Do Well Foundation Limited Unaudited Annual Report and Financial Statements 31 December 2021 Company Registration NuTnbÈr 4131417 (England and Walesl Charity Registration Number 1088997
Contents Reports Reference and administrative information Trustees, report Report of the independent examiner Flnanclal statements ststemenl of financial activities Balance sheet Principal accounting policies 10 Notes to the financial statements 13 Do Well Foundation Limited
Reference and administrative information Trustees A Foreman JEMShaw JLEBarton Lady Dalmeny Lord Dalmeny Company secretary R A Cassell Registered office Do Well Foundation Limited 76 Bishops Road London SW67AR Telephone 020 7246 5800 Company registration number 4131417 IEngland and Wales) Charity registration number 1086997 Independent examlner Buzzacotl LLP 130 Wood Street London EC2V 6DL Banker HSBC Bank plc 799 Fulham Road London SW6 5HF Solicitor Bryan Cave 33 Cannon Street London EC4M STE Do Well Foundation Limited
Trustees. report 31 December 2021 The trustees present their slatulory report together with the financial statements of Do Well FoLJndation Limited Ithe charilyl for the year ended 31 December 2021. The report has been prepared in accordance with Part 8 of the Charities Act 2011 and equates lo a directors, report for the purposes of company legislation. The financial statements have been prepared in accordance with the accounting policies set out on page 10 10 12 of the attached financial statements and comply with the charitsble company's memorandum and articles of association and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. GOVERNANCE, STRUCTURE AND MANAGEMENT Constitution and background The Delawa Do Well Foundation was created in the USA by Amanda Foreman, Jonathan Barton and Frank Wallis. Amanda Foreman is a best-selling biographer. The Do Well Foundation Limited was incorporated on 20 December 2000 and registered with the Charity Commission on 12 June 2001. The charity is owned by the Delaware Do Well Foundation. The Charity Registration Number is 1086997. Organisation The trustees who have served during the year are set out on page 1. The trustees constitute directors of the charity for the purposes of the Companies Act 2006. The trustees have the power to appoint a new trustee. Training is provided as required. No Iruslee received any remuneration or reimbursement of expenses from the charity during the year. Statamont of trustees, rgsponsibilitios The trustees (who are also directors of the charitable company for the purposes of company lawl are responsible for preparing the trustees, report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Do Well Foundation Limited
Trustees. report 31 December 2021 GOVERNANCE, STRUCTURE AND MANAGEMENT IconlinLJedl Statement of trustees, responsibilities Icontinuedl Company law requires the Iruslees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the income and expenditure of the charitable company. In preparing these financial statements, the trustees are required lo= • select suitable accounting policies and then apply them consistently., • observe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland IFRS 1021., • make judgements and estimates that are reasonable and prudent., + stale whether applicable United Kingdom Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial slalements., and + prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating lo small companies. Key management personnel The charity has no employees. The trustees comprise the key management personnel. The trustees do not receive remLJneration. Risk management The principal risks faced by the charity are financial sustainability and investment management. The trustees monitor these key risks by regular reviews of the charity's available cash resources and changes in the market value of ils primary asset, an investment property. Do Well Foundation Limited
Trustees. report 31 December 2021 OBJECTIVES AND ACTIVITIES Prlnclpal alms and charltable objectlves The objects of the charitable company, as contained in ils memorandum of association, are lo make grants for such charitable, literary and educational purposes as are exclusively charitable under the laws of England and Wales. Activities The charitable company is wholly owned by the Delaware Do Well Foundation (the FoLJndationl, a US tax exempl charitable organisation, and was founded lo cary out the work of that entity in the UK. The charitable company derives the majority of ils income from two principal sources.. donations from the trustees and income generated by the investment propety. During the year ended 31 December 2021 donations of £27,80512020 - £10,000> were received from Iruslees and the investment property generated rental income of £3,600 {2020 - £3,600). The charitable company made £18,161 grants in the year 12020 £nill paid to House of SpeakEasy Foundation, Inc, a not-for-profil institution founded in the United Stales. Related