REGISTERED COMPANY NUMBER: 07442773 (England and Wales) REGISTERED CHARITY NUMBER: 1139224
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
FOR
MOONDANCE FOUNDATION
Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA
MOONDANCE FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 7 |
| Report of the Independent Auditors | 8 | to | 11 |
| Statement of Financial Activities | 12 | ||
| Balance Sheet | 13 | ||
| Cash Flow Statement | 14 | ||
| Notes to the Cash Flow Statement | 15 | ||
| Notes to the Financial Statements | 16 | to | 29 |
| Detailed Statement of Financial Activities | 30 |
MOONDANCE FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 NOVEMBER 2024
TRUSTEES D Briere de I'Isle-Engelhardt H Engelhardt L Scadden D Engelhardt A Engelhardt S Briere de I’lsle Engelhardt T Briere de I’lsle Engelhardt REGISTERED OFFICE C/o Bevan Buckland Llp Suite 4 Britannia Penny Lane Cowbridge Vale of Glamorgan CF71 7EG REGISTERED COMPANY 07442773 (England and Wales) NUMBER REGISTERED CHARITY 1139224 NUMBER AUDITORS Bevan Buckland LLP Chartered Accountants And Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA SOLICITORS Withers LLP 16 Old Bailey London EC4M 7EG ADVISERS Lloyds Bank 4th Floor 10 Canons Way Harbourside Bristol BS1 5FL Julius Bear 1 St Martin's Le Grand London EC14 4AS
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MOONDANCE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2024
The trustees present their report and financial statements for the year ended 30 November 2024.
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 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 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 12.
The charity relies on the income from its investments, and the income in unrestricted funds from these investments for the year is £24,202,231 (2023: £86,009,982). In 2024 no Admiral Group Plc shares were transferred to the foundation (2023: £66,400,000).
Charitable donations made by the trustees in the year were £23.535.632 (2023: £22,621,130) under a wide range of the charity's objectives. Moondance made 366 donations (2023: 406).
Moondance continues to focus its support on Wales, with over 70% of the value of donations benefiting Wales in 2024 (2022: 77%).
DONATIONS BY REGION 2024
----- Start of picture text -----
Wales USA International UK
4%
24%
2%
70%
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MOONDANCE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2024
STRATEGIC REPORT
Financial position
In 2024 significant donations (over £500,000) were made to Mary's Meals, Cardiff University Moondance Dementia Laboratory, The Freedom Fund, The END Fund, NSPCC, Plan International, WWF UK, The Wallich, Greenpeace UK, Velindre University NHS Trust, Prime Cymru and the Trussell Trust. A breakdown of donations made during the year can be found on pages 20-25.
Moondance continues to monitor applications received and donations made through the grant management system. In 2024 Moondance received 704 applications with a total value of over £43.1million (2023 850 applications totalling £46.5m).
BREAKDOWN OF APPLICATIONS RECEIVED 2024
----- Start of picture text -----
Funded Part-funded Rejected Withdrawn Under cosideration
3%
2%
42%
45%
8%
----- End of picture text -----
The system also allows analysis of the sectors supported by both value of donations (£) and number of donation (#), detailed below:
----- Start of picture text -----
Donations (£) by sector 2024 Arts & culture
Children & young people
3%
Community development and participation
9% 1% 11%
Education training and employment
4%
14%
Environment/ conservation
2% 14% Health - relief & support of illness/ sickness
5%
International development/ humanitarian aid
10% Older people
27% Prevention & relief of poverty
<) Safety (including, but not limited to, domestic
violence, sexual abuse, modern slavery
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----- End of picture text -----
MOONDANCE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2024
----- Start of picture text -----
Donations (#) by sector 2024 Arts & culture
Children & young people
4% Community development and participation
10% 3% Education training and employment
19%
Environment/ conservation
14% Health - relief & support of illness/ sickness
International development/ humanitarian aid
13%
4%
1% Older people
8% Prevention & relief of poverty
18%
6%
Safety (including, but not limited to, domestic
violence, sexual abuse, modern slavery
Other
----- End of picture text -----
Average donation (£) per sector 2024
----- Start of picture text -----
Other
Safety (including, but not limited to,…
Prevention & relief of poverty
Older people
International development/ humanitarian aid
Health - relief & support of illness/ sickness
Environment/ conservation
Education training and employment
Community development and participation
Children & young people
Arts & culture
- 100,000 200,000 300,000 400,000
----- End of picture text -----
The median donation made by the foundation in 2024 was £25,000 (2023: £19,307).
