IM irwinmitchell E MCBAIN FAMILY FOUNDATI AN rthe earended 31 Janua 2024 (Rtrf.. OS332121-11
THE MCBAIN FAMILY FOUNDATI Annual Report of the TrLJsiees Independent Examinevs Report B8lance Sheet siaiemfrni of Cash flows Slalemenl of Financial Activities Notes to Financial Slalemenls 12-17 Schedule of Invastmenls
TRUSTEES. REPORT Page 1 For the year ended 31 January 2024 Full name of Charity . The Mc8ain Family Foundation Nature of governing document . Charitable Trust Deed dated 15 December 2017 Registration Number: 1178329 Trustees: Alastair David McBain Natalia McBain Oliver James McBain Sophie McBain Reglstered Address: 40 Holborn Viaduct, Holborn, London, EC1 N 2PZ Prlnclpal Banker . Arbulhnol 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 Auditor . Claire Norwood, Carpenter Box, Piper House, 4 Dukes Court, Bognor Road, Chichester, Wesl Sussex, P019 8FX Invgstment Managers . Allonby & Partners Limited, 10 Orange Street, London, WC2H 7Da Operating Restrictions: To provide relief from poverty or the promotion of education anywhere in the wodd or for or towards such other charitsble purposes as the Trustees shall select from time to time. Specific investrnent 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 December 2017. The Trustees have paid due regard to 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 statutory 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 Iheirobjecls totalling £36,000 12023.'£474,2941 Achievements and performance 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 tolalled £137,941 12023.. £1,203,978), resources expended tolalled £45,434 12023. £481,064) and there were realised gains of £1,03612023.' £116,1431- As a result the fund balance carried forward al 31 January 2023 was £1,299,79512023: £1, 140,9151 The investment advisors (Allonby & Palners Limited) are instructed to invest in cash until longer term plans have been made. The incoming resources consist of donations and bank deposit interest
Page 2 Reserves policy It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity. There are sufficient funds to cover management and administration costs and to resFiond to emergency applications for grants which arise from lime to time. Unrestricted funds were maintained at this level throughoLJI the year. Risk management The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established lo enable regular reports to be produced so that the necessary steps can be taken lo lessen these risks. Trustees responsibilities Legislation requires the trustees lo prepare financial statements for each fi'nancial year which show a true and fair view of the slate of affairs of the Charity and of the income and expenditure of the charity for that period. In preparing those financial stalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consistendy., make judgments and eslimales that are reasonable and prudent., stale whether applicable accounting standards and slalemenls of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the Charity will continue lo operate. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the Charity and lo ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets ofthe Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. A D McBain N McBain O J McBain S McBain Dated.................................
Page 2 R•s•rv•s policy 11 is the policy of the charty to maintain unrestricted fund5. which are the free reseNes of the charity. There are 8ufficient funds lo covor rnanag8ment and administration costs and to r•spond to èmergency applications for grants which arisè trom time tr) time. Unrestricted funds were maintained at this level Ihroughout the year. RSsk manag•m•nt The trustees have examined the major 51rategic, business and oper81ional risks which the charity face$ and confirm that systems have been established to enable regular reports to be produced 9) that the necessary steps can taken to lessen these risks. Trust•os responsibililièB Legislation requires the trustees to PTepare financial statements for each financial year which show a true and lair view of the state Df affairs of the Charity and of the income and expendiknre rjf the chafty for that period. In preparing those financial Statements. the Tru51ee5 are required lo.. select Suitab accounting policies and then app them consistently.. make judgments and esiimares that are reasonable and pruden[ state whether applicable accounling standards and statements of recommended practice have een followed. subjed to any departures disclosed and explained in the financwl stslemenls," and pr•pare the financial statements on the goirvJ concern basis unless it is inappropriate to presume that Ihe Charity will continue to operate. The Trustees are responsible for keeping proper 8ccountin9 recoTd8 which di3close with re&8onable aceurary at any tlmè Ihè finaneial r#)sition of the Charty 8nd to ensufe that the financial statements comply wth the Charities Act2011. They 8re also responsiblefrjr safeguardingthe assets olthe Charity and hence for taking reasonable steps for the prevenb.on and deteth'on of fraud and olher irregularthes. A D McBain N Mc8ain OJM •in S M¢B•in 16.1111>.
