CompanN' registration number.. 8825712 Charity registration number.. 1158970 Columbia Threadneedle Foundation {A ¢haritable ¢onipany limited by guarantee) Annual Report and Finan¢ial Statements for the Year Ended 3 1 December 2023
Columbia Threadneedle Foundation Contents Page(s) Legal and Adminisirative Dthils TTUStees' Report 3 to 12 Iiidcpendent Auditors, Report 13 to 16 Statement of Finan¢ial A¢tiviries 17to 18 Balance Sheet 19 Statement of Cash Flows 20 Notes to the Financial Statements 21to28 Page I
Columbia Threadneedle Foundation Legal and Administrative Details Trustees M Beard L Cook (Chairperson) S Fiori A Georgescll S Hassabu H Hebblethwaite J Perrin S Schofield T Tang Registered Office Cannon Place 78 Cannon Street London United Kingdom EC4N 6AG Cornpany Registration Number 8825712 ChrItY Registration Number 1158970 Bankers Lloyds Bank PIC 25 Greshani Street Londort United Kingdom EC2V 7HN Independent Auditors Priceivaterhousecoopers LLP Chartered A¢countan¢s and Statiitory Auditors 7 More London Riverside London Ullited Kingdom SEI 2RT Page 2
Columbia Threadneedle Foundation Trustees, Report The Trustees. who are Directors for the purposes of company law, present the annual report together with the audited financial ststements of the charitable company for the year ended 31 December 2023. Columbia Threadneedle Foundation I'the Foundation") is a Company Limited by Guarantee and a registered charity governed by its Articles of Association. The Trustees have adopted the provisions of the Accountin8 and Reporting by Charities.. Statement of Re¢omm¢nded Practice (tpplicable to charities preparin¥ their financial statements. in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") (effective l January 20191 ('"Chariiies SORP {FRS 1021"), the Companies A¢t 2006 and Charities Aci 2011 in preparing the rewrl and financial 5tatem¢nt5 of the Foundation. The legal and administTation illfom]ation on page 2 form5 part of thLS T¢POrt. Trustees M Beard L Cook {C.hairperson) S Fiori A Georgescu S Hassabu H Hebblethwaite J Perrin S SLhofield T Tang Obje¢tives, str#tegie5 #nd actlVLtie$ Objetts and aims The principal activiry of the Foundation is to act as a corporate chariry. The Foundation's objective is to rther such purposes that are exclusively charitable under the laws of England and Wales as the Trustees from tin)e to tiime shall think fit. Page 3
Columbia Threadneedle Foundation Trustees, Report Objective5, 5trategie5 and actiVTties (continued) Objective5 and airn5 (continued) The Foundation s strategic aim is to invest in the community by building partnerships with charities across a range of sectors, with a focus on charities that use education, training. art and sport to improve individual lives while a150 engendering lasting social change. The Foundation focuses on charities that are driving social change through their work with disadvantaged or marginalised people. Common threads the Foundation looks for in its programmes and charity partners include the ability to build skills and confidence, challenge perspective5 and broaden horizons. The Foundation believts this approach not only delii'er5 improveimtnt to individual live5 but bring5 long-temi benefit by helping address critical social issues and drive fun(iamental social improvement. Education recognising the need to ijnprove acce5S to education and training more broadly. the Foundation supports ediicational programmes from schools-based schemes io progrdmmes that give skills io those seeking io get back in the workplace. .Arts- vibrant arts sector bTings a wide range of Social. cultural and economic benefits: and the Foundation supports charities that span visual and performin8 arts, art as therapy and art-based education pro8rammes for s¢hools. Sport - sport has a uniqlle power io engage and motivate, build teamwork skills and Improve emotional and physical wellbeing. particularly among young people. and the Foundation 5UPPOtts sport5-ba5ed charities that deliver these benefits. Above all, t]ie Foundation selects cliarity partners that share its value5 of responsibility, integriry and excellence. The Foundation applies a responsible and rigorous process to its choice of charity partrters and re¢ipients to ensure funding achieves direct, measurable outcomes and long-teTm sustainable partnerships are created. The Trustees undertake ¢aTeful due diligence on individual and regulaT grart¢S, to l)elp ensure the Foundation maximises the public benefit impact of our donations against our stated themes. This due diligence is undertaken befoTe any grants are ¢ontirmed by Trustees and is regularly reviewed duriiig any partnersliip. Ollr due diligence proLe%s in¢ludes a review of past financial