THE WYN AND KEN LO MEMORIAL FOUNDATION (Registered Charity No. 1000897) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE WYN AND KEN LO MEMORIAL FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Trustees, Annual Report Independent Examiner's Report ststement of Financial Activities Balance Sheet Notes to the Financial Ststements 9-15
Page 1 THE WYN AND KEN LO MEMORIAL FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees of the Wyn and Ken Lo Memorial Foundation {"the trust" or "the charity") submit their report and the independently examined financial statements for Ihe trust for the year ended 31 December 2024. These have been prepared in accordance with the accounting policies set out on pages 9 to 15 and comply with the charity's trust deed and applicable law. The financial statemenls comply with the Charities Act 2011 and where relevant, the Charities Act 2022. the Foundation's trust deed dated 26 October 1990 and 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 - SORP (FRS). REFERENCE AND ADMINISTRATIVE DETAILS The Wyn and Ken Lo Memorial Foundation, regislered charity number 1000897, is based and administered in the United Kingdom. The registered address is Eighth Floor, 6 New Street Square. London, EC4A 3AQ. The names of the trustees who served throughoul the year and continue to serve at the date of this report's approval are: Nicholas Lo (appoinled 9 October 2025) Ann Mary Rodrigues Bernard Norman Lo Francis Richard Lo Accountants: Rawlinson & Hunter LLP Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ Investment Managers: Navera Investment Management Riverside House, 2a Southwark Bridge Rd. London SE19HA Ruffer LLP 80 Victoria Street, London, SW1 E 5JL Bankers: HSBC Bank plc 5 Wimbledon Hill Road, Wimbledon, London. SW19 7NF Solicitors: Withers LLP 16 Old Bailey. London. EC4M 7EG Independent Examiner: Chrislopher Hawley FCA Eighth Floor, 6 New Street Square, New Fetter Lane, London EC4A 3AQ
Page 2 THE WYN AND KEN LO MEMORIAL FOUNDATION TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Wyn and Ken Lo Memorial Foundation was estsblished by a Deed dated 26 October 1990 and is an unincorporated charitable trust bound by the proper law of England and Wales. The settlor was Robert Anthony Lo. The entire resources of the charity have been unrestricted throughout the year and the trustees have complete discretion for their use. The trustees usually consider new donalions at the trustees, meetings. The trustees, investment powers are unrestricted. The trusfiees have the power to appoint new or additional trustees provided that the totsl number does not exed fourteen. Trustees, responsibilities statement The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting and Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing those financial statements, the trustees are required to: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent; stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare Ihe financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time Ihe financial position of the charity and enable them to ensure that the financial statemenls comply with the Charities Act 2011 and where applicable, the Charities 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Induction and Iraining Training of Ihe trustees is adopted on an informal basis. All truslees are kept informed at meetings of their duties and obligations under the law in addition to their proper conduct. Pay policy for senior staff The trustees comprise the key management personnel of the charity who are in charge of directing and controlling, running and operating the charity on a day to day basis. All trustees give their time freely and no trustee received remuneration in the year. Delails of trustees, expenses and related party transactions are disclosed in the notes to the financial statements. There are no staff other than the trustees.
Page 3 THE WYN AND KEN LO MEMORIAL FOUNDATION TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Risk management and govemance A risk assessment has been undertaken which comprises of: an annual review of the risks the charity may fa. the establishment of systems and procedures to mitigale those risks; and the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. This continuing prOsS will identify risk areas to which the charity is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were identified at the date of these accounts. The trustees have signed fit and proper declarations in line with HMRC guidance. In addition, the trustees have taken due consideration of Good Governance A Code for the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are,. Organisational purpose., Leadership. Integrity. Decision-making, risk and control" Board effectiveness. Equality, diversity and inclusion. and Openness and accessibility. The trustees recognise thal good governan plays an essential part in securing the future of the charity and confirm that the said principles of the Code are followed by them in leading, directing and managing the charity. Intemal Controls The trustees have overall responsibility for ensuring that the charity has appropriate systems of intemal controls. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements follow best practice. They are also responsible for the charity safeguarding its assets and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misststement or loss. The objects of the charity are to apply capital and income for such charitable purposes, charitable institutions or charitable foundations, in such countries and in such manner as the trustees in their absolute discretion think fit. The trustees usually consider new donations annually or more frequently if the need arises.
