THE HAYDN GREEN FOUNDATION CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 AUGUST 2024 THE HAYDN GREEN FOUNDATION CONTENTS Pages Reference and Administrative Detai15 TTUStee5' Report Auditors. Report Consolidated Staternent of Financial Activities Consolidated and Charity Balance Sheet io Consolidated Cash Flow Statement li Notes to the Consolidated Accounts 12-38 THE HAYDN GREEN FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS The registered name of the charlty is the Haydn Green Foundation. tt is registered with the Charity Commission in England and Wales with the number 1148099. Charity Number 1148099 Re8lStered Office 16 High Street Kegworth Derbv Derbyshire DE74 2DA Members of thè Board The trustee5 of the charity, who are also members of the Board. who have held office in the period and to the dale of thi5 report were: H Singh JKAsh P D Thorogood- appointed 2510612024 Bankers Lloyds Bank plc 25 Gresham Street London EC2V 7HN Solicitors Shoosmith5 The X Y Z 8uilding 2 Hardman 8oulevard Spinningfields Manchester M3 3AZ Audltors TC Group Statutory Auditor 10 Stadium Busine55 Court Millennium Wav Pride Park Derby DE248HP Page I THE HAYDN GREEN FOUNDATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 AUGUST 2024 The trustees present their report with the financial statements of the charity for the period ended 31 August 2024. The trustees have adopted the provisions of Aecounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. OBJE￿*vE5 ANO ACTIVITIES The Haydn Green Foundation is unincorporated, constituted under a trust deed dated 25th May 2012 and Is feglstered charity number 1148099. The Foundation continues to provide funding to currÈnt project5 Wlth on8oin8 discussions with local, national, and international charities as well as ntsn-profit rnakin8 organisations to further the Foundation's work. The Foundation tries its best to leverage its Strength with other willing partners to ensure economic and social impa¢t. The principal objertive of the tharity is the provision of financial assistance in any part of the world to charitable and non-profitable project5 to as515t those in need and help to further research in different field5 by encoura8in& 5upportin8, and developing innovation and entrepreneurial initiatives. PU8LIC BENEFIT The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commlsslon's general guidance on public benefit, 'Charities and Public Benefit,. The trust's public benefit Is enshrined in its charitable objects, as outlined above. ACHIEVEMENT & PERFORMANCE Charitable activities The 'Haydn Green Institute IHGII, created at the University of Nottingham in 2013 continue take leadership role in UK for Innovation and entrepreneurship Skills development. The Institutes 'lmpact Report 2024. confirms its work has been recognised globally, and have been shortlisted for several teaching awards. Including the Small Business Charter Excellence award5. the Tirnes Higher Education award5, and the Collaborative Awards for Teaching Excellence and commitment to innovation in education continues to shape its approach, with a strong emphasis tsn Combining cutting edge knowled8e with real-world application5. One of HGI'S fundamental ambStions IS to create more inclusive and diverse communities of practice across all key activities. The Ingenuity Lab at HGI keep inspiring various soclal and other enterprises to tackle societal and economic challenges w¥th young people now Tunning multi-rnillion pounds turnover companie5 Wlth total turnover of such companies over £400 million pounds and raising rnultimillion pounds of investment. Another initiative. started in 2014, 10 years of 'Haydn Green Doctoral Training Programme, PhD programmes is coming to end involving translating research into clinical application for the benefit of the public. The Foundation is now in active discus510ns Wlth various institutions around the globe to create 'Post Doctoral Centre of Excellence, to Create a 5upportirig platform for re5earcher5 around the globe to work in collaborations to brlng thelr rèsearch results to benefit public by addressing 50cietal and economic challenges. rhe Foundation continue to have active discussions with previously supported initiative5 such as Marie Currie, the Mirage School, and Hospital Project in Nepal alongside the Rotary Foundation, SMILE TRAIN, International Entrepreneurial Corridor to encourage international networking and collaborations among innovative and entrepreneurial rnind5 a5 well a5 Other institutes and organisations working in slmilar spa¢e In developin8 and deliveTing Social and economic impactful projects. Pa8e 2 THE HAYDN GREEN FOUNDATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 AUGUST 2024 Charitable artlvities- continued Over the years, 5UPPOrting innovation and entrepreneurial mindsets at higher education, the Foundation have realised that such initiatives should have started at primary and secondary schools. Previously, a successful pilot for two secondary schools were delivered in partnership with the Future Group of Nottingham. Now. the Foundation is in discusslon5 Wlth anorher partner to deliver similar pilot In primary School as learning from these pilots will help the Foundation to Create platform for schools Similar to HGI created for Higher Education. Recently. the Ftsundatitsn h35 also Started to explore how to encourage and support 'Women Entrepreneurship, to address Social and economie Challenges faced by women with aim to Create a 'Centre of Excellence, in due coijise. The Foundation continue to make decisive strides in discussions Wlth various partners and stakeholders to encourage. support and develop'Borderle55 Innovation & Entrepreneur5hip' to address societal and economic challenges as per the Trust Deed. FINANCIAL REVIEW Investment pollcy & objertivès The investment policy of the Haydn Green Foundation aims to.. Maximise total returns frorn investments considering an appropriate level of risk. When analysing risk, consideration will be given to factors such as assèt classes, interest rates, currency exposure, liquidity, and potential default, with the investment portfolio having appropriate diver5ification. Avold investlng in organisation5 whose activities contradict the Trust's values and strategic objectives. Continue to SUPPOrt trading companies which are 100% owned by the Foundation Appropriate professional advice is taken to apply as and when required to balance these policy and objectives to the Trust's investments. Golng concern The trustees have a55essed the charity'5 financial position and are satisfied that is has adequate resourcès to continue in opèrational existence for the ftsreseeable future whilst meeting its charitable oblectlves. Future plans The Trust will continue to support ongoin8 works to 5UPPOrt societal and economical challenges via encouragin& developin& and supporting innovation and entrepreneurship as well as continue to look for other opportunities in accordance with the aims and objectives of the Trust. STRucfuRE, GOVEfiNANCE & MANAGEMENT Governing do¢ument The charity is controlled by its governing document. a deed of trust. and constitutes an unincorporated charity. Recruitment and appolntment of new trustees The appointment of trustees is by way of a re501ution of a meeting of the trustees, as long as they are satisfactorily able to perform their duties. The total number of trustees shall at no time exceed 4. Trustee Induction and tralnlng New trustees are provided wlth the relevant induction pack lor links) to brief them on their legal obligations under charity law. the Content of the Trust Deed, the committee and decision-making protesses. the business plan and recent financial performance of the charity. Trustees are encouraged to attend appropriate external trainin8 event5 where these wlll facilitate the undertaking of their role. Page 3 THE HAYDN GREEN FOUNDATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 AUGUST2024 Organisational structure Trustee5 are responsible for the day-to-day managernent of reserves and risk management. In the event of any Major variation then a trustees. meeting will be held to discuss thi5. The chair of