reports held b), the Charity Commi%%iort, meeting8 with key charity staff and Trustees and ongoing twrant n)onitoringF aiid impact evaluation both througFh a 5ix-monthly writtcn report and through rcgiilar meetings as rcqiiired. The Foundation is siipported in this process by an external consul¢an¢y that work alongside the Trustees and helps provide additioi)al expertise, Challenge and perspective. In addilion to finan¢ial support, the Foundaiion provides volunteering opportunities for einployees of Columbia Tlireadneedle Investmeiit5 to encourage meaningful engageinent with our cliarit), parthieTS and otlier local charities. Iii shaping the objectives for tlie Foundation for the yeaT and planning OUT a¢tivitits, the Trustees liave considered the Charity Commission's guidance on public benefit. Page 4
Columbia Threadneedle Foundation Trustees, Report Achievements and perforniance Throughout 2023 the Foundation continued to develop a number of successful relationships with our long-standing Charity partners and also provided indiN'idual grants to iharities in the local communities of Columbia Thr¢adn¢edle Investments offices. During the year, the Foundation also contijiued with it5 programme of grant-making based on contribiitions from tlie CT UK Social Bond Fund, which contributes a share of its anniial management fee to Columbia Threadneedle. 20?3 was the 10th anniversary of the Columbia Threadneedle Foundation and C.olumbia Threadneedle Investments commissioned an impact report for the year. The report evidenced that the Colujnbia Threadneedle Foundation has helped its charilj grantees to develop, expand and grow. The Foundation's multiyear funding approa¢h has provided its charit! partner5 Wlth financial security and con5jStency to improve their s)'5tems, processes and invest in future planning strategies. The ijnpact report revealed that over the last l O )'ears'. 106,281 people directly benefilted from il)e support of ihe Columbia Threadneedle Foundation I l organisations received funding 1,353 SLhools and commiinity groups were supponed 12,807 people supported througli financial literacy 8,792 people supported with skills development Driving social change through art AT The Bus AT The Bus provides school-based programmes of art as therapy to help improve the mental wellbeing of children and young people aged 5-18 OxfordbhiT¢ and London. With the mental health crisis impacting children and young ople ¢oupled with the economic challenges facing people in the UK. schools are struggling provide sufficient support, and nem." schoo15 liave contacted AT The Bus for their servi¢es. In spOnSe, the Foundation's grant in 2023 has been vital in helping AT The Bus rea¢h more hildren. Duriiig the year, AT The Bus trained more facilitstor5 in the Beattie Methodology, a creative therapeuti intervention that supports mental wellbeing, alleviates anxiety, and help5 young people build their self-confjdence, to Ineet the increasin¥ d¢mand5 fur illteiTr¢ntion. The Lharity also published The Beattie N1ethod Manual, which has Teceived p05jtive endor5etnents from artists and educatOTS. AT The Bu5 has been a charity partiier of Coluinbia Threadne¢dle since 2019 and iii 2023 moTe than 250 student5 per 'eek have benefited directly from Columbia Threadncedlc Foundation's funding. Page 5
Columbia Threadneedle Foundation Trustees, Report The National Gallery- Take One Picture C'olunibia "llireadneedle Foundation has partnered widi the National Gallery in London since 2018 to support the Gallery's 'Take One Picture, learning progrartinie and exhibition. Take One Pi¢ture Is the National Gallery's countrN'wide scheme for priinary schools which use5 one painting from the Gallery's collection to inspire cross-ciirricular work in priniary e12ssrooms. The programme aims to put art at the centre of children's leaming, iiispirin¥ a lifelotlg connection with artists, MSeUMS aiid galleries. Each year the Gallery chvoses one painting from the cvllectivn to ill5pire primary ¢lassroom5 ¢OUlltryivide. The challenge is then for schools to use the image imaginatively, both as a stimulus for artwork. and for work in more unexpected ¢urricllluin areas. A display of work produced by schools based on the painting is then shown at the National Gallery in a dedicated exhibition A Shipivreck in Stonny Seas11773) by Claude-Joseph VeTnet was the source for inspiration for 7023's 'Take One Picture, programme. In 2023, participation in the Take One Picture programme grew significantly, with 460 teachers from 300 schools aiiendii)g C.on¢inuing Professional Developn)eni {C.PDI training. The programme's overall a¢h is now ¢. 