Page 4 THE WYN AND KEN LO MEMORIAL FOUNDATION TRUSTEES, ANNUAL REPORT (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2024 GRANT MAKING POLICY AND OBJECTIVES In general, the trustees are more inclined to provide benefit to charities which provide a broadly humanitarian, practical purpose. Furthemiore. Ihe trustees have adopled a practice to make donations to some charities on a regular monthly or annual basis. However, new appeals are also reviewed and donations allocated accordingly. Postal appeals are sent to the principal address and considered by the trustees periodically. Statement of Public Benefit Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the trust's aims. activities and achievements in the areas of interest that the trust supports demonstrates the benefils to its beneficiaries, and through them to the public, that arise from those activities. Fundraising The trustees have referred to the Charities (Protection and Social Inveslment) Act 2016 ("the Act") and the Guidance on Charities and Fundraising issued by the Charity Commission {'CC20"). They confirm that the Act and CC20 have no impact on the charity as it does not engage in any public fundraising activities. ACHIEVEMENT AND PERFORMANCE Charitable Activities Charitable activities included direct charitable expenditure for 2024 which totalled £57,525 (2023 £195,108) with the number of charitable causes benefiting from such donations being 6 (2023 20), including payments made towards existing commitments. During the year the charity met its objects by awarding grants. Listed below are some of Ihe major organisations to benefit from support.. Christian Care Merton - Christian CARE is a charity working in the London Borough of Merton, committed to the relief of poverty within this borough by offering support to children, families and those effected by disabilities, illness, abuse and homelessness Off the Fence - A Brighton based organisation with a focus on resisting poverty, empowering people and restoring hope for the homeless, women and children in the local area. FINANCIAL REVIEW Investment Management Under the terms of the trust deed dated 26 October 1990 logether with all other statutory powers enabling them, the trustees may invest monies in any stocks, shares. funds. securities, bonds or other investment or property 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 collectively recorded on the Balance Sheet and supporting notes at their market value on that date. Any increase or decrease over cost on the restatement of these values is recorded in the Statement of Financial Activities.
Page 5 THE WYN AND KEN LO MEMORIAL FOUNDATION TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW (continued) Investment Management During the year, Veritas Asset Management (UK) 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 moderate level attitude to risk. The trustees are satisfied with the composition of the current portfolio and that it will enable the charity to meet its ongoing objectives. Income and Expenses Incoming resources for the year totalled £66,238 (2023 £41.193). The charity's resources are entirely generated from the trust's investmenl portfolio and deposit interest from monies held on deposit. Investment income for the year was £66,238 (note 2) reflecting a 60.800/0 increase over investment income arising the year lo 31 December 2023 (£41,193). Investment management costs of £33,013 were incurred this year (2023 - £49,936). The decrease is as a result of moving to a fund based investment approach for one of the portfolios, where fees are deducted intemally from the fund value. The trustees, policy is to allocate any professional charges and administration costs incurred by the charity solely to the income fund. Reserves policy The trustees have for many years adopted a full income distribution policy. There are no further commitments other than those already provided for in the financial statements at the year-end for which reserves need to be made available. Total unrestricted funds at 31 December 2024 were £4,145,693 {2023- £3,913,624). PLANS FOR FUTURE PERIODS The trustees have been satisfied with the grant making objectives bul believe there is scope to maximise their impact when investment performance allows and will look to increase the value of annual grant awards in future years. Approved by the trustees and signed on their behalf by: Q/io /2&2S Trustee Date
Page 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WYN AND KEN LO MEMORIAL FOUNDATION I report to the charity trustees on my examination of the accounts of the Wyn and Ken Lo Memorial Foundation for the year ended 31 December 2024 which are set out on pages 7 to 15. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the 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 applicable Directions given by the Charity Commission under section 145(5){b) of the Act. Independent examiner's statemenl I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records" or the accounts do not comply with the applicable requirements concerning the form and contenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view. which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Christopher 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 ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Funds Income Capital Fund Fund Total Funds Page 2024 2023 Income from: Investments (note 2) 11 66,238 66,238 41,193 Total income 66,238 66,238 41,193 Expenditure on: Charitable activities (note 3) Raising funds {note 4) 12 13 71,625 33,013 71,625 33,013 202,916 46,936 Total expenditure 104,638 104,638 249,852 Total gains on investments (note 5) 13 254,804 254,804 136,272 Net incomel(expenditure} (38,400) 254,804 216,404 (72,387) Transfers between funds 38,400 (38,400) Gains on foreign currency 15,665 15,665 13,144 Net movements in funds 232,069 232,069 (59,243) Reconciliation of funds: Total funds brought forward at 1 January 2023 3,913,624 3,913,624 3,972,867 Total funds carried forward at 31 December 2023 £4,145,693 £4,145.693 £ 3.913,624 There are no recognised gains or losses in the years to 31 December 2023 or 2024 other than those included in the statement of financial activities. All incoming resources and resources expended derive frorn continuing activities. The notes on pages 9 to 15 form part of these financial statements
Page 8 THE WYN AND KEN LO MEMORIAL FOUNDATION BALANCE SHEET AT 31 DECEMBER 2024 2024 2023 Page Fixed assets: Investments (note 5) 13 4,095,828 3,947,849 Current assets: Debtors (note 6) Cash at bank (note 7) 13 13 1,123 96.015 46,070 97,138 46,070 Liabilities Creditors: amounts falling due within one year (note 8) 14 (47,273) (62,819) Net current assets 49,865 (16,749) Total assets less current liabilities 4,145,693 3,931,100 Creditors: amounts falling due after more than one year {note 9) 14 (17.476) Total net assets £ 4,145,693 £ 3,913,624 The funds of the charity: Unrestricted capital fund Unrestricted income Fund 4,145,693 3,913,624 Total charity funds £4,145,693 £ 3,913,624 Approved by the trustees and signed on their behalf by: Trustee Date The notes on pages 9 to 15 fomi 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 2024 ACCOUNTING POLICIES Basls of Preparation of Financial Statements The financial statements have been prepared in accordance with 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) ("Charities SORP FRS 102"), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102}, the Charities Act 2011 and where relevant, the Charities Act 2022 and UK Generally Accepted Accounting Practice. The charity constitutes a public benefit entity as defined by Charities SORP FRS 102. The trustees have applied the provisions in FRS102 published 5 October 2019 and accordingly has not included a cash flow statement on this basis. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otheiSe stated. In applying the financial reporting framework, the Trustees are required 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 experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. The Trustees confirm that they have made no significant estimates and judgements affecting these financial statements. 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 Statement of Financial Activities (SOFA). The determination of any gains and losses is calculated by reference to the value of such assets at the beginning of the accounting period. Cash held for investment is included within the Fixed Assets Investments in accordance with the applicable statement of Recommended Practice. 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. Incoming Resources Investment income is derived from dividend and interest receivable from investments and is accounted for in the period in which the charity is entitled to receipt. Interest from deposit accounts are included as and when received only. All incoming resources are included in the SOFA when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
Page 10 THE WYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continued) Resources Expended All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation committing the trustees to the expenditure. Charitable activities comprise grants, donations and support costs {including governance costs) made during the period and are expended through the SOFA when the offer is conveyed to the recipient. Govemance costs relating to the general running of the charity, as opposed to the management functions inherent in generating funds. 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 denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet date. Transactions denominated in foreign currencies are converted at the rate of exchange ruling at the date of the transaction. All translation differences are taken to the Statement of Financial Activities as they arise. Taxation The charity is nol subject to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are within borrowing in current liabilities. Provlslons Provisions are recognised when the charity has an obligation at the Balance Sheet date as a result of a past event. it is probable that an oufflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Page11 THE WYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES {continued) Going Concern The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these Financial Statements. The trustees have made this assessment in respect of the period to 31 December 2024. The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The current uncertainty in the global economy, including cost inflating factors, have increased financial pressure on charities. The Trustees have considered Ihe level of funds held, the expected level and security of income and committed expenditure for twelve months from the date of signing of these financial statements. The Trustees are satisfied the forecast