REGISTERED COMPANY NUMBER: 07442773 (England and Wales) REGISTERED CHARITY NUMBER: 1139224
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
FOR
MOONDANCE FOUNDATION
Bevan Buckland Audit Ltd (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 2025
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 6 |
| Report of the Independent Auditors | 7 to 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 15 to 30 |
| Detailed Statement of Financial Activities | 31 |
MOONDANCE FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 NOVEMBER 2025
TRUSTEES
TRUSTEES D Briere de I'Isle-Engelhardt H Engelhardt L Scadden D Engelhardt A Engelhardt S Briere de I'Isle-Engelhardt T Briere de I'Isle-Engelhardt REGISTERED OFFICE C/o Bevan Buckland Llp Suite 4 Britannia Penny Lane Cowbridge Vale of Glamorgan CF71 7EG
REGISTERED COMPANY NUMBER
07442773 (England and Wales)
REGISTERED CHARITY 1139224 NUMBER
AUDITORS Bevan Buckland Audit Ltd (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 20-23 Graville Street London EC1N 8SS
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MOONDANCE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2025
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 2025. 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
Moondance Foundation strives to help create a world where people in Wales and beyond can live with dignity, flourish in supportive and inclusive communities, and benefit from a healthier planet protected for future generations. Our mission is to prevent or alleviate poverty, improve the well-being of vulnerable people, strengthen communities, broaden access to education, champion the arts, enhance health outcomes, and safeguard the global environment for generations to come.
Throughout the year, Moondance has continued to take a flexible and responsive approach to grant making. We prioritise organisations that demonstrate transformational impact within their communities in Wales and beyond, enabling them to deliver meaningful and lasting change.
Moondance allocates funds for general charitable purposes, using its investment income to support a broad range of initiatives that benefit the public and advance its mission. This approach ensures that resources are directed where they can make the greatest difference.
The trustees confirm that they have considered the Charity Commission’s general guidance on public benefit when reviewing Moondance’s aims and objectives, planning future activities, and setting the grant making policy for the year. This ensures that all our work continues to deliver clear and measurable benefits to the public.
Further information on how to apply for support from the Moondance Foundation is available at www.moondancefoundation.org.uk.
STRATEGIC REPORT
Financial position
Details of the financial performance are set out in the Statement of Financial Activities on page 11.
The charity relies on the income from its investments, and the income in unrestricted funds from these investments for the year is £41,528,629 (2024: £24,202,231). In 2025, Diane Briere de l'Isle Engelhardt transferred 830,000 shares of Admiral Group Plc to the Moondance Foundation (2024: 0).
Charitable donations made by the trustees in the year were £30,650,438 (2024: £23.535.632) under a wide range of the charity's objectives. Moondance made 356 donations (2024: 366).
Moondance continues to focus its support in Wales, with 77% of donations benefiting Wales in 2025 (2024: 70%).
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MOONDANCE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2025
STRATEGIC REPORT
Financial position
In 2025, Moondance made significant donations of over £500,000 to a number of organisations, including Mary's Meals, the Cardiff University Moondance Dementia Laboratory, The Freedom Fund, The END Fund, NSPCC, Plan International, The Wallich, Greenpeace UK, Prime Cymru, Trussell, the Cardiff University UK Dementia Research Institute, and Citizens Advice South East Wales. A full breakdown of donations made during the year is provided on pages 19-25.
During the year, Moondance also relaunched the Big Donation for the first time since 2019, following the Covid 19 pandemic. The 2025 Big Donation focused specifically on improving educational outcomes in Wales, inviting expressions of interest across three priority areas: early years (under 5s), fostering resilience and confidence in young people to inspire and prepare them for their best life, and STEAM (science, technology, engineering, arts, and mathematics). More than 100 expressions of interest were received, and 12 organisations were invited to submit full applications. Four organisations were ultimately selected for support: Keep Wales Tidy, Money Ready (formerly MyBnk), Techniquest, and Xplore! North Wales Science Centre. Additional funding was also awarded to Barnardo's, NoFit State Circus, Ty Hafan, and Working Options.
