The Mackintosh Foundation
Report and Financial Statements Year Ended
31 March 2025
Company No: 02239812 Charity No: 327751
The Mackintosh Foundation
Report and financial statements for the year ended 31 March 2025
Contents
Reference and administrative details
Page:
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1 Report of the Trustees
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8 Report of the independent auditor
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12 Statement of financial activities (incorporating the income and expenditure account)
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13 Balance sheet
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14 Statement of cash flows
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15 Notes forming part of the financial statements
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 2025
The Trustees submit their report, together with the audited financial statements, for the year ended 31 March 2025. 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
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 , relevant information.
The Trustees meet in plenary session once a year when, among other things, they review and discuss the then . Matters discussed and reviewed by the Trustees include consideration of donation-making activities (both past and present), the current state of the Foundation's , its investment policy and performance.
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The Mackintosh Foundation
Report of the Trustees for the year ended 31 March 2025 (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 the Director of Theatre Development, 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
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:
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Investment losses;
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Ability to meet forward pledges;
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Financial procedures;
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Insolvency;
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Fraud.
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:
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To advance the education of the public both in the United Kingdom and elsewhere in the arts and in particular (but without prejudice to the generality of the foregoing) the performing arts of music drama and the theatre in all their forms;
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To advance the education of the public generally both in the United Kingdom and elsewhere and in particular but without prejudice to the generality of the foregoing to establish and maintain scholarships bursaries and awards to be awarded for proficiency in drama music and/or the dramatic or ancillary performing arts;
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To relieve or assist in the relief of the poverty and of persons who are in conditions of need hardship or distress from any cause whatsoever and whether those persons are present in the United Kingdom or elsewhere;
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To relieve sickness and to protect and preserve the health of all persons both in the United Kingdom and elsewhere;
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To promote the conservation protection and enhancement in the United Kingdom of nature and the amenities of the countryside including (but not by way of limitation) any areas of outstanding natural beauty or of special scientific or historic interest for the benefit of the public;
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To promote the conservation protection and enhancement in the United Kingdom of buildings of architectural scientific historic or public interest for the benefit of the public; and
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Such other charitable objects in the United Kingdom and elsewhere as the trustees in their discretion think fit, as to which and without prejudice the generality of the foregoing, to have particular regard to charitable objects relating to the theatre, children, the poor, the sick and the homeless.
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.
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The Mackintosh Foundation
Report of the Trustees for the year ended 31 March 2025 (continued)
Objectives and activities (continued)
The Foundation carries out these objectives by:
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Financing education in the United Kingdom and abroad by making donations to schools' core costs and assisting the disadvantaged;
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Funding the relief of poverty and those in hardship or distress in the United Kingdom and abroad;
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Promoting and developing theatrical, musical, and dramatic arts by a variety of means including education, theatre refurbishment/restoration programmes, and the support of a broad range of theatre productions for the enjoyment and education of the public at large;
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Funding medical research and the relief of sickness generally;
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Providing donations to environmental projects aimed at the conservation, protection, and enhancement of nature in the United Kingdom and elsewhere; and
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Funding community based projects where often a relatively small donation can make a big impact to many people both immediately and into the future.
Achievements and performance
During the year the Foundation has made 125 grants, totalling £768,649 (2024 119 grants totalling £1,154,046) 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 in association with thirteen venues across the UK, completed its first regional theatre apprenticeship programme. 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. The project was a huge success for both the young individuals and the participating theatres.
young people, which will run for 2 years and is due to commence in September 2025.
The Foundation continued its support of "education performances" in conjunction with Les Miserables. Phantom of the Opera, and Hamilton. These performances took place in The West End of London and in other cities around the UK including, Birmingham, Bradford. Bristol and Cardiff. This initiative offers young, disadvantaged persons the opportunity to see theatre who would not ordinarily have the chance. During the year over 15,000, young students who have previously not been exposed to theatre attended these special performances.
