Registered number: 07419676 Charity number: 1138878
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 15 |
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2021
| Trustees | E Goulandris |
|---|---|
| M Travis | |
| Company registered number 07419676 Charity registered number 1138878 Registered office First Floor 10 Queen Street Place London EC4R 1BE Accountants Larking Gowen LLP Chartered Accountants King Street House 15 Upper King Street Norwich NR3 1RB Investment Manager Whitley Asset Management Ltd 116 Princedale Road Notting Hill London W11 4NH |
Page 1
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2021
The Trustees present their annual report together with the financial statements of the Company for the 1 November 2020 to 31 October 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objects of the charity are all purposes which are charitable under the laws of England and Wales from time to time.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
During the year the charity continued to diversify and expand its investment portfolio in order to generate investment income. The investment income will then be applied for charitable purposes. During the year the endowment fund of the charity increased by £7,015,785 by further gifts of shares and gift aid as set out in note 15. The funds will be invested to generate investment income in order to fund future grant making activities.
The charity intends to increase the level of charitable giving in future periods.
Achievements and performance
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
At present there is no formal policy set. The Trustees aim to build an expendable endowment fund reflecting an investment portfolio and cash to generate investment income which will fund charitable activities. At 31st October 2021 unrestricted funds totalled £185,671 (2020: £145,555) and expendable endowment funds totalled £28,322,976 (2020: £16,649,945).
c. Material investments policy
The charity holds a diverse portfolio of investments. The investment managers hold a cash balance for reinvestment to further diversify the portfolio.
The Trustees aim is for the investments to generate 2-3% income each year.
Page 2
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021
Structure, governance and management
a. Constitution
The Foundation for the Promotion of Well-Being is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association dated 26/10/2010.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
There shall be at least two Trustees.
Each Trustee shall retire from office at the fifth annual retirement meeting following commencement of their term. If the retirement of a Trustee causes the number of Trustees to fall below the minimum of two Trustees then the retiring Trustee shall remain in office until a new appointment is made. The annual retirement meeting shall be the meeting of the Trustees at which the accounts of the Charity are adopted.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ M Travis
Date: 13 July 2022
Page 3
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 OCTOBER 2021
Independent examiner's report to the Trustees of The Foundation for the Promotion of WellBeing ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 October 2021.
Responsibilities and basis of report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance 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 examination, I report in respect of my examination of the Company's accounts 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 Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with 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 comply 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 matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic 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.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed: Dated: 21 July 2022 Julie Grimmer FCA DChA
Larking Gowen LLP King Street House 15 Upper King Street Norwich NR3 1RB
Page 4
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2021
| Note Income and endowments from: Donations and legacies 2 Investments 3 Total income and endowments Expenditure on: Raising funds 4 Charitable activities 6 Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2021 £ 7,015,785 - 7,015,785 94,183 - 94,183 6,921,602 4,751,429 11,673,031 16,649,945 11,673,031 28,322,976 |
Unrestricted funds 2021 £ 5,190 105,290 110,480 - 70,364 70,364 40,116 - 40,116 145,555 40,116 185,671 |
Total funds 2021 £ 7,020,975 105,290 7,126,265 94,183 70,364 164,547 6,961,718 4,751,429 11,713,147 16,795,500 11,713,147 28,508,647 |
Total funds 2020 £ 254,174 102,779 |
|---|---|---|---|---|
| 356,953 | ||||
| 62,149 69,566 |
||||
| 131,715 | ||||
| 225,238 3,168,329 |
||||
| 3,393,567 | ||||
| 13,401,933 3,393,567 |
||||
| 16,795,500 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 7 to 15 form part of these financial statements.
Page 5
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
(A company limited by guarantee) REGISTERED NUMBER: 07419676
BALANCE SHEET AS AT 31 OCTOBER 2021
| Note Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total net assets Charity funds Endowment funds 13 Unrestricted funds 13 Total funds |
62,500 545,000 607,500 (8,880) |
2021 £ 27,910,027 27,910,027 598,620 28,508,647 28,327,070 181,577 28,508,647 |
- 410,000 410,000 (8,706) |
2020 £ 16,394,206 |
|---|---|---|---|---|
| 16,394,206 401,294 |
||||
| 16,795,500 | ||||
| 16,649,945 145,555 |
||||
| 16,795,500 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
M Travis
Date: 13 July 2022
The notes on pages 7 to 15 form part of these financial statements.
