**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
Page 1
**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%
**----- End of picture text -----**
Page 2
**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
Page 3
**----- 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.
Page 4
## **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.
Page 5
**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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- 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.
Page 6
## 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:
- 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
|
Page 7
**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).
- In our opinion the financial statements:
- 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;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- 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:
- 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
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 8
## **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:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- 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.
Page 9
**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:
- enquiring of management and those charged with governance, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud;
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
- discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud;
- 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:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
- 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;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
- 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.
Page 10
## **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
|
## 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
|
|
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