Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
**Charity registration number 264014**
## **MINTZ FAMILY FOUNDATION**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2024**
Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mrs P Mintz J Mintz S Mintz **Charity number** 264014 **Principal address** 73 Cornhill London EC3V 3QQ **Independent examiner** H Patel FCCA Gerald Edelman LLP 73 Cornhill London EC3V 3QQ **Bankers** Barclays Bank 50 Pall Mall London SW1
Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Statement of Trustee's responsibilities|3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the accounts|7 - 13|
Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 5 APRIL 2024**_
The Trustees present their annual report and accounts for the year ended 5 April 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts 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 trust deed provides that the Trustees may pay or apply capital and income of the Trust for the benefit of such charitable purposes or institutions as they may at their discretion determine. The Trustees confirm that they have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing the trust's aims and objectives and setting the grant making policy for the year. The focus of the Trustees is largely on issues arising of a medical, welfare and educational nature. The charity has also continued its long adopted policy of providing continued support to a variety of charitable institutions for the public benefit.
It is the policy of the Trustees to support individuals charities mainly on a single donation basis . Applications are welcomed from other charitable institutions for grants with no geographical or other limitations applied. The merits of each application are considered and if required, further research is carried out prior to a grant being made.
All Trustees give of their time freely and no trustees remuneration or other benefits were paid in the year under review.
## **Achievements and performance**
During the year under review the Trustees supported various charitable institutions with total grants made of £455,666 (2023: £217,330). For further details please see note 7.
In the year under review the grants made were focused on the following areas:
## a) Medical and Welfare
The total grants made in this area were £371,000 (2023: £117,500).
## b) Education
The total grants in this area were £6,000 (2023: £10,000),
## c) Other grants including Arts
The total grants in this area were £78,666, (2023- £89,830).
A full list of grants made can be found in note 7.
## **Financial review**
The net expenditure for the year amounted to £128,666 (2023:£225,260).
The income totalled £327,531 (2023:£1,181) and is represented by donations from the Trustees and their interests. Total expenditure was £456,197 (2023: £219,245) and mainly consisted of grants made to charitable institutions in the year amounted to £455,666 (2023: £217,330).
In accordance with the Statement of Recommended Practice the unquoted investments retained by the charity are included in the accounts at open market value. The last revaluation was carried out by the Trustees as at 5 April 2021. The Trustees are of the opinion that there was no material change in this valuation in the year to 5 April 2024.
The Trustees have no fixed reserves policy. Additional funding is provided by the Trustees as and when required to fund the ongoing expenses and commitments of the charity.
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Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 5 APRIL 2024**_
Having reviewed the charity's financial forecast and expected future cash flows , the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, a period of not less than 12 months from the date of approval of these financial statements.
Accordingly, the Trustees continues to adopt the going concern basis in preparing the financial statements for the year ended 5 April 2024. Further details regarding adoption of the going concern basis can be found in note 1.2 to the financial statements.
## **Structure, governance and management**
The trust is constituted under the terms of a deed dated 19 April 1972.
The Trustees who served during the year are:
Mrs P Mintz J Mintz S Mintz
The power of appointment of new Trustees is vested in the Board. In selecting individuals for appointment regard will be given to their skills, knowledge and experience needed for the effective administration of charity.
The Trustees meet regularly on an informal basis to review the charity's affairs and make decisions thereon. Such decisions are implemented by the Trustees who deal with the charity's affairs on a day to day basis.
The Trustees are all directors of Louis J Mintz Son & Partners Ltd companies in which the charity has a direct investment.
The Trustee's report was approved by the Board of Trustees.
...............................
**Mrs P Mintz** Trustee
Dated: 2 January 2025
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Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **STATEMENT OF TRUSTEE'S RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 5 APRIL 2024**_
The Trustees are responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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.
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##
##
##
##
Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 5 APRIL 2024**_
|**Unrestricted**
**Designated**
**funds**
**funds**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
327,531
-
Investments
**4**
-
-
**Total income**
327,531
-
**Expenditure on:**
Raising funds
**5**
-
-
Charitable activities
**6**
456,197
-
**Total expenditure**
456,197
-
**Net expenditure before investment returns**
(128,666)
-
Net losses on investments
**10**
-
-
**Net expenditure before transfers**
(128,666)
-
Gross transfers between funds
106,666
(106,666)
**Net expenditure for the year**
(22,000)
(106,666)
Fund balances at 6 April 2023
1,321,996
106,666
**Fund balances at 5 April 2024**
1,299,996
-|**Total**
**2024**
**£**
327,531
-
327,531
-
456,197
456,197
(128,666)
-
(128,666)
-
(128,666)
1,428,662
1,299,996|**Total**
**2023**
**£**
-
1,181
1,181
1,555
217,690
219,245
(218,064)
(7,196)
(225,260)
-
(225,260)
1,653,922
1,428,662|
|---|---|---|
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Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2024**_
|**Notes**
**Fixed assets**
Investments
**11**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
**Net current (liabilities)/assets**
**Net assets**
**Income funds**
Unrestricted funds
Designated funds
General unrestricted funds|**2024**
**£**
**£**
1,356,997
1,692
(58,693)
(57,001)
1,299,996
-
1,299,996
1,299,996|**2023**
**£**
**£**
1,356,997
72,025
(360)
71,665
1,428,662
106,666
1,321,996
1,428,662|**2023**
**£**
**£**
1,356,997
72,025
(360)
71,665
1,428,662
106,666
1,321,996
1,428,662|
|---|---|---|---|
||||1,428,662|
||||106,666
1,321,996|
||||1,428,662|
The accounts were approved by the Board of Trustees and were authorised for issue on 2 January 2025 and signed on its behalf by:
...................................
