Charity number 1081124 THE TUIXEN FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE TUIXEN FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS CONTENTS Page Reference and admlnlstration detalls Trustees, report Auifitor's report Statement of Flnanclal Artlvlties Cash flow statement Balance sheet io Notes to the accounts 11-16
THE TUIXEN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 LEGAL AND ADMINisfRATIVE INFORMATION Trustees P Clements P D Englander- died 31 May 2023 S J Englander T G Englander W D Englander LA Kroll S M Rosefield Charlty Reglstration Number 1081124 Prlnclpal Address clo Coutts & Co. 440 Strand London EC4R IAG Webslte 'ww.tuixen.or Audltors Begbies Chartered Accountants Unit 14, Park Barn, Evegate Business Park, Smeeth, Ashford TN25 6SX Solicitors Bryan Cave Leighton Paisner LLP Adelaide House, London Bridge, London EC4R 9HA Investment Athilsors and Bankers Coutts & Co. 440 Strand London EC4R IAG
THE TUIXEN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report and audited financial statements for the year ended 5 April 2024. These have been prepared under the provisions of the Statement of Recommended Trracti¢e {"50RW') "Accounting and Reporting by Charities" effective from January 2019. The financial statements comply with all other statutory requirements and the requirements of the Chariws governing document Objertlves and activltles for the public benefit The Charity was created by a deed dated 5 April 2000. The objective of the Charity is to apply, at the Trustees, discretion, the capital and income to such charitable purposes, charitsble institutions or foundations as the Trustees shall select. The Charity is a grant making charity which derives the bulk of its income from investments. Grant making policy It is the Trustees, normal policy not to make grants to individuals but to make grants to registered charities, or to hospitals and schools and similar charitable institutions. Investment policy The Charitys investment policy is primarily to maintain a balan of income and Capital growth. The Trustees are pleased with this yearfs investment performance given the challenging economic environment. The investments are positioned for longer term growth and therefore volatility is accepted in the short term. The Trustees have complied with their duty in Section 17{5) of the 2011 Charities Act to have due regard to public beneTit guidance pubTished by the Charity Commissn. 5tructure• governance and management The Charity is administered by the Trustees. A Trustee may be appointed or discharged by a resolution of a meeting of Trustees. A skills audit of the Trustee board is discussed annually. Trustees are recruited as required. Induction training is given to all new trustees. The Trustees meet 34 times a year to consider reports from their investment advisers and proposals for distributions to benef iciaries. The Trustees are considered to be the key management personnel of the Charity and are not remunerated for their role. Achievements and performance The Trustees consider the Charity has continued to achieve its objectives and has maintained a consistent level of donations as repjrted above. The Trustees are satisfiedwith the performance of the Charity.
THE TUIXEN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 Financlal revlew The statement of financial activities shows a net increase in funds of £7,532,543 12023: decrease of £5,078,522) after grants paid. The balance sheet shows an increase in the funds available to £68,523,493 12023: £60,990,950). The increase in fund5 is primarily the result of unrealised and realised gains of £7,966,037 on the Charity's investments. Reserves policy The Trustees are satisfied that the current level of unrestricted funds is more than sufficient to meet day to day needs and likely commitments. The Trustees consider that its investments are held for the longer term in order to provide income from which grants will be awarded. Fundraislng The Charity has not made any fundraising appeals to the general public during the year and is unlikely to do so in the future. There has been no outsourced fundraising via professional fundraisers or other third parties and as a result the Charity is not registered w4th the fundraising regulator and_received no. fundraising complaints in the year. Plans for future periods The Trustees intend the Charity to continue to pursue its charitsble objects, continue its investment strategy and distribute inrne generated in the-form of grants to charities. Statement of trustee< responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acpted. Accounting 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 affairs of the Charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent; state whether applicable accountrng standards have been followed Subject to any material. departures disclosed and explained in the financial statements; prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in business
THE TUIXEN FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position OT the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. The Charity (Accounts and Reports) Regulations and the provisions of 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. Disclosure of Information to audltors Each of the persons who is a trustee at the date of approval of this report confirms that: in so far as each Trustee is aware, there is no relevant audit information of which the Cha rity's auditor is unaware" and each Trustee has taken all steps that they ought to have taken -a>a trusÈee to make themsel¥es aware of any relevant audit information and to establish that the Charitws auditor is aware of that information. srep was approved by the Trustees on ovt 2024 and signed on their behalf: Pau Trustee ments
INDEPENDEwf AUDITOWS REpoKfTO THETRusfEES OF THE TUIXEN FOUNDATION Opinlon We have audited the financial statements of The TuixeriFoundation for the year ended5 April-2024 which comprise the Statement of Financial Activitie5, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Repubjloof Ireland.(United Kingdom Generally Accepted.Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the chariws affairs as at 5 April 2024 and of the charitvs net movement in funds for the yearthen ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinlon We have been appointed as auditor under section 144 of the Charities Act 2011 and report in ac¢ordan¢e with the Act and relevant regulations made or having effect thereunder. We condurted our audit in accordance with International Standards on Auditing {UKI (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to goln8 concern In auditing the financial statements, we have concluded that the trusteeg use of the going conrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material UnrtaIntieS relating to events or conditions that, individually or collectively, may cast significant doubt on the chartty's ability to continue as a going concern for a period of at least twelve months frorn when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The trustees are responsible for the other information. The other information comprises the information included in the Trustees, Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assuran conclusion thereon.
