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2024-03-31-accounts

The Mackintosh Foundation

Report and Financial Statements Year Ended 31 March 2024

Company No: 02239812

The Mackintosh Foundation

Report and financial statements

for the year ended 31 March 2024

Contents

Reference and administrative details

Page:

Reference and administrative details
Trustees/Directors Sir Cameron Mackintosh
N D Allott OBE
A P Constable
A A Finch CBE
N I M Mackintosh
R F S Noble OBE
F R Pappas
B G Peerless
T T E Schönberg
General Secretary R T Knibb, ACA
Company Secretary R T Knibb, ACA
Registered Office 1-2 Bedford Square, London, WC1B 3RB
Company Number: 2239812
Charity Registration Number:
327751
Auditor BDO LLP, Arcadia House, Maritime Walk, Ocean Village, Southampton,
SO14 3TL
Solicitors Charles Russell Speechlys LLP, 5 Fleet Place, London, EC4M 7RD
Bankers National Westminster Bank plc, Covent Garden Branch, London, WC2E 8NL
Investment Advisor A J Hutton Limited, Third Floor, 20 Old Bailey, London, EC4M 7AN

The Mackintosh Foundation

Report of the Trustees for the year ended 31 March 2024

The Trustees submit their report, together with the audited financial statements, for the year ended 31 March 2024. The financial statements comply with current statutory requirements and with the requirements of the charity's governing document. The reference and administration details shown on the preceding page form part of this report.

Structure, governance and management

The Foundation is a company limited by guarantee and does not have a share capital. Being of charitable status, the word 'Limited' has been omitted from the name of the Foundation, in accordance with Section 60, Companies Act 2006.

The Foundation was incorporated on 31 March 1988. It is governed by its Memorandum and Articles of Association.

The company is a registered charity (No: 327751).

The Trustees (who are directors for the purposes of company law) who are appointed by the members of the Foundation were, throughout the year, as follows:

Sir Cameron Mackintosh - Founder

N D Allott OBE - Member

A P Constable A A Finch CBE N I M Mackintosh - Member

R F S Noble OBE F R Pappas B G Peerless - Member T T E Schönberg

The current constitution of the Foundation consists of four members (including the Founder) and nine Trustees. The nine Trustees include the four members. The Trustees, except for the founder member, are elected annually by the members. The existing members may from time to time establish reserve lists for the appointment of new members and/or Trustees to fill vacancies as the existing members' in their discretion think fit.

The induction process for potential new Trustees comprises meeting with the Founder member and other Trustees, attending meetings of the Trustees, and discussions with the General Secretary regarding the responsibilities of being a Trustee. A pack is provided to all new Trustees including a history of the Foundation, copies of recent board minutes, copies of financial statements, details concerning the financial position of the Foundation and any, other relevant information.

The Trustees meet in plenary session once a year when, among other things, they review and discuss the then current financial state and overall strategy of the Foundation and implementation of past decisions. Matters discussed and reviewed by the Trustees include consideration of donation-making activities (both past and present), the current state of the Foundation's reserves and cash flow requirements, its investment policy and performance.

1

The Mackintosh Foundation

Report of the Trustees for the year ended 31 March 2024 (continued)

Structure, governance and management (continued)

The day-to-day administration of the Foundation's affairs is conducted by the General Secretary, in conjunction with the Appeals Director and Theatre Development Officer, in accordance with strict terms of reference laid down by the Board of Trustees, to whom they report and from whom they seek instructions as and when necessary. The current General Secretary, who is a Chartered Accountant, also keeps the Foundation's records up to date, and monitors its financial affairs.

The trustees are committed to the principles of the Charity Governance Code.

Risk policy

Pursuant to the Charity Commission's "Statement of Recommended Practice" (SORP) the Trustees previously commissioned the preparation of an internal report on the risks faced by the Foundation and the adequacy of the controls in place to minimise those risks. In particular the report considered the Foundation's risk exposure under the following headings:

A key component of the Trustees' strategy to manage risk is the policy of regularly reviewing the risks faced.

Objectives and activities

The Objects of the Foundation are:

The aim is to carry out these objectives by all such lawful means as the Trustees think fit. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on a public benefit when reviewing the Foundation's aims and objectives and in setting the donation making policy for the year and the future.

