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← Friends Provident Charitable Foundation

2024-09-30-accounts

Charity No: 1087053 Company No: 04228843

FRIENDS PROVIDENT CHARITABLE FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

I N D E X P A G E
REFERENCE AND ADMINISTRATIVE INFORMATION 3-4
REPORT OF THE TRUSTEES
CHAIR’S INTRODUCTION 5-6
ANNUAL REPORT 7-29
INDEPENDENT AUDITOR’S REPORT 30-33
STATEMENT OF FINANCIAL ACTIVITIES 34
BALANCE SHEET 35
STATEMENT OF CASH FLOWS 36
NOTES TO THE ACCOUNTS 37-49
APPENDICES
APPENDIX A: GRANTS MADE IN 2023/24 50-59
APPENDIX B: SUMMARY OF INVESTMENTS 60

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FRIENDS PROVIDENT CHARITABLE FOUNDATION

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Reference and Administration Information

Charity Name: Friends Provident Charitable Foundation Other names by which the charity is Friends Provident Foundation known:

Charity Number:

1087053 (England & Wales)

Company Number

4228843 (England & Wales)

REGISTERED ADDRESS

15 Priory Street York YO1 6ET

BOARD OF TRUSTEES

Members:

Abraham Baldry Paul Blyth Ann Don Bosco Joanna Elson (Vice Chair) (to 31 December 2023) Kathleen Kelly Stephanie Maier Stephen Muers (Chair) Aphra Sklair (to 31 March 2024) Caroline Taylor (Vice Chair, from 5 July 2024)

Associate Trustee: Simin Wadiwala

KEY MANAGEMENT PERSONNEL

Foundation Director

Danielle Walker Palmour

Head of Funding Strategy Investment Engagement Manager Social Investment Portfolio Manager

Finance and Operations Manager Communications Manager

Abigail Gibson Charlie Crossley James Anthony (from January 2024)

Kate Kendall

Jake Furby (to January 2024)

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Reference and Administration Information

PRINCIPAL ADVISORS

Principal Bankers: CAF BANK Limited Triodos Bank NV PO Box 289 Deanery Road West Malling Bristol Kent BS1 5AS ME19 4TA Auditor: Buzzacott LLP 130 Wood Street London EC2V 6DL Investment Advisor: Redington (from June 2024) 1 Angel Court London EC2R 7HJ Peter Jones, Independent Advisor (to June 2024) Solicitors: Wrigley’s Solicitors LLP 3[rd] Floor, 3 Wellington Place Leeds LS1 4AP Investment Managers: Columbia Threadneedle Cazenove Capital Investments 1 London Wall Place 78 Cannon Street London London EC2Y 5AU EC4N 6AG Snowball Impact Management Ltd 20 Little Britain London EC1A 7DH

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CHAIR’S INTRODUCTION

Twenty years ago in 2004, Trustees of the newly minted Friends Provident Charitable Foundation were preparing for an event to mark the public launch of the charity. They had commissioned a book of essays from across the political, economic and philosophical spectrum to explore the moral, social and cultural understanding of the role of money and financial systems in our society – published as The Right Use of Money (Policy Press, 2004). The event was held in the Queen Elizabeth II Conference Centre in London and was attended by a wide range of shareholders, stakeholders and peers.

2024 finds Trustees and staff preparing for another event in London; to celebrate the 20[th] anniversary of the Foundation and to take stock of where we have been. Much has changed. We have grown from one part-time member of staff to nine people based in York and London. We have shifted our focus from financial inclusion to more widely addressing the nature of our economy and how to make it fairer and more sustainable. We are now not just an ethical investor but an active, challenging one with ambitions to carry on the original intention of the founders of Friends Provident Foundation as an innovator in financial services.

However, there are also some continuities across those twenty years. We wish to address unfairness and inequality in the economic system. We continue to aim to work collaboratively with partners from all sectors to bring about change. And we continue to ask big questions despite our small size.

This year, in an attempt to maximise the impact of our grant funding, the Foundation has launched a refreshed programme organised around two central themes: mainstreaming new economic ideas and transforming financial systems. Alongside this we will have one supporting theme continuing our role as supporter of the wider movement infrastructure . The refreshed programme will guide our funding for the next three years. The programme continues to innovate through its focus on minimising wasteful application processes and costs for grant-seekers and embedding a learning framework and approach from the outset.

In 2020, alongside Joffe Trust and Blagrave Trust, we launched a process called the ‘environmental, social and governance (ESG) investing olympics’. We did this because we believe the purpose of investment should be to direct capital to socially, environmentally and economically useful activity, and to help address societal challenges; rather than to focus on short-term financial returns. We created an open competition and a selection process including a public event attended by over 100 people who could question and assess the proposals for meeting our shared mandate. Cazenove Capital, part of Schroders group, won the competition and this led to Cazenove Capital’s Sustainable Growth Fund, launched in early 2021. Three years on, we have been reflecting on progress against our objectives and published an update on this earlier in the year, in keeping with the principle of transparency we established from the start.

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Looking at the Foundation itself, this year we were sad to lose long-standing Trustees Joanna Elson and Aphra Sklair and our Communications Manager Jake Furby: we are grateful for their contributions and they are much missed. We also welcomed new members of the team: James Anthony as Social Investment Portfolio Manager, Ashanti Akabusi who is working with us to manage the communications function and Dilys Winterkorn and Lotte Thelen as independent members of our Investment Committee. We also created a new role of Associate Trustee to bring a wider diversity of experience to our board and make Trusteeship more accessible. Simin Wadiwala has been a fantastic first holder of this position.

In August 2024, the York staff team moved our office from Blake House in central York to new premises in a community building at the Priory Street Centre, also located centrally. We are delighted with a new space that is fully accessible to all visitors.

2025 will undoubtedly see more of both continuity of mission and change in how we get there, and we look forward to collaborating with partners old and new as we continue the journey.

Stephen Muers

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OUR PURPOSE

Friends Provident Foundation is an independent charity that makes grants and uses its endowment towards a fair and sustainable economic system that serves people and planet. We connect, fund, support and invest in new thinking to shape a future economy that works for all.

We’re a catalyst for wider change, making an impact through continuous experimentation and shared learning. We do all we can to embody the change we want to see. We invest in great social enterprises and use our money in line with our values.

We will continue to fund new thinking, connect new ideas, invest our capital in line with our aims and values and create better systems.

This annual report focuses on our main mission which is to create a fair and sustainable economy.

For more information, please visit our website at www.friendsprovidentfoundation.org.

DIVERSITY, EQUITY AND INCLUSION

Our Diversity, Equity and Inclusion (DEI) plan underscores our commitment to transforming the economic system into one that is fair and sustainable. Integral to this is addressing the structural inequities rooted in systemic discrimination. The Foundation sees that a commitment to diversity and inclusion must be central to our efforts to build a fair economy. This is about how we do all that we do: including staff and Trustee recruitment and management; our Investment management and engagement; grantmaking; communications and engagement with the wider community. We are aware of the power dynamics of our position as a holder and distributor of wealth.

This year our DEI working group was integrated into our Trustees’ Resources Committee to ensure accountability for this area of our work. We have made progress in some areas but still have improvements to make in others. We see this as a continual process that will never be fully complete. Our rating for diversity in the Foundation Practice Rating this year was B, showing that there is still room for improvement.

Key Components:

Internal Operations:

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Grant-making:

Investment Management:

Communications and Accessibility:

Future Goals (2024 and beyond):

By embedding equity into its strategy, operations and grant-making, the Foundation seeks to challenge systemic inequalities and promote a more inclusive and sustainable economic system.

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CLIMATE EMERGENCY DECLARATION

This year, as part of our business planning process, we undertook to look again at our commitment to addressing the climate emergency in our grants, operations and investments. As a mechanism, we joined the Earth Funding Lab programme under the auspices of the Environmental Funders Network. We committed to joining two of the three workstreams – ‘tax and nature’ and ‘beyond ESG’.

The beyond ESG workstream saw us collaborate with other foundations to develop ideas that could contribute to systemic, positive changes in the investment practices of foundations. The key potential interventions emerging are: increasing transparency and accountability of foundation investments; accelerating peer learning between foundations on their investments; and identifying legitimate positive impactful investments.

The tax and nature workstream has undertaken an exploration of the ways in which taxes can be used in the service of nature. It has made many connections with key players both within tax campaigning organisations and environmental organisations. A joint pot of £40,000 has been made available to fund initial work and we are currently exploring a collaboration with the Economic Change Unit (ECU) and Tax Justice UK on the issues oftax and nature in the first half of 2025.

