Registered number: 07662565 Charlty numbor. 1142788 KHOO TECK PUAT UK FOUNDATION (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 KHOO TECK PUAT UK FOUNDATION IA company limited by guaranteel CONTENTS Pag8 Reference and *dministsatlv• detalls of the charlty. Its In￿￿•$ and advlsers Trustees. report T￿￿tee8. ￿ponsIbIlItI0$ $tat8m•nt Indepenthnt audltorfs rnport on 1ho financial ststements 7-10 Statsm•nt of flnanclal activSti•s 11 Batsn¢• $hwt 12 ststom•nt of Cash flows 13 Notss to th• financial state￿￿￿ts 14-26 KHOO TECK PUAT UK FOUNDATION IA ¢ompany limited by guaTrnteel REFERENCE AMD ADAIINISTRATIVE DEfAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDEO 30 JUNE 2023 Trust••$ Ma74is Khoo Elvzabeth Khoo Enc Khoo lQ"m Hai Company r•gFst•rnd number 07￿565 Charlty rnglst•r•d number 1142788 Regist•rgd office The Scalpel 18th Floor 52 Lime Street London EC3M 7AF Company wretsry JTC (UK) LimTted Independent auditor BfKk Rothenberg ALtdit LLP Chartered A¢counlants Ststutory Audr(or 16 Great Queen Street Covenl Garden London WC28 SAH Page I KHOO TECK PUAT UK FOUNDATIOM IA company limited by guarants•l TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2023 Thè trustees present their annual ￿port loyelhe¥ wth the audited finanual statements of the charty for the year 1 Juty 2022 10 30 June 2023. The annual report seryes the Pu￿)9•S of bolh a trustees. report and a director5. report under company law. The trustees confim that Ihe annual report and financial statemen(s of the charitable company comply with thè current Ststulory requirer¥wts. the requirements of the charitable companls goveming document and the pwsions of the Statement of Recommènded Pra¢ti¢e ISORPI applicable lo Charthes preparing their accounts in accordance wrth the Financial Rèwting Stsndard applicable in the UK and Republic of Ireland IFRS1021 leffective 1 January 2019). Since the charity qualffies as small under section 382 oflhe Companies Act 2Cth, the strategic report required of medium and large cornpantes under the Companies Acl 2(M]6 {Stratag￿ Rèport and D1￿CtorS, Reporti Regulation5 2013 has teen omitted. Objectives and activities a. Policies and obiectives The charl￿S obj'ectives are." - the advancement oflhe edwtion ofthe publ - the relief of sickness and the preservakn and advarttment of healthca￿ and meilical ￿$￿arth. In seth.ng objectives and plannirvJ for actmtses. the trustees have gNen due ¢onsKJeralM)n lo general guidance published by the Charrty Commiss*)n Tel￿tr￿j to benefft. induding the guidance 'Putlic benefit.. rlbnning charity IP82)'. b. Grnnt4Nking pollel•s The foundation will make grants to other wislered charibes to 5UPWt projects Ihat further the foundation's objectives and therè has been no thange in Ihis pcAicy during the persod. The I￿Stee$ have paid due rega￿ lo guidance on ptsb1￿ benefit issued by the Charity Comrnis5ion in deading what aclivities the foundation should undertakè_ The trustee5 consider that any reader would be satisfied the tions ofthe foundab.on work ttswards its obpctsves. ¢. Maln a¢tJvltle¥ undertaken to lurtherthe charitys purposes for th• publ1¢ b•n•fft During the current peiiod, the loundalion has detived rental inD)me from its irwme generab"roJ assets. the Irive51rnent properties. One property was purchased in 2011 using an ￿n￿striCted donation from Khoo Ted( Puat Foundation. The lunds genèrated through rèntsl ino)me from this property are iherefore uniestricted. In 2016. following receipt of a £80.rxo.i)Xl h)an. Ihe foundatM)n acqui￿ a sec(N)d investment property lo be Used as an income generating un¢t. The loan was from the Eslale of Khoo Teck Puat. The funds generated through rental income from thbs pfoperty ale also Unrest￿ted. Page 2 KHOO TECK PUAT UK FOUNDATION IA company Ilmfttd by guannt••l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Achl¢v•ments and ￿rfo￿l￿￿e a. Review of activities Subs8quent lo the approval