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← Moondance Foundation

2023-11-30-accounts

REGISTERED COMPANY NUMBER: 07442773 (England and Wales) REGISTERED CHARITY NUMBER: 1139224

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED30 NOVEMBER2�3

FOR

MOONDANCE FOUNDATION

Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA? 9LA

MOONDANCE FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

Page
Reference and Administrative Details 1
Repor of the Trustees 2
**to6 **
Report of the Independent Auditors 7
to10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15
to29
Detailed Statement of Financial Activities 30

MOONDANCE FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 NOVEMBER 2023

TRUSTEES D M Briere De !'Isle-Engelhardt
H A Engelhardt
L Scadden
D Engelhardt
A Engelhardt
S Briere De !'Isle-Engelhardt
T Briere De !'Isle-Engelhardt
REGISTERED OFFICE C/o Bevan Buckland Lip Suite 4 Britannia
Penny Lane
Cowbridge
Vale of Glamorgan
CF71 7EG
REGISTERED COMPANY 07442773 (England and Wales)
NUMBER
REGISTERED CHARITY NUMBER 1139224
AUDITORS Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Cour
Swansea Enterprise Park
Swansea
SA? 9LA
SOLICITORS Withers LLP
16 Old Bailey
London
EC4M 7EG
ADVISERS Lloyds Bank
4th Floor
10 Canons Way
Harbourside
Bristol
BS1 SFL
Julius Bear
20-23 Greville Street
London
EC1Nass

Page 1

MOONDANCE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2023. 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 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The mission of the Moondance Foundation is to prevent or relieve poverty, support the welfare and well-being of women, children, older people and the vulnerable in our society, improve health outcomes, raise educational standards and preserve our environment for future generations. Moondance tries to be as flexible as possible and supports organisations that have a transformational impact in their communities in Wales and beyond.

The Foundation allocates funds for general charitable purposes. The charity uses its investment income to donate to a variety of good causes which benefit the public to further its mission.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and planning future activities, and setting the grant-making policy for the year.

Further information about the mission, activities and how to apply to the Moondance Foundation can be found on the Moondance website www.moondancefoundation.org.uk

STRATEGIC REPORT

Financial position

Details of the financial performance are set out in the Statement of Financial Activities on page 11.

The charity relies on the income from its investments, and the income in unrestricted funds from these investments for the year is £86,009,982 (2022: £32,318,673). In 2023 three million Admiral Group Pie shares were transferred to the foundation 2023: £66,400,000, no shares were transferred in 2022.

Charitable donations made by the trustees in the year were £22,621,130 (2022: £20,879,979) under a wide range of the charity's objectives. Moondance made 406 donations (2022: 332).

Moondance continues to focus its support in Wales, with over 77% of the value of donations benefiting Wales in 2023 (2022: 66%).

----- Start of picture text -----
Donations by region 2023
3%
■ Wales UK USA lnt'I
77%
----- End of picture text -----

Page 2

MOONDANCE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2023

Financial position

In 2023 significant donations (over £500,000) were made to UK DRI Dementia Research Institute at Cardiff University, The Freedom Fund, The END Fund, Mary's Meals, Plan International, Citizen Advice Cymru, Greenpeace UK, NSPCC, Prime Cymru and the Trussell Trust. A breakdown of donations made during the year can be found on pages 19-23 .

During 2023 Moondance implemented a new grant management system to automate part of the grant management process and provide greater analysis of applications received and grants made. In 2023 Moondance received 850 applications with a total value of over £46.5 million.

Breakdown of applications recieved 2023

The system also allows analysis of the sectors supported by both value of grants (£) and number of grants (#), detailed below:

----- Start of picture text -----
1% 1%
----- End of picture text -----

Donations (£) by sector 2023

Children & Young People

Community development & participation Education, training & employment

Donations (#) by sector 2023

Children & Young People

Community development & participation Education & Training

Page 3

MOONDANCE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2023

STRATEGIC REPORT Financial review

Investment policy and objectives

The trustees consider and regularly review their investment strategy to maximise income with consideration to risk. There are no restrictions on the investment powers of the trustees. Conditions within the financial markets are assessed how the funds will be invested. Currently the trustees consider that maintaining their portfolio of low­ risk equity investments and the investment of funds in interest-bearing accounts provides a favourable mix to meet their investment strategy.