Pago 2 RgseNO$ polley 11 is the pOIY of th¢ ¢h4rity to tnainlaift ynr¢striGted fund¥, ¥rfhiGh are Ihe fr¢¢ r¢seN¢s of the charity. There ar¢ sufficient funds to cover management and administration costs and to respond to emergency applicab.ons for grants whieh arise from time to time. Unrestricted funds were maintained at this level throughout the year. Rl8k managem6nt The Iruslees have examined the major strategic, business and operatiortal risks which the char'ty faces and GOI)finii that systenis liav¥ been vstablished to enable regulaf reports to be produG¢d SQ thal th¢ n¢Ge¥s¢ry ?t¢ps can be tsken to lessen these risks. Tru*t¢e5 r¢sponsibiliti¢s Legistation requires the trustees to prepa financial stalements for each finanual year which show a true and fair view of the state of affairs of tho Charity and of the income and expenditure of the charity for that period. In preparing th(Ise financial statements, the TTUStees are required to.. select suitable accounting policics and Ihcn apply thcm consislentiy.. make judgments and estimate5 that are reasonable and prudent". state whether applicable cOUntIng sl>ndgrdg 2nd gtatéments of recommendpd prarticp have been followed, subject to any departures disc105ed and explained in the financial 3tstements.' and prepare the firncial statements on the goin9 concern basis unlgss It is inappropriate to presume that the Charity will continue to operate. Th8 Trustees are responsible for keeping proper accounting records which disclose with reasonable aGcuraGy at any tim¢ th¢ financial position of the Charity and to ensure that the financial statements compty with the Charib'esAct2011. They a also sponSible for safeguarding the assets of the Charity and hence for taking reasonable steps ftsrthe prevention and detection of fraud and other irregularities. A D McBain N McBai O J McBain S MGBain Dated.T£....d q+
Pag¢ 3 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 staternents of the McBain Family Foundation (the charity) for the year ended 31 January 2024. R8sponsibiliti8s and ba515 of report As the tIU5tees of the chaiity you are responsible for the preparation of the financial stateTnents in accordance with the requirerllents of the Charities Act 2011 (the 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 statement I have cotnpleted my examination. I confitrn that no rnatters have come to tny attention in wnnection with the exarnination 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 accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any iequiiement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no Con$ 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 reached. Claire Nomood Bsc FCA ATII Catpentei Box Limrted Pipei House 4 Dukes Court Bognor Road Chichester West Sussex P0198FX 2711112024 Dated.. GA: 6672023 1
Paue4 Inva&trnBnts4t MarketVJ• 8tS,382.5S Cash atbank 491,7e172 1.904,433.74 1.907,44&28 1.504,433.74 U•OIIWTaiMng lllFJTnniii 1z mvmh Lrt0 7.&0.00 JGJ.516.PJ £ 1,140.91&95 Fund Bal••#131.1l4 Urwtn¢ted £ l.bk,793.2a £ 1.140,914.9 8tst@m&ntsvMe4ppro¥d by Dftee$0n... svJnÈdonthrbohty Alr Davld %lcBaki Tru¥tee McBa TluYtÉ Olr481 Jan¢Bn so0 7.11 tsm pwtofthwo
RE615TERED¢HIArrY t*lll78329 CUrMhtknia4 015,35156 401.78172 1,5D4,453.74 1.)07 IdS.28 1.504,433. 7.350.C E 1 255.79&2B 383 51e.79 £ 1140.914.95 Fuhd •131.1.24 t 129970&28 E 1 140 91&05 N•talaFAcBwn OberJamp¥ ML1
Page4 E MCBNJN FAMILY FOUNDAMON REGISTERED CHARITY NO.1178329 CurrgntAs8ets InveSents at Marftet Value 815,38158 Cash gt bank 491,76272 1.504,43174 Debtors 1.307,145.28 1.504,43174 Liabi19111nU due 7th1 12 month¥ Cr8ditoTS Net Current Assets 7,350.00 1.209.795.28 363,51&79 Fund Bèlènce al gt 31.1.24 £ 1,299,795.28 The linantid Ètatement8YÈ approved by the btsard of truStèe$ on. .and $iyned On tharbèhdlby astsir Dav McBain Trustee Matla McBain TtuÈtee (Xiver James McBain Trustee Sophie McB8in Trnstee The notes on wages 7-11 fomi partolthese axounl