INDEPENDETrrr AUDITOWS REPORTTO THETRusfEES OF THE TUIXEN FOUNDATION In connection with our audit of the financial statements, our responsibility IS to read the other information and, in doing so, consider whether the other inTormation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other Informatio we are required to report that fact. We have nothing to rewrt in this regard. Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: adequate accounting records have not been kept by the charity. or sufficient accounting records have not been kept; or the charity financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require forouraudit. Responsibilitles of trustees for the financlal ststements As explained more fully in the trustees, responsibilities statement set out on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the pparatIOn of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the CharItS abllity to Continue as a going concern, disclosing, as applicable, matters related to going concern and using the golng concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllities for the audlt of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material misstatement when it exist5. TrKisstatements can arise Trom fraud or error and are considered matenal if, Individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responSi.11t1es, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, Including fraud is detailed below: Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity law, and we considered the extent to which non-compliance might-have a material eTfect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Charities Act 2011 and the Charities SORP.
INDEpENDEr AUDrrows REPORTTO THETRusfEES OF THE TUIXEN FOUNDATION We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override OT controls), and determined that the principal risks were related to posting inappropriate journals entries and management bias in certain accounting estimate5 and judgements such as valuation of the unlisted investments. Audit procedures performed by the engagement team included: Inspecting correspondence with regulators and tax authorities; Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud: Evaluating management's controls designed to prevent and detect irregularities; Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and Challenging assumptions and judgemerts made by nTranagement in their critical accounting estimates including valuation of the unlisted investments. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of. instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is |¢xated on the F.inancial Reporting Council's_website at:.www.fr¢.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charivs trustees, as a body, in accordance with section 144 of the Charlties Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them In an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charivs trustees as a body for our audit work, for this report, or for the opinions we have formed. Begbles Chartered Accountants Statutory Auditors Unit 14 Park Barn Evegate Business Park Srneeth, Ashford TN25 6SX 3 Ji2/202 Begbies is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
THE TUIXEN FOUNDATION sTATEmETr OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 5 APRIL 2024 Expendable ndowment Fund Expendable Total "Endowment 2024 Fund -General Fund General Fund Totsl 2023 Notes Income from: Investment5 1,163,283 1.163,283 926,038 926,038 Total income 1,163,283 1,163,283 926,038 926,038 Expendlture on: Raislng funds investment management fees 282,930 282,930 278,874 278,874 Charitable actlvltles - grants payable support & governance costs Total expenditure 3&5 3&6 1.243.000 70,847 1,243,000 70.847 1.296,000 78,736 1,296,000 78,736 282.930 1313047 1.596.777 278,874 1,374,736 1.653,610 Net expendlture beft>re 8ains and losses on investment assets 1282.930) 1150.564) (433A94) {278,874) (448,6981 1727,572) Net galnsl(losses) on investment asset$ .Net Ihcomel(expenditure) 7,966.037 7.966,037 (4,350.950) {4.350.9501 (4,629,824) 1448,698) 15,078,522) 7,683.107 1150,564) 7532.543 Transfers Transfers between funds (149,503) 149,503 11.061) 7,532,543 {448.6981 448,698 Net movement In funds 7,533,604 15.078.5221 {5,078,5221 Reconciliatlon of Funds Total Funds at 6 Aprll 2023 60,989,889 I61 60,99),950 66,068,411 1.061 66,069,472 Total Funds at 5 Aprll 2024 68,523,493 68,523,493 60.989,889 1,061 60.990,950 All amounts relate to contlnuing activities The Notes to the Accounts form part of the Financlal Statements