of the finawal statements for the year erHled 30 June 2022. the trustees identified a number of errors in relation lo the (zkyAalb￿ of deferred incorne. the cost of lèase ineentNes offe￿d and the double-counting of a tenant deposié. A$ a result, the impa¢t on the resutts for the ypar ended 30 ￿ne 2022 is lo redu￿ fijnds brought forward at 30 June 2021 by £395.129. The impact on the prior yeaf finawal ￿$￿￿ for the year ended 30 June 2022 was to increase ￿ntaI income by £52.062 and reduce othef debt0￿ by the same amount. lor the cost of lease incentivès offered. The adju$lmenl lo the tenant deposit creditor has the effect of reduang expenditure by £247,847 and ￿duce <¥edilors by the same amount. The effed of the adjusbments to defened income. due to miscalculations is lo reducE deferred incomè by £372.257 and in(*ease rentsl income by the same arnounl. In 2016 the Foundation receNed a klan of £60 million from The Trustees of the Estate of Tan Sri Khoo Teck Puat to Pufchase a property which is interest frée. The kjan temis were extended during June 2021, wth the loan being ¢Ji$￿U￿1ed frorn this date over the lo the repayment date. An adjuslment has been madè to take account of the unwnding of the discount in prewous years. The effect is to reftect a movement belween the capital contribution reserve and Ihe ger￿131 reseNe of £174,694 fw Ihe year ended 30 June 2021 and £1.810,261 for the year ended 30 June 2022. Overall from these adjustments. the foundat¥)n's totat fuThJs carried fO￿ard as at 30 June 2022, has ine￿ased by £277,038 to £91,400,430. The foundatk)n has expended some resources on the maintenance and njnning of the investment properties and these are categonsed as fvndTrising oists. teing the o)sts of receiving the income from the pioperties. Thwe has also been expendr(ure on the management of the foundation which are categorised as goveman¢e ¢osls. The fouThJation has made a grant ¢ommitmenl in the ￿1r1ent year. There was no grant expenditure in the prior year. The l(hoo Teck Puat UK FouThJation has commitled £1.905 mIl￿n to ¢xeate a brand-new Young People's Rapid Assessmènt Unit at Chdsea and Westminster Ho$￿ts1. The brand-new Khoo Teck Puat UK Foundation Rapid Assessment Unrt wll be the UKS firsl 72-hour assessment space for young people in mental hearth cri5i$. Thg unit wll form part of the state-of-the-art Reuben Young Peoplè's Centr&. which will be staffed by a mukidisciplinary team and will integrate medical care with mental heatth care to quickty and searnlessly assess, transfer, and treat ywng people requiring help. Induded in the grant is a contribution of £405,000 to support a thre￿year programme of Arts in Heatth actmtses and therapeutic inteThent*)n$. as well a$ digrtal interventions 10 provide the best possible support and en¥ironment lor young people. The grant disbursements sthedule is as f¢)II¢Ms'. PaYn￿￿t Amount £1,000,0 Dats: Imonlh and Y￿rI De¢emter 2022 (paid during the year) To be paid after the year end.. £5CM),QOO £405,000 December 2023 December 2024 b. Fundrai$ing activities and income generation The foundation's funds are generated thiough the c(AleCt￿n of rental income from its investment propertie$. No fundraising actiwbes from third part￿5 a￿ undertaken. Page 3 KHOO TECK PUAT UK FOUNDATION IA Company lÉmrted by guaTrnteg1 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Flnancial review a. Going concern After making appropriate enquiries, the tntstees have a reasonable exF*clation that the charity has adequate resources to continue in operational e￿stenCe for the foreseeable fijlure. For this reason. they continue lo adopt the going concern ba￿$ in preparing the finanryal stslements. Further detads ￿garding the adoptton of Ihe going concem basis can be found in the accounting FdKies. b. ReseNes policy It is the policy of the foundation that unrestricted funds which have not been designated for a spe¢ifiG use