When the trustees agree to diversify their investments, due consideration will be given to a responsible investment policy to reflect social, environmental or ethical issues alongside risk.

Reserves policy

The charity's target free reserves equate to £50,000,000 (2022: £50,000,000), a level deemed appropriate by the trustees to support ongoing charitable donations for a period of two to three years whilst alternative sources of income are investigated. The charity's level of free reserves is defined as Current Assets Investments and Cash at bank and in hand, was £107 ,594,435 at 30 November 2023 (2022: £91,872,174). The trustees have decided to retain and treat as capital the investment balance to provide sufficient annual income to maintain the current level of charitable activity.

The free reserves balance is always high at the balance sheet date due to the dividend receipt that occurs in the month prior to the year end. In addition, £21 ,635 ,194 (2022 £23,000,000) is ring-fenced within the Current Assets Investments for the Moondance Cancer Initiative.

The trustees believe the free reserves available are sufficient to meet the aims of the charity. This is reviewed on an annual basis and considered in the light of prevailing circumstances. The trustees aim to distribute the income generated in the year in the form of grants to charities and other worthwhile causes meeting one or more of the objectives of the trust as stated under principal activities above, in addition to building free reserves.

Donations policy

The website and online application process continue to work well. The charity is exploring a new grant management system to support online application.

Online applications are considered by the trustees and staff, as well as investigating causes that interest them. The donations strategy is discussed and concluded at regular trustee meetings during the year, still trustees Diane Briere de !'Isle-Engelhardt, Henry Engelhardt and Louisa Scadden have the authority to make donations of modest size at their discretion. In addition, Rebecca Watkins has the authority to make donations of a lesser amount. For donations above Rebecca Watkins' authority, she will seek agreement from a trustee or trustees accordingly.

Furthermore, Diane Briere de !'Isle-Engelhardt has the authority to make more substantial grants so long as she reports to the trustees either before or after the grant is made, explaining why such a grant was made.

Page4

MOONDANCE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2023

STRATEGIC REPORT

Principal risks and uncertainties

The principal risk and uncertainty to the charity is the performance of the investments held by the charity, on which it is reliant for future income to sustain the planned grants. As described in the Investment policy, the trustees review, at least annually, the performance of the investments held and the strategy for minimising risk to the charity.

The trustees have considered the major risks to which the charity is exposed and have established systems and procedures to manage those risks. The trustees consider the volatility of investment returns to constitute the charity's major risk, and therefore benchmark the return being obtained against other similar investment options.

The trustees consider that, in current market conditions, the current investments are providing the appropriate income requirement. However, the trustees recognise the risk of all the investments being in one sector and have taken action to diversify into other low-risk investments.

Future plans

The charity will continue to provide grants in accordance with its Articles of Association and its aims and objectives. The Trustees intend that the level of investment income received from the capital portfolio is sufficient to support the required charitable donations in each year for the foreseeable future.

The trustees continue their focus on Wales, recognising the impact of the cost of living crisis on communities and individuals in Wales. Their commitment remains to supporting the third sector in Wales and working to improve the environment for generations to come. The trustees have, as a result of the significant demand for funding, agreed to increase the donations budget to £25 millions for 2024 (2023: £20 million).

Moondance Cancer Initiative (company number: 12305964) operates as a separate entity, funded entirely by the Moondance Foundation. It continues to support varied projects and research across Wales to improve outcome for people suffering from cancer in Wales.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Charity constitution

Moondance Foundation is a registered charitable company, charity number 1139224. The company was established on 17 November 2010 and is limited by guarantee. The Foundation was established by gifts from Diane Briere de !'Isle-Engelhardt. It operates in accordance with the Company's Articles of Association dated 17 November 2010. The charity does not actively fundraise and seeks to pursue its objectives through careful stewardship of its resources.

