REGISTERED COIVIPANY NUMBER: 03625777 (England and Wales) REGISTERED CEL4RITY NUMBER: 1089157 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEr[s FOR THE YEAR ENDED 30 SEPTEMBER 2024 FOR PHIL4TrtTHROPY IIVIPACT Orcom Civvals Limited Accountants 50 Seyrnour Street London WIH 7JG
PHILANTHROPY IMPACT CONTEF+fFS OF THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 30 sEPTE1BER 2024 Page Report of the Trustees I to 10 Independent Exan)iner's Report li Statement of Financial Aetivities 12 Balance Sheet 13 to 14 Notes to the FiDancial Statements 15 to 21 Detailed statenllt of Financial Activities 22 to 23
PHtLANfHROPY IACT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTELIJBER 2024 INERODUCTION The Trustees who are a180 Directors of the Philanthropy Impact for the puryoses of the Companies Act 2006, present their report with the financial statements of the Charity for the year ended 30 September 2024. The Trustees have adopted the provisions of 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) (effective l January 2019). This report has been prepared in accordance with the Charities Act 2011 The year 2023-2024 has been one of significant progress for Philanthropy Impact, as we continue to strengthen our position as one of the leading orgamsations supporting impact investment, philanthropy and social investment. The Charity has expanded its offering8. introduced new digital tools, strengthened governance, and increased engagement across sectors. The strategic £ocus on professional advisor education and policy engagement has positioned Philanthropy Impact as an authoritative voice in impact investing and philanthropy. PhiJanLhropy Impact continues to operate as a membership-based organisation, with a growing network of professional advisors (private client advisor8, wealth management, private banking, and legal sectors) and their finns, impact investors and philanthropists. philanthropic institutions, and non-profit organisation8. The organisation has positioned itself as a hub for learning and networking, collaboration, and knowledge exchange, equipping advisors with tool8 and resources to better serve their clients. Through it8 diverse set 0£ initiatives, Philanthropy Impact seeks to advance responsible wealth stewardship, promote transparency in impact investing and philanthropy, and encourage high-impact charitable giving and increased iTnpact investing. ABOUT PHItANfHROPY IMPACT Who we are Philanthropy Impact, a driver of purpose-driven wealth, is a capacity building non-profit organisation at the intersection between philanthropy, social investment, ESG and impact investment. Our mission is to increase the flow of capital for good. We are a membership network creating opportunitie8 to increase and improve impacUESG investing, social investment and philanthropy. How We Achieve Our I]sSIon We achieve this by building the will and capacity of professional advisors (private client advisors. wealth management, private banking, tax and legal sectors) to support theii (U)HNW private client8 on their impact investment and philanthropic journey. We serve as a conduit to valuable professional and other networks providing opportunities for private client professional advisors across the spectrum of capital to network with other advisors building relationships creating opportunities to work together. to gain referrals, and to achieve growth. The three Rs for partnering with Philanthropy Impact e. Reach New Clients, Retsin Clients. and Enhanee Reputation Our Stakeholders also include philanthropists. impact investors. trusts and foundations, and charities and social enteryrises. Our Services Page I
PHILANTHROPY IMPACT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Our means for realising our vision includes thought leadership and sharing intelligence. events, CPD Certified CISI Endorsed face to face and eLearning training, 23 Impact, podcasts, bespoke networking opportunities, campaigning, pub]ication8 including a magazine, and resour8 for advisors and other Stakeholders. We give courage, confidence and opportunity. Partnering with Philanthropy Impact: The T}ee Rs Reach New Clients Partnering with Philanthropy Impact PD showcases your firm'8 dedication Lo seNing a new generation of clients who seek to incoryorate purpose and social i]npact into Lheir financial strategies. It al80 reflects your conmiitment to the ongoing professional development of your advisors in this evolving space. Retain Clients Collaborating with PI enhances your tearn'8 ability to provide exceptional cu8tomer support by deepening their understanding of how client8, wealth can have a meaningful impact. This leads to stronger and more meaningful relationships with clients. Reputation Working with PI underscores your firm'8 engagement in Sustainable practices and demonstrates your alignment with clients, de8ire8 to manage their wealth in ways that reflect their personal values. goals, and aspirations toward8 making a positive impact. Key Research Findings and its Implications Philanthropy Impact's Research on GENZ, Millennial and Women of Wealth Holders Changing Client Expectations The next generation of wealth holders (millennials, Gen Z and Women of Wealth) is significantly more value-driven, expecting their investments to align with their social and