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2024-12-31-accounts

AKO Foundation Report and Financial Statements

31 December 2024

AKO Foundation Report and Financial Statements 2024

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AKO Foundation

Report and Financial Statements

31 December 2024

Trustees

The trustees, who were also directors under company law, who served during the year and up to the date of this report were as follows:

S Procopis H Syse D Woodburn

Senior Management Personnel P Lawford; Chief Executive Officer

Auditor

Sayer Vincent LLP Chartered accountants and statutory auditor 110 Golden Lane London, EC1Y 0TG

Bankers

Handelsbanken plc 5 Welbeck Street London, W1G9YQ

Santander UK plc. Santander Corporate & Commercial Banking 2nd Floor, Santander House 100 Ludgate Hill London, EC4M 7RE

Registered Office

One Newman Street London, W1T 1PB

Registered Company No: 08385711 Registered Charity No: 1151815

www.akofoundation.org

About the AKO Foundation

During the year the Foundation continued to make grants to charities and charitable projects within its three priority areas – to improve education and the wellbeing of young people, to promote the arts, and to combat the climate emergency. While continuing to help to start up, or to be the catalyst for, new charitable projects which otherwise might not be realised, the Foundation is also willing, where appropriate, to offer unrestricted support, recognising the need among its beneficiaries for financial flexibility. Mirroring the long-term thinking and investment strategy of AKO Capital, the Foundation aims to be a significant and reliable partner to its beneficiaries, and generally seeks multi-year relationships with them.

The Foundation takes pride in the leanness of its administration, which results in fast decisionmaking, and in the greatest possible proportion of its resources being available to support beneficiaries. Our vision is to be recognised as a cost-effective and fast-moving organisation that stands out for its responsiveness as well as for the quality of the projects and causes supported.

The Trustees re-iterate their gratitude for the past generosity of the founder and Settlor of the Foundation, Nicolai Tangen, particularly with regard to the arrangements made following his (and Katja Tangen’s) departure from the Board upon Nicolai’s appointment as Chief Executive Officer of the Norwegian sovereign wealth fund. This has allowed the Foundation to sustain the significant level of grant-making of the last few years; towards the end of 2024, the Foundation’s 12th year of existence, the cumulative amount of new grants approved exceeded £300 million.

The Foundation’s work is summarised in the pages that follow. In each of our major grant-making categories, we highlight a small selection of both new and existing beneficiaries. A full list of grants made during the year appears in Note [6] to the Financial Statements.

The Foundation adopts a proactive approach to grant-making; accordingly, it does not seek applications for grants, nor does it make grants in response to unsolicited applications.

About the AKO Foundation

AKO Foundation Report and Financial Statements 2024

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Education

The Foundation believes that education is the key to a successful future both for individuals and for societies as a whole, and thus supports educational projects in both developing and developed regions of the world.

Developing Countries

The Foundation’s approach is not to select specific countries in which to operate; rather, it supports trusted partners in their work, enabling them to use their local knowledge, expertise, and networks to judge where an intervention will have the greatest, or most widespread, impact. A number of large-scale studies have demonstrated the substantial positive social, economic and environmental impacts of giving girls, who would otherwise be disadvantaged or excluded, access to a good education; the Trustees therefore have a particular interest in this area.

Strømme Foundation (Credit: Gro Robstad)

About the AKO Foundation

AKO Foundation Report and Financial Statements 2024

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Educate Girls

Educate Girls

AKO Foundation support since 2019

Educate Girls works with the government, community and village-based volunteers to ensure that every girl in the remotest parts of India is enrolled in school. Millions of school-age girls in India are denied their right to education – nearly all due to their gender. In response, Educate Girls has adopted a grassroots approach to improve access to and quality of education for almost 2 million children since it was founded. This involves implementing a comprehensive remedial and life skills curriculum to improve learning outcomes and strengthening the school governance system and its infrastructure to ensure the sustainability of improved enrolment figures.

The Foundation has collaborated with other prominent philanthropists in a joint funding initiative which aims to transform the educational landscape for millions of deserving girls in India.

Norwegian Refugee Council

AKO Foundation support new in 2024 The Norwegian Refugee Council (NRC) is an independent humanitarian organisation that supports and protects displaced people. It has long experience in providing access to education for crisis-affected communities, and can also rely on links with state governments, local NGOs and the communities themselves.

In Nigeria, where NRC has been present since 2015, there are estimated to be 20m children and adolescents who are not in any kind of formal education, thereby severely limiting their chances of escaping poverty and securing meaningful employment. In 2024 the AKO Foundation made a grant to support NRC’s efforts to address the educational needs of displaced youth in two provinces in northern Nigeria, Borno and Adamawa.

The NRC is targeting young people across a wide age spectrum, school-age children (3-17 years old) and youth (15-24 years old), with the dual aim of increasing their access to education, and the ability of these young people to adapt to climate change. NRC offers technical and vocational education and training (TVET) in addition to digitised learning and climate resilience initiatives. The NRC will also link graduates from its TVET courses with potential employment opportunities, as well as offering business support grants for those students seeking to establish a small business with an environmental focus.

About the AKO Foundation

AKO Foundation Report and Financial Statements 2024

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Strømme Foundation

AKO Foundation support since 2013 Strømme Foundation (Strømmestiftelsen) is a Norwegian development organisation that uses education to pursue its mission of creating a world free from poverty. Its approach is holistic; in its support for children, adolescents and their families within selected communities, Strømme invariably works with and through local delivery partners, thereby strengthening sustainability and maximising impact.

The Foundation supports a number of strands of Strømme’s work, including:

Educational work in Uganda

Strømme supports self-sustaining Early Childhood Care and Education centres through collaborations with local communities and governments. Another element of Strømme’s work in this region is its adolescent empowerment programme, Bonga, which strives to restore self-esteem, dignity and offer a second chance to out-of-school illiterate adolescent girls and boys (13- 19 years) through the teaching of life and vocational skills.

Educational work in Burkina Faso

Burkina Faso faces many developmental challenges, particularly around education where primary school enrolment is one of the lowest in Africa. In Burkina Faso, the Foundation supports Strømme’s ‘Speed School’ which is an accelerated learning programme that provides a second chance education for out-ofschool children and youth.

