THE WfN AND KEN LO MEMORIAL FOUNDATION (Reglstered Charity No. 1000897) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE WYN AND KEN LO MEMORIAL FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Page TNstees' Annual Report Independenl Examiner's Report St8temÈnt of Financial Activities Balance Sheet Notes to the Financial Statements 9-15
Page 1 THE WYN AND KEN LO MEMORIAL FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees of the Wyn and Ken Lo Memorial Foundation 1.the trust. or °Ihe charity.) submit their report and the independently examined financial statements for the twsl for the year ended 31 December 2023. These have been prepared in accordance with the accounting policies set out on pages 9 to 15 and comply with the chartty's trust deed and applicable law. The financial statements comply with the Charities Act 2011 and where relevant, the Charilies Act 2022, the Foundation's trust deed dated 26 October 1990 and Accounting and Reporting by Charilies-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Slandard applicable In the UK and Republic of Ireland - SORP (FRS). REFERENCE AND ADMINISTRATIVE DETAILS The Wyn and Ken Lo Memorial Foundation, registered charity number 1000897, is based and administered in the United Kingdom. The registere(l address is 4 Courthope Road, Wimbledon, London, SW19 7RD. The names of the trustees who served throughoul the year and continue to serve at the date of this report's approval are.. Robert Anthony Lo ISettlor} (deceased 27 February 2024) Ann Mary Rodrigues Bernard Norman Lo Francis Richard Lo Accountants.. Rawlinson & Hunter LLP Eighth Floor. 6 New Street Square. New Feller Lane, London, EC4A 3AQ Investment Managers: Veritas Asset Management (UK) Limited go Long Acre. London, WC2E 9RA Ruffer LLP 80 Victoria Street, London. SW1E 5JL Bankars: HSBC Bank plc 5 Wimbledon Hill Road, Wimbledon, London, SW19 7NF Sollcltors.. Withers LLP 16 old Bailey, London, EC4M 7EG Indep•ndènt Examiner: Christopher Hawley FCA Eighth Floor, 6 New stet Square. New Fetter Lane. London EC4A 3AQ
Page 2 THE WYN AND KEN LO MEMORIAL FOUNDATION TRUSTEES. ANNUAL REPORT {¢ontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT The Wyn and Ken Lo Memorial Foundation was established by a Deed dated 26 October 1990 and is an unincorporated charitable trust bound by the proper law of EnglarKI and Wales. The settlor was Robert Anthony Lo. The entire resources of the charity have been unreslrlcted throughout the year and the trustees have complete discretion for their use. The trustees usually consKler new donations at the trustees, meetings. The truslees. investment powers are unrestricted. The trustees have the power lo appy)int new or addition81 trustees provided that the tot81 number does nol exceed fourteen. Trustees, responslbilities statement The trustees are responsible for preparing the Trustees, Annual Report and the financial 81alements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epled Accounting and Practi). The law 8ppli¢able to charities in England and Wales requires the trustees to prepare financlal slalemenls for each financial year which give a true and fair view of the state of the 8ffairs of the charlly and of the incoming resource5 and application of resources of the charity for that perlod. In preparing thos8 financial statements, th8 trustees are required to: select suitable accounting poIleS and apply them consist8ntly- observe the methods and principles in the Charities SORP 2019 IFRS 102)- make judgements and estimates thal are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any materlal departures disclosed and explained in the financial statements. prepare the financial statements on a going concern basis unless it is inappropriate to presume th8t the charity will Continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and where applicable, the Chartties Act 2022, the Charity (Accounts and Reports) Regulations 2008 and the trust deed. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Indu¢lion and training Training of the trustees is adopted on an informal basis. All trustees are kept informed at meetings of their duties and obligations under the law in addition to their proper conduct. Pay poll¢y for s•nlor staff The trustees comprise the key management personnel of the ¢harfty who are in charge of directing and conlrolling, running and operating the charity on a day to day basls. All trustees give their lime freely and no trustee received remuneration in the year. Details of Iruslees, expenses and related party transactions are disclosed in the notes lo the financial statements. There are no staff other than the trustees.
