THE MARTIN MCLAREN FOUNDATION
REFERENCE: 233313/1
ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
CHARITY NUMBER: 1195156
Prepared by:Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD
THE MARTIN MCLAREN FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' Annual Report | 1 - 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 - 15 |
THE MARTIN MCLAREN FOUNDATION
TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
Administrative Information
Date of Constitution 13 July 2021 Trustees Diana Catherine Lazenby McLaren (Chair) Robert Henry Blower Christopher Reed Jordan Dr Hugh Thomas Charles Lazenby Iona McLaren The power to appoint new Trustees is vested in the current Trustees Registered Charity Number 1195156 Registered Address The Chapter House Stoneleigh Abbey Kenilworth Warwickshire CV8 2LF Accountants and Solicitors Charles Russell Speechlys 5 Fleet Place London EC4M 7RD Investment Managers James Hambro & Partners 45 Pall Mall London SW1Y 5JG Bankers Natwest 250 Bishopsgate London EC2M 4AA
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THE MARTIN MCLAREN FOUNDATION
TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2025.
Trustees
The Trustees who served during the year are named on page 1.
Public Benefit
The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Objects
The objects of The Martin McLaren Foundation are: Such objects as are exclusively charitable (according to the laws of England and Wales) as the trustees may from time to time determine, including but not limited to, advancing education by providing grants to educational institutions and other charitable bodies to fund scholarships in areas including education in horticulture; music and the visual arts; and religious studies.
History
The CIO was constituted with a view to receiving funds from The Martin McLaren Memorial Trust (Registered Charity Number 291609 (‘MMMT’) and The Alphege Charitable Trust (Registered Charity Number 282410) (Alphege).
MMMT and Alphege are two charitable trusts established by the McLaren Family. The positions of these charities were reviewed by their Trustees, who took legal advice regarding possible options for the future. It was determined that it would be in the best interests of these charities for a new CIO to be formed, and for the assets of both charitable trusts to be transferred to it. This new CIO would have its own separate legal personality, and the trustees considered that the use of a corporate structure would enable the charities’ assets to be managed more effectively. Accordingly, it was agreed that the Martin McLaren Foundation (the CIO) would be established.
The CIO was registered by the Charity Commission on 21 July 2021. Since then, the Trustees have been making arrangements to facilitate the mergers of Alphege and MMMT into the CIO. The Commission has granted section 105 Orders for the Trustees to agree with the Trustees of MMMT and the Trustees of Alphege the transfer of assets to the CIO.
Assets were transferred from Alphege and MMMT during the year with Transfer Agreements between the Trustees of Alphege and MMMT and the Martin McLaren Foundation dated 4 February 2025.
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THE MARTIN MCLAREN FOUNDATION
TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
Achievements and Performance
The Trustees opened a bank account with Natwest during the year and received cash and investment assets from Alphege and MMMT. The Trustees intend to transfer all remaining cash balances held in the names of Alphege and MMMT into the Natwest account held by The Martin McLaren Memorial Foundation during the current year.
Grants were made from MMMT during the year for general charitable purposes. The total of donations made in the year was £600 (2024: 3,600) to 2 charities (2024: 1 charity). Following the merger of Alphege and MMMT with The Martin McLaren Foundation the Trustees envisage that grants of a wholly charitable nature will be made to other charitable organisations and individuals in furtherance of their stated objectives.
Financial Review
The Trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available to fulfil their obligations.
As at 31 March 2025, there was an income balance of £46,625 (2024: £60,017)
The Trustees have wide powers of investment as though beneficially entitled.
Policy on Reserves
The policy of the Trustees (which is reviewed annually) is to distribute fully all income received by the Charity, taking one year with another, so that no reserve will be formed out of income.
Objectives and Policies
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operation and finances of the Charity and are satisfied that systems are in place to mitigate their exposure to risk. The Trustees perceive that the major risk is their exposure to the effect of market conditions and other problems associated with the Stock Exchange investments. They have sought to contain the risk so far as possible by employing James Hambro & Partners to manage their investments on a discretionary basis. The portfolio is invested so as to achieve a balanced return of income and capital growth. The Trustees and James Hambro & Partners review this policy regularly and in current market conditions are satisfied with the performance of James Hambro & Partners.