THETUIXEN FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Cash flows from operatlng activltles (163.590) {1,684,941) Cash flows from Investing activlties Dividends and interestfrom investments Purchase of investments Loan repayment Proceeds from the sale of investments 1.163.283 926,038 (22.762.518) {34,420,680} 25,000 25,001.026 33,536,799 Net cash generated from investln8 attlvltles 3A26.791 42,157 Change in cash and cash equivalents in the year 1,863201 {1,642,7841 Cash and cash equivalents atthe beginning of the year Cash and cash equivalents at the end of the year 1.111.951 2,754,735 2.975,152 1,111,951 NOTES TO THE STATEMENf OF CASH FLOWS Reconclliation of net Income to net cash flow from operathig actlvltles Net income/{expendlture) for the year Net {galnsl/loss on investments Impairments {Increasel/Decrease in debtors Increase/(Decreasel in creditors Dividends and interest 7.532.543 17,966,037) 15,078,522) 4,300,950 50,000 26.675 {29,359) 6,512 11,972) (1.163,283) (926,038) 11,563,590) 11.684,941) Net cash used In operating actlvities Analysis of cash and cash and cash equivalents Cash at bank Cash held in investments 1296,960 1.678.192 445,627 666,324 Cash and cash equlvalents 2.975.152 1,111,951 Change In cash and (ash equivalents in the year I63,201 11,642,784)
io THE TUIXEN FOUNDATION BALANCE SHEEr AS AT 5 APRIL 2024 Notes 2024 2023 Fixed assets Investments Listed investments Unlisted investments Cash held in portfolio 64,724,046 902,465 1,678,192 67.304,703 59,065,980 858,002 666,324 60,590,306 Current assets Cash at bank Debtors 1.296,960 11,378 1,308,338 445,627 38,053 483,680 Creditors: amounts falling due within one year io (89,548) 183,036) Net current assets 1,218,790 400,644 Net assets 68,523,493 60,990,950 Represented by: Unrestricted Funds Expendable Endowment Fund General Fund 68,523,493 60,989,889 1,061 Total Funds 11&12 68.523,493 60,990,950 Ap roved b the Trustees on 2024 Paul Clements Trustee The Notes to the Accounts fomi part of the Financial Statements
li THE TUIXEN FOUNDATION NOTESTO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcles Basis ofprepamtlon and assessment of golng concern The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) - (Charities SORP FRS 102}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the Felevant £ccounting policy notes.-The financial ststernents are Presented in.steding and are rounded to the nearest pound. The charity constitutes a public benefit entity as defsned by FRS 102. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concem. Fund accounting The Unrestricted General Fund is available for use at the discretion of the trustees in furtherance of the general objectives of the charity. The Expendable Endowment Fund represents the value of the charitws portfolio of investments, both realised and unrealise(L Income Income from investments is included, together with the related tax credit, in the income and expenditure account on the accruals basis. Interest on funds held on deposit is included upon notification of the interest paid or payable by the bank. 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 settlement will be required and the amount of the obligation can be measured reliablv. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. The costs of raising funds comprise the investment rnanagers, fees and the cost of advice relating to investment management. Expenditure on charitable activities includes grants payable and 5UPPOrt and governance costs.
12 THE TUIXEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Flnanclul Instruments Financial assets such as cash and debtors are measured at the present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabllities are measured at the present value of the obligation Flxed Osset Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are recognised in the statement of financial activities. All gains and losses are taken to the statement of financial activities a5 they arise. Realised gains and losses on investments. are calculated as the.difference_between sales proceeds.and their openin carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities. Crltlcal estlmates and judgments The Trustees considers that the valuation of social investments is a key estimate. The Trustees consider the valuation and recoverability of its social investments annually and any impairment required. Investment Income 2024 2023 Interest received Interest on cash deposits Other interest Sundry income 47,956 8,684 576 57.216 28,989 12,859 41,848 Quoted investment income 1,106.067 1,163,283 884,190 926,038 Expendlture on charitable activities 2024 2023 Grants payable (see note 5) Support and governance costs (see note 6) 1,243.000 70,847 1,296,000 78,736 1,313,847 1,374,736
13 THETUIXEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED S APRIL 2024 Staff costs, Trustees remuneration and expenses The charity has no employees. During the year, no Trustee received any remuneration or benefits in kind {2023: £nil). No trustees received reimbursement-of Expenses inihe year (2023: £nil) Charltable grants payable 2024 2023 1625 Independent People Access Project, The Action Foundation Ascension Eagles Cheerleaders Bloomsbury Football Foundation Bristol University Bristol Hospitality Network Camp & Trek Chance UK Company Three Theatre Disasters Emergency Committee Empire Fighting Chance Fight for Peace International Football Beyond Borders Green Light Trust Go Beyond Charity Impetus-The Private Equity Foundation Into University Jewish Council foT Racial Equality ' Jewish Care Kennedy Memorial Fund Kids Inspire Lea rn to Love to Read Royal National Theatre New Philanthropy Capital Resurgo Trust Richard House Hospice Save The Elephants Shannon Trust Storybook Dads Transforming Lives for Good (TLG) Ltd The Tutor Trust Winston's Wish 50,000 so,000 35,000 20,000 35,000 28,000 15,000 50,000 5(1,10 35,000 20,000 7,500 23,000 15,000 10,000 40,000 40,000 70,000 40,000 60,000 50,000 10,000 40,000 iio,000 70,000 &,000 25,000 25,000 50,000 7,500 10,000 40,000 70,000 60,000 12,000 40,000 10,000 70,000 60,000 70,000 1,296,000 50,000 40,000 40.000 60,000 50,000 10,000 40,000 iio,000 70,000 25,000 25,lJOO 50.000 10,000 10,000 40,000 70,000 60,000 40,000 10.000 70,000 60.000 70,000 1,243,000