P8ge 3 THE VVYN AND KEN LO MEMORIAL FOUNDATION TRUSTEES, ANNUAL REPORT Icontlnued FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Risk management and governancg A risk assessment has been undertaken which comprises ot. an annual review of the risks the charity may f8ce', the eslablishmenl of systems and procedure5 to mitigate those risks., and the implementation of procedures designed lo minimise any potenlial impact on the chartty should those risks materialise. This continuing process will identify risk areas to which the charlty is vulnerable and highlight any necessary safeguards that will need lo be put in place. No major rlsks were identrfied at Ihe date of Ihese accounts. The trustees have signed fil and proper deGlarations in line wilh HMRC guidance. In addition, the trustees have laken due consideration of Good Govemance A Code for the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are- Ooanisational purpose- Leadership; Integrity- Decision-making, risk and control., Board effectiveness., Equality. diversity and inolusion- and Openne55 and accessibility. The trustees recognise thal good govemance plays an essential part in securing Ihe future of the charity and confirm that the sald prfnciples of th8 Code are followed by them in leading. directing and managing the charty. Internal Controls The trustees have overall responsibility for ensuring thal the charity has appropriate systems of inlemal controls. They are also responsible for keeping proper accourrting records which disclose wilh reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements follow best practice. They are also responsible for the charity safeguarding its assets and hence for taking reasonable sleps for the prevention and detection of fraud and olher iegUlar1ties. The system of intemal controls is designed to provide reasonable, but not absolthe. assurance against material misstatement or los$. The objects of the charity are to apply capital and income for Such charitable pury)ose5, charitable institutions or charitable foundations, in such countries and in such manner as the trustees in their absolute discretion think fit. The Irustees usually consid9r new donations annually or more frequently if the need arises.
Page 4 THE WYN AND KEN LO MEMORIAL FOUNDATION TRUSTEES. ANNUAL REPORT {¢ontlnued) FOR THE YEAR ENDED 31 DECEMBER 2023 GRANT MAKING POLICY AND OBJECTIVES In general, the truslees are more inclined lo provide benefit to charities which provide a broadly humanltarian, practical purpose. Furthermore, the trustees have adopted a practice lo make donations to some charities on a regular monthly or annual basis. However, new appeals are also reviewed and donations allocated aordinglY. Postal appeals are sent to the principal add$$ and considered by the trust8es periodically. Statomfrnt of Publi¢ Beneflt Trustees are aware of the Charity Commission guidan¢e on Public Benefrt and confirm that they have complied with the duty in SeclK)n 4 of the Charities Act 2011 to have due regard to it. They consider the information which follow$ in this annual report, about the trust's aims, activities and achievements in the areas of interest that the trusl supports demonstrates the benefrts to ils beneficiaries. and Ihrough them lo Ihe public, that arise from those activitl8S. Fundraising The trustees have referred to the Charits'es (Protection and Social Investment) Act 2016 {"the Acl'l and the Guidan on Charities and Fundraising issued by the Charity Commission ('CC20'). They confim) that the Act and CC20 have no impact on the charity as il does not engage in any public fvndraising activities. ACHIEVEMENT AND PERFORMANCE Charitable Activitigs Charitable activities included dir8Ct charitable expenditure for 2023 which totalled £195,10812022 - £285,177) with the number of charitable causes benefrting from such donations being 20 (2022 201. During the year the charity met its objects by awarding grants. Listed below are some of the major organisations to benefit from support.. Leonard Cheshire providing support to people with disabilities to live, leam and work as independently as they choose whatever their ability- Roald Dahl Marrfelous Children's Charity - providing specialist nurses and support for seriously ill children living with complex, lifelong condrtions. Amos Trust - current projects fu$ on promoting the lights of street children, crealing a just peace for Palestine and building sustainable rural comrnunities in Nicaragua. Evergreen Afrlca - prevention or relief of povety in sub-saharan Africa by providing or assisting in the provision of education, training, healthcare projects and all the necessary supwtt designed to enable individuals to generate a sustainable income and be Se-suffICien1. Hope for Justlce - fighting human trafficking and helping victims and survivors of modem slavery amund the world. A full list of the gr8nls made during the year ended 31 December 2023 is shown in Note 3 on page 12.