Nepal

In Nepal, access to quality education is closely linked to poverty, gender, ethnicity and caste. Girls in particular are more likely to be out of school, and the gender gap is higher still for girls from poor and disadvantaged castes and ethnic groups. The Foundation supports a number of Strømme’s initiatives in Nepal, including those concerned with early childhood development, after-school programmes and work in the area of adolescent empowerment.

Strømme Foundation (Credit: Edward Kiyingi)

About the AKO Foundation

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AKO Foundation Report and Financial Statements 2024

The UK and other developed countries

London School of Economics

AKO Foundation support since 2016 The AKO Foundation has helped to establish a programme of scholarships for master’s students from under-represented backgrounds in the Department of Psychological and Behavioural Sciences. Over a three-year period, beginning in the 2024/25 academic year, the AKO Masters Scholarship will fund six full scholarships for candidates from the Global South, and 24 scholarships open to all applicants that will cover full tuition fees.

The Department of Psychological and Behavioural Sciences is focused on understanding human behaviour on an individual, group, organisational or national scale, and how using these insights can help to create a stronger, fairer and more sustainable world. The scholarships will be available across all five of the Department’s MSc programmes, which provide in-depth training in areas such as how to change human behaviour in corporate and public environments, how performance and well-being can be shaped by the interface between social psychological processes and organisational systems, and how communication can affect the conduct of everyday public and private life.

A key aim of the scholarships is to bring essential and diverse voices, perspectives and experiences to the Department’s cohorts of master’s students. It will empower changemakers to bring important psychological and behavioural insights – as well as their unique voices and perspectives – to leadership positions around the world, with a view to addressing the imbalance of diversity in leadership that persists across all sectors.

Purposeful Ventures

AKO Foundation support new in 2024 Purposeful Ventures is a UK-based charity that supports not-for-profit initiatives that address education and social issues with the goal of creating a fairer society for young people. Purposeful Ventures funds, develops and grows not-for-profit organisations that have the potential to transform lives. Purposeful Ventures was spun out of Ark (another AKO Foundation grantee) where it had operated as the ‘Ark Ventures’ division. Through Purposeful Ventures, the Foundation supports a portfolio of underlying entities in the field of earlyyears education in the UK. Purposeful Ventures provides these organisations with financial support as well as the advice and expertise of its staff who have backgrounds in education, strategy consulting and non-profit leadership.

About the AKO Foundation

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AKO Foundation Report and Financial Statements 2024

University of the Arts

AKO Foundation support since 2017

The University of the Arts London (UAL) is Europe’s largest specialist arts and design university. It offers courses in arts, design, fashion and communication and is attended by over 19,000 students from more than 130 countries.

In 2020 the Foundation funded the creation of the AKO Storytelling Institute, with the objective of enhancing the art of storytelling, a skill instrumental in helping make sense of complex issues whilst also acting as a catalyst for change. The Storytelling Institute works at the intersection of storytelling and social change with a mission to enable storytellers and campaigners to make greater social impact through their work. The Institute now forms part of UAL’s Social Purpose Group and has recently welcomed a second cohort of Storytelling Fellows.

AKO scholars studying MSc programmes within LSE’s Department of Psychological and Behavioural Sciences

About the AKO Foundation

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AKO Foundation Report and Financial Statements 2024

Arts

The Foundation has a particular interest in the visual arts, reflecting the interest and expertise of its founder, Nicolai Tangen. It seeks to develop close relationships with a limited number of partner institutions, primarily in the UK and Norway.

In particular, the Foundation has been instrumental in the first major public-private partnership in the Norwegian visual art sector, through the establishment of the new Kunstsilo Museum in Kristiansand, southern Norway; it has also financed the ‘Tangen Collection’ of modern Nordic works of art which is now on indefinite loan to Kunstsilo.

AKO Kunststiftelse

AKO Foundation support since 2016

AKO Kunststiftelse (AKO Art Foundation) is a Norwegian non-profit foundation whose objective is to advance the public's access to Nordic visual arts from 1900 onwards. To achieve this, AKO Kunststiftelse has built an important collection of such art (the ‘Tangen Collection’) for public exhibition, now on indefinite loan to the Kunstsilo Museum (see below), which has the right to use the collection free of charge.

Kunstsilo (Credit: Alan Williams)

About the AKO Foundation

AKO Foundation Report and Financial Statements 2024

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Works of Olaf Hodne on display at the Kunstsilo (Credit Tor Simen Ulstein)

Kunstsilo (formerly SKMU Sørlandets Kunstmuseum)

AKO Foundation support since 2015 The SKMU Sørlandets Kunstmuseum was a regional art institution, located in Kristiansand, southern Norway, which, since its formation in 1995, collected and displayed high quality modern and contemporary art and crafts objects from the local region.

Now renamed Kunstsilo, the former SKMU took over the running of the Kunstsilo Museum upon the completion and critically acclaimed opening of the latter in 2024. The Kunstsilo Museum is now the primary venue for display of works in the Tangen Collection; it will also host a broad range of related exhibitions.

Tate

AKO Foundation support since 2015

In 2024 the Foundation made a grant to Tate in order to create an acquisition fund for indigenous art – by the Sámi and Inuit peoples – from Northern Europe. This initiative will enable Tate to dramatically transform how these communities of artists are represented within the global platform of Tate’s collection and programme. It will also meaningfully progress Tate’s wider institutional commitment to strengthening its representation of First Nations and Indigenous artists from around the world. In addition to the direct purchase costs, this grant may also be used to cover relevant display and conservation expenses.

The Foundation has also agreed to support the 2025 Hyundai Commission at Tate Modern, by the Norwegian Sámi artist Máret Ánne Sara.

About the AKO Foundation

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AKO Foundation Report and Financial Statements 2024

Climate

The AKO Foundation Trustees have become increasingly concerned by the effect of the changing climate on current and, especially, future generations, and on global biodiversity. Accordingly, they support charitable entities which they believe will have significant and lasting impact in this field.

