Charity ragistration number 1189451 {England and Wales) TWO MAGPIES FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TWO MAGPIES FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees S Wesllake K Wesdake Charity registration England and Wales 1189451 Independent examiner Gravita Audit11 Limited Aldgale Tower 2 Léman Street London United Kingdom E1 8FA
TWO MAGPIES FUND CONTENTS Pag¥ Trustees, report Independent examinerfs report statement of financial activities statement of financial position Notes to the financial statements 6-10
TWO MAGPIES FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their report and financial slalernenls for the year ended 31 March 2025. The trustees have adopted the provisions of the Stslemenl of Recornmended Practice ISORPI "Accounting and Reporting by Chariliss" IFRS 1021 in preparing the annual report and financial slalemenls of the charity. Legal and administrative information set out at the front of these financial stslemenls form part of this report. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and MplY with the charills governing document dated 12 May 2020, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo charities preparing their accounts in accordan wtth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" Objectives and activities Two Magpies Fund Is a philanthropic foundation that awards grants to charities and not-for-profil organisalions working lo address violence against women and girls IVAWGI in all its forms, and to support primary-school-aged children growing up in poverty. Over the p8St five years, the ch8rity h8S 8W8rd&d MO th8n £2 million to over 100 organisalions, primarily based in London. In planning and reviewing ils 8¢livilies, the trustees have had due regard to the Charity Commission's guid8n¢e on public benefit. The ¢harity's current VAWG strategy fo¢uses on providing mLJlli-year, unreslri¢ted grants lo organisations that prevent gender-based Violen through education, and lo those that support people lo leave abusive relationships and rebLJild their lives. The charity's ¢hildren's strategy aims to give young people the best start in life by supporting baby banks and play schemes, particularfy those operating in family hostels. DLJring the year, the tnjstees also commissioned a new stream of work exploring the negative impacts of the criminal jLJSti¢e system on women and their families. Grant-making activity and achievements During the year, the charily made grants lotalling approximately £336,000. Grants were awarded to organisations including 81oody Good Period, CARIS Families, Fair Hearing, Furnishing Futures, Let Me Know, Little Village, Luminary Bakery, Pram Depot, Refuge, and the Vavengers. These organisations work across the charity's priority areas, providing preventative education, crisis support, practical assistance, and longer-term help for women, children, and families experiencing disadvantage. The trustees recognise and celebrate the quality and impact of the work delivered by the organisations supported during the year, and the way in which their activity has contributed to safety, dignity, and improved life chances for those they serve. Governance and fvture plans The charity is governed by ils Iruslees, who are responsible for setting the charity's direction, approving grants, and ensuring that il operates in line with ils charitable purposes. The charity's granl-making is funded by donations from the Iruslees, and grant decisions are reviewed regularfy lo ensure alignment with the charity's strategies and objectives. Looking ahead, the trustees intend to continue the charity's focused, str8tegic appro8ch to granl-m8king, including mulli-year and unreslri¢led funding whère appropriate, while remaining responsive lo emerging evidence and need. The trustees are grateful lo the organisalions funded during the year for their Commitment and imp8¢t, and rem8in dedicated to furthering the charity's purposes in a ¢areftJl and considered manner. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. Financial review During the year, the charity recèivèd donations totalling £283,959 and madè donations totalling £336,000 in linè with its grant making activities. As at the period end, the charity had made a deficit of £56,001 and had closing funds of £1,971.
TWO MAGPIES FUND TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintsined at a level to ¢over short and mediLJm term ¢osts of the ¢harity. The trLJStees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of resetves has been maintained throughout the year. Stru¢ture, governance and management The charity was established by a governing document dated 12 May 2020 and registered with the Charity Commission under charity number 1189451. The trustees who served during the year and up to the date of signature of the financial slalements were.. S Westlake K Westlake Recruitment and appoinlment of trustees The existing trustees are responsible for appointing further trustees. The trustees, report was approved by the Board of Trustees. Westlake Trustee 251112026 Date..
TWO MAGPIES FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TWO MAGPIES FUND I report to the trustees on my examination of the financial statements of Two Magpies Fund for the year ended 31 March 2025. Responsibilities and basis of report As the Iruslees of the charity you are responsible for th& preparation of th& financial statements in accordance with the requirements of the Charities Act 2011. I report in respect of rny examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145lSllbl of the Charities Act 2011. Independent examiner's statement Since the charity's gross income exceeded £250,000, the independent examiner musl be a member of a body listed in section 145 of the Charities Act 2011. 1 confirm that l am qualified to undertake the examination because l am a member of Inslilule of Chartered Accountsnts in England and Wales, which is one of the listed bodies. Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial stalements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Retx)rting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. 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.. accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. the financial slalements do not accord with those re¢ords', or the financial siatements do not comply with the applicable requirements concerning the fomi and content of financial statements set out in the Charities (Accounts and Reports) Regulalions 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. I have no COnrn8 and have Come 8¢ross 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. Gravlts Audlt11 Llmlted Aldgate Tower 2 Leman Street London E1 8FA United Kingdom 261112026
TWO MAGPIES FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestri¢ted Unrestricted funds funds 2025 2024 Notes Income from.. Donations and legacies 283,959 189,681 Total income 283,959 189,681 Exp¢nditur¢ on.. Charitable activities 339,960 329,260 Total expenditure 339,960 329,260 Net expenditure and movement in funds 156,D011 1139,5791 Rèconciliation of funds: Fund balanS at 1 April 2024 57,972 197,551 Fund balances at 31 March 2025 1,971 57,972 The statement of financial activities indudes all gains and losses recognised in the year. Al income and expenditure derive from continuing activities.