PJgg 5 24 Totsl Net cash used In operatlng actlyftle Cash flowl from inv*ting attMtièS'. InterestÈnd dividends PurchBse ol Invesknents Proceeds from sde ol Investments Gift Aid repaymeni Net cash provlded by Inve5Ung aCtI¥e& 7.940.95 18S2.382.031 103.372.87 1.292.568.93 1741.06&411 117.284.36 Change Sn cash and ¢ash equlvalents In the year 1.197.583.84 Cash broughlfoNrard lal bank and on portdiol Cash ¢arr forward 1.504.433.74 491.762.72 306.850.10 1 504.433.74
Page8 E MCBNJN FAMILY FOUNDAMON REGISTERED CHARITY NO.1178329 Year ended YeBrended 31.1.23 INC ME EXPENDIT DonaDonsand Legacies Gross Investment incorne RE 130,000.00 7,940.9S 1.202,85&78 Totsl Incorno 137,940.95 1.203,977.92 Resources expended ChÈntètAe Actiwtiej 4S,43182 481,0629 Total Resource5 Expended 45,433.82 481,064.29 Net ILossesllGaln9 on Investsnents Realised Gain on sale of Investments Unreaised Gain on revaluation ol Investments 1,036.09 11e,14& Net income forthe yearlNetmovementln fvnds 158,a80.33 839,05&85 Fund bslance bnughtfothard 301.85&10 Fund balance carrfed forward 31.1.24 1,299,795.28 None of the Charitys activities re aquired or diswnlinued dunng this fiscal Year. The Ch81ity hBs no e00n13ed ¢ainsor1099es otherthBn those de8h¥wth in the ststernentol Financisl Actiwties. The notes on wa98s7-11 fo partofth&se aOnI&
Page 7 THE MCBAIN FAMILY FOUNATION REGISTERED CHARITY NO. 1178329 Notes to the Accounts for the eriod ended 31 Janua 2024 1 ACCOUNTING POLICIES 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. 1.1 ACCOUNTING CONVENTION The financial statements have been prepared in accordance with Charities Act 2011 and 'Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounting periods commencing from 1 January 20191- The charity 15 a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which Is the functional currency of the charity. The aecounls have been prepared on the historical cost convention modified for the revaluation of investments. The principal accounting polieies adopted are sel out below. 1.2 GOING CONCERN Al the lime of approving the accounts, the trustees have reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Iruslees, continue lo adopt the going concern basis of accounting in preparation of the accounts. CHARITABLE FUNDS & FUND ACCOUNTING Unreslricled funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Incoming 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 beeen the sale proceeds and the carrying value of the asset, and is recognised in nel incomellexpendilure} for the year. GA.. 6719009 1
Page 8 1.4 GRANTS PAYABLE Grants payable are debited to expenditure within the Statement of Financial Activities during the period in which the Trust enters into a constructive obligation to make such payments, recognising a liability where payments are to be made in future periods. INVESTMENTS AND INVESTMENT INCOME All investments are slated at fair value and the movement shown comprises both realised and unrealised gains and losses. Realised gains or losses arising on the disposal of investments Ilogether with provisions for diminution in value), are credited or debited to the Statement of Financial Aclivilies, 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 Govemance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to stslutory audit and legal fees together with other overhead and SUPF)Ort costs. CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held at 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 instruments. Financial assets and liabilities are offset, with the net amounts presented in the fi'nancial stalemenls, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslitules a financing transaction, where the transaction Is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. Impairment of financial assets Financial assets, other than those held al fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. 