It is worth noting that our work through this workstream has already been influential on the tax sector in terms of supporting them to consider their work through the lens of the nature and climate crises.

This engaged three members of staff over the course of the year and expanded our knowledge of colleague-funders committed to the deep and systemic change required to address climate change as a funder.

The Foundation commissioned a sustainability audit of our new website as part of the deployment, ensuring that we are monitoring and measuring the carbon footprint of our main means of communication going forward. A key element of this is a reduction in the number of pages and a simplification of the structure of the site.

We are also planning Carbon Literacy training sessions for staff and trustees in the next financial year.

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PROGRESS TOWARDS OUR GOALS IN 2023-24

Each year, staff and Trustees set objectives for the year, reflected in our Business Plan. This guides our priorities and expenditure, and creates momentum for our overarching goal of continuous improvement. Last year we had the following aims and this sets out how well we have performed against them.

  1. To increase our impact by bringing our grants and investment strategies into closer alignment.

  2. Fully achieved

  3. To ensure our grant giving is as efficient and effective as possible within the parameters of our budget and size as a funder.

  4. Fully achieved

  5. To review, communicate and implement the FPF investment policy and approach to align capital with mission.

  6. Fully achieved

  7. To communicate more effectively by reviewing and reframing our external communications and digital outputs.

  8. Partially achieved

  9. To make the Foundation’s salary and benefits structure more reflective of our mission for a fair and sustainable economic system, reflecting operational and human needs.

  10. Fully achieved

  11. To restructure and develop internal systems to support Foundation operations.

  12. Partially achieved

  13. To refocus our climate emergency declaration in relation to operations, investment and other activities.

  14. Fully achieved

  15. To continue to evolve our governance to enable the Foundation to be responsive and reflective of the external context.

  16. Fully achieved

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GRANTS REPORT

Introduction

Grantmaking has been an important part of the Foundation’s toolkit for economic change for the past 20 years and, over 2024, we have been reflecting on and developing our grantmaking strategy both in terms of what we fund and how we do so.

Over this time our grantmaking programme has evolved: from an initial focus on the right use of money; to financial inclusion; then shifting to financial resilience; and more recently a focus on systemic economic change. After the 2008 crash, we helped support a range of ideas about how economic systems change could be achieved. We also helped to establish a number of increasingly influential organisations working in new economy space.

During 2023-24 the need for change was as urgent as ever. The financial system firmly re-asserted itself post-crash and climate breakdown and inequality have worsened. The UK is not short of ideas on how to change this and we have an active, creative new economy movement. As we look forward, therefore, we seek to turn our attention to what is stopping these ideas becoming a reality.

This year has been about looking back to move forwards – building on the learning and experience we’ve gained from 20 years of grantmaking to develop a strategy for a more focused programme of work and better-quality grantmaking practice for the future.

A Look Back at 2023/24

2024 was the final year of our ‘4D Economy’ programme of grantmaking. Full details of grants made in the year are provided in Appendix 1.

Recognising the ongoing inflationary challenges facing our grant-holders, cost of living increases were made for long-term grants, maintaining the real value of our grants. A major strand of work this year has been the evolution of the grants strategy, involving a deep dive into learning from previous grants, consultation with stakeholders and reflecting on best grant-making practice.

This year has also seen the development of our learning strategy and the recruitment of a new learning partner to support us over the next three years and ensure that we are maximising the insights and intelligence to be gained from all of our work.

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Key Trends in Grant-making 2023-24:

Grants Made:

19 grants to 18 organisations. 12 (66%) were for organisations we haven’t previously funded. As at the end of the financial year, there were 62 live grants in the portfolio.

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Grants were made under two main thematic strands under the 4D Economy Programme.

The 4D Economy Programme

The grants programme funded organisations and projects that supported our vision of a fair, sustainable economy, that is Diversified, Decarbonised, Democratised and Decentralised.

Funding was granted under two thematic strands:

Types of funding

Core Funding – funding in support of an organisation’s central and general costs. Fully flexible funding offered to organisations whose mission and strategy is fully aligned with that of the Foundation.

Project Funding – funding for specific activity following an application.

Small Grants – a new strand developed to try to enable more new entrants to our programme. Focused on new organisations or new ideas with a particular focus on under-represented groups.

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Grant Value

The average grant value was £43,684. The high level of grants made under the small grants programme skewed the average – when these are removed, the average is £99,651.

Applications Received and Success Rates

The programme received 238 applications over the year, via the open application form on our website. Of these 8% were invited to stage two. This mostly reflects a very high number of ineligible applications, for areas not covered by the programme – which accounted for 71% of applications received. When we remove these from the analysis, the conversion rate from stage one to stage two increases to 26%. At stage two, where applications have been invited on the basis of fit, the success rate increases to 60%.

Grant Increases

Given ongoing inflationary pressures, we adopted a new policy of automatic grant increases for grant-holders with longer-term grants (1 year plus, with more than one year remaining) who had not built sufficient allowance for inflation into their budgets or who had not already been granted an increase in year. As a result, grants worth a total of £58,632 were made to 17 organisations.

In addition, 3 organisations requested more significant grant increases to allow them to meet unexpected costs or new additional opportunities, worth a total of £85,000.

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Looking Ahead

At the very end of the year, the 4D Economy Programme was closed and the new Realising a New Econom y programme was launched. A significant amount of staff time was spent over the year developing and refining the new programme, which will roll out over 2024-25. The new programme seeks to bring about a number of changes in terms of grants focus and grant-making practice including:

Our hope is that these changes will reduce our unsuccessful application rates, create a more inclusive and less extractive approach and will give applicants a faster sense of the outcome of an approach.

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INVESTMENTS REPORT

Introduction

We believe the purpose of investment should be to direct capital to socially and environmentally useful activity, to create social as well as economic value and to help address societal challenges, rather than to focus on short-term financial returns. As a participant in the financial system through our endowment, we have an opportunity to promote change that serves our mission. As such, we are a long-term investor and steward of our investee companies and funds. Our approach includes investing in positive social & environmental impact, aligned to our mission, as well as stewarding our investee companies and funds, using engagement to reduce negative impacts and increase alignment between our investments and our mission. This approach allows us to balance generating sufficient returns to fund our grant-making and operations, while utilising the endowment to further our mission.

Investing our endowment involves making decisions on what to invest in, what not to invest in, how we exercise our stewardship responsibilities and how we engage with the financial system. We believe these decisions should contribute to our aim of building an economy that is sustainable and fair.

Our Investment Principles and Policy is the key document driving our investment work.

Most of our endowment is invested through our investment managers: Columbia Threadneedle Investments, Cazenove Capital, and Snowball Impact Investments. Our investment adviser is Redington.

Our investments are summarised below:

Financial Investments

Investment Investment manager Investment
approach1
Multiple funds Columbia Threadneedle
Investments		 Responsible
Cazenove Sustainable Growth Fund Cazenove Capital Sustainable
Snowball Impact Investment LP Fund* Snowball Impact
Management Ltd		 Impact

1 This is our view of the investment approach across the “spectrum of capital”, first developed by Bridges Fund Management. See more information here: https://resonance.ltd.uk/for-investors/spectrum-of-capital

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We make direct investments in public companies via a Hargreaves Lansdown account, for the purpose of shareholder influencing.

Social Investments

Social Investments
Investment Description
Awel Cooperative Renewable energy project, based in Wales,
operating two wind turbines, with the aim of
tackling climate change and enabling local
regeneration.
Egni Cooperative Renewable energy project, linked to Awel
Cooperative, installing rooftop solar panels in
schools, community buildings & businesses.
Energy Garden Enterprise developing community-owned solar
projects and gardens in London, alongside
educational programmes to promote their social
and environmental benefits.
Ethex Investment Club An online platform connecting investors with
impactful social enterprises and community
projects and raising the finance needed by these
organisations to achieve their aims.
People Powered Retrofit Enterprise providing advice, training and
software development linked to retrofitting
households to combat climate change.
Riding Sunbeams Enterprise aiming to provide directly connected
renewable energyto the rail network.
Snowball Impact Management Ltd Company managing the Snowball Impact
Investment LP fund, which targets investments
with a positive impact for people and the planet,
whilstgeneratingsound financial returns.
Wyre Catchment CIC Project to implement natural flood management
works in the upper River Wyre catchment, with
the aim of reducing flooding & flood risk to
business & communities residing in the
catchment.

