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2023-01-31-accounts

Charity Registration No. 1182172

Company Registration No. 11784587 (England and Wales)

THE MATHERS FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

THE MATHERS FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A J Mathers
G E Mathers
I S Mathers
Charity number 1182172
Company number 11784587
Registered office Mishcon de Reya
Four Station Square
Cambridge
CB1 2GE
Independent examiner McFadden Associates Limited
19 Rutland Square
Edinburgh
EH1 2BB
Bankers C. Hoare & Co
37 Fleet Street
London
EC4P 4DQ
Solicitors Mishcon de Reya
Four Station Square
Cambridge
CB1 2GE
Investment fund managers Cazenove Capital
1 London Wall Place
London
EC2Y 5AU

THE MATHERS FOUNDATION

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 12

THE MATHERS FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2023

The trustees present their report and financial statements for the year ended 31 January 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles and Memorandum, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)".

Objectives and activities

The objects of the foundation are to promote for the benefit of the public the preservation and conservation of rare and endangered species of orchids and their habitat, in particular and not exclusively by:

  1. Conserving living specimens of historically collected orchids, dating back to the Victorian age;

  2. Conserving living specimens of hybridised orchids that have contributed significantly to modern hybrids and/or which still have significant potential for future breeding lines;

  3. Developing new breeding lines of orchids;

  4. Providing public access to orchids and their history through attendance at public shows;

  5. Conducting and/or funding scientific research into orchids and their habitats and disseminating the results of such research.

Achievements and performance

2022 was a busy and successful year for the Foundation with three Public Open Days, two study visits from the RHS Orchid Committee and Kew Gardens’ scientists and a Guided Tour for Bournemouth Orchid Society and several orchid enthusiasts both in the UK and overseas. Visits to see orchid collections both in the UK and overseas, including a workshop on orchid propagation, provided advice and support for the growing collection and the opportunity to forge relationships to further our conservation aims.

Donations from Open Days and talks to Orchid Societies enabled us to continue our support for in-situ conservation of orchids by sponsoring 10 hectares of La Reserva Orquídeas, an orchid reserve in the cloud forest of Jardin, Antioquia, Colombia.

The RHS Wisley Orchid Show 2022 was our first major orchid exhibit and we achieved a Gold Medal for our display. Subsequently, we also loaned some of our collection to The Orchid Society of Great Britain to support their Gold medal winning educational exhibit at the RHS Chelsea Flower Show. The Foundation continued providing regular updates and information about the collection on social media platforms including Twitter, Instagram and Facebook. Articles about the Foundation were written for The Orchid Review, The OSGB Journal and newsletters for the British Orchid Council, Plant Heritage and a local horticulture society.

The main operations of the foundation successfully continued, with acquisitions of new species from Ecuador together with more historic hybrids and varied species from the closure of a long-standing orchid nursery. A full stocktake was undertaken and photographs of orchids in flower added to the database. The first catalogue and sales of surplus Pleione pseudobulbs from our propagation program was a success with orders from both UK and Europe. The glasshouse space expanded to include a dedicated polytunnel to house the Butterfield Pleione collection of species and hybrids. A purpose-built laboratory was also established off site to support the propagation of orchid seedlings with the help and guidance of The Eric Young Orchid Foundation. Another new UK collection was kindly donated to the foundation with the support of a grant from the Barbara Everard Trust for Orchid Conservation. Dick and Denise Hartley’s Stanhopea and Acineta collection comprised over 600 orchids, both species and hybrids, and had previously been awarded National Plant Collection status by Plant Heritage due to its significance.

THE MATHERS FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

We were proud to receive 12 awards from the Royal Horticultural Society (RHS):

Jim Durrant, our grower, was also awarded the Westonbirt Medal for his outstanding work as an orchid grower over 50 years.

Since the end of the financial year the Foundation has continued to welcome visitors to Open Days and receive awards for both orchids and shows. Another UK orchid collection has been donated and furthermore, the Pleione collection has been reinstated with the honour of being a National Plant Collection following a successful first growing season. The Foundation’s asymbiotic breeding programme has also continued with the first seedlings now growing in Sussex.

Financial review

The foundation received donations and Gift Aid amounting to £950,550 in the year together with grants, sales of surplus plants and dividends amounted to income of £964,016. Expenditure of £107,949 related primarily to the acquisition of orchids, growing services, rent and greenhouse materials, but also included sponsorship of an orchid reserve in Colombia and costs relating to show, access and display expenses for Open Days and shows in 2022.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. Additional unrestricted reserves will be used to build up an expendable endowment for long term expenditure. The trustees consider that this policy will ensure that, in the event of a significant drop in funding they will be able to continue the charity’s current activities. The level of reserves has increased throughout the period as a result of donations made to build up the expendable endowment for the long term future of the charity.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The trustees delegate the management of the Charity's investment portfolio to professional fund managers whilst maintaining oversight over those investments. The Funds are invested in such a manner as the trustees think fit in order to provide an appropriate and balanced portfolio, taking into account the requirements of the law relating to the investment of charitable monies.

Structure, governance and management

The charity is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

A J Mathers

G E Mathers

I S Mathers

THE MATHERS FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

Details of method of recruitment and appointment of trustees: The founder and Chair, Gill Mathers, is both a qualified accountant and has a considerable interest in the subject. She has undertaken appropriate training in the duties of a trustee. She has appointed Isabel Mathers and Anna Mathers as fellow trustees who also share her interests in conservation.