Moondance continues to monitor applications received and donations made through the grant management system. In 2025, Moondance received 887 applications with a total value of over £76.8 million (2024: 704 applications totalling £43.1m).
The system also allows analysis of the sectors supported by both the value of donations (£) and the number of donations (#), detailed below:
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MOONDANCE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2025
STRATEGIC REPORT
Financial review
The median donation made by Moondance in 2025 was £30,000 (2024: £25,000).
Investment policy and objectives
The trustees consider and regularly review their investment strategy to maximise income with consideration to risk. There are no restrictions on the investment powers of the trustees. Conditions within the financial markets are assessed how the funds will be invested. Currently the trustees consider that maintaining their portfolio of low-risk equity investments and the investment of funds in interest-bearing accounts provides a favourable mix to meet their investment strategy.
When the trustees agree to diversify their investments, due consideration will be given to a responsible investment policy to reflect social, environmental or ethical issues alongside risk
Reserves policy
The charity's target free reserves equate to £50,000,000 (2024: £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) was £119,614,999 on 30 November 2025 (2024: £107,683,388). The trustees have decided to retain and treat the investment balance as capital to provide sufficient annual income to maintain the current level of charitable activity.
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MOONDANCE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2025
In addition, £20,810,951 (2024: £21,794,650) is ring-fenced within the Current Assets (Investments) for the Moondance Cancer Initiative.
The trustees believe the available free reserves are sufficient to meet the charity's aims. This is reviewed annually and considered in light of prevailing circumstances. The trustees aim to distribute the income generated during the year as grants to charities and other worthwhile causes that meet one or more of Moondance's objectives, as stated under the principal activities above, in addition to building free reserves.
Donations policy
Moondance's website and online application process continue to operate effectively. Online applications are reviewed by the trustees and staff, who also proactively explore causes of interest throughout the year. The donations strategy is discussed and agreed upon at trustee meetings.
Trustees Diane Briere de l'Isle Engelhardt, Henry Engelhardt and Louisa Scadden have the authority to make modest donations at their discretion. In addition, Rebecca Watkins has delegated authority to approve smaller donations. For donations above her authority level, she seeks approval from one or more trustees as appropriate.
Diane Briere de l'Isle Engelhardt also has the authority to make more substantial grants, provided she reports to the trustees either before or after the grant is made setting out the rationale for the award.
Principal risks and uncertainties
The principal risk and uncertainty facing the charity is the performance of its investments, which provide the income required to sustain planned levels of grant making. The trustees review the investment strategy regularly to ensure it continues to meet Moondance's needs.
The trustees have assessed the major risks to which the charity is exposed and have established systems and procedures to manage those risks effectively. In the current market environment, the trustees consider that the existing investment strategy is meeting Moondance's income requirements. They also recognise the risk associated with holding a substantial proportion of investments in a single sector and have taken steps to diversify into other low risk investment areas.
Future plans
The charity will continue to provide grants in line with its Articles of Association and its stated aims and objectives. The trustees intend that the level of investment income generated by the capital portfolio will remain sufficient to support Moondance's planned charitable donations for the foreseeable future.
Looking ahead, the trustees will maintain their strong focus on Wales, recognising the ongoing impact of the cost-of-living crisis on communities and individuals across the country. Their commitment remains firmly centred on supporting the third sector in Wales and contributing to efforts that improve the environment for future generations.
STRUCTURE, GOVERNANCE AND MANAGEMENT
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 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.
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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 2025 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:
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give a true and fair view of the state of the charitable company's affairs as at 30 November 2025 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.
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 2024 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MOONDANCE FOUNDATION
Identifying and assessing potential risks related to irregularities.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
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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.
