Milner Foundation Charity Accounts

BREAKTHROUGH FOUNDATION - Company Information

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COMPANY REGISTRATION NUMBER: 09335387

CHARITY REGISTRATION NUMBER: 1162536

Milner Foundation

Company Limited by Guarantee

Unaudited Financial Statements

For the year ended

31 December 2018

Milner Foundation

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2018

	Pages

Trustees' annual report (incorporating the director's report)	1 to 2

Chartered accountants report to the board of trustees on the preparation of the unaudited statutory financial statements	3

Statement of financial activities (including income and expenditure account)	4

Statement of financial position	5

Notes to the financial statements	6 to 9

Milner Foundation

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 December 2018

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2018 .

Reference and administrative details

Registered charity name	Milner Foundation

Charity registration number	1162536

Company registration number	09335387

Principal office and registered	4 Hill Street
office	London
	W1J 5NE

The trustees

	B Gripton
	Ms S Pavlova
	A R Tulloch

Company secretary	D Forsdick

Accountants	Mackenzie Field
	Chartered Accountants
	Hyde House
	The Hyde
	Edgware Road
	London
	NW9 6LA

Structure, governance and management

The Foundation is managed by a board of Trustees supported by the Secretary.

Objectives and activities

The objectives of the Foundation are to attract donations with which to (1) grant awards for undertaking research and disseminating the useful results to the public and (2) recognise outstanding achievements in research to act as an incentive to others.

Achievements and performance

The charity has provided grants, principally, to the Breakthrough Prize Foundation and the Breakthrough Prize in Life Sciences Foundation, USA (https:\\breakthroughprize.org\), the University of Cambridge and the Stephen Hawking Foundation. The charity intends to continue to attract funds for the support of the Breakthrough prizes

Financial review

The majority of the initial donation received by the charity was placed on deposit and earned interest pending disbursement.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 12 September 2019 and signed on behalf of the board of trustees by:

B Gripton

Trustee

Milner Foundation

Company Limited by Guarantee

Chartered Accountants Report to the Board of Trustees on the Preparation of the Unaudited Statutory Financial Statements of Milner Foundation

Year ended 31 December 2018

As described on the statement of financial position, the trustees of the charity are responsible for the preparation of the financial statements for the year ended 31 December 2018, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.

You consider that the charity is exempt from an audit under the Companies Act 2006.

In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Mackenzie Field Chartered Accountants

Hyde House The Hyde Edgware Road London NW9 6LA

12 September 2019

Milner Foundation

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 December 2018

	2018		2017
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Donations and legacies	5	7,677,655	7,677,655	3,763,920
Investment income	6	13,036	13,036	23,214
		------------	------------	------------
Total income		7,690,691	7,690,691	3,787,134
		------------	------------	------------

Expenditure

Expenditure on charitable activities	7,8	( 10,194,807)	( 10,194,807)	( 953)
		-------------	-------------	------------
Total expenditure		10,194,807	10,194,807	953
		-------------	-------------	------------

	-------------	-------------	------------
Net (expenditure)/income and net movement in funds	( 2,504,116)	( 2,504,116)	3,786,181
	-------------	-------------	------------

Reconciliation of funds

Total funds brought forward	3,795,468	3,795,468	9,287
	-------------	-------------	------------
Total funds carried forward	1,291,352	1,291,352	3,795,468
	-------------	-------------	------------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Milner Foundation

Company Limited by Guarantee

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Current assets

Debtors	14	3,411		–
Cash at bank and in hand		1,287,941		3,795,468
		------------		------------
		1,291,352		3,795,468
		------------		------------
Net current assets			1,291,352	3,795,468
			------------	------------
Total assets less current liabilities			1,291,352	3,795,468
			------------	------------

Funds of the charity

Unrestricted funds		1,291,352	3,795,468
		------------	------------
Total charity funds	15	1,291,352	3,795,468
		------------	------------

For the year ending 31 December 2018 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 12 September 2019 , and are signed on behalf of the board by:

B Gripton

Trustee

Milner Foundation

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 4 Hill Street, London, W1J 5NE.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

4. Limited by guarantee

The company is limited by guarantee. Every member of the charity undertakes to contribute such amount as may be required (not exceeding £1) to the charity's assets if it should be wound up while he or she is a member or within one year after he or she ceases to be a member, for payment of the charity's debts and liabilities contracted before he or she ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves.

5. Donations and legacies

Unrestricted Funds	Total Funds 2018	Unrestricted Funds	Total Funds 2017
£	£	£	£

Donations

Donations	7,677,655	7,677,655	3,763,920	3,763,920
	------------	------------	------------	------------

6. Investment income

	Unrestricted Funds	Total Funds 2018	Unrestricted Funds	Total Funds 2017
	£	£	£	£
Income from cash investments	13,036	13,036	23,214	23,214
	--------	--------	--------	--------

7. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2018	Unrestricted Funds	Total Funds 2017
	£	£	£	£
Donations	10,459,085	10,459,085	–	–
Bank charges	106	106	112	112
Support costs	(264,384)	(264,384)	841	841
	-------------	-------------	----	----
	10,194,807	10,194,807	953	953
	-------------	-------------	----	----

8. Expenditure on charitable activities by activity type

	Activities undertaken directly	Grant funding of activities	Support costs	Total funds 2018	Total fund 2017
	£	£	£	£	£
Donations	–	10,459,085	–	10,459,085	–
Bank charges	106	–	–	106	112
Governance costs	–	–	(264,384)	(264,384)	841
	----	-------------	---------	-------------	----
	106	10,459,085	( 264,384)	10,194,807	953
	----	-------------	---------	-------------	----

9. Analysis of support costs

	Total 2018	Total 2017
	£	£
Finance costs	–	840
	----	----

10. Analysis of grants

	2018	2017
	£	£

Grants to institutions

Grants to institutions	10,459,085	–
	-------------	----
Total grants	10,459,085	–
	-------------	----

11. Net (expenditure)/income

Net (expenditure)/income is stated after charging/(crediting):

	2018	2017
	£	£
Foreign exchange differences	(264,384)	–
	---------	----

12. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2018	2017
	£	£

The average head count of employees during the year was Nil (2017: Nil).

No employee received employee benefits of more than £60,000 during the year (2017: Nil).

13. Trustee remuneration and expenses

- no remuneration or other benefits from employment with the charity or a related entity were received by the trustees; or

14. Debtors

	2018	2017
	£	£
Prepayments and accrued income	3,411	–
	-------	----

15. Analysis of charitable funds

Unrestricted funds

	At 1 January 2018	Income	Expenditure	At 31 December 2018
	£	£	£	£
General funds	3,795,468	7,690,691	(10,194,807)	1,291,352
	------------	------------	-------------	------------

	At 1 January 2017	Income	Expenditure	At 31 December 2017
	£	£	£	£
General funds	9,287	3,787,134	(953)	3,795,468
	-------	------------	----	------------

16. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2018
	£	£
Current assets	1,291,352	1,291,352
	------------	------------

	Unrestricted Funds	Total Funds 2017
	£	£
Current assets	3,795,468	3,795,468
	------------	------------