Registered number- 07419676 Charity number- 1138878 THE FOUNDATION FOR THE PROMOTION OF WELL-BEING (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) CONTENTS Page Reference and administrative details ot the Company. its Trustees and advisers Trustees. report Indopend8nt auditors. rèport on the financial statements Statement of financial activities 10 Balance sheet Notes to the financial statements 12-20
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 2023 Trustees E Goulandris M Travis Company registered number 07419676 Charity registered number 1138878 Registered office First Floor 10 Queen Street Place London EC4R 1BE Independent auditors Larking Gowen LLP Chartered Accounlanls 1 sl Floor, Prospect House Rouen Road Norwch NR1 1RE Investment Manager Whitley Asset Management Ltd 116 Princedale Road London W114NH Page 1
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 The Trustees present their annual report together with the audited financial statements of the Company for the 1 November 2022 to 31 October 2023. The Annual rekX)rt seNes 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 Slalement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Since the Company qualifies as small under seelion 382 of the Companies Act 2006, the Strategic report required of medium and large companie8 under the Companies Ael 2006 {Strategie Report and Directors, Report) Regulations 2013 has been omitted. Objeclives 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 lime to time. In setting objectives and planning for aclivilies. the Trustees have given due consideration to general guidan published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB21'. b. Activities undertaken to achieve objectives The charity is currently fLJllfilling ils charitable objectives by making grants to registered chalilies in the UK. Grants totalling £Nil (2022,. £170,000) were awarded during the year as sel OLJt in note 6. Since the year end, the trustees have been refining their grant giving policy going forward, and donations have increased Sin the year end, wth the expectation that this will continue. 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. As a result of stock market improvement during the year there was a revaluation surplus on the listed Investment portflio in the year of £1,895,017 (2022.. £5,265,556 revaluation dèficit) giving rise lo a net increase in the value of the endowment lund at the year end of £1,775.008 with expendable end(Iwment funds carried ford at 31 October 2023 of £28,029,183 (2022.. £26,254, 175). Page 2
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Achievements and performance Financial review a. Going concem After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate reSoUrS to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going eoncem ba8 can be found in the accounting policies. b. ReseNes policy The Trustees aim to build an expendable endowment fund reflecting an investment portfolio and Cash to generate investment income which wll fund eharitablo activities. Al 31st October 2023 unrestricted funds tolalled £387,605 (2022.. £173,469) and expendable endowment funds tolalled £28,029,183 (2022.. £26,254, 175). c. Material investments policy The charity holds a divetse portfolio of investments. The investment managers hold a cash balance for reinvestment lo further ijiversify the portfolio. Although the Trustees have the power to distribute the expendable endowment, the investment of capital is the only source of ongoing income and so the fund is invested with the directive lo the inveslmenl managers that the endowment should maintain ils value in real terms over the longer temi. The Trustees aim is for the investments to generate 2-30/0 income each year. Page 3
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Structure. governance and management 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 2611012010. b. Mathods of appointment or olection of Trustees The management of the Company is the responsibility of the Trustees who are elected and co-opled under the terms of the Memorandum of Association. There shall be al least two Tnjstees. Each Trustee shall retire from office at the fifth annual r81iremenl 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 al which the accounts of the charity are adopted. Statement of Trustoes. responslbllltles The Trustees Iwho are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance Mqlh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi1. Company law requires the Trustees lo prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale 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 stalemenls. the Trustees are required lo.. select suitable accounting policies and then apply them congstently., observe the meth(S and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial slatemenls., 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 lime the financial position of the Company and enable them lo ensure that Ihe 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. Disclosure of information to auditors Each of the persons who are Trustees al the time en this Trustees. report 18 approved has confimied that.. so far as that Trustee is aware, there is no relevant audit infomiation of which the charity's auditors are unaware, and that Trustee has taken all the steps that ougm to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Page 4