2

The Mackintosh Foundation

Report of the Trustees for the year ended 31 March 2024 (continued)

Objectives and activities (continued)

The Foundation carries out these objectives by:

Achievements and performance

During the current year the Foundation has made 119 grants, totalling £1,154,046 (2023 - 93 grants totalling £922,310). Over the course of the year, grants were awarded across a broad spectrum of causes, but with a core focus on theatre training and education. The Foundation launched a regional theatre apprenticeship programme in association with thirteen venues across the UK. This programme aims to offer young people a stepping stone into the theatre industry and support the next generation of technical theatre professionals. Apprentices began their placements in September 2023, for a period of either 18 months or 2 years depending on the discipline. Alongside funding the apprentice's salary and expenses, the Foundation is funding in-person meetings of the full cohort during the programme, as well as hosting regular online calls for the apprentices to link up with industry professionals to expose them to the industry at large.

Initiatives targeting young disadvantaged students, who have previously not been exposed to theatre continue to be a great success. Students and teachers attend a special theatre performance and post-show talks involving Q&A sessions with the cast, production and technical crew. Since the beginning of the scheme, over 15,000 students from over 350 schools have attended. A global Educational and Outreach Group has also been created, with the objective being to build and continually improve the content of the educational talks and workshops. A 3- day workshop was put together with the Guildhall School of Music and Drama to give young musicians the opportunity to work with a professional orchestra. The event gathered over 160 young musicians from across the country and the Mackintosh Foundation provided bursaries to many of the young musicians who would otherwise not have been able to attend.

3

The Mackintosh Foundation

Report of the Trustees for the year ended 31 March 2024 (continued)

Achievements and performance

The table below shows the split of the donations by category.

Note: percentage figures are rounded to the nearest whole number.

Category
Children and Education
Community Projects
The Environment
The Homeless
Medical
Theatre and The Performing Arts
Theatre buildings
Theatre company development
Children's theatre
Promotion of new theatrical and musical
works
Theatre related pastoral care
Theatrical training and education
Total donations year ended 31 March		 2024
(£)
53,731
88,100
10,000
11,500
67,144
___
230,475
-
40,000
6,000
6,500
47,781
823,290
___
923,571
___
1,154,046
 2024
(%)
5
7
1
1
6
___
20
-
3
1
1
4
71
___
80
___
100
 2023
(£)
35,854
129,500
78,000
44,500
50,795
_
338,649
150,000
10,400
1,000
5,750
21,280
395,231
_
583,661
___
922,310
 2023
(%)
4
14
8
5
6
_
37
16
1
-
1
2
43
_
63
___
100

4

The Mackintosh Foundation

Report of the Trustees for the year ended 31 March 2024 (continued)

Achievements and performance (continued)

Major donations paid or pledged during the year were: £115,972 Chichester Festival Theatre, £78,826 Sheffield Theatres Trust, £56,535 Theatre Royal Plymouth, £55,954 Lyric Theatre Belfast.

The total number and value of donations made during the year can be summarised as follows, on the basis that where more than one donation has been made to the same done in the same year, these have been aggregated:

More than £75,000
£50,000 - £75,000
£20,000 - £49,999
£10,000 - £19,999
£ 5,000 - £ 9,999
£ 1,000 - £ 4,999
Less than £1,000		 2024
Number
2
3
13
14
11
69
7
___
119
___		 2023
Number
3
3
5
10
12
45
15
_
93
_

A list of donations greater and equal to £5,000 is shown in note 4 of the accounts.

Financial review

The results for the year are set out in the statement of financial activities on page 12.

The Foundation's income comprises donations receivable, investment income on unrestricted and endowment funds and interest receivable.

Details of charitable expenditure are set out under Achievements and Performance.

Endowment number Three is an investment property that was purchased in 2005, from which the Foundation has had a good income stream for nearly 20 years. The property is in the process of being sold and has been valued accordingly, resulting in a fall in value of the endowment fund of £220,000.

Cash at bank at the year end amounted to £1,463,231 compared to £2,472,373 at 31 March 2023, after taking account of small movements in debtors and creditors, the decrease in cash reflects the net expenditure during the year.