Details of organisational structure: The necessary infrastructure of the glasshouses is maintained under a long lease by a reputable third party firm which ensures the provision and maintenance of all necessary heating, shading, ventilation and water supplies. Growing and hybridising services are provided by an expert grower and hybridiser working under contract.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Every member has one vote on each matter and one member is appointed Chair for each meeting.

The trustees' report was approved by the Board of Trustees.

G E Mathers

G E Mathers (Jul 20, 2023 21:19 GMT+1)

G E Mathers

Trustee Dated: 18 July 2023

THE MATHERS FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MATHERS FOUNDATION

I report to the trustees on my examination of the financial statements of The Mathers Foundation (the charity) for the year ended 31 January 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAS, which is one of the listed bodies.

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 that in any material respect:

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 financial statements to be reached.

Iain McFadden CA

19 Rutland Square Edinburgh EH1 2BB

Dated: 18 July 2023

THE MATHERS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 950,550 300,005
Grants 3 673 -
Charitable activities 4 9,149 497
Investments 5 3,644 263
Total income 964,016 300,765
Expenditure on:
Charitable activities 6 107,949 87,824
Net gains/(losses) on investments 10 (12,337) (2,848)
Net movement in funds 843,730 210,093
Fund balances at 1 February 2022 448,117 238,024
Fund balances at 31 January 2023 1,291,847 448,117

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE MATHERS FOUNDATION

BALANCE SHEET

AS AT 31 JANUARY 2023

Notes
Fixed assets
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2023
£
£
321,388
1,586
973,010
974,596
(4,137)
970,459
1,291,847
1,291,847
1,291,847		 2022
£
£
334,047
462
120,175
120,637
(6,567)
114,070
448,117
448,117
448,117		 2022
£
£
334,047
462
120,175
120,637
(6,567)
114,070
448,117
448,117
448,117
448,117
448,117
448,117

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2023.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 18 July 2023

G E Mathers

G E Mathers (Jul 20, 2023 21:19 GMT+1)

G E Mathers Trustee

Company Registration No. 11784587

THE MATHERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

1 Accounting policies

Charity information

The Mathers Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Mishcon de Reya, Four Station Square, Cambridge, CB1 2GE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's articles of association, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grants received in advance of the associated work being carried out are deferred only when the donor has imposed preconditions on the expenditure of resources.

Income from investments is accounted for when it is receivable.

THE MATHERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised when a liability is incurred.

Charitable activities include expenditure associated with the propagation of plants and public access to the collection and include both direct and support costs relating to these activities.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Support costs include central functions and have been allocated to the charitable activity on a basis consistent with their use.

All expenditure is inclusive of irrecoverable VAT.

1.6 Fixed asset investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents 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. Bank overdrafts are shown within borrowings in current liabilities.

1.8 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 instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set 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 include 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 constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

THE MATHERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities 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 considered to be relevant. Actual results may differ from these estimates.

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 and future periods where the revision affects both current and future periods.

3 Income

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 950,550 300,005
Grants 673 -
951,223 300,005

Donations in the period include £760,000 (2022: £240,000) made by David Mathers and Gift Aid of £190,090 (2022: £60,000).

A grant of £673 was received from the Barbara Everard Trust for Orchid Conservation towards the relocation of the National Collection of Stanhopeas.

4 Charitable activities

2023 2022
£ £
Plant sales 9,149 497

THE MATHERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

5 Investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Income from unlisted investments 3,644 263
6 Charitable activities
Total Total
2023 2022
£ £
Plant propogation
Rent 37,499 31,089
Growing and Hybridisation Services 34,443 27,490
Plants 13,729 19,470
Direct Greenhouse and Garden materials 13,962 5,379
Research and public access
Sponsorship 975 739
Show, access and display expenses 3,620 1,461
104,228 85,628
Share of support costs (see note 7) 1,483 631
Share of governance costs (see note 7) 2,238 1,565
107,949 87,824

THE MATHERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2023

7 Support costs

Support
costs
Governance
costs
£
£
Bank charges
476
-
Print, post & stationery
779
-
Information technology
79
-
Subscriptions
149
-
Accountancy
-
480
Legal and professional
-
1,758
1,483
2,238
Analysed between
Charitable activities
1,483
2,238		 2023
£
476
779
79
149
480
1,758
3,721
3,721		 2022
£
460
171
-
-
480
1,085
2,196
2,196

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

9 Employees

There were no employees during the year.

10 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Revaluation of investments (12,337) (2,848)

THE MATHERS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2023

11 Fixed asset investments

Cost or valuation
At 1 February 2022
Valuation changes
Disposals
At 31 January 2023
Carrying amount
At 31 January 2023
At 31 January 2022
12
Debtors
Amounts falling due within one year:
Trade debtors
13
Creditors: amounts falling due within one year
Accruals and deferred income		 General Fund
£
334,047
(12,337)
(322)
321,388
321,388
334,047
2023
2022
£
£
1,586
462
2023
2022
£
£
4,137
6,567		 General Fund
£
334,047
(12,337)
(322)
321,388
321,388
334,047
2023
2022
£
£
1,586
462
2023
2022
£
£
4,137
6,567
321,388
321,388
334,047
2022
£
462
2022
£
6,567

14 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2023
£
37,500
37,500
75,000		 2022
£
20,000
40,000
60,000

15 Related party transactions

There were no disclosable related party transactions during the year.