Page 5 THE WYN AND KEN LO MEMORIAL FOUNDATION TRUSTEES. ANNUAL REPORT Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Investmont Managoment Under Ihe tsms of the trust deed dated 26 October 1990 together with all other statutory powers enabling them, the trustees may invest monies in any stocks. shares. funds, securities. bonds or other investment or propety of whatever nature in any part of the world as they see fit. The assets of the charity consist principally of investments and cash and these are ¢ollectively recorded on Ihe Balance Sheet and supporting notes at their market value on that dat8. Any increase or decrease over cost on the restatemenl of these values is recorded in the Slalement of Fin8nci81 Acllvities. During the year. Veritas Asset Management {UKI Limited and Ruffer LLP acted on behalf of the trustees to manage the investment portfolio and to provide safe custody of the securities. The trustees, investment approach is for a balanced return within the context of a moderale level attitude lo risk. The trustees are satisfied wilh the composition of Ihe Gurrent portfolio and that it will enable the Charity to meet its ongoing objectlves. Income and Expenses IncomiNJ resources for Ihe year lolalled £41,193 {2022 £40.223). Ordinarity, the charity's resources are entirely generated from Ihe trust's investment portfolio. Investment income for the year was £41,193 (note 1) reflecting a 2.41 ty10 increase over investrnent income arising the year to 31 December 2022 (£40.2231. Investment management costs of £49.936 were incurred this year {2022 - £50,010). The trustees, policy is to allocate any professional charges and administration costs incurred by the charity solely lo the income fund. Reserves pollcy The trustees have for many ye8rs adopted a fijll income distribution policy. There are no further commitments other than those already provided for in the financial statements at the year end for which reserve8 need to be made available. Total unrestricted funds al 31 December 2023 were £3,913,624 (2022 - £3,972,867). PLANS FOR FUTURE PERIODS The tnjstees are satisfied with the current grant maklng objectives and aim to conlinue to operate this policy going fONr. Approved by the trustees and slgn8d on thelr behalf by: 28110124 Trusl8e Date
Page 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WYN AND KEN LO MEMORIAL FOUNDATION I report lo Ihe ¢harity Irustees on my examination of the accounts of the Wyn and Ken Lo Memorial Foundation forthe year ended 31 Decernber 2023 which are set out on pages 7 to 15. Rosponsibilltles and basls of rftport As the charity's trustees you are responsible for the preparation of the accounts in accordance wth the requirements of Ihe Charities Act 2011 {'the Act,). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the appllcable Directions given by the Chartty Commission under $eGtion 145{5){b) of the Acl. Independent examiner's statement I have completed my ex8mination. I confirm that no m8terfal matters have come to my attention in connection with the examination giving me cause to believe that in any rnaterial respect: accounting records were not kept in respect of the charity as qUired by section 130 of the Act- or the accounls do not accord wtth those records. or the accounts do not comply with the applicable requirements ¢onceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulalions 2008 other than any requirement that the accounts give a 'true and fair view, which is nol a matter considered as part of an independenl examinallon. I have no concerns and have come across no other matters in connection with the examination to which attention sho be drawn in this report in order to enable a proper underslanding of the accounts to be re8ched hristopher Hawley FCA Chartered Accountant and Independent Examiner Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ
Page 7 THE WYN AND KEN LO MEMORIAL FOUNDATION STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Funds Income Capital Fund Fund Total Funds Page 2023 2022 Incom• from: Investments (note 2) 41.193 41,193 40,223 Total income 41.193 41,193 40,223 Expenditure on: Charitable activities (note 3> Raising funds (note 4) 13 13 202,916 46,936 202.916 46.936 292,274 50,010 Total expondilure 249,852 249,852 342,284 Total gainslllosses) on Investments (note 5) 13 136.272 136,272 {230,508) Nol lexpenditurellincome (208,659} 136,272 {72,387) (532,569) Transfers between funds 208,659 {208,659) GainsllLosses) on foreign currency 13,144 13.144 15.062} Net movements In funds 159,2431 159,2431 1537,631 } Rèconclllatlon of funds: Total funds brought foThRrd at 1 January 2023 3.972.867 3,972,867 4,510.498 Total fjJnds carried foN4ard at 31 December 2023 £ 3,913.624 £ 3,913,624 £ 3.972,867 There are no recognised gains or tosses Other than those included in the statement of financial activitles. All incoming resources 8nd resources expended derive from continuing activities. The notes on pages 9 10 15 fomi part of these financial slalemenls
Page 8 THE WYN AND KEN LO MEMORIAL FOUNDATION BALANCE SHEET AT 31 DECEMBER 2023 2023 2022 Pag• Fixed a55ets: Investments (note 5} 13 3,947,849 3.964,761 Current assèts: Cash at bank 46,070 124,457 46.070 124,457 Liabilitios Creditors.. amounts falling due within one year (note 6) 14 (62,819) {63.924) {62.819) {63,924) Net currenl assets (16,749) 60,533 Total assets less current liabSlltles 3,931,100 4.025.294 Credltors: amounts fallSng due after more than one year (note 7) 14 117,476} {52,427) Total net assets £ 3,913,624 £ 3,972,867 The funds of the charity: Unrestricted capital fund Unrestricted inwme Fund £ 3,913,624 £ 3,972,867 Total charity funds £ 3,913,624 £ 3,972,867 Approved by the trustees and signed on thelr behalf by: 28110124 Dale Trustee The notes on pages 9 10 15 fom part of these financial statements
Page 9 THE WYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 AccouKfiNG POLICIES Basls of Preparallon of Flnancial Statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities= Statement of Recommended Praclice appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) I"Charilies SORP FRS 102.), the Financial Reporting Standard applicable in the Unite Kingdom and Republic of Ireland IFRS 102}. the Charities Acl 2011 and where relevant, the Charities Act 2022 and UK Generally Accepted Accountlng Practice. The charty constitutes 8 publi¢ benefit entity as defined by Charities SORP FRS 102. The trustees have app]ed the provisions in FRS102 published 5 October 2019 and a¢wrdin9ty has not included a cash flow stat8ment on this basis. The significant accounting policies applied in the preparation of these financial statements are sel out below. These policres have been consistently applied lo all years presented unless othe1$e stated. In applying the financial reporting framework, the Trustees are reqUId to make a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experien and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. The nature of the eslimalion rneans the actual outcomes could drffer from ihose estimates. The Trustees confimi thal they have made no significant estimates and judgements affecting these financial stalements. Investments Quoted investments are included at closing mid-market value at the Balance Sheet date. Realised gains and losses on investments are recognised on disposal on investments and any gain or loss on revaluation is taken to the Slalement of Finanaal Activities (SOFAI. The detemiination of any g8ins and losses is ¢alculaled by reference to the value of such assets at the beginning of the accounting period. Cash held for investmerrt is included within the Fixed Assets Investments in accordance with the 8pplicable statement of Recommended Pra¢lw. Resources Expended All expenditure is included on an accruals basis and is recognised when there is a legal or onstruGtive obligation commÈtting the Irustees to the expenditure. Charitable activities comprise grants, donation5 and support costs (including govemance costs) made during the period and are expended through the SOFA when the offer is conveyed to the recipient. Governarice costs relating to the general running of the charrty, as opposed to the management functions inherent in generating funds.