TWO MAGPIES FUND STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2025 2025 2024 Notes Current assets Debtors Cash at bank and in hand 3,960 1,971 61,932 5,931 61,932 Creditors: amounts falling due within one year 13,9601 13,9601 Net Current assets 1.971 57,972 The funds of the ¢harlty Unrestricted funds 1,971 57,972 1,971 57,972 The financial statements were approved by the trustees on 251112026 S Vlestlake Trustee
TWO MAGPIES FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information Two Magpies Fund is a Charitable Incorporated Organisalion, registered in England. The Charity Registration number is 1189451. The registered office is 35 Slormont Road, London, N6 4NR. 1.1 Basis of preparation The financial slalernenls have been prepared in accordance with the charity's governing document. the Charities Act 2011, FRS 102 "The Financial Reporting S18ndard applicable in the UK and Republic of Ireland. I'FRS 102,1 and the Ch8rilies SORP "Accounting and Reporting by Ch8rilies'. Statement ol Rewmmended Practice applic8ble to charities preparing their accounts in accordance with the Fin8n¢ial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021" (effective 1 January 20191. The charity is a Publi¢ Benefit Entity as defined by FRS 102. The charity has tsken advantsge of the provisions in the SORP for charities not to prepare a Statanent of Cash Flows. The financial statements have departed from the Charities IA¢counts and Reports) Regulations 2008 only to the exlenl required lo provide a true and fair view. This departure has involved following the Statement of Recommended Practice for ch8rilies applying FRS 102 rather than the version of the Statement of Recommended Pradice which is referred lo in the Regulations bul which has since been withdrawn. The financial statements are prepared in sterfing, which is the functional currency of the charity. Monetsry amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting poliaes adopted are set out below. 1.2 Golng ¢on¢ern 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 tntstees continLJe to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unreslricled funds are available for use al the discretion of the trustees in furtherance of the charity's objectives. 1.4 In¢ome Income is recognised when the charity is legally entided to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be reived. Cash donations are recognised on receipt. other donations are recognised On the charity has been notified of the donation, unless performance conditions require deferral of the amount.
TWO MAGPIES FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcl&$ Icontlnuèdl 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amounl of the obligalion can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dir1 costs and shared costs, including SUPFX)rt costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Cash and cash equivalents Cash and cash èquivalants include cash in hand and daposits héld at call with banks. 1.7 Financial instruments Th8 charity has èlected to apply the provisions of Section 11 'Basi¢ Financial Instruments, of FRS 102 to all ol its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrumenl. 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 setue on a net basis or to realise the asset and settle the liability simultaneously. Baslc flnan¢lal a$$ets Basic financial assets, which indude 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 reiptS discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Dorecognltlon of flnanclal asset$ Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership lo another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred lo another party that is able to sell the asset in ils entirety lo an unrelated third party. Baslc flnanclal Ilabllltl8S Basic financial liabilities, including creditors are initially recognised al transaction price unless the arrangement conslilules a financing Iransaclion, where the debt instrument is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilities classrfied as payable within one year are not amortised. Debt instrurnenls are subsequently carried al amortised cost, using the effective interest rale 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 wthin one year or less. If not, they are presented as non-cutrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cost using the eff&cliv& inltrrest mtrthod.
TWO MAGPIES FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcl&$ Icontlnuèdl Dere¢ognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Income from donations and lega¢ie$ Unrestricted funds 2025 Unrestricted funds 2024 Donations and gifts 283,959 189,681 Expenditure on charitable activities Grants to ¢harltles 2025 Support ¢o$ts 2025 Totsl Grants to ¢harltles 2024 Support ¢ost$ 2024 Total 2025 2024 Dlrect costs Accountancy 3,960 3,960 4,260 4,260 Grant funding of activities (see note 41 336,000 336,000 325,000 325,000 336,000 3,960 339,960 325,000 4,260 329,260 Analysls by fund Unrestricted funds 336,000 3,960 339,960 325,000 4,260 329,260
TWO MAGPIES FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Icontinuedl Grants payable Grants to charities 2025 Grants to charities 2024 Grants to institutions110 grants).. LMK Pramdepot C.l.C CARIS Cambden Little Village Bloody Good Period Luminary Bakery Refuge Vavengers Funishing Futures CIO The Blue Thread Other 100,000 20,000 30,000 50,000 25,000 30,000 50,000 1 S,000 1,000 15,000 100,000 20,000 30,000 50,000 20,000 50,000 15,000 40,000 336,000 325,000 Trustees None of the trustees lor any persons connected with them) received any remuneration or any reimbursed expenditure during the period. Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Total There were no employees whose annual remuneration was more than £60,000. Debtors 2025 2024 Amounts falling due within one year- Prepayments and accrued income 3,960 Creditors: amounts falling due within one year 2025 2024 Accruals and deferred income 3,960 3,960
TWO MAGPIES FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Related party transactions The trustees jointly donated income amounting lo £283,95912024 .' £189,681). During the year, the charity paid grants lolalling £100,00012024 £100.0001 lo a charity of which one of the trustees is a trustee. 10-