should maintsineil al a minimum level equivalent to between thiee and srA months, expenditure. The trustees consider that reserves at this level will ensure that. in the event of a significanl drop in lunding. they wll bè able to continue the loUndat￿n,$ ojrrent activities whle c4Jnsideration is given to ways in whth add￿'On￿ funds may be raised. Free ￿serveS are in excess of th* figure. The trustees are u)nsidering pt8ns for the excess free reserves induding any addrtw)nal investments. ¢. Prin¢ipal funding During the prior year. the loan b￿n￿ payable to. the Estsle of Khoo Teck Pual for £48,000,000 was renewed, lor a further five Yea￿ to May 2026. The loan is serJJred on the inveslmenl property and is interest free. The loan is to be repaid on the eartier of Ihe 5th year annNersary of Ihe amendment or the datè whèn the prop&rtl&s are sc4d. DLtring th¢ year. there was no repayment against this ban balan￿(2022.. repayment of £2.ClX).OWI. d. unrestrict￿ funds Al the year end, all of the fvnds ol the foundation are considered to be ￿n￿triCted. The investment propgrtie$ ol the foundation are maintained in line with the foUndat￿'S conseryatwe athtude to risk, whth aims to ¢onserve the value of its fund generating investments, but any rèalised gains on the valuab.on of this could be used lo tund grants as wrfh the investment income of the foundab"on. Unre$tiicted fvnds are lo be used for the charitable objectives of the foundation as the trustees consider appropriate. At the year end these are £69,210,760 12022 restated.. £91.4￿,4301, of which indudes an uniestricied reseNe b￿ance in relation to loan discounting of £5.871,007 (2022 r*stslèd." £7.861.1201. Thèsè SLuplusés of lunds arè rtrtair*d for luture planned grants. Structur•* go￿rnan￿ and manag•m•nt Con$tltutlon Teck Puat UK Foundatson is registered as 8 thaiitable company limrted by guarantee and was set up by a Mernorandum ofAssoaats'on dated 8 J￿e 2011. b. Methods of appolnlm•ftt orel•clion of trustws The management of the charity is the TesF¥)nsiMty of the tnJstees who are appointed by resolution of the sc4e member. Khoo Teck Puat Foundalion. None of the truslees has any beneficial interest in the fo¢Jndation. ¢. Organl$atlonal structure and decisi(￿￿￿￿king policies The board of trustees is the body responssble for the management of the foundation. The board meets period¢cally as needed bul not less Ihan annualty. Al maior deosions regarding thè foundation are approved by the board of tryslees. Page 4 KHOO TECK PUAT UK FOUNDATION IA company limited by guarnnteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Stru¢tur•. gov•man¢e and manag8fflent {contlnuedl d. Policies adopled for the induction and tr•lnlng of trust New trustees undergo an onenlalion day to brief them on thw"r *al otAgations under ¢hartty aThJ company ￿w. the content ol the Memorandum and Artides of AssrKiation. the ¢ommrtlee. the decision making process, the bu5ine55 plan and recenl financial pèrfomiance of the foundation. Truslees ale encouraged lo attend appropriate extemal training events where these faulilate the undertaking of their fole. As disclosed in note 11 ) Trustees r8cetved remuneral￿n or reimbursem￿1 of experws from the Foundab"on. *. R•latsd party rnlallonshlps The Foundation is the UK SUb￿diary of KhC￿ Teck Puat Fc*Jndab'on, a d￿ritsb￿ oryani5ab.on founde¢J by Khoo Teck Puat which is incorporaleil in Singapore. The trustees work to ensure the foundation fujffls Khoo Teck Puat's philanthropic goals. Of the trustees". Ma￿5 Kh￿, Elttabeth Khoo and Eric Khoo Kim Hai are trustees of the parent thanty. f. Rl$k nmnagèmont The trustèes havè assessed the major risks to whith the ¢tsty is exFh)sed, in particular those ￿lated to the operations and finances of the chanty. and are satisfied that Sy3tems and procedures are in place to mitigate exposure to the major risks. The foundation activety manages its pro￿rtY assets lo