**Charity registration number 1204896**
**THE IAN AND BARBARA MCFARLANE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024**
## **THE IAN AND BARBARA MCFARLANE FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
## **Charity number**
**Accountants**
Mr D McFarlane
Mrs LA McFarlane Miss R McFarlane Mr P Johnson
1204896
SRG LLP 10 Bolt Court 3rd Floor London EC4A 3DA
(Appointed 25 September 2023)
(Appointed 25 September 2023) (Appointed 25 September 2023) (Appointed 25 September 2023)
## **THE IAN AND BARBARA MCFARLANE FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1|
|Accountants' report|2|
|Statement of financial activities|3|
|Balance sheet|4|
|Notes to the financial statements|5 - 8|
## **THE IAN AND BARBARA MCFARLANE FOUNDATION**
## **TRUSTEES' REPORT** _**FOR THE PERIOD ENDED 5 APRIL 2024**_
The trustees present their annual report and financial statements for the period ended 5 April 2024.
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 governing document, the Charities Act 2011 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 charity's objectives are to advance the education of the public on the subject of medical sciences in such ways as the charity trustees think fit, including by awarding grants to organisations and awarding scholarships, maintenance allowances or grants tenable at any university, college or institution of higher or further education to individuals or organisations.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
The charity was registered on 25th September 2023 and during the period to 5th April 2024 little activity occurred. During the year to 5th April 2025, the charity will undertake charitable activities in line with the objectives.
## **Financial review**
## _Reserves policy_
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. The trustees 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 reserves has been maintained throughout the period.
## **Structure, governance and management**
The charity is a Charitable Incorporated Organisation.
The trustees who served during the period and up to the date of signature of the financial statements were: Mr D McFarlane (Appointed 25 September 2023) Mrs LA McFarlane (Appointed 25 September 2023) Miss R McFarlane (Appointed 25 September 2023) Mr P Johnson (Appointed 25 September 2023)
The trustees' report was approved by the Board of Trustees.
Mr D McFarlane **Trustee**
4 February 2025
- 1 -
## **THE IAN AND BARBARA MCFARLANE FOUNDATION**
## **CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE IAN AND BARBARA MCFARLANE FOUNDATION FOR THE PERIOD ENDED 5 APRIL 2024**
In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial statements of The Ian and Barbara McFarlane Foundation for the period ended 5 April 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 29 January 2025. Our work has been undertaken solely to prepare for your approval the financial statements of The Ian and Barbara McFarlane Foundation and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Ian and Barbara McFarlane Foundation and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that The Ian and Barbara McFarlane Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of The Ian and Barbara McFarlane Foundation. You consider that The Ian and Barbara McFarlane Foundation is exempt from the statutory audit requirement for the period, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of The Ian and Barbara McFarlane Foundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
## **SRG LLP**
4 February 2025
**Chartered Accountants**
10 Bolt Court 3rd Floor London EC4A 3DA
- 2 -
## **THE IAN AND BARBARA MCFARLANE FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE PERIOD ENDED 5 APRIL 2024**_
|||**Unrestricted**|
|---|---|---|
|||**funds**|
|||**2024**|
||**Notes**|**£**|
|**Income from:**|||
|Donations and legacies|**3**|50|
|**Total income**||50|
|**Expenditure on:**|||
|Other expenditure|**6**|10|
|**Total expenditure**||10|
|**Net income and movement in funds**||40|
|**Reconciliation of funds:**|||
|Fund balances at 25 September 2023||-|
|**Fund balances at 5 April 2024**||40|
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
- 3 -
## **THE IAN AND BARBARA MCFARLANE FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2024**_
|**Notes**
**Current assets**
Cash at bank and in hand
**Net current assets**
**Net assets excluding pension liability**
**The funds of the charity**
Unrestricted funds
The financial statements were approved by the trustees on 4 February 2025
Mr D McFarlane
**Trustee**|**2024**
**£**
40|**£**
40|
|---|---|---|
|||40|
|||40|
|||40|
||||
- 4 -
## **THE IAN AND BARBARA MCFARLANE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE PERIOD ENDED 5 APRIL 2024**_
## **1 Accounting policies**
## **Charity information**
The Ian and Barbara McFarlane Foundation is a Charitable Incorporated Organisation.
## 1.1 **Reporting period**
The charity was registered on 25th September 2023 and has prepared its first accounts to 5th April 2024.
## **1.2 Accounting convention**
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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. The principal accounting policies adopted are set out below.
## **1.3 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.
## **1.4 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 or grantors 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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.5 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.
- 5 -
**THE IAN AND BARBARA MCFARLANE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE PERIOD ENDED 5 APRIL 2024**_
## **1 Accounting policies**
**(Continued)**
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.
## **1.6 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 amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support 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 consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **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.
## _**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.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.8 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
- 6 -
## **THE IAN AND BARBARA MCFARLANE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE PERIOD ENDED 5 APRIL 2024**_
## **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 from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**||
||**£**|**£**|
|Donations and gifts|50|50|
## **4 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.
## **5 Employees**
The average monthly number of employees during the period was:
||**2024**|
|---|---|
||**Number**|
|Total|-|
There were no employees whose annual remuneration was more than £60,000.
## **6 Other expenditure**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**||
|Financing costs|10|10|
## **7 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 7 -
## **THE IAN AND BARBARA MCFARLANE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE PERIOD ENDED 5 APRIL 2024**_
## **8 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 25**|**Incoming**|**Resources**|**At**|**5 April**|
|---|---|---|---|---|---|
||**September**|**resources**|**expended**||**2024**|
||**2023**|||||
||**£**|**£**|**£**||**£**|
|General funds|-|50|(10)||40|
## **9 Related party transactions**
There were no disclosable related party transactions during the period.
- 8 -