the trust is Hardev Singh. Key management remuneratlon No remuneration has been taken In the year or in the previous accounting period through the Haydn Green Foundation,. however, remuneration was recelved by trustees in respect of their pre-existing roles in managing newly acquired subsidiaries. This has been disc105ed in Note 31 to the financial statements. Flnanclal contlngency pollcv The trustees examined the charltV'5 reqtsirement for reserves in light of the main risks to the foundation. Sufficient unrestricted reserve5 will be held a5 are deemed necessary to meet working capital requirements and to accommodate any likely risk5 identified in the coming year. The Trustees will review annually the amount required. Related part5es The charity does not carry out significant fund-raising activities," instead. the trust'5 principal income Source are donations recèived from cornpanies now owned by the Foundation, of which Mr Hardev Singh is a director. Risk manaBement The trustees constantly review the risks the charity may face. For the main risks idenlified, systems and proceduTe5 have been developed to monitor the likelihood of risk and to minimise any potential impact on the charity should those risks materialise. Conflitt of Interest policie5 Tru5tee5 are required to follow 'Charity Trustees Conflicts of Interest Polity,. Trustees H Singh and J K Ash are employee5 of inherited companies. Related parties The Charity now holds 100% Shareholding of a group of companies and its subsidiaries, for which trustees Hardev Singh work5 full-tiTne and Joanne Ash part-time. These companies may provide relevant support to manage the charity funds and other assets as and when requested by the charity. Events SIn￿ the end of the year Information relating to events since the end of the year is given in the note5 to the financial statements. Statement of trustee5' responslbllltles The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordan￿ wlth applicable law and United Kingdom Accounting Standards Iunited Kingdorn Generally Accepted Accountin8 Practice). The law applicable to charities in England and Wales. the Charities Act 2011. Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity and of the incoming resources and applicbtion of resourtes, including the income and expenditure, of the eharity for that period. In preparin8 those financial statement5, the trustees are required to.. select suitable ac¢ountin8 policfre5 and then apply thern consistently,. observe the method5 and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent,. state whether applicable accountlng standards have been followed, Subject to any material departures disc105ed and explained in the financial 5tatements,' prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will Continue in business. Page 4 THE HAYDN GREEN FOUNOATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 AUGUST 2024 The trustees are responsible for keeping proper accounting records which disclose with reasonable a¢curacy at any time the financial position of the charity and to enable them to ensure that the financial statement5 corrply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets tsf the eharity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ststement as to disclosure of Informatlon to audltors The trustees who were in office on the date of approval of these financial statements have confirmed. as far as they are aware. that there is no relevant audit information of which the auditors are unaware. Each of the trustees have confirmed that they have taken all Steps that they ought to have taken as members of 8oard in order io make themselve5 aware of any relevant audit information and to establish that it has been communicated to the auditor. The Report of the TTU5tees, which include5 the Strategic Report, wa5 approved by trustees on behalf.. and si&ned on their H Singh - Trustee PaBe 5 THE HAYDN GREEN FOUNDATION REPORT OF INOEPENOENT AUDITORS TO THE TRusfEES OF THE HAYDN GREEN FOUNDATION Opinion We have audited the financial statements of the Haydn Green Foundation (the parent charity) and its subsidiaries Ithe'group'l for the period ended 31 August 2024 on pages nine to thirty-eight which comprise the Group and Parent Statement of Financial Activities, the Group and Paient summary Income and Expenditure Account, the Group and Parent Balance Sheet, the Group and Parent Cash Flow Statement. and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Repoiting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the d)3r1￿$ affairs as at 31 August 2024 and of the incoming resources and application of resources for the period then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountin& Practice,. and have been prepared in accordance with the requirements of the Charitie5 Act 2011. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards ère further described in the Aijditors, responsibilities for the audit of the financial statements section of our ¥eport. 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 the provisions available for small entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that thè audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Condusions relatlng to golng concern We have nothing to report in respect of the following matters in relation to which the ISAS IUKI require us to report to you where.. the trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate,. OT the trustees, have not disclosed in the financial statements any identified maieriaS uncertainties that may cast significant doubt about thè tharitV'5 ability to continue to adopt the going concern basis of accounting for a period tsf at least twelve month5 from the date when the financial statements are authorised for issue. Emphas15 of matter In forming our opinion on the financial 5tateThent5. which 15 not modified, we have considered the adequacy of the disclosure in Note I to the financial statement5 regardin8 the recoverability of loans and investments in associate undertakings of Expatriate Advisory Serniees ple. The financial statements do not include the adjustments that would result if the company werè unable to recover these loans and investments. Othèr Information The other information comprises the information included in the annual report. other than the financial statements and our Auditors, Report thereon. The trustees are responsible for the other information. Our opinion on the financial statements doès not cover thè othef information and we do not express any form of assurance conclusion thereon. Page 6 THE HAYDN GREEN FOUNDATION REPORT OF INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HAYDN GREEN FOUNDATION 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 rnisstated. If we identify such materTral inconsistencies or apparent material misstatements. we are req￿Ired to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are réquired to report that fact. We have nothing to report in this regard. Matters on whi¢h we are required to report by exception We have nothing to report in respect of the followin8 matters where the Charities IAccounts and Report51 Re8ulation5 2008 require5 us to report to you if, in our opinion.. adequate and proper accounting records have not been kept by the parent charity,. or parent charity financial staternent5 are not in agreernent with the accounting records and returns.. or certain disclosures of trustee's remuneration specified by law are not made.. or the information given in the Report of the Trustees is inconsistent in any materlal respect with the financial statements.. or we have not received all the information and explanation5 we require for our audit. Responslbillties of Trustee5 As explained more fully in the Statement of Trustees, Responsibilitie5, the trustees are responsible for the preparation of the financial statements and for being satisfièd thai they give a true and fair view, and for such internal control as the trL¢Stees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparinB the financial statements, the trustees are responsible for assessing the charity's ability to continue a5 a 80in8 concern, di5cl95ing, H5 applicable, matters