Trustees and organisation

The trustees who served during the year are set out on page 1. The power of appointing or removing trustees is vested in a majority of trustees.

The trustees meet regularly to agree on the broad strategy and areas of activity for the Foundation, including consideration of grant-making, investment and risk management policies and performance.

The day-to-day management of the Foundation continues to be delegated to Rebecca Watkins, Foundation Director, who is a salaried employee of the Foundation. Salaries are benchmarked against similar jobs within the sector.

The trustees and staff keep their skill requirements under review and subscribe to charity law and guidance.

Page 5

MOONDANCE FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Bevan Buckland LLP, wilt be proposed for re-appointment at the forthcoming Annual General Meeting.

�[eport of the trus] tp[es] �f[�] �[r�] �[a strategic ] �[eport, approved by] 1[order of the board of trustees, as the company ] directors, on£l4. f .. Q�(�-� ......... and signed on the board s behalf by:

D M Briere De !'Isle-Engelhardt - Trustee

Page6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MOONDANCE FOUNDATION

Opinion

We have audited the financial statements of Moondance Foundation (the 'charitable company') for the year ended 30 November 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 requirements that are relevant to our audit of the financial statements in the UK. including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Prior year Audit by Another Auditor

The financial statements of the Charitable Company for the period ended 31 March 2023 were audited by another auditor who expressed an unmodified opinion. We have reviewed the predecessor auditor's report and considered its implications on the current year's financial statements.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MOONDANCE FOUNDATION

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MOONDANCE FOUNDATION

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non­ compliance with laws and regulations, our procedures included the following:

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MOONDANCE FOUNDATION

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Jones (Senior Statutory Auditor) for and on behalf of Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

Date: 2 4 May 202 4

Page 10

MOONDANCE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2023

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Charitable activities
General unrestricted funds
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forard
TOTAL FUNDS CARRIED FORWARD
Notes
2
3

The notes form part of these financial statements

Page 11

MOONDANCE FOUNDATION

BALANCE SHEET 30 NOVEMBER 2023

Notes
FIXED ASSETS
Investments
11
CURRENT ASSETS
Debtors
12
Investments
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds
TOTAL FUNDS		 2023
2022
Unrestricted
Total
fund
funds
£
£
431,670,579
280,403,650
216,250
105,353,047
90,096,248
2,241,388
1,866,412
107,594,435
92,178,910
(10,641)
(594,547)
107,583,794
91,584,363
539,254,373
371,988,013
539,254,373
371,988,013
539,254,373
371,988,013
539,254,373
371,988,013

TJ:le .. fina.oc�I statements were approved by the Board of Trustees and authorised for issue on � . .Oo.,-Z, 0 2l[f: ] ......... and were signed on its behalf by:

D M Briere De !'Isle-Engelhardt - Trustee

The notes form part of these financial statements

Page 12

MOONDANCE FOUNDATION

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2023

Cash flows from operating activities
Cash generated from operations
Notes
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents
in the reporing period
Cash and cash equivalents at the
beginning of the reporing period
Cash and cash equivalents at the end
of the reporing period		 2023
£
42,783,783
42,783,783
(66,400,000)
12,611,939
3,747,982
15,862,000
(34, 178,079)
8,605,704
100,882,310
109,488,014		 2022
£
(20,692,990)
(20,692,990)

The notes form part of these financial statements

Page 13

MOONDANCE FOUNDATION

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2023 2022
£ £
Net income/(expenditure) for the reporing period (as per the
Statement of Financial Activities) 167,266,360 (113,403,351)
Adjustments for:
(Gain)/losses on investments (104,504,939) 124,754,000
Interest received (3,747,982) (891,673)
Dividends received (15,862,000) (31,327,000)
Decrease in debtors 216,250
(Decrease)/increase in creditors (583,906) 175,034
Net cash provided by/(used in) operations 42,783,783 (20,692,990)

2. ANALYSIS OF CHANGES IN NET FUNDS

At1.12.22 Cash flow At 30.11.23
£ £ £
Net cash
Cash at bank 1,866,412 374,976 2,241,388
1,866,412 374,976 2,241,388
Liquid resources
Cash balances held in investment portfolio 8,919,650 (7,026,071) 1,893,579
Short term deposits included in current asset investments 90,096,248 15,256,799 105,353,047
99,015,898 8,230,728 107,246,626
Total 100,882,310 8,605,704 109,488,014

Total

The notes form part of these financial statements

Page 14

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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 charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest£.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value, The principal accounting policies adopted are set out below.

Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations relate to quantities of shares of Admiral Group PLC being donated from a trustee. Income is recognised as the market value of the shares on the date of donation.

Dividends income is recognised on the date the charity's right to receive payment is established.

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

Expenditure

Liabilities are recognised as 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 headings they have been allocated to activities on a basis consistent with the use of resources.

Expenditure on charitable activities includes all costs relating to the furtherance of the charity's objectives as stated in the trustees' report.

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

continued ...

Page 15

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023

1. ACCOUNTING POLICIES - continued

Expenditure

Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Grants offered sub[j] ect to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

As a registered charity, Moondance Foundation is entitled to the exemption from taxation in respect of income and capital gains received with sections 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable ob[j] ect's purposes only.

Fund accounting

Unrestricted funds can be used in accordance with the charitable ob[j] ectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the ob[j] ects of the charity. oses. Restrictions arise when specified by the donor or when funds are raised for particular restricted pur[p]

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs and are subse[q] uently measured at fair value at each reporting date. Changes in fair value are recognised in net income/[(] expenditure[) ] for the year. Transaction costs are expensed as incurred.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

continued ...

Page 16

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023

1. ACCOUNTING POLICIES - continued

Fixed asset investments

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

2. DONATIONS AND LEGACIES

3.

Donations
INVESTMENT INCOME
Dividends received
Bank and other interest		 2023
£
66,400,000
2023
£
15,862,000
3,747,982
19,609,982		 2022
£
2022
£
31,327,000
891,673
32,218,673

continued ...

Page 17

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023

4. CHARITABLE ACTIVITIES COSTS

4. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities Support
Direct (see note costs (see
Costs 5) note 6) Totals
£ £ £ £
General unrestricted funds 100,786 22,621,130 8,220 22,730,136
5. DONATIONS PAYABLE
2023 2022
£ £
General unrestricted funds 22,621,130 20,879,979
The total donations paid during the year was as follows:
2023 2022
£ £
Total donation 22,621,130 20,879,979

continued ...

Page 18

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023

5. DONATIONS PAYABLE - continued

Donations
Ars and Culture
Arts & Business Cymru
Chapter Ars Centre
Cwmni'r Fran Wen
Galeri Caernafon Cyf
Hay Castle Trust
Sherman Theatre
Theatre Clwyd
Wales Millennium Centre
Children and young people
Adoption UK Charity
Barnardo's
Canolfan Plant Jig-So Children's Centre
Children of Mekong
Fishguard and Goodwick Young Persons Trust (POINT)
Home-Star Cymru for Families
Home-Start Wrexham
KPC Youth & Community
NSPCC
Plan International UK
Prison Advice and Care Trust
Shared Lives Plus
Sported Foundation
St Giles Trust
Stephens & George Charitable Trust
Swansea YMCA
Tros Gynnal Plant
Vibe Youth
Wrexham Youth and Play Partnership
Youth Shedz Limited
Community development and paricipation
Afan Community Fitness Suite
Arts Factory (RCT}
Boomerang Cardiff
Bridgend Carers Centre
British Red Cross
Bulldog Boxing and Communit Activities
Canolfan Pertre CIO
Community Foundation Wales
Community Volunteers Wales
Dean Farm Trust
Global Feedback
Grange Pavilion		 2023
55,000
30,000
58,760
40,170
75,000
258,930
24,625
220,000
28,839
151,052
20,795
23,632
500,000
651,440
27,412
36,000
50,000
25,686
23,968
30,000
20,220
33,391
26,800
1,893,860
20,406
30,000
46,319
30,000
50,000
40,000
20,714
32,860




2022
50,000
30,000
49,198
25,000
40,170
1,500,000
50,000
1,744,368
220,000
22,810
30,000
21,540
500,000
919,882
46,414
50,000
35,000
36,000
1,881,646
30,000
35,000
91,321
30,000
50,000
35,000

continued ...