Pag8 10 THE WYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continued) Incoming Resources Investmenl in¢ome is derived from dividend and interest receivable from investments and is accounled for in the period in which the charfiy is entitled to receipt. Interest from deposit accounts are included as and when received only. All incoming resources are Sncluded in the SOFA when the charty is entitled to the income and the amount Can be quantified with reasonable accuraw. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value. Status of funds The entire resources of the charity are unrestricted and the trustees have complete discretion for their use in pursuance of its objectives. Foreign currency Assets and liabilities denominaled in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet date. Transactions denominated in foreign csjrrencies are converted at the rate of exchange ruling 8t the date of the transaction. All translation differences are taken lo the Statement of Financial Activtlies as they arise. Taxatlon The charity is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Dobtors and CTedltors receivable I payable wlthln one year Deblors and creditors with no slated interest rate and Ceivable or payable within one year are recorded at Iransaction pri. Any losses arising from impaimienl are recognised as expenditure. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposit$ held on call with banks, other short-tem highly liquid investments with origin81 maturities of Ihree monlhs or less and bank overdrafts. Bank overdrafts, when applicable. are within borrowing in current liabilities. Provisions Provisions are recognised when the charity has an obligation at the Balance Sheet dale as a result of a past event, it is probable that an oufflow of 8conomic benefits will be required in settlement and the amount can be reliably estimated.
Page11 THE VVYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POUCIES (continued) Going Concern The trustees have assessed whether the use of the going concem assumption is appropriate in preparing these Flnancial Statements. The trustees have made this a88es$ment in resped of the period to 31 December 2023. The financial statements have been prepared on a going concem basis as the Trustees believe that no materi81 uncertainties exist. The current uncertainty in the global economy, including Cost inflating f8¢tors, have increased financial pressure on charities. The Trustees have considered, the level of funds held, the expected level and security of income and the committed expenditure for twelve months from the date of signing of these financial slatewents. The Trustees are satisfied the forecast income and reserves are sufficient lo cover all of the budgeted expenditure to be able to continue as 8 going concem. The Trustees therefore consider the adopts'on of the going concern basis in preparing these financial statements continues to be appropriate. Judgements and key sources of estimatlon uncertalnty In preparing these financial stalements, the trustees have to make judgements on how to apply the charity's accounting policies and make estimates about the futu. The critical judgement that has been maée at arriving al the amounts recognised in the financial statements and the key a8 of estimation uncertainty that has a significant risk of causing a material adjustment lo the carrying value of assels and liabilities in the next financial year is discussed below.. Liabilities falling due after more than 1 year il The trustees have assumed an appllcable dlscounl rale (interest rate) of 3¥. per annum at 31 December 2023 to discount the future cash flows relating to grants payable to the present value. A higher discount rale would result in a lower discounted liability value being presented as a liabiltty- A lower discount rate would result in a higher discounted liability value being presented as a Irability in these financial statemenls,. and ii) have eslimated the grant payment dates based on their expectation of when the recipient will all on the cash. A longer period would result in a higher discount and a lower liability value being presenled as a liability in these financial statements. A shorter period would result in a lower discount and a higher liability value being presented as a liability in these financial Statements. Page 2023 2022 INCOME FROM INVESTMENTS Income from quoted investments 35,665 39.011 Bank deposit interest 5,528 1,212 Total Income from Investments £ 41,193 £ 40.223