related to going concern and usin@ the Boing toncern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or has no realistic alternative but to do so. Auditor5, responsibilities for the audit of the financial statements We have been appointed as auditors under section 144 of the Charities Act 2011 and report In accordan¢e with the Att and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial 5taternents as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurantÈ is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exist5. Mi55tatements can arise from fraud or efror and are considered material if, individually or in the a88re8ate, they could reasonably be expected to influente the economic decisions of users taken on the basis of these financial statements. Page 7 THE HAYDN GREEN FOUNDATION REPORT OF INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HAYDN GREEN FOUNDATION Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements In respect of irregularities, including fraud. The extent to which our procedures are capable of deiecting irregularities, including fraud is detailed below.. Reviewing the financial Statement disclosures and testing to supporting documentation to 355e5s compliance with provisions of relevant laws and regulations described as having a direct effert on the financial statements. Specifically reviewing compliance with the Charities SORP. FRS 102 and the Charities Act 2011. Performing recalculations of the consolidation process and ensuring any adjustments made were agreed back to supportin8 documentation. Performing analytical procedures to identify any unusual or unexpected relationships that n7ay indicate an increased risk of material misslatement as a result of fraud. Assessing material accountlng estirnates to determine if there ale indications of management bias. We a150 communicated relevant identified laws and re8ulations and potentièl fraud risks to all engagement team rnembers, and rÈmained alert to any indications of fraud or non-compliance with laws and regulation5 throughout ihe audit. Despite the audit being planned and condurted in accordance with ISAS IUKI, there remains an unavtsidable risk thèt material misstatement5 in the financial statements may not be detected owing to the inherent limitations of the audit, and that by their verv naturè, any such instances of fraud or irregularity likely involve collusion. forgery, intentional misrepresentBtion5, or the override of intefnal controls. A further description of tsur responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsre5ponsibilities. This description forms part of our Report of the Auditors. Use of Report This report is made solely to the trustees. as a body In accordan¢e with Part 4 of the Charitie5 (Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we might state to the trustees those matters we are required to state to them in an auditor's 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 charit￿$ trustees as a body, for our audit work, for this report, or for the opinions we have formed. TC GTOUP Statutory Auditor 10 Stadium Business Court Millennium Way, Pride Park Derby, DE24 8HP Page 8 THE HAYON GREEN FOUNDATION CONSOUDATED STATEMENT OF FINANCIAL ACFIVITIES FOR THE PERIOD ENDED 31 AUGUST 2024 Total Period OL10812022 to 3110812023 Endowment Fund Total 2024 Unrestricted Restricted Notes Income and endowmeTht5frorn: Donations and le8acies Other trading actwities Investments 37,629 2,310,255 247,992 37,629 2,310.255 247,992 4,587,931 1,002,618 178,458 Total 2,595,876 2.595,876 5,769,Q07 ExpeThditure on: Charitable activities Operatlng activities Legal fees in ￿latiOn to probate dlspute and mediatiori Other actlvitles 17,OLX) 448,133 980.411 980,411 3,780 68,001 121,166 121.166 Total 1,101,577 1,101,577 536,914 Other operatlng income Net gain5111055esl on investments sha￿ of operating loss in associates Taxatlon of subsidiaries 71,800 330,986 191,8081 45,285 71.800 330,986 191,8081 45.285 14,287.291 135,204 153,5481 145.2761 io Net Intom¢/l¢xpenditurel 1.850,562 1,850.562 19.555.764 Re¢onciliation of funds Total fund5 brought forward Transfe¥s 22.925,588 16.000,000 16.000,0001 6.OC(l.￿o 17,425.588 12,130,1761 Total fund5 carried foTrward 23-25 18,776,150 500,000 19,276,150 17,425,588 The statement of financial activitie5 contains all gains and losses for the period and all activitiès relate tts continuinB operations. Pa8e 9 THE HAYDN GREEN FOLINDATION CONSOLIOATED AND CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 Group Charlty 2024 2023 2024 2023 Notes Flxed assèts Tangible a55ets Inve5trnents Investment property 15 16 17 191,582 562,857 5,421.925 216,485 4,259,932 5.421.925 18,871.284 2.599.000 22.134,203 2.599,000 Total fixed assets 6.176,364 9,898,342 21,470,284 24,733,203 Current assets Debtors Investments Cash at bank and in hand 18 19 1,249,200 1.039,114 11,670,548 1.612,230 1,111,612 11,750,514 103.809 101.165 3,202,965 4,189,770 Total Current assets 13,958,862 14,474,356 3,306,774 4,290.935 Uabllltles Creditors.. Amount5 falling due within one year 20 1145,2931 1130,9281 11.9001 Net current assets Creditors Amounts falling due after mowe than one year 13,813,569 14.343,428 3,294.874 4,290,935 21 1635,5041 1708,7251 Net assets excluding provisions for liabilities 19,354,429 23,533,045 24,765,158 29.024.138 Piovision for liabilities 22 178.2791 16,107.4571 16,000,000) Total net a55ets 19,276,150 17,425,588 24,765,158 23,024,138 The funds of the charlty Restricted funds Endtswment 23 16.OW,0001 500.000 16.000,0001 500,000 24 500.000 500,000 500,000 15,500,000) 500,000 15,500.0001 Unrestricted funds 25 18,776,150 22,925,588 24,265.158 28.524.138 Total fund5 19.276.150 17.425.S88 24,765,158 23,024,138 These accounts were approved by the Board of Trusteès and authorised for issue on on it5 behalf by.. and were signed H Singh- Trustee The notes on pages 12 to 38 form part of these actounts Page 10 THE HAYDN GREEN FOUNDATION CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 AUGUST 2024 2024 2023 2024 2023 Note5 Cash flows from operatlng artlvltles.. Net cash prilvided by lused inl operating actiwitie5 29 14,351.7241 1792,9461 Cash flows from Investlng actlvltles: Oividends, interest and rents from investments Income from assoclates Return of capital on investments Cash from acquisition of subsidiarie5 Purchase of property, plant and equlpment Proceeds from the sale of investments Finance income Purchase of investments 29,638 162,098 178,526 9,988 161,5611 1,130,005 7.717,528 19,0171 3.727,792 272,281 18,188 267,230 83,697 131.155 Net cash provided by (used in) investing activities 4,343.130 9.115,732 Cash flows from Ilnanclng artl¥hles Repayments of borrowing Net cash Inflows from new borrowing 171,3721 Net cash used in financlng artlvltles 171,3721 Change in cash and cash equlvalents in the reportin8 period 79,966 8,322,786 Cash and cash equNalents at the beginnlng of the reporting period 11,750,514 3,427,728 Cash and cash Èquivalent5 at th¢ Ènd of the rEPQrtiag petiod 11,670,548 11,750,514 Page 11 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOLINTS FOR THE PERIOD ENDED 31 AUGUST 2024 Ac¢ounting policies Basls of Accountlng The financial staternent5 of the charity, which is a public benefit entity under FR5 102, have been prepared in accordance with the Charitie5 SORP IFRS 1021 'Accounting and Reporting by Chafitie5'. Statement of Recommended Pr3rtice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. as modified by the revaluation of certain financial assets and liabilities and investment propertie5 measured at fair value through the Staternènt of Financial Activities. The trustees confirm that the charity 15 a public benefit entity. The financial statements are presented in sterling (£1, which is the funets.onal currency of the charity. In the comparatlve perlod, the accounting period end was changed from 31 July to 31 August to align with the subsidlary undertakings. Goin8 Concern The trustees have considered the financial resource5 of the charity, it5 future objective5, and amount5 payable under the compromise agreement in order to detemine the appropriate basis of the preparation of the financial statements. As