Several of the Foundation’s beneficiaries within this Climate category are themselves re-granting organisations. The Foundation is thereby able to benefit from their research, scale and networks, which in turn benefit, in many cases, from the experience and expertise of other major funders. The Foundation has also been able to take advantage of the knowledge and advice offered by Climate Lead (formerly the Climate Leadership Initiative).

Having developed a portfolio of beneficiaries within this field, the Trustees now focus their grant-making in three sub-categories: ‘coal-to-clean’, carbon disclosure, and natural solutions. Although these are widely used terms, this classification is somewhat artificial; in practice, many of these organisations work across more than one of these three sub-categories.

Chairperson for the Northern Rangelands Trust, Kenya

About the AKO Foundation

AKO Foundation Report and Financial Statements 2024

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Coal to-Clean

European Climate Foundation

AKO Foundation support since 2020

Founded in 2008, the European Climate Foundation (ECF) is a strategic re-granter whose aims are to promote climate and energy policies that will reduce Europe's greenhouse gas emissions, and help Europe play a stronger international leadership role in mitigating climate change. ECF undertakes research, technical analysis and strategic communications, convenes partnerships between policy-makers and other representative groups, and co-ordinates high-level political and diplomatic action. ECF works with over 700 partner organisations to identify and support interventions that aid progress on the climate crisis.

Seropédica landfill in Rio de Janeiro, Brazil

Carbon Mapper

AKO Foundation support new in 2024 Carbon Mapper (CM) uses satellites and related technology to detect, pinpoint, quantify and track global methane and carbon dioxide emissions, subsequently making this data available to the public. Working in partnership with NASA’s Jet Propulsion Laboratory and other partners, CM launched its first satellite in August 2024. CM’s objective is to provide sustained monitoring of up to 90% of methane and carbon dioxide super-emitters globally.

Studies have shown that a relatively small number of high-emission sources can have a disproportionate impact on regional methane emissions. Carbon Mapper provides more frequent monitoring to identify and address these sources which in turn leads to quicker and more efficient reduction in methane and CO2 emissions.

The Foundation provides unrestricted support to ECF; and has also made grants to the Pooled Fund on International Energy (PIE), a re-granting entity within ECF, towards shifting both the power and steel sectors from coal to clean.

The Sunrise Project

AKO Foundation support new in 2024

The Sunrise Project (TSP) is a global network of independent organisations which seek to catalyse systemic change in the financial sector to drive finance out of fossil fuels and into clean energy as quickly as possible. Sitting at the intersection of social movements and philanthropy, TSP has developed a ‘directed network’ model that supports networks of people and organisations to work together to achieve large-scale change that wouldn’t have been possible by individual organisations acting alone.

To achieve this, TSP analyses the economic and social systems that drive the climate crisis, designs strategies to create systemic change, and acts as a re-granter to partner organisations to jointly pursue strategic interventions to hasten the transition from fossil fuels.

About the AKO Foundation

AKO Foundation Report and Financial Statements 2024

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Carbon Disclosure

Carbon Disclosure Project

AKO Foundation support since 2019

The Carbon Disclosure Project (CDP) is a global environmental disclosure mechanism. CDP gathers and analyses a comprehensive collection of reported environmental data, with the aim of making environmental reporting and risk management a business norm.

CDP requests information on climate risks and low carbon opportunities from the world's largest companies on behalf of over 700 financial institutions representing a quarter of all global financial assets. It has recently expanded to new areas such as biodiversity, plastics and oceans, recognising the interconnectedness of nature and the earth’s systems.

Now, companies representing two-thirds of global market capitalisation – from 130 countries – disclose critical environmental data through CDP. Within two years of an investor request, companies disclosing through CDP reduce their direct emissions by 7-10%.

Natural Solutions

Conservation International

AKO Foundation support since 2020 Conservation International (CI) seeks to protect the earth’s natural assets by promoting sustainable economic growth and climate resilience.

The Foundation funds a project whereby CI works with women in Kenya and South Africa to assist them in the sustainable management of their rangelands. Rangelands (grasslands, savannah and shrub lands) cover nearly half the Earth’s land surface and provide livelihoods to 180 million people globally, including more than 20 million pastoralists in Africa. For certain African communities, restoration and sustainable management of this land is essential to lift them out of poverty and to provide them with water, food and jobs. In addition, rangelands play an important role in ecological processes across Africa, forming important water catchment areas in dryland countries.

The Nature Conservancy

AKO Foundation support since 2021 Working in over 80 countries and territories, The Nature Conservancy (TNC) works to protect the land and water that supports life and seeks to combat climate change through using natural resources to reduce, mitigate and offset carbon emissions.

In 2024 the Foundation made a grant towards the ‘Natural Climate Solutions’ strand of TNC’s work. Natural climate solutions offer immediate and cost-effective ways to tackle the climate crisis while also addressing biodiversity loss and supporting human health and livelihoods. Practically, this involves improving forest management to help forest owners increase the carbon stored in their trees; reducing fertiliser use for fewer greenhouse gas emissions, and restoring coastal wetlands to sequester carbon in submerged soil. These natural solutions could contribute up to a third of the emissions reductions needed to avoid the worst impacts of climate change.

Duan Huachao/Courtesy TN

About the AKO Foundation

AKO Foundation Report and Financial Statements 2024

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Local Projects

The Foundation is a London based charity; its founder previously lived, and the majority of the trustees do live, in north London. The founder, Nicolai Tangen, was born and brought up in Kristiansand, Norway; other Trustees also have connections to Norway.

The Foundation values these links and selectively supports charities and charitable projects in north London and in Norway that may not otherwise fit the categories described above.

Vest Agder Museum

AKO Foundation support new in 2024

The Foundation has agreed to support a capital project to create a new museum in Kristiansand, Norway. The museum will showcase aspects of Kristiansand’s and the region's history, including its maritime heritage, and will make extensive use of digital and virtual reality experiences.

This project has received funding commitments from a broad coalition of public and private bodies; it is expected to get underway during 2025, with opening likely in 2028.