65,700 children per year. SwindoN Music Trust (SMT) SMT believcs that all childrcn should have access to quality, affordable instrumental tuition. SNIT received a grant to provide access to fui)ding for instrumental lessoi)s on.lii)e, at l)ome and ii) s¢l)ool. Reach Inclusive Arts One of the few chaTltie5 dedicated to providing creative outlets for adults aiid young people aged 11-18 iii Special Ediicational Needs ISENI Schools in Wiltshire. with leaming and physical disabilities, mental health issues, sensory iIMpairiMents. aii(150cial aiixiety. The charity has been instruiM¢ntal in trallsforrning live5 tlirougli tlie power of the arts and proi'ides a safe space to take part in performance and visual arts. including acting, drama, paintin& and drawing. Durii)g 2023 the Foundation provided a gTant to Rea¢l) In¢lusive Arts to help fund its work. Facilitating the inclusive power of sport for lastillg social ehange Access Sport Access Sport aims to put inclusion at the heart of community sport across the UK. so that everyone, regardless of ability or background can lake part in sport and physical activity. This is executed through their own programmes as ell a5 through working in CrosSector partneiship with others at local, regional and national level. Access Sport is the Foiindation's longest chariry partnership, which was established in 2013. In 2023, the Foiindation continiied to fund .4ccess Sports, GrOth Strategy. This includes the appointment of a Cycling A¢tivator ii) London tor the c.hanging Sports - Cycling Programme, ini'estmeni ii) cycling equipment, volunteer and coach development. community cycling events and competitions, with the aim of reaching 3iO young people from deprived conimunities In London. In addition, hiring a new Cycling Development Manager in London has been key to the sllecessflll expansion of the Changing Place5 cycling Ivork initiative in Bexley. Broniley and Harrow in the UK. Based oil participant dat Access Sport were able to engage with 551 disabled and disadvantaged children and young people throu cycling. Witli the Foundation's 5upporL Access Sport lias also invested in core 5yStem5 to improve their financial processes. Starting September 2023. the Foundation allocated funding to the creation of a Basketball Development fvlanager Role to support the development, grO1h and sustainability of cominunity basketball clubs and groups, to enhance their ofler to engage mort disadvantaged and disable(I hil(1 n and young p¢ople. age
Columbia Threadneedle Foundation Trustees, Report ALAPAR A LA PAR, a local charity in Madrid that helps people with learning disabilities, was provided an annual grant for its inclusive sports club, where the Foundation's fundirtg supported a¢tivities at the ¢harity's Mountain Bike Sch]. Youth Advertture Trust Youth Adventure Trust in Swindon received a grant to support its ork using outdoor adventure and activitie5 to help young people, ages 11-16 to fijlfil their potential. build resilience and lead positive lives in the future. Swindon Children's Scrapstore The Swind()n scraps10 was awarded a grant during 2023 to pur¢hase gymlboxing equipment for their 'S¢rappers Boxing Gym and Community Fithes5 C.entre'. Building skills and providing edueation and trAining to thange lives Bounce Back Bounce Back has been a long-temi charity partner of the Foundation since 2018 and advocates social mobility with the firyn belief that Tehabilitsting people in prison. leaving PT150n. or at risk of re-offeiiding can be achieved by equipping them ivith the skills and self-assurance they need to re-engage with their communities and gain employment. In 2023, the Foundation continued to support a Bounce Back communiry trainer for their trainino centre and hub in London. The community traineT delivered cour5e5 in painting and decoTating. dry lining. and construction, as well as helping to develop soft skills in emplo}'ability, financial security and mental health and wellbeing. During the year. Bounce Back also explored other opportunities for their clients with the creation of a 'Skills Accelerator, digital badge, assiired by Ciry & Guilds. hleh will enable the charity to scale up and reach more client5 over the next few years, while offering innovative qualifications. Clean BreAk Ivomen s offending is frequentlv underpinned by a range of complex and gender-specifjc needs. Clean Break deliveTS l)juli quality theatre pro¥raMme5 In PT150nS aiid coinimuiiitie5 acrosb tlie UK and has an excellent tTa¢k record of working ivith women to address the long-term issues affecting those with lived experience of the criminal justice system through theaire-based a¢livities and holistic support. The Foundation has sllpported Clean Break since 2018 and the 2023 grant supported Clean Break's Member Prouraimme where