IM irwinmitchell (Ref.. 05332121-11
Fl Annual Réport 01lhè Ttutsiees Ilendent Examref5 Rewrt 841ance Sheet S181em8nl of Cash110*8 ststtrmani of Flnanoal AcUvilW• Notes lo Finaroal Slalement5 1>22 Schedule of Investments
TRUSTEES. REPORT Page 1 For the year ended 31 January 2025 Full name of Charity . The McBain Family Foundabon Nature of governing document . Chanlable Trust Deed dated 15 December 2017 Registration Number: 1178329 Trusteos: aslair David McBain Natalia McBain Oliver James McBain Sophie McBain Registored Address: Thomas Eggar House, Friary Lane. Chichester, West Sussex, P019 1 UF Principal Banker: Barclays Bank {Suissel SA. Chemin de Grange Canal 1 &20. PO Box 3941, 1211 Geneva 3, Switzerland. Solicitors . Irwin Mitchell LLP, Thomas Eggar House. Friary Lane, Chichester, Wesl Sussex, P019 1UF Independent Examlner: Claire Norwwd, Carpenter Box, Piper House, 4 Dukes Court. Bognor Road, Chichester. Wesl Sussex, P019 8FX Investment Managern . Allonby & Partners Limited. 10 Orange Street, London, WC2H 70Q Operatlng Restrlctlons: To provide relief from povety or the promotion of education anywhere in the world or for or towards such other charitable purposes as the Trustees shall select from tsme lo time. Speclflc Investment powern: In accordance with the Trustee Investment Act 1961 as amended by the Charities (Trustee Investment Act 1961) Order 1995. Constitutlon and oblects The objects ol the Trust indude the relief of povety or the promotion of education anywhere in the world or for or towards such other charitsble purposes as the Trustees shall select from lime to lime 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. Oryanlsatlon The Trustees who served during the period and since the period end are set 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 maklng polley and actlvltles During the period the Trustees made grants in accordance wrth their objects lotalling £235,667 12024'.£36,0001 Achlevements and performance During the period the Trust has remained in cash whlst the trustees decide on the longer term plans forthe assets. Flnanclal Revlew and Investment pollcy During the year incoming resources lotalled £829,686.04 12024.. £137,941), resources expended tolalled £249,882. 12024.. £45,434) and there were realised gains of £20,05112024.' £1.0361. As a result the fund balance carried fotward al 31 January 2025 was £2,016,663 {2024'. £1,299,795) The investment advisors IAllonby & Partners Limrted) are instructed to invest in with Barclays Bank Isuissel SA The incoming resources consist of donations and investment income.
Pag8 2 Res•rves polley It is the policy of the charty tr) maintsin unrestricted lunds. whth are the free reseNes ofthe charity Thgr• are sufflclent fvnas io cover management and administrab'on Costs and lo resp)nd to emergency applicalkms for grants which arise from time to Unrtstrthd fvnds were maintsined at thls level throughout the year. Rl8k managoment The trustees have exanNn8d the malor strateg4 business and operational risks whi¢h Ihe charity faces and confr'rm that systems have been establish&J to enaLe regular reports to be kwDJuced so that the necessary slepg can be taken to lessen Ihose nsks. Plans forlho fulur• The Irusie8S have met with C.Hoar8 and Co with a to the Foundation being subsumed into a Master Charitsble Trust run by C Hoare & Co. The trustees fed this is a cost effectThie way forward, the current tnjstees woukl Still b trwa9¥d iii proposlng thelr pretsrreo oonees. TnMtO•8 ro•ponslbllltlo8 L•gislalion require8 111¢ trust$ to pyepgre lInal81 ststements for each financial year which show a true and lair vwi ot the stste of affairs of the Charity and of the income and eXnditUre of the chanty for that peritsl. In Pfeparing those financial statements, the Trustees are required to: select surtable accoijntino pol$ and Ih•n appty th•m ton6i6tonty: mako judgments and estimates thot are reasonal)le and prudent" stste whether applicat4e accounkn.ng ndards and stat•m8nts of recommend praetlcg hav• .n fnllowed, subj•cl to any d•partures discloG¢d and exploinad in the fin•nGial slat¥11lI1¥, and pregare the financial staterrKJntA nn the going conearn #V1 unl4• il i# in4pproprioto to pr8sum• that th9 Charity will ¢ontinuc to oporats. The TNStees are responsible for keépino rbroper 0nting r•eord wthieh di0 vAth r•o$onobl¢ APf.(Iracy at •ny tim9 th• finanwl p06ikn.on of tho Chenty and to en¥ure that the financtal >l<il¥iii¥nts compky with tho ChariliesA¢t 2011. are dso responsit48 forsafeguarding the assets ofthe Chanty and hence br taking reasonable steps forthe pments. d41 on fraud and other irregulantie$. A D McBain M¢ O J McBain McBain XDated.................................