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We also make social investments.[2] A description of our current and prior social investments can be found on our website.

Further information about our Investment Committee and staff team working on investments can be found on our website.

Reflecting on the Foundation reaching its 20[th] anniversary, there have been several highlights relating to investment:

A Look Back at 2023-24:

A lot happened for the Foundation in the 2023-24 financial year, but here’s a few of the highlights:

2 We define social investment as where we use money with a view to both:

  • achieving our purposes directly through the investment; and - making a financial return.

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Looking Ahead

Looking ahead to 2024-25, there is plenty on our agendas.

We plan to update our Investment Principles and Policy document for the first time since 2019. We will do this in a participatory manner, including seeking feedback from a range of stakeholders, trying to make our investment approach accessible.

We also plan to work with peer investors to consider options to challenge and encourage the investment industry to do more on mission-aligned investing.

A new social investment strategy will be launched and a host of new social investments will be announced.

There will be challenges ahead in delivering our work. Key overarching trends of the climate emergency and inequality are potentially worsening. The economic environment continues to look uncertain. A new policy landscape brings opportunity for our work but

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shifting policy also brings challenges. Social investment opportunities are plentiful but fundraising remains a key issue for investees.

As we reflect on two decades of purposeful investing, we will remain committed to using all our endowment, including our investments, to contribute to a fair and sustainable economy.

COMMUNICATIONS REPORT

Introduction

Effective communication is central to the Foundation’s mission of creating a fair, sustainable and resilient economic system. It allows us to amplify our impact, engage diverse audiences and foster meaningful conversations about systemic change. This year has been one of transformation and reflection, marked by significant milestones and transitions within our communications function.

We bid farewell to our Communications Manager, Jake Furby, whose contributions have been invaluable to the Foundation’s success. In their stead, we warmly welcomed Ashanti Akabusi, who joined us in the summer and has brought fresh energy and perspective to our communications work.

This year, 2024, has been a momentous one, with highlights including the preparation for our 20th Anniversary celebrations, the launch of our revamped website and preparations to introduce our new grants programme. It has been a year of looking back at two decades of impactful work, learning from our journey and setting the stage for the future. Our involvement in the Foundation Practice Rating initiative further underscored our commitment to diversity, accountability and transparency and sector-wide improvement.

In a rapidly evolving digital landscape, we’ve had to reassess our social media strategy to ensure alignment with our values while continuing to engage effectively with our audiences. This year’s activities have challenged us to reflect, champion our causes and celebrate our achievements - all while staying true to the Foundation’s mission of driving systemic change.

The communications function remains at the heart of these efforts, acting as the bridge between our work and the wider world. It enables us to share our learnings, advocate for change and inspire others to join us in our vision for a better future.

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A Look Back at 2023-24

Looking Ahead:

The coming year promises new opportunities to enhance and refine our communications strategy, ensuring it aligns with our mission and continues to drive impact. A few of such initiatives are below:

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As we move forward, our communications function will continue to be a cornerstone of our work, driving awareness, engagement and impact. Together, we will champion systemic change and celebrate the transformative power of collaboration.

OPERATIONS REPORT

This year we have streamlined our software to enhance effectiveness and team-working. After eight years at Blake House, the Foundation moved offices to Priory Street, and we are pleased to now have an accessible office and meeting place.

GOALS FOR 2024/25

In the coming year, we have another ambitious set of organisational goals for both staff and Trustees, the aim of which are to ensure the most effective delivery of our mission:

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POLICIES, GOVERNANCE AND OPERATIONAL FRAMEWORK

Management and Advice

During the year, our investment managers were Columbia Threadneedle Investments, Cazenove Capital and Snowball Impact Management Limited. An investment policy has been agreed by Trustees, with investment objectives shared with the investment managers. The managers provide regular reports and are invited to Investment Committee meetings to discuss asset allocation and investment performance.

To support Foundation staff and Trustees in their commitment to the responsible use of its assets and as a means of sharing our practice, the Foundation continued as a member of the Charities Responsible Investment Network.

Peter Jones, an independent investment advisor, continued to provide general investment advice to the Trustees until June 2024. Redington were then appointed to this role. Trustees instruct the investment managers to reflect the advice received in their management of the Foundation’s assets.

Wrigley’s Solicitors LLP was retained to provide legal advice on direct investment documentation and on our general charitable activities.

Climate Risk Management in Our Investment Portfolio

Trustees are mindful of a wide range of experts who consider that climate risk is arguably the biggest risk to economies today. They understand that climate-related systemic risk could have a highly negative impact not only on the Foundation’s assets but also on its core mission and stakeholders through disruption of the financial system, with implications for jobs, incomes and inequality. They seek, therefore, to do whatever they reasonably can to progress a rapid transition to a low-carbon economy and to safeguard the Foundation’s capital.

Resources

Some years ago Trustees took the decision that the Foundation can spend its capital as well as its income in pursuit of our mission. This has been at a reduced rate over the past three years, following the decision to reduce grant expenditure to allow for more missiondriven investment. They actively review both strategy and resources to manage the risk of this approach. The current rate of spend is £2 million per annum.

Trustees are prepared to consider accepting a higher level of risk or a lower level of financial return than the market norm, especially for those social investments that are

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closely aligned with the Foundation’s specific programme aims. For investments that generate broader positive social impact and meet the Foundation’s general charitable objectives, but without specific alignment with programme aims, Trustees might look for levels of risk and return that are closer to the benchmark for that asset class.

Risk Management

The Trustees are responsible for overseeing the effective management of the Foundation and for safeguarding its assets. Risk management is an ongoing activity involving all Trustees and is reviewed by Trustees at least annually.

During the year, the Trustees have reviewed the risks facing the Foundation covering governance and management issues, financial, regulatory, legal and operational risks. Mitigating actions have been taken regarding the major risks that have been identified, namely:

Each risk identified was assessed in terms of the potential impact and likelihood of occurrence and the Trustees confirm that they believe that, for each of these risks, appropriate controls are in place to mitigate the significant risks to an acceptable degree.

Reserves and Going Concern

The total charity funds at the year-end of £24.26m (2023: £22.94m) were held in the endowment fund. The capital comprising the Foundation’s expendable endowment is the principal source of income to meet the Foundation’s objectives and running costs. The Foundation’s free unrestricted reserves are expected to be approximately £23 million.

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The Trustees consider that there are no material uncertainties about the Foundation’s ability to continue as a going concern.

In 2016, Trustees took the strategic decision to expend capital from the endowment in pursuit of our mission. In order to ensure there are adequate funds to support a potentially higher level of expenditure, the Foundation adopted a policy to ‘draw down’ a sum from the endowment each year to match the difference between our projected income and our projected expenditure as set by Trustees in the annual business planning process.

In 2021, Trustees decided to slow down the reduction of the capital base. This was to enable a rebalance of internal resources to allow greater focus on investment engagement and impact.

In 2025, Trustees will be reviewing the use of capital to ensure that the charity’s commitment to maximizing its impact through grant-making and investment activity continues, whilst holding an appropriate level of reserves to ensure financial sustainability and operational stability.

Trustees also recognise that Foundation income from investments can fall. To mitigate this risk, it is the Trustees’ intention to hold three to six months’ operating costs, which includes grant payments, as a cash reserve; estimated at £700,000 to £1,400,000. This is held as part of Foundation funds and will not be expended although Trustees do not consider it necessary to have a separate reserves account.

The reserves policy was last reviewed and approved by the Trustees in September 2024. Trustees will continue to review the level of reserves taking into consideration the cost base of the Foundation.

Financial Review and Performance

The Foundation’s income is derived from investment performance. Total income for the year ended 30 September 2024 was £996,642 (2023: £722,659), mainly attributable to dividends and interest received from the principal investments – open-ended investment trusts with underlying investments in equities and corporate bonds. Two donations and grant funding for the Foundation Rating Project, being coordinated by the Foundation, has added to the income this year. The total expenditure for the year was £2,200,525 (2023: £2,309,335). Of this, grant commitments amounted to £1,045,283 (2023: £1,335,505) and other expenditure was £1,155,242 (2023: £973,830). Net expenditure for the year was £1,203,883 (2023: £1,586,676) before investment gains of £2,526,450 (2023: gains of £641,780), leading to net income of £1,322,567 (2023: net expenditure of £944,896).