Page 12 THE WYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page 2023 2022 EXPENDITURE ON CHARITABLE ACTIVITIES Grants Awarded: Leonard Cheshire Roald Dahl Marvelous Children's Charity AMOS Trust Evergreen Africa Hope for Justice Measham Foundation Unicef Off the Fence Carers Worldwide 1001 Fontains Solar Aid Re-Engage Hope Community Villa CFAB H8bitsl for Humanity Refugee Education ACAA Christian Aid Freedom from torture North London Hospice NACOA Village Water MAP Sight88vers Book Trust National Youth Orchestra Papyws Plan Intemational Refugee Action LEPRA Orbis Street Child Shelter Box Stoke Mandeville Finance expenditure arising on discount of long-term grant commf(ments 135,000 10,000 7.000 6.060 6.000 4.000 3,500 3,500 2,000 2.000 2,000 2.000 2,000 2,000 2.000 1.000 1,000 1,000 1,000 1,000 115,000 5,000 2,000 5.000 1,000 500 36,000 36,000 18.000 18,000 10.000 10,000 10,000 5,000 5,000 3,000 2,500 2.500 1.000 1,000 1.048 11,3231 Total grants awarded (carried forward) £ 195.108 £ 285,177
Page 13 THE WYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Pag• 2023 2022 EXPENDITURE ON CHARITABLE ACTIVITIES (continued) Total grant5 awardod (brought forward) 195.108 285,177 Support costs Accountancy and administration fees Independent examination fees Bank Charges 6,540 1.200 68 5,700 1,200 197 Totsl support ¢osts 7,808 7,097 Total charitable activities £ 202,916 £ 292,274 EXPENDITURE ON RAISING FUNDS Investment management fees 46,936 50,010 Total expenditure on raising funds £ 46,936 £ 50,010 INVESTMENTS AND CASH UNDER MANAGEMENT Quoted investrnent5 Wrthin the United Kingdom Quoted investments outside the United Kingdom 871.989 2,879,112 911,014 2,921,849 3,751,101 3.832,863 Cash held as part of the investment porttolios 196,748 131,898 £ 3,947,849 £ 3,964,761 Analysls of movement of Investments Net realised investment g8inllloss} Nel unrealised investment g8inl(loss) 20.760 115.512 {91.9601 1138.548> Net gainllloss) on inv85tmenls £ 136,272 £ (230.508) Market value at 1 January 2023 Additions at cost Proceeds from sales of investment Nel gainl(loss) on investments 3.832,863 4.193,110 1,408,616 1.682,547 (1,626,650) (1,812,286) 136,272 1230,508) Market value at 31 December 2023 £ 3,751,101 £ 3,832,863
Page 14 THE WYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page 2023 2022 CREDITORS- arnounts falling due within ong year Donation Commitments Investment management fees Accountancy and administration fees Independent examination fees 36.000 12.659 11,76D 2,400 44,500 13.004 5,220 1,200 Total crèdltors- amounts falling due within one year £ 62,819 £ 63.924 CREDITORS- amount falllng due after more than ono yoar Donation Commitments 17,476 52,427 Total ¢redllors - amounts falllng due aftor more than on• year £ 17.476 £ 52.427 CHARITABLE ACTIVITIES - GRANTS PAYABLE No new multi-year commitments were made in the year. 12022 - £108,000 was awarded to four organisations)- The total outstanding commitments, as at 31 t)ecember 2023. are noted in Note 6 and Note 7 above. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS No trustee received any remuneration or expenses during the year ended 31 December 2023 (2022 £nil). There were no other related party transaction8 during Ihe year. 10. ULTIMATE CONTROLLING PARTY The trustees consider that Ihe Foundation is jointly controlled by the trustees and that there is no ultimate controlling party.
Page 1S THE WYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. PRIOR YEAR INCOME AND CAPITAL FUND ANALYSIS Income Fund Capital Fund Total Funds Income from: Investments 40,223 40,223 Total Income 40,223 40,223 Expondituro on: Charitable activities Raising funds 292,274 50,010 292,274 50,010 Total exndItUre 342,284 342,284 Nel gain5 on inv95tmonts: Realised losses Unrealised losses 191,9601 1138,5481 {91.960} {138,548} Total galns on Investments (230,508) {230,508} Net {expenditureifincome {302,061 } (230,508) (532.5691 Transfers between funds 302.061 (302.061) Loss on foreign cUencY movement {5,062} {5.0621 Net movements In funds (537.631) (537.6311 Recon¢iliation of funds: Total funds brought forward at 1 January 2022 4,510.498 4,510,498 Totsl funds carried forward at 31 December 2022 £ 3,972.867 £ 3,972,867