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.
Ex￿ptionS 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 eX￿sS 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 re￿iVed 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 re￿iVed 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 be￿een 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 re￿iVed as advanced payments for the goods or ServI￿S 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 De￿rnber 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