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$tè88' Report and tho flnanclal slatements In ac¢ordance wslh
appllc8bl6 law and Unlted Klngdom Accounung Standords {UnNod Klngdom Gènernlty Aecepled A￿OUntIng
Pra¢tico).
The law appllcable to charttie$ 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$t4mates that are reasonab￿ And prudent.
8tata whethèr appl￿able UK Accounung Standard8 IFRS 1021 have baon followad, sublecl lo any materkql
departure$ ¢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 re￿rdS IhÈt are $uffiGlent lo show and explain
the Charitys transèctions and dlscbsg vth reasonablè accuracy al any ttmo the financial ptssrt￿n 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 provIs￿￿8 of the Trust deed. They arg aLso responsible for
safeguarding the assets of tho Charity and hènca for taklng reasonablg steps for the pr￿entiOn and detsclton ot
fraud and olhor Irregularkl8S.
Approved by order oflhe memt)ers ofthg board ofTrUst￿ on 8 D8cembBr 2025 and SI￿ed 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 COn￿rnS 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
a￿62
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 off￿e 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 act￿lty 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
Ac￿untancY
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 ex4mlne￿S 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 be￿een funds
Analysis of net assets he￿een 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