ensure the foundation receives long term sevjre inveslmenl income. provKliro the fotJndalK)n cash iesouTCSS from which to make grants whilst protecting the fcyJndat*)n's ￿pital asset. Plans for ftsiurn p•rlods The foundation will conlinuè to conlrityjte to the healihcare se(aor. a focu5 on the needy and underserved c0fflrnun￿.eS. Disclosure of information to auditor Eath of the persons who are trustees * thè time when this trustees. rewt is approved has confi￿ed that.. so far as that trustee is awa￿. lhe￿ 1$ no rdewant audit information of which the charitys auditor is unaware. and thal trustee ha5 taken all the steps that ought to have been taken as a twstee in order to be aware of any relevant audit Information and lo establish that the charitys auditor is aware of that information. Approved by order of the membeTS of the board of trustees and wied on their behalf b￿. Mavls Khoo Twstee Date: 27 SEP 2024 Page 5 KHOO TECK PUAT UK FOUNDATION (A company limlted by guarantsel STATEMENT OF TRUSTEES. RESPONSIBILtnES FOR THE YEAR ENDED 30 JUNE 2023 The trustees (who are also the directOf5 of the charrty for the pury)oses of (x>mpany lawl are re5ponsibte for preparing the trustees, report and the financ1￿ statements in accordance wrth applicabte law and United Kingdom A¢¢oLEnting Strnda￿$ {United lQngdom Generalty Accepted Accounting Practice). Company law ￿qUI￿$ the trustees lo kyepare fina￿31 slatements for each financial . Undec company Jaw. the trustees must not approve the financial statements unless Ihey a￿ satisfied that they give a true and fair view of the state of affairs of the chanty and of its incoming resources and applicats.on of resources, including its income and expenditure, for that ￿riod. In preparing these financial statements. the tnjstees a￿ required lo.. seled suitable 8¢counling poloes and Ihen appty them consistenty.. observe the methods and prinryples of the Charit￿S SORP {FRS 1021". make judgments and accounting estsmates that are reasonable and sxudent: stste whether appli¢able UK Accounts'ng Standards IFRS 102) have been fc4lo*ed. subject to any material epartu￿$ discjosed and ewained in the financial slatements; piepare the finan(ial slalements on the 90iThJ concem basis unless tt 1$ inappropriate to prèsum¥ that Ihtr (J)anty ￿11 Continue in business. The trustee5 are responsible for keeping adequate accountwig records that are suffi¢ient to show and exp￿in the charivs transactions and disdose wrth reasonable acujracy at any b.me the finanryal position of ttse charty and gnable them to ensurè that thè finarrial statements comply Mth the Companies Act 20(￿. They are also Sponsible for safeguardFng the assets of the charity and hen￿ for taking reaSOna￿e steps lor the prèvention and detection of fraud and other irTegularit￿s. Approved by order ofthe members of the board of trustees and signed on its behalfby. Mavis Khoo Tnjstee Date.. 2 7 SEP 2024 Page 6 KHOO TECK PUAT UK FOUNDATION IA company Ilmited by guaranteel IMDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHOO TECK PUAT UK FOUNDATION Oplnlon We have zudited thè finanual statements of Khoo Teck Pual UK Foundab"on (the '¢harrtable companll for the year ended 30 June 2023 whith comprise the statement ol financial activities. the balance sheet, the slalernenl of cash flows and the rdaled r￿te5. induding a summary of significant accounting poliaes. The financial reporting framework that has been applied in their preparation is appli¢able L4w and United Kingdom Accounting standards, induding Finawal Reportin9 Standard 102 The Financaal Reporting Standard apFAicable in the UK and RepLtblic of Ireland. (United ￿"ngdorn Generalty Accepted Accounting Practice). In our ownion the financial sL*ments= Y￿è a true and fair view of the state of the charitable c¥)mpanl$ affairs as at 30 Junè 2023 and of its incoming ￿So(trCeS and apptution of resource5. inr&Jding its inu)me and expenditure