Reserves policy
The charity's target free reserves equate to £50,000,000 (2023: £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 £107,683,388 at 30 November 2024 (2023: £107,594,435). 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.
In addition, £21,794,650 (2023 £21,635,194) is ring-fenced within the Current Assets Investments for the Moondance Cancer Initiative.
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MOONDANCE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2024
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.
Online applications are considered by the trustees and staff, as well as investigating causes that interest them. The donations strategy is discussed and agreed at regular trustee meetings throughout the year. However, trustees Diane Briere de l'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 as required.
Furthermore, Diane Briere de l'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.
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.
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MOONDANCE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2024
STRATEGIC REPORT
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.
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.
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 l'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.
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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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.
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MOONDANCE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2024
STATEMENT OF TRUSTEES’ RESPONSIBILITIES - continued
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
-
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
companyReport of directors,the trustees, onJolincorporating a strategickereport,signedapproved on the board's behalfby order of the boardby: of trustees, as the D M Briere de I'lsle-EngelhardtTrustee
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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 2024 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).
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 30 November 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MOONDANCE FOUNDATION
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:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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.
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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 noncompliance with laws and regulations, our procedures included the following:
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enquiring of management and those charged with governance, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud;
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the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
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discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud;
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obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.
Audit response to risks identified
In addition to the above, our procedures to respond to risks identified included the following:
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reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
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enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
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in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
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assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
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evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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.
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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: 12th March 2025
Page 11
MOONDANCE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 General unrestricted funds Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 2023 Unrestricted Total fund funds £ £ - 66,400,000 24,202,231 19,609,982 24,202,231 86,009,982 23,645,182 22,730,136 (21,646,058) 103,986,514 (21,089,009) 167,266,360 539,254,373 371,988,013 518,165,364 539,254,373 |
|---|---|
The notes form part of these financial statements
Page 12
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MOONDANCE FOUNDATION
BALANCE SHEET 30 NOVEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 11 | 410,633,832 | 431,670,579 |
| CURRENT ASSETS | |||
| Investments | 12 | 106,234,545 | 105,353,047 |
| Cash at bank | 1,448,843 | 2,241,388 | |
| 107,683,388 | 107,594,435 | ||
| CREDITORS | |||
| Amounts falling due within one year | 13 | (151,856) | (10,641) |
| NETCURRENTASSETS | 107,531,532 | 107,583,794 | |
| TOTALASSETS LESS CURRENT | |||
| LIABILITIES | 518,165,364 | 539,254,373 | |
| NETASSETS | 518,165,364 | 539,254,373 | |
| FUNDS | 14 | ||
| Unrestricted funds | 518,165,364 | 539,254,373 | |
| TOTALFUNDS | 518,165,364 | 539,254,373 |
Tos iL vagQ2.. 2020...statements andwere wereapproved signed onby itsthe behalfBoard by: of Trustees and authorised for issue on OE, Lb bddhe Ef D M Briere de I'isle-Engelharat - Trustee
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The notes form part of these financial statements
Page 13
MOONDANCE FOUNDATION
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of fixed asset investments Sale of fixed asset investments Interest received Dividends received Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ (23,503,967) (23,503,967) - - 4,645,231 19,557,000 24,202,231 698,264 2,241,388 1,448,843 |
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 1,866,412 2,241,388 |
|---|---|---|
The notes form part of these financial statements
Page 14
MOONDANCE FOUNDATION
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2024
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Losses/(gain) on investments Interest received Dividends received Decrease in debtors Increase/(decrease) in creditors Net cash (used in)/provided by operations 2. ANALYSIS OF CHANGES IN NET FUNDS |
2024 2023 £ £ (21,089,009) 167,266,360 21,646,058 (104,504,939) (4,645,231) (3,747,982) (19,557,000) (15,862,000) - 216,250 141,215 (583,906) (23,503,967) 42,783,783 |
|---|---|
| Net cash Cash at bank Liquid resources Cash balances held in investments portfolio Current asset investments Total |
At 1.12.23 £ 2,241,388 2,241,388 1,893,579 105,353,047 107,246,626 109,488,014 |
Cash flow £ (792,545) (792,545) 1,223,253 881,498 2,104,751 1,312,206 |
At 30.11.24 £ 1,448,843 1,448,843 3,116,832 106,234,545 109,351,377 110,800,220 |
|---|---|---|---|
The notes form part of these financial statements
Page 15
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024
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.