Mrs P Mintz
**Trustee**
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Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2024**_
## **1 Accounting policies**
## **Company information**
Mintz Family Foundation is an unincorporated foundation. The charity is a Public Benefit Entity as defined by FRS102. The registered office is 73 Cornhill, London EC3V 3QQ.
## **1.1 Accounting convention**
The accounts have been prepared in accordance 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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
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 accounts have been prepared under the historical cost convention, modified to include the revaluation of investments and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 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.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
## **1.4 Incoming resources**
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.
Dividends on investments holdings are credited in the accounts upon receipt. Interest receivable is included on an accruals basis.
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Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Resources expended**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All resources expended are accounted for on an accruals basis and the irrecoverable element of VAT is included in the expense to which it relates.
Cost of raising funds relate to management fees payable to the investment portfolio managers.
Charitable expenditure represents grants made to institutions which are included in the accounts when paid or where a constructive obligation exists at the balance sheet date and also includes support costs.
Support costs including governance costs comprising expenditure involving the public accountability of the charity and its compliance with regulation and good practice. These costs include independent examination and legal fees and also those meeting its statutory obligations.
## **1.6 Fixed asset investments**
Unquoted investments are included in the accounts at the estimated market value. Differences on revaluation are included in the Statement of Financial Activities.
Quoted investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **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.
## **1.8 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
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 settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**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.
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Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_
## **1 Accounting policies**
## **(Continued)**
## _**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.
## **1.9 Foreign exchange**
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
## **1.10 Taxation**
As a registered charity the charity is exempt from taxation on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992.
## **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. The Charity holds a portfolio of unlisted/listed investments, which are primarily valued at fair value at the year-end date. These investments are valued by the trustees, and the valuation process involves significant judgment and estimation, referencing observable market prices for these investments.
.
## **3 Donations and legacies**
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Donations and gifts (from connected parties)|**327,531**|-|
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Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_
|**4**
**Investments**
Deposit interest
Interest receivable
**5**
**Raising funds**
Investment management||**2024**
**£**
-
-
-
**2024**
**£**
-
-|**2023**
**£**
1,110
71|
|---|---|---|---|
||||1,181|
||||2023
£
1,555|
||||1,555|
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Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_
## **6 Charitable activities**
|Grant funding of activities
Share of governance costs|**2024**
**£**
455,666
531
456,197|**2023**
**£**
217,330
360|
|---|---|---|
|||217,690|
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Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_
## **7 Grants payable**
|Grants to institutions:
Asthma & Lung UK
Camp Simcha
Crisis UK
Community Security Trust
Flying Seagulls
Holocaust Educational Trust
Jewish Care
Jewish Womens Aid
Kisharon
London Blitz American Football Team
London School of Jewish Studies
Lubavitch of Edgware
Magen David Adom
Nightingale Hammerson
Roundhouse Trust
Project SEED
St Mungos
UJIA
Well Being of Women
Work Avenue
World Jewish Relief
Other|**2024**
**£**
-
7,500
-
10,000
20,000
5,000
13,000
-
5,500
4,000
1,000
5,000
150,000
-
74,666
-
-
100,000
-
50,000
10,000
-
**455,666**|**2023**
**£**
60,000
7,500
10,000
-
20,000
5,000
12,500
2,500
5,000
-
-
-
-
10,000
33,333
5,000
5,000
-
5,000
25,000
10,000
1,497|
|---|---|---|
|||**217,330**|
## **8 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. No expenses were refunded to the trustees in the year.
## **9 Employees**
The average monthly number of employees during the year was:
||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
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Docusign Envelope ID: 08C8ECAF-C804-4826-8EF5-15E1994C6CDD
## **MINTZ FAMILY FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_
|**10**
**Net gains/(losses) on investments**
Revaluation of quoted investments
Foreign exchange gains and losses
Gain/loss on sale of investments
**11**
**Fixed asset investments**
Unlisted investments
**Unquoted investments comprise:**
L J Mintz Son & Partners Ltd|**2024**
**£**
-
-
-
-
**2024**
**£**
1,356,997
1,356,997|**2023**
**£**
(8,003)
14,847
(14,040)|
|---|---|---|
|||(7,196)|
|||**2023**
**£**
1,356,997|
|||1,356,997|
The holdings were valued at 5 April 2021 by the Trustees on an open market basis.
## **12 Creditors: amounts falling due within one year**
|Charitable commitments
Accruals and deferred income|**2024**
**£**
58,333
360
58,693|**2023**
**£**
-
360|
|---|---|---|
|||360|
## **13 Related party transactions**
There were no disclosable related party transactions during the year (2023 - none).
## **14 APB Ethical Standard relevant circumstances**
In common with many entities of our size we use our independent examiners to assist with the preparation of the accounts.
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