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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MOONDANCE FOUNDATION
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 Audit Ltd (Statutory Auditors) Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA
Date: 29 April 2026
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MOONDANCE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 NOVEMBER 2025
| 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 |
2025 2024 Unrestricted Total fund funds as restated £ £ 24,833,600 - 41,528,629 24,202,231 66,362,229 24,202,231 30,875,829 23,645,182 100,750,670 (21,646,058) 136,237,070 (21,089,009) 518,165,364 539,254,373 654,402,434518,165,364 |
|---|---|
The notes form part of these financial statements
Page 11
| 2A25 | 2424 | |||
|---|---|---|---|---|
| Unrestricted | Total | |||
| fund | funds | |||
| as restated | ||||
| Notes | f | L | ||
| FIXED ASSETS | ||||
| lnvestments | 1,) | 619,903,077 | 461,A41,425 | |
| CURRENTASSETS | ||||
| Debtors | 13 | 650,000 | ||
| lnvestments Cash at bank |
14 | 31,215,866 2,795,515 |
55,826,952 1,448,843 |
|
| 34,661,38157,275,79s | ||||
| CREDITORS | ||||
| Amounts falling duewithinoneyear | '15 | (62,A2q(151,856) | ||
| NET CURRENTASSETS | 34,499,357 | 57,123,939 | ||
| TOTAL ASSETS LE$S CURRENT | ||||
| LIABILITIES | 654,402,434 | 518,165,364 | ||
| NETASSETS | 654,442,434 | 518,165 ,364 | ||
| FUNDS | to | |||
| Unrestricted funds | 654,442,434 | 519,165,364 | ||
| TOTALFUNDS | 654,442,434 | sJ8,15s,364 |
MOONDANCE FOUNDATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2025
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Purchase of fixed asset investments Transfers from current asset to fixed asset investments Interest received Dividends received Net cash provided by 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 |
2025 £ (4,256,391) (4,256,391) (24,833,600) (34,546,025) 2,045,829 39,482,800 (17,850,996) (22,107,387) 60,392,627 38,285,240 |
2024 as restated £ (22,890,025) (22,890,025) - - 4,645,231 19,557,000 24,202,231 1,312,206 55,826,952 60,392,627 |
|---|---|---|
The notes form part of these financial statements
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MOONDANCE FOUNDATION
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2025
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
2.
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: (Gain)/losses on investments Interest received Dividends received Increase in debtors Increase in creditors Net cash used in operations ANALYSIS OF CHANGES IN NET FUNDS At 1.12.24 £ Net cash Cash at bank 1,448,843 1,448,843 Liquid resources Cash balances held in investment portfolio 3,116,832 Short term deposits and current asset investments 55,826,952 58,943,784 Total 60,392,627 |
2025 £ 136,237,070 (98,325,000) (2,045,829) (39,482,800) (650,000) 10,168 (4,256,391) Cash flow £ 1,346,672 1,346,672 1,157,027 (24,611,086) 23,454,059 (22,107,387) |
2024 as restated £ (21,089,009) 22,260,000 (4,645,231) (19,557,000) - 141,215 (22,890,025) At 30.11.25 £ 2,795,515 2,795,515 4,273,859 31,215,866 35,489,725 38,285,240 |
|---|---|---|
The notes form part of these financial statements
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MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
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.
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MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
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.
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.
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.
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 restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for 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 stated at fair value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The charity holds investments in both shares in public limited companies and government bonds. These are classified between fixed asset investments and current asset investments based on the charity’s intention and the remaining term to maturity at the reporting date.
Shares are held to generate long-term capital growth and/or investment income and are included within fixed asset investments where they are intended to be held for the charity’s long-term purposes.
Government bonds are classified based on their remaining term to maturity at the balance sheet date. Bonds with a maturity of more than one year from the reporting date are included within fixed asset investments. Bonds with a maturity of one year or less are classified as current asset investments.
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.
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MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
1. ACCOUNTING POLICIES - continued
Fixed asset investments
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.
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.
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.