Page 19

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023

5. GRANTS PAYABLE - continued

Hafan Cymru
INFORM Cwm Tat Morgannwg
Llanelli Railway Goods Shed Trust
Melin Community Trust
Newport Yemeni Community
NoFit State Circus
TCC (Together Creating Communities/Trefnu Cymunedol Cymru)
The Aloud Charity
The Anne Matthews Trust
The costar Parnership
The Fern Partnership
The Rhondda Netball Foundation
Welsh Aid for Ukraine (WAFU)
Welsh Dance Theatre Trust T/A Rubicon Dance
Education, training and employment
A Million Stars, Inc dba College Bound
Cadoxton Primary School
Career Ready
Clybiau Plant Cymru Kids' Club
Early Years Wales
Empower-Be The Change
GISDA Cyf
INSEAD
Mary's Meals
Mudiad Meithrin Cyf
National Literacy Trust
NONA National Nurseries Association
Pembrokeshire Frame
People & Work Unit
Place2Be
Potential to Suceed CIC
PRIME Cymru
Prisoners' Education Trust
Professional Association for Childcare and Early Years (PACEY
Cymru)
Purple Shoots
RESOLVEit
Stay at School
Tape Community Music & Film
The Prince's Trust
The Royal British Legion Poppy Factory
Theatre Development Trust
University of Michigan
UWC Atlantic College
Environment and conservation
Action fr Conservation
BBC Studios		 25,000
20,840
25,000
95,000
80,000
35,000
21,000
23,746
25,000
22,050
29,630
672,565
81,880
20,000
30,000
78,603
55,000
70,480
109,689
750,000
75,000
39,045
74,262
24,910
35,000
25,044
500,000
35,690
60,000
255,000
25,000
47,774
94,663
270,000
2,757,039
65,000
(34,037)
30,000
20,000
24,000
35,000
36,000
85,000
104,374
605,695
38,954
45,000
25,000
20,000
34,356
107,450
750,000
20,000
39,236
35,000
160,580
140,000
240,000
160,000
30,000
30,604
44,683
36,000
93,496
253,500
2,303,859
999,777

continued ...

Page 20

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS· continued FOR THE YEAR ENDED 30 NOVEMBER 2023

5. GRANTS PAYABLE -continued

Centre for Alternative Technology
Cynnal Cymru - Sustain Wales
Down to Zero
Earh Restoration Allicance dba Global Choices
Eco Brixs UK
Girafe Conseration Foundation
Greenpeace UK
International Animal Rescue
Mount Elgon Foundation
Oceana
Save the Children Green Climate Fund Ethiopia
Soil Exchange Association
Surfers Against Sewage
The Open University (Floodplain Meadows)
The Orchard Project
The Woodland Trust
Unicef (Madagascar Eco-village)
Wales Ape & Monkey Sanctuary Ltd
WWF-UK
Health - relief and suppor of illness/sickness
AP Cymru - The Autism Charity
Aspire
AVOW (Association of Voluntary Organisations in Wrexham)
Beat (Eating Disorders Assocition)
Brainstrust
British Heart Foundation
Cardif University (Moondance Dementia Research Laboratory)
Cerebra
Cerebral Palsy Cymru (frmally Bobath}
Changing Faces
Conwy Mind
Cruse Bereavement Support Cymru
Dementia UK
Elton John Aids Foundation
Friends of Pedal Power Project Ltd (t/a Pedal Power)
Get the Boys a Lift CIC
Grow Cardif
Hospice of the Valleys
Hywel Oda Health Charities - Bronglas Chemo Unit
Inspiring Hope (Inspire Merthyr)
KIM Inspire
Macmillan Cancer Care
Maggie's Centre
Make a Wish Foundation UK
Mental Health Football in Wales
Mid & Norh Powys Mind
Mind Monmouthshire
Moondance Cancer Initiative
Neath Port Talbot Mind
Nightingale House Hospice		 150,000
25,500
232,034
24,000
500,000
135,516
250,000
166,000
100,000
66,425
30,000
150,000
30,000
384,597
2,275,035
27,500
34,000
35,000
68,629
100,000
1,356,872
50,000
100,277
34,667
40,000
50,000
24,935
28,530
200,000
91,762
77,126
33,000
2,500,000
28,594
24,000
313,258
83,986
500,000
100,000
30,000
250,000
116,667
100,000
92,697
47,950
399,330
257,197
3,314,862
32,000
25,000
100,000
23,436
97,275
26,182
53,065
25,000
50,000
35,637
39,100
300,000
25,000
25,500
200,000
62,000
25,000
75,805
1,445,000
25,000

