Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 COMPANY REGISTRATION NUMBER.. 01148896 The Material World Foundation Limited Trustees Report and Financial Statements 31 December 2023
Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 THE MATERIAL WORLD FOUNDATION LIMITED CHARITY INFORMATION FOR ThE YEAR ENDED 31ST DECEMBER 2023 Charity Number 266746 TTU8tegs O Harrison D Harrison L Arias L Boss K Roberts Contact Address 10 Orange Street London WC2H 7DQ Bankers Coutts & Co. 440 Strand London WC2R OQS Independent Examiner Alison Maguire
Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 The Material World Foundation Limited Flnancial Statsments Year ended 31 December 2023 Contents Page Trustees, report Independent Examiner's Report Company statement of financial activities Company statement of financial position Notes to the financial statements
Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 The Material World Foundation Limited Trustees, Report Year ended 31 December 2023 The trustees present their report and the financial statements of the charity for the year ended 31 December 2023. Reference and AdministratNe details The Material World Foundats'on Limited is a private company limited by guarantee without share capital and a registered charity governed by its Memor8ndum and Articles of Association. Charity number.. 266746. Company number., 01148896. Registered address.. 10 Orange Street. Haymarket, London. WC2H 7DQ. The trustees The Iruslees of the ch8ri18ble company, who are also directors for the purposes of company law, are its trustees for the purpose of the charity law and throughout this report are colteclively referred to as Ihg trustees. As sel out in the Articles of Association the number of Iruslees shall be at least three with no maxirnum. Twstees are appointed by the members at the Annual General Meeting. New trustees receive training from an existing Iruslee abjul the charity, ils activities and their responsibilities as a trustee. Additional training is provided when the need arises. The Iruslees who seNed the charity during the period were as follows,. C Harrison D Harrison L Arias L Boss K Roberts Structure> governance and management The charity is administered by ils Iruslees who meet as required lo arrange the affairs of the charity. The trustees, also delegate some management ofthe charity to an external firm of accountants, Shipleys LLP and from whom Iruslees are sometimes tsking advice. Objectives and activiti¢$ The company's objective is the promotion of exclusively charitable projects. The trustees have complied with the duty in Section 17 of the Chariles Act 2011 to have due regard lo guidance published by the Charity Commission and are satisfied that the charity's activities are committed to the charity's objectives and gre for the public benefit. The charity provides grants to organisalions and persons who, in the opinion of the trustees, fall within the objects of the charity and will be of public benefit. Details of the grant5 made during the year are provided in note 4 to the accounts. Rlsk management The Trustees have examined the major goveming, operational and financial risks which Ihg Fgundation faces and confi'rm that systems have been established to lessen these risks. The potential risks and rnanagement ol them are regularly reviewed by the Trustees.
Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 The Material World Foundation Limited Trustees, Report Year ended 31 December 2023 Flnanclal Review, achlevement and perfomiance In the year under review, Ihe Company continued ils charitable role through the receipt and distribution of music royalties and other donations. In the year under review the company has continued lo generate income from distribution rights, royalties and donations specifically in relation lo the variety of projeels undertaken by the entity. During the year the total funds for the group decreased lo £737,217 from £776.250 as shown on page 5 of the financial statements. In light of the nature of the charity's major sourTr of income, the trustees are confident that this income stream will conb'nue and allow the charity lo fulfil ils objective5 and a¢ts'vitses and accordingly will have sufficient reserves lo continue these objeelives in Ihe coming years. Reserves poIIcy Unrestrictsd lunds The Iruslees have reviewed the reserves of the company and have agreed that the Current policy of the reserves being for unrestricted purposes should be Continued in order that any chantable cause, al the disereb.on of the trustees. can benefit from the funds avail8ble. Restricted funds Any donations received, whereby specific charities or causes staled by the donee would benefit, are accordingly reflected these financial slalements as restricted funds. As at 31st December 2023. no restricted funds were held. ststoment of trustees re8ponsibilltles The charity truslees (who aTe also the directors of The Material W0d Foundation Limited for the purposes of company lawl are responsible for preparing a trustees, annual report and financial statements in accordancè with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Charity trustees to prepare financial statements for each year which give true and fair view of the stsle of affairs of the charitab* company and the group and of the incoming resources and application of resources, including the income and expendiluie, of the charitable group for that period. In preparing these financial slatemenls. the trustees are required to.. select suitable accounting policies and then apply them consistently., obseNe the methods and principles in the Chaiities SORP,. make judgments and accounting eslimales that are reasonable and prudent., state whether applicable UK accounting stsndards have been followed, subject lo any material departures disclosed and explained in the financial slatemenls", prepare the financial ststemenls on the going concem basis unless il is inappTopiiale to presume that the charity will continue in business. Company law requires the direelors must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charity and of the surplus or deficit profit or loss of the charity lor that period.
Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 The Material World Foundation Limited Trustees, Report Year ended 31 December 2023 The Iruslees are responsible for keeping adequate accounting records thal ere sufficient to show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charty and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the chanty and hence for taking reasonable steps for the prevenlK)n and detection of fraud and other irregularities. K Roberts Trustee Date.. 16.09.2024
Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 The Material World Foundation Limited Independent Examiner's Report to the Members and Trustees of The Material World Foundation Limited Year endèd 31 December 2023 I report to the Iruslees on my examination of the acctsunts for the year ended 31 st Dember 2023, which comprise the Statement of Financial Activities, the Statement of Financial Position and the related notes. RESPONSIBILITIES AND BASIS OF REPORT As the charity trustees of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities A¢1 20111'the Act'l. I report in respect of my examination of the trustee's accounts carried out under sedion 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commissioner under section 14515llbl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. l ¢onfirm that no material matters have come to my attention in onnection with the examination giving me cause lo believe that in any material respect.. 11} accounting records were not kept in respect of the charity as required by section 130 of the Act,. or 12) the accounts do not accord with those records., or 131 the accounts do not comply with the applicable iequirements concerning the fom and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any reqU1ment that the accounts give a 'lrue and fair view. which is not a matter ¢onsid&red a5 part of an independent examination. I have no concerns and have come across no other matter5 in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Alison Maguire 16 september 2024 Date-
Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 The Material World Foundatlon Limited Company Statement of Financial Activities Year ended 31 December 2023 2023 2022 Total funds Total fvnds Note Income Volun18ry Income.. Donations Activities for gener8ting funds.. Music royaltses Other Income.. Bank interest reiVed 260,482 279,153 83,790 38.950 2,568 346,840 Total income 318,752 Expenditure Charitable a¢livily expenditure: Donations Governance ¢osts'. Management and administration Other expenditure. Foreign exchange gain Total exp¢ndlture 379.571 471,591 6,841 6,214 1539) 385.873 15.9191 471,886 Net movement In funds 139,033) 1153.1341 Reconclllatlon of fund$ Total funds brought forward Total funds carrled forward 776,250 929.384 737,217 776.250 The statement of financial actwilies includes all gains and losses re¢ognised in the year. All income and expenditu derive from continuing activities. All funds reiVed are unrestricted.
Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 The Material World Foundation Limited Company Statement of Financial Position 31 December 2023 2023 2022 Note Investments 100 100 Current assets Debtors Cash at bank 291,562 448,023 305,350 486,141 739,585 791,491 Credltors: amounts falling duo wlthln one year Net current assets 12,4681 115,3411 737,117 737,217 776.150 Total assets loss current Ilabilities 776.250 Funds of the charlty Unrestncted fvnds 737,217 737,217 776,250 Totsl charity funds 776,250 These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies, regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. For the year ending 31 Oe¢ember 2023 the company was entitled lo exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Oireclors, re5ponsibililies.. The mgmbers have not required the company lo oblaln an audit of its finanoTal statements for the year in question in accordance with section 476.. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financlal statements were approved by the board of directors and aulhorised for issue on 16 September 2024 and are signed on behalf of the board by.. K Roberts Trustee Company regislratson number. 01148896
Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 The Material World Foundation Limited Notes to the Financial Statements Year ended 31 December 2023 General infomiation The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarkel, London, WC2H 7DQ, Unite Kingdom. statement of compliance These financial statement5 have been prepared in accordance with the Statement of Recommended Practice. Ac¢ounling and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Irelan IFRS 1021- Charity SORP issued in July 2014 leffeclive on 1 January 2019, as revised) and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102} and the Companies Act 2006. Accounting pollcles Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revalualion of certain financial assets 8nd1iabilities measured al fair value through profit or loss. The charity meets the definition of a public benefit entty under FRS102. The functional currency of the charity is considered to be pounds sterling beGause that is the currency of the prtmary economic environment in which the charity operates. The accounts are also presented In pounds sterling. The amounts are presented to the nearest £, unless otherwise staled. There are no significant areas requiring material judgements, eslimales or assumptions. Going Concem The trustees consKJer that there are no material uncertainties about the Charity's ability lo continue as a going concem. In light of the nature ol the charity's major source of income, the Iruslees are confident that this inwme stream will continue and allow the chaiity to fulfil ils objectives and activities. D15closure exemptlons The parent company $alisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102." lal Disd05ures in respect of each class of share capital h8ve not been presented. Ibl No cash flow statement has been presented for the company. Icl Disclosures in respect of finan¢ial instruments have not been presented. Consolidatlon The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and ils subsidiary undertakings comprise a small group.
Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 The Material World Foundation Limited Notes to the Financial Statements Year ended 31 December 2023 Income Resourees All income resources are included in the SOFA when the Charity is legally entitled to the income and the amount can be quantified with Teasonable Certainty. DonatnS Income from donab'ons is included in Incoming resources when these are receivable. When donors impose conditions which have to be fulfilled before the Charity becomes entitled to use such income, the income is deferred and not included in incoming resource5 until the pre- conditions for use have been met. MUS Royalties Music royalties are accDuntetJ for when the Iruslees are notified of the enlillement to the incom8. Resources expended Resources expended are included in the SOFA when the Charity is legally enlilled to the income and the amount Can be quantified with reasonable certainty. Expenditure incurred direcdy in the fulfilmenl of the Charity's objectives (direct charitsblel. Expenditure incurred in the management and adminislralion of the charity. Subsldlary Undortakings All subsidiary undertakings have been included al cost. Foreign currgncies Foreign currency transactions are initially recorded in the functional currency, by apptying the spot exchange late as al the dale ol the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken lo the profit and loss account. Financial instruments A financial asset or a financial li¥bility is recognised only when the company become5 a party lo the conlraclual provisions of the inslrumenl. Basic financial instruments are initially recognised atthe transaction price, unless the arrangement constilules a financing transaction, where il Is recognised al the present value of the future payments discounted at a market rate of interest for a similar debt inslrumenl. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment al the end of each reporb'ng date. If there is objectsve evidence of impaimienl, an impairmenl loss is recognised in profit or loss immediately. For all equity instruments regardless of signifi¢an¢e. and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basi5 of similar credit risk characteristics. Any reversals of impairment are recognised in profil or loss immediately, to the exlenl that the reversal does not result in a ¢arrying amount of the financial asset that exceeds what the Garrying anv)unt would have been had the impairment not previously been recognised.
Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 The Material World Foundation Limited Notes to the Financial Statements Year ended 31 December 2023 Charitable Donatlons 2023 2022 Alice 5 Arc Birth Companions Bring on the Music CCIW Bereavement Service CRISIS EB Research Partnership Friends of Ballet Without Borders Global Canopy God's Love We Deliver Illuminated River Foundation Julien Entertainment Looking Out Foundation Lotus Outreach Macmillan Cancer Support Medecins Sans Frontieres Medical Aid for Paleslinians Mission Ukraine Nordoff Robbins Music Therapy One Drr)p Foundation Prisrn The Gift Fund Race Against Dementia Shelter Soulsville Foundation St Martin-in-the Fields Trust The Film Foundation The Achievable Foundation The Joshua Tree London The Salvation Army The Trussell Trust Vets Aid J Clyde War Child 11,100 1D,000 32,258 25,000 10,000 28,161 25,000 10,000 10,000 7,576 8,000 550 1,230 16,129 40,000 1,000 10,000 50,000 1,000 8,182 94,434 2,ClJO 8,197 35.000 25,OCM) 25,000 41,322 75,000 115,385 7,692 10,000 4,000 25,250 25,000 25.000 8,196 2,500 17,000 379,571 471.591 Inveslmenls 2023 2022 Investments in group undertakings 100 100 The investment represents 100,10 ownership of the ordinary share Capital of Oops Publishing Limited, a music publishing undertaking incorporated In England and Wales. Ils accounts for the year ended 31 st December 2023, showed a profil after lax of £ni1 and aggregate capital and reserves balance of £152.
Docusign EnvelopÈ ID". 09F61950-7A81435D-B65849B7F01F5915 The Material World Foundation Limited Notes to the Financial Statements Year ended 31 December 2023 Debtors 2023 2022 Trade debtors other debtors Amount due from group undertakings 31.027 450 260.085 17,749 7,914 279,687 291.562 305,350 Creditors: arnounts falling due withln one year 2023 2022 Trade creditors Accruals 12,113 3,228 2,468 2.468 15,341 Related Party Transactions O. Harrison, a trustee of the charity, is also a director of Harrisongs Limited. The company received royally income from Harrisongs Limited during the year of £nil {2022.. £3,506), Al the year end the group was owed £nil12022." £3,506) by Harrisongs Limited. During the year and prior year, no trustees received any remuneration or other benefits. Governance Costs Included in governance costs are the followin9 expense items.. 2023 2022 Independent examinerfs remuneration 1,500 2.250 10