environmental beliefs. Wealth transfer trends suggest that 80'h of millennial heir8 will seek new financial advisors, moving away froTn their parents, advisors who lack expertise in ESG and impact investing. Gaps in the Professional Advisory Industry Mismatch between advisor services and client expectation8 Few advisory firn)s have developed a values-led inve8tment framework. Lack of leadership buy-in within advisory firms on sustainable finance. Need for specialised training.. Many advisors lack the technical ]mowledge to guide client8 in values based di8CU88ion related to impact inve8ting and philanthropy. Recommendation8 for Advisory Firms To future-proof their bu8iness and retain next-gen clients, advisors 8bould.. Develop a clear impact strategy.. build a formal strategy integrating 8U8tainable investment and philanthropy senTices. Strengthen impact investment knowledge and expertise. Engage nexL-gen clients early. Market Trends in ESG and Impact Investing Mainstream Adoption of Sustainable Investing 760/0 of under-458 want to See an advisor once they inherit their wealth. Millennials and Gen Z expect fanCIal advisor8 to incorporate impact inve8tment into their portfob'os. Diverging ALtiLudes Between Generations Older clients focus more on exclusion8 (e.g., avoiding tobacco, f088il fuels). Younger clients actively seek ESG-aligned investments with a measurable impact. Financial Return8 V8. Ethical Considerations Investor8 are increasingly prioritising value8-based investing. even if it means lower short-terni returns. Page 2
PHILANTHROPY IMPACT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 0 60 % of UK wealth will be held by women by 2025, yet only I l°h of advisors have a strategy for attracting female clients. Rise of Impact-Driven Careers and Business Models 640/0 of Millennials base their investment decisions on values. o Financial firms need to integrate etbical investing practi8 to attract both clients and talent. In summary there is a significant shift in wealth management and advisory services, driven by younger generations and women of wealth seeking impact investment and pbilanthropic giving integration and greater impact from their investments. Financial advisory firnis must adapt by inve8ting in education, technology, and sustainabIe financial planning to retain clients and stay competitive in the evolving wealth Iandscape. Page 3
PHILANfHROPY IMPACT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEIVIBER 2024 OBJECTIVES AND ACTtVITIES CELEBRATING THE IMPACT OF PHILANTHROPY IMPACT AND ITS NETWORK 25th Anniversary Event In November 2023, Philanthropy Impact marked its 25th year with a notable celebration at the Refornl Club in h)ndon, bringing together over 170 member8 and supporters. This event 8howcased the organisation's achievements and outlined tUre directions. The meeting honoured Philanthopy Imp2Ct's founder, Jim Myer8, and former Chief Executive, Sue Daniels, for their foundational contributions. A panel led by Rennie Hoare engaged in a discu88ion about the organisation's mission and impact, offering reflections on philanthropy's evolving landscape. Shaping the Future: Celebrating Connecting lebratiOn event similar to the 25th Anniversary event was repeated in November 2024. It wa8 attended by 200 people. The event was a unique opportunity to connect with intluential leaders. innovators, and decision-makers across the philanthropy and impa¢L investment sectors. The gathering was designed to £oster meaningful relationships, provide insights into the latest trends, and create opportunities for collaboration and growth. IIEY STRATEGIC INITIATIVES, ACHIEVELIIENTS AND PERFORMANCE 23 Impact: The platform 18 now fully functional, and we are beginning to See Lhe results of our marketing activities. These efforts have begun to succesSllY raise awareness and driven increased engagement. Podcasts: The "Ln Couversation With" series, launched in February 2024. is a key feature of our podcast. This series invites CEO8 and experts from our membership community to engage in insightful discussions on illLportant topics in philanthropy and impact investing. By showcasing thought leadership, the series positions the podcast as a valuable platform for meaning1 dialogue with industry leaders. Episodes in the In Conversation With series have demonstrated 8trong listener engagement. The average number of listenslviews for these episodes is 107, significantly higher than the 74 average for non-" In Conversation episodes. Episode 25, featuring Juliet Agnew, had the highest engagement with 181 lisLens/views, indicating the audience's strong interest in interviews with prominent guests. Research: in addition to the continued development new research initiatives to influence best practice including updating the DAF research and Lhe identification of values based mode18 of wealth management service delivery models. Research identifying key trends infiuencing wealth management in 2025 will take place - The wealth anagement industry is undergoing rapid transformation, infiuenced by shifting client expectations, global eeono]nic dynamics, regulatory changes, technological advancements influencing inve8Lment strategies and operational nLodels. Impact and Outcome: The recent Driving Capital for Good and Transforming Wealth Management Philanthropy luLpact Outcome8 and Ipact and Philanthropy Impact's Theory of Change papers introduces a refined, practical approach to measuring and communicating the differenee we are making in the sector. By focusing on actionable insights and outcome8, Philanthropy Impact 18 better equipped to track its progress and demonstrate how it is driving sector-wide change. This approach not only strengthens our internal understanding of our impact but also enhances how we con]murricate our value to stakeholders, partners, and the broader philanthropic community. As we continue refining our etrics, we are committed to en8uring that our strategies remain transparent, results-driven, and aligned with our mi ssion Lo create lasting, positive change. Page 4
