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REGISTERED COMPANY NUMBER: 06184374 (England and Wales)
REGISTERED CHARITY NUMBER: 1121064














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
06184374 (England and Wales)

Registered Charity number
1121064


The Magnum Photos Foundation (Registered number: 06184374)

Report of the Trustees
for the year ended 30 April 2023


Registered office
Ground Floor
63 Gee Street
London
EC1V 3RS

Trustees
D Hurn
R Husband
R C Grey
O A Arthur

Approved by order of the board of trustees on 9 October 2024 and signed on its behalf by:





R Husband - Trustee

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 5,308 -

Expenditure on
Raising funds 8,479 13,385

Charitable activities
Charitable Activities 314 1,014
Total 8,793 14,399

NET INCOME/(EXPENDITURE) (3,485 ) (14,399 )


Reconciliation of funds
Total funds brought forward 11,947 26,346

Total funds carried forward 8,462 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 13,921 17,301

Creditors
Amounts falling due within one year 4 (5,459 ) (5,354 )

Net current assets 8,462 11,947

Total assets less current liabilities 8,462 11,947

NET ASSETS 8,462 11,947
Funds 5
Unrestricted funds 8,462 11,947
Total funds 8,462 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 9 October 2024 and were signed on its behalf by:





R Husband - Trustee

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 366 366
Other creditors 5,093 684
Accrued expenses - 4,304
5,459 5,354

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 11,947 (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 5,308 (8,793 ) (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

There were no related party transactions for the year ended 30 April 2023.