for the year thèn ended-, have been property prepared in accordance United lQngdom Generalty Accepted Accounting Practice,. and hav8 t>e8n prepared in accordance with the requirements ofthe Chartties Act 2011. B4$is ft>r opinion We ￿ndUde1 our audrt in accordance wilh International Standards on AuditiAg (UK) IISAS {UKII and 8ppli(able Liw. Our responsibil￿"e5 under those stsndards are fijrther described in the Audit(￿5 responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with th• elhical requiremerrts that are relevant to our audrt of the finan¢ial statements in the United Kingdom, inctuding the Finantial Raporbng Councifs Ethical Standard. and we have futfilled our othèr èthical responsibilities in accordance wrth these requiiements. We believe that the audTt ewdence we have obtained 15 suffiuent and approwiate to probide a basis for (xlr 0￿￿n. Conclusions relating to going concern In auditing the ￿ancIal statements. we have u)nduded that the trustees. use of the wng concem basis of accounting in Ihe preparation of the finanrAal statements is appropnato. Based on the work we have performed, we have not ￿ent￿ell any maleri* u￿rtaintieS relating to events or o)ndilions that. indivKlualty or ¢oledNety. may cast signfficant doubl on the charrtable compan15 ab￿lIty to ojntinue as a going concem for a period of at least h¥efve months from when ihe financial slalernen15 are authorised for issue. Our t$sponsibiliti&s and the responsiblrfies of the trustee5 wth ￿SpeC# lo g¢ing ￿nCern are descfited in the relevant sections of this reporL Pw7 KHOO TECK PUAT UK FOUNDAnoM IA company limited by guaranteol INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHOO TECK PUAT UK FOUNDATION {CONnNUEDI Other information The olhef information comprises the inlormatKJn irKluded in thè annual report other than the fina)cial statemènts and our auditorfs ￿port thereon. The injslees are Te5pon5iWe for the other infomab.on ctsntained wrthin the annual repc*i. Our opinion on the finawal statements does not cover the other information and. except to the extent othenthise expltiatty stale0.430 S.338.902 14.428,0071 {23.100.56SI 69.210.760 Statsmont of lunds - priory*ar As restated Balance al 30 June 2022 As restated 8aance * As fèstated As restated f Juty 2021 Income Expendrture Translers inlout Gainsj IL055esl Unrèstrlctsd fund3 General Funds- all Capitsl contribution 67.057.721 4.838.313 12,523.7781 1,810,261 12.556.793 83,739,310 9.471.381 11.810.267) 7.661.120 76.529.102 4.838,313 {2.523.7781 12.556,793 91.400.430 The transfer behveen fijnds represents the transfer equ￿ to the urwindiThJ of the discount on the loan from The Trustees ofthe Est*e of Tan Sri Khoo Teck Puat. P￿e 22 KHOO TECK PUAT UK FOUNDATION IA company limited by guarnntèèl NOTES TO THE FINANCIAL sTATEME1￿s FOR THE YEAR ENDED 30 JUNE 2023 18. An•ly¥ts of net assets between funds Analysis of net assets betwrt•n funds- currnnt year Unrgstrict•d fund$ 2023 Total funds 2023 Investrnenl prope Debtors due after more than Curient assets CreditOf5 due wthin one year Creditor5 due in more than one 95,100,￿)0 95.100.000 1.703,800 1.703.800 17,915.473 17.915.473 13,270.720} 13.270.720) 142,237.7931 142,237,793) Total 69.210.760 69,210,760 Anal￿1$ of net asg•ts between funds- prlor y•ar As reslaled Unrestricted As restated fijnds Total lund5 2022 2022 Investment property Debtors due after more than one year Current assets Creditors due vrithin one Cieditors due in mre ts￿n one year 118,2C(J,565 118,200,565 1.703,588 1,703,588 13.925,227 13,925,227 12.386.4821 12.386,4821 {40.042.468} {40,042,4681 Totsl 91.400.430 91,400,430 Page 23 KHOO TECK PUAT UK FOUNDATION IA company limited by guarantèe) NOTES TO THE FINANCIAL STATEMEIITS FOR THE YEAR ENDED 30 JUNE 2023 Re¢on¢ili•llon of n•t movement in fvnds to not cash fiow from operaltng activities As reslaled 2W22 2023 Net lexpenditurelltn¢omg for the JEar {as per