MCBAIN FAMILY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MCBAIN FAMILY FOUNDATION I report to the truste8s on my exarnination ofthe ffin8nu81 statements ofthe McBain Famly Foundab"tsn (thè tharityl for the year ended 31 January 2025. Responsibilities and basis of report As the trustees of the charity you are responsit4e for Ihe preparalion of the ffinanual statements in accordance with the requirements ol the Charities Act 2011 (the 2011 A¢ti. I report in spect of my examinalion of the chanty's financial statements camed out under section 145 of the 2011 Act. In carrying out my examination I have fc41cpwed all the apF4icat4e Directions given by the Charity Cornmission under section 1451Sllbl ol the 2011 Acl. Ind•p•nd•nt •xamin•rf• Statèmènt Sin¢e the charity's gross in¢ome exceedtrd £250,000 your examiner mu$1 be g memb&rof a body li$l8d in Seetion 145 01 the 2011 A¢t. l confirm that l am qualified tts undertakè the examination bècause l am a member ol the Inslilule of Chartered Accountants in Enand and Wal$$, which is on$ of Ihe listed btyJies. I have completed my examination. I confinn Ihat no matters have come lo my 8ttention in ctsnnection with Ihtr examination giving me cause to believe that in any material speCt.. accounting records were not kept in respect ol the charity as wuired by section 130 of the 2011 Act,. or th¥ financial st8lement$ do not accord th Ihos& records," or the financial $talemenls do not ¢ornrAy with the ap•¢01e reqU1MentS con¢eming the fomi and ¢onlent of accounts sel out in the Charities (Accounts and Reportsl Regdalions 2008 other than any requirement that the 8c¢ounl$ give a true and fair viw which is nol a matter ¢onwdered as part of an Independent examination. I have no conearns and have come acn)ss no other matters in connection th the &xamination to which attention should be drawn in this report in order lo enatrAe a prOr underslanding of the finanri81 slalemenl3 10 be reached. Claire NorwrKJd Bsc FCA ATII Carpèntèr Box Limited Pip81 House 4 Dukes Court Bognor Road Chichester West Sussex P019 8FX 2511112025
EAIC STE Ya404 117 31 Jan Gyrr•ntA•••ts hv88trnprts4t M8rk•t Vlh 2.(K)S. 015,3b2.&8 Cash at 1W,8XJ.73 491.7e2.72 17B624O. .207,14&28 Ll4b*tl•• f•lllw 12 Credttors 16 Fund &l•o¢• * It J1.12S Unrn8thet•d È 2.018 .12 Nthla Mc8ah ¢JwrJim•i Mr£wkn Soph&• Mekn
Pago S Tot Totsl Not calh uied in operating activities 12 701.75B.20 1271.602.61 Cash flM from Inve¥tlng a¢11th. Interest and dividends Purchase of investments Proceed5 from s&e of inve51ment5 Aid repayment Not ¢•8h provldod by In¥estlng •ctIvles 511.273.22 11.572.121751 519.2(Kl.34 7.940.95 (852.382.031 103.372.67 11.W2.650.191 (741.068.411 Change In c•8h ond caih 8qul¥•lents It) th• yoor 13C#).891.991 11.012.671.021 Cash brought lorw8fd lai bank and on portfclol C••h urrlod lor*•r 491.762.72 190.870.73 1,504.433.74 491.762.72
Pay6 ncludin Income and Ex ndriure Account Y•ar ended 1.1.2 Year fynded Donations and Legstyes Gross Invesimanl Sncomtr 779,412.82 50,273.22 130,000.00 7,940.95 Totsl Incorn¢ 829,686.04 137,940.95 Ra80urc•8 •xynd•d Charitable Activities 249.B81.62 45,43182 Totsl R88ource8 Exp•nd•d 249,681.62 45,43182 Not ILM•eJllGoln• on In¥tm•t8 Re8lised Gain on 581e ol Investments Unrealised Gain on rev8luabon ol Investments 20,051.70 117.011.72 1.036.0 65.337.11 Not Incom• for th y•orlN•t mowJm•nt In fund8 716.867.84 158,880.33 Fund balance brou9hl forw8rd 1.299.795.28 1.140,914.95 Fund bilinu c•rrl•d lord 31.1.2J 2.016,663.12 £ 1,299,795.26 Nona ollha Charity$ •alv¢$ w• 0¢4thd tyd1s¢ty)nu¢d durwvJ thi$ fiscal Y&ar. Tho Chodly h•$ nD reGrynised g•ln$ orlo55e5 Olr th•n IhDSe d•rl with in th• Slalemenl of Flnanril Aclivrtkn& The notes on page5 7-11 form part of th888 acCOts.