wornen can eiihance tlieir wellbeing, develop new ski115, look for opportunitie5 to find their voices. and play a more integrated role in society. Witli tlie Foundation s support in 2023. Clean Break Member5 were able to develop and perform in a number of theatre pr()dllciion%. including.. Dixon and Daughters at the National Tlieatre in London: * Playwrights P#thw#)'$ ineluded extracts from plays TItten by Members., Clean Break'5 first digjital filni, Hope, was Screened at the Kiln Theatre,. • and their touring play, Catch, wa5 developed and performed by Member5. Clean Break has a150 launched tlieir Member Facilitstor Training progranime for Member Artists and PlaywTights Pathiva)'s writers, with the supp)rt of the Foundation. This new project assists Members to rther their development iii the arts, a5 Ivell a5 giving M¢nib¢T5 th¢ opportunity to take part in ma5terclasbe5 Wlth industry prof¢s5ionals and attend theatre trip5. Page 7
Columbia Threadneedle Foundation Trustees, Report SEO London Sponsors for Educational Opportuniry ISEO) London delivers superior educational, trainin8 and mentoring support to young people trom ui)derrepresented and underserved ba¢kgroiinds. SEO Londoi) programmes cover the entire cycle of professional development, from pre-profe5sional developnient to career access leadintw to long-term succe5S. Th¢ Foundatloll s grant SUPPOrts 'SEO Advance,, SEO London's secondary school pro¥rainm¢, which tnables 50 students to participate in virtual insight sessions, traininperSonal development opportunities, work experience and mentorship. The Centre for Fin#nei#l Cap#bility (TCFCI Despite adult nioney liabits forming by t]ie age of seveii, only l in 3 young people receiN'e financial education in t]ie UK. TCFC'S niission is to address these issues by bringing ideas, people and organisaiions together to ignite positive cliangTe. Their aiin is to fund iiinovation and delivery to lielp Teach more JOUllCT people, influence UK Government policy to secure more funding for financial education and structural changes to the currieulum, and finally to identify what-s needed and 'what H'orks, throiigh high qualiiy resear¢h. The Foundation ¢ontii)ued io PTowide a grani for fcFC in 2023, 5UPPOrtingF its work to deliver financial education to 2850 children across London and the south coast during the 202212023 academic year. Action for Race Equalit3. A gFrant provided to Action for Race Equality to support their Graduate c.areer Connector (London) progTamme to engagc up to 200 unemployed and underemployed ethnic minority graduates aged 22-30 years, supporting many into graduate level jobs. This In¢ludes progression into i)ew roles for those underemployed. .¢ntr¢ for Ageing B¢tt¢r The C.entre for Ageing Better looks for ways to tnake ageing better a realit), for everyone, aiming to inspire and inform those in poiver to tackle the inequalities faced by older people, call out and challenge ageism in all its forms and tn¢ouiage the widespread take-up of brilliant ideas and appToa¢h¢s that help people to age better. A grant was provided to identify area5 w,here goveminent, employers anovor employment support providers could Inake changes that would allow more disabled people in their 50s and 60s to access and remain in work and make potential Tecommendations. Working Chance Ivorking Chance is the UK'S only employment charity for women w'ith convictions. .4 grant was provided to run a pilot project to support around 40 women with p¢rsonalis¢d: iii-deptl) advice and guidallce to help iiicrease the opportunities available to women with convictions. This ma). support them to undertake further or higher education, vocational trdining, functional skills or other accredited qualificalionsltrnining. This new type of support would ei)able clieiit5 to bridge gaps between where the). curreiitly are and where they Iieed to be to gFain emplo)'nient and build a life where they can thri¢. AdditionRI donAtions And grants Throughout 2093 Columbia Threadneedle Foiindation provided donations to Threshold, a Charity supporting honiele5snes5 in Sm'indon, and The Brain Tumour Cliarity. It a150 provided tlie final part of its 2021 (Trant to Fair By Dcsign, which fiinded a research project looking at how the poorest in society can secure more and better access to affoTdable insurance. Page 8