PHIL4NTHROPY IMPACT REPORT OF THE TRUSTEES FOR THE YEAR EF(DED 30 SEPTEMBER 2024 Professional Development and Training". Over the past ye, Philanthropy Impact has expanded its CPD Certified and CISI Endor8ed training progranllnes. These prograrnmes focus on equipping advisors with the Lools to enhance their client relationships and better integrate values based discussions into fmancial planning. Training tOPlC8 have ranged from ESG and impact investing, regulatory changes, and tax-efficient giving straLeges. The feedback from training pthicipants has been overwhelmingly positive. Philanthropy Impact ha8 also intrOdUd bespoke in-house training for firms, catering specificajfy to wealth managers and le gal professionals. Networking Events: Philanthropy Impact held high-profile networking events. These events have enabled fmancial and legal advisors, we8lth managers, and impact investors to collaborate on strategies for su8tainable and impactftll giving. In addition the regional expansion of networking events is ongoing, for examp le with a dedicated roundtable discussion hosted in Bristol. Policy Ellgagenllt and Advocacy: We actively contribute to discussions with government bodies. advocating for tax incentives and regulatory fraJneworks that encourage philanthropic Ving. The organisation is playing a role in shaping the approaches to managing UK regulatory frameworks especially as it related to the importance of values based (Jiscussion with clints.. This advocacy work has been eomplemented by direct consultations with Rc and other key poli¢ymakeTS. A policy paper has been published, outlining recommendations for increasing philanthropic engagement among high-net-worth individuals. E-Learning and Digital Engagennt. Developed over the past several znonths the newly launched CPD Certified and CISI Endorsed e-learning training entitled Purpose Driven Advising - Mastering Impact and Value-based Wealth Management provide8 an on-demand training and resources for professional adsOr8. This initiative aims to scale educational outreach and ensure that more professionals are equipped with the knowledge required to integrate values based di8cu88ions into their practice. The learning objectives . Introducing philanthropy and impact investing to support clients, sustainability outcome8. At the end of this introductory training, private client professional advisors in wealth management and in the finallce industry will understand the role played by philanthropy and impact investment Lo achieve clients, sustainability outcomes and they will understand the conllnercial opportunity and benefits to the firm and adNusor. The following is a summary of the content of the 4x15 minute sessions: Part I: The Context - Introduction to Philanthropy and Impact Investing. Advisors will g8m a foundational understanding of key concepts and sLrategie8 that support clients, philanthropic and i]npact investment goals. Background including thivers of change impacting on professional advisors and the purpo se of the training Part 2 - Wbat is impact investing and regulatory issues - Ajigning Client Values with Investment Goals: The section dives into practical methodologies for inteatIng client values into investment portfolios, emphasising ethics and re8ponsibili ty. Part 3 - Philanthropy and supporting clients on their philanthropic journey - discussing the 23 services needed on this journey, paxticipants will learn how to effectively support clients, philanthropic activities, from strategy development to tax considerations. Part 4 -Beconllng a Trusted Advisor in Wealth Management - The final module focuses on advisors as trusted professionals capable of guiding clients to make meanin1 f1claI decisions that reflect their personal and societal goals. Government Relations and National Strategy: Philanthropy Impact is contributing extensively to the National strate for Philanthropy discussions in Parliament, ensuring that philanthropy remains central to government initiatives. This advocacy aims to improve the policy enwonment for c&itable giving and impact investment, focusing on th e long-tern] sustainability of philanthropy-driven solutions. Page 5