Page 7 THE MCBAIN FAMILY FOUNDATION REGISTERED CHARITY NO. 1178329 Notes to the Accounts for the rlod ended 31 Janua 2025 1 ACCOUNTING POLICIES The McBain Family Foundation is an unincorporated charity. registered with the Charity Commission number 1178329. The registered address is I1n Mrtchell LLP, Thomas Eggar House, Friary Lane. Chichester, Wesl Sussex, P019 1UF 1.1 ACCOUNTING CONVENTION The financial statements have been prepared in accordance with Charibes Act 2011 and "Accounting and Reporting by Charities". Statement of Recommended Pracliee applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021" las amended for accounting penods commencing from 1 January 20191. The charity 1$ a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the charity. The a¢¢ounls have been prepared on the historical ¢ost conventn modified for the revaluation of investments. The principal accounting policies adopted are set out below. 1.2 GOING CONCERN Al the time of approving the accounts, the trustees have reasonat4e expectation that the charity has adequate resources to continue in operational existence for the foreseeable fvlure. Thus the Iruslees, conb'nue lo 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 trustees in fvrtherance of their charitable objectives unless the funds have been designated for other purposes. Incoming Resources Incoming resources indudes investment Incorne, which is recognised when the charity has a legal right lo the income and donations which are recognised on receipt The gain or loss arising on the disposal of an asset is determined as the difference betsveen the sale proceeds and the carrying value of the asset, and is reccgnised in net incomellexpendilurel foi the year. GA.. 6719009 1
Page 8 1.4 GRANTS PAYABLE Grants payable are debited lo expenditure within the Ststement of Financial Activities during the period in which the Trust enters into a constructive obligation to make such paymenls. recognising a liability where payments are to be made in future periods. INVESTMENTS AND INVESTMENT INCOME All investments are stated at fair value and the movement shown comprises both realised and unrealised gains and losses. Realised gains or losses arising on the disposal of inveStnts (together wrth provisions for diminub'on in value), are credited or debited lo the Statement of Financial Acb'vib'es, and subsequendy transferred lo Unrestricted Funds. CHARITABLE ACTIVITIES The cost of charitable activities consists of grants made. GOVERNANCE COSTS Governance costs comprise all costs invdvin9 the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to slatulory independent examination and legal fees together with othèr overhead and support costs including investrnenl management fees and bank charges. CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held at call with bank& FINANCIAL INSTRUMENTS The charity has decled lo apply the provisions of Seclion 11 "Basic Financial Instruments. and section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial inslrumenl& Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable right to 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. Baslc flnanclal assets Basic financial assets, which includes debtors and cash and bank balances, are initially measured al transaction price induding transaction costs and are subsequentty carried al amortised cost using the effective interest method unless the arrangement constitutes a financing Iransaclion, where the transaction is measured al 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 assets 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 recognitson of the financial asset, the esb'mated future cash flows have been affected. GA.. 6719009 1