of February 2024. amounts payable under the compromise agreement were fully satisfied. The charity is now the sole owner of Expatriate Services plc and related companies, which are hiehly profjtable and will enable the charity to continue to opèrate for thè foreseeable future. Group Accounts The Statement of Financial Activities ISOFAI and Balance Sheet con501idate the financial statements of the charity and its subsidiary undertakines. The resLFlts of thè subsidiaries aTe con501idated on a line-by-line basis. There is no difference in the reporting end date of the accounts of the charity parent and its subsidiaries. Basis of Consolidation The consolidated financial statements incorporate the financial staternent5 of the charity and all gTOUP undertakin85. These are adjusted, where appropriate. to confirm to group accountsng policies. Acquisitions are accounted for under the acquisition method and goodwill on con501idation is Capltalised and written off over the estimated useful life of ten years. The results of companies acquired or disposed of are included in the consolidated Statement of Financial Activities after or up to the date that control passes respectivelv. The charity uses the equlty method of accounting for as50ciate5. The charity's Share of the associates, operating results is record in the consolidated Statement of Finan¢i31 Activities. Any amortisation arising on the acquisition of associates is charged to the consolidated Statement of Financial Activities. The charitws share of the associates. finance costs. exceptional item5 and taxation are also recorded in the consolidated Statement of Financial Activitie5. The charitV'S consolidated Statement of Financlal Position Includes within fixed assets the ¢harity'5 shaTe of the net a55ets of associates. Negative goodwill arising on acquisition of associates. less amort15ation, ha5 been recogni5ed as other income in the Consolidated Statement of Financial Activities, as specified in the ChaTltie5 SORP 24.33. Page 12 THE HAYDN GREEN FOUNDATION NOTESTOTHE ACCOUNTS FOR THE PERIOD ENDED31 AUGUST 2024-CONTINUED Fund Accounting l.S.l Unrestrictèd Funds These fund5 can be used in accordance with the charitable objectives at the discretion of the trustees. 1.5.2 Restricted Funds These funds are earmarked for a particular purpose to be used in accordance with le8al requirernents and obligations. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 1.5.3 Endowment Funds These funds have been given to the charity for a particular purpose to be used in accordance with the wishes of the donor. The capital can generally not be realised. 1.5.4 Designated Funds These funds are earmarked for 3 particular purpose to be used in order to discharge the charitvs objectives effectively. Incoming Re50uice5 All incoming resources are recognised gros5 in the Statement of Financial Activities once the charity is entitled to the income and the amount can be measured reliably. The following specific polieies are applied to particular categories of income: Legacie5 and gift5 are recognised at the earlier of receipt or at the time the arrount can be measured with reasonable certainty. The poinl of receipt is determined to be the point that the charity has legal entitlement to the assets, which in the case of legacies is considered to be the date that probate is 8ranted. Donations are recognised when received. Investment income Is recognised on a receivable basis. Incomes from endowment fund5 are restricted. Resour￿5 Expended 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 ectsnomic benefits will be required in settlement, and the amount ol the obligation can be measured reliably. Expenditure 15 accounted for on an accrua15 bas15 and has been classified under he3ding5 that aggregate all c05t 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. Grants offered subject to condltlons which have not been met at the period end date are note as a commitment bui not accrued as expendlture. Ta¥ation Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated sr3tement of Financial Aetlvlties, except to the extent that it relates to items recogrbised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The charity 15 exempt frtsm taK on its charitable activities. Turnover Turnover Is measured at the falT value of the conslderatton re¢elveil or receivable, excludlng dls¢ounts, iebates, valve added tax and other sales taxes. Page 13 THE HAYDN GREEN FOUNDATION NOTESTOTHEACCOUNTS FOR THE PERIOD ENDED 31AUGUST2024- CONTINUED i.io Fixed Assets Unless otherwise stated, tangible fixed assets are stated at cost less accumulated depreciation. Depreciation rates are reviewed annually and have been computed to writè off the c05t of tangible fixed assets to their estimated realisable value after their useful live5 using the following rates.. Asset Category Annual Rate Freehold land Freehold buildings Fixtures and fittin85 Motor vehicle5 No depreciation 2% on cost 25Yo on reducing balance and 15% on reducing balance 25% on reducing balancÈ A ieview for indicators of irnpairment is carried out at each reporting dale, with the recoverable amount being estimated where such indicator5 exlst. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prtor imp3irment5 are also reviewed for possible reversal at each reporilng date. The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful ecornomic lives and residual values are reassessed annually. They are arnended when necessary t() reflect current estimates, based on technological advancernent. fvture investments. economi¢ utili5ation and the physical condition of the assets. i.ii Investments Investment property is initially recorded at cost, which include5 purchase prTrce and any directly attributable expenditure. Investment property is revalued to its fair value at each reportin8 date and any aggregate surplus or deficit arisinE from changes in fair value Is recognised in the Statement of Financial Activities. This Is in accordance with FRS 102. where a revaluation model 15 adopted, which does not require depreciation of investment propertie5. Investrnent properties acquired as part of legacies received.. are recognised at fair value in accordance with relevant standards_ In arriving at these valuations. the trustees Wefè required to make certain judgment5 due to the specialist nature of some of the propertles andlor lack of active market for the same. Of note is the lease for the Meadow Lane property, which was ieceived as a permanent endowment. Trustees judged the value of the lease to be subjective due to the highly specialised nature of the asset, and the fact that its valve is higher for its current Users than for any potential third party on resale. The c05t of obtaining a third-party valuation in this case was therefore not considered to be comrnen5urate with Its benelit to the users of the financial staternents. Instead, it has been recognised at its value in use, Èquivalent to the present value of future lease payments. Listed investments are measured at fair value with changes In fair value belng reco8ni5ed in the Statement of Financial Activities, Investments In unllsted investments without an active market and whose fair value may not be reliably estimated are measured at ¢osi less any impairment. Investments in Subsidiaries are held at deemed cost (being fair value at the date the le8acy was re￿ived) less accumulated impairment losses. Investments In associate undertakings are recogntsed at cost less accumulated impairment losses. The group share of profit/losses from investments in associates is included using the equity method of accounting. The trustee5 have consldered the recoverability of all investments and loans through review of the relevant company's financials, contluding that no write-down of loans or investments is required. The review performed assessed finances of relevant companies, taking into account group support provided io these companies. Where investments were made in new businesses with limited historical financial information the review focused on the forecast future earnings Potential of the businesses. Page 14 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- COTrmNUED 1.12 Deferred Taxation Deferred tax is provlded in respett of ihe tax effect of all tlming differences thai have Originated but not reversed at the balance sheèt date. A deferred tax asset is regarded as recoverable and therefore recognised only when. on rhe basls of all avallable evldence. it can be regarded as more likely than not that there will be suitable taxable profits frorn which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a non-discounted basis. at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on the tay rates and laws that have been enacted or svbstantively enacted by the balance sheet date. This accounting policy is relevant for the subsidiaries only. As is stated above. the Haydn Green Foundation is a registered charity and is thus exempt from tax on income and gains. 