Page 6
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with 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 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Foundation for the Promotion of Well-Being meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 7
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
1. Accounting policies (continued)
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and in hand
Cash at bank and 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.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
1.9 Financial instruments
The Company 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.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 8
(A company limited by guarantee)
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
2. Income from donations and legacies
| Endowment funds 2021 Unrestricted funds 2021 £ £ Donations 7,015,785 5,190 Endowment funds 2020 Unrestricted funds 2020 £ £ Donations 250,000 4,174 3. Investment income Unrestricted funds 2021 Total funds 2021 £ £ Dividend income 61,917 61,917 Investment income - interest 43,373 43,373 105,290 105,290 Total 2020 102,779 102,779 4. Investment management costs Endowment funds 2021 Total funds 2021 £ £ Investment management fees 94,183 94,183 Total 2020 62,149 62,149 |
Total funds 2021 £ 7,020,975 |
|---|---|
| Total funds 2020 £ 254,174 |
|
| Total funds 2020 £ 66,053 36,726 |
|
| 102,779 | |
| Total funds 2020 £ 62,149 |
|
Page 9
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
4. Investment management costs (continued)
5. Analysis of grants
| Global Canopy Children Change Columbia Total 2021 Children Change Columbia The Whitley Fund for Nature |
Grants to Institutions 2021 £ 35,000 30,000 65,000 Grants to Institutions 2020 £ 35,000 30,000 65,000 |
Total funds 2021 £ 35,000 30,000 |
|---|---|---|
| 65,000 | ||
| Total funds 2020 £ 35,000 30,000 |
||
| 65,000 |
6. Analysis of expenditure on charitable activities Summary by fund type
| Unrestricted funds 2021 £ Independent Examiner's Fee 5,364 Grant to Global Canopy 35,000 Grant to Children Change Columbia 30,000 70,364 |
Total funds 2021 £ 5,364 35,000 30,000 70,364 |
Total funds 2020 £ 4,566 35,000 30,000 |
|---|---|---|
| 69,566 |
Page 10
(A company limited by guarantee)
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
7. Analysis of expenditure by activities
| Grant funding of activities 2021 £ Independent Examiner's Fee - Grant to Global Canopy 35,000 Grant to Children Change Columbia 30,000 65,000 Grant funding of activities 2020 £ Independent Examiner's Fee - Grant to Children Change Columbia 35,000 Grant to The Whitley Fund for Nature 30,000 65,000 8. Independent examiner's remuneration Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts |
Support costs 2021 £ 5,364 - - 5,364 Support costs 2020 £ 4,566 - - 4,566 2021 £ 4,980 |
Total funds 2021 £ 5,364 35,000 30,000 |
|---|---|---|
| 70,364 | ||
| Total funds 2020 £ 4,566 35,000 30,000 |
||
| 69,566 | ||
| 2020 £ 4,566 |
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 October 2021, no Trustee expenses have been incurred (2020 - £NIL) .
Page 11
(A company limited by guarantee)
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
10. Fixed asset investments
| Cost or valuation At 1 November 2020 Additions Disposals Revaluations Movement in cash held for reinvestment At 31 October 2021 |
Listed investments £ 16,394,206 11,582,877 (8,755,154) 4,751,429 3,936,669 |
|---|---|
| 27,910,027 |
Investments at market value comprise:
| Listed investments Cash held for reinvestment 11. Debtors Due within one year Tax recoverable 12. Creditors: Amounts falling due within one year Accruals and deferred income |
2021 £ 18,348,682 7,775,923 26,124,605 2021 £ 62,500 62,500 2021 £ 8,880 |
2020 £ 12,550,858 3,843,348 |
|---|---|---|
| 16,394,206 | ||
| 2020 £ - |
||
| - | ||
| 2020 £ 8,706 |
Page 12
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
13. Statement of funds
Statement of funds - current year
| Balance at 1 November 2020 £ Unrestricted funds General Funds - all funds 145,555 Endowment funds Expendable Endowment Fund 16,649,945 Total of funds 16,795,500 |
Income £ Expenditure £ 110,480 (74,458) 7,015,785 (94,183) 7,126,265 (168,641) |
Gains/ (Losses) £ - 4,755,523 4,755,523 |
Balance at 31 October 2021 £ 181,577 |
|---|---|---|---|
| 28,327,070 | |||
| 28,508,647 |
Page 13
(A company limited by guarantee)
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
13. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds - all funds Endowment funds Expendable Endowment Fund Total of funds |
Balance at 1 November 2019 £ 108,168 13,293,765 13,401,933 |
Income £ 106,953 250,000 356,953 |
Expenditure £ (69,566) (62,149) (131,715) |
Gains/ (Losses) £ - 3,168,329 3,168,329 |
Balance at 31 October 2020 £ 145,555 |
|---|---|---|---|---|---|
| 16,649,945 | |||||
| 16,795,500 |
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2021 Unrestricted funds 2021 £ £ 27,910,027 - 417,043 190,457 - (8,880) 28,327,070 181,577 |
Total funds 2021 £ 27,910,027 607,500 (8,880) |
|---|---|---|
| 28,508,647 |
Page 14
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021
14. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2020 £ 16,394,206 255,739 - 16,649,945 |
Unrestricted funds 2020 £ - 154,261 (8,706) 145,555 |
Total funds 2020 £ 16,394,206 410,000 (8,706) 16,795,500 |
|---|---|---|---|
15. Related party transactions
During the year, the charity received a gift of shares to increase the endowment fund from M Travis (trustee) valued at £6,229,784.70 (2020: £nil). The charity also received a gift of shares from E R A Travis at a value of £723,500 (2020: £nil).
In the prior year the Charity received a cash donation to increase the endowment fund in the year of £250,000 from E R A Travis. At the year end, the charity has recognised the gift aid due to the charity for this donation at a value of £62,500.
Page 15