Vest-Agder Museum's new exhibition building in the city of Kristiansand, Norway (Illustration: Helen & Hard Architects)

About the AKO Foundation

AKO Foundation Report and Financial Statements 2024

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Other Initiatives

Give Back

The AKO Give Back scheme provides all AKO Capital staff with the opportunity to nominate a charity to receive a grant from the Foundation. As well as nominating charities, the staff collectively determine the recipients of larger grants. A committee of staff members selects a short list of the nominated charities, and all staff then vote on the allocation of a pool that in 2024 amounted to some £900,000.

Matched Funding

Certain charitable donations by members of staff of AKO Capital are matched, on a 1:1 basis, by the Foundation. The Foundation gave matching grants of around £368,000 under this scheme in 2024.

The two categories summarised immediately above – Give Back and Matched Funding – are together described as ‘Other’ in the following Trustees’ report and financial statements.

Two of the largest grants in 2024 were made to the following recipients.

Heart of Kent Hospice

The Heart of Kent Hospice provides free specialist care and support to adults who have a terminal illness as well as to their families, friends and carers. Every year this charity supports thousands of people, not just at the Hospice building in Aylesford, but also in their own homes and residential homes. The Hospice works to help people to live as fully and as well as possible for the rest of their lives, and to ensure that their final days are comfortable and peaceful, wherever they choose to be.

National Deaf Children’s Society

The National Deaf Children’s Society (NDCS) is a charity dedicated to creating a world without barriers for every deaf child. NDCS provides expert support on childhood deafness, raises awareness, and campaigns for the rights of deaf children, so that they have the same opportunities as everyone else.

Hearing loss is often considered to be an invisible disability, particularly with respect to children. It makes communication more difficult for those who suffer from this disability; educational attainment and confidence often suffer as a consequence. NCDS provides support to children and their parents, offering life-changing advice on schooling, financial support, parenting and deaf-assistive technology.

About the AKO Foundation

AKO Foundation Report and Financial Statements 2024

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Report of the trustees

Independent auditor's report Financial Statements

Report of the Trustees

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AKO Foundation Report and Financial Statements 2024

Report of the trustees

The trustees present their report and the audited financial statements for the year ended 31 December 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with the current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice – Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)).

Structure, governance, management & remuneration

The Foundation is a charitable company limited by guarantee, incorporated on 1 February 2013 and registered as a charity on 29 April 2013. The company was established under a memorandum of association which established the objects and powers of the charitable organisation and is governed under its articles of association.

The Foundation has one wholly owned subsidiary and one associated undertaking. Further details on these entities are included in notes 8 and 9 to the financial statements.

The Foundation is managed by the trustees with decisions taken at the regular trustee meetings. Trustees are given training and advice on their responsibilities when they take on the position. They give their time voluntarily and receive no remuneration or benefits from the Foundation. Any expenses reclaimed from the Foundation are set out in note 3 to the financial statements.

Any future trustee appointments are made by the Members of the Foundation. The Members are David Woodburn and Nicola Staples; David Woodburn is also a trustee of the Foundation.

The Foundation has two employees and its reward and recognition strategy is designed to attract and retain motivated and talented individuals.

Objectives and activities

The objective of the Foundation is to act as a charity for general charitable purposes with a focus on education and the arts, in particular the provision of grants for charitable purposes (as prescribed by the Charities Act 2011).

The Foundation’s charitable objectives are:

The trustees review the aims, objectives and activities of the Foundation each year. In recent years the trustees have become increasingly concerned by the effect of the changing climate on current and future generations and on global biodiversity and in 2019 they initiated a grant making programme in this field. In 2022 the trustees added “Wellbeing of young people” as a separate category of grant making.

This report looks at what the Foundation has achieved and the outcomes of its work in 2024. Details of the grants made in the year are included in the financial statements.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning its future activities. In planning the Foundation’s activities, the trustees consider how these will contribute to the aims and objectives that have been set.

In undertaking their management of the Foundation, and the making of grants, the trustees have had regard to their obligations under Section 172 (1)(a)-(f) and 172(2) of the Companies Act 2006 to promote the success of the Foundation to achieve its charitable objectives.

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AKO Foundation Report and Financial Statements 2024

Strategic Report

Achievements and performance in the delivery of public benefit

The Foundation’s main activity is to make grants to UK charities and for general charitable purposes elsewhere in the world. The primary foci of its grant making activities are initiatives and projects which improve education or the wellbeing or young people, promote the arts, or combat climate change.

During the year to 31 December 2024 the Foundation made grants to a variety of entities involved in these areas. The major grants, considered as being those for an amount of £100,000 or more, are described below, listed in descending size order within the respective categories:

Grants for the advancement of education

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AKO Foundation Report and Financial Statements 2024

Strategic Report (continued)

Grants towards the wellbeing of young people

Grants for the advancement of art

Grants to mitigate the effect of climate change

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AKO Foundation Report and Financial Statements 2024

Strategic Report (continued)

The Foundation’s general grant making policy is for individual trustees or the executive team to identify possible grant recipients, which are then considered by the trustees acting as a body. The Foundation does not seek applications for grants and does not make grants in response to unsolicited applications received.

As a grant making charity the primary key performance indicators for the Foundation are its income and carried forward funds, as these set its ability to make future grants; and the grants made, and cash distributed, in the year. During the year to 31 December 2024 the Foundation had income of £119,980,000 (2023: £117,443,000), made new grants of £75,522,000 (2023: £46,563,000) and carried forward funds of £1,267,236,000 (2023: £1,178,071,000). It distributed cash of £56,176,000 (2023: £34,019,000 cash and a grant of artworks to the value of £9,891,000) to grant recipients. The trustees are satisfied with the performance of the Foundation over the year.

Local Projects

Other major grants (through the ‘Give Back’ programme)

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AKO Foundation Report and Financial Statements 2024

Financial Review

In 2024 the Foundation received its income via Gift Aid donations from AKO Capital Management Limited and from its interest in AKO Capital LLP held via its trading subsidiary AKO Subsidiary 2020 Limited (2023: donations from AKO Capital Management Limited, a donation of artworks from Nicolai Tangen and from its interest in AKO Capital LLP). Total donations of £6,000 (2023: total donations of £9,895,000) were received in the year to 31 December 2024 which includes £Nil receivable at 31 December 2024 (2023: £Nil receivable at 31 December 2023). The income arising from its interest in AKO Capital LLP in 2024 was £116,747,000 of which £59,500,000 was receivable at 31 December 2024 (2023: £105,360,000 of which £48,170,000 was receivable at 31 December 2023).