1.13 Judgemènts and Key Sources of Estimation un￿rtainty The preparation of accounts using generally accepted accounting principles requires management to make estimates and a55umptions that affect the reported amounts of assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period. Estimates and judgments are continually evaluated and are based on historical experience and other factor5, includin8 expectalions of future events that are believed to be reasonable under the circumstances. The key estimates and assumptions used in these consolidated financial statements are detailed in individual accounting policies (Note 11. 1.14 Oebtors Debtors are recogni5ed at the settlement amount owed to the charity or prepaid. 1.15 Creditor5 Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to 3 third party, and the amount due to settle the obligation tan be measured or estimated reliably. Creditor5 and provisions are normally recognised èt their settlernent amount. 1.16 Financial Instruments Basic financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. where it is recognised at the present value of the future payments discounted at a market rate of Interest for 3 similar debt instrument. Financial assets that are measured at cost or amort15ed cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Financial Activities. 1.17 Pension C95ts The trust operates a defined contribution scherne for the benefit of employees of a subsidiary undertaking. The costs of contributions are written off against incoming resources in the year they are payable. The assets of the scheme are held separately from the trust in independently administered funds. Page 15 THE HAYDN GREEN FOUNDATION NOTESTOTHE ACCOUNTS FOR THE PERIOD ENDED31 AUGUST2024-CONTINUED 1.18 Employee Benefit5 The cost of any unused hollday entitlement for employees of Subsidiary undertakings is recognised in the period In whlch the employees, services are received. Termination of benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an èmployee, or to provide termination benefits. Donatlons ènd Le8a¢itS Endowment Fund Total 2024 Total 2023 Unrestricted Restricted Donations 1,314.758 le8acies 37,629 3,273.173 37,629 4,587,931 Total legacies received were from the estate of Dennis Green, a former trustee of the Haydn Green Foundation. The above donations were recelved from related partles. all of which are now wholly owned subsidiaries. during the current and prior periods.. 2024 2023 Expatriate Advisory Services plc Individual Sav?ngs Accounts Ltd The PEP Shop Ltd Chapel 8ar Securities Ltd Liaison Life Insurance ènd Investment Services of Nottineham plc 235,135 2.364,648 257,061 86,569 69.054 1,328,779 199,463 36,345 46,997 1.611,584 3,012,467 All donation5 received have been removed on con501idation, from the above companies, as wholly owned subsldiarles. Other Trading Activities Income Endowment Fund Total 2024 Total 2023 Unrestricted Restricted Tradlng Income from 2,037,(K18 273,247 2,037,008 273,247 915,602 87,016 Bank irrterest 2,310,255 2.310,255 1.002,618 Page 16 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- CONTINUED Investments Income Endowment Fund Total 2024 Total 2023 Unrestricted Restricted Rents received GairF511055es on revaluatlon Incorne from r￿ed asset investments 258,552 141,1961 258,552 141,1961 106,713 27,985 30,636 30,636 43,760 247.992 247,992 178,458 Charitable Activities Grants were paid by the charity durrng the period as follows= Endowment Fund Total 2024 Total 2023 Unrestritted Restricted Univer51ty of Nottingham 17,000 17,000 Opèratin8 Artivities Endowrnent Fund Total 2024 Total 2023 Unrestricted Restricted Operatlng expenses of 980,411 980,411 448,133 980,411 980.411 448,133 Auditors. remuneration of £18,650 is included in operatln8 expenses of subsidiarTes. Other Actlvitlès E￿I0￿meTht Fund Total 2024 Total 2023 Unrestricted Restricted Governance & support costs Leg31 lees relating to administration and transfer of estste Other professional fees Interest pay8ble Other oper3tine expenses 34,685 15,600 58.933 11,948 34,685 15,600 58,933 11,948 31.894 5.988 27,630 2,489 121,166 121,166 68,001 Auditors, remuneration of £15,6￿> is included in other professional fees. Page 17 THE HAYDN GREEN FOUNDATION NOTES TOTHE ACCOUNTS FOR THE PERIOD ENDED31 AUGUST 2024-CONTINUED Other Operating Income Endowment Fund Total 2024 Total 2023 Unrestricted Restricted on di5pDsal of associates Gain on acquisition of Investments in subsldiaries 71.800 71,800 14,287,291 71.800 71,800 14.287.291 Investments in subsidiaries were acquired during 2023 as legacies received. Since the combination wa5 in substance a gift to the parent charity, no ne8ative goodwill has been recognised on consolidation, and a gain ha5 instead been recognised as other income in the consolidated Statement of Financial Activities. as specified in the Charities SORP 24.33. Trustee5' Remuneration and 8enefits There were no trustees, remuneration or otheT benefits for the period ended 31 August 2024 nor for the year ended 31 August 2023. There were no trustees. expenses paid for the period ended 31 Augvst 2024 nor for the year ended 31 August 2023. Conflicts of Interest Trustees H Singh and J K Ash are ernployees of inherited ¢ornpanles. 10 Taxation 2024 2023 Corporation tax Deferred tax 116,1071 129,1781 43.701 1,575 145,2851 45,276 Reconciliation of total tax charBe/lcreditl The charity is exempt from tax on income and gains. accordingly the accounting policy is relevant to the trading subsidiaries only. The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below.. 2024 2023 Profit/llossl before tsx 81.757 1149,8421 Multiplied by the standard rate of corpDratlon tax in the UK of 25% Effects of.. 20.439 137,4601 Income nottaxèblÈ 126.3761 2,026 5.798 Expense5 not deductible for tax purposes Depreciation in excess of capital allowances AdjuStr￿ntS to tax charge in respect of prevlous perlods Share of a550ciate tax 34.836 2.802 35,510 6,572 122,9521 129,1781 11,6141 145,2851 8,013 1,575 Deferred tax Utili5ation of tax losses 45,276 Page 18 THE HAYDN GREEN FOUNDATION NOTESTOTHE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST2024-CONTINUED 10 Taxation- continued The Haydn Green Foundation is a registered charity and is thus exempt from tax on income and Bains. falling within section 505 of the Taxation Act 1988 or $256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen for the charity. The above are provisions in respect of subsidiary undertakings. 11 Staff Costs Included in operating expenses of subsldlarles are the following staff costs.. Wages and salaries Social security wsts Employers, pension contributions Total £596,182 E43.373 £38,676 £678,231 Thè number of avera8e employees of subsidiaries for the period was 13. The number of employees exceeding total remuneration of £60,000 duTing the period was.. £1S0.0(K) + 12 Charlty statèmènt of Financial Activ5tles Endowrnent Fund Total 2024 Unrestricted Restricted Income and endowm¢ntsfrorn'. Donations and legacies Interest income Rental incor Inve5tmentS 1.649,213 115.965 80,052 11,452 1,649,213 115,965 80,052 11,452 Total 1,856,682 1,856,682 Expendlture on: Charitable activities Operating activities Legal fees in ￿latiOn to probate and other professional fees Other activf(ies 8,366 8,366 34,686 19,181 34,686 19,181 Total 62,233 62,233 Other operating Income Net gains/llossesl on Investments 153,4291 153,4291 Net bn¢omel1¢x￿nd1t￿re) 1,741,020 1.741.020 Reconciliation of funds.. Total funds brought forward Transfer5 28,524,138 6.