As per our investment policy, Trustees expect our mainstream portfolio to produce competitive market returns, as well as reflecting our investment beliefs. Regular reviews of performance by the Investment Committee and advice from our Investment Advisors indicate that performance is in line with market expectations.

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Staff Remuneration

Trustees have adopted and reviewed the pay policy that applies to all staff members. An independent review of staff rewards was undertaken during the year and the pay policy has been updated as a result. This new policy has taken effect from 1 October 2024 and includes a new pay structure and job evaluation process.

Trustees review salaries annually against suitable inflation measures. These reflect a cost-of-living measure weighted equally with average wages.

Reflecting our programme focus on pay transparency and in line with NCVO guidance, the ratio between the highest salary (£102,088) and the median salary (£44,357) in the Foundation is 2.3:1. The ratio of the top salary to the lowest is 3.3:1. These calculations are based on full-time equivalent salaries, net of salary sacrifice deductions.

The charity made contributions to employees’ personal pension plans based on a fixed percentage of salary. In September 2014, Trustees established a company pension scheme in which contributions are made to NEST.

Statement of Fundraising Practices

The Foundation does not engage in public fundraising and does not use professional fundraisers or commercial participators. The Foundation, nevertheless, observes the relevant fundraising regulations and codes. During the year there were no instances of non-compliance with these regulations and codes and the Foundation received no complaints relating to its fundraising practice.

Governance Arrangements

A Board of Trustees, of up to ten individuals, who must hold at least two meetings each year, administers and controls the Foundation and has control of its property and funds. Trustees are subject to fixed-term appointments as set out in the Memorandum and Articles of Association updated in January 2022. During the year, Trustees have formally met four times, plus a residential Away Day.

The Trustees have complied with the duty in Section 17 of The Charities Act 2011 to have due regard to the Charity Commission’s published guidance concerning the operation of the Public Benefit requirement under that Act.

Trustee Roles and Responsibilities

An individual induction programme is in place and implemented for new Trustees, covering all relevant aspects of the role and the Foundation. We hold regular training and engagement sessions before Trustee meetings with guest speakers to share learning and engage staff and Trustees.

27 | Page

FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

The role of the Trustees includes setting strategic direction and agreeing the financial plan, approving grant-making applications and monitoring the Foundation’s grant activities, ensuring that all activities are within its agreed charitable objectives and pursued for the public benefit. Matters reserved for the Trustees are approved by the Trustees and are subject to annual review.

Trustees act on advice and information from regular meetings with the Director and their appointed advisers and from the Foundation’s Resources Committee and Investment Committee under terms of reference approved by the Board of Trustees.

Trustee Recruitment

Trustees are recruited through open advertisement. They are interviewed by a panel of existing Trustees against a set of advertised criteria and with due regard to the Foundation’s commitment to equality of opportunity and fair treatment. We monitor the response to all vacancies in terms of gender, ethnicity and disability.

Statement of Trustees’ Responsibilities

The Trustees (who are also directors of Friends Provident Charitable Foundation for the purposes of company law) are responsible for preparing the report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

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.

28 | Page

FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the organisational and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The report of the Trustees has been prepared in accordance with the special provisions applicable to companies subject to the small companies’ regime.

Approved by the Trustees on 10 March 2025 and signed on their behalf by

Stephen Muers, Chair of the Board of Trustees

29 | Page

FRIENDS PROVIDENT CHARITABLE FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF FRIENDS PROVIDENT CHARITABLE FOUNDATION

Opinion

We have audited the financial statements of Friends Provident Charitable Foundation (the ‘charitable company’) for the year ended 30 September 2024 which comprise the statement of financial activities, the balance sheet, statement of cash flows and the notes to the financial statements including a summary of the principal 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 Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from 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.

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FRIENDS PROVIDENT CHARITABLE FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF FRIENDS PROVIDENT CHARITABLE FOUNDATION

Other information

The other information comprises the information included in the annual report and financial statements other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report and financial statements. 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 assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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FRIENDS PROVIDENT CHARITABLE FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF FRIENDS PROVIDENT CHARITABLE FOUNDATION

exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities contained within the trustees’ report, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 determine is necessary to enable the preparation 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance 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 assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, 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:

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FRIENDS PROVIDENT CHARITABLE FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF FRIENDS PROVIDENT CHARITABLE FOUNDATION

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gumayel Miah ACA (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

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Friends Provident Charitable Foundation

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 September 2024

For theyear ended 30 September 2024
2024 2023
Unrestricted Restricted Total Unrestricted Restricted Total
Note £ £ £ £ £ £
Income from:
Donations 2 522,500 - 522,500 120,013 - 120,013
Charitable activities 3 - 62,500 62,500 - 155,550 155,550
Investments 4 411,642 - 411,642 447,096 - 447,096
Total income 934,142 62,500 996,642 567,109 155,550 722,659
Expenditure on:
Raising funds 32,941 - 32,941 19,238 - 19,238
Charitable activities
Support for Resilient Economies 1,985,287 - 1,985,287 2,151,056 - 2,151,056
Foundation Practice Rating Project - 182,297 182,297 - 139,041 139,041
Total expenditure 5 2,018,228 182,297 2,200,525 2,170,294 139,041 2,309,335
Net (expenditure)/income before net
gains on investments (1,084,086) (119,797) (1,203,883) (1,603,185) 16,509 (1,586,676)
Net gains on investments 13 2,526,450 - 2,526,450 641,780 - 641,780
Net income/(expenditure) 1,442,364 (119,797) 1,322,567 (961,405) 16,509 (944,896)
Transfers between funds 19 (16,700) 16,700 - (30,000) 30,000 -
Net movement in funds 1,425,664 (103,097) 1,322,567 (991,405) 46,509 (944,896)
Reconciliation of funds:
Total funds brought forward 22,806,154 129,274 22,935,428 23,797,559 82,765 23,880,324
Total funds carried forward 24,231,818 26,177 24,257,995 22,806,154 129,274 22,935,428

All expenditure in both 2023-24 and 2022-23 was made from unrestricted funds, apart from that relating to the Foundation Practice Rating Project which was made from restricted funds.

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 19 to the financial statements.

34 / Page

Friends Provident Charitable Foundation

Company no. 04228843

Balance sheet

As at 30 September 2024

As at 30 September 2024
Balance sheet		 Company no. 04228843
Note
Fixed assets:
12
13
14
Current assets:
15
Liabilities:
16
17
19
Total unrestricted funds
Restricted income funds
General funds
Total charity funds
Cash at bank and in hand
Tangible assets
Social Investments
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets/(liabilities)
Total net assets
Creditors: amounts falling due after one year
Listed Investments
Total assets less current liabilities
Debtors
Unrestricted income funds:
Designated funds		 £
219,969
1,179,842		 2024
£
12,361
23,711,503
482,000		 £
225,506
1,099,099		 2023
£
6,133
23,438,663
379,000
24,205,864
233,357		 23,823,796
(341,343)
1,399,811
(1,166,454)		 1,324,605
(1,665,948)
1,159,100
23,072,718		 -
22,806,154
24,439,221
(181,226)		 23,482,453
(547,025)
24,257,995 22,935,428
26,177
24,231,818		 129,274
22,806,154
24,257,995 22,935,428

Approved by the Board of Trustees on 10 March 2025 and signed on their behalf by:

Stephen Muers Chair of Trustees

35 / Page

Friends Provident Charitable Foundation

Statement of cash flows

For the year ended 30 September 2024

For theyear ended 30 September 2024 For theyear ended 30 September 2024 For theyear ended 30 September 2024
Note
£
£
Cash flows from operating activities
Net income/(expenditure) for the reporting period
1,322,567
(as per the statement of financial activities)
Depreciation charges
3,536
Dividends, interest and rent from investments
(411,642)
(Gains)/Losses on investments
(2,526,450)
Impairment losses
210,000
Decrease/(increase) in debtors
5,537
Decrease in creditors
(865,293)
Net cash used in operating activities
(2,261,745)
411,642
(9,764)
2,678,366
(997,292)
(15,000)
Funds released for reinvestment
250,000
2,317,952
56,207
1,183,234
a
1,239,441
At 1 October
2023
Cash flows
£
£
Cash held as part of investment portfolio
84,135
(24,536)
Cash at bank and in hand
1,099,099
80,743
a
Total cash and cash equivalents
1,183,234
56,207
Net cash provided by investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Transfer in to investment funds
2024
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the
year
Analysis of cash and cash equivalents and of net debt		 £
£
(944,896)
1,756
(447,096)
(641,780)
250,000
180,788
(731,329)
(2,332,557)
447,096
(4,339)
4,228,021
(2,220,649)
19,294
-
2,469,423
136,866
1,046,368
1,183,234
Other non-
cash changes
At 30
September
2024
£
£
-
59,599
-
1,179,842
-
1,239,441
2023
(2,261,745)
2,317,952		 (2,332,557)
2,469,423
At 1 October
2023
£
84,135
1,099,099		 Other non-
cash changes
£
-
-
56,207
1,183,234		 136,866
1,046,368
1,239,441 1,183,234
Cash flows
£
(24,536)
80,743		 At 30
September
2024
£
59,599
1,179,842
1,183,234 56,207 - 1,239,441

The charity held no borrowings at either 1 October 2023 or 30 September 2024.