Page 16
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
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 subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.
Foreign exchange
Foreign currency transactions are initially recorded in the entity’s functional currency using the spot exchange rate at the date of the transaction.
Subsequent measurement, these are retranslated at the exchange rate at the end of the reporting period, exchange rate differences are recognised in the profit and loss.
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 object's purposes only.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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 subsequently 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.
Page 17
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
1. ACCOUNTING POLICIES - continued
Other financial assets
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.
Fixed asset investments
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.
Creditors and liabilities
Creditors are recognised when the entity becomes obligated to make future payments as a result of past transactions or events.
Creditors are measured at the amount expected to be paid, which is usually the invoice amount.
Creditors are classified as current liabilities if they are due within one year. Non-current liabilities are those due after one year.
Page 18
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Dividends received Bank and other interest 4. CHARITABLE ACTIVITIES COSTS |
2024 £ - 2024 £ 19,557,000 4,645,231 24,202,231 |
2023 £ 66,400,000 2023 £ 15,862,000 3,747,982 19,609,982 |
|---|---|---|
| General unrestricted funds 5. GRANTS PAYABLE General unrestricted funds The total grants paid to institutions during Total donation |
Grant funding of activities Direct (see note Costs 5) £ £ 98,890 23,536,632 the year was as follows: |
Support costs (see note 6) £ 9,660 2024 £ 23,536,632 2024 £ 23,536,632 |
Totals £ 23,645,182 2023 £ 22,621,130 2023 £ 22,621,130 |
|---|---|---|---|
Page 19
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
5. GRANTS PAYABLE - continued
| Donations Arts and Culture Arts & Business Cymru Chapter Arts Centre Hay Castle Trust Sherman Theatre Wales Millennium Centre Hay Festival Foundation Ltd Insole Court Trust Theatre Clwyd Children and young people Adoption UK Charity Barnardo's Borth Community Hub Brook Children of the Mekong Community House Eton Road: Community Youth Project Cube Digartref Cyf Displaced People in Action DofE - The Duke of Edinburgh's Award Eagle House Personal Development CIC Family Friends Fishguard and Goodwick Young Persons Trust (POINT) Home-Start Cymru for Families Home-Start Wrexham KidsBank KPC Youth & Community Media Academy Cymru Milford Youth Matters NSPCC Plan International UK Prison Advice and Care Trust Senghenydd Youth Drop in Centre Shared Lives Plus SNAP Specialist Playgroup Sported Foundation St David’s Children Society St David's Diocesan Council for Social Responsibility: Plant Dewi St Giles Trust Stormbreak Swansea YMCA Tros Gynnal Plant Vibe Youth Wrexham Youth and Play Partnership YMCA Swansea Youth Shedz Limited |
2024 70,000 30,000 - 40,170 75,000 123,000 25,000 250,000 613,170 - 220,000 20,655 179,723 30,000 20,012 35,000 50,004 35,132 30,000 37,500 23,329 - 190,050 27,852 24,103 27,547 40,000 35,000 700,000 651,440 31,608 38,683 - 30,352 50,000 27,400 23,007 - 24,000 - 50,000 30,000 - 25,180 - 2,735,611 |
