Charity number: 326303 THE MUTLEY FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE MUTLEY FOUNDATION CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 9-18
THE MUTLEY FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Mr D L Marks Mrs A M Marks DR G E Marks MrA H Marks Mrs M Palmer Charity registered number 326303 Principal office Churchill House 137- 139 Brent St London NW4 4DJ Accountants Jake Lew FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Bankers Barclays 2 Churchill Place London E14 5RB Page 1
THE MUTLEY FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report together with the financial statements of the The Mutley Foundation for the year ended 31 December 2024. Objectives and activities a. Policies and objectives The Foundation primarily supports other UK Charities by making grants to enable those organisations to fijlfil their charitable objectives. Whilst a number of smaller contributions are made to "general funds" the Foundation considers applications for funding in respect of specific projects received in accordan with the Foundation's Grant Making Policy dated 31 January 2018. In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefit.. running a charity {PB2}'. b. Strategies for achieving objectives The Foundation does not welcome unsolicited applications as it feels it can best achieve its objectives by supporting charities known to the trustees. c. Activities undertaken to achieve objectives Making grants to Charitable Organisations mainly for specific projects. As stated in the Grant Making Policy where appropriate the Foundation will consider making applications to support individuals or in supporting non-charitable organisations to provide a public benefit. d. Main activities undertaken to further the Charity's purposes for the public benefit The trustees primarily support other UK Charities but consider the guidan contained in the Charity Commission's general guidance on public benefit when considering applications for funding. Whilst the Foundation considers requests for funding for projects out of the UK projects this is invariably funded via UK Charities who are responsible for ensuring compliance. The majority of such projects are based in Israel where the trustees have regularly visied over many years. ExptionS may be made where the trustees have sufficient personal knowledge to satisfy themselves as to compliance with UK principles of public benefit. Page 2
THE MUTLEY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Review of activities At the present time the trustees do not feel there is going to be a major change in the types of organisations supported bearing in mind their desire to deal with organisations with which they have personal knowledgelexperience. The charities are supported either by direct grant from the Foundation or via Charities such as Smart Giving and Achisomoch, particularly for smaller non-project related donations. For the year under review, there was an eXsS of income over expenditure of £162,869 (2023: £12,907 deficit). This ignores a net gain of £415 (2023.. net loss £20,058) on revaluation of investments where the values fluctuate. Whilst the Trustee's recognise the distinction between income and capital growth, they also have a policy of'total return" where capital growth may be used to fijnd an income shortfall I reserves for future years. b. Investment policy and perfomiance To ensure the best outcome for the Foundation and the charities it donates to, the capital is invested within investment portfolios. The performance of the investment portfolio is managed by professional advisors and monitored regularly by the trustees. Financial review . Going concern After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Principal funding The Foundation received in previous years, substantial capital fijnds from which it derives an income. In addition, donations are reiVed both from the trustees and a company controlled by them. Occasionally, other donations are received but, in general. such donations are not solicited. During the year under review the Foundation reiVed from Family members substantial donations. Accordingly, the Trustees have allocated £125,000 as a restricted fund to be treated as capital available to be allocated for investment Structure, governance and management a. Constitution The Mutley Foundation is a registered charity. number 326303, and is constituted under a Trust deed. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the trustees who are elected and co-opted under the terms of the Trust deed. Page 3