Investment policy and objectives

5

The Mackintosh Foundation

Report of the Trustees for the year ended 31 March 2024 (continued)

Investment performance review

The Trustees consider that the investment performance during the year has been satisfactory and in line with expectations and investment policy.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the Foundation will continue in operational existence for the foreseeable future.

The Foundation has very little overheads or liabilities. Current liabilities and donation commitments can be serviced through the current cash and liquid investments available.

The Trustees have prepared cashflow forecasts for a period of 12 months from the date of signing the financial statements. The forecasts indicate that the Foundation has sufficient cash available to meet its liabilities as they fall due for a period of at least 12 months from the date of signing of the financial statements. On this basis, the Trustees have adopted the going concern basis in preparing the annual report and financial statements.

Reserves policy

The Trustees aim to maintain free reserves in unrestricted funds at a level which enables the Foundation to meet at least three months of unrestricted charitable expenditure. The Trustees consider that this level will provide sufficient funds to respond to applications for donations and ensure that there are sufficient funds available to cover support and governance costs. The Trustees aim to achieve this free reserve policy by careful cash flow management and forecasting which is carried out on a continuous basis by the General Secretary and investment advisors, and reviewed by the investment sub-committee and Trustees. This forecast reviews the anticipated income and expenditure of the Foundation, not only in the immediate future but also over the longer term horizon. The current policy includes the transfer of expendable endowment to unrestricted funds as required.

Net current assets held at 31 March 2024 amounted to £1,093,765.

Plans for the future

The Foundation intends to continue to support a wide variety of activities, concentrated on the areas described in this report.

Fixed assets

Investments are held in accordance with the Trustees' powers.

Fundraising activities

The Foundation does not currently carry out any fundraising activities.

6

30/9/2024

The Mackintosh Foundation

Independent auditor's report to the members of The Mackintosh Foundation

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of The Mackintosh Foundation (“the Charitable Company”) for the year ended 31 March 2024 which comprise the statement of financial activities (incorporating the income and expenditure account), the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Report and Financial Statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

8

The Mackintosh Foundation

Independent auditor's report to the members of The Mackintosh Foundation (continued)

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

9

The Mackintosh Foundation

Independent auditor's report to the members of The Mackintosh Foundation (continued)

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on:

we considered the significant laws and regulations to be the Companies Act 2006, the Charities Act 2011, and their associated accounting applicable accounting frameworks.

Our procedures in respect of the above included:

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Based on our risk assessment, we considered the areas most susceptible to fraud to be the misstatement of financial performance and position by the posting of inappropriate journals and management bias in making significant estimates.

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

10

The Mackintosh Foundation

Independent auditor's report to the members of The Mackintosh Foundation (continued)

Extent to which the audit was capable of detecting irregularities, including fraud (continued)

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David I’Anson (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Southampton, UK

Date 30 September 2024

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

11

The Mackintosh Foundation

Statement of financial activities (incorporating the income and expenditure account) for the year ended 31 March 2024

Unrestricted
Endowment
Note
funds
funds
£
£
Income and endowments from:
Donations and legacies
2
133,931
-
Investments
3
429,965
-
Other income
70,000
-
___
___
Total income
633,896
-
___
___
Expenditure on:
Charitable activities
4
1,296,632
-
___
___
Total expenditure
1,296,632
-
___
___
Net expenditure and net
movement in funds before
(losses) on investments
(662,736)
-
Net (losses) on investments
8
(173,953)
(220,000)
___
___
Net (expenditure)
(836,689)
(220,000)
Reconciliation of funds
Total funds brought forward
13,264,919
640,000
___
___
Total funds carried forward
12,428,230
420,000

 Total
2024
£
133,931
429,965
70,000
___
633,896
___
1,296,632
___
1,296,632
___
(662,736)
(393,953)
___
(1,056,689)
13,904,919
___
12,848,230
 Total
2023
£
162,291
444,514
-
_
606,805
_
1,007,485
_
1,007,485
_
(400,680)
(558,456)
_
(959,136)
14,864,055
_
13,904,919

All amounts relate to continuing activities.

All recognised gains and losses are included in the statement of financial activities.

The notes on pages 15 to 24 form part of these financial statements.

12

30/9/2024.