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MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Dividends received Bank and other interest 4. CHARITABLE ACTIVITIES COSTS 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) £ £ 211,487 30,650,438 the year was as follows: |
2025 £ 24,833,600 2025 £ 39,482,800 2,045,829 41,528,629 Support costs (see note 6) £ 13,904 2025 £ 30,650,438 2025 £ 30,650,438 |
2024 as restated £ - 2024 as restated £ 19,557,000 4,645,231 24,202,231 Totals £ 30,875,829 2024 as restated £ 23,536,632 2024 as restated £ 23,536,632 |
|---|---|---|---|
Page 18
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
5. GRANTS PAYABLE - continued
| Donations Arts and Culture Arts & Business Cymru Chapter Arts Centre Community Music Wales Sherman Theatre Wales Millennium Centre Hay Festival Foundation Ltd Insole Court Trust Welsh Dance Theatre Trust Ltd T/A Rubicon Dance Theatre Clwyd Children and young people 1Compass Action for Children Adoption UK Charity Barnardo's Borth Community Hub Boys & Girls Club of Wales Brook Children of the Mekong Community House Eton Road: Community Youth Project Community Urban Sports Project (CUSP) Swansea Cube Digartref Cyf Displaced People in Action DofE - The Duke of Edinburgh's Award Eagle House Personal Development CIC Ethnic Minorities and Youth Support Team (EYST) Wales Family Friends Family Fund Fishguard and Goodwick Young Persons Trust (POINT) Greater Richmond Fit4Kids Home-Start Cymru for Families Home-Start Wrexham Keep Wales Tidy KidsBank KPC Youth & Community Media Academy Cymru Megan's Starr Foundation Milford Youth Matters NSPCC Plan International UK Potential to Succeed CIC Prison Advice and Care Trust Rekindle Senghenydd Youth Drop in Centre SNAP Specialist Playgroup Sported Foundation St David’s Children Society St David's Diocesan Council for Social Responsibility: Plant Dewi Stormbreak CIO Sylfaen Cymunedol Cyf |
2025 70,000 40,000 30,000 40,000 75,000 191,092 - 40,000 - 486,092 29,090 41,615 37,592 314,525 - 30,000 - 60,000 25,000 45,000 45,000 52,928 - - - 35,000 26,832 25,000 31,650 30,000 124,858 23,543 1,062,504 - - 40,000 28,961 - 700,000 1,001,440 32,818 - 26,158 - - 50,000 - - 53,800 - |
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 - - 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 28,034 |
|---|---|---|
Page 19
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
5. GRANTS PAYABLE - continued
| Tai Heulwen The King's Trust The Lord's Taverners The Smallpeice Trust Tros Gynnal Plant Vibe Youth Welsh Sports Foundation YMCA Swansea |
35,000 50,000 21,350 39,175 - - 100,000 - 4,173,839 |
- - - 50,000 30,000 - 25,180 2,735,611 |
|---|---|---|
| Community development and participation | ||
|---|---|---|
| Benthyg Cymru | 40,000 | - |
| Bridgend Carers Centre | - | 49,333 |
| British Red Cross | 20,000 | 100,666 |
| Bulldog Boxing and Community Activities | - | 50,000 |
| Cambrian Village Trust | 36,000 | - |
| Carmarthenshire Citizens Advice | 44,677 | 43,529 |
| Celynen Colleries Institute and Memorial Hall | 36,387 | - |
| Community Foundation Wales | 161,250 | 300,000 |
| Critical Engagement CIC | - | 25,000 |
| Cwmparc Community Association | 30,000 | - |
| Cymer Afan Community Library | - | 25,000 |
| Down to Earth | 427,750 | - |
| Dryslwyn Community Shop Ltd | 50,000 | - |
| Duffryn Community Link | 37,780 | - |
| Foothold Cymru | 51,551 | 32,702 |
| Glamorgan Voluntary Services (GVS) | - | 35,255 |
| Grange Pavilion | 36,150 | - |
| Green Squirrel CIC | - | 39,000 |
| Hay Castle Trust | 41,103 | - |
| Heart of the Community Project - St Catherine's Gorseinon | 60,000 | - |