New work experience programmes were piloted during the year. The programme consists of a three-day work experience placement aimed at young people interested in backstage theatre careers, especially those from groups that are currently underrepresented in
soon rolled out to other UK and European cities including Dublin, Cardiff, and London. The idea is to give young people a real insight into how a big theatre production works. This is done through the opportunity of shadowing professionals in departments including; lighting, sound, automation, wigs, wardrobe, stage management, company management, and front of house.
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The Mackintosh Foundation
Report of the Trustees for the year ended 31 March 2025 (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 2025 |
2025 (£) 58,638 314,200 1,500 42,700 60,226 ___ 477,264 50,000 3,000 5,000 7,000 14,179 212,206 ___ 291,385 ___ 768,649 |
2025 (%) 7 41 - 5 8 ___ 61 7 - 1 1 2 28 ___ 39 ___ 100 |
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 |
|---|---|---|---|---|
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The Mackintosh Foundation
Report of the Trustees for the year ended 31 March 2025 (continued)
Achievements and performance (continued)
Major donations paid or pledged during the year were: £250,000 £54,927 Chichester Festival Theatre, , £30,000 War Child, £25,000 New Adventures.
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 donor 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 |
2025 Number 1 1 7 4 15 76 21 ___ 125 ___ |
2024 Number 2 3 13 14 11 69 7 _ 119 _ |
|---|---|---|
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 is set out under Achievements and Performance.
Endowment number Three, an investment property purchased in 2005, from which the Foundation has had a good income stream for nearly 20 years was sold in November 2024. The proceeds from the sale were transferred to the general fund.
Cash at bank at the year end amounted to £742,502 compared to £1,463,231 at 31 March 2024, 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
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1 To ensure that the funds are properly protected so that capital is prudently invested, with reasonable regard for the desirability of diversification.
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2 To aim to achieve a long term real rate of return in excess of the rate of UK inflation after fees and costs. The portfolio is managed for total return i.e. income and capital.
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3 To keep sufficient funds invested in such a manner as to enable them to be encashed at short notice with little or no penalty should the need arise.
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4 To seek advice consistent with the above from a professional investment consultant, who is regulated under the Financial Services and Markets Act 2000, whenever appropriate having regard to the amount of money available for investment and the period contemplated for the investment concerned.
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5 To monitor and review the quality of investment advice received as aforesaid in light of past performance and to make such changes in the identity of investment consultant from time to time as may to the Trustees seem appropriate.
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6 The Trustees are aware that the rate of spending exceeds the level of investment return and accept that the real value of the portfolio is falling. The Trustees therefore acknowledge that it will be impossible to maintain current levels of expenditure in the long term without a further major donation.
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The Mackintosh Foundation
Report of the Trustees for the year ended 31 March 2025 (continued)
Investment performance review
At the start of the year the Foundation employed two investment managers, Cazenove Capital and Ruffer LLP. During the year, the Foundation ceased using Ruffer LLP and all investments are now managed by Cazenove Capital, with some funds actively managed and some funds (those formerly managed by Ruffer LLP) following a passive investment strategy.
The Trustees consider that the investment performance during the year has been satisfactory and in line with expectations and investment policy.
Going concern
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 fall due for a period of at l 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 2025 amounted to £580,765.
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.
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The Mackintosh Foundation
Report of the Trustees for the year ended 31 March 2025 (continued)
Statement of Trustees' responsibilities
The Trustees (who are also directors for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent; and
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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 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 Companies Act 2006. 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.
Disclosure of information to Auditor
ln so-far as each of the Trustees are aware:
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there is no relevant audit information of which the charitable company's auditor is unaware; and
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the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
In preparing this Report of the Trustees (which includes the directors small companies exemption.
Approved by the Trustees and signed on their behalf by
Alan Finch CBE Trustee
Date 15/10/2025
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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:
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incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
ended 31 March 2025 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 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 that are relevant other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
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.
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The Mackintosh Foundation
Independent auditor's report to the members of The Mackintosh Foundation (continued)
Other information
The Trustees are responsible for the other information. The other information comprises the information included 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 course of 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 this gives rise to 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.
Other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit:
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of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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applicable legal requirements.
In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the
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;
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies requirement to prepare a strategic report.
Responsibilities of Trustees
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.