The Mackintosh Foundation

Statement of cash flows for the year ended 31 March 2024

Note
Cash (used in) operating activities
15
Cash flows from investing activities
Investment income
Cash provided by investing activities
(Decrease) in cash in the year
Cash at the beginning of the year
Total cash at the end of the year		 2024
£
(1,073,974)
___
64,832
___
64,832
___
(1,009,142)
___
2,472,373
___
1,463,231
 2023
£
(767,071)
_
67,784
_
67,784
_
(699,287)
_
3,171,660
___
2,472,373

The organisation does not have any debt and hence a reconciliation of net debt has not been provided.

The notes on pages 15 to 24 form part of these financial statements.

14

The Mackintosh Foundation

Notes forming part of the financial statements for the year ended 31 March 2024

1 Accounting policies

The Mackintosh Foundation is a charitable company limited by guarantee and registered in England and Wales. The liability in respect of the guarantee is limited to £100 per member. The registered office, company number and registered charity number is disclosed on the contents page.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with 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), FRS 102 Section 1A Small Entities and the Companies Act 2006.

The Mackintosh 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 note.

The following principal accounting policies have been applied:

Going concern

The financial statements have been prepared on the going concern basis which assumes that the Foundation will continue in operational existence for the foreseeable future.

The Foundation has very little overheads or liabilities. Current liabilities and donation commitments can be serviced through the current cash available.

The Trustees have prepared cashflow forecasts for a period of 12 months from the date of signing the financial statements. The forecasts indicate that the Foundation has sufficient cash and liquid investments available to meet its liabilities as they fall due for a period of at least 12 months from the date of signing of the financial statements. On this basis, the Trustees have adopted the going concern basis in preparing the annual report and financial statements.

Income recognition

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.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacies are recognised as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

15

The Mackintosh Foundation

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

1 Accounting policies (continued)

Income recognition (continued)

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Rental income is recognised over the length of the lease. Adjustments for lease incentives are held in debtors and released as a debit to income on a straight line basis over the full term of the lease.

Investment gains and losses arising during the year are included in the Statement of Financial Activities.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Donations payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional donation offer this is accrued once the recipient has been notified of the donation award. The notification gives the recipient a reasonable expectation that they will receive the oneyear or multi-year donation. Donations awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the donation and any remaining unfulfilled condition attaching to that donation is outside of the control of the charity.

A multi-year donation is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Trust that would permit the Trust to avoid making the future payment(s), settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the donation award is made. This discount rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Trust.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

16

The Mackintosh Foundation

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

1 Accounting policies (continued)

Allocation of support costs

Support costs are those functions that assist the whole of the charity but do not directly undertake charitable activities. These costs have been allocated against charitable expenditure. The nature of support costs are set out in note 5.

Governance costs and support costs relating to charitable activities have been apportioned based on the number of individual donation awards made in recognition that the administrative costs of awarding, monitoring and assessing donations are broadly equivalent. The allocation of support and governance costs is analysed in note 5.

Investment property

Investment property is carried at fair value and derived from the current market rents and investment property yields. No depreciation is provided. Changes in fair value are recognised in the statement of financial activities

Investments

Investments are carried at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Income received during the year is taken to the General Fund.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Realised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.

Assets and liabilities not recognised in the accounts

No value is placed on inalienable property, or on property considered by the Trustees to be for all practicable purposes inalienable by reason of it being deemed by the Trustees to be held for preservation at least for the foreseeable future in accordance with the wishes of the donors.

2
Donations and legacies
Donations
Donated services and facilities
Other		 2024
£
68,750
65,000
181
___
133,931
___		 2023
£
104,283
58,000
8
_
162,291
_

17

The Mackintosh Foundation

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

3 Investment income
2024 2023
£ £
Bank interest 31,986 11,476
Amounts received from UK investment property 32,846 56,308
Income from investments (note 8) 365,133 376,730
___ ___
429,965 444,514
___ ___
4 Charitable expenditure
2024 2023
£ £
Analysis of expenditure on charitable activities
Donations to institutions 1,154,046 922,310
Support and governance costs (note 5) 142,586 85,175
___ ___
1,296,632 1,007,485
___ ___
The number of donations during the year awarded to institutions was 119 (2023 - 93). No donations were
awarded to individuals (2023 - nil).
2024 2023
£ £
Donations by type of activity
Children and Education 53,731 35,854
Community Projects 88,100 129,500
The Environment 10,000 78,000
The Homeless 11,500 44,500
Medical 67,144 50,795
Theatre and the Performing Arts 923,571 583,661
___ ___
1,154,046 922,310
___ ___