Columbia Threadneedle Foundation Trustees, Report Volunteering During 202.3 more than 200 employees of the Group volunteered through both in person and virtual training, with charities supporting children's education, environinental impact and homelessness. A nuinber of employee5 took part in a job coaching progrdmme through Business in the Community, a responsible business network-. Fin8n¢i81 r¢wi¢w The statement of financial activities for the year is set out on pages 17 and 18. The net movement in fund5 for the year was expenditure of £24,62612022'. income of £25,502)- As at the balance sheet date {page 191 the value of the total charity funds includiiigF the unrestricted iiicome fund5 Of tlie Foundation was £5,885 (2022.. £30.511). Reserves policy The Foundation is not required to maintain any level of reserves. The Trustees aim to mainrain a minimum level of unrestricted reserve5 as the Foundation's focus is to distribute the majority of donations received within the same financial year, provided Threadneedle Asset Management Holdings Limited (the 'Member"} continues to meet the other costs. Going concern All other costs of rhe Foundation are met by the Member. The Foundation is dependent upon donations in order to have sufficient fiinds to meet its charitable objectives. Without these donatioiis the Foundation will continue as a going concert] provided the Member coiitinue5 to meet its other costs. There are no fixed costs, and that grants are at the fijll discretion of the TnJste£s. The Trustees have a reasonable expectation that these arrangements will continue for the foreseeable fiiture. thu5 they ad()pt the g()ing concern basis of a¢¢oui)ling in preparing ihe aniiual financial siaiements. Plans for future years The Foundation plans to continue its current strategy of investin8 in the community through long-term partnerships with 5¢1ect¢d UK cliai"ities, and a limited of ¥iants. Whilst the majoi.ity of sUPPOrt is for UK charities, a small proportion of total support will continue to 80 to charities based in Europe in select markets where Columbia Threadneedle has a presence. The Foundation will continue to focus on increasing the number of employees of Columbia Threadneedle Investixents participating in volunteerit)g a¢tivitie5, bN groivit)g the vaTiety of volunteerit)g pi"ogrammes on otfer. Strategic report The Foundation has taken advantage of the exemption available to companies that would othenvise be subje¢t to the small companies regime but for being in an ineligFible group detailed in section 414B of Part 15 of the Companies Act 2006. Therefore, no Straiegic Report has been prepared. Page 9
Columbia Threadneedle Foundation Trustees, Report Structure) governance And mAllAgement The Foundation Is a ¢haritable iompany limited by giiarantee that was iniorporated on 24 De¢ember 2013 and was registered as a charity on 24 October •014 ivith the ChaTity Commission, the independeiit regulator of charities in England and Wales. The Foundation was established under a Memorandum of Association which established the objectives and power5 of the charitable Lompany and is govern¢d under its Articles of Association. In the event of the Foundation being ound up the Member i5 required to contribute an amount not exceeding £1. At the year end the Foundation is a subsidiary of TAM UK International Holdings Limited, a company Tegistered in England and Wales and owned by Ameriprise Financial, Inc. ("Ameriprise"), the ultimate parent company. TAM UK Inteitlational Holdings Limited and all its subsidiaries are refcried to hereitl as'yhe Group" Trnslees The names of the Trllstees of the Follndation are listed on page 2. The Trllstees all held otTJce throughout the year unles5 Otlier%¥i5e 5hoivn. They aTe appointed for a teTm of three year5. wliich 15 reiieil'able. IndiiciioK of TItlegS The Trustees hae a wide range of skills and experience. The Trustees receive training on appointiment to their position and receive periodic updates and guidaiice on their role as Trustees in an ongoing maiiner. Subject to the Article5, the TTU5ttes are re5ponsiblt for the management of the Foundation's busines5, foT which purpose they may exercise all the powers of the Foundation. At the quarterly Trustee5' meeting5, the Tru5tee5 agree the strategy and areas of activity for the Foundation. including consideration of erant making, investment, reserves and risk management policies and performance. The Trustees have been supported on these issues by drawing on the skills and expertise of specialist consultants. The Giving Department. In 2023, the day-to-day administration of the Foundation's affairs delegated to one of the Trustees, Laura Cook, with SUPPK)rt trom the C.oliimbia Threadneedle Corporate Communicatiorts team. Risk manugemenl The Trustee% have r¢vieHed the major risks to which the Foundation is exposed. Where appropriate sysiems or procedures have beeii estsbli5hed to Initigate the ri5k5 tlie Foundation face5. These risks include fii)ancial Ios5, delay or non-delivery of Foundation objectives and repiitational risk. Reputational risk is considered to