Page 9 If an asset is impaired, the impairment loss is the difference belween the carrying amount and the present value of the estimated cash Ilows discounted al the asset's original effective interest rate. The impairment loss is recognised in net incomellexpenditurel for the year. If there is a decrease In the impairment loss arising from an event cccurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exed what the carying amount would have been, had the impaimient previously been recognised. The impairment reversal 15 recognised in net incomellexpenditurel for the year. Basic financial liabilities Basic financial Iiabililies, including trade and other payables. are initially recognised at transaction price unless the arrangement conslilules a financing transaction. where the debt Instrument Is measured al the present value of the future receipts 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 from suppliers. Accounts payable are dassed as current Iiabililies if payment is due within one year or less. If not, they are presented as non<urrenl liabilities. Trade payables are recognised initially at transaction price and subsequendy measured at amortised cost using the effectsve interest method. Derecognltlon of flnanclal Ilabllltles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 2. CRITICAL ACCOUNTING EsnMATES AND JUDGEMENTS In the application of the charity's accounting policies, the trustees are required to make judgements, eslimales 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 expeiience and other factors that are considered to be relevant. Actual results may differ from Ihese estimates. The eslimales and underlying assumptions are reviewed on an ongoing basi& Revisions to accounting eslimales 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
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Not•s t0th•¢0urts tOFth• 31 Janua ZOZ5 & CRECITORS.. AMOUIITS FAIUNG DUE %ThIN ONE YEAR 31.1.25 31.1.24 Accru expenses Ir¥in Mitthel LLP- Loll 8 Pre$Sfl Indepdent Examinèrslees s.40? s.$1{) 5,400.00 1.950.00 Mènsfdi Ccle 170.e67.ts) 179.577.00 7,350.00 CHARITABLE ACIIMTIES YMr•nd•d 31.1.25 Y•4r 011•d Ji.1.24 GIAnts pAyAtlè Inota 101 235.e67.tY) Js.000.oo Share of Govern•DcÈ Co81J Inoty iii 14 214.62 249.881.fj2 9,433.82 45.433.82 10. 13RANTS PAYLE Y•ar•nd•d 31.1.25 Y••r 31.1.24 rit•n• Pi¢kup6 lor Pce Stèrs AppeAI ROY Opera Hou Chatham House We Ukraininn PeoFl• affected by war manle1 C(4g 101m 30.wgj 8,000.00 10,000.00 10,000.00 10,000.00 lo.rity) f70.e67.00 235.667.00 36.000.00 11. GOVÉRNANCE ¢O$TS Y••r•nd•d 31.1.25 Y••r 31.1.24 Ir Mllchdl LLP- 6 PrrfeuKmlfw• TIDey FInAnC4 #Annlnll Ltd Ind•p•nd•nt Exmin•r5f1 8Ank charge 8Afd4yI. thici<tlonkry M4nAg•moth Sigmi Prollt on Fcithlln currerrty axchono 5.400.00 l.S•theo) 2.09&81 3.é09.23 I.57 5&99 14.214.62 2.57D.QQ 270.50 1.886.67 e08.65 9433.82 12. RECONCILIATION OF NETIW)VEMENTS IN FUNOSTO NET CASH FLOW FRCIIOPERAIING ACIMTIES Y•ar•nd•d 31.1.26 716.867. Y••r •ffld•d 31.1.24 158.88D.33 Net movament In fvnd Dedu¢tdlVend ond Ifflerest Ifwrne shr4 hi IThn9 Losse(GOin$) on diswsAI ol in¥esimeMs Add bo¢ hssesldeduct IgBinsl on InveOr IID¢repselldecrea$e In debior <50.27&221 {20.051.701 17.940.851 11.03e.091 172.227.00 7Q1.75&20 £ 1271 602.81 13. ANALYSIS OF CHANGES #I NET FUIIDS Th• ¢hailly had no d•bt dunng th•y•Hr 14 TRUSTEES. REMUNERAMOII 8EIIEFrrs There tyustee$' remuneration orother forth• rnenthyd 31 January202$12024". nl) Twst88s 8xpens8£ There were no tru$tee$' exwses 1101 the 31 JanuwY2025{2dI nlj 1& EMPLOYEES There were no during they8ar{2024 ral 16. RELATED PARTY TrANSACIIOIIS There donab$fromtrustees al £779.41312014 £130.LW}ufwestrided
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