parties The investment property is occupied by a relative of Jonathan Barton, one of the trustees, and the rental income is paid by Jonathan Barton on behalf of his relative. Amounts owed lo the charity by Jonathan Barton are disclosed in note 12. The House of SpeakEasy Foundation was co-founded by Amanda Foreman. Jonathan Barton and Amanda Foreman are both directors of the Foundation. Grant maklng pollcy The trustees are responsible for deciding UFX)n the allocation of grants and donations and aim lo support primarily literary and educational charitable entities. When setting the objectives and planning the work of the charitable company for the year, the trustees have given careful consideration to the Charity Commission's general guidance on public benefit and, where relevant, its supplementary guidance. Do Well Foundation Limited
Trustees. report 31 December 2021 FINANCIAL REVIEW Review of the year The income and expenditure of the charitable company for the year lo 31 December 2021 are disclosed on page 8. Total income for the year amounted lo £31,788 {2020 £13,608). Total expenditure in the year amounted lo £29,559 12020 £7,037) and the charity realised £283 gains on current asset investment sales12020 - £nill- The charity generated a surplus for the year of £2,054 12020- surplus of £6,571). Total nel assets al 31 December 2021 amounted lo £212,670 {2020- £210.6161. Reserves policy As explained above, the charitable company gives grants and donations and aims to support primarily literary and educational charitable entities. The trustees have examined the requirement for free reserves i.e., those unrestricted funds not designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charitable company's work, the level of free reserves should be approximately equivalent lo one year's annual estimated expenditure. The Iruslees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in income and adequate working capital to cover core costs. At 31 December 2021 unrestricted reserves amounted lo £212.67012020 - £210.5161. Of this amount £167,30612020- £167,306) are represented by the investment property held for long term income generation, leaving £45,36412020- £43,210) as free reserves. Free reserves currently amount lo twenly-nine months12020 - thirty months} of expenditure Ibased on an average of the current years and the prior year's expendilurel which is higher than prior years due lo no donations being paid in the prior year. Going Concern The trustees have assessed whether the use of the going concem assumption is appropriate in preparing these accounts. The Iruslees have made this assessment in respect lo a period of one year from the date of approval of these accounts. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity lo continue as a going concem. The trLJStees are of the opinion that the charity will have sufricient resources lo meet ils liabilities as they fall due. Do Well Foundation Limited
Trustees. report 31 December 2021 FUND RAISING The charity does not fund raise directly with individuals and therefore is not registered with the Fundraising Regulator. No fund-raising activities are undertaken. POST BALANCE SHEET EVENTS AND FUTURE PLANS The charity continues lo focus on its primary charitsble objectives of making grants for literary and educational purposes. Approved by the trustees and signed on their behalf by= Trustee- Jonathan Barton Approved on.. October 13, 2022 Do Well Foundation Limited
Report of the independent examiner 31 December 2021 Independent examlner's report to the trustees of the Do Well Foundation Limited I report lo the charity trustees on my examination of the financial statements of the charitable company for the year ended 31 December 2021. Responslbllltles and basls of report As the Iruslees of the charitable company land also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'the 2006 Acl'l. Having satisfied myself that the financi81 statements of the charitable company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial slalemenls as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe.. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act., or the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial slalements give a 'true and fair view, which is not a matter Considered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of"Accounling and Reporting by Charities". The Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.. 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 lo enable a proper understanding of the accounts to be reached. Catherine Biscoe Buzzacoll LLP Chartered Accountants 130 Wood Street London EC2V 6DL Date-. 27 October 2022 Do Well Foundation Limited