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THE MARTIN MCLAREN FOUNDATION
TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025
Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the Trustees of the charity and signed on its behalf by:
Mrs Diana Catherine Lazenby McLaren Trustee
2026
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THE MARTIN MCLAREN FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Note Incoming Resources Investment Income 2 Donations Total Incoming Resources Resources Expended Donations made 3 Support costs 4 Total Resources Expended Net Incoming Resources Realised Gains and Losses 5 Unrealised Gains and Losses 5 Balance as at 31 March 2024 (2023) Balance as at 31 March 2025 (2024) |
Unrestricted | Unrestricted | |
|---|---|---|---|
| Income Capital Account Account 2025 2025 £ £ 20,093 - - - |
Total Funds 2025 £ 20,093 - 20,093 600 40,637 41,237 (21,144) 230,886 (214,565) (4,824) 1,253,657 1,248,834 |
Total Funds 2024 £ 21,735 3,000 |
|
| 20,093 - 600 - 32,886 7,752 |
24,735 3,600 19,879 |
||
| 33,486 7,752 (13,393) (7,752) - 230,886 - (214,565) |
23,479 1,256 15,106 101,943 |
||
| (13,393) 8,569 60,017 1,193,640 |
118,304 1,135,353 |
||
| 46,625 1,202,209 |
1,253,657 |
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THE MARTIN MCLAREN FOUNDATION
BALANCE SHEET AS AT 31 MARCH 2025
| Note Fixed Asset Investments 6 Bank Balances 7 Less: Creditors: Amounts Falling Due Within One Year 8 Representing: Unrestricted funds: Income Account Capital Account Total Funds Approved for and on behalf of the Trustees: Diana Lazenby McLaren Net Assets |
2025 £ 1,155,312 138,822 1,294,134 (45,301) 1,248,834 46,624.82 1,202,209 1,248,834 Date |
2024 £ 1,175,268 93,596 |
|---|---|---|
| 1,268,864 (15,207) |
||
| 1,253,657 | ||
| 60,017 1,193,640 |
||
| 1,253,657 | ||
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THE MARTIN MCLAREN FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2025
1 Accounting Policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.
1.1 Basis of Accounting
The financial statements have been prepared under the historical cost convention, as modified by the inclusion of fixed asset investments at market value, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities issued in March 2005.
1.2 Fund Accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.
1.3 Incoming Resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
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Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable.
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Investment income is included when receivable.
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THE MARTIN MCLAREN FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2025
1 Accounting Policies (Continued)
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1.3 Incoming Resources (continued)
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Incoming resources from tax reclaims are included in the Statement of Financial Activities (SoFA) at the same time as the income to which they relate.
1.4 Resources Expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
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Costs of generating funds comprise the costs associated with attracting voluntary income.
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Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the costs linked to the strategic management of the charity.
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All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
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Donations are recognised when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Where the charity gives a grant with conditions, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output. Where sufficient income is available, donations are distributed from the income account following approval by the Trustees.
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THE MARTIN MCLAREN FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2025
1 Accounting Policies (Continued)
1.5 Fixed Asset Investments
Quoted current asset investments are stated at market value as at the balance sheet date. Investment income is credited to the income fund when receivable. Realised gains and losses on the disposal of investments and unrealised gains and losses are credited to/deducted from the capital fund.
1.6 Funds policy
All funds are now unrestricted and income fund deficits are transferred to the capital fund.
1.7 Merger accounting
The 2024 comparative amounts show the aggregated results for the year ended 5 April 2024 for The Alphege Trust and The Martin McLaren Memorial Trust.
2 Investment Income
| Income from Listed Securities Interest received |
Alphege The Martin McLaren Memorial Trust The Martin McLaren Foundation Combined Total to 1 December 2024 to 1 December 2024 2025 £ £ £ £ 7,374 3,580 8,429 19,383 321 134 255 710 7,694 3,714 8,684 20,093 |
Combined Total 2024 £ 20,989 746 |
|---|---|---|
| 21,735 |
THE MARTIN MCLAREN FOUNDATION
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NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2025
3 Charitable Activities
| Charitable Activities | ||
|---|---|---|
| Donations made Support costs Archiving expenses Bank charges Accountancy fees Charles Russell Speechlys LLP fees |
Alphege The Martin McLaren Memorial Trust The Martin McLaren Foundation to 1 December 2024 to 1 December 2024 2025 2024 £ £ £ £ £ - 600 - 600 3,600 Alphege The Martin McLaren Memorial Trust The Martin McLaren Foundation to 1 December 2024 to 1 December 2024 2025 2024 £ £ £ £ £ - - - - 5,007 - 243 243 486 243 - - - - (1,800) - - 32,400 32,400 10,200 - 243 32,643 32,886 13,649 Income Account Income Account |
|
| 13,649 |
4 Support costs
Accountancy fees in 2024 were negative due to an over provision previous years by the Alphege Charitable Trust.