continued ...

Page 21

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS -continued FOR THE YEAR ENDED 30 NOVEMBER 2023

5. GRANTS PAYABLE -continued

GRANTS PAYABLE -continued
Pembrokeshire Young Onset Dementia
Platorm
Powys Carers Servicee
PreventEd (formallyNCADA)
Rowan Tree Cancer Care
Royal Osteoporosis Society
Samaritans Cymru
Sign School
St David's Hospice Care (N Wales)
St John Ambulance Cymru
St Kentigern Hospice
Starlight Children's Foundation
Steps2Recovery
Teenage Cancer Trust
Tenovous
The Behaviour Support Hub (previously Challenging Behaviour Support
CIC
The END Fund
The Fatham Trust
The Hydration Foundation cic
TirDewi
Ty Ellis
Ty Hafan
Ty Hapus
Velindre Cancer CareNelindre University NHS Trust
Wales Air Ambulance
Older people
Action fr Elders Trust
Age Cymru Powys
Age Cymru West Glamorgan
Goldies Cymru
Re-engage
Royal Voluntary Serice
Prevention and relief of povery
Armed Forces Bikers Veteran Charity
Awel Aman Tawe
Baobab Bach CIC
Can Cook
Carers Trust Crossroads West Wales
Carmarhenshire Citizens Advice
Citizens Advice Cymru
Citizens Advice Merthyr Tydfil
Cyngor ar Bopeth Powys Citizens Advice
Dufryn Community Link
Emmaus South Wales
Food Redistribution Wales Ltd T/A FareShare Cymru		 21,320
192,687
30,707
50,000
30,000
38,372
27,837
150,000
50,244
38,550
40,000
50,000
216,250
22,600
814,472
24,000
25,000
38,000
130,000
100,000
317.000
38,948
50,000
25,000
70,077
50,000
40,000
49,109
840,054
31,500
25,000
27,078
30,000
100,000
30,000
35,000
7,287,931
4,131,766
38,664
26,700
50,000
30,000
50,000
62,500
__ 6_2�,3_6_0 -----
207,724
112,500
====
30,000
100,000
50,940
134,853
60,000
96,050
34,937
34,126
517,750
926,846
28,597
21,188
22,000
15,000
26,520
121,050
121,050
_

continued ...

Page 22

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS· continued FOR THE YEAR ENDED 30 NOVEMBER 2023