18

The Mackintosh Foundation

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

4 Charitable expenditure (continued)

Donations during the year greater and equal to £5,000 were as follows:

2024 Donation recipient Chichester Festival Theatre 115,972 Sheffield Theatres Trust 78,826 Theatre Royal Plymouth 56,535 Lyric Theatre Belfast 55,954 National Youth Arts Trust 50,000 RSC (Royal Shakespeare Company) 43,920 Leeds Playhouse (Leeds Theatre Trust) 43,392 Curve (Leicester Theatre Trust Ltd) 41,274 Northern Stage 39,451 Birmingham Hippodrome Theatre Trust Ltd 38,194 Royal Lyceum Theatre Edinburgh 37,629 Theatr Clwyd 36,119 Bristol Old Vic Theatre 33,750 Kiln Theatre 33,677 Nottingham Playhouse 32,967 War Child 30,000 British Youth Music Theatre 22,000 Royal Academy of Music 20,000 Hamilton Education Programme 19,927 The Royal Exchange Theatre Company 11,204 Les Miserables Education Programme 10,177 Forest of Selwood 10,000 New Adventures 10,000 Pimlico Opera 10,000 Project Rozana UK 10,000 Roundhouse Trust 10,000 The Royal Theatrical Fund 10,000 The Theatrical Guild 10,000 The Trussell Trust 10,000 Theatre Development Trust (re Theatre Artists Fund) 10,000 TIF (Theatre Investment Fund Limited) 10,000 Wilderness Foundation UK 10,000 The Guildhall School Trust 9,210 Acting for Others 7,688 ___ 977,866 Grants of £5,000 or less 176,180 ___ Total 1,154,046 ___

Details of major donations and the total number and value of donations made by the Foundation during the year can be found in the Report of the Trustees.

19

The Mackintosh Foundation

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

5
Support and governance costs
Legal and administration fees
Auditor's remuneration – audit services
Other costs
Donated services and facilities		 2024
£
37,912
15,900
23,774
65,000
___
142,586
___		 2023
£
10,720
16,200
255
58,000
_
85,175
_

No Trustee received any remuneration or reimbursement of expenses during the year (2023 - None). All the above figures include irrecoverable VAT where applicable.

The charity has no employees. Cameron Mackintosh Limited provides staff and facilities to undertake the day to day management of the charity. These costs are included in the £65,000 (2023 - £58,000) donated services and facilities figure.

Allocation of support and governance costs
Children and education
Community projects
The Environment
The homeless
Medical
Theatre and the performing arts		 2024
£
6,639
10,885
1,236
1,421
8,296
114,109
___
142,586
 2023
£
3,311
11,959
7,203
4,110
4,691
52,901
___
85,175

6 Taxation

No taxation has been provided in the accounts because, as a registered charity, the company is exempt in accordance with the provisions of Section 505 of the Income and Corporation Taxes Act, 1988 on its charitable activities.

7 Tangible assets

No value has been attributed to certain parcels of land and interest in land in the Western Highlands of Scotland, including the reversionary interest on two 999 year leases of certain properties, as the Trustees regard it for all practicable purposes as inalienable, at least for the foreseeable future, in accordance with the wishes of the donors.

20

The Mackintosh Foundation

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

8 Investments

Investments are stated at market value at the balance sheet date. Investment Three constitutes the Expendable Endowment Fund described in note 12 and investment Five constitutes the General Fund. Income received in respect of the endowment fund during the year has been credited to the General Fund.

Market value
At 1 April 2023
Investment income credited in year
Decrease in market value in year
At 31 March 2024
Cost
At 31 March 2024
At 31 March 2023		 Number
Three
£
640,000
-
(220,000)
_
420,000
_
721,231
___
721,231
 Number
Five
£
11,219,952
365,133
(173,953)
_
11,411,132
_
10,341,863
___
9,976,730
 Total
£
11,859,952
365,133
(393,953)
_
11,831,132
_
11,063,094
___
10,697,961

Investment Three is an investment property purchased in February 2005. The property is in the process of being sold and has been valued accordingly.