| Llanelli Railway Goods Shed Trust | - | 20,928 |
| Melin Community Trust | 25,000 | - |
| Mencap Mon | 25,630 | - |
| Nantyffyllon Miners Institute | - | 20,135 |
| National Churches Trust | - | 120,000 |
| NoFit State Circus | 80,000 | 80,000 |
| NSA Afan | 27,593 | - |
| Old School Community Hub CIC | 22,750 | - |
| Rassau Resource Community Centre CIC | - | 25,062 |
| Rhayader & District Community Support/ Rhayader Community | ||
| Nursery | - | 32,056 |
| Rivertown Community Hub | 50,000 | - |
| Rogiet Community Junction | 30,000 | - |
| Spectacle Theatre Ltd | 25,583 | - |
| STEER - The Enterprise Academy | - | 33,597 |
| Street Football Wales | 25,000 | - |
| The Aloud Charity | 35,000 | 35,000 |
| The Anne Matthews Trust | 40,000 | - |
| The Bedwas, Machen, Michaelston-y-Fedw and Rudry Parish Trust | - | 70,000 |
| The Canddo Project CIC | 20,160 | - |
| The Community Impact Initiative CIC | - | 35,000 |
| The Outdoor Partnership | 44,649 | - |
| The Rhondda Netball Foundation | 31,680 | 30,250 |
| Trash Free Trails | 29,006 | - |
| Tylorstown Welfare Hall Limited | 50,000 | - |
Page 20
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
5. GRANTS PAYABLE - continued
|Tywi Gateway Trust
UK Men's Sheds Association (UKMSA)
Y Bartneriaeth Awyr Agored | The Outdoor Partnership
Education, training and employment
A Million Stars, Inc dba College Bound
Balance in Business Limited - INSEAD Alumni Balance in Business
Initiative
Clybiau Plant Cymru Kids' Club
Coram Pacey Cymru
Cymunedau'n Ymlaen Mon Communities Forward
Early Years Wales
Engineering Education Scheme Wales Limited
ETHS Foundation
GISDA Cyf
INSEAD
Mary's Meals
Money Ready
National Literacy Trust
NDNA National Nurseries Association
North Wales Science Centre (Xplore!)
People & Work Unit
PRIME Cymru
Purple Shoots
RESOLVEit
Road to Logistics CIC
Romodels
Royal Welsh College of Music & Drama (RWCMD)
Social Firms Wales
Techniquest
The Poppy Factory (The Royal British Legion Poppy Factory Limited)
University of Michigan
UWC Atlantic College
Wildstar TV
Working Options in Education
Environment and conservation
Action for Conservation
Centre for Alternative Technology
Climate Cymru
Conflict and Environment Observatory
Dant Y Llew CIC
Drosi Bikes CIC
Eco Brixs UK
Fundacion Galo Plaza Lasso
Giraffe Conservation Foundation
Global Choices
Global Feedback Limited
Greenpeace UK
International Animal Rescue
Marine Conservation Society
Mount Elgon Foundation|25,000
49,239
-
1,708,938
77,865
30,000
111,805
118,000
-
48,600
-
-
-
220,757
1,400,000
999,662
78,569
-
1,000,000
-
500,000
150,000
-
49,050
30,000
25,000
34,543
1,078,914
55,000
86,937
359,500
(89,581)
174,800
6,539,421
-
50,000
64,170
30,000
-
25,815
25,000
32,803
50,000
226,600
-
500,000
200,000
-
-|-
-
44,649
1,247,162
80,567
-
79,690
58,850
112,000
25,060
30,000
200,821
72,602
219,623
1,400,000
-
78,569
59,820
-
35,000
500,000
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|
|---|---|---|
Page 21
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
5. GRANTS PAYABLE - continued
| National Zoologocial Society of Wales North Wales Wildlife Trust Oceana Plantlife International Repair & Share CIO RSPB Cymru Soil Exchange Association Surfers Against Sewage The Wildlife Trust of South and West Wales Ltd The Woodland Trust Tir Natur WWF-UK Y Siop Fach Sero Zoological Society of London (Project SIARC) Health - relief and support of illness/sickness Aberystwyth and District Hospice at Home Volunteers (HAHAV) Aspire Beat (formerly Eating Disorders Assocition) Brecon and District Mind British Heart Foundation Brynawel House Alcohol And Drug Rehabilitation Centre Ltd Cancer Aid