be the most significant and has been mitigated via tl)e due diligenLe ui)dertakei) prior to establishing relationships and at regular points. at least every six months. within the context of the lon8-term relationships. Operational risks are minimised by the Implementation of pro¢edures for authorisation of all traiisa¢iions and projects. These provedures are periodically reviewed to ensure tliat they continue to ineet the needs of the Foundation. Staternent of Tru5tee5' re5PODsibilitie5 The Trustees (who are also Directors of Columbia Threadneedle Foundation for the purposes of company law) are Tesponsible for preparing the Trustees, Report and the firtanlial stateiments. In ac¢ordai)¢e ivith applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Pagt 10
Columbia Threadneedle Foundation Trustees, Report c.ompany law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial ststements in accordance with United Kingdom Accounting Staiidards, Comprising FRS 102 'The Financial Reporting Standard applicable in the UK and Repiiblic ot. Ireland-, and applicable law {United Kingdom Generally Accepted Accountit]g Practice). Llnder company law the Trustees must not approi'e the financial statements unless they are satisfied that they give a tnie and fair i'iew of the siaie of the affair5 of the charitable company and tlie group and of the incoming resource5 aiid application of resources, including the income and expenditure, of the charitable group for that period. In preparin8 these financial statements, the frustee5 are required to: select sllitable accollnting policies and applj them consistently,. observe the methods and principles in the Statement of Recommended Practice.. Accounting and Reporting by C.hariti¢s (20191; make judgements and estimates that are reasonable and prudent. state whether applicable UK Ac¢i)unting Standards, ¥omprising FRS 102, have been followed, subje¢t to any material d¢partUTe5 disc105ed and explained iii tlie financial ststements., and prepare th¢ financial 5tsteinents on the gFoingT concern basi5 unl¢s5 It is inappropTiat¢ to PTesuine that the charitable company will continue in business. The Tru8tees a respon%ible for keeping adeqllate accollniing re¢ords that are siifficient to sh()w and explain the charitable coinpany'5 transactions aiid disclose with Teasonable accuracy at any tiine tl)e financial position of the charitsble company and the group and enable them to ensure that the financial statements comply with the Coimpanies Act 2006. They art also re5P0115ible for safeguarding the assets of the cliaritable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the COTporate and financial information included on the charitable company-s website. Legislation in the United Kingdom governing the preparation and disseimination of financial statements may diffeT from legislation in other jurisdictions. The Trustees confirm that they have coinplied with their duty under the Charities Act 2011 to have due regard to the public benefit guidanc£ published by the Charity CoTnmis5ion in detennining the activities undertaken by the Charity. Di$clo$ure of inform#tion to auditors li) a¢¢ordan¢e with Section 418 of the Compmnies Act 2006. the Trustees, reports shall include a statement. ii) the case of each Trustee in office at the date the Tntees. report is approved. that.. far as tach of them is aware, there is no information relevant to the audit of the Foundation'5 fjnancial statements for the year ended 31 December 202? of whi¢h the auditors are unawa. and the trustee lias taken all steps that helshe ought to hai'e taken in hislher dury as a trustee in order to make himlherself aware of any relevant audit infomiation and to establish that the Foundation's allditors are aware of that iiiforrnatioii. Pagt 11
Columbia Threadneedle Foundation Trustees, Report Trustees, qualifying third party indemnity provi510115 As permitted by the Arti¢les of Association, the Trustees have the benefit ot. an indemnit), whi¢h is a qualifying third-part! indemnity provision in favour of one or more of its Trustees or any other otTicer of the Foundation in accordance with, and subject io the conditions in, Section 189 of the Charities Act 2011. The indemnity was in force tlirou¥hout the ytar and is currently in foTCe. Independent auditor5 In accordance with Section 485 of the Companies Act 2006, it is proposed that Pricewaterhou5eCoopers LLP will be reappointed as auditors ot'the c.ompany. The annual report was approved by the Board of Trustees on 12 September 2024 and signed on its behalf by.. L Cook Chairperson Pagt 12