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.
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Independent auditor's report to the members of The Mackintosh Foundation (continued)
The Mackintosh Foundation
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 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.
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:
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Our understanding of the Charitable Company and the sector in which it operates; and
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Discussion with management and those charged with governance; and
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with laws and regulations;
we considered the significant laws and regulations to be the Companies Act 2006, the Charities Act 2022, and their associated accounting applicable accounting frameworks.
Our procedures in respect of the above included:
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Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations; and
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Review of financial statement disclosures and agreeing to supporting documentation.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
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Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
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Detecting and responding to the risks of fraud; and
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Internal controls established to mitigate risks related to fraud.
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Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;
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Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
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Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Based on our risk assessment, we considered the area most susceptible to fraud to be the misstatement of financial performance and position by the posting of inappropriate journals.
Our procedures in respect of the above included testing a sample of journal entries in preparing the financial statements from the underlying accounting records, by agreeing to supporting documentation.
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The Mackintosh Foundation
Independent auditor's report to the members of The Mackintosh Foundation (continued)
Fraud (continued)
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.
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.
https://www.frc.org.uk/auditorsresponsibilities
Use of our report
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 ou r 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
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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The Mackintosh Foundation
Statement of financial activities (incorporating the income and expenditure account) for the year ended 31 March 2025
| Unrestricted Endowment Note funds funds £ £ Income and endowments from: Donations and legacies 2 74,676 - Investments 3 349,484 - Other income - - ___ ___ Total income 424,160 - ___ ___ Expenditure on: Charitable activities 4 994,370 - ___ ___ Total expenditure 994,370 - ___ ___ Net expenditure and net movement in funds before gains/(losses) on investments (570,210) - Net gains/(losses) on investments 8 21,646 - ___ ___ Net (expenditure) (548,564) - Reconciliation of funds Total funds brought forward 12,428,230 420,000 Transfer between funds 420,000 (420,000) ___ ___ Total funds carried forward 13 12,299,666 - |
Total 2025 £ 74,676 349,484 - ___ 424,160 ___ 994,370 ___ 994,370 ___ (570,210) 21,646 ___ (548,564) 12,848,230 - ___ 12,299,666 |
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 |
|---|---|---|
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.
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The Mackintosh Foundation
Balance sheet at 31 March 2025
| Company number 2239812 | Note | 2025 | 2025 | 2024 | 2024 |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Investments | 8 | 11,764,651 | 11,831,132 | ||
| Current assets | |||||
| Debtors | 9 | - | 71,677 | ||
| Cash at bank and in hand | 742,502 | 1,463,231 | |||
| ___ | ___ | ||||
| 742,502 | 1,534,908 | ||||
| Liabilities | |||||
| Creditors: amounts falling due | |||||
| within one year | 10 | 161,737 | 441,143 | ||
| ___ | ___ | ||||
| Net current assets | 580,765 | 1,093,765 | |||
| ___ | ___ | ||||
| Total assets less current | |||||
| liabilities | 12,345,416 | 12,924,897 | |||
| Creditors: amounts falling due | |||||
| after more than one year | 11 | 45,750 | 76,667 | ||
| ___ | ___ | ||||
| Total net assets | 12,299,666 ___ |
12,848,230 ___ |
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| The funds of the charity | |||||
| Expendable endowment funds | 12 | - | 420,000 | ||
| General fund | 12,299,666 | 12,428,230 | |||
| ___ | ___ | ||||
| Total charity funds | 13 | 12,299,666 ___ |
12,848,230 ___ |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 15-10-2025.
Alan Finch CBE re Trustee
The notes on pages 15 to 24 form part of these financial statements.
13
The Mackintosh Foundation
Statement of cash flows for the year ended 31 March 2025
| Note Cash (used in) operating activities 14 Cash flows from investing activities Investment income Sale of investment Cash generated by investing activities (Decrease) in cash in the year Cash at the beginning of the year Total cash at the end of the year |
2025 £ (1,158,340) ___ 17,611 420,000 ___ 437,611 ___ (720,729) ___ 1,463,231 ___ 742,502 ___ |
2024 £ (1,073,974) _ 64,832 - _ 64,832 _ (1,009,142) _ 2,472,373 _ 1,463,231 _ |
|---|---|---|
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.