Merthyr Tydfi Cardiff Institute for the Blind Cardiff University (Moondance Dementia Research Laboratory) Cerebral Palsy Cymru (formally Bobath) City Hospice Conwy Mind Dementia UK Disability Wales / Anabledd Cymru Elton John Aids Foundation Get the Boys a Lift CIC Hope House Children's Hospices - Ty Gobaith Horatio's Garden Hospice of the Valleys Inspiring Hope (Inspire Merthyr) LATCH Welsh Children's Cancer Charity Macmillan Cancer Care Maggie's Centre Mind Cwm Taf Morgannwg Mind in Gwent Moondance Cancer Initiative Neath Port Talbot Mind Nightingale House Hospice Pembrokeshire Care Society Platform Rowan Tree Cancer Care Royal Osteoporosis Society Samaritans Cymru St David's Hospice Conwy St John Ambulance Cymru St Kentigern Hospice Starlight Steps2Recovery Swansea Carers Centre |
60,000 125,000 250,000 - - 99,548 166,000 100,000 118,000 - 100,000 334,699 22,274 - 2,579,909 240,000 35,185 45,627 - 300,000 - 40,700 37,520 1,028,067 50,000 - - - - 350,000 22,265 30,000 30,000 45,000 25,000 - 200,000 50,000 - - 1,930,000 23,675 25,000 40,000 151,580 150,700 - 38,000 50,000 - 75,000 40,940 40,000 39,610 |
- - 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 - - 1,299,934 201,048 115,581 46,943 24,000 30,000 50,000 - 50,000 - 39,100 25,000 44,789 200,000 68,000 45,772 55,977 950,000 - - - 38,796 50,000 34,000 - 100,000 50,000 - - 40,000 37,188 |
|---|---|---|
Page 22
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
5. GRANTS PAYABLE - continued
| Swansea City AFC Foundation Teenage Cancer Trust Tenovous Cancer Care The Brain Tumour Charity The END Fund The Hydration Foundation CIC The Joshua Tree The Royal Osteoporosis Society Ty Elis Ty Hafan Ty Hapus Velindre Cancer Care/Velindre University NHS Trust Wales Council for Deaf People Older people Action for Elders Age Connects Neath Port Talbot Age Connects Torfaen Age Cymru Dyfed Age Cymru Powys Age Cymru West Glamorgan Dewis Choice (Aberystwyth University) Goldies Cymru O Ddrws I Ddrws Re-engage Royal Voluntary Service The Rainbow Foundation UK Men's Sheds Association Prevention and relief of poverty Aber Food Surplus Baobab Bach CIC Bwyd Da Mon CIC CAB Cylch Conwy District Can Cook/Well-Fed Canolfan Pentre CIO Citizen Advice South East Citizens Advice Cymru Citizens Advice Denbighshire Cyngor Ar Bopeth Sir Ddinbych Citizens Advice Flintshire Citizens Advice Merthyr Tydfil Citizens Advice Torfaen Cornerstone Opportunities CIC Cyngor Ar Bopeth Cylch Conwy District Citizens Advice Bureau Emmaus South Wales Faith in Families Food Redistribution Wales Ltd T/A FareShare Cymru FoodCycle Huggard Jesus Cares, King's Church Llamau Llanhilleth Miners Institute Ltd |
42,277 50,000 290,409 - 782,900 - 21,400 40,000 - 100,000 100,000 300,000 28,310 6,889,165 82,000 23,000 - - - 30,000 - 50,000 25,500 35,000 48,194 41,005 - 334,699 88,139 60,000 - 39,879 40,000 - 544,120 - 20,341 45,000 24,792 43,075 - - 25,990 93,780 135,400 30,000 300,000 40,000 127,000 25,000 |
- 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 - 73,766 50,000 - - - - 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 - - - |
|---|---|---|
Page 23
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
5. GRANTS PAYABLE - continued