inGome and reserves are sufficient to cover all of the budgeted expenditure lo be able to continue as a going concern. The Trustees therefore consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate. Judgements and key sources of estimation uncertainty In preparing these financial statements, the trustees have to make judgements on how to apply the charity's accounting policies and make estimates about the future. The critical judgement that has been made at arriving at the amounts recognised in the financial statements and the key area of estimation uncertainty that has a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year is discussed below.. Liabilities falling due after more than 1 year i) The trustees have assumed an applicable discount rate (interest rate) of 30/9 per annum at 31 December 2024 to discount the future cash flows relating to grants payable lo the present value. A higher discount rate would result in a lower discounted liability value being presented as a liability. A lower discount rate would result in a higher discounted liability value being presented as a liability in these financial statements- and ii) have estimated the grant payment dates based on their expectation of when the recipienl will call on the cash. A longer period would result in a higher discount and a lower liability value being presented 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 2024 2023 INCOME FROM INVESTMENTS Income from quoted investments 59,291 35,665 Bank deposit interest 6,947 5,528 Total Income from investments £ 66,238 £ 41,193
Page 12 THE WYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2024 2023 EXPENDITURE ON CHARITABLE ACTIVITIES Grants Awarded: Christian Care Merton Off the Fence Leonard Cheshire Roald Dahl Marvelous Children's Charity AMOS Trust Evergreen Africa Hope for Justice Measham Foundation Unicef Carers Worldwide 1001 Fontains Solar Aid Re-Engage Hope Community Villa CFAB Habitat for Humanity Refugee Education ACAA Christian Aid Freedom from torture North London Hospice Finance expenditure arising on unwinding discount of long- term grant commitments 45,000 12,000 3,500 135.000 10,000 7.000 6,060 6,000 4.000 3.500 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,000 1,000 1,000 1,000 1,000 525 1,048 Total grants awarded £ 57,525 £ 195,108 Support costs Accountancy and administration fees Independent examination fees Bank Charges 12,840 1,200 60 6,540 1,200 68 Total support costs 14,100 7,808 Total charitable activities £ 71,625 £ 202,916
Page13 THE WYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2024 2023 EXPENDITURE ON RAISING FUNDS Investment management fees 33,013 46,936 Total expenditure on raising funds £ 33,013 £ 46,936 INVESTMENTS AND CASH UNDER MANAGEMENT Quoted investments within the United Kingdom Quoted investments outside the United Kingdom 1,217,214 2,839,384 871,989 2,879,112 4,056,598 3,751,101 Cash held as part of the investment portfolios 39,230 196.748 £ 4,095,828 £ 3,947,849 Analysls of movement of investments Net realised investment gain Net unrealised investment (lossygain 327,205 (72,401) 20.760 115,512 Net gainl(loss) on investments £ 254,804 £ 136,272 Market value at 1 January 2024 Additions at cost Proceeds from sales of investment Net gain on investments 3,751,101 3.832,863 4,821,304 1,408,616 (4,770,611) (1,626.650) 254,804 136,272 Market value at 31 December 2024 £ 4,056,598 £ 3,751.101 DEBTORS Dividends in the course of collection 1,123 CASH AT BANK HSBC Current Account HSBC Deposit Account Coutts & Co Account 75,250 5,678 15.087 40,510 5,560 £ 96,015 £ 46,070
Page 14 THE WYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2024 2023 CREDITORS - amounts falling due within one year Accountancy and administration fees Donation Commitments Investment management fees Independent examination fees 18,600 18,000 8,273 2.400 11,760 36,000 12,659 2,400 Total creditors - amounts falling due within one year £ 47,273 £ 62,819 CREDITORS - amount falling due after more than one year Donation Commitments 17,476 Total Creditors one year amounts falling due after more than £ 17,476 10. CHARITABLE ACTIVITIES- GRANTS PAYABLE No new multi-year commitments were made in the year nor in the year to 31 December 2023. The total outstanding commitments. as at 31 December 2024, are noted in Note 8 and Note 9 above. 11. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS No trustee received any remuneration or expenses during the year ended 31 December 2024 (2023 £nil). There were no other related party transactions during the year. 12. ULTIMATE CONTROLLING PARTY The trustees consider that the Foundation is jointly controlled by the trustees and Ihat there is no ultimate controlling party.
Page 15 THE WYN AND KEN LO MEMORIAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. PRIOR YEAR INCOME AND CAPITAL FUND ANALYSIS Income Fund Capital Fund Total Funds Income from: Investments 41,193 41,193 Total income 41,193 41,193 Expenditure on: Charitable activities Raising funds 202,916 46,936 202,916 46,936 Total expenditure 249,852 249,852 Total gains on investments 136,272 136,272 Net expenditure (208.659) 136,272 (72,387) Transfers between funds 208,659 (208.659) Gain on foreign currency movement 13,144 13,144 Net movements in funds (59.243) (59,243) Reconclllatlon of funds: Total funds brought forward at 1 January 2023 3,972,867 3,972,867 Total funds carried forward at 31 December 2023 £ 3,913,624 £ 3,913,624