Statement of financial activities Year lo 31 December 2021 Ilncluding Income and Expenditure Account) Unrestricted funds 2021 2020 Not85 Income from: Donations Investments For8ign 8xchang8 gains Total incorn8 27,805 3,602 382 31,788 10.000 3,608 13,608 Expenditure on.. Raising funds Charitable actiwties Foreign exchange losses Totsl expenditure 458 29,559 614 6,285 138 7,037 30,017 Net income before gains on investments 1,771 6,571 other gains and losses: Realised gain on current asset Investments 283 2,054 Net in¢ome and net movement in fund$ for the year Total funds brought fomard at 1 January 2021 Total funds carrled forward at 310ecember 2021 6,571 203,945 210,516 210,516 212,570 All the charitable company's activities derived from continuing operations during the above Iwo financial years. Do Well Foundation Limited
Balance sheet 31 December 2021 2021 2020 Notes Flxed assets Investments Current assets Cash at bank and in hand Debtors 167,306 167,306 27,575 22,961 50,536 20.873 29,361 50,234 Creditors.. amounts falling du8 within one year Net current assets Total assets 15,1721 45,364 212,670 16,9241 43.310 210,616 The funds of the charlty: Called up share capital Unrestricted funds General fund 100 100 10 212,570 212,670 210,516 210,616 For the year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act I'the ACV'I relating to small companies. The members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial stalemenls. These financial ststemenls have been prepared in accordan with the provisions applicable to companies subject to the small companies, regime. Approved by the Iruslees of Do Well Foundation Limited, Company Registration Number 4131417 (England and Walesl and signed on their behalf by.. Trustee- Jonathan Barton Approved on.. October 13, 2022 Do Well Foundation Limited
Principal accounting policies 31 December 2021 The principal accounting policies adopted, judgements and key sources of estimation uncertainly in the preparation of the financial statements are laid out below. Basis of preparation These financial statements have been prepared for the year to 31 December 2021. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otheNise ststed in the relevant accounting policies below. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 Icharities SORP FRS 1021 and the Charities Act 2011. The charity conslilutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded lo the nearest pound. Critical aOUntIng estimates and areas of judggmgnt The preparation of financial statements requires the use of certain critical accounting eslimales and judgements. It also requires the trustees to exercise judgement in the process of applying accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including an expectslion of future events that are believed to be reasonable under the circumstances. Athough these estimates are based on the trustees, best knowledge of the amount, event or acb'ons, actual results may dtffer from those eslimales. Areas requiring the use of estimates and critical judgements that may impact on the charity's financial activities and financial position include.. Investment properties are required lo be carried at market value al each balance sheet dale which is estimated by the Iruslees using publicly available information., Rental income is recognised at an amount that represents market value. The market value is estimated by the trustees. Do Well Foundation Limited 10
Principal accounting policies 31 December 2021 Assessment of going concern The Iruslees have assessed whether the use of the going concern assumption is approprialein preparing these financial statements. The Iruslees have made this assessment in respecllo a period of one year from the date of approval of these financial slatemenls. The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubl on the ability of the charity lo continueas a going concern. The Iruslees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. With regard to fLJture accounting peri(*s, themost significant area that affects the carrying value of the assets held by the Charity is the valuation of the investment property, which is dependent on fluclualions in the UK propertymarket. Income Income is recognised in the year in which reipt is probable, the charity is entitled lo the resources and the amount can be measured with reasonable certainty. Gifts in kinds are measured at their eslimaled fair value lo the charitable company. Income from investments represents rental income from the investment property and interest on bank deposits. Expenditure Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered. Grants and donations are unconditional grants lo other charities and are made wholly at the discretion of the Iruslees. Expenditure on raising funds comprises the costs of maintaining the investment property. Governance costs comprise the costs of the charitable company's organisalional procedures and the necessary legal procedures for compliance with slatulory requirements and are included within charitable aclivilies. Fund accounting Unreslricled general funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charitable objectives. Investment properties Investment properties are included at an open market valuation al the balance sheet date as eslimaled by the Iruslees in the light of publicly available information regarding property mark81 trends. Do Well Foundation Limited 11