| Matthew's House National Energy Action (Cymru) NW Nappy Collaborative CIC Oasis Cardiff Shelter Cymru Splott Community Volunteers St Giles Trust StepChange Debt Charity The Big Issue The Bridge Mentoring Plus Scheme The CoStar Partnership The Cranfield Trust The INSP Foundation (International Network of Street Papers) TooGoodToWaste TRAC2 The Really Amazing Charity Trussell Wallich Clifford Community Y Dref Werdd Safety (including, but not limited to domestic violence, sexual abuse, modern salvery) Calan Domestic Violence Services 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 Parental Education Growth Support (PEGS) Phoenix Domestic Abuse Services Physical Empowerment CIC RASASC, North Wales RCT Domestic Abuse Services Safer Merthyr Tydfil Safer Wales Stepping Stones North Wales The Freedom Fund US Thrive Women's Aid Vale Domestic Abuse Service Welsh Refugee Council |
- 90,369 25,000 58,034 - - 35,000 450,500 101,800 26,825 - - - 48,623 45,000 500,000 491,072 - 3,509,739 - 35,000 - 69,179 33,932 - 30,657 199,670 20,672 50,988 38,700 50,000 25,000 - 150,000 60,000 1,000,000 - 37,403 132,484 1,933,685 |
22,291 - - 56,519 50,000 30,000 - - 94,885 - 30,000 30,209 50,000 - - 600,000 504,581 28,000 2,667,484 97,849 - 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 |
|---|---|---|
Page 24
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
5. GRANTS PAYABLE - continued
| Other Cardiff University - Moondance Research Stars Credu Supporting Young and Adult Carers Powys Carers Service) Cruse Bereavement Support Settled Stet News Inc The Birth Partner Project Volunteering Matters Less than £20,000 each TOTAL DONATION |
1,025,000 - 39,987 - 31,182 - - 1,096,169 1,398,782 30,650,438 |
- 30,385 - 20,280 - 30,000 25,925 106,590 1,385,705 23,536,632 |
|---|---|---|
6. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Support | |
| costs | |
| £ | |
| General unrestricted funds | 13,904 |
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2025 | 2024 | |
|---|---|---|
| as restated | ||
| £ | £ | |
| Auditors' remuneration | 10,050 | 9,660 |
| Professional fees | 3,854 | - |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 November 2025 nor for the year ended 30 November 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 November 2025 nor for the year ended 30 November 2024.
Page 25
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
9. KEY MANAGEMENT PERSONNEL
| KEY MANAGEMENT PERSONNEL | ||
|---|---|---|
| 2025 | 2024 | |
| as restated | ||
| £ | £ | |
| Wages and salaries | 94,894 | 84,095 |
| Social security costs | 3,004 | 3,923 |
| 97,898 | 88,018 | |
| The average monthly number of employees during the year was as follows: | ||
| 2025 | 2024 | |
| as restated | ||
| Employee | 1 | 1 |
| The number of employees whose employee benefits (excluding employer | pension costs) exceeded | |
| £60,000 was: | ||
| 2025 | 2024 | |
| as restated | ||
| £80,001 - £90,000 | - | 1 |
| £90,001 - £100,000 | 1 | - |
| 1 | 1 | |
| The total amount paid to key management personnel for their services to the charity during the year | ||
| totalled £97,898 (2024: £88,018). |
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Charitable activities General unrestricted funds Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted fund as restated £ 24,202,231 23,645,182 (21,646,058) (21,089,009) 539,254,373 |
|---|---|
Page 26
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD | Unrestricted fund as restated £ 518,165,364 |
|---|---|
11. PRIOR YEAR ADJUSTMENT
During the year ended 30 November 2024 certain investments held had been incorrectly classified as current asset investments. These investments were intended to be held on a longer-term basis and should have been presented as fixed asset investments in accordance with the charity’s accounting policies and the requirements of the Charities SORP (FRS 102).
This error has been corrected by reclassifying the relevant investments in the comparative figures. The adjustment has no impact on the charity’s total net assets or net incoming resources for the year.
12. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 December 2024 Additions Revaluations Reclassification/transfer At 30 November 2025 NET BOOK VALUE At 30 November 2025 At 30 November 2024 |
Listed Cash in investments portfolio £ £ 457,924,593 3,116,832 24,833,600 - 98,325,000 1,157,027 34,546,025 - 615,629,218 4,273,859 615,629,218 4,273,859 457,924,593 3,116,832 |
Totals £ 461,041,425 24,833,600 99,482,027 34,546,025 619,903,077 619,903,077 461,041,425 |
|---|---|---|
There were no investment assets outside the UK.
A significant proportion of the portfolio held consists of 16,730,000 shares (2024: 15,900,000) in Admiral Group PLC, donated to the charity at a value of £328,701,288 (2023: £303,867,688). This equates to approximately 5.52% (2024: 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.
Transfers
The charity holds investments in government bonds. Where these bonds have a remaining maturity of more than one year from the reporting date, they are classified as fixed asset investments. Bonds with a maturity of one year or less are classified as current asset investments.
Transfers between current and fixed asset investments during the year reflect the passage of time and changes in the remaining maturity of these bonds rather than acquisitions or disposals.
Page 27
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
| 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 14. CURRENT ASSET INVESTMENTS Listed investments 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 16. MOVEMENT IN FUNDS At 1.12.24 £ Unrestricted funds General fund 518,165,364 TOTAL FUNDS 518,165,364 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 66,362,229 (30,875,829) TOTAL FUNDS 66,362,229 (30,875,829) |
2025 £ 650,000 2025 £ 31,215,866 2025 £ 162,024 Net movement in funds £ 136,237,070 136,237,070 Gains and losses £ 100,750,670 100,750,670 |
2024 as restated £ - 2024 as restated £ 55,826,952 2024 as restated £ 151,856 At 30.11.25 £ 654,402,434 654,402,434 Movement in funds £ 136,237,070 136,237,070 |
|---|---|---|
Page 28
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.12.23 £ 539,254,373 539,254,373 |
Net movement in funds £ (21,089,009) (21,089,009) |
At 30.11.24 £ 518,165,364 518,165,364 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 24,202,231 24,202,231 |
Resources expended £ (23,645,182) (23,645,182) |
Gains and losses £ (21,646,058) (21,646,058) |
Movement in funds £ (21,089,009) (21,089,009) |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.12.23 £ 539,254,373 539,254,373 |
Net movement in funds £ 115,148,061 115,148,061 |
At 30.11.25 £ 654,402,434 654,402,434 |
|---|---|---|---|
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 £ 90,564,460 90,564,460 |
Resources expended £ (54,521,011) (54,521,011) |
Gains and losses £ 79,104,612 79,104,612 |
Movement in funds £ 115,148,061 115,148,061 |
|---|---|---|---|---|
Page 29
continued...
MOONDANCE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025
17. RELATED PARTY DISCLOSURES
The charity holds 16,730,000 shares (2024: 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, Diane Briere de I'sle Engelhardt donated 830,000 shares in Admiral Group Plc at a value of £24,833,600.
During the year, the Charity donated £8,400 (2024: £231,683) to RESOLVE it, a Community Interest Company where Diane Briere de I'Isle-Engelhardt, Lousia Scadden and Rebecca Watkins hold the position of Director.
During the year, the charity donated £70,000 (2024: £70,000) to Arts & Business Cymru, where Louisa Scadden holds the position of trustee.
Moondance Cancer Initiative has common directors. The charity donated £1,930,000 (2024: £925,000) during the year to the company.
Page 30
MOONDANCE FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2025
| 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 Brokerage fee Donations paid Support costs Support costs Auditors' remuneration Legal fees Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Realised gains/(losses) on programme related investments Net income/(expenditure) |
2025 £ 24,833,600 39,482,800 2,045,829 41,528,629 66,362,229 94,894 3,004 6,101 107,488 30,650,438 30,861,925 10,050 3,854 13,904 30,875,829 35,486,400 98,325,000 2,425,670 136,237,070 |
2024 as restated £ - 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 - 9,660 23,645,182 557,049 (21,852,407) 206,349 (21,089,009) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 31