Reserves Policy

At 31 December 2024 the Foundation had total funds of £1,267,236,000 (2023; £1,178,071,000). The Foundation’s reserves policy is to ensure it maintains adequate funds to meet its commitments and to hold reserves while it identifies appropriate projects to fund. It does not currently hold any restricted funds and thus characterises all funds as unrestricted reserves.

Investment Policy

Several venture capital type investments have been donated to the Foundation and the nature of these investments means that the Foundation expects to hold them to their maturity.

With respect to its other assets, the Investment Policy of the Foundation is for these to be held in either equity-based investments or as cash or shortterm fixed interest instruments. The equity-based component is held in Management Shares in funds managed by AKO Capital LLP. These shares are non-fee paying and the investment is split between NOK, Euro and US$ denominated share classes. The funds managed by AKO Capital LLP invest in a diversified range of European and Global equities.

The investment objective of the Foundation is to maintain the real value of its investment portfolio over the longer term and to provide capital growth for the furtherance of the Foundation’s objectives. In 2024 the investment return of the Foundation, measured in GBP, was an overall gain of approximately 4%. The trustees remain confident as to the long-term prospects of the Foundation’s investments.

In respect of its investments the Foundation seeks an awareness of the social, environmental, or ethical

policies of the relevant fund entities but this is not a primary consideration in determining its investments.

The trustees are mindful of their duty to review and monitor the Foundation’s investments and receive regular investment reports in respect of the funds in which they are invested.

Costs

The Foundation seeks to minimise its cost base to maximise the funds available for its charitable purposes. As stated elsewhere in this report, the trustees give their time voluntarily and receive no remuneration or benefits; and the largest component of the Foundation’s investments is the Management Shares of funds managed by AKO Capital LLP which are non-fee paying. In 2024 the total costs of the Foundation were £221,000 which represents 0.02% of the Foundation’s net assets and 0.3% of the grants payable in the year.

Energy usage

The Foundation did not consume more than 40,000 kWh of energy in its reporting period. It therefore qualifies as a low energy user and is exempt from the reporting otherwise required under the United Kingdom’s Streamlined Energy and Carbon Reporting regulations.

Risk Statement and Going Concern

The trustees have reviewed the major risks to which the Foundation is exposed and consider that systems are in place to mitigate exposure to these risks. As a grant making charity the main risk facing the Foundation is that it has inadequate income or existing resources to fund its grant making activity. In 2025 the Foundation’s main source of income is expected to remain the profit share from AKO Capital LLP and the main current risk is, therefore, the profitability of AKO Capital LLP. During the year to 31 December 2024 AKO Capital LLP remained profitable. In addition, the Foundation’s reserves policy is to ensure it maintains adequate funds to meet its commitments and to allow it to continue as a grant making charity; the Trustees consider that the Foundation’s reserves are more than adequate for this purpose. Accordingly, the trustees believe that there is a reasonable expectation that the Foundation will have adequate resources to continue in operational existence for the foreseeable future; they have thus continued to adopt the going concern basis of accounting in preparing the annual financial statements.

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AKO Foundation Report and Financial Statements 2024

Fundraising

The Foundation’s main source of future income is expected to remain a profit share from AKO Capital LLP. The Foundation does not engage in public fundraising and does not use professional fundraisers or commercial participators. The Foundation nevertheless observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance with these regulations and codes and the Foundation received no complaints relating to its fundraising practice.

Relationship with stakeholders

The Foundation’s primary stakeholders are the grant recipients. The Foundation seeks to foster long-term and open relationships with these partners.

Plans for the Future

The Foundation plans to continue as a grant making charity with a focus on education, the wellbeing of young people, the arts and combating climate change.

Statement of responsibilities of the trustees

The trustees (who are also directors of AKO Foundation for the purposes of company law) are responsible for preparing the report of the trustees, including the strategic report and the financial statements, in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2024 was 2. One of the trustees is a Member of the charity but this entitles him only to voting rights. The trustees have no beneficial interest in the charity.

Auditor

Sayer Vincent LLP was re-appointed as the Foundation’s auditor and has expressed its willingness to continue in that capacity.

The report of the trustees including the strategic report was approved by the trustees on 10 April 2025 and signed on their behalf by

David Woodburn, Trustee 10 April 2025

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AKO Foundation Report and Financial Statements 2024

Independent auditor’s report

to the members of AKO Foundation

requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

Opinion

We have audited the financial statements of AKO Foundation (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2024 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on AKO Foundation's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ annual report, including the strategic report, other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report, including the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 detecting irregularities, including fraud are set out below.

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Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor) Date: 14 April 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditors Sayer Vincent LLP, 110 Golden Lane, London, EC1Y 0TG

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AKO Foundation Report and Financial Statements 2024

Group Statement of Financial Activities

Group Statement of
Financial Activities
Incorporating an income and
expenditure account
For the year ended 31
December 2024
Notes
Income
Incoming resources from generated funds
Income from interests in associated undertakings
Donations
Investment income
Total incoming resources
Expenditure
Charitable activities
Education
Wellbeing of young people
Art
Climate
Local projects
Other
Total resources expended
2
Net incoming resources for the year
3
Net gains/(loss) on investments
Foreign exchange gain/(loss)
Net income for the year and net movement in funds
Total funds brought forward
Total funds carried forward
16		 Year ended
31 December
2024
£’000
116,747
6
3,227
119,980
17,243
1,517
31,734
21,711
2,246
1,292
75,743
44,237
47,826
(2,898)
89,165
1,178,071
1,267,236		 Year ended
31 December
2023
£’000
105,360
9,895
2,188
117,443
8,938
1,821
18,028
15,583
1,227
1,150
46,747
70,696
34,273
(1,194)
103,775
1,074,296
1,178,071

All of the above results are derived from continuing activities and are unrestricted. There were no other recognised gains and losses other than those stated above. Movements in funds are disclosed in note 16 to the financial statements.