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 Auditors The auditors, Larking Gowen LLP, have indicated their wllingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by= M Travis Date.. 6 October 2024 Page 5
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FOUNDATION FOR THE PROMOTION OF WELL-BEING Opinion We have audited the financial statements of The Foundation for the Promotion of Well-Being (the 'charilable company'l for the year ended 31 October 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of gnificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporb"ng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted AccoLJnting Practice). In our opinion the financi21 statements.. give a true and fair view of the slate of the charitable company's affairs as at 31 October 2023 and of its incoming reSoUS and application of resour8. induding its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinioTr We conducted our audit in accordance ll1h Inlemalional Standards on ALJditing (UK) IISAS IUKI} and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirement8 that are relevant to our audit of the financial statements in the United Kingdom, induding the Financi81 Reporting Council'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 lo 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 appmpriate. Based on the work we have perfom)ed, we have not identified any material UnrtaInlieS relating to events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concem for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the TrLJStees wlh respect to going concern are described in the relevant sections of this report. Page 6
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FOUNDATION FOR THE PROMOTION OF WELL-BEING (CONTINUED} Othor infomiation The other information comprises the information included in the Annual report other than the financial statements and our Auditors. report Ihereon. The Trustees are responsible for the other information contained thin the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing 80, consider wthether the other information is materially Inconsistent wth 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 inconsisleneies OT apparent material misslatemenls, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are quired to rewrt that fact. We have nothing to report in this regard. Matters on which we aro requlred to report by exceptlon We have nothing lo report in respect of the following mallers where the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the information given in the Twslees. report is inconsistent in any material respect wth the financial stalemenls., or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being s81isfied that they give a true and fair view, and for such intern81 control as the Trustees detem)ine is necessary lo enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial slatemenls. the Tnjslees are responsible for assessing the charitable companls ability to continue as a going concem, disclosing, as applicable, mallers related lo going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the charilable company or to cease operations, or have no realistic alternative but to do so. Page 7
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FOUNDATION FOR THE PROMOTION OF WELL-BEING (CONTINUED} Auditors. rosponsibilities for the audit of thg financial statgingnts We have been appointed as aLJditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. 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 iSSLJe an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance 1th ISAS IUKI will always deteel a material misstatement when It exists. Misstatements can arise from fraud or error and a considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance wlh laws and regulations. We design procedures in line wlh our responsibilities. outlined above, to delect material misstalemenls in respect of irregularities, including fraud. The exlenl to which our procedures a capable of detecting irregularities, including fraud is detailed below.. Due to the field in which the Charity operates, we have identified the following areas as those most likely to have a material impact on the financial statements.. GDPR,. serious incident reporting and compliance with the Charities Act 2011. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance Mqlh laws and regulations, was as follows.. Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace and fraLJd., Reviewng financial statement disclosures and testing lo supporting documentation to assess the compliance with applicable laws and regulations., Auditing the risk of management override of controls. including through testing journal entries and other adjustments for appropriateness. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the financial ststemenls or non-compliance wth regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stalemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. MMw.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, reFX)rt. Page 8
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE FOUNDATION FOR THE PROMOTION OF WELL-BEING (CONTINUED} Use of our rgport This report is made solely lo the charitable company's members, as a body, in accordance rith Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charitable company's members those matters we are required to slate to them in an Auditors, ret)ort and for no other purpose. To the fLJllest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitate company 2nd its members, as a body, for our audit work, for this report, or for the opinions we have formed. Larking Gowen LLP Ch8rtered Accountants Statutory Auditors 1 sl Floor, Prospect House Rouen Road Norwich NR1 1RE 7 October 2024 Larking Gowen LLP are eligible lo act as auditors in terms of section 1212 of the Companies Act 2006. Page 9