PHIIANfHROPY IMPACT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 sEPTE1BER 2024 Strategic Partnerships: Partnership8 have been developed with a variety of organisation8 such as Avy8e, Chartered In8urance Institute, CISI, CPD Certification, LIBF, ETCHO, Guernsey Finance, Jersey Finance, London Institute of Banking and Finance, Owen James Partnership, PIMFA, University of Zurich, Cleanriew Publishing, Wealth Mosaic, Alliance Magazine, Managing Partners Forum, Maanch, Chartered Institute of Fundraising, Future Planet, Responsible Finance, and UKSIF. We have developed a number of media partnership with Jersey Finance, UKCF, Guernsey Finance, Incisive Media (Sustain able Investment Festival), GAIL, and AVPN. Giving Navigator: Our online tool has been updated to help philanthropists and their adTrrysors identify their priorities and access valuable resources for their giving journey. Magazine: Our popular rnagazine continue8 to be published, featuring cutting-edge insight$ on sustainable finance, impact investment, and philanthropy. Our magazine has gained significant popularity and continues to attract great interest. Many organisations. firms, and individuals expre88 a strong desire to be featured on its pages, recognising the platform's inlluence and reach within the industry. Award: We have been shortlisted for the Professional Adviser Awards 2025 in the Best Support Servi for Advisers and for Lhe Citywealth Brand & Marketing Awards 2025 in the Be8L Webinar of the Year category. Being 8hortlisted is a testament to the value we provide to our clients and the impact we have made within the 8ector. This achievement not only elevate8 our profile but al80 reinforces our p081tion as a leader in the field, delivering exceptional service and results. Social Media: we continue to have a 8trong soeial media presence. For example: LinkedIn followers are now at 11,996 with content is not only attracting more follower8 but also engaging a broader audien. Membership Growth and Engagement Membership numbers have grown by 35% over the past year, reflecting increased interest from for profit wealth management coryorations and indiTrrydual advisors as well a8 non-profit organisation8. Members have benefited from expanded resources, exclusive events, and enhanced engagement opportunitie8. There has been a 750/0 increase in engagement levels among existing members, dellLonstrating the effectiveness of Philanthropy Impact's initiatives. In addition the Philanthropy Impact online co]nmunity has been redesigned Lo encourage peer-to-peer learning and the exchange of best practice8. Additions to our New Website The launch of four new pages on our website marks an exciting development that will Significantly enhance the membership experience and broaden our organisational reach. Here's a summary of each new page and its impact: Climate Action Campaigns: featuring climate action initiatives led by our members, providing a platform for them to share their projects and accon]pli8hment8. It is designed to promote visibility and engagement around environmental efforts within our commurrity. Fundraising Projects Hub: providing information about various fundrai8ing campaigns led by our members (note we will not be endorsing the campaign, just information only approach). Thi8 page will Serve as a valuable resource for professional advisors and their clients who are seeking philanthropic investment opportunities. I]npact Stories: Showcasing the work of corporate members demonstrating the impact of their efforts and fostering greater recognition within the industry. Trustee Leadership Network - Call for Trustees: supporting organisations, recruitment efforts by highlighting the role of trustees, their re8ponsibilities, and the benefits of joining leadership teams. It aims to attract qualified individuals who are committed to advancing a charitable nii88ion. Ambassador Programn Page 6
PHIHR0Py IMPACT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Ambassador Programme has expanded, with plans to have high-profile figure8 joining to champion the organisation's mission. OUTCOMES AND IMPACT: A SUIVLy For more detail see the section above entitled STRATEGIC IMTIATIVES, AcHIEVElINTs AND PERFORTrL4NCE. l. TranSfornt10nal Impact in Wealth Advisory Philanthropy Impact has infiuenced the fance sector by: o Training advisors: CPD Certified CISI-endor8ed courses equip advisors with the confidence to discuss philanthropy and ESG strategies with clients. o Encouraging sustainable finance adoption: Many leading firnis have expanded their philanthropy and impact investing senTices. Fostering a collaborative community: Events, podca8ts, and networLing opportunities have connected professionals, leading to innovative partnerships in sustainable finance. 2. Membership Growth and Engagement Membership has grown despite economic uncertainty, thank-s to strategic initiatives such as: Revamping membership categories and pricing to better serve professionals at different levels. In-person and virtual networking events that provide real-time industry insights and connections. A new CRM system to track engagement and provide member8 With personalized content. This has resulted in higher member satisfaction, increased renewals, and stronger community engagement. 3. Financial Sustainability and Future Strategy Philanthropy Impact is expanding its revenue skneams by". Developing e-learning modules to provide on-demand, scalable training. Enhancing sponsorship models to align corporate partners with social impact goajs. Implementing a refined customer journey to improve engagement and membership retention. IA)ng-term financial health is further strengthened by targeted fundraising, diversified income sources, and deepened strategic partnerships. 