(KNI.000 16,000,OCQI 6,000,000 500,000 23,024,138 Total fund$ urridforward 24,265,158 500,000 24.765,158 Page 19 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOO ENDED 31 AUGUST 2024- CONTINUED 13 Comparatlves for the Statement of Financial Adivrties Endowment Fund Total 2023 Unrestricted Restricted Income and endowmentsfrom: Donations and legacies OthertradlnE activities Investments 24,535,640 37,961 73.895 500,0 25,035,540 37.961 73.895 Total 24,647.496 S00,OCrf) 25,147,496 Expendlture on: Charitable activities Operating activities Legal fees in relation to probate dispute and mediatitsn Other athivities 17,000 17,0 3,780 40,437 3,780 40.437 Total 61,217 61,217 Other operating income Net gainsll1055esl on investments Share of operatin61055 in a550ciate5 68,035 68,035 Net incomellexpenditurel 24,654,314 500,000 25,154,314 Reconcillaiion of funds.. Totsl funds brought forward 3.869,824 16.000.0001 11130,1761 Total funds ￿rrIed lorw•rd 28.524,138 16.000.0001 23,024,138 Cornparative figures are the same for both consolidated and charity SOFA. since there were no subsidiary or associate undertakings to be consolidated in the prior year. Page 20 THE HAYDN GREEN FOUNDATION NOTESTO THE ACCOUNTS FOR THE PERIOD ENDED31 AUGUST 2024-CONTINUED 14 Charfty Cash Flow Statement 2024 2024 2023 2023 Notes Cash Ilows from operating actlvlties.. Net cash provlded by lused lrtl operatlng artivities 30 14,323,713) 122.257 Cash Ilows from investing artivitie5'. Dividend5, interest and rents from investments Return of capital on investments Proceeds from the sale of investments 127.417 47,950 380,005 211,830 3,209,491 Net cash provlded by lused h71 investing activities 3,336.908 639,785 Cash flows from finandng as31s 1,584 3,546 4,563 10,095 16381 11.921 20,022 18.068 33,563 16381 At 31 August 2024 5.130 14,020 31,943 51,093 Net book value At 31 August 2024 89.802 41,712 60,068 191,582 At 31 August 2023 93,348 43,047 80,090 216,485 Charity Fixture5. Fltting5 Freehold Land & Buildin85 Motor Vehicles Equiprnent Total Cost or donated value I September 2023 AdditlOll5 Revaluation Di5kx)sals At 31 August 2024 Depreciation At I September 2023 Charge for the period Disposals At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023 Page 22 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024~ CONTINUED 16 Fixed Asset Investments Group Investments In Assoclates Preference Shares Listed Urtlisted Investments Investments Total Market value At I September 2023 246,026 625,000 3.382,505 6.401 4,259.932 Additions Disposals 1211,1741 1100,(M)01 13.221,7241 13,532.8981 Revaluations 141.1951 141,1951 Dividènds from associates 154,1261 154,1261 Share of profitlllossl 168.8561 168.8561 At 31 August 2024 188.1301 525.LXIO 119.586 6,401 562,857 Net book value At 31 August 2024 188.1301 525.rxjo 119,586 6,401 562,857 At 31 August 2023 246.026 625.LK)O 3.382,SOS 6.401 4.259.932 The historical cost of fixed asset investments as at 31 August 2024 was as follows.. Investments in associates Preference shares Listed investments Unlisted investment5 Total £125,000 £525,000 £160,466 £6,4Ql £816,867 The historical c05t of fixed asset investments as at 31 August 2023 was as follows.. Investment5 In associates Preference shares Listed investments Unlisted investments Total £400,000 £625,000 £3.280.211 £6.401 E4,311,612 Page 23 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- CONTINUED 16 Fixed Asset Investments- continued Charity Shares In Group Undertakin85 Listed Unlisted Investments Investmenis Total Markét value At J September 2023 18.750,000 3.382.505 1,698 22.134,203 Addltlons Disposals Revaluations Reclasslflcatlonsltyansfers 13.221,7241 141.1951 13.221.7241 141,1951 At 31 August 2024 18,750,000 119,586 1,698 18,871,284 Net book value At 31 August 2024 18,750,000 162,843 1,698 18,871,284 At 31 August 2023 18.750,000 3.382.505 1.698 22,134,203 The historical cost of fixed 355et inve5trnents as at 31 August 2024 was a5 follows.. Share5 in group undertakings £18,750,000 Listed investments £160.466 Unlisted investments £1,698 Total £18,912.164 The historical c(ist of fixed asset inve5trnents as at 31 August 2023 was as follows.. Shares in group 4bndertakings £18,750.000 Listed investments £2.023,795 Unlisted investments £1.698 Total £20,775,443 The Haydn Green Foundation owns the entire share capital1152.500 ordinary £1 shares) in Expatriate Advisory Services plc, which is incorporated in England and Wale5. It therefore has control over the wholly owned subsidiaries of Expatriate Advisory Services plc,. Indivldual Savlngs Actovnts Ltd, The PEP Shop Ltd. New Indlvidual Savings Accounts Ltd and lifetime Individual Savin85 Accounts Ltd, all of which are also incorporated in England and Wales. NISA and LISA are both dormant. The Haydn Green Foundation also owns 100% of the share capital150,(M)l ordinary £1 shares) in Liaison Life Insurance and Investment Services of Nottingham plc. as well as 100% of the share capital1100 ordinary £1 shares) in Chapel Bar Securities Ltd, both of which are incorporated in England and Wales. Further detai15 conce¥ning the activities and assets of these companies are given in note 27. Page 24 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- CONTINUED 16 Fixed Asset Imiestments- cont5nued Interests in associatès As stated in Note I, investments in associates are included using the equity method of accounting. Where associates have different accounting year ends from the charity. the most recent financial statements of the associates were used with material adjustments made for any signlficant transactions or events oecuriing up to the accounting period end. Expatriate Advisory Services plc owns_. 25% of the ordinary share capital of Cricklade Property Ltd. and 25% of the ordinary share capital and 25% of the redeemable preference shares of Crlcklade House Hotel Ltd. 17 Investment Propertv Group Fair value At I September 2023 5.421.925 At 31 August 2024 5,421.925 Net book value At 31 August 2024 5,421,925 At 31 August 2023 5,421.925 The historicèl cost of investment property based on inherbted values on grant of probate wa5 £5.421,925 12023.. £5,421.9251. £1,000,000 incltsded in investment property at the period end related to assets held outside the UK12023'. £1.000.0001. Charity Fair value At I September 2023 2,599,000 At 31 August 2024 2.599,000 Net book value At 31 August 2024 2,599,000 At 31 August 2023 2,599,000 The historical cost of investment property based on inherited values on grant of probate was £2,599.LK)0 12023-. £2,599.0001. £I,O(J),000 included in investment property at the period end related to assets held outside the UK12023'. £1,000.0001. P38e 25 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- CONTINUED 18 Debtors Group Charity 2024 2023 2024 2023 Trade debtors Amounts due from associates T8X Contlngent asset Othei debtors Prepayrnent5 accrued income 51,822 618,750 51,233 8,817 942,027 53,095 51.598 156,962 370.433 182,987 425,304 42,585 9,627 101,165 1,249,200 1,612,230 103,809 101,165 19 Currènt Asset InvÈ#mèntS Group Charity 2024 2023 2024 2023 Llsted investments Unlisted investments 542.479 496.635 469.908 641.704 1,039,114 1.111,612 Listed investments are held at market value at the period end. Unlisted investment5 are measured based on market values where available and portfolio data from fund provider5 as at the period end. The historical cost of listed investments held by the group was £29),88212023-. £24LF.5631. 20 Creditor5'. Amounts falling due within one year Group Charity 2024 2023 2024 2023 Bank loans and overdrafts Trade creditors Social security 8nd other taxe5 Other creditors Accruals and deferred income 73,376 11,5541 28,192 4,378 40,901 71,527 1,866 25,881 5,318 26,336 11,9(K) 145.293 130.928 11,900 Bank loans owed by a subsidiary undertaking are Secured by a legal charge over the freehold properties owned by the company. 