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The Mackintosh Foundation
Notes forming part of the financial statements for the year ended 31 March 2025
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
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 Foundation also has over £10m invested in funds that it is able to recall at short notice should the need arise.
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
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 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.
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The Mackintosh Foundation
Notes forming part of the financial statements for the year ended 31 March 2025 (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.
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. Donation 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 2025 (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 |
2025 £ - 74,500 176 ___ 74,676 |
2024 £ 68,750 65,000 181 ___ 133,931 |
|---|---|---|
17
The Mackintosh Foundation
Notes forming part of the financial statements for the year ended 31 March 2025 (continued)
| 3 | Investment income | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Bank interest | 17,611 | 31,986 | |
| Amounts received from UK investment property | - | 32,846 | |
| Income from investments (note 8) | 331,873 | 365,133 | |
| ___ | ___ | ||
| 349,484 | 429,965 | ||
| ___ | ___ | ||
| 4 | Charitable expenditure | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Analysis of expenditure on charitable activities | |||
| Donations to institutions | 768,649 | 1,154,046 | |
| Support and governance costs (note 5) | 225,721 | 142,586 | |
| ___ | ___ | ||
| 994,370 | 1,296,632 | ||
| ___ | ___ | ||
| The number of donations during the year awarded to institutions was 125 (2024 - 119). No | donations were | ||
| awarded to individuals (2024 - nil). | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Donations by type of activity | |||
| Children and Education | 58,638 | 53,731 | |
| Community Projects | 314,200 | 88,100 | |
| The Environment | 1,500 | 10,000 | |
| The Homeless | 42,700 | 11,500 | |
| Medical | 60,226 | 67,144 | |
| Theatre and the Performing Arts | 291,385 | 923,571 | |
| ___ | ___ | ||
| 768,649 | 1,154,046 | ||
| ___ | ___ |
18
The Mackintosh Foundation
Notes forming part of the financial statements for the year ended 31 March 2025 (continued)
4 Charitable expenditure (continued)
Donations during the year greater and equal to £5,000 were as follows:
| Donation recipient St James's Picadilly Chichester Festival Theatre Dancers' Career Development War Child New Adventures The BRIT School Hamilton Education Programme Royal Academy of Music Social Bite Les Miserables Education Programme BAC (Battersea Arts Centre) National Youth Arts Trust St Mungo Association Charitable Trust Royal Central School of Speech & Drama Acting for Others Longfield Hall Trust Pleasance Theatre Trust Phantom London Education programme Whizz Kidz Academy of StMartin in the Fields Artistry Youth Dance Celebrate Voice Mercury Musical Developments Outward Bound Trust Roundhouse Trust The Trussell Trust Theatre Royal Haymarket Masterclass Trust WaterAid Grants of less than £5,000 Total |
2025 £ 250,000 54,927 47,250 30,000 25,000 21,500 21,032 20,000 20,000 11,049 10,000 10,000 10,000 9,750 7,952 7,560 7,000 5,757 5,500 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 _ 619,277 _ 149,372 _ 768,649 _ |
|---|---|
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 2025 (continued)
5 Support and governance costs
| Legal and administration fees Auditor's remuneration audit services Other costs Donated services and facilities |
2025 £ 57,975 16,456 76,790 74,500 ___ 225,721 ___ |
2024 £ 37,912 15,900 23,774 65,000 _ 142,586 _ |
|---|---|---|
No Trustee received any remuneration or reimbursement of expenses during the year (2024 - 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 £74,500 (2024 - £65,000) 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 |
2025 £ 17,220 92,268 440 12,539 17,686 85,568 ___ 225,721 ___ |
2024 £ 6,639 10,885 1,236 1,421 8,296 114,109 _ 142,586 _ |
|---|---|---|
6 Taxation
As a registered charity, the company benefits from tax exemptions on income and gains received from its charitable activities. This exemption is in accordance with the provisions set out by HM Revenue & Customs
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 2025 (continued)
8 Investments
Investments are stated at market value at the balance sheet date. Investment Three constitutes the Expendable Endowment Fund. 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 2024 Investment income credited in year Sale of investment Increase in market value in year At 31 March 2025 Cost At 31 March 2025 At 31 March 2024 |
Number Three £ 420,000 - (420,000) - _ - _ - ___ 721,231 |
Number Five £ 11,411,132 331,873 - 21,646 _ 11,764,651 _ 10,341,863 ___ 10,341,863 |
Total £ 11,831,132 331,873 (420,000) 21,646 _ 11,764,651 _ 10,341,863 ___ 11,063,094 |
|---|---|---|---|
Investment Three, an investment property was sold in November 2024. The proceeds from the sale were transferred to the general fund.