4. Sector Influence and Thought Leadership Philanthropy Impact plays a pivotJJ role in shaping policy and industry standards by: Engaging with Treasury and financial regulators to promote policies that support philanthropy and impact investing. Driving thought leadership through research, publications, and digital learning platforms. Encouraging firms Lo adopt ESG and impact-focused senrices. resulting in increased socially responsible investing. 5. Conclusion Philanthropy Impact's dedication to enhancing philanthropy and impact investment has created a meaningful and growing inlluence aeross the financial and advisory sectors. By empowering private client advisors to aIign client investments with Social and environmental values, the organisation is supporting a hoIistic approach to wealth management that embraces both financial success and societ81 impact. Through its initiatives, Philanthropy Impact has fostered engaged network of professionals who are increasingly adopting sustainable and impact-focused strategies, shaping a future where wealth management and social responsibility intersect. FINANCLAL REVIEW Investment Strategy and Cash Reserves Our current strategy keeps cash reserves in the bank, but we're considering shifting to social impact investments to potentially enhance our work's effectiveness. Page 7
PIULANTHROPY IIWACT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEIVIBER 2024 FINANCIAL REVIEW Reserves poliey Unrestricted nds, which are the charity's reserves in accounting terms, Stood at £6,449 at 30 September 2024 (2023:£6,449) which represents around I week of expenditure at current rate8. However, in assessing the financial position of the charity, the trustees also consider balance8 of income received from or owed by members and donors Lo cover expenditure in future periods (deferred income). This income is not included in the statement of financial activities until the period to which it relates and 18 crIed forward on the balance sheet within creditor8. This pre-funding of activity reduces the need Lo cary reserves. At 30 September the balance of deferred income (which is shown in note I l on page 19) was £117,744 (2023.. £102,887). The total of unrestricted funds and deferred income represents the total balan held at the year end available to fund expenditure in the next fmancial year and beyond. The total amount of £124,193 (2023.. £109,336) is equivalent to approximately 4 months, expenditure at currently planned level8 (2023: 4 months). As the business model of the charity evolves, the trustees will review their approach to managing reserves and adopt a revised policy which addresses future ri8k8 and opportunities. Going concern In a8sessing the financial po8ltion of the charity at 30 September 2024 the trustee8 have considered the level of fund8 and deferred income held at that date as well as the known and projected income for the following year, together with planned expenditure. Taking account of these eactors, the trustees do not believe there is any material uncertainty regarding the charity's ability to continue operating for the foreseeable future and accordingly have presented Lhe attached accounts on a going concern basi8. Financial Stability and Growth Strategy Implementing our growth strategy aims to 801idify our financial base. The Trustee8 believe, based on current budget8 and anticipated income, that Philanthropy Impact is financially 8table and can operate continuously. Financial Highlights of the Year Total income for the current financial Ye was £308,341, with £13,482 from trading activities. Expenses amounted to £308,341. Regular financial reviews confrm our ability to operate sustainably. Risk Management We recognise risk8 like insufficient income and challenges in Tnember engagement that could impact our financial health. Efforts to mitigate these include enhancing programme quality, increasing member engagement, and diversifying funding Sources. We engage with members to gather feedback and adapt our strategies accordingly. Operational Resilienee We're mindful of the challenges snLall organisations face, such as staff turnover, and have developed policies to maintain operational consistency. Ongoing fundraising efforts complement our income to support our mission. Page 8
PHIL4HROPy IMPACT REPORT OF THE TRUSTEES POR THE YEAR ENDED 30 SEVTEIVIBER 2024 STRUCTURE, GOVERNANCE AND MANAGELVLENT Legal Status and Governance Philanthropy Impact is a registered charity and a Company liruited by Guarantee in England and Wales. IL is governed by a Trustee Board with 6 to 15 member Trustees, serving up to two consecutive three-year terms. The Chair is elected annually. Supporting Conunittees: Governance and Non)inations Conllrrittee Evaluates and strengthens the Board's composition and effectiveness, advocating for increased diversity and representation in the professional serVIS sector. Finance Conllnittee Monitors financial health through quarterly and annual reviews, ensuring responsible llgement of the organisation's finances. Menthership ConuDittee Focuses on growing the organisation by enhancing revenue generation, market opportunities, and membership services, including support for innovation and development of strategic m8JLeting