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Registered Company Nº 08385711

Group Balance Sheet

as at 31 December 2024

Notes
Fixed assets
Investments
7
Current assets
Debtors
11
Cash
Current liabilities
Creditors:_amounts falling due within one year
12
Net current assets
_Creditors: amounts falling due in more than one year
13
Net assets
15
Funds
Unrestricted funds – general income funds
16
Unrestricted funds – fair value reserve
16
Total unrestricted funds and total funds		 2024
£’000
1,156,976
1,156,976
59,500
97,472
156,972
32,528
124,444
14,184
1,267,236
1,016,695
250,541
1,267,236		 2023
£’000
1,030,818
1,030,818
49,067
126,983
176,050
22,323
153,727
6,474
1,178,071
972,290
205,781
1,178,071

Approved by the trustees on 10 April 2025 and signed on their behalf by

David Woodburn Trustee

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Registered Company Nº 08385711

Company Balance Sheet

as at 31 December 2024

Notes
Fixed assets
Investments
7
Current assets
Debtors
11
Cash
Current liabilities
Creditors: amounts falling due within one year
12
Net current assets
Creditors: amounts falling due in more than one year
13
Net assets
Funds
Unrestricted funds – general income funds
16
Unrestricted funds – fair value reserve
16
Total unrestricted funds and total funds		 2024
£’000
1,156,976
1,156,976
-
97,158
97,158
32,523
64,635
14,184
1,207,427
962,839
244,588
1,207,427		 2023
£’000
1,030,818
1,030,818
897
126,543
127,440
22,318
105,122
6,474
1,129,466
929,638
199,828
1,129,466

Approved by the trustees on 10 April 2025 and signed on their behalf by:

David Woodburn Trustee

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Group Cash Flow Statement

For the year ended 31 December 2024

Reconciliation of net incoming
resources to operating cash fow
Net incoming/(outgoing) resources for the period
Foreign exchange gain/(loss)
Interest receivable
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash outfow from
operating activities before tax
Corporation tax paid
Net cash outfow from
operating activities after tax
Return on investments
Interest received
Capital expenditure/receipts
Additions to investments
Proceeds from sale of investments
Increase/(decrease) in cash
Cash at bank and in hand brought forward
Cash at bank and in hand carried forward		 2024
£’000
44,237
(2,898)
(3,227)
(10,433)
17,915
45,594
-
45,594
3,227
(100,450)
22,118
(29,511)
126,983
97,472		 2023
£’000
70,696
(1,194)
(2,188)
(28,819)
2,794
41,289
-
41,289
2,188
(74,523)
46,834
15,788
111,195
126,983

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Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies

The trustees consider that there are no material uncertainties in respect of the Foundation’s ability to continue as a going concern and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

Investments in associated undertakings are accounted for under the equity method of accounting such that the investment is initially recognised at cost and is subsequently adjusted to reflect the group’s share of the profit or loss of the associate.

2024 2023
Education 23% 19%
Wellbeing of young people 2% 4%
Art 42% 38%
Climate 28% 33%
Local projects 3% 3%
Other 2% 3%

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1. Accounting policies (continued)

2. Total resources expended

2024
Education
Wellbeing of
young people
Art
Climate
Local Projects
Other
Governance
Costs
Support Costs
Total
resources
expended		 Grants
Payable
(Note 6)
£’000
17,193
1,513
31,641
21,648
2,239
1,288
75,522
-
-
75,522		 Legal
fees
Other
Governance and
Support Costs
£’000
£’000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
22
-
199
-
221		 Total
Allocation of
Governance and
Support Costs
£’000
£’000
17,193
50
1,513
4
31,641
93
21,648
63
2,239
7
1,288
4
75,522
221
22
(22)
199
(199)
75,743
-		 Total 2024
£’000
17,243
1,517
31,734
21,711
2,246
1,292
75,743
-
-
75,743

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2. Total resources expended (continued)

2023
Education
Wellbeing of
young people
Art
Climate
Local Projects
Other
Governance
Costs
Support Costs
Total
resources
expended		 Grants
Payable
(Note 6)
£’000
8,903
1,814
17,957
15,522
1,222
1,145
46,563
-
-
46,563		 Legal
fees
Other
Governance and
Support Costs
£’000
£’000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
17
-
165
2
182		 Total
Allocation of
Governance and
Support Costs
£’000
£’000
8,903
35
1,814
7
17,957
71
15,522
61
1,222
5
1,145
5
46,563
184
19
(19)
165
(165)
46,747
-		 Total 2023
£’000
8,938
1,821
18,028
15,583
1,227
1,150
46,747
-
-
46,747

Included in 2023 comparative in the Arts category of Grants payable is an amount of £9,891,000 representing a grant of artworks made to AKO Kunststiftelse. Donations income for 2023 includes an equivalent amount representing the donation of these artworks to AKO Foundation by Nicolai Tangen.

Analysis of Support Costs

Analsis of Suort Costs
y pp
Governance Costs
Legal fees
Audit & Accountancy
Other Support Costs
Staf costs
Bank charges and other costs
Total Governance and Support Costs		 2024
£‘000
-
22
22
180
19
199
221		 2023
£’000
2
17
19
146
19
165
184

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3. Net incoming resources for the year

This is stated after charging

This is stated after charging
2024 2023
£’000 £’000
Trustees’ remuneration - -
Trustees’ expenses 5 -
Auditor’s remuneration (excluding VAT)
Audit 15 12
Other 3 3

During 2024 Trustees’ expenses of £4,727 (2023: £429) were incurred representing the payment of travel costs, including accommodation, for three trustees (2023; one trustee) relating to project visits.

4. Staff cost

4. Staff cost
Wages and salaries
Social security costs
Other pension costs
Total staf costs		 2024
£’000
155
20
5
180		 2023
£’000
99
10
37
146

The average monthly number of employees was 1 (2023: 1) and the employee benefits detailed above relate to two employees.

The total employee benefits including pension contributions of the key management personnel were £166,000 (2023: £146,000).

5. Taxation

The Foundation is generally exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

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AKO Foundation Report and Financial Statements 2024

6. Grants Payable

A list of recipients of the grants made during the years ended 31 December 2024 and 31 December 2023 are shown below.