36 / Page

Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

1 Accounting policies

a) Statutory information

Friends Provident Charitable Foundation is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address and principal place of business is The Priory Street Centre, 15 Priory Street, York, YO1 6ET.

b) Basis of preparation

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 UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made 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. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties which may cast significant doubt about the charity's ability to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of approval of these financial statements.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. Trustees are aware that there are net current liabilities but this is principally down to timing and the fact that liabilties are recognised in full for the following 12 months but there is no corresponding income recognised. In addition, the Foundation has significant resources available in fixed asset investments which can be drawn down as required to fund working capital.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment managers.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

37 / Page

Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

f) Fund accounting

Unrestricted funds are donations and other income received or generated by the charity which may be used freely in pursuit of the charity's objects at the discretion of the Trustees.

The investment assets derived from the donation of £20 million from Friends Provident plc in 2004. The assets are expendable at the discretion of the trustees.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds relate to income earned which may only be applied towards specific projects or causes in line with the terms by which the income was received.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Expenditure is allocated to the particular activity where the cost relates directly to that activity.

Salary costs are apportioned, based on an estimate of staff time, as follows:

Support and governance costs are allocated in full to charitable activities - Support for Resilient Economies projects.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

38 / Page

Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

1 Accounting policies (continued)

j) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer equipment 4 years
Fixtures and fittings 4 years

l) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

m) Social Investments

Social investments are valued at their fair value, which would ordinarily equate to market value where this is available. Where fair value is not practicable, social investments are recognised at cost less impairment. An annual review is carried out, either by external independent consultants or by Foundation staff, to determine whether investments should be impaired. Any impairment losses are included within expenditure during the year.

n) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

o) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

1 Accounting policies (continued)

q) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

r) Pensions

The Foundation operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Foundation in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the Foundation to the fund. The Foundation has no liability under the scheme other than for the payment of those contributions.

2 Income from donations

Income from donations
Donations 2024
Total
£
522,500		 2023
Total
£
120,013
522,500 120,013

The Foundation received two large one-off donations from private donors during the year which have been included within unrestricted funds. The first unrestricted donation of £122,500 was fully expended during the year. The second unrestricted donation of £400,000, from the Dandelion Fund, will contribute towards a new grant programme in 2024-25. The Foundation's trustees will determine how the donation is spent.

3 Income from charitable activities

Income from charitable activities
Income from investments
Gross dividends
Bank interest
Income from social investments
Grant income for Foundation Practice Rating Project
All income from charitable activities is restricted.		 2024
Total
£
62,500		 2023
Total
£
155,550
62,500 155,550
2024
Total
£
389,486
17,799
4,357		 2023
Total
£
431,435
11,322
4,339
411,642 447,096

4 Income from investments

All income from investments is unrestricted.

40 / Page

Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

the year ended 30 September 2024
Analysis of expenditure (current year)
Investment manager's fees
Investment advice & other costs
Grant commitments
Impairment losses
Staff costs (Note 8)
Staff training, expenses & other related costs
Grant advisory group, assessors & grantee support
Learning Strategy
Equity Group
Climate Emergency Developments
Communication, dissemination & website costs
Overhead costs
Operational investment costs
Legal & professional fees
Auditor's remuneration
Trustee meetings & expenses
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Raising
funds
£
15,528
17,413
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Charitable activities Governance
costs
£
-
-
-
-
56,178
-
-
-
-
-
-
-
-
-
17,017
22,917		 Support
costs
£
-
-
-
-
318,343
34,001
5,588
14,285
-
7,000
96,578
92,952
40,696
24,449
-
-		 2024
Total
£
15,528
17,413
1,045,283
210,000
374,521
34,001
5,588
14,285
-
7,000
131,576
92,952
40,696
171,748
17,017
22,917		 2023
Total
£
15,511
3,727
1,335,505
250,000
313,180
32,493
1,464
4,593
2,400
-
116,729
71,807
16,359
116,735
15,643
13,189
Support for
Resilient Economies
projects
£
-
-
1,045,283
210,000
-
-
-
-
-
-
-
-
-
-
-
-		 Foundation
Practice
Rating
Project
£
-
-
-
-
-
-
-
-
-
-
34,998
-
-
147,299
-
-
32,941
-
-		 1,255,283
633,892
96,112		 182,297
-
-		 96,112
-
(96,112)		 633,892
(633,892)
-		 2,200,525
-
-		 2,309,335
-
-
32,941 1,985,287 182,297 - - 2,200,525 2,309,335
19,238 2,151,056 139,041 - -

All expenditure in both 2023-24 and 2022-23 was made from unrestricted funds, apart from that relating to the Foundation Practice Rating Project which was made from restricted funds.

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Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

5b Analysis of expenditure (prior year)

Analysis of expenditure (prior year)
Investment manager's fees
Investment advice & other costs
Grant commitments
Impairment losses
Staff costs (Note 8)
Staff training, expenses & other related costs
Grant advisory group, assessors & grantee support
Learning Strategy
Equity Group
Performance evaluation
Communication, dissemination & website costs
Overhead costs
Investment engagement fees
Legal & professional fees
Auditor's remuneration
Trustee meetings & expenses
Support costs
Governance costs
Total expenditure 2023		 Raising
funds
£
15,511
3,727
-
-
-
-
-
-
-
-
-
-
-
-
-
-
19,238
-
-
19,238		 Support for
Resilient Economies
projects
~~Foundation~~
Practice
Rating
Project
£
£
-
-
-
-
1,335,505
-
250,000
-
-
-
-
-
-
-
-
-
-
-
-
-
33,014
-
-
-
-
-
106,027
-
-
-
-
1,585,505
139,041
489,742
-
75,809
-
2,151,056
139,041
Charitable activities		 Governance
costs
£
-
-
-
-
46,977
-
-
-
-
-
-
-
-
-
15,643
13,189
75,809
-
(75,809)
-		 Support
costs
£
-
-
-
-
266,203
32,493
1,464
4,593
2,400
-
83,715
71,807
16,359
10,708
-
-
489,742
(489,742)
-
-		 2023 Total
£
15,511
3,727
1,335,505
250,000
313,180
32,493
1,464
4,593
2,400
-
116,729
71,807
16,359
116,735
15,643
13,189
Support for
Resilient Economies
projects
£
-
-
1,335,505
250,000
-
-
-
-
-
-
-
-
-
-
-
-
1,585,505
489,742
75,809
2,151,056
2,309,335
-
-
2,309,335

42 / Page

Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

e year ended 30 September 2024
Grant making (current year)
Grant commitments made in the year
Grants (written back) or adjusted
Net grants committed in the year
Grants paid
Grants payable at the end of the year
Total creditors at the end of the year
Creditors: amounts due within one year (note 16)
Creditors: amounts due in over one year (note 17)
Grants payable at the start of the year		 2024
£
2,171,035
873,684
171,599		 2023
£
2,905,752
1,312,410
23,095
1,045,283
(1,951,390)		 1,335,505
(2,070,222)
1,264,928 2,171,035
1,083,702
181,226		 1,624,010
547,025
1,264,928 2,171,035

Details of the grant commitments made in the year can be found in the Trustees' Annual Report.

7 Net income/(expenditure) for the year

This is stated after charging:

This is stated after charging:
2024 2023
£ £
Depreciation 3,536 1,756
Operating lease rentals payable:
Property - 19,250
Auditor's remuneration (excluding VAT):
Audit 13,750 12,500

Staff costs were as follows:

Staff costs were as follows:
Social security costs
Employer’s contribution to defined contribution pension schemes
Salaries and wages
Other forms of employee benefits		 2024
£
304,220
25,495
44,806
-		 2023
£
252,075
20,272
40,767
66
374,521 313,180

43 / Page

Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2024 2023
No. No.
£70,000 - £79,999 - 1
£80,000 - £89,999 1 -

The total employee benefits (including employer's pension contributions and employer's national insurance) of the key management personnel were £280,762 (2023: £234,619).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

Trustees' expenses represents the payment or reimbursement of travel, subsistence, training and IT/technology costs totalling £2,987 (2023: £1,650) incurred by 9 (2023: 10) members relating to attendance at meetings of the trustees.

