Charity numbar: 1209334 THE MICHAELSEN FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
THE MICHAELSEN FOUNDATION CONTENTS Page Reference and Admlnl¥trative Detsils of the Charlty, Its Trustees and AdYlser6 Trustees. Report Independent Examlnerfs Report statement of Fln8nclal Actlvltles Balance Sheet Notes to the Flnanclal Stat¢ments 7-11
THE WIICHAELSEN FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 MARCH 202S Trustees Allan Michaelsen, Chair (appointed 7 March 20241 Julie Sophi8 Michaelsen Haley lappoinled 14 August 20241 Laura Cathrine Viaccoz-Mich3elsen (appointed 14 Augusl 2024) Philip Michaelsen (appointed 7 March 2024) Charity r&glst8r8d number 1209334 Princlpal offlca 63 High Slre8t Wimbledon London SW18 SEE A¢eountants Warrener Stewart Chartered Accounlanls Hatwood House 43 Harwood Road London SW6 4QP Pagts I
THE MICHAELSEN FOUNDATION TRUSTEES. REPORT FOR THE PERIOD ENDED 31 MARCH 2025 The Trustees presenl their annual report log8lha¥ with the financjal 51alemenls of the The Michaelsan Found81ion for ihe period 7 March 2024 to 31 March 2025. Oblectlve¥ and actlvltle8 Pollcles and oblèctlves The Michaelsen Foundation was established lo advance such charitable purposes as the Iruslees see fil from time to lime. The Charity aims lo support the relief of poverty. medical research, education and the advancemenl Of music via the giwng of grants. In setting objecllves and planning for adivities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo public benefit. including the guidance 'Public benefit.. running a chaiily (PB2)'. Achievements and perforniance a. Main achievgmènts of the Charity The Charity made gr8nls to six other charities registered with the UK Charil*s Commission totaling £90,000. Flnanclal revlew a. Golng concem After making appropriate enqulries, the Trustees have a reasonabl@ expeclation that the CharSty has adequate resources lo conllnue in operational existence for the foreseeable future. For this reason, they continue to adopt Itie going concern basis in pleparing the financial 51atèments. Further detalls regarding the adoptlon of the going concern basis can be found in the accounting wJlicAes. b. ReseNes pollcy Reserves aTe maintsined al a level lo ensure they are sufficient lo meet the day lo day running costs of the charity. structyrei govèmance and managèmènt a. Con8tltutlon The Michaelsen Foundalion is a registered charlty. number 1209334, and is constituted under a Trust deèd. b. Methods of appolntment or electlon of Truste&s The managemenl of the Charily is the re5ponslbilily of the Trustees who are elected and co-opted under the terms of the Trust deed. Page 2
THE MICHAEL8EN FOUNDATION TRU8TEE8' REPORT ICONTINUED) FOR THE PERIOD ENOED 31 MARCH 2026 8tal•m•nt ol TNst••s' r•spon8lbllltl•s Tho Twstees are responslble for prep8Tlnu Ihg Tru$tè88' Report and tho flnanclal slatements In ac¢ordance wslh appllc8bl6 law and Unlted Klngdom Accounung Standords {UnNod Klngdom Gènernlty Aecepled AOUntIng Pra¢tico). The law appllcable to charttie$ In England & W819s requires the Truslees ts prepara finan¢l81 statements for each financigl perfod Ythkh glve • true and lair vlaw of the slate of affalrB of Ihe Charity and of tts incJ)rnlnu Tesour(s and appll(atlon of resour, includlng Its Incomg and gxpendliure. lor that wlod. In preparlng these finan¢ial $tatemenl$, Ihe TnJ8le88 are Tequlred to.. Salact suitablo aceounting policies 8nd then appty thgm conslstentty.. obsgrve the methods and prlnciples of the Chodtles SORP IFRS 1021. m8ke judgmenis and 8c¢ounting e$t4mates that are reasonab And prudent. 8tata whethèr applable UK Accounung Standard8 IFRS 1021 have baon followad, sublecl lo any materkql departure$ ¢Jlsc105ed 8nd explalnèd In th8 flnancial statemanls., prèpare the financial st8tements on the golng cLJn¢gm basls tjnlw Alg In8ppropriat lo prosume that thè Charitywlll continue In bu8ineB$. The Trustees are r6spon$lble for kèeplng ad¢qual8 8ccounllng rerdS IhÈt are $uffiGlent lo show and explain the Charitys transèctions and dlscbsg vth reasonablè accuracy al any ttmo the financial ptssrtn of the Charity and enable them to ensuiè that th• financlal 8tal8ments compty wSih th8 Charthes Act 2011, tha Charity IA¢eounts and Reports} ReguLallons 2008 and the provIs8 of the Trust deed. They arg aLso responsible for safeguarding the assets of tho Charity and hènca for taklng reasonablg steps for the prentiOn and detsclton ot fraud and olhor Irregularkl8S. Approved by order oflhe memt)ers ofthg board ofTrUst on 8 D8cembBr 2025 and SIed on their behalf by.. All•n Mloha•ls•n {Chalr of Trust) Page 3