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 OCTOBER 2023 Unrestricted Endowment funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income and endowments from: Donations and legacies Investments 7.856 277.794 7,856 277,794 3.313,061 161,376 Total income and endowments 285,650 285,650 3,414,377 Expenditure on: Raising funds Charitable activities 120,009 120,009 71,514 111,989 177.835 71,514 Total expenditure 71,514 120,009 191,523 289,824 Net incomellexpenditurel before net gainsl{lossesl on investments Nel gainslllossesl on investments 214,136 1120,009} 1,895,017 94,127 1,895,017 3. 184,553 (5.265,556J Net movement In funds 214,136 1.775,008 1,989,144 (2.087,003) Reconclllatlon of funds: Total funds brought forward Net movement in funds 173,469 214,136 26.254,175 1,775,008 26,427,644 1,989,144 28,508,647 (2,081,003J Total funds carrled forward 387,605 28,029,183 28.416,788 26,427,644 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 12 to 20 form part of Ihese financial stalemenls. Page 10
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) REGISTERED NUMBER: 07419676 BALANCE SHEET AS AT 31 OCTOBER 2023 2023 2022 Note Fix8d assats Investments 27.201,250 25.298,448 27,201,250 25,298,448 Current assets Debtors Cash al bank and in hand 10 500.000 725.000 562,500 575.000 1,225,000 1, 137,500 Creditors.. amounts falling due within one year 19,4621 (8,304) Net Current assets 1.215,538 1, 129, 796 Total net assgts 28.416,788 26,427,644 Charity funds Endowment funds 12 28,029,183 387,605 26,254, 175 173,469 Unrestricted funds 12 Total funds 28,416,788 26,427,644 The Trustees acknowledge their responsbilities for complying with the requirements of the Act with respect to accounting records and preparation of financial slalements. The financial statements have been prepared in accordance with the provisions applicable lo 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 Dale.. 6 October 2024 The notes on pages 12 to 20 form part of these financial stalemenls. Page 11
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies 1.1 Basls of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charilies SORP IFRS 1021 Accounting and Reporting by Charities.. Slaternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Foundation for the Promots'on 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 slated in the relevant accounting policy. 1.2 Fund accountlng General funds are unreslricled funds thich 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. The endowment funds held by the charity are expendable and, as such, can be spent as income or retained as capital at the trustees, discretion. The income arising from the expendable endowment is unrestricted. Gains and losses on investments are allocated to their fund or origin. 1.3 Income All income, including investment income, is recognised once the Company has entillemenl to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations in cash are recognised as the consideration paid at the date the donation was made. Donated shares are recognised at the markel value of the shares al the date which the donation was made. Income tax recoverable in relation lo donations received under Gift or deeds of covenant is recognised al the lime of Ihe donation. Income tax recoverable in relation to inveslmenl income is recognised al the time Ihe investment income is receivable. 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 2023 Accounting policies {continugd) 1.4 Expgnditure Expenditure is recognised once there is a legal or constructive obligatii)n to transfer economic benefit to a third party, il is probable that a transfer of economic benefits ll11 be required in settlement and the amount of the obligation ran be measLJred reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, inclLJding support cost8 involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to MO than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent wth 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 lo raise funds for its Charitab 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 allaching 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. 1.5 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. 1.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value al the Balance sheet dale, unless the value cannot be measured reliably in ¥thich case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments. in the Statement of financial activities. 1.7 D8btors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of 2ny trade discounts due. 1.8 Cash at bank and in hand Cash at bank and in hand indudes cash and short-tenn highly liquid investments wlh a short maturity of three months or less fmm the date of acquisition or opening of the depost or similar account. Page 13