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 8.0 (2023:7.8). The full time equivalent number of staff was 6.1 (2023: 5.5).

10 Related party transactions

Due to the nature of the Foundation's operations and the composition of the trustee board and staff and their charitable interests, it is possible that the Foundation will make a donation to a charity in which a trustee or staff member may have a governance interest. In recognition of this possibility, trustees have developed a policy of disclosure to ensure there is no conflict of interest and that such a donation is made at arm's length.

Stephen Muers, Chair of trustees, is Chief Executive Office of Better Society Capital which has an investment in Ethex. Core funding of £25,000 was awarded to Ethex in June 2024 (2023: £Nil). There was no remaining balance included in grant creditors at 30 September 2024. The Foundation has an investment in Ethex with a value of £57,000 at 30 September 2024. A previous impairment of this investment, amounting to £40,000, was reversed during the year.

Ann Don Bosco, a trustee of Friends Provident Charitable Foundation, is a Director of the Economic Change Unit which was given core funding of £100,000 in March 2023. A cost of living increase of £3,000 was awarded this year. There was no remaining balance included in grant creditors at 30 September 2024. The individuals mentioned above did not take part in the funding/investment decisions involving their related party transactions.

There are no donations from related parties (2023: None) which are outside the normal course of business and no restricted donations from related parties (2023: None).

Other than as disclosed above, there were no other related party transactions during the period of the report (2022-23: no other transactions).

44 / Page

Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

11 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

12 Tangible fixed assets

Tangible fixed assets
Eliminated on disposal
At the end of the year
Net book value
At the start of the year
Charge for the year
At the end of the year
Depreciation
Cost
At the end of the year
At the start of the year
Additions in year
Disposals in year
At the start of the year		 Computer
equipment
£
14,581
4,964
(4,539)		 Fixtures &
Fittings
-
4,800
-		 Total
£
14,581
9,764
(4,539)
15,006 4,800 19,806
8,448
3,336
(4,539)		 -
200
-		 8,448
3,536
(4,539)
7,245 200 7,445
7,761 4,600 12,361
6,133 - 6,133

All of the above assets are used for charitable purposes.

13 Listed investments

Listed investments
Cash held by investment broker pending reinvestment
Fair value at the end of the year
Historical costs of listed investments at the year end
Funds released for reinvestment
Other investments
UK Common investment funds
Shares listed on the London Stock Exchange
Investments comprise:
Additions at cost
Net gain/(loss) on change in fair value
Fair value at the start of the year
Cash
Disposal proceeds
Transfer (out)/ in during year		 2024
£
23,354,528
684,292
(2,678,366)
15,000
(250,000)
2,526,450		 2023
£
25,039,414
1,920,649
(4,228,021)
(19,294)
-
641,780
23,651,904
59,599		 23,354,528
84,135
23,711,503 23,438,663
2024
£		 2023
£
18,234,553 19,356,640
2024
£
20,013,656
102,630
3,535,618
59,599		 2023
£
20,193,506
61,621
3,099,401
84,135
23,711,503 23,438,663

Two amounts, totalling £644,225, were invested in Snowball Impact Investments LP during the year. This was following a commitment to increase the funds invested in Snowball Impact Investments LP up to a maximum of £5 million or 10% of the value of the fund, whichever is the lower, by 31 December 2024.

45 / Page

Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

13. Listed investments (continued)

Individual holdings of listed fixed asset investments, held at 30 September 2024, which represent a material proportion of the total value of the fixed asset investment portfolio were as follows:


of the total value of the fixed asset investment portfolio were as follows:
Snowball Impact Investments LP
Balance at the start of the year
Additions at cost
Balance at the end of the year
Impairment charge
Social investments
Cazenove Sustainable Growth Fund
BMO Responsible UK Equity Fund
BMO Responsible Global Equity Fund
BMO Responsible Sterling Corporate Bond Fund
Loan repayment		 Valuation
£
11,440,315
2,662,734
3,153,042
2,757,566
3,535,618
2024
£
379,000
313,000
-
(210,000)		 Proportion
%
48.4
11.3
13.3
11.7
14.9
2023
£
329,000
300,000
-
(250,000)
482,000 379,000

14 Social investments

All social investments have been valued at historical cost, less impairment.

Funds of £250,000 invested into Snowball Impact Management Limited (SIML) during the year were impaired, in accordance with our social investment policy. It was always anticipated that SIML would need additional capital whilst the Snowball Impact Investments LP fund grew to scale and there are plans in place for further capitalisations.

The impairment of £40,000 relating to the investment in the Ethex Investment Club, recognised in the comparative period, has been reversed. The total investment of £57,000 is now included at cost. This is following due diligence and approval of a further investment of £43,000 which is to be made in 2024-25.

Additional funds of £63,000 were invested into Wyre Catchment CIC during the year, bringing the investment up to the total commitment under the loan agreement of £90,000. It is due to be repaid in instalments by 30 November 2030.

Individual holdings of social investments, held at 30 September 2024, were as follows:

People Powered Retrofit Ltd
Energy Garden
Ethex Investment Club
Wyre Catchment CIC
AWEL Co-op
Egni Co-op		 Valuation
£
100,000
100,000
95,000
90,000
57,000
40,000		 Proportion
%
20.7
20.7
19.7
18.7
11.8
8.4
482,000 100.0

46 / Page

Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

For the year ended 30 September 2024
15
Other debtors
Debtors
Prepayments
Accrued income
Grants receivable		 2024
£
38,600
-
42,187
139,182		 2023
£
45,900
2,310
12,606
164,690
219,969 225,506

16 Creditors: amounts falling due within one year

16
Creditors: amounts falling due within one year
17
Other creditors
Accruals
Grants payable (note 6)
Grants payable - within 1 to 5 years (note 6)
Creditors: amounts falling due after one year		 2024
£
1,083,702
36,401
46,351		 2023
£
1,624,010
-
41,938
1,166,454 1,665,948
2024
£
181,226		 2023
£
547,025
181,226 547,025

18a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Current assets
Net assets at 30 September 2024
Tangible fixed assets
Investments
Current liabilities
Long term liabilities		 Restricted
£
-
-
26,177
-
-		 General
unrestricted
£
12,361
24,193,503
214,534
(1,166,454)
(181,226)		 Designated
£
-
-
1,159,100
-
-		 Total funds
£
12,361
24,193,503
1,399,811
(1,166,454)
(181,226)
26,177 23,072,718 1,159,100 24,257,995

18b Analysis of net assets between funds (prior year)

Analysis of net assets between funds (prior year)
Tangible fixed assets
Current assets
Net assets at 30 September 2023
Investments
Long term liabilities
Current liabilities		 Restricted
£
-
-
129,274
-
-		 General
unrestricted
£
6,133
23,817,663
1,195,331
(1,665,948)
(547,025)		 Designated
£
-
-
-
-
-		 Total funds
£
6,133
23,817,663
1,324,605
(1,665,948)
(547,025)
129,274 22,806,154 - 22,935,428

47 / Page

Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

19a Movements in funds (current year)

e year ended 30 September 2024
Movements in funds (current year)
Total restricted funds
Total designated funds
General funds
Foundation Practice Rating Project - funds
contributed by Friends Provident
Foundation
Total funds
Grant funding of core organisational costs
Restricted funds:
Restricted funds:
Foundation Practice Rating Project
Unrestricted funds:
Designated funds:		 At 1
October
2023
£
129,274		 Income &
gains
£
62,500		 Expenditure
& losses
£
(182,297)		 Transfers
£
16,700		 At 30
September
2024
£
26,177
129,274 62,500 (182,297) 16,700 26,177
-
-		 -
-		 -
-		 33,300
1,125,800		 33,300
1,125,800
- - - 1,159,100 1,159,100
22,806,154 3,460,592 (2,018,228) (1,175,800) 23,072,718
22,935,428 3,523,092 (2,200,525) - 24,257,995

Funds held during the current and prior year comprised of both restricted and unrestricted funds. The narrative to explain the purpose of the restricted and designated funds is given at the foot of the note below.