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 g If an asset is impaired, the impaiment loss is the difference between the carrying amount and the present value of the eslimaled cash flows discounted al the asset's original effective interest rate. The impairment loss is recognised in nel incomellexpendilurel for the year. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carying amount does not exceed what the carrying amount would have been, had the impairment previously been recognised. The impairment reversal is recognised in nel incomellexpendilurel for the year. Baslc flnanclal Ilabllltles Basic financial liabilities, including trade and other payables, are initially recognised at transaction pri unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future reipts discounted al a market rale of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade payables are obligations lo pay for goods or services that have been acquired in the ordinary course of operations trom suppliers. Accounts payable are classed as current liabilities if payment is due within one year or less. If not, they are presented as noTrcurrenl liabilities. Trade payables are recognised initially al transaction pri and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilitie5 are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are eonsidered to be relevant. Actual results may differ from these estimates. The estimates and undedying 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 per1(s. GA.. 6719009 1
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eRENTOR$.. AIIOVNTS FALUNG WETHIN OME YEAR 31.1.24 Irwin Milchpll LLF- Lega 8 PfftgsioDfpP5 IW8nlEXarnlTrèTS fe85 s,4{00 1.99XOO 2 40Q(Y) 2.64Q yfvEld ClegE 3&9478.79 518.79 7,300 CHAHTABLE ACTMnES Yoar•rtdod 31.1.24 $6,rKxxoo 474.2>3.79 ShaieofGCecostS Inole 111 9.43x82 45.43182 6.77QS) 481 064.29 IGRANTs PAYABLE Y•ar•ndad 31.1.24 Y•ar•nd•d 15.000.11) 70D.C 15.000.} 5.25tt1X) 1.50Q Sb115buryHDSPlQg Chprtiy Eyes ontheFuttJre Opèra 6.t(xxoo ansfiLld Cdlag8 The Fvrkle Fvnd 358.47&79 68.265. 10.000.IY) cnalham lo.c(00 i0,L.00 lo.).00 Peopleaffected byw4r 36.CW.00 4F4.293.F9 11.GOVERNANCECOSTS YÈarknilÈd 31.1.24 Invin DAIlEhèll LLP- L£9al a ProfÈS<snfÈ 5,40Q 11.5to0} 2.57QC 2,4.00 3.iThY).00 1.200 28.50 Ina8p8nd&nlEAamIs BankchÈt9È5 Bard&ys- D15crdiLWry MBn8gemeTrtfee Sigma 1.88&67 806.65 9.431B2 6.th5O 11 RECONCU4MONOF NEfkiovEPAENTSIN FUNDS TO NETCASH FLOWFROM OPERAnNGACTMnES Y•ar•nthd Y•ai•nd•d 31.1.24 NptmrywneDtiTrfvnd 1SB.88Q33 9.05&85 dividÈrHJÉnd InlÈrirtomÈ shttw In InVinglyrtlS LDssÈsllGainsI diswsa ot invÉsINnls Add baLlosséSld8dI Igainsi Dn Inv8slmenls Ilncreaselldecreage IndEblors Incre83elthreasel IncreditQTS I7,5495} 11.03&0>1 I6.1679} 1271 602.611 8.579 1& ANALYSSOF CHANfjE51N NET FUNDS ThÈ thaiil¥ no dèbidufinJthÉ yéar TRU$TEES' REAIUNERATION AND 8ENEATS Theree rM)trusle88' r8rnunera orithortsnefilsforth8 yearend8b31 Janwy202412023". nill Tiuslpp5eKpenFe Theree rM)tru5188S'es0Spa1d forthe Yoar8n 31 January 2024{23 nil) 1& EMPLOYEES Th&rèwÈ thiing thè12023.1II. 1& RELATEO PARTYTRANSACMONS Th¢repreno di9dg¥ptrlerdpJrt¥tr£nyCElo?IzQ2? nill.
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