measured al amortised cost using the effective interest method. Dereeognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire orare discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies, the Iruslees are required to makejudgemenls, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the period in which the estimate is revised where the revision affects only that period, or In the period of the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. GA.. 6719009 1
311111
PagB 11 22 & CRENTORS.. AMOUIITS FALUNG DUE ONE YEAR Asat Asat 31.121 AccwEd Expenses Mitchell LLP- Leo&l& ProfesM£lleè> Independent Lxaminersfees 2.400. 2,592. 4,992. 1.800.00 1.248.00 3.048.00 CHAPJTABLE ACTMllES Yearended Yearended 31.121 1.420,075.00 47.791.00 Share ofGovem£nce Costs Inth 111 6,808.50 1.426,883.50 4.299.00 52.090.00 10. GRANTS PAYABLE Y•ar•nd#d Y•arènd•d un[SAY rOxford D8V8IDpm8nt Chatham House edied Rese8rth FoUndlOn Rtsy Opera H¢us Tw&sEI TIu$i The ChrfdrensTrust 27.791.00 10.000.00 2.000.00 3.000.00 5.000.00 8,500.00 10.000.00 1,391.575.00 2.ODO.00 lo.0000 1.420,07S.00 Thp Dicky Buckle Fund Rtysl Insbtuie QflniernationA 47.791.00 11. GOVERNANCECOSTS Y•ar•nd¥d Y•ar•nd•d 31.121 Irmn Miichall LLP- L8gal& Prof8sOnalf@S Tlney Financisl Ltd Independent Exèminersfees Bank ¢har9eS Gaid&y PLC 2,400.00 3.000.00 1.344.00 t50 1,800.00 1.296.QD 3.00 1,200.00 4,299.00 6,808.50 12. RECONCIL7X)N OF NETMOVEMEKtSIN FUNDS TO NET CASH FLIM FROM OPERAIINGAeMVlnES Yearondgd 31.122 18S4,352.921 Yearènded 31.121 760,827.61 Nglrnovement Infunds Dgduct dividgnd and Intsr8 iDwn• shown ID InvesliDg a¢tivities Ltrs$ÈsllGFAnsI Dn disp05d of i[Wee$ Add ba¢klos3esldedud19aiD$lon InvestmgntS IlncreaselldeciEa8e in debtois ID¢rea5e (de¢a$8) CTedrtors 212.5000 1,944.00 (674,050.50 (125.000.001 631,258.00 13. AIiALYSIS OFCHANGESIN NET FUNDS Th•¢harty had nv debldunng Ih•year 14 TRUSTEES, REMUNERAIION AND BENEFITS Ther•We nolrustee$' r&munration orthher ben•fii$ forlhe year•nd8d 31 January 202212021.. nll Twsteesexpen5ES ThÈrtwere notru*ees' expenses Paid forthe yearended 31 January 202212021". nll 1& EMPLOYEES Therewere noemFknyeesduring the yeÈrl2021."nll. 16. REL4TED PARTYTRANSACMONS There sre nodisdosstle rdated patytranssthns12O21." niD.