5. GRANTS PAYABLE· continued

Food Cycle
Foothold Cymru
Glamorgan Voluntary Service
Horn Development Association CIC
Huggard
lslwyn Minstry Area - Rhymney Foodbank
King's Church: Jesus Cares Project
Krishna Cymru
Llamau
Manage Money Wales CIC
NW Nappy Collaborative CIC
Oasis Cardiff
Powys Assocation of Voluntary Organisation (PAVO)
Save the Children
St Gwladys Church Hall
St Thomas Church Swansea
StepChange Debt Charity
Street Football Wales
Struggles 2 Smiles
Swansea Art Music Digital
The Big Issue
The Bridge Mentoring Plus Scheme
The Gathering Place
The INSP Foundation (International Network of Street Papers)
The Trussell Trust
TheCranfield Trust
ValePlus Cymru and Vale Extra
Wales Council for Voluntary Action (Energy Efficiency Fund)
Wallich Clifford Community
Welsh Housing Aid (t/a Shelter Cymru)
YaB Group Ltd
Safety (including, but not limited to domestic violence, sexual
abuse, modern salvery)
Action for Children
Asylum Justice
Brecon Mountain Rescue T ear
Galan Domestic Violence Services
Cardiff Women's Aid
Carmarhen Domestic Abuse Services Ltd.
Cyfannol Women's Aid
Dewis Choice (Aberystwyth University)
Dogs Trust
Domestic Abuse Safety Unit North Wales (DASU)
New Pathways
Phoenix Domestic Abuse Services
RASASC, North Wales
RCT Domestic Abuse Services
Relate
Safer Merthyr Tydfil
Safer Wales		 32,702
40,706
280,000
90,000
21,380
24,000
75,000
284,273
13,000
24,868
120,436
32,787
34,272
28,000
50,000
550,000
20,450
300,000
488,217
50,000
40,000
3,464,554
35,000
28,561
68,210
47,205
26,845
53,000
56,773
90,426
67,138
22,000
25,000
24,517
150,000
30,000
25,000
240,000
37,000
200,000
75,659
25,979
28,000
24,180
295,312
26,000
40,000
24,000
25,000
69,398
23,000
100,000
455,000
30,000
292,287
36,000
3,578,259
35,000
50,000
64,138
90,612
99,997
49,890
56,720
29,960
25,000
52,818
24,182
150,000

continued ...

Page 23

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023

5. GRANTS PAYABLE - continued

GRANTS PAYABLE - continued
Support through Court
Swansea Women's Aid
The Freedom Fund US
Threshold DAS
Thrive Women's Aid
Welsh Women's Aid
Less than £20,000 each
TOTAL DONATION		 _

6. SUPPORT COSTS

SUPPORT COSTS
Support
costs
£
General unrestricted funds 8,220

7. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£ £
Auditors' remuneration � 3,654

Page 24

continued ...

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS· continued FOR THE YEAR ENDED 30 NOVEMBER 2023

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 November 2023 nor for the year ended 30 November 2022.

Trustees'expenses

There were no trustees' expenses paid for the year ended 30 November 2023 nor for the year ended 30 November 2022.

9. KEY MANAGEMENT PERSONNEL

Wages and salaries
Social security costs
The average monthly number of employees during the year was as follows:
Employee		 2023
£
79,419
3,134
82,553
2023
1
2022
£
65,733
4,217
69,950
2022
1

The number of employees whose employee benefits[(] excluding employer pension costs) exceeded £60,000 was:


£60,000
was:
2023 2022
£60,001 - £70,000 1
£70,001 - £80,000
1 1

The total amount paid to key management personnel for their services to the charity during the year totalled £75,833 (2022: £69,950).

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Charitable activities
General unrestricted funds
Net gains/(losses)on investments
NET INCOME/{EXPENDITURE)		 Unrestricted
fund
£
32,218,673
20,961,863
(124,660,161
(113,403,351)

Page 25

continued ...

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
485,391,364
371,988,013

11. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 December 2022
Additions
Disposals
Revaluations
Dealing account
At 30 November 2023
NET BOOK VALUE
At 30 November 2023
At 30 November 2022		 Listed
investments
£
271,484,000
66,400,000
(12,611,939)
104,504,939
429,777,000
429,777,000
271,484,000		 Cash in
portfolio
£
8,919,650
-
(7,026,071)
1,893,579
1,893,579
8,919,650
Totals
£
280,403,650
66,400,000
(12,611,939)
104,504,939
(7,026,071)
431,670,579
431,670,579
280,403,650

There were no investment assets outside the UK.

A significant proportion of the portfolio held consists of 15,900,000 shares (2022: 13,400,000) in Admiral Group PLC, donated to the charity at a value of £303,867,688 (2022: £250,079,627). This equates to approximately 5.19% (2022: 4.47%) of the issued shares of Admiral Group pie. The Trustees believe that a sale of the entire investment is unlikely, but that in this unlikely event, the quoted share price may materially change from the market value at the time the disposal was initiated. The Trustees believe it is not possible to reliably estimate the effect on the value of the investment holding this would cause and hence no adjustment has been made to the carrying value of the investment.

continued ...