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THE MARTIN MCLAREN FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2025
4 Support costs (Continued)
| Investment Management charges | Alphege The Martin McLaren Memorial Trust The Martin McLaren Foundation to 1 December 2024 to 1 December 2024 2025 2024 £ £ £ £ £ 535 1,649 5,568 7,752 6,108 535 1,649 5,568 7,752 6,108 Capital Account |
Alphege The Martin McLaren Memorial Trust The Martin McLaren Foundation to 1 December 2024 to 1 December 2024 2025 2024 £ £ £ £ £ 535 1,649 5,568 7,752 6,108 535 1,649 5,568 7,752 6,108 Capital Account |
|---|---|---|
| 6,108 |
5 Other Recognised Gains and Losses
| Realised Gains on Disposals of Unrealised (Losses) / Gains on |
Alphege The Martin McLaren Memorial Trust The Martin McLaren Foundation Combined Total to 1 December 2024 to 1 December 2024 2025 £ £ £ £ 24,172 (2,137) 208,850 230,886 - - (214,565) (214,565) 24,172 (2,137) (5,715) 16,321 |
Combined Total 2024 £ 15,106 101,943 |
|---|---|---|
| 117,048 |
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THE MARTIN MCLAREN FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2025
6 Fixed Asset Investments
| Fixed Asset Investments | ||
|---|---|---|
| Net Additions / (Disposals) Transfer Market Value as at 5 April 2024 Market Value as at 31 March 2025 (5 April 2024) Unrealised (Losses) / Gains on Revaluation of Investments Realised Gains on Disposals of Investments |
Alphege The Martin McLaren Memorial Trust The Martin McLaren Foundation Combined Total to 1 December 2024 to 1 December 2024 2025 £ £ £ £ 522,592 652,676 - 1,175,268 (80,893) (2,046) 46,662 (36,277) 441,699 650,630 46,662 1,138,991 - - (214,565) (214,565) 24,172 (2,137) 208,850 230,886 (465,871) (648,493) 1,114,365 - - - 1,155,312 1,155,312 |
Combined Total 2024 £ 1,049,046 9,209 |
| 1,058,255 101,908 15,106 - |
||
| 1,175,268 |
The historical cost of the investments as at 31 March 2025 was £1.041,415 (2024: £851.018).
The portfolio is structured to provide a wide range of diversification to protect the trust assets and provide a balance between income and capital growth.
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THE MARTIN MCLAREN FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2025
7 Bank Balances
| Coutts Current Account Coutts Business Reserve Natwest JO Hambro & Partners Income Account JO Hambro & Partners Capital Account Charles Russell Speechlys LLP Client Account 8 Charles Russell Speechlys LLP fees Due to Diana Lazenby McLaren RBS Current Account RBS Deposit Account Brewin Dolphin Capital Account Liabilities Brewin Dolphin Income Account |
2025 £ 100 17,936 32,757 - 33,322 - - 51,816 2,894 - 138,825 2025 £ 40,294 5,007 45,301 |
2024 £ 100 18,775 - 1,000 32,860 4,658 20,988 1,257 11,653 2,306 |
|---|---|---|
| 93,596 | ||
| 2024 £ 10,200 5,007 |
||
| 15,207 |
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THE MARTIN MCLAREN FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2025
9 Donations made
| Donations made | ||
|---|---|---|
| Combe PCC Mells PCC Alphege Charitable Trust |
Alphege The Martin McLaren Memorial Trust The Martin McLaren Foundation Combined Total to 1 December 2024 to 1 December 2024 2025 £ £ £ £ - 500 - 500 - 100 - 100 - - - - - 600 - 600 |
Combined Total 2024 £ 500 100 3,000 |
| 3,600 |
10 Information regarding employees and trustees
The Charity had no employees during the year. No Trustees received remuneration and no Trustee expenses were paid during the year.
No Trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2024: 0).
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THE MARTIN MCLAREN FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 MARCH 2025
11 Analysis of principal SOFA components for the previous reporting period
| Total income Total expenditure Net income /(expenditure) Other gains/(losses) Net movements in funds Total funds brought forward Total funds carried forward |
Alphege The Martin McLaren Memorial Trust Combined Total 2024 2024 2024 £ £ £ 18,192 6,543 24,735 (1,800) 25,279 23,479 19,992 (18,736) 1,256 39,509 77,540 117,048 59,501 58,803 118,304 522,596 612,757 1,135,353 |
|---|---|
| 582,097 671,560 1,253,657 |
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