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 |
|---|---|---|
Page 20
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
5. GRANTS PAYABLE - continued Community development and participation
|Afan Community Fitness Suite
Boomerang Cardiff
Bridgend Carers Centre
British Red Cross
Bulldog Boxing and Community Activities
Carmarthenshire Citizens Advice
Community Foundation Wales
Community Volunteers Wales
Critical Engagement CIC
Cymer Afan Community Library
Dean Farm Trust
Foothold Cymru
Glamorgan Voluntary Services (GVS)
Grange Pavilion
Green Squirrel CIC
INFORM Cwm Taf Morgannwg
Llanelli Railway Goods Shed Trust
Melin Community Trust
Nantyffyllon Miners Institute
National Churches Trust
Newport Yemeni Community
NoFit State Circus
Rassau Resource Community Centre CIC
Rhayader & District Community Support/ Rhayader Community
Nursery
STEER - The Enterprise Academy
The Aloud Charity
The Anne Matthews Trust
The Bedwas, Machen, Michaelston-y-Fedw and Rudry Parish Trust
The Community Impact Initiative CIC
The CoStar Partnership
The Fern Partnership
The Rhondda Netball Foundation
Welsh Dance Theatre Trust T/A Rubicon Dance
Y Bartneriaeth Awyr Agored | The Outdoor Partnership
Education, training and employment
A Million Stars, Inc dba College Bound
Cadoxton Primary School
Career Ready
Clybiau Plant Cymru Kids' Club
Cymunedau'n Ymlaen Mon Communities Forward
Early Years Wales
Engineering Education Scheme Wales Limited
ETHS Foundation
GISDA Cyf
INSEAD
Mary's Meals
Mudiad Meithrin Cyf
National Literacy Trust
NDNA National Nurseries Association
Pembrokeshire Frame
People & Work Unit
Potential to Suceed CIC
PRIME Cymru|-
-
49,333
100,666
50,000
43,529
300,000
-
25,000
25,000
-
32,702
35,255
-
39,000
-
20,928
-
20,135
120,000
-
80,000
25,062
32,056
33,597
35,000
-
70,000
35,000
-
-
30,250
-
44,649
1,247,162
80,567
-
-
79,690
112,000
25,060
30,000
200,821
72,602
219,623
1,400,000
-
78,569
59,820
-
35,000
-
500,000|20,406
30,000
46,319
-
30,000
-
50,000
40,000
-
-
20,714
-
-
32,860
-
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|
|---|---|---|
Page 21
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
5. GRANTS PAYABLE - continued
| Prisoners' Education Trust Professional Association for Childcare and Early Years (PACEY Cymru) Purple Shoots RESOLVEit Royal Welsh College of Music & Drama (RWCMD) Techniquest The Poppy Factory (The Royal British Legion Poppy Factory Limited) The Prince's Trust The Royal British Legion Poppy Factory University of Michigan UWC Atlantic College Wildstar TV Working Options in Education Environment and conservation Action for Conservation BBC Studios Centre for Alternative Technology Dant Y Llew CIC Down to Zero Earth Restoration Allicance dba Global Choices Eco Brixs UK Global Choices Global Feedback Limited Greenpeace UK International Animal Rescue Marine Conservation Society Mount Elgon Foundation Oceana Plantlife International Repair & Share CIO Soil Exchange Association Surfers Against Sewage The Open University (Floodplain Meadows) The Orchard Project The Woodland Trust Wales Ape & Monkey Sanctuary Ltd WWF-UK Zoological Society of London (Project SIARC) Health - relief and support of illness/sickness AP Cymru - The Autism Charity Aspire AVOW (Association of Voluntary Organisations in Wrexham) Beat (Eating Disorders Assocition) Brecon and District Mind British Heart Foundation Brynawel House Alcohol And Drug Rehabilitation Centre Ltd Cardiff University (Moondance Dementia Research Laboratory) Cerebra Cerebral Palsy Cymru (formally Bobath) |