Page 26

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023

12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
13.
CURRENT ASSET INVESTMENTS
Listed investments
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses
15.
MOVEMENT IN FUNDS
At
1.12.22
£
Unrestricted funds
General fund
371,988,013
TOTAL FUNDS
371,988,013
Net movement in funds, included in the above are as fllows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
86,009,982
(22,730,136)
TOTAL FUNDS
86,009,982
(22,730,136)
Comparatives for movement in funds
At
1.12.21
£
Unrestricted funds
General fund
485,391,364
TOTAL FUNDS
485,391,364
2023
£
2023
£
105,353,047
2023
£
10,641
Net
movement
in funds
£
167,266,360
167,266,360
Gains and
losses
£
103,986,514
103,986,514
Net
movement
in funds
£
(113,403,351)
(113,403,351)


2022
£
216,250
2022
£
90,096,248
2022
£
594,547
At
30.11.23
£
539,254,373
539,254,373
Movement
in funds
£
167,266,360
167,266,360
At
30.11.22
£
371,988,013
371,988,013

continued ...

Page 27

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2023

15. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
Resources
expended
£
32,218,673
(20,961,863)
32,218,673
(20,961,863)
Gains and
losses
£
(124,660,161)
(124,660,161)
Movement
in funds
£
(113,403,351)
(113,403,351)

A current year 12 months and prior year 12 months combined position is as follows:

At
1.12.21
£
Unrestricted funds
General fund
485,391,364
TOTAL FUNDS
485,391,364		 Net
movement
At
in funds
30.11.23
£
£
53,863,009
539,254,373
53,863,009
539,254,373

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
118,228,655
118,228,655		 Resources
expended
£
{43,691,999}
(43,691,999)		 Gains and
Movement
losses
in funds
£
£
{20,673,647)
53,863,009
(20,673,647)
53,863,009

16. RELATED PARTY DISCLOSURES

The charity holds 15,900,000 shares (2022: 13,400,000) in Admiral Group pie. Henry Engelhardt, a trustee of Moondance Foundation, held the position of Chief Executive of Admiral Group pie until May 2016. He continues to work for them in an advisory capacity.

During the year, there was 3,000,000 shares held in Admiral Group pie donated to the charity. At the time of the donation, the value of the shares was £66,400,000. No restriction has been placed on the donation by the donor with the charity free to use the donation as they see appropriate within the objectives of the charity.

During the year, the Charity donated £255,000 (2022 : £160,000) to RESOLVE it, a Community Interest Company where Diane Briere de !'Isle-Engelhardt holds the position of Director.

During the year, the charity donated £55,000 {2022 : £50,000) to Arts & Business Cymru, where Louisa Scadden holds the position of trustee.

continued ...

Page 28

MOONDANCE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS -continued FOR THE YEAR ENDED 30 NOVEMBER 2023

16. RELATED PARTY DISCLOSURES -continued

Moondance Cancer Initiative has common directors. The charity donated £2,500,000 (2022: £1,445,000) during the year to the company.

Page 29

MOONDANCE FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Dividends received
Bank and other interest
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Sundries
Donations paid
Suppor costs
Suppor costs
Auditors' remuneration
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fxed asset
investments
Foreign exchange diferences
Net income/(expenditure)		 2023
2022
£
£
66,400,000
15,862,000
3,747,982
31,327,000
891,673
19,609,982
32,218,673
86,009,982
32,218,673
79,419
3,134
18,233
22,621,130
65,733
4,217
8,280
20,879,979
22,721,916
20,958,209
___ 8_22_0
3,654
22,730,136
20,961,863
63,279,846
11,256,810
104,504,939 (124,754.000)
(518,425)
93,839
167,266,360(113,403,351)

This page does not form part of the statutory financial statements

Page 30