REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
for |
The Magnum Photos Foundation |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
for |
The Magnum Photos Foundation |
The Magnum Photos Foundation |
Contents of the Financial Statements |
for the year ended 30 April 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 | to | 7 |
The Magnum Photos Foundation (Registered number: 06184374) |
Report of the Trustees |
for the year ended 30 April 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2023. The trustees have adopted the provisions of 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). |
Objectives and activities |
Objectives and aims |
The charity's objectives are to advance the education of the wider public in the subject of documentary photography and photo journalism. The policies adopted in furtherance of these objects are by developing public understanding and appreciation of documentary photography and photo journalism as an educational and historical resource, organising educational seminars and lectures, making material available for external use for scholarship and research purposes, organising cultural events and offering awards and honours in recognition of outstanding work in the field of documentary photography and photo journalism. The foundation's objectives are supported by fundraising in all its forms including direct donations and seeking grants and other funds. |
Public benefit |
In setting our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefits, including the guidance on fee charging. In setting concessions the trustees give careful consideration to the accessibility of its services to those organisations that seek to further the public benefit in relation to the aims of the charity. |
Achievement and performance |
Fundraising activities |
Towards the end of the year, the charity commenced fund raising activities and has employed a consultant to undertake these activities. |
Financial review |
Financial position |
The trustees report that the Foundation's reserves have decreased to £8,462 (2022: £11,947) at the end of the period under review. Due to its size the charity has no specific reserve policy, other than to retain sufficient funds to meet its day to day obligations. |
Structure, governance and management |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Charity constitution |
The charity is a company limited by guarantee. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. |
The trustees, who are also the directors for the purpose of company law, and who served during the year were: |
D Hurn |
R Husband |
R Grey |
O Arthur |
The directors have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. |
Reference and administrative details |
Registered Company number |
Registered Charity number |
The Magnum Photos Foundation (Registered number: 06184374) |
Report of the Trustees |
for the year ended 30 April 2023 |
Registered office |
Trustees |
D Hurn |
R Husband |
R C Grey |
O A Arthur |
Approved by order of the board of trustees on |
The Magnum Photos Foundation |
Statement of Financial Activities |
for the year ended 30 April 2023 |
2023 | 2022 |
Unrestricted |
fund | Total funds |
Notes | £ | £ |
Income and endowments from |
Donations and legacies |
Expenditure on |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Reconciliation of funds |
Total funds brought forward |
Total funds carried forward | 11,947 |
The Magnum Photos Foundation (Registered number: 06184374) |
Balance Sheet |
30 April 2023 |
2023 | 2022 |
Unrestricted |
fund | Total funds |
Notes | £ | £ |
Current assets |
Cash at bank |
Creditors |
Amounts falling due within one year | 4 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
NET ASSETS |
Funds | 5 |
Unrestricted funds | 11,947 |
Total funds | 11,947 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
The Magnum Photos Foundation |
Notes to the Financial Statements |
for the year ended 30 April 2023 |
1. | Accounting policies |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Financial reporting standard 102 - reduced disclosure exemptions |
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
• | the requirements of Section 7 Statement of Cash Flows. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. |
2. | Trustees' remuneration and benefits |
There were no trustees' remuneration or other benefits for the year ended 30 April 2023 nor for the year ended 30 April 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 April 2023 nor for the year ended 30 April 2022. |
The Magnum Photos Foundation |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
3. | Staff costs |
The average monthly number of employees during the year was as follows: |
2022 | 2021 |
- | - |
No employees received emoluments in excess of £60,000. |
4. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
Accrued expenses |
5. | Movement in funds |
Net |
movement |
At 1/5/22 | in funds | At 30/4/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 11,947 | (3,485 | ) | 8,462 |
TOTAL FUNDS | (3,485 | ) | 8,462 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 5,308 | (8,793 | ) | (3,485 | ) |
TOTAL FUNDS | ( |
) | (3,485 | ) |
Comparatives for movement in funds |
Net |
movement |
At 1/5/21 | in funds | At 30/4/22 |
£ | £ | £ |
Unrestricted funds |
General fund | 26,346 | (14,399 | ) | 11,947 |
TOTAL FUNDS | 26,346 | (14,399 | ) | 11,947 |
The Magnum Photos Foundation |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
5. | Movement in funds - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (14,399 | ) | (14,399 | ) |
TOTAL FUNDS | - | (14,399 | ) | (14,399 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement |
At 1/5/21 | in funds | At 30/4/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 26,346 | (17,884 | ) | 8,462 |
TOTAL FUNDS | 26,346 | (17,884 | ) | 8,462 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 5,308 | (23,192 | ) | (17,884 | ) |
TOTAL FUNDS | 5,308 | (23,192 | ) | (17,884 | ) |
6. | Related party disclosures |