and communication plans. Membership and Development Connnittee Supports by enabling the team to maximise revenue generation and market opportunities to grow the organisation including innovation to address changing membership, client and stakeholders, needs. Public Affairs Con]n)ittee Leads advocacy efforts to intluence public policy related to philallthropy and soci31 investment, engaging with governmental bodies and public forums to represent the interests of members and the broader sector. Trustee Recrwtment Trustees are selected through a careful nomination pr(e$S within the membership network, focusing on diverse 8kill8 and experien8 to strengthen the Board's capabilities. Operational Managertnt Day-to-day operations are managed by four full_time staf¢ including the Chief Executive, supported by freelance associates, consultants, and volunteers. These volunteers play a critical role in event planning, content Creatio and technical support. Acknowledgement of Volunteers The Board appreciates the invaluable contributions of volunteers to Philanthropy Impact's mission and activities. REFERENCE AND ADIVIINISTRATIVE DETAILS Registered Company number 03625777 (England and Wales) Registered Charity number 1089157 Page 9
PHILANTHROPY IMPACT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEThIBER 2024 Registered office 5 Fleet Place London EC4M 7RD Trustees The Directors of the colnpany are its Trustees for the purposes of Charity law. The Trustees during the year were as follows: Rennie Hoare, Chair Jo Bateson Jamie Broderick Cath Dovey Sarah Farrow Edward Finch Ceris Gardner Dar8hita Gilb'es Arun Kelshiker (Joined April 2024) George King (Deputy Chair) Keith MacDonald Jaime McIEmore (Joined June 2024) Nandu Patel Sarah Soar (Joined June 2024) Independent Examiner FCA Oreom Civvals Limited Accountants 50 Seyrnour Street London WIH 7JG Solicitors Charles Russell Speechlys 5 Fleet Place London EC4M 7RD Approved by order of the board of trustees on 18 March 2025 and signed on its behalf by: R Hoare - Trustee Page 10
INDEPENDENT LXAMINERtS REPORT TO THE TRUSTEES OF PHILATrKfHROPY IIVIPACT Independent examiner's report to the trustees 0£ Philantl0pY Impact ('tbe Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024. Responsibilities and basis of report A8 the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006 ('the 2006 Act). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent exa]nination, I report in respect of my examination of your charity'8 accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act). In carrying out my examination I have followed the Directions given by the Chlty Cornmission under Section 145(5) (b) of the 2011 Act. Independent examiner's statement Since your charity's gro88 income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I arn a registered member of FCA which is one of the listed bodies. have completed Iny examination. I confim that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act. or the accounts do not accord with those records" or the accounts do not ¢ompIy with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a ntter considered as part of an independent examination", or the accounts have not been prepared in accordanee with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Repubjic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. FCA Orcom Civvals Limited Accountants 50 Seymour Street London WIH 7JG 18 March 2025 Page 11
PHIIANfHROPY IMPACT STATEMENT OF FINANCIAL ACTIVITIES FOR THE ISAR ENDED 30 SEPTEMBER 2024 2024 Total funds 2023 Total ftmds Unrestricted Re8tricted fund nd Notes INCOME AND ENDOWMENTS FROM Donations and membership 200,280 94,579 294,859 308,615 Other trading activities 13,482 13,482 18,330 Total 213,762 94,679 308,341 326,945 EXPENDITURE ON RSing funds 1,087 1,087 1,229 Charitable activities Training, events and publications 98,783 22,357 121,140 110,579 Other 113,892 72,222 186,114 214,749 Total 213,762 94,579 308,341 326,557 NET INCOME 388 RECONCILIATION OF FUNDS Total funds brought forward 6,449 22 6,471 6,083 TOTAL FUNDS CARRIED FORWARD 6,449 22 6,471 6,471 The notes form part of these financial statements Page 12
PHIL4Trffl1ROPY IMPACT BALANCE SHEET 30 SEPTE11ER 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fund fund Note8 CURREFrf ASSETS Debtors Cash at bank io 22,449 108,879 22,449 111,776 52,182 71,673 2,897 131.328 2,897 13£225 123,855 CREDITORS Amounts falling due within one year li {124,879) {2,875) (127,754) (117,384) NET CURREE+rr ASSETS 6,449 22 6,471 6,471 TOTAL ASSETS LESS CURRENT LL4BILITIES 6,449 22 6,471 6,471 NET ASSETSI(LL4BILITIES) 6,449 22 6,471 6,471 FuTrfDS Unrestricted fitnds Restricted funds 12 6,449 22 6,449 22 TOTAL FUNDS 6,471 6,471 The charitable company is entitled to exemption from audit under Seetion 477 of the Companies Act 2006 for the year ended 30 September 2024. The member8 have not required the company to obtain au(Jit of its financial Statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge theii responsibilities for (a) ensuring that the charitable company Leeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surylus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenvise omply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. Ibl The notes forni part o£these financial statements Page 13 continued...