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Accounting policies {continugd) 1.9 Liabilitigs and provisions Liabilities are recognised when there is an obligation at the Balan sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in selllement, and the amount of the setuemenl can be eslimaled reliably. Liabilities are recognised al the amount that the Company anticipates il will pay to settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measur1 al the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is materi81, 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 unwnding of the discount is recognised in the Slalement of financial activities as a finance cost. 1.1 O Financial instrumgnts The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measLJred at amortised cost using the effective interest method. 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 2023 Income from donations andlogacies Unrastricted Endowment funds funds 2023 2023 Total funds 2023 Donations 7,856 7,856 UnrestriGt8d Endowment funds funds 2022 2022 Total funds 2022 Donations 8,417 3,304,650 3,313,067 Investment income Unrastricted funds 2023 Total funds 2023 Total funds 2022 Dividend inwmg Investment income- interest 169,717 108,077 169,717 108,077 99,069 62,247 277,794 277,794 161,316 Total 2022 767,316 161,316 Investment managem8nt costs Endowment funds 2023 Total funds 2023 Total funds 2022 Inve*ment management fees 120,009 120,009 111,989 Tot812022 If 1,989 111,989 Page 15
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Analysis of oxpenditure on charitsble activities Summary by fund typg Unrastricted funds 2023 Total 2023 Total 2022 Independent examinerfs fee Grants made to institutions Gift Aid adjustment Legal and professional fees 7,952 7,952 6,240 170,000 62,500 1,062 62.500 1,062 1.595 71,514 71,514 177,835 Analysls of expendlture by actlvltles Support costs 2023 Total funds 2023 Dlrect costs 2023 Independent examinerfs fee Gift Aid adjustment Legal and professional fees 7.952 7,952 62,500 1,062 62,500 1,062 62,500 9,014 71,514 Grant funding ol 8ctivrfies Support costs Total funds 2022 2022 2022 Independent examinerfs fee Grants made to institutions Legal and professional fees 6,240 6,240 170.000 1,595 ITO.O( 1,595 170,0(10 7, 835 177,835 Page 16
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Auditors. rgmuneration 2023 2022 Fees payable lo the charity's auditor for the audit of the charity's annual accounts 7,952 Fees payable lo the charttls independent examiner in respect of.. Independent examiner for the independent examination of the charity's annual accounts All non-audit services not included above 6,240 7,595 1.062 Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2Q22 - £NIL). During the year ended 31 October 2023. no Trustee expenses have been incurred (2022- £NILJ. Flxed asset Investments Listed investments Valuation At 1 November 2022 Additions Disposals Revaluations Movement in cash held for reinvestment 25,298,448 5.227,583 {4.725,062} 1.925,502 1525,221} At 31 October 2023 27,201,250 Page 17
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Invostments at market value comprisg: 2023 2022 Listed investments Cash held for reinveslmenl 22,851,239 20,423,216 4.350,011 4,875,231 27.201.250 25,298,447 The historic cost of fixed asset investments at 31 October 2023 is £18,344,747 (2022.. £16,215, 167). Non-UK Investments Listed inveslmenls include non-UK investments with a market value al the year end of £10.215,483 (2022.. £9,409,808) and an historical cost of £6,531,401 (2022.. £6,029,373). Cash Cash held within the investment portfolio is £4,350,011 f2922.' £4,875,231). 10. Debtors 2023 2022 Due within one year Gift aid recoverable 500,000 562,500 11. Creditors- Amounts falling due within one year 2023 2022 Accruals and deferred income 9,462 8,304 Page 18
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 12. Statement of funds Statement of funds - curront year Balance at 1 November 2022 Balancè at Gainsl 31 October (Losses) 2023 Income Exp8nditure Unrestricted funds General Funds 173,469 285,650 {71,514) 387,605 Endowment funds Expendable Endowment Fund 26,254.175 1120.009} 1.895.017 28.029,183 Total of funds 26,427.644 285.650 1191.523} 1.895,017 28.416,788 Statement of funds - prior year Balance at l November 2021 Balance at Gainsl 31 October (Losses) 2022 Income Expenditure Unrestricted funds General Funds- all funds 181,577 169, 727 (177,835) 173.469 Endowment funds Expendable Endowment Fund 28,327,070 3,304, 650 (111, 989) (5,265, 556) 26,254, 175 Total of funds 28,508,647 3,474,377 (289, 824) (5,265, 556) 26,427,644 Page 19
THE FOUNDATION FOR THE PROMOTION OF WELL-BEING {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 13. Analysis of net assgts between funds Analysis of net assgts between funds - currgnt ygar Unrastricted Endowment funds funds 2023 2023 Total funds 2023 Fixed asset inv2slmenls Current assets Creditors due within one year 27.201.250 27,201,250 827,933 1.287,500 171,962} 459,567 171,962} Total 387,605 28.029.183 28,416,788 Analysis of nel assets between funds - prior year Unrestricted Endowment funds funds 2022 2022 Total funds 2022 Fixed assel investments Current assets Creditors due within one year 25,298,448 25,298,448 955, 727 1. 137,500 (8,304J 187, 773 (8,304) Total 113,469 26,254, 175 26,427,644 14. Related party transactions During the year trustee M Travis settled professional fees on behalf of the Charity totalling £7,856 (2022.. £8.411). These amounts are recnISed as donations as set out in note 2. 15. Controlling party The immediate and uttimale parent entity of the charity is HWB Ventures Limited by virtue of the company being sole member of the Charity and its right to appoint or remove ttuslees aeling in the best interest of the Charity. HWB Ventures is a dormant company whose purpose is to act as the sole member of the charity. The only share issued by HWB Ventures Ltd is held by trustee M Travis. Page 20