21 Creditors.. Amounts falling due after onè year GTOUP Charity 2024 2023 2024 2023 Bank loans 1-2 years Bank loans 2-5 year$ Bank loan5- > S year5, repayable by in5ts1rnents 77,226 243,890 314.388 73,380 231,742 403.603 635.504 708,725 8ank loans owed by a subsidiary undertaking are Secured by a legal charge over the fTeehold properties owned by the company. Page 26 THE HAYDN GREEN FOUNDAnoN NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- CONTINUED 22 Provisions for Liabllitre5 Group 2024 Group 2023 Charity 2024 Charity 2023 Compromise agreement Oeferred tax- arisinE on revaluation ol Investments 6,000.000 6.OCQ,000 78.279 78.279 107,457 6,107,457 6,000.000 The £6.000,000 provision represents awnounts payable to a thlrd-party charlty under a compromlse agreement signed In April 2022. The charity is Trot named in accordance with the terms of the £ompromi5e agreement. The compromise agreement resulted in a settlement PèVTnent of £20,000.000, which wa5 included a5 a provision in the 2021 accounts. The £20.000.000 settlement was paid In three instalments.. the first in5talment of £9.OQO,000 was paid in 2022. the second in5ts1ment of £S,000.IKK> was paid in the prior period, and the fin31 instalment of £6,￿0.000 wa5 paid in February 2024. 23 Restrltted Funds Perv)d Ended 31 August 2024 Asat 3110812023 Gain51 (Losses) Asat 3110812024 Incomlng othgoing Transfers 2023 Compromise agreement 16,000,oc(II 6.OLM),000 16.OiKI.QOOI 16.000,0001 6.000,000 16,000,000> Year Ended 31 August 2023 A5at 3110712022 Gains/ ILosse51 Asat 3110812023 Incoming Outgoing Transfers 2022 Compromise agreement 16,000,OWI 16.OW,0001 16.000,ODDI 16,000,ocKII I6.0(￿.000) 16.000,0001 Restrlcted funds are held in respect of a legal liability under the terms of a compromise agreement with a thild-party charity. which is detèiled above in Note 22. 24 Endowment Funds Perlod Ended 31 August 2024 Asat 3110812023 Gains1 ILosse51 Asat 3V0812024 Incoming Outgolng Transfers 2023 Meadow Lone property lease 500.IK)O 500,000 500,000 500.000 500,000 500,000 Year Ended 31 Au8U5t 2023 Asat Gains/ (Losses) Asat 3V0812023 3110712022 Incoming Outgoing Transfers 2022 Meadow Lane property lease sco,wo 500,000 SCM),WO 500.000 The above endowment fund relates to tP>e value of the lease f()r the Meadow Lane property, which w35 Part of legacie5 received during the current period. There 15 a restriction on the transfer subject to ihe lease being held as a permanent endowment. Page 27 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- CONTINUED 25 Unrestricted Funds These funds have been set aside for projects that are not fully funded by restricted Income. Any unspent funds will be spent over the comin8 years for expenditure used to run the charity. Group Period Ended 31 August 2024 Asat 3110812023 Gain IL055esl Asat 3110812024 Incorning Out80ing Transfer5 2023 Gener81 Reserves Trading Subsidiaries 22,363,750 561,838 673,926 2,037,008 1167,6891 1980,4111 155,4911 343,219 16.000.000) 16,814,496 1,961,654 22,363,750 561,838 22,925,588 2,710,934 11,148,1001 287,728 16,Om.0001 18,776.150 22,925,588 Charltv Period Ended 31 August 2024 Asat 3110812023 fjain ILossesl Asat 3V0812024 Incoming Outgolng rransfers 2023 General Resetves 28,524,138 1,856,682 162,2331 153,4291 16,DrK),CM￿l 24,265,158 28,524,138 28.524,138 1.856,682 162,2331 153,4291 16.OCQ,WO 24,265,158 28,524,138 Group Period Ended 31 August 2023 Asat 3110712022 Gainsl (Losses) Asat 3110812023 Incorning Outgoing Trznsfers 2023 General Reserves Trading Sub5idi3ries 3,869,824 2,885.029 1.069.221 161,2171 1574,5521 15,670.084 67.169 22,363,750 561,838 22,363,750 561,838 3,869,824 3,954.250 1635,769 15,737,253 22,925,588 22.925,588 Charity Period Ended 31 August 2023 Asat 3ty0712022 Gain (Losses) Asai 3110812023 Incoming Outgolng Transfers 2023 General Reserves 3,869,824 24,647,496 161,2171 68,035 28,524.138 28.524,13e 24,647,496 24,647,496 161,2171 68,035 28,524.138 28,524,13 26 Deslgnated Funds 2024 2023 Marie Curie Project ECHO School's Initiative Nottingharn Women's Centre 51,200 loo,000 25.(M)O 125,000 51,200 Marie Curie managed to create the relevant impact without having to drawdown the full amount. The 'S¢hool of Entrepreneurial Mindset, (SEMI inltlative wlll involve investin8 in physical and dlgital infrastructure to develop a 81obal online platform to encourage, develop and support entrepreneurial rnindsets in primary and secondary schools. Page 28 THE HAYDN GREEN FOUNDATION NOTESTOTHE ACCOUNTS FOR THE PERIOD ENDED31 AUGUST2024-COMnNUED Nottingham Women's Centre represents funds that will be used to b￿lId sustsinability into their model for affordable counselling. 27 Tradlng Companles EMPatriate Advi50ry Seryices plc (company number 013528441 The charity owns IOOYO of the issued share capital of Expatriate Advisory Services plc IEASI, a company registered in England and Wales with the sarne registered office as the charity. EAS in turn owns 10(FA of the share capital of Individual Savings A¢cotJnts Ltd Icompany number Q33751081, The PEP Shop Ltd Icompany nurnber 026170991, New Individual Savings Accounts Ltd INISA, company number 089921521 and Lifetime Individual Savings Account5 Ltd (LISA, company number 091748411, all of which are also incorporated in England and Wales. NISA and LISA are both dormant. Consolidated audited accounts were prepared for EAS and its subsidiaries for the year to 31 August 2024. These subsrdiaries are used to further the overall objects of the charity. Incorne 15 primary raised from investments, with profits given as a charitable donation each year. The amount of donation5 received from subsidiaries during the year has been disclosed in Note 2 above. A Summary of the consolidated results of the subsidiary is shown below". Consolldated Proftt and Loss Account For the year 31 August 202412023.. pèrlod 22 Marth 2023 31 Au8USt 20231 2024 2023 Tumover Cost of sales Gross profit 2,037.008 915,602 2,037,008 915.602 Administrative expenses Operating proflt 1953,0161 1,083,992 1443,5531 472,049 Other income Share of profit in associates Interest payable Profit before taxation 673,985 191,8Q81 158,9331 1,607,236 182.600 153.5481 126,8041 574,297 Tax on profit on ordinary activltles 45,785 146,0641 Profit on ordlnary attlvltles aftert#x•tlon Reserve5 brought forward Charitable donation lo the Haydn Green Foundation 1,653,021 11,572,786 11.528,2421 528,233 11,767,756 1723,2031 Reserve5 carried ton¥ard 11,697,565 11,$72,786 Page 29 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024-CONTINUEO Expatrlate Adv150ry Servlces plc (company number 013528441- contlnued Balance Sheet As at 31 Au8USt 2024 2024 2023 Fixed assets Tangible flxed assets Goodwill Investments in a550ciates Investment property Other investments 189,922 152,4991 188,1301 2,377.890 529,703 214,278 169.9991 246,026 2,377,890 629,703 Current assets Debtors Investmenrs Cash at bank and In hand 1,539,063 966,183 8,389.867 1,890,788 1,044,930 7,491,692 10,895.113 10,427,410 Credltors: Amounts fallSng due wlthin one year 1928.8911 1924,3521 Net current assetsllllabllltlesl 9,966,222 9,503,058 Credltor5: Amounts falling due wlthin one year 1635,5041 1708,7251 Provlslons 178,0521 1107,4571 Total assets less iotal Ilabllltles 12,209,552 12,084,774 Negative goodwlll afose on the acqulsition of interests in assoaate undertakings. This was judged to have a useful economic life of 10 years. and has been amortised over that period. Pa8e 30 THE HAYDN GREEN FOUNDATION NOTESTOTHE Accoumfs FOR THE PERIOD ENDED 31AUGUST 2024-CONTINUED Llalson Life Insurante and Investment Services of Nottingham plt (company number 009348211 The charity owns 100% of the issued share capital of Liaison Life Insurance and Investment Services of Nottingham plc ILiaison Lifel. a company registered in England and Wales with the same registeTed office as the charity. Audited accounts were PTepared for Liaison L￿fe for the year to 31 Au8USt 2024. The subsidiary is used to further the overall objects of the charity. Income is primary raised from investments, with profits given as a charitable donation each year. The amount of donations received from subsidiaries during the year has been disc105ed in Note 2 above. Page 31 THE HAYDN fjREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- CONTINUED Liaison Life Insuran￿ and Investment Services of Nottingham plc (company number 009348211- ¢ontlnued A summary of the results of the subsidiary is shown below.. Proflt and Loss Account For the year 31 August 202412023: period 22 March 2023 31 August 20231 2024 2023 Turnover Cost of sales Gr055 profit Adrnipistratwe expenses Operating profit 12.0591 12,0591 18041 18041 Other income Interest payable Profit befDre taxation 39,7SI 17,603 37,692 16.799 Tax on profi't on ordinary activities 11791 Profit on ordinary attivFties after taxatlon Reserwes brought forward Charitable donation to the Haydn Green Foundation 38,092 786,929 136.3451 16,620 786,173 115.8641 Reserves carried for4vard 788.676 786,929 Balance Sheet A5 at 31 Au8USt 2024 2024 2023 Fixed assets Tangible fixed assets 48 57 Current assets Oebtors Cash at bank and In h3nd 801.987 1,007 800,265 I,iii 802.994 8DI,376 Creditors: Amounts falling due w1thin one year 11.7901 11,9281 Net cuireTrt a5sets/lllabllitlesl 801,252 799,448 Creditors: Amoijnts falllng due wlthin one year Provisions Total ass¢ts le$$ total liobillti¢s 801,252 799,505 Page 32 THE HAYDN GREEN FOUNDATION NOTESTO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- CONTINUED Chapel Bar Sècurities Ltd Icompany number 011278981 The charity owns 100% of the issued share capiial of Chapel Bar Securities Ltd, a company registered in England and Wale5 with the same registered office as the charity. Audited accounts were prepared ftsr Chapel Bar Secuiities Ltd for the year to 31 August 2024. The subsidiary is used to further the overall objects of the charity. Income is primafv raised from investments. with profit5 Iven as a charitable donation each year. The amount of donations received from subsidiaries during the year has been disclosed in Note 2 above. Page 33 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- CONTrNUED Chapel Bar Securities Ltd (company number 01127898)- tt+nt4nued A sumrnary of the result5 of the subsidiary is shown below.. Profit and Loss Account For the year 31 Au8USt 202412023- period 22 March 2023 31 Au8ust 20231 2024 2023 Turnover Cost of 5ale5 Gross profit Administrative expenses Operating profit 17,8361 17,8361 13,7761 13.7761 Other income Interest pay8ble Profit before taxation S6,249 20.584 17611 16,047 48,413 Tax on proflt on ordinary activities 19001 966 Prolit On OTdinary ortivitie5 after ta¥ation Reserves brought forward Charitable donation to the Haydn Green Foundation 47￿13 197,070 146,9971 17,013 200,106 120,0491 ReseNes cayrled forward 197.586 197,070 8alance Sheet As at 31 Au8USt 2024 2024 2023 fixed osset$ Tangible flxed assets Investtnent PToperty 1.612 44S,035 2,150 445,035 Current assets Debtor5 Investments Cash at bank and in hand 239 72.931 76,709 9,648 66,682 67,941 149,879 144,271 Credi¢ors= Amountsfalling due within one year 1398,6111 394,2841 Ntt ¢urrent assttsllliabilitiesl 1248,7321 1250,0131 Crediiors= Arnounts fallin8 due within one year Provisions 12271 Total assets less total Ilabllitles 197,688 197,172 Page 34 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- CONTINUED 28 Anatysis of net assets between funds Group Period Ended 31 August 2024 Unrestricted Restritted Endowment Totsl Tanglble flxed assets Long-term investments Other assets and l￿bIlItIeS 5,113,507 606,114 13,062,157 500,000 5,613,507 606,114 13,062,157 Totsl net as5et5 18,781,778 SOO,OQD 19,281,778 Period Ended 31 August 2023 Unrestricted Restricted Endowment Total T8n8ible fixed assets Long-terrn inve5trnents Other as5et5 and lyabilities 5,138,410 4,259,932 13,527,246 s￿,000 5,638,410 4,259,932 7.527,246 16.000,0001 Total net assets 22,925,588 16,000,000) 17.425,588 28 Analysls of net aSset5 between fund5 Charrty Period Ended 31 August 2024 Unrestricted Restricted Endowment Total Tangible fixed assets Long-term investments Other assets and liabilities 2,099,000 18,914,541 3,257,246 500.000 2,599,CQO 18,914,541 3,257,246 Total net assets 24,270,787 500,000 24,770,787 Year Ended 31 August 2023 Unrestricted Restricted Endowment Tota Tangible fixed assets Long-tÈrrn inve5trnents Other assets and liabilities 2,099,000 22,134,203 4,290,935 500,000 2,599,000 22,134,203 11,709,065) 16,(MJO.0001 Total net asset5 28,524,138 I6,{￿,000] 500,000 23.024.138 Page 35 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- CONTINUED 29 Reconclllation of Net IncomellExpendlturel to Net Cash Flow from Operatlng Actl¥ltles- Consolldated 2024 2023 Net Incomellexpenditurel for the re￿rtIng perfod las per the Statement of Flnandal Artlvltles Depreciation Losse5 IIEainsl on investments Dividend5 received Finance income L05s/lprofitl on the sale of investrnents Share of a550ciate Iprofitl/loss Ilncreasel/decrease in debtors Incre8se/ldecreèsel in creditors Non-c8sh legacies receNed Falr value adjustments on legacSes ￿(eIved Tax paid 1,805.277 33,665 50,951 111,4521 1292,4311 1398,2441 68,8S6 65,917 15,691.8311 19,555.764 18.068 22,664 120,5851 183.6971 1118,7231 61,561 3.958,102 15,244,082) 124,774,7601 5,785,890 46,852 17,568 Net cash Inflow from operating *ttNIty 14,351,724) 1792,9461 Cash and cash equlvalents The amounts disclosed on the Cash Flow Statement in respect of cash and ¢ash equivalents are in respect of these Balance Sheet amounts.. Period ended 31 August 2024 3110812024 01109123 Cash and ta5h eqUiVa￿ntS IJ,670.548 11,750,514 Year ended 31 August 2023 3110812023 0110812022 Cash and ¢45h equivalent5 11,750,514 3,427,728 Page 36 THE HAYDN GREEN FOUNDATION NOTESTOTHE ACCOUNT5 FOR THE PERIOD ENDED 31 AUGUST2024-CONTINUED 29 Retonciliation of Net Income/lExpenditurel to Net Cash Flow from Operating Activitles- Consolldated- cont. Analysls of changes net funds 0110912023 Movement 3110812024 Net cash Cash at bank 11,750,514 179,9661 11,670,548 Debt Debts falllng due wlthln I year Debt5 falling due after I year 171,5271 1708,7251 1780,2521 11.8491 73,221 71.372 173.3761 1635,5041 1708,8801 Total 10,970,262 18,5941 10,961,668 Rècontiliation of Net IncomellExpendlturel to Net Cash Flow from Operating Activities- Charity 2024 2023 Net incomellempenditurel for the reportin8 period la$ per the St*ement of Financial Activities) Depreciation Losses 1l88insl on investtrvént5 Divldends received Finènce income Lossllprofitl on the sale of investments {lnc￿aSe)Id￿creaSe in debtors Increaselldecreasel in credltors Non-cash legacles recelved 1,741,020 25,154,314 12,0621 ILI,4521 1115,9651 55,490 12,6441 15,988,100) 127,9851 120,5851 137,9611 168,0351 4.898,835 IS,Wl,5661 124,774,760) Net ¢ash inll¢>w from opÈraiim8 activlty 14,323,713) 122,257 Cash and cash equivalents The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts.. Perlod ended 31 August 2024 3110812024 0110912023 Cash znd cash equNalents 3,202,965 4,189,770 Year ended 31 August 2023 3110812023 0110812022 Cash and cash equivalents 4.189,770 3,427,728 Page 37 THE HAYDN GREEN FOUNDATION NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 AUGUST 2024- CONTINUED 30 Retonciliation ot Net IncomellExpenditurel to Net Cash Fbw from Operatin8 Activities- Charsty- cont. Analysls of ¢han8es In netfunds 0110912023 Movement 3110812024 Net cash Cash at bank 4.189,770 1986.8051 3,202,%5 Tot 4,189,770 1986,8051 3.202.965 31 Related Parties Related party transattion5 have been disclosed above in Note 2 and Note 27. Total remuneration paid to key management personnel of Expatriate Advi50ry Services plc. who are a150 trustees of the charity, amounted to £188.079 during the period. 32 Post-Balance Sheet Events The 7, Downing investments held at è value of £99,905 at the period end were sold in October 2024 for £114,734. In October 2024 Expatriate Advisory Services plc completed on a group of investment propertie5 for £3.1M. On 191b December 2024 both Expatriate Advisory Services plc and Liaison Life Insurance and Investment services of Nottingham plt were re-registered as limited companies. In the post balance sheet period the group underwent a restructure with the formation of a new subsidiary undertaklng ol the charity, H8f Companies knmlted, which beearHe the immediate parent undert8killg ol the Expatriate Advisory Services 8roup, Chapel Bar Securitie5 and Liaison Life Insurance and Investment Services. Page 38