2024
Recipient
Grants for the advancement of education
Strømme Foundation
University of the Arts
Educate Girls
Purposeful Ventures
Norwegian Refugee Council
London School of Economics and Political Science
Lively Minds
ARK
Teach for India
Brilliant Club
Get Further
Education and Employers
Now Teach
Right to Sight
World Association of Girl Guides and Girl Scouts
Little Sun Foundation
ImpactEd
Aalto University Executive Education
Street League
Generating Genius
Christ’s Hospital school
Loden Education Trust
University of Agder
Nesbru Rotary Club
Become
Teach First
Peer Productions
Wharton Fund
Breaking Barriers
Real Action
MM Foundation
Many Hopes UK
Education Partnerships Group
Grants towards the wellbeing of young people
Place2Be
Kirkens Ungdomsprosjekt (KUP)
Frontline
Babyzone
Humans for Humans		 £’000
3,434
2,584
1,738
1,300
1,200
1,000
600
500
475
450
450
400
375
325
300
298
225
205
200
180
140
135
116
115
100
100
90
77
75
75
30
25
(124)
17,193
£’000
600
334
300
250
29
1,513

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6. Grants Payable (continued)

Grants for the advancement of art
AKO Kunststiftelse
Kunstsilo (formerly SKMU Sørlandets Kunstmuseum)
Tate Gallery
Wigmore Hall Trust
CLAY Museum of Ceramic Art Denmark
Big Give Trust - Arts for Impact
Nasjonalmuseet Oslo
Grants to mitigate the effect of climate change
European Climate Foundation
Carbon Mapper
CDP Worldwide
TNC UK Foundation
Climate Arc
Conservation International
Client Earth
Sunrise Project
Global Greengrants Fund
Financial Futures Centre
RARE
Big Give Trust - Green Match fund
Cool Earth
Sustainable Finance Institute Asia
Environmental Funders Network
Julie's Bicycle
Local projects
Vest Agder Museum
Doorstep Homeless Families Project
Åkerøya Bedehusforening
Other
National Deaf Children's Society
City Harvest
Heart of Kent Hospice
The Wildlife Trusts
Inspire
Other AKO Give Back donations
AKO Matched Funding donations		 £’000
25,731
3,609
1,100
500
492
105
104
31,641
£’000
5,839
4,600
2,500
1,770
1,569
1,386
1,000
989
600
464
232
210
200
174
120
(5)
21,648
£’000
2,131
100
8
2,239
£’000
123
103
96
91
87
420
368
1,288
75,522

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6. Grants Payable (continued)

2023
Recipient
Grants for the advancement of education
Campaign for Female Education
London School of Economics and Political Science
The Hall School Endowment Fund
World Association of Girl Guides and Girl Scouts
Global Schools Forum
Pratham UK
Ark
Partnership for Change
MM Foundation
Little Sun Foundation
London Academy of Excellence Stratford
London Academy of Excellence Tottenham
Royal National Children’s Springboard Foundation
Social Finance
ReachOut Youth
Literacy Pirates
Lively Minds
University of the Arts
Sandvika Rotary Club
Grants towards the wellbeing of young people
Bite Back 2030
OnSide Youth Zones
Roundhouse
Kirkens Ungdomsprosjekt
Humans for Humans
Grants for the advancement of art
AKO Kunststiftelse
Kunstsilo (formerly SKMU Sørlandets Kunstmuseum)
Kilden
Hampstead Theatre
CLAY Museum of Ceramic Art Denmark together with SKMU Sørlandets Kunstmuseum
Arts Emergency
Nasjonalmuseet Oslo
British Museum
Zeitz MOCAA		 £’000
1,500
1,000
1,000
1,000
800
600
500
457
422
308
240
240
200
170
150
120
120
60
16
8,903
£’000
1,000
500
150
99
65
1,814
£’000
14,007
2,356
518
500
265
135
110
44
22
17,957

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6. Grants Payable (continued)

Grants to mitigate the effect of climate change
Global Methane Hub
European Climate Foundation
The Energy Foundation China
Foundation for International Law for the Environment
Other
Climate Arc
Live Ocean
Basecamp Explorer Foundation
World Resources Institute
The Big Give Trust
Local projects
Redningsselskapet
Ibsenstiftelsen
Doorstep Homeless Families Project
Maytree Respite Services – grant cancelation
Other
Speech & Language UK
Women and Girls Network
Age UK
Housing for Women
Shannon Trust
Other AKO Give Back donations
AKO Matched Funding donations		 £’000
4,827
2,575
2,369
1,974
1,574
592
558
494
401
158
15,522
£’000
1,096
216
10
(100)
1,222
£’000
111
101
96
96
96
385
260
1,145
46,563

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7. Investments

Group and Foundation
Carrying value at the start of the year
Additions
Disposals
Gain on investments
Carrying value at the end of the year
Historic cost at the end of the year - Group
Historic cost at the end of the year - Foundation
Investments comprise
Group and Foundation
Interests in associated (Group)/subsidiary (Foundation) undertakings
Other investments
Investment funds
Investment in AKO Fund
Investment in AKO Global Fund
Investment in AKO European Long-only Fund
Investment in AKO Future Focus Fund
Investment in other investment funds
Venture capital type investments
Investment in money market and short dated fxed income funds
Market value at the end of the year
Total investments		 2024
£’000
1,030,818
100,450
(19,052)
44,760
1,156,976
906,435
912,389
2024
£’000
1,303
£’000
220,641
231,211
29,659
10,809
12,784
162,347
488,222
1,155,673
1,156,976		 2023
£’000
968,856
74,523
(44,600)
32,039
1,030,818
825,037
830,991
2023
£’000
1,303
£’000
214,080
213,865
27,964
-
13,721
165,373
394,512
1,029,515
1,030,818

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8. Subsidiary Undertakings

The Foundation owns or owned the whole of the issued ordinary share capital of the following subsidiary undertakings:

A summary of the results of the AKO Subsidiary 2020 Limited as included in these consolidated results is shown below:

AKO Subsidiary2020 Limited
Percentage owned by the Foundation
Financial information
Income
Expenses
Proft/(loss)
Assets and liabilities at 31 December:
Assets
Liabilities
Shareholders' funds		 2024
100%
£’000
116,904
1
116,903
£’000
61,117
6
61,111		 2023
100%
£’000
105,443
3
105,440
£’000
49,913
5
49,908

9. Associated Undertaking

On 1 December 2020 an interest in AKO Capital LLP was donated to the Foundation and AKO Capital LLP became an associated undertaking of the Foundation. This interest in AKO Capital LLP is now held via AKO Subsidiary 2020 Limited and is included in the financial information in respect of AKO Subsidiary 2020 Limited set out in the table above.