Investment number Five includes £5,878,563 (2023 - £5,311,507) invested in Cazenove Charity Multi-asset fund and £5,532,569 (2023 - £5,908,445) in CF Ruffer Absolute Return Fund.

Included in the market value of investments is investment income of £365,133 (2023 - £376,730) credited to the value of the investment. The investments held are accumulation units and as such any income received is rolled up into the capital value of the investment.

9 Debtors

Prepayments
Other debtors
10
Creditors: amounts falling due within one year
Accruals
Donation commitments
Other creditors

_
_		 2024
£
1,677
70,000
__
71,677
__
2024
£
29,028
360,525
51,590
__
441,143
_
2023
£
-
-
__
-
_
2023
£
15,000
204,500
50,906
___
270,406
_

21

The Mackintosh Foundation

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

11
Creditors: amounts falling due in more than one year
Donation commitments		 2024
£
76,667
___
76,667
___		 2023
£
157,000
_
157,000
_

Included in creditors falling due within one year and falling due in more than one year are the following donation commitments:

Movement in recognised provision and funding commitments during the year

Movement in recognised provision and funding commitments during the year
Donation
commitments
£
Donation commitments recognised at 1 April 2023 361,500
Donations paid during the year (1,078,354)
New donation commitments in year 1,154,046
___
Amount of donation commitments recognised as at 31 March 2024 437,192
___
There are no performance conditions attached to these donations.
12 Expendable Endowment Funds £
Market value of fund at beginning of year 640,000
Increase in market value in year (220,000)
___
Market value of fund at end of year 420,000
___

13 Foundation Funds

The Foundation funds comprise:

The Foundation is the sole trustee of each endowment fund whose charitable objects are the same as those of the Foundation.

22

The Mackintosh Foundation

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

14
Analysis of net assets between Funds
Fund balances at 31 March 2024 are represented by:
Investments
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due in more than one year
Fund balances at 31 March 2023 are represented by:
Investments
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due in more than one year		 Expendable
General
Endowment
Fund
Funds
£
£
11,411,132
420,000
1,534,908
-
(441,143)
-
(76,667)
-
_
_
12,428,230
420,000
_
_
Expendable
General
Endowment
Fund
Funds
£
£
11,219,952
640,000
2,472,373
-
(270,406)
-
(157,000)
-
_
_
13,264,919
640,000

 Total
£
11,831,132
1,534,908
(441,143)
(76,667)
_
12,848,230
_
Total
£
11,859,952
2,472,373
(270,406)
(157,000)
___
13,904,919

15 Reconciliation of net movements in funds before losses on investments to net cash flow from operating activities

Net movement in funds
Investment income
Increase in creditors
Increase in debtors
Net cash used in operating activities		 2024
£
(662,736)
(429,965)
90,404
(71,677)
___
(1,073,974)
___		 2023
£
(400,680)
(444,514)
78,123
-
_
(767,071)
_

16 Related party transactions

During the year ended 31 March 2024 donated services of £65,000 (2023 - £58,000) were received from Cameron Mackintosh Limited a company in which the directors of The Mackintosh Foundation are also directors.

23

The Mackintosh Foundation

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

17 Statement of financial activities as at 31 March 2023

Unrestricted
Endowment
Note
funds
funds
£
£
Income and endowments from:
Donations and legacies
2
162,291
-
Investments
3
444,514
-
_
_
Total income
606,805
-
_
_
Expenditure on:
Charitable expenditure
4
1,007,485
-
_
_
Total expenditure
1,007,485
-
_
_
Net expenditure and net movement in
funds before (losses) on investments
(400,680)
-
Net (losses) on investments
(558,456)
-
_
_
Net (expenditure)
(959,136)
-
Reconciliation of funds
Total funds brought forward
14,224,055
640,000
_
_
Total funds carried forward
13,264,919
640,000

 Total
2023
£
162,291
444,514
_
606,805
_
1,007,485
_
1,007,485
_
(400,680)
(558,456)
_
(959,136)
14,864,055
_
13,904,919

24