Investment number Five includes £6,029,936 (2024 - £5,878,563) invested in Cazenove Charity Multi-asset fund, £1,056,913 invested in Amundi Prime All Country fund, £349,661 invested in HSBC Global Government Band Index, invested in UK Treasury Stock £2,703,655, invested in cash £1,624,486 and £Nil (2024 - £5,532,569) in CF Ruffer Absolute Return Fund.
Included in the market value of investments is investment income of £331,873 (2024 - £365,133) 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 |
2025 £ - - ___ - ___ |
2024 £ 1,677 70,000 _ 71,677 _ |
|---|---|---|
21
The Mackintosh Foundation
Notes forming part of the financial statements for the year ended 31 March 2025 (continued)
| 10 Creditors: amounts falling due within one year Accruals Donation commitments Other creditors 11 Creditors: amounts falling due in more than one year Donation commitments |
2025 £ 47,004 62,417 52,316 ___ 161,737 _ 2025 £ 45,750 ___ 45,750 _ |
2024 £ 29,028 360,525 51,590 _ 441,143 _ 2024 £ 76,667 _ 76,667 _ |
|---|---|---|
Included in creditors falling due within one year and falling due in more than one year are the following donation commitments:
-
The Theatres Trust- £60,000, payable in equal instalments over two years
-
National Youth Arts Trust - £16,667 payable in one instalment
-
Dancers Career Development - £31,500, payable in equal instalments over two years
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 2024 | 437,192 |
| Donations paid during the year | (376,275) |
| New donation commitments in year | 47,250 |
| ___ | |
| Amount of donation commitments recognised as at 31 March 2025 | 108,167 |
| ___ |
There are no performance conditions attached to these donations.
12 Foundation Funds
The Foundation funds comprise:
-
A General Fund which it uses for its donation making activities and running expenses, The movements on this investment fund are disclosed on the face of Statement of Financial Activity; and
-
An Expendable Endowment Fund invested to provide income and capital growth for the General Fund. The expendable endowment was sold in the year and the funds transferred to the general fund.
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 2025 (continued)
13 Analysis of net assets between Funds
| Fund balances at 31 March 2025 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 2024 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 £ £ 11,764,651 - 742,502 - (161,737) - (45,750) - _ _ 12,299,666 - _ _ Expendable General Endowment Fund Funds £ £ 11,411,132 420,000 1,534,908 - (441,143) - (76,667) - _ _ 12,428,230 420,000 |
Total £ 11,764,651 742,502 (161,737) (45,750) _ 12,299,666 _ Total £ 11,831,132 1,534,908 (441,143) (76,667) ___ 12,848,230 |
|---|---|---|
14 Reconciliation of net movements in funds before losses on investments to net cash flow from operating activities
| Net movement in funds Investment income (Decrease)/increase in creditors Decrease(increase) in debtors Net cash used in operating activities |
2025 £ (570,210) (349,484) (310,323) 71,677 ___ (1,158,340) |
2024 £ (662,736) (429,965) 90,404 (71,677) ___ (1,073,974) |
|---|---|---|
15 Related party transactions
During the year ended 31 March 2025 donated services of £74,500 (2024 - £65,000) 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 2025 (continued)
16 Statement of financial activities as at 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 - _ _ 4 Expenditure on: Charitable activities 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 (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 |
|---|---|
24