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10. Sensitivity to risks

Market risk

The Group is exposed to market risk through its investments in investment funds and venture capital type investments as the value of those investments is affected by movements in the underlying financial markets. The nature of these investments is such that changes in their value should not be directly related to these market movements. The impact on the statement of financial position of a 5% fall in the value of these investments would be a £33,373,000 fall in the assets of the Group.

Foreign exchange risk

Several of the Foundation’s investments and parts of the Foundation’s current assets and liabilities are denominated in foreign currencies. At 31 December 2024 the sensitivity of the profit for the financial year to a 2% movement in the exchange rate of the British Pound against the US Dollar, Euro and NOK was, respectively, £7,468,000, £4,726,000 and £4,478,000.

Liquidity risk

The investments in the AKO funds are redeemable at Net Asset Value on their dealing days with between one month’s and 90 days’ notice. The investments in the money market and short dated fixed income funds have daily liquidity. The investments in the other investment funds and venture capital type investments are generally not redeemable with distributions from these investments being dependent upon the realisation of the underlying assets within these funds and the decisions of their investment managers.

Credit risk

The credit risk relating to investments arises from the default of a counterparty, with a maximum exposure equal to the carrying amount of these investments. The trustees believe the credit risk is mitigated as:

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11. Debtors

Group
Accrued income
Other debtors
The Foundation
Other debtors		 2024
£’000
59,500
-
59,500
2024
£’000
-		 2023
£’000
48,170
897
49,067
2023
£’000
897

12. Creditors: amounts falling due within one year

Group
Accruals
Grants payable
The Foundation
Accruals
Grants payable		 2024
£’000
33
32,495
32,528
2024
£’000
28
32,495
32,523		 2023
£’000
28
22,295
22,323
2023
£’000
23
22,295
22,318

13. Creditors: amounts falling due in more than one year

Group and the Foundation 2024 2023
£’000 £’000
Grants payable 14,184 6,474

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14. Contingent liabilities and commitments

At the year end the Group and Foundation had unfunded commitments under the venture capital type investments and other investment funds of £5,932,000 (2023: £15,475,000). These amounts will be payable when called over the next 7 years and will be funded from unrestricted funds.

As part of the terms of the donation by DSHN Philanthropy LLP of an interest in AKO Capital LLP to the Foundation, as referenced in note 9 above, the Foundation gave DSHN Philanthropy LLP and its individual Members an indemnity in respect of the donation.

15. Analysis of group net assets between funds

2024

Investments
Net current assets less longer-term creditors
Net assets at the end of the year
2023

Investments
Net current assets less longer-term creditors
Net assets at the end of the year		 Fair Value
Reserve
£’000
250,541
-
250,541
Fair Value
Reserve
£’000
205,781
-
205,781		 Income Funds
£’000
906,435
110,260
1,016,695
Income Funds
£’000
825,037
147,253
972,290		 Total Fund
£’000
1,156,976
110,260
1,267,236
Total Fund
£’000
1,030,818
147,253
1,178,071

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16. Movements in funds

Group

General funds
Income funds at start of the year
Incoming resources
Outgoing resources
Foreign exchange gain/(loss)
Realised gain/(loss) on investments
Income funds at the end of the year
Revaluation reserve at start of year
Net unrealised gain/(loss) on investments
Revaluation reserve at the end of year
Total funds at the end of year
The Foundation
General funds
Income funds at start of the year
Incoming resources
Outgoing resources
Foreign exchange gain/(loss)
Realised gain/(loss) on investments
Income funds at the end of the year
Revaluation reserve at start of year
Net unrealised gain/(loss) on investments
Revaluation reserve at the end of year
Total funds at the end of year		 2024
£’000
972,290
119,980
(75,743)
(2,898)
3,066
1,016,695
205,781
44,760
250,541
1,267,236
2024
£’000
929,638
108,776
(75,743)
(2,898)
3,066
962,839
199,828
44,760
244,588
1,207,427		 2023
£’000
900,554
117,443
(46,747)
(1,194)
2,234
972,290
173,742
32,039
205,781
1,178,071
2023
£’000
886,092
89,250
(46,744)
(1,194)
2,234
929,638
167,789
32,039
199,828
1,129,466

Financial StatementsSection Marker 45

AKO Foundation Report and Financial Statements 2024

17. Related party transactions

The Foundation has taken advantage of the exemption available under Section 33 of FRS 102 not to disclose transactions with its wholly owned subsidiary undertakings.

David Woodburn, a trustee, is a partner in AKO Capital LLP which is the investment manager of the AKO funds in which assets from the Foundation are invested. The investment by the Foundation is in the Management Shares of these AKO funds and these shares are non-fee paying. Therefore, AKO Capital LLP receives no benefit from these investments by the Foundation.

During 2024 AKO Capital Management Limited, a company which is part of the AKO Capital group, made donations of £6,000 (2023: £4,000) to the Foundation.

In the normal course of its charitable granting there may be instances where the Foundation makes donations to charities with common trustees with the Foundation. Although in these instances the relevant Foundation trustee is part of a collective of non-related trustees and is normally not considered to be in a significant position of influence over those other charities disclosure of such situations is included below:

• No such in 2024 or 2023.

Details of grants made to such entities are included in note 6 and any amounts payable at the year-end are included in the grants payable disclosed in notes 12 and 13.

Financial StatementsAKO Foundation Report and Financial Statements 2024

AKO Foundation Report and Financial Statements 2024 Section Marker

46

46

Kunstsilo (Credit: Even Askildsen)

Financial StatementsSection Marker

AKO Foundation Report and Financial Statements 2024

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Foundation www.okofoundation.or