14 THE TUIXEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Support and governance costs 2024 2023 Support costs Administration and secretarial Consultancy Bank charges 56,334 1,000 5,113 63,227 3,000 2,859 Governance costs Audit and accountancy -.Begbles Haysmacintyre LLP ,4LIO 7,800 1,850 9,650 8,400 Total 70,847 78,736 Quoted Investments 2024 2023 Market value At 6 April 2023 Additions at cost Disposals at Carrying value Net gain on revaluation At S April 2024 59,065.980 63,127,233 22,616,803 33,626,683 (22,668,DIJO) (36Tr,851) 5,709,263 11,615,085) 64,724,046 59,065,980 Hlstorical cost 52,632,785 52,513,626 Llsted Investments at fair value comprlsed: 2024 2023 Listed U K equities and unit trusts Listed overseas equities and unit trusts Listed bonds and high yield Listed commodities Cash product Alternative investments / property / thematic funds 2,968.674 46,237,566 8,735,941 "2789,461 3,145,030 39,803,545 12,199,522 4n,263 602,550 2,843,070 59,065,980 3,992,404 64.724,046 Unllsted Investments 2024 2023 Carrying value At 6 April 2023 Additions at cost Loan repayment Impairment of investments Net loss on revaluation At 5 Aprll 2024 858.002 145,715 (25.000) 263,818 793,997 150,OWI (149,813> 858,002 (76,252) 902,465 Historical cost 1,305,412 1,153,357
15 THE TUIXEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Unlisted investments at falr value comwlsed: 2024 2023 Social investments Private equity 125,lJOO 777,465 902.465 150,OCrfJ 708,002 858,002 The social investments held at year end relate to amounts provided to charitable organisations, Bristol Together and Thera Trust, to further their charitable objectives in line with the Foundation's own objects. These investments generate interest at a rate of 5°A and 7.25 (was 5.5%) respectively per annum and are recognised at cost less any accumulated impairment. The private equity investments held at the year end relate to investments with Ananda Impact Futures and Bridges Evergreen. These investments are re¢ognized at cost less any accumulated impairment. Debtors 2024 2023 Accrued interest Prepayments 9,378 2,000 11,378 36,116 1,937 38,053 io Credltors: amounts falling due wlthln one year 2024 2023 Accruals 89,548 89,548 83,036 83,036 li Analysis of Net Assets Between Funds Expendable Endowment Fund eneral Fund Total 2024 Flxed assets investments Cash at bank Other current assets 67,304,703 1.296.960 8,170) 68.523.493 67,304,703 1,296,960 178,170) 68,523,493 At 5 Aprll 2024
16 THE TUIXEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Expendable Endowment Fund General Fund Total 2023 Fixed assets investments Cash at bank Other current assets 60,590,306 444,566 (44,983) 60,590,306 445,627 {44,983) 1,061" At 5 April 2023 60,989,889 1,061 60,990,950 12 Financial instruments 2024 2023 Flnanclal assets Financial assets measured at fair value through profit or loss Financial asset5 measured at cost less impairment Financial assets measured at amortised cost 64,724.046 902.465 2,986.530 59,065,980 858,002 1,150,004 68.613,041 61,073,986 Flnanclal Ilabllltles Financial liabilities measured at amortised cost 89,548 83,036 Financial assets measured at fair value through profit or loss comprise listed investments, and other investments whose fair value can otherwise be measured reliably. Financial assets measured at cost less impairment comprise investments whose fair value cannot be measured reliably. Financial assets measured at amortised cost comprise ¢ash and accrued income. Financial liabilities measured at amortised costs comprise accruals 13 Related Party Transactlons One of the Trustees, Peter Englander, was until his death, also a Trustee of the Kennedy Memorial Fund. In 2024, The Tuixen Foundation paid grants of £25,000 (2023: £25,000) to the Kennedy Memorial Trust. There were no other related parties in the year or in the prior year. 14 Commitments In addition to the grants included in expenditure during the year, the Trustees have authorised certain grants which are subject to the recipient fulfilling certain conditions. The total amount authorised to the end of 2024 but not accrued as expenditure at the year-end was £1,664,00012023: £1,871,000). At the year-end the Trustees also had outstanding capital commitments of £595,194 (2023: £781,612) in respect of capital subscriptions to the private equity investments.