- 58,850 200,000 231,683 75,000 150,000 49,009 - - 91,715 259,500 240,000 90,000 4,339,508 45,000 - 100,000 26,156 - - - 138,340 25,700 500,000 150,000 129,085 30,000 250,000 50,000 46,860 166,000 100,000 - - 75,000 - 591,896 49,809 2,473,846 - 35,996 - - 39,300 100,000 21,127 1,299,934 - 201,048 |
35,690 60,000 - 255,000 - - - 25,000 47,774 98,663 270,000 - - 2,761,039 65,000 (34,037) 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 |
|---|---|---|
Page 22
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
| 5. GRANTS PAYABLE - continued Changing Faces City Hospice Conwy Mind Cruse Bereavement Support Cymru Dementia UK Disability Wales / Anabledd Cymru Elton John Aids Foundation Friends of Pedal Power Project Ltd (t/a Pedal Power) Get the Boys a Lift CIC Hope House Children's Hospices - Ty Gobaith Hospice of the Valleys Inspiring Hope (Inspire Merthyr) LATCH Welsh Children's Cancer Charity Macmillan Cancer Care Maggie's Centre Make a Wish Foundation UK Mid & North Powys Mind Mind Cwm Taf Morgannwg Mind in Gwent Mind Monmouthshire Moondance Cancer Initiative Neath Port Talbot Mind Pembrokeshire Young Onset Dementia Platform Powys Carers Servicee Rowan Tree Cancer Care Royal Osteoporosis Society Samaritans Cymru Sign School St David's Hospice Care (N Wales) St John Ambulance Cymru Starlight Children's Foundation Steps2Recovery Swansea Carers Centre Teenage Cancer Trust Tenovous The Behaviour Support Hub The Brain Tumour Charity The END Fund The Fatham Trust The Hydration Foundation cic Tir Dewi Ty Elis Ty Hafan Ty Hapus Velindre Cancer Care/Velindre University NHS Trust Older people Action for Elders Age Connects Neath Port Talbot Age Connects Torfaen Age Cymru Dyfed Age Cymru Powys Age Cymru West Glamorgan Goldies Cymru |
- 115,581 46,943 - 24,000 30,000 50,000 - - 50,000 39,100 25,000 44,789 200,000 68,000 - - 45,772 55,977 - 925,000 - - 38,796 - 50,000 34,000 - - 100,000 50,000 - 40,000 37,188 50,000 190,000 - 25,000 796,616 - 25,000 - 26,550 30,000 100,000 832,100 5,842,818 54,738 25,000 36,969 87,860 43,018 - 50,000 |
34,667 - - 40,000 - - 50,000 24,935 28,530 - - - - 200,000 - 91,762 77,126 - - 33,000 2,500,000 28,594 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 7,287,931 - - - - 38,664 26,700 50,000 |
|---|---|---|
Page 23
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
5. GRANTS PAYABLE - continued
| Re-engage Royal Voluntary Service UK Men's Sheds Association Prevention and relief of poverty Armed Forces Bikers Veteran Charity Baobab Bach CIC Bwyd Da Mon CIC Can Cook Canolfan Pentre CIO Carmarthenshire Citizens Advice Citizens Advice Cymru Citizens Advice Merthyr Tydfil Cornerstone Opportunities CIC Cyngor Ar Bopeth Cylch Conwy District Citizens Advice Bureau Duffryn Community Link Faith in Families Food Redistribution Wales Ltd T/A FareShare Cymru FoodCycle Foothold Cymru Glamorgan Voluntary Service Huggard King's Church: Jesus Cares Project Krishna Cymru Matthew's House NW Nappy Collaborative CIC Oasis