In March 2024, the Trustee Board agreed to designate £50,000, as the Foundation's contribution to the Practice Rating Project project over a three year period. Of this, £16,700 has been transferred into the project's restricted fund for the current financial year, leaving £33,300 in designated funds. A further £1,125,800 has been set aside in designated funds, relating to an extension of core funding to eight existing grantholders which was approved in principle by the Trustee Board in September 2024.

19b Movements in funds (prior year)

Movements in funds (prior year)
Total restricted funds
Total designated funds
General funds
Total funds
Restricted funds:
Restricted funds:
Foundation Practice Rating Project
Unrestricted funds:
Designated funds:
Foundation Practice Rating Project		 At 30
September
2022
£
82,765		 Income &
gains
£
155,550		 Expenditure
& losses
£
(139,041)		 Transfers
£
30,000		 At 1 October
2023
£
129,274
82,765 155,550 (139,041) 30,000 129,274
30,000 - - (30,000) -
30,000 - - (30,000) -
23,767,559 1,208,889 (2,170,294) - 22,806,154
23,880,324 1,364,439 (2,309,335) - 22,935,428

48 / Page

Friends Provident Charitable Foundation

Notes to the financial statements

For the year ended 30 September 2024

19 Movements in funds (continued)

Purpose of restricted funds

During the year, Friends Provident Foundation has coordinated the Foundation Practice Rating Project, working alongside other partner trusts/foundations (see details below). The aim of the project is to develop a new method of assessing the governance and reporting practices of private trusts and foundations in the UK, creating a public record of their achievements. Performance will be assessed in three areas: Transparency, Accountability and Diversity.

External funders for the current phase of the Foundation Practice Rating Project include:

External funders for the current phase of the Foundation Practice Rating Project include:
Total grant
£
6,000
15,000
45,000
30,000
45,000
50,000
7,500
50,000
45,000
John Ellerman Foundation
KPMG Foundation, Maitri Trust, Mercer's Charitable Trust & Mission 44
Opt-ins for one year only:
The Robertson Trust
Joseph Rowntree Reform Trust
Joseph Rowntree Charitable Trust
Barrow Cadbury Trust
City Bridge Trust
Indigo Trust
John Lyons Charity
Paul Hamlyn Foundation		 Recognised
in 2023-24
£
6,000
5,000
15,000
-
15,000
-
-
17,000
-
58,000
4,500
62,500

In addition, Friends Provident Foundation has committed £50,000 for the period 2024-26.

Purpose of designated funds

There were no designated funds held at 1 October 2023. During the year, Trustees have approved a further contribution of £50,000, over three years, towards the Foundation Practice Rating Project, with funding for the next two years, amounting to £33,300, held in designated funds at 30 September 2024. In addition, core funding to eight grantholders, of £1,125,800 in total, has been set aside in designated funds, having been approved by Trustees in September 2024. This will extend their core funding over the next three year period.

20 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods


following periods
Less than one year 2024
2023
£
£
-
19,250
-
19,250
Property
- 19,250

21 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

49 / Page

FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

APPENDICES

50 | Page

FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

Appendix A

Grants made in 2023-24

Core Funding

Organisation Value
Centre for Local Economic Strategies(CLES) £90,000
Ethex Investment Club £25,000
Total Core Funding £115,000

Project Funding

Organisation Project Name Value Description
Institute for
the Future of
Work		 Decentralising
Power,
Diversifying
Voices: Co-
designing
mechanisms of
accountability
for artificial
intelligence
(AI) at work.		 £96,587 The project will explore how algorithmic
systems concentrate economic power and
seeks to shift AI policy by publishing case
studies on how new value capture
methods are affecting work. Partnering
with unions and employers to create
technology forums in three workplaces,
involve workers in AI governance, and
develop mitigations using a tested
assessment model.
Nationally, they will work with regulators
and organisations to amplify worker voices
and embed co-governance principles in AI
workplace policies.
Kinfolk
Network CIC		 Political
education and
praxis:
exploring
solidarity
economics
rooted in Black
/ African
traditions.		 £80,000 Kinfolk will create and host educational
sessions on topics such as mutual aid,
food sovereignty and ecological economic
relationships. Following these, they will
create small communities of practice to
help participants apply decolonial
economic principles, focusing on
supporting Black communities in
transforming their economic relationships
and engaging in nourishing economic
practices and reducing reliance on
extractive systems.

51 | Page

FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

Organisation Project Name Value Description
Operation
Noah		 Working with
churches to
bring in a
climate
resilient future
based on
solutions and
not problems.		 £55,000 This project continues the Bright Now
campaign, focusing on helping UK
churches use their resources - money,
land, and influence - to shift away from
fossil fuel reliance and promote
environmental sustainability.
The work involves four key areas: training
church investors on positive environmental
impact, launching the Green Investment
Declaration to guide climate-friendly
investments, advancing the Big Bank
Switch campaign to move funds to green
alternatives and encouraging church
landowners to adopt practices that
enhance carbon sequestration, biodiversity
and sustainable farming.
Spotlight on
Corruption		 Creating more
equal access
to key
economic
decision-
makers in
government to
ensure a fairer
economy.		 £104,300 This project will monitor government
commitments to increase transparency in
lobbying related to key economic policy
departments, particularly the UK Treasury.
It will identify and address existing
loopholes that allow privileged access by
mapping interactions with key officials,
analysing transparency data and
producing public assessments of access to
decision-makers.
The project will consult with partners and
experts to develop a model policy that
promotes equitable access to policy-
making processes, aligning with
recommendations from the Boardman
review and OECD principles. Collaborating
with civil society groups, regulators and
lobbying professionals, it aims to push for
a fair and transparent lobbying framework.
Students
Organising
for
Sustainability		 Invest for
Change:
universities
leading a
transformation
al shift in		 £174,322 UK universities hold over £19 billion in
investments but only a small portion aligns
with the goal of a just, decarbonized
economy. SOS provides students with
detailed ethical finance training,
coordinates collective engagement efforts

52 | Page

FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

Organisation Project Name Value Description
responsible
investment
practice.		 and supports active campaigns at 36
institutions across the UK. This funding is
to enable them to sustain this work and
build on the programme's progress. Their
key objectives include ensuring
universities adopt exemplary responsible
investment policies, empowering student
leaders to hold institutions accountable
and encouraging universities to engage in
impactful, high-profile, coordinated
activities.
The Centre
for Health
and the
Public
Interest
(CHPI)		 A usable data
map of the
extraction of
profit from
health and
social care
services in
England.		 £70,000 The project will expand existing datasets
on the finances of care services, including
NHS PFI deals, to cover mental health,
prison healthcare and children’s social
care. Using data on overseas ownership
and NHS outsourcing, it will create a
comprehensive analysis of public money
flows in the care system.
The data will be visualized through an
interactive map based on the 44 NHS
Integrated Care Systems, illustrating profit
extraction from care services. An
advocacy toolkit will empower citizens to
push for transparency and accountability in
healthcare ownership while promoting
public-interest business models.
A high-impact report will present findings
to policymakers, MPs and local authorities,
aiming to enhance scrutiny and drive
systemic change.
Trade Justice
Movement
(TJM)		 An alternative
trade strategy
for the UK.		 £75,000 The project will be carried out in three
phases.
1. Convening and Imagining:TJM will
host roundtable discussions with allies
from civil society and academia,
focusing on themes such as
transparency in trade negotiations,
corporate accountability, development,

53 | Page

FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

Organisation Project Name Value Description
the environment, digital trade and
human and labour rights. These
sessions will harness the expertise of
participants to develop bold
recommendations for UK trade policy
and guide the work of other civil society
organisations in this area.
2. Briefings for Political Audiences:
Insights from the discussions will inform
the creation and launch of briefing
documents on key trade justice themes,
structured to align with the chapters
envisioned for a UK trade strategy.
3. Advocacy:The briefings will serve as
the foundation for targeted engagement
with political stakeholders, particularly
those influencing government trade
policy, as well as the media and civil
society groups not traditionally focused
on trade issues.
Total Project Funding £655,209

Small Grants

Organisation Project Name Value Description
Arkbound
Foundation		 Our Economy £9,636 This project will host 12 participatory
workshops at the community hub in
Govanhill, Glasgow, in collaboration with
WeAll Scotland. The workshops aim to
present economic concepts in an
accessible way, focusing on engaging
people from backgrounds typically
excluded from economic discussions.
Topics will include the circular economy,
'donut' models, tokenomics, degrowth
and what a wellbeing economy could
look like from the participants'
perspectives.

