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Registered number: 13075580










MARCHO FOUNDATION LIMITED
(A company limited by guarantee)








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
MARCHO FOUNDATION LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: 13075580

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
792,698
685,850

Current assets
  

Debtors: amounts falling due within one year
 5 
15,963
-

Cash at bank and in hand
 6 
855,930
1,017,051

  
871,893
1,017,051

Creditors: amounts falling due within one year
 7 
(81,943)
(34,377)

Net current assets
  
 
 
789,950
 
 
982,674

  

Net assets
  
1,582,648
1,668,524


Capital and reserves
  

Profit and loss account
  
1,582,648
1,668,524


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C Simkin
Director

Date: 28 August 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
MARCHO FOUNDATION LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Marcho Foundation Limited is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. 
The company registration number is 1307580 and the registered office is 10 Queen Street Place, London, EC4R 1AG.
The principal activity of the company is that of a not for profit foundation.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.3

Valuation of investments

Investments in funds and limited partnerships are measured at cost less accumulated impairment.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 2

 
MARCHO FOUNDATION LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.


3.


Employees



The Company has no employees other than the directors, who did not receive any remuneration.

Page 3

 
MARCHO FOUNDATION LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Fixed asset investments





Fixed asset investments

£



Cost


At 1 December 2022
685,850


Additions
106,848



At 30 November 2023
792,698






5.


Debtors

2023
2022
£
£


Corporation Tax Recoverable
14,644
-

Accrued income
1,319
-



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank
855,930
1,017,051



7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
72,143
10,883

Other creditors
3,900
3,900

Corporation tax
-
14,644

Accruals
5,900
4,950

81,943
34,377


Page 4

 
MARCHO FOUNDATION LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Related party transactions

As at 30 November 2023, a balance of £2,100 (2022: £2,100) was due to Marcho Partners LLP. There is also a balance of £70,000 (2022: £10,000) due to Marcho Partners LLP relating to office services recharged, of which £60,000 (2022: £55,000) related to expenditure in the current financial year . This balance was cleared post year end.
As at 30 November 2023, a balance of £1,800 (2022: £1,800) was due to Marcho Partners Services (UK) Limited.
The balances are repayable on demand.

 
Page 5