Cardiff Save the Children Shelter Cymru Splott Community Volunteers St Gwladys Church Hall St Thomas Church Swansea StepChange Debt Charity Swansea Art Music Digital The Big Issue The Bridge Mentoring Plus Scheme The CoStar Partnership The Cranfield Trust The Gathering Place The INSP Foundation (International Network of Street Papers) The Trussell Trust TRAC2 The Really Amazing Charity Wales Council for Voluntary Action (Energy Efficiency Fund) Wallich Clifford Community Y Dref Werdd YaB Group Ltd Safety (including, but not limited to domestic violence, sexual abuse, modern salvery) Asylum Justice Calan Domestic Violence Services Cardiff Women's Aid |
- - 37,803 409,154 - 51,392 21,053 60,000 25,000 - 372,892 24,792 27,000 39,879 - 93,991 100,000 30,000 - - 280,000 - - 22,291 - 56,519 - 50,000 30,000 - - - - 94,885 - 30,000 30,209 - 50,000 600,000 45,000 - 504,581 28,000 - 2,667,484 - 97,849 - |
30,000 62,360 - 207,724 30,000 50,940 - 60,000 - 34,126 517,750 28,597 - - 22,000 - 121,050 - 32,702 40,706 280,000 90,000 21,380 - 24,000 75,000 284,273 50,000 - 13,000 24,868 120,436 32,787 - 34,272 - 20,450 28,000 50,000 550,000 - 300,000 488,217 - 40,000 3,464,554 35,000 28,561 68,210 |
|---|---|---|
Page 24
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
5. GRANTS PAYABLE - continued
| Carmarthen Domestic Abuse Services Ltd. Cyfannol Women's Aid Dogs Trust Domestic Abuse Safety Unit North Wales (DASU) Inside Out Support Wales Montgomeryshire Family Crisis Centre New Pathways Phoenix Domestic Abuse Services Physical Empowerment CIC RASASC, North Wales RCT Domestic Abuse Services Safer Merthyr Tydfil Safer Wales Stepping Stones North Wales Swansea Women's Aid The Freedom Fund US Threshold DAS Thrive Women's Aid Welsh Refugee Council Welsh Women's Aid Other Credu Supporting Young and Adult Carers Powys Carers Service) Settled The Birth Partner Project Volunteering Matters Less than £20,000 each TOTAL DONATION |
- 38,295 55,870 56,773 25,000 57,536 - 48,855 25,800 - 25,000 24,793 150,000 54,814 - 1,000,000 - 30,000 25,000 - 1,715,585 |
47,205 26,845 53,000 56,773 - - 90,426 67,138 - 22,000 25,000 24,517 150,000 - 33,377 1,000,000 94,188 42,546 - 30,204 1,894,990 - 15,250 - - 15,250 1,889,252 22,621,130 |
|---|---|---|
| 30,385 20,280 30,000 25,925 106,590 |
||
| 1,384,705 | ||
| 23,535,632 |
Page 25
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
6. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Support | |
| costs | |
| £ | |
| General unrestricted funds | 9,660 |
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 9,660 | 8,220 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2024 nor for the year ended 30 November 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2024 nor for the year ended 30 November 2023.
9. KEY MANAGEMENT PERSONNEL
| Wages and salaries Social security costs |
2024 £ 84,095 3,923 88,018 |
2023 £ 79,419 3,134 82,553 |
|---|---|---|
The average monthly number of employees during the year was as follows:
| Employee | 2024 1 |
2023 1 |
|---|---|---|
| The number of employees whose employee benefits (excluding employer £60,000 was: £80,001 - £90,000 |
pension costs) 2024 1 |
exceeded 2023 1 |
|---|---|---|
The total amount paid to key management personnel for their services to the charity during the year totalled £88,018 (2023: £82,553).