54 | Page

FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

Organisation Project Name Value Description
Birbeck
University of
London		 Dark Money:
Public
Education
Audio
Documentary		 £10,000 Through an immersive narrative-style
audio documentary format, our podcast
series will elucidate the connections
between Britain’s Empire and modern
structures of illicit finance, grounding
abstract concepts in compelling real-life
stories. From the 2012 US Presidential
election to a house of 40,000 companies
in the Cayman Islands and the empty
homes of Westminster, London, this
gripping tale brings the world of shadow
banking into the everyday lives of its
listeners. This series will be produced
using detailed sound design, archival
audio material and clips from in-depth
interviews with relevant characters and
experts.
Northern
Mutual		 Market
Research:
Determining
the need for a
mutual
regional bank
for Northern
Ireland.		 £9,950 The project will select a market research
consultant based on value for money,
community impact and ethics. The
survey will be designed to be statistically
representative of the population,
covering geodemographics and
economic activity. A reliable sample will
include around 400 responses from the
general public and 50 from SMEs, with
participants spanning different levels of
engagement with banking products, from
limited (e.g., basic accounts) to more
extensive use (e.g., mortgages, loans).
The survey will cover key topics such as
banking trends, trust in banks, use of
branches, digitisation, financial exclusion
and factors influencing bank choice. The
consultant will deliver a final report with
recommendations based on survey
findings.
One Parent
Families
Scotland
(OPFS)		 Empowering
Single Parents:
Shaping
Scotland’s		 £9,759 The project will establish a single parent
expert group, including single parents
from six local authority areas in
Scotland. The initial focus will be on
capacity-building around the wellbeing

55 | Page

FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

Organisation Project Name Value Description
Wellbeing
Economy		 economy, emphasizing social wellbeing,
equity and sustainability. With support
from OPFS, the group will then develop
a plan to engage the wider single parent
population in their area, using tools like
surveys, social media and online
discussions.
The goal is to reach 200-300 single
parents through an online survey,
followed by four discussion groups with
approximately eight parents each. The
project will ensure the inclusion of more
marginalized groups. Findings will be
compiled into a short report, including
representative quotes, survey statistics
and key themes. These results will
inform the involvement of single parent
experts in the Scottish Parliament's
future scrutiny of the Wellbeing &
Sustainable Development Bill.
Peers for the
Planet (P4P)		 Collaborating
with new
economy
experts to
tackle
structural
barriers
through
parliamentary
levers.		 £10,000 The project will facilitate a joint
workshop bringing together new
economy stakeholders and P4P
legislative experts to exchange expertise
and collaborate on systemic solutions.
The session will focus on a practical ‘4D’
legislative lever, such as reforming the
capital risk requirement regime, to
address structural issues and gain
support from aligned legislators. This
initiative will serve as a foundation for
broader engagement on 4D solutions.
Key activities include:
•Preparing draft legislative provisions
for integration into future legislative
opportunities.
•Producing high-quality written and
oral briefings to support
parliamentary work, enabling peers to
advance the debate through tools like
parliamentary questions, debates and
committees.

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FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

Organisation Project Name Value Description
•Reviewing progress and outcomes
over the year, sharing insights and
exploring opportunities for replication
and expanded collaboration.
The project aims to build momentum,
expand political debate (including in the
House of Lords) and strengthen
advocacy for structural reform.
People’s
Economy
(PE)		 Action inquiry
on building
collaboration
between
grassroots
groups and the
new economy
movement		 £10,000 Over 12 months, PE will facilitate an
action inquiry with a mixed group of GCs
(Grassroots Campaigners) and NEOs
(New Economic Organisations),
potentially including supporting funders.
The inquiry will focus on how GCs and
NEOs can collaborate equitably and
effectively on economic system change.
The process will be co-designed with the
group, covering trust-building, research,
developing collaboration practices and
testing practical collaboration
experiments.
All funding from this grant will go directly
to the GC’s to enable participation.
Planet B Macrodose
Podcast		 £12,000 Macrodose's rapid growth highlights the
demand for its content. With new
funding, the platform aims to maintain its
regular programming through 2024 while
significantly increasing output around
the UK election. Planned activities
include:
•Producing eight "alternative
manifesto" episodes, featuring
leading policy experts to promote
innovative ideas and build support for
new economic policies.
•Hosting a series of "election special"
interviews with high-profile guests.

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FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

Organisation Project Name Value Description
•Shifting to a three-day-a-week
schedule during the six weeks
leading up to the election.
These initiatives aim to amplify impactful
voices and provide timely, engaging
content during a critical political period.
Prime
Economics		 We are the
economy		 £10,000 Building on the success of the ‘We Are
the Economy’ campaign, the next phase
includes:
1. Developing Messaging: Expanding
and refining the original campaign’s
message.
2. Building a Coalition: Forming a
group of 12+ organizations, including
Oxfam and the Joseph Rowntree
Foundation.
3. Aligning with Political Events:
Preparing content around key 2024
political events and election
announcements.
4. Creating Newsworthy Content:
Producing polling and research to
attract media coverage.
5. Social Media Engagement: Sharing
videos and graphics to spread the
message.
6. Parliamentary Outreach:
Distributing briefings to MPs,
Prospective Parliamentary
Candidates and Lords to build
support.
7. Collaborating with Partners:
Partnering with ECU and NEON to
amplify research and messaging.
Prime
Economics		 We are the
Economy		 £15,000 Extension funding to allow the project to
build on momentum achieved through
the ‘We Are the Economy’ campaign.

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FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

Organisation Project Name Value Description
UK Youth
Climate
Coalition
(UKYCC)		 It’s Just
Economics:
Alternative
Economics
Workshop
Series for and
by Young
People		 £7,130 This pilot project will consist of 3
workshops:
• Alternative Economic Theories:
Experts will present topics like
Degrowth, Doughnut Economics,
Circular Economics, Decolonised
Economics, Feminist Economics,
Community Wealth Building and
Ethical Banking in an "information
fair" format.
• Imagining Alternative Futures: This
workshop will inspire participants to
creatively envision just and
sustainable futures, exploring the
economic systems needed to support
those visions.
• Taking Action: Focused on helping
young people start their own
campaigns or projects, with support
from expert facilitators.
Targeting young people aged 18-29, the
pilot will be held in London at a
community centre, where UKYCC's
volunteer group is based.
Total Small Grants Funding £103,475

Total funding in 2023-24:

Grants Funded Value
Core Grants 115,000
Projects 655,209
Small Grants 103,475
Total 873,684

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FRIENDS PROVIDENT CHARITABLE FOUNDATION

REPORT OF THE TRUSTEES - YEAR ENDED 30 SEPTEMBER 2024

Appendix B

Summary of Investments

Top 10 underlying funds in Cazenove Capital fund at September 2024:

Schroder WM Global Sustainable Equity Fund GBP Sparinvest Ethical Global Value Fund GBP Schroder Sustainable Diversified Alternative Assets Fund GBP UK Treasury Gilt 1.125% UBAM Positive Impact Emerging Equity Fund GBP Vontobel Fund – TwentyFour Sustainable Short Term Bond Income GBP HSBC Global Investment Funds – Global Equity Sustainable Healthcare GBP RobecoSAM Sustainable Water Fund GBP Ninety One Global Environment Fund GBP Morgan Stanley Global ABS Focused Fund GBP

Top 20 company investments in our Columbia Threadneedle Investments funds at September 2024:

Astrazeneca PLC Common Stock USD.25 Microsoft Corp Common Stock USD.00000625 Apple Inc Common Stock USD.00001 Nvidia Corp Common Stock USD.001 European Investment Bank SR (Responsible Sterling Corporate Bond Fund) Kreditanstalt Fuer Wiederaufba (Responsible Sterling Corporate Bond Fund) Unilever plc Common Stock GBP.00031111 Linde PLC Common Stock Mastercard Inc Common Stock USD.0001 London Stock Exchange Group plc Common Stock GBP.06918605 Smurfit Westrock plc Common Stock Schneider Electric SE Common Stock EUR4.0 Experian plc Common Stock USD.1 Thermo Fisher Scientific Inc Common Stock USD1.0 Keyence Corp Common Stock SSE plc Common Stock GBP.5 Ashtead Group plc Common Stock GBP.1 Intuit Inc Common Stock USD.01 Intercontinental Exchange Inc Common Stock USD.01 Waste Connections Inc Common Stock

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