ststement of finanual activities) {22.1B9,6701 14.871.328 Adjustments for. Intèrest paid Interest income 1.790.113 1.810,261 13B4.6561 119,789) 422.04S 990,549 1.289,450 1336,393) 23.100.565 112,556,793) Decrease in debtor5 Increaselldecrease) in ueditors Net fair value losse51lgains1 reo)gnised in P&L N¢t cash provided ty operatlng a¢tivltl•s 4.027.847 4,759,163 20. Anatysis of cash and ¢a$h •qulvalents 21123 2022 Cash in hand Notice deposits Ikss than 3 m(x)th$) 1,745,9S2 1,098,367 14671,170 10.906,252 Totsl ¢a$h and cash equivalents 16,417,122 12,004,619 21. Analysis of chang¢s In n•t d•bt Oth¢r non- cash At 30 Jun¥ changes 2023 At1Jufy 2022 Cash flows Cash at bank an(1 in hand Debt due after 1 ye81 12,004.619 {38,338.8801 4N12.6113 16,417,122 11.790.113) 140,128,993> {26.334.2611 4N12,503 11,790.1131 123,711,871) 22. Grant commllments Details of the grants m*Je and paid during the can be frmjnd in the Tnjslee's R¢k￿L Page 24 KHOO TECK PUAT UK FOUNDATION IA company limited by guarantee) NOTES TO THE F114ANCIAL STATEAIENTS FOR THE YEAR ENDED 30 JUNE 2023 23. Operating lease commitrnents At 30 June 2023 the charity had commitments to make futu￿ minimum lease payTrents under non- carhcèllable operatinglèases a5 folknys: 2023 2022 Not later than 1 JEar Later than 1 year and not laterthan 5 years Later than 5 years 372,449 372.449 1,489,795 1.489.795 39,315.283 39.687.732 41.177,527 41,549,978 Related party transacllons As al the baJan¢e Sheet date. Khoo Teck Puat UK Foundalion owed £40.128,993 {2022.' £38,338,880110 the E5taie of Khoo Teck Puat. The loan is for five years, interest is chaf9ed at 4.75¢h and secured tsn the investment property hdd by the Foundation. During the year the F¢wndalK)n recaved rental income of £110.80012022'. £84,224) from Royal Gardèn Hotel LirnTted. a company under the commn ojntrol of the Trustees. As at the batance $heel dale, Khoo Teck Puat UK Foundation was owed £Nil12022.' £Nill by Royal Garden Hotèl ￿Mrted. 25. Controlling party The ultimate parent undertaking i8 Khoo Teck Puat Foundats"￿. a cornpany limited by guarantee and incorpor*ed in &ngapore. The registered office address is 21 Mount Elvzabeth. I￿410 York Hotel, Singapore 228516. Consolidated finanual statements are not prepared. Page 25 KHOO TECK PUAT UK FOUNDATION IA cojnpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 26. Prlor ￿ar r￿￿téMent Subsequent to the apwovJ of the fina￿>81 ststements for the yEar ended 30 June 2022, the trustee5 identffied a number of errors in relation lo the caluJlathJn of deferred income. the cost of lease incentives offere(l and the dOu1￿￿nting ol a tenant deposii. As a Tesutt, the impact on the re5utts for the ￿ ended 30 June 2022 15 to Teduce funds brougttt forward at 30 Jun8 2021 by £395.129. The impact on Ihe wior year ffinanli￿ po$rf￿) as at 30 June 2022 was lo increase rental income by £52,062 and reduce other debtors by the same afflounl. for the ￿5t of lease incentive5 offered. The adjustment lo thè tenant deposrt uedttor has the effect of iedwng expenditt¢re by £247,847 and reduce ¢Teditors by the same amount. Thè èffect ofthe adjustments to defèrred incomè, duè to miscalculations is lo reduce deferred in￿rne by £372.257 and increase rentsl income by the Same amount. In 2016 thè Foundation recetved a loan of £60 mtllion from the The TrLtstees of the Estate of Tan Sri Khoo Teck Pual lo purchase a property whth 1$ Inte￿$t free. The ban lemis were extended dunng June 2021, vrith Ihe loan being discounted from this date over the pwiod to the repayment date. An adjustment ha5 been made to take account of the Un￿ndIng of Ihe discount in ￿￿OuS years. The effect is to reflect movement in reserves 01 £174,694 for the year ended 30 June 2021 and £1.810,261 for the year ended 30 June 2022. Overall from these adjustments. the foundalions total fvnd5 carried forward as at 30 June 2022, has increased by £277.038 to £91,4￿.430. Pa￿ 26