THE MUTLEY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management (continued) . Organisational structure and decision-making policies The organisational structure of the Foundation is that of 5 trustees. All charitable donations made by the Foundation are assessed on a case by case basis and approval is required by a majority of the trustees. However, and as set out in the Grant Making Policy, grants may be made by the Settlors without reference to the other trustees. d. Policies adopted for the induction and training of Trustees The trustees have all been in post for some time being family members of the Settlors. Appropriate training is given when required. e. Pay policy for key management personnel There are no paid employees. f. Financial risk management The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in pla to mitigate exposure to the major risks. Plans for future periods The Foundation anticipate continuing making grants in line with its policy. Whilst multi year projects will be considered, this is not normally more than 5 years. Where appropriate, the Foundation will give larger donations paid immediately to the Charity on the basis that they are restricted from making further applications for a stated period unless requested to do so by the trustees. Page 4
THE MUTLEY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees. responsibilities The trustees are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to= select suitable accounting policies and then apply them consistentty., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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. Approved by order of the members of the board of trustees and signed on their behalf by.. Mr D L Marks Trustee Date: 3011012025 Page 5
THE MUTLEY FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent Examinerfs Report to the Trustees of The Mutley Foundation ('the Charity.) report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body, in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body. for my work or for this report. Signed.. Jake L6 Dated: 3011012025 Jake Lew FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Page 6
THE MUTLEY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Investments 125,000 31,250 87,743 156,250 87,743 27,500 87,199 Total income 125,000 118,993 243,993 114,699 Expenditure on: Raising funds Charitable activities 12,002 69,122 12,002 69,122 11,015 116,591 Total expenditure 81,124 81,124 127,606 Net incomel(expenditure) before net gains on investments Net gains on investments Net movement in funds before other recognised gainsl{losses) 125,000 117,646 37,869 162,869 117,646 (12,907) 89,108 242,646 37,869 280,515 76,201 Other recognised gainsl(losses): Gainsl{losses) on revaluation of investment assets 415 415 (20,058) Net movement in funds 243,061 37,869 280,930 56,143 Reconciliation of funds: Total funds brought forward Net movement in funds 2.148,624 243.061 127,288 37,869 2,275,912 280,930 2,219, 769 56,143 Total funds carried forward 2.391,685 165,157 2,556,842 2,275,912 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 to 18 form part of these financial statements. Page 7
THE MUTLEY FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Investments Investment property 2,139,538 131,847 1, 895, 090 137,847 10 2,271,385 2, 026,937 Current assets Debtors 12 42.278 260,867 20,360 236, 625 Cash at bank and in hand 303.145 256, 985 Current liabilities Creditors.. amounts falling due within one year 13 (17,688) (8,010) Net current assets 285,457 248,975 Total assets less current liabilities 2,556,842 2,275,912 Net assets excluding pension asset 2.556,842 2,275,912 Total net assets 2,556,842 2,275,912 Charity funds Restricted funds Unrestricted funds 14 14 2,391,685 165,157 2, 148,624 127,288 Total funds 2,556,842 2,2T5,912 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mr D L Marks Date: 3011012025 The notes on pages 9 to 18 form part of these financial statements. Page 8
THE MUTLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General information The Mutley Foundation is an unincorporated charity that was registered in England and Wales on 16th February 1983 Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practi 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Mutley Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 diredy 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 beeen 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 allocated on the portion of the asset's use. Expenditure on raising fijnds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled or the payment date in the offer becomes due. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 9
THE MUTLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2A Investments Fixed asset investments are a fomi of financial instrument and are initialty recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Lossesl on investments, in the Statement of financial activities. Investments held as fixed assets are shown at cost less provision for impairment. 2.5 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has reiVed as advanced payments for the goods or ServIS it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability- The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.8 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page10
THE MUTLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.9 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted fijnds are funds which are to be used in accordan with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations 125,000 31,250 156.250 27,500 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Rental Income Investment Income 10,196 77,547 10,196 77,547 10, 196 77,003 87,743 87,743 87,199 Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment management 12,002 12,002 11,015 Page11