THE kllCHAELSEN FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 31 MARCH 2026 Independent Examlnerfs Report to the Trustees of The Mlchae18en Foundatlon I'the Charity) I report lo the charity Trustees on my examin8lion of the accAJunls of the Charty for the period ended 31 March 2025. Responglbllltles and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounls in accordance with Ihe requirements of the Charities Act 20111'lhe 2011 Aet). I report in respect of my examination of the Charitls accounts carried out und8r section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Direclitsns given by the Charity Commission under seGlion 74515)Ib) of the 2011 Act. Independent Examlnèrfs Statement Your attention is drawn Its the fact that the Charity has prepared the accounts in accordance with Accovnling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Finanaal Reporting Standard applicable in the UK and Republ of Ireland IFRS 1021 in preference to the Accounting and Reporting by Ch8rities'. Slalemenl of Recomrnended Praclice issued on l April 2005 which Is referred lo in the exlanl regulations bul ha5 been withdrawn. l understand that this has been done in order for the accounts lo piovide a true and fair view in accordance wth the Generally Accepted Accounting Practice effective for ieporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come lo my attention in conneclioTI wSth the exarllination gimng me cause lo believe that in any malerial respect.. accounllng recordg were not kept in respect of the Charity 8s required by section 130 of the 2011 Act.. or the accounts do not aword wilh those records,. or the accounts do not comply wilh the applicttble requirements concerning Ihe fomi and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the 8ccounls give a 'true and 18ir' wew which is not a maller considered as part of an independent examination. I have no COnrnS and have comè across no other malleis in conneclion with the examination to which allention should be diawn in this report in order lo enable a proper understsnding of the accounts lo be reached. This report is made solely lo the Charills Tiusle8s, as a body, in accordance with Part 4 of the Charitles (Accounts and Reports) Regulations 2006. My work has been undertaken so that I might state to the Charills Trustees thos¢ matlers l am required lo slate lo them in an Independent Examinerfs Report and for no other purpose. To the fullest exlent perrnilled by law, I do not accept or assume responsibility lo anyone olh6r than the Charity and the Ch8riVs Trustees as a body, for my work or lor this report. Signed.. Dated.. 8 December 2025 Jon Last FCA P8ge 4
THE MICHAELSEN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2025 Unrestrlcted funds 2025 Total furhd5 2025 Note Income from: Charitable aclMlle$ 100.000 100,000 Total Income qoo.000 100,000 Expenditur8 on: Charitable activities 91,148 91.148 Totsl ¢xp¢ndlture 91,148 91.148 Net movement In funds 8,852 8.852 Rgconclllation of fund$: N&t movement in funds 8.852 8,852 Totsl funds carrSed forw8Yd 8,852 8,852 The Sl8lemènt ol Financial Acllvllies indudes all gains and105S85 r6cognised in the peTlQd. The notes on pages 7 10 11 fom) part of these financial statements. Page 5
THE MI¢HAEL8EN FOUNDATION BALANCE 8HEET AS AT 31 MARCH 2026 2026 Not• Current assets Cash at bank ond In hand 9,762 9,702 {9001 Crealtors". amounts falllng due wlthln ong year N•t ourr•nt ass•ts a62 Totsl nèt assets 8,852 Ch4rfty funds Unreththd fvnds 10 8,862 Totsl funds 8,862 Tha financial $talements vme apwoved 8nd author189d for Issue by the TTustses on 08 December 2025 and signed on their beholf by= A Allan Mioh4•1sen {Chalr of Trustea81 Julh 8ophh M10h¥• H*l•y ITnJ8lee) Tho notos on pages 7 to 11 form port of these Ilnan¢lal 8tatemgnts. PBge 6
THE MICHAELSEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026 General Infomiation The Michaelsers Foundation is cx>nstituled under a trust dead. Th8 charty was registered with the Chaiity Commission in England and Wales under charily nurnber 1209334 and il's registered offe is 63 High Street. Wimbledon, London, SW19 SEE. The Michaelsen Foundation wa8 established to advance such charilable purposes as the Iruslees see fil from lime lo lime. The Charity aims lo support Ihe relief ol poverty, medical research, education and the advancement of music via the giving of grant5. Accountlng policies 2.1 Basis of preparatlon of finanelal statsments The financial slalements have been prepared in accordance with the Charilies SORP IFRS 1021 Accounlinu and Reporting by Charilies.. Slalement of Recommended Practice applicable to charities preparino their accounts in accordance with the Financial Reporting Standaid applicable in the UK and Rèpublic ol Ireland IFRS 1021 {effective l January 20191. Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The finanaal slalements have been prepared lo give a 'true and f8iV view and have departed from the Chafrties (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'true and f3ir' view. This departure has involved followng the Charities SORP IFRS 102) published in October 2019 rather than the Acoounling and Reporting by Chari118s.' Stalernenl ol Recommended Practice èffecknve from 1 April 2005 which has since been wilhdrawn. The Michae15en Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Incoma All income is recognised once the Charity has entitlement lo Ihe income, it is probable th81 the Income will be rec8Sved and the amount of income receivable can be measured rell8bly. 2.3 Expenditure Expenditure is iecognised once there is a legal or conslruclive obligation to transfer economic benefit to a third party, 11 is probabl& that a transfer of economic benefits will be reqLJired in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by setivily. The costs of each actwily are made up of the lolal ol direct costs and shaied cosls. including 5UPPOrt costs involved in undertaking each activily, Di¥ect costs allribulable to a single activity aTe allocated directly lo that activity. Shared costs which contribute to more than one aclivity and support cosls which 8re not atlribulable to 8 single actlty are apportioned between thos8 activities on a basis consislenl wlh the use of resources. Central staff costs are allocated on the basis of lime spenl. and depreaalion charges allocaled on the portion ol Ihe asset's use. Exp8nditure on charitable activities 15 incurred on directly undertaklng the aclivitses whid) further the Charills objectives, as well as any associated support costs. Page 7
TtrIE MICHAELSEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 Accounting policies Icontlnuedl 2.3 Expenditurfr Icontinuedl Grants payable ale charged in the period when the offer is made except in those cases where Ihè offer is condbtional, such grants being recognised a5 expenditure when Ihe conditions attaching are fulfilled. Grants offered subject lo conditions vjhich have not been mel al the period end are noted as a commitment, but nol accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.4 Cash at bank and In hand Cash al bank and in hand includes cash and short-term highly liquid inveslrntrnls with a short rn3turily of three months or less from the dale of acquisition or opening of the deposit or similar aecounl. 2.5 Llabilities and provisions Liabilities are recogni5ed when there is an obligation at the Balance Sheet dale as a result of a past èvent. il is piobable that a Iiansler of econoiml¢ benefit will be required in 5elllement, and the amount of the settlement e2n be eslimaled reliably. Liabilities are recognised 8t the amount that the Charity anticipates il wll pay to sellle the debt or the amount rt has received as advanced payments lor the goods or Services il rnusl provide. Provision5 are measured at Ihe best estimate of the amounts required 10 5eltle the obligation. Where the effect of the lime value of money is rnalerial, the provision is based on the presenl value of those amounts, discoun18d al Ihe pre-tax discounl rale that rellecls the risks specjfic lo the liability. Th8 unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.6 Flnanclal instruments The Charily Only has financial assets and financial liabilitie5 of a kind thal qualify as basic financial instruments. Basic financial inslrumen(s are initially recognised 81 transaction value and subsequenlly rneasured al Iheir settlement value with the exception of bank loans which are subsequently measured al amortised cosl using Ihe effectiv& interest method. 2.7 Fund accountlng Gèneral funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the gene¥al objectives of the Charity and which h8ve not been designated for other purposes. Page 8
THE MICHAELSEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 Ineome from choritable actlvltS&8 Unrestrfctèd funds 2025 Total fund6 2025 Donations 100,000 loo.000 Analysis of grants Grants to Instltutlons 2025 Total funds 2025 Grants made 90.000 90.000 Arhatysls of expendlture on charftsbla actlvltles Summary byfund type Unre$trlcted funds 2025 Totsl 2025 Grants made AcuntancY Computer c051s 90,000 9Q) 90.000 900 248 91,148 91,148 Page 9
THE MICHAELSEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 Analysis of expenditure by actlvltlès Grant funding of a¢tlvltias 2025 Support Costs 2025 Total funds 2025 Grants made Accountancy Computèr costs 90,000 90,000 900 900 248 248 90,000 1,148 91.148 Independent ex4mlneS remuneratlon 2025 Fees payable lo the Charity's independent exarnine¥ for the independent examination ol the Charitys annual accounts 750 Trustses. reTnunaration and exp&nses During the period. no Trustees received any remuneration or other benefits. During the period ended 31 March 2025, no Trustee expenses have been incurred£. Cr8dltors: Amounts falling due wlthln one year 2025 A¢uu8ls and deferred income 900 Page 10
THE MICHAELSEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 10. Statamant of funds Statement of fund8- current period Balanc• at 31 March 2025 Income ExpèndltLFr& Unrestricted funds General Fund3- all funds 100.000 191,1481 8,852 11. Summaryoffunds Summary of funds - current pèrlod Balance at 31 March 2025 Income Expenditurè Géneral funds 100.000 191.1481 8,862 12. Analys18 of net •ss&ts beeen funds Analysis of net assets heeen funds . currènt perfod Unrestricted fund$ 2025 Total funds 2025 Cutl8nl as$818 Credlltsrs duè vAthin one year 9,752 (9001 9,752 19001 Total 8.852 8,852 Page11