PHIL4TrrrHROPY IMPACT BALANCE SHEET - continued 30 SEPTEMBER 2024 These financial statements have been prepared in accordance with the provision8 applicable charitable companies subject to the small companies regime. The financial 8tatements were approved by the Board of Trustees and auLhori8ed for issue on 18 March 2025 and were signed on its behalf by: R Hoare - Trustee The notes form part of these financi8J statements Page 14
PHILANTHROPY IMPACT NOTES TO THE FINANCL4L STATE1vE*T[s FOR THE YEAR ENDED 30 SEPTEIVIBER 2024 ACCOUNTING POLICIES Basis of preparing the financiaI statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been preped in accordan Truth the Charities SORP (FRS 102} '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) (effective l January 20 19),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The finaneial statements have been preped under the historical cost convention. The trustees consider that there are no material uncertaintie8 about the charity's ability to continue as a going Concern. The presentation Currency of the financial statement is Pound Sterling (£}. Income All income 18 recognised in the Statement of Financial ActiTritie8 once the charity has entitlement to the ftmds, it is probable that the income will be received and the amount can be measured reliably. Funding received in advance to the supported planned activity in future periods is carried forward as deferred income in the balance sheet and recognised as income when the said activity takes pla. Expenditure Liabilities are recognised a8 expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular heading8 they have been allocated to activities on a basis consistent Truth the use of resources. Taxation The charity is exetnpt from corporation t8Jc on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the CIlLable objectives at the discretion of the trustees. Restricted ftmds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when ndS are raised for particular restricted purpose8. Further exylanation of the nature and puryose of each fLULd is included in the notes to the financial statements. Debtors Debtors include amounts owed to the charity for Lhe provision of services and amounts the charity has paid in advance for the seNices it wijl receive and measured at Lheir reeoverable amounts. Creditors Creditors recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a thiid party and the amount due to setLle that obligation can be measured reliably. Creditors are reeognised at their settlement amount after allowing for any trade discounts due. Page 15 continued...
PHIIAf+rrHROPY IMPACT NOTES TO THE FINANCL4L STATEEIIENTS - continued FOR THE YE4R ENDED 30 SEPTEMBER 2024 DONATIONS AND METrIBERSHIP 2024 2023 Donations and grants Membership subscriptions 237,036 57,823 248,794 59,821 294,859 308,615 During the year, the a]nount received by the Charity from the Golden Bottle Trust totalled £165,000 (2023.. £135,000) of which £69,558 (2023: £38,629) was deferred to the following year. The donations from the Golden Bottle Trust of £35,000 form part of the restricted income received d]ng the year. The deferred income of £69,558 form part of the unrestricted income during the year. The charity also received £5,877 (2023: £26,475) from Nvf Transatlantic of which £1,959 (2022: £19,609) was deferred to the following year. The donations from Npr Transatlantic form part of the restricted income received during the year. OTHER TRADING ACTIVITIES 2024 2023 Training, events and publications 13,482 18,330 SUPPORT COSTS Governance costs Management Finance Totals Other resources expended 173,805 609 11,700 186,114 Support costs, included in Lhe above. are as follows: 2024 Other resources expended 2023 Total activitie8 Wages Office rent, utilities and insurance Professional fees Bank charges Auditor8, remuneration for non audit work Sundrie8 Accountancy fees Boo]tkeeping costs 122,769 1,559 49,477 609 147,035 9,281 47,629 430 1,748 448 3,252 6,252 1,680 300 2,970 5,424 186,114 214,749 Page 16 continued...
PHILANTHROPY IMPACT NOTES TO THE FINANCIAL STATEMETrQfS - continued FOR THE YEAR ENDED 30 SEPTEIVLBER 2024 NET INCOIVIEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting): 2024 2023 Independent examiner's fees 1,748 1,680 TRUSTEES, REMUNERATIONATrtD BENEFITS There were no trustees, remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023. Trustees, expenses There were no trustee8' expenses paid for the Ye ended 30 September 2024 nor for the year ended 30 September 2023. STAFF COSTS The average monthly number ofemployees during the year was a8 follows: 2024 2023 AdmItrative No employees received emoluments in ex$8 of £60,000. COMPARATIWES FOR THE STATEl¥tENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund Total funds INC0Th AF+fD ENDOWIVJENTS FROM Donations and membersbip 144,433 164,182 308,615 Other trading activities 18,330 18,330 Total 162,763 164, 182 326,945 EXTrENDITURE ON Raising funds 1,045 184 1,229 Charitable activities Training, events and publications 61,170 49,409 110.579 Other 100,162 114,587 214,749 Total 162,377 164,180 326,557 NET INCOLI 386 388 Page 17 continued...