THE MUTLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Anatysis of grants Grants to Institutions 2024 Total funds 2024 Total funds 2023 Grants, Charitable activities 64,455 64,455 115,OT9 As stated it is not the Foundation's policy to disclose individual grants but in accordan with good practice and the Charities SORP, it is appropriate to disclose material donations. In considering donations falling within this category, the trustees regard as material any donations which exceed £4,500 in the year under review andlor where there is a connected paty. Only material donations in the current year are included in the information below even where a material donation has been made to the same institution in the previous year. The Charity has made the following material grants to institutions during the year.. 2024 2023 Name of institution Finchley Jewish Primary School Trust University Jewish Chaplaincy The CST JFS Charitable Trust Shaare Zedek Laniado UK Bar Ilan University Hasmonean High School Chai Cancer Care British Friends of Midreshet Harova 32,000 8, 550 6, 750 10,080 9,990 6, 804 6,500 5,400 5,400 5,400 9,000 25,200 80,674 Other grants to institutions 39,255 34,405 64,455 115,079 Page 12
THE MUTLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Anatysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Supporting good causes 69,122 69,122 116,591 Anatysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Supporting good causes 64,455 4,667 69,122 116,591 Total 2023 115,079 1,512 116,591 Analysis of support costs Charitable activities 2024 Total funds 2024 Total funds 2023 Governan costs Exchange lossl (gain) Bad debt 2,310 {6} 2,363 2,310 1,884 (18) (354) 2,363 4,667 4,667 1,512 Total 2023 1,512 1,512 Governan costs are comprised entirely of the Independent Examination fee for the year Page13
THE MUTLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examiner's remuneration 2024 2023 Fees payable to the Charity's independent examiner for the preparation and independent examination of the Charitys annual accounts 2.220 1,884 10. Investment property Freehold investment property Valuation At 1 January 2024 131.847 At 31 December 2024 131,847 The investment properties are shown in the accounts at historical cost. There is no depreciation charged. 11. Fixed asset investments Property income Trust Listed investments Property fund Total Cost or valuation At 1 January 2024 Additions Revaluations 1.585.395 126,387 117.646 77,612 232,083 1,895,090 126,387 118,061 1857) 1,272 At 31 December 2024 1,829,428 76,755 233,355 2,139,538 Net book value At 31 December 2024 1.829.428 76,755 233,355 2.139,538 At 31 Dernber 2023 1, 585,395 77,612 232, 083 1, 895,090 Page 14
THE MUTLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Debtors 2024 2023 Due within one year Trade debtors 3.670 38,608 9,170 It,190 Other debtors 42.278 20, 360 13. Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 17,688 8,010 Page15
THE MUTLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Statement of funds Statement of funds - current year Balance at 31 Gainsl December {Losses) 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds General Funds- all fijnds 127.288 118,993 (81.124) 165,157 Restricted funds Restricted Funds- all funds 2.148.624 125,000 118,061 2,391,685 Total of funds 2,275,912 243,993 (81,124) 118,061 2,556,842 Statement of funds - prior year Balance at 31 December 2023 Balance at l January 2023 Gains/ (Losses) Income Expenditure Unrestricted funds General Funds- all funds 140. 195 114,699 (127, 606) 127,288 Restricted funds Restricted Funds- all funds 2,079.574 69,050 2, 148,624 Total of funds 2,219.769 114,699 (127, 606) 69,050 2,275,912 Page 16
THE MUTLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Summary of funds Summary of funds - current year Balance at 31 Gainsl December {Losses) 2024 Balance at 1 January 2024 Income Expenditure General funds 127.288 2,148,624 118,993 125,000 (81.124) 165,157 2,391,685 Restricted funds 118,061 2,275,912 243,993 (81,124) 118,061 2,556,842 Summary of funds - prior year Balance at 31 December 2023 Balance at 1 January 2023 Gains/ (Losses) Income Expenditure General funds Restricted funds 140. 195 2,079,574 114,699 (127, 606) 127,288 2, 148,624 69,050 2,219,769 114,699 (127, 606) 69,050 2,275,912 16. Analysis of net assets between funds Anatysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments 2,266,685 (2,266,685) 2,139,538 131,847 178,145 (17,688) 2,139.538 131,847 303.145 (17,688) Investment property Current assets 125,000 Creditors due within one year Total 2,391,685 165,157 2,556,842 Page17
THE MUTLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Analysis of net assets between funds (continued) Anatysis of net assets between funds - prior period Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Fixed asset investments 1,895,090 131.847 1,895,090 131,847 256, 985 (8,010) Investment property Current assets 129,697 (8,010) 127,288 Creditors due within one year Total 2, 148.624 127,288 2.275,912 Page18