Principal accounting policies 31 December 2021 Debtors Debtors are recognised at their selllemenl amount. less any provision for non-recoverability. Cash at bank and in hand Cash al bank and in hand represents such accounts and instruments that are available on demand or have 8 maturity of less than three months from the balance sheet date. Current asset investments Current asset investments are shares and securities held by the charity for sale and are initially recognised at fair value. Gains or losses on subsequent sale are induded in the statement of financial activities. Crgditors Creditors are recognised when there is an obligation al the balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised al the amount the charity anticipates il will pay lo settle the debt. Foreign Cu8n¢19S Transactions undertaken in foreign currency during the period are translated into sterling al the spot rate of exchange on the day of the Iransaclion. Exchange differences are taken to the statement of financial activities. Foreign exchange gains lor losses) arising on the translation of monetary assets and liabilities at the period end date are taken to the statement of financial activities. Do Well Foundation Limited 12
Notes to the financial statements 31 December 2021 Incomg from donations Donations consist of cash and equity investments donated lo the charitable company. 2 Expendlture on ralslng funds This relates to expendilLJre associated with the charity's investment propety. 3 Expenditure on charitable activities 2021 2020 Donations Govemance costs.. Legal and professional fees . Accountancy fe85 Tax services Company secretarial fees 18,161 106 5,400 5,520 372 29,559 575 5,350 360 6,285 4 Trustees, remuneratlon The charity has no employees. The trustees comprise the key management personnel. No Iruslee received any remuneration in respect of their servi8 nor reimbursement of expenses during the year12020- £nill. 5 Fixed asset investments Investment pmperty Market value 8t 1 January 2021 and at D8cemb8r 2021 167,306 C05t of inv8Stm8nts at 31 D8C8tnb8r 2021 167,306 Investment property Mart(et value at l January 2020 and al Dec&mber2020 16T,306 Cost c>f investments at 31 D&mber 2020 167,306 The investment property is held at fair value as valued by the trustees. The trustees are satisfied that after carrying out a review of values of similar property in the area, that this valuation equates to the current fair value. Do Well Foundation Limited 13
Notes to the financial statements 31 December 2021 6 Taxation Do Well Foundation Limited is a registered charity and therefore is not liable lo income lax or corporation tax on income derived from ils charitable activities, as il falls within the various exemptions available to registered charities. 7 Debtors 2021 2020 Other debtors 22,961 29.361 8 Creditors: amounts falling due within one year 2021 2020 Accruals 5,172 6,924 9 Called up share capital 2021 2020 Ordinary shares of £1 each 100 100 10 Reconciliation of movements in shareholder's funds 2021 2020 Equlty funds Net movement in funds in the financial y8ar Opening shareholderfs funds at 1 January Closing shareholderf5 funds at 31 Decernber 2,054 210,616 212,670 6,571 204,045 210.616 11 Ultimate holding company and control The charitable company is wholly owned by the Delaware Do Well Foundation, a US lax exempt charitable organisation, and was founded to carry out the work of that entity in the UK. The activities of the charitable company are controlled by the trustees of the charitable company. There were no transactions with the holding company during the year. Do Well Foundation Limited 14
Notes to the financial statements 31 December 2021 12 Rglatgd party transactions During the year the charitable company's investment property was let to relatives ofJonalhan Barton, a Iruslee of the Do Well Foundation at an agreed annual rentsl of £3,600per year. No payment of rent was made by the lenanl during 202112020- £nill. Jonathan Barton has agreed lo pay the rent due on behalf of his relative and paid £10,000 in year12020 - £nill. Al 31 December 2021 amounts outstanding from Jonathan Barton were £15,200 12020 £21,600) relating to rent and £7,76112020- £7,761) relating to rates and council lax payments for the investment propety currently occupied by Jonathan Barton's relative. These amounts relate lo both the current year and prior years. During the year donations of £27,805 12020 £10.000} were made by Jonathan Barton and Amanda Foreman to the Do Well Foundation. The charity donated £18,161 to the House of SpeakEasy Foundation Inc, a nol-for-profit institution founded in the United Stales12020 £nill. The charity was co-founded by Amanda Foreman. Jonathan Barton and Amanda Foreman are both directors of the Houseof SpeakEasy. Do Well Foundation Limited 15