PlllLAf+rrHROPY IMPACT NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 30 SEPTElVtBER 2024 COMPARATIVES FOR THE STATEMENT OF FINANCL4L ACTIVITIES - continued Unrestricted Restricted Total fund fLmd funds RECONCILIATION OF FUNDS Total funds brought fonvard 6,063 20 6,083 TOTAL FUNDS CARRIED FORWARD 6,449 22 6,471 TANGIBLE FD ASSETS Office equipment COST At l October 2023 and 30 September 2024 3,889 DEPRECtATION At l October 2023 and 30 September 2024 3,889 NET BOOK VALUE At 30 September 2024 At 30 September 2023 10. DEBTOILS: AMOUTrllS FALLING DUE THIN ONE YEAR 2024 2023 Trade debtors Other debtors and prepayments 17,279 5,170 47,577 4,605 22,449 52,182 Page 18 continued...
PHI4HROPy IMPACT NOTES TO THE FINANCIAL STATELEt*[[s - continued FOR THE YEAR EF(DED 30 SEPTEIVIBER 2024 ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes Other creditors Deferred income 2,262 2,300 5,448 117,744 4,456 1,951 8,090 102,887 127,754 117,384 12. MOVEIIIENT IN FUNDS Net movement in funds At 1110123 At 3019124 Unrestricted funds General ftmd 6,449 6,449 Restricted funds Restricted fund 22 22 TOTAL FUI44DS 6,471 6.471 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 213,762 (213,762) Restricted funds Restricted fund 94,579 (94,579) TOTAL FUNDS 308,341 (308,341) Page 19 continued...
PHIL4NFHROPY IMPACT NOTES TO THE FINANCIAL STATEr+NTs - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 12. MOVELVLENf IN FUNDS - continued Comparatives for movement in funds Net movement in funds At 1110122 At 3019123 Unrestricted funds General fund 6,063 386 6,449 Restricted funds Restricted fund 20 22 TOTAL FUNDS 6,083 388 6,471 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 162,763 (162,377) 386 Restricted funds Restricted fund 164. 182 (164, 180) TOTAL FUNDS 326,945 (326,557) 388 The restricted funds included above comprise the grants and donations set out in the narrative in note 2. These were received from the Beacon Collaborative to support Specific activities undertaken by the charity. The amounts recogni8ed as income and expenditure in each year reflect the project activity. Amounts received but not yet recognised as income were carried forward as deferred income shown in note 11 above. 13. REL4TED PARTY DISCLOSURES The Trustees act as such in their personal capacity but are also related, by reason of their occupation, to certain eMberS of the Charity. One of the donors of the Charity is The Golden Bottle Trust, set up by C Hoare & Co. The Chair of Philanthropy Impact, Mr R Hoare 18 a Partner at C Hoare & Co. Cath Dovey 18 a Board member of Philanthropy Impact and a trustee of Beacon Collaborative. During the year, the Charity received £38,600 (2022.. £12,600) from IL8 Board of Trustee8 a8 donations. Included in professional Consultancy fees and professional £ees is an amount of £66,320 (2022: £67,487) paid by the Charity to Aperio-Group Europe Limited, a company in which the Chief Executive, IKtr John Pepin is a director. Page 20 continued...
PHILATrTfHROPY IMPACT NOTES TO THE FINANCIAL sTATEThNTS - continued FOR THE YEAR ENDED 30 SEPTEIIIBER 2024 14. LIABILITY OF MEJtBERS The liability of each member is limited to £1. Page 21
PHILANTHROPY IMPACT DETAILED STATEMENT OF FINANCL4L ACTIVITIES FOR THE YEAR ENDED 30 SEPTELIIBER 2024 2024 2023 INCOME AND ENDOWIVIENTS Donations and membership Donations and grants Membership subscriptions 237,036 57,823 248,794 59,821 294,859 308,615 Other trading activities Training, events and publications 13,482 18,330 Total incoming resources 308,341 326,945 LKPENDITURE Raising donations and legaeies Printing, postage and Stationery and telephone 1,087 1,229 Charitable activities Conference traveL accommodation and subsistence Conference and events Costs IT and webslte maintenan Professional consultancy fees Advert18ing 8,589 9,749 22,048 79,194 1,560 4,762 6,390 89,786 57,631 2,010 121,140 110,579 Support costs Management Wage8 O£fL¢e rent, utilities and insurance Professional fees 122,769 1,559 49,477 147,035 9,281 47,629 173,805 203,945 Finance Bank charges 609 430 Governance costs Auditors, remuneration for non audit work Sundries Carried forward 1,748 448 2,196 1,680 300 1,980 This page does not form part of the statutory financial statement8 Page 22
PHILAwfHROPY llVIPACT DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEIVLBER 2024 2024 2023 Governance eosts Brought fonvard Accountancy fees Bookkeeping costs 2,196 3,2a2 6,252 1,980 2,970 5,424 11,700 10,374 Total resources expended 308,341 326,557 Net income 388 This page does not form part of the statutory financial statements Page 23