Page 26
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities General unrestricted funds Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 66,400,000 19,609,982 86,009,982 22,730,136 103,986,514 167,266,360 371,988,013 539,254,373 |
|---|---|
11. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 December 2023 Revaluations At 30 November 2024 NET BOOK VALUE At 30 November 2024 At 30 November 2023 |
Listed Cash in investments portfolio £ £ 429,777,000 1,893,579 (22,260,000) 1,223,253 407,517,000 3,116,832 407,517,000 3,116,832 429,777,000 1,893,579 |
Totals £ 431,670,579 (21,036,747) 410,633,832 410,633,832 431,670,579 |
|---|---|---|
There were no investment assets outside the UK.
A significant proportion of the portfolio held consists of 15,900,000 shares (2023: 15,900,000) in Admiral Group PLC, donated to the charity at a value of £303,867,688 (2023: £303,867,688). This equates to approximately 5.19% (2023: 5.19%) of the issued shares of Admiral Group plc. 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.
Page 27
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
12. CURRENT ASSET INVESTMENTS
| Listed investments 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 14. MOVEMENT IN FUNDS At 1.12.23 £ Unrestricted funds General fund 539,254,373 TOTAL FUNDS 539,254,373 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 24,202,231 (23,645,182) TOTAL FUNDS 24,202,231 (23,645,182) Comparatives for movement in funds At 1.12.22 £ Unrestricted funds General fund 371,988,013 TOTAL FUNDS 371,988,013 |
2024 £ 106,234,545 2024 £ 151,856 Net movement in funds £ (21,089,009) (21,089,009) Gains and losses £ (21,646,058) (21,646,058) Net movement in funds £ 167,266,360 167,266,360 |
2023 £ 105,353,047 2023 £ 10,641 At 30.11.24 £ 518,165,364 518,165,364 Movement in funds £ (21,089,009) (21,089,009) At 30.11.23 £ 539,254,373 539,254,373 |
|---|---|---|
Page 28
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2024
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 86,009,982 86,009,982 |
Resources expended £ (22,730,136) (22,730,136) |
Gains and losses £ 103,986,514 103,986,514 |
Movement in funds £ 167,266,360 167,266,360 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.12.22 £ 371,988,013 371,988,013 |
Net movement in funds £ 146,177,351 146,177,351 |
At 30.11.24 £ 518,165,364 518,165,364 |
|---|---|---|---|
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 £ 110,212,213 110,212,213 |
Resources expended £ (46,375,318) (46,375,318) |
Gains and losses £ 82,340,456 82,340,456 |
Movement in funds £ 146,177,351 146,177,351 |
|---|---|---|---|---|
15. RELATED PARTY DISCLOSURES
The charity holds 15,900,000 shares (2023: 15,900,000) in Admiral Group plc. Henry Engelhardt, a trustee of Moondance Foundation, held the position of Chief Executive of Admiral Group plc until May 2016. He continues to work for them in an advisory capacity.
During the year, the Charity donated £231,683 (2023: £255,000) to RESOLVE it, a Community Interest Company where Diane Briere de I'Isle-Engelhardt holds the position of Director.
During the year, the charity donated £70,000 (2023: £55,000) to Arts & Business Cymru, where Louisa Scadden holds the position of trustee.
Moondance Cancer Initiative has common directors. The charity donated £925,000 (2023: £2,500,000) during the year to the company.
Page 29
MOONDANCE FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2024
| 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 Support costs Support costs Auditors' remuneration Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Foreign exchange variances Net (expenditure)/income |
2024 £ - 19,557,000 4,645,231 24,202,231 24,202,231 84,095 3,923 10,872 23,536,632 23,635,522 9,660 23,645,182 557,049 (21,852,407) 206,349 (21,089,009) |
2023 £ 66,400,000 15,862,000 3,747,982 19,609,982 86,009,982 79,419 3,134 18,233 22,621,130 22,721,916 8,220 22,730,136 63,279,846 104,504,939 (518,425) 167,266,360 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 30