Columbia Threadneedle Foundation Independent audilors, Report to the trustees of Columbia Threadneedle Foundation Report on the audit of the financial statement5 Opinion In OUT opinion. Columbia Threadneedle Foundation's finatlcial statements (the'financial 5tatement5"1'. give a true and fair view of the state of the charitable company's atyairs as at 31 December 2023 and of its inconiiiig resources and application of resources, including its income and expenditure, and cash flows, for the year then ended,. have been PToperly prepared in accordance iyith United Kingdom Generally Accepted .4ccounting Practice (United Kingdom .4ccounting Standards, including FRS 102 -The Financial Reporting Standard applicable in the UK and Republic of Irelan(I" and applicable lawl." and • have been prepared in accordance with the requirements of the Companies Act 2(K)6. We have audited the financial 5tatement5, included within the Annual Report and Financial Statements {the"At]nuaJ Report"), which comprise.. the balance sheet as at 31 December 2023,. the income statement, and cash tlow statement for the year then ended; and th¢ notes to th¢ financial statem¢nts, which include a description of significatrt accounting policies. BAsis for opinion We conducted our audit in accordance with International Standard5 oll Auditing {UK) I"ISA5 IUK}") aiid applicable law. Our responsibilities under ISAS (UK) are fijrther described in the Auditors, respoiisibilities for the audit of the financial stattTnentS Section of our report. We btlieve that the audit evidenct wt have obtained is sufficieiit and appropriate to provide a i)asis for our opinion. IndepEfr7deKce We remained independent of the charitable company in accoTdanc¢ with the ethical requiT¢ments that are relevant to our audit of the financial statements in the UK, which includes the FRC'S Ethical Standard and we have fulfilled our other ethical Tesponsibilities in aL¢ordan¢e ivi¢h these requirements. Contlusions rnl#ting to goirtg concern Based on the work we have performed, Ive have noi identified any material uncertainties relating to events or ondition5 that. individually or collectively, Inay cast significant doubt on the charitable company's ability to continiie as a going concern for a period of at least 't[ve months from the date on which the financial statements are authori5ed for issue. In auditing the financial statements, we have concluded thai the trustees, use of the going concem basis of accounting in the prepaTation of the financial stateinents 15 appropriate. However, because not all futUTe events or conditlolis can be predicted, this conclu5jOEI 15 not a guarantee as to charitaL)le company'5 ability to continue as a going concem. Our re5pon5ibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Pagt 13
Columbia Threadneedle Foundation Independent audilors, Report to the trustees of Columbia Threadneedle Foundation Reporting on other inforrnation The oth¢T infomation comprises all of the infonnation in the Annual Report other than the financial statements and our auditors, report thereon. The trustee5 are responsible for the other inforniation. Our opinion on the finaiicial statements does not covei" the other information and, a¢cordingl), we do not express an audit opinion or, exiept to the extent otherwry5e explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements. our responsibility. is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial ststements or our knowled¥e ubtained in the audit, UT Otherwise appears to be materially mi5Stated. If we identif>. an apPant material incon5jStency or material misststement. we are required to perforn) procedure5 to conclude whether there is a material misstatement of the finan¢ial %taiements or a material misstatement ot the other intomation. If, based on the work we have perforjned, we conclude that there 15 a InateTial mi5Statement of this otheT information, we are required to report that fact. We have nothing to report based on these responsibilities. With respect to the Tnjstees, Report, we also considered whether the disclosures required by the UK Companies Act 2006 and Cliarities Aci 201 I haie been included. Ba4ed on oiir work undertaken in the course of the audit, the Companies Act 2006 requi$ us also to report ¢effain opinions and matters a5 d¢s¢ribed below. Tnistee5' Report In our opinion, b&sed on the work underthken in the Vourse of the audit the Infomiation given In the Trustees, Report for tlie period ended 31 December 2023 15 con515tent with the financial statenients and has been prepared in accordance with applicable legal requirements. In light of the knowledge and understanding of the charitable company and its environment obtained in the COUTse of the audit. we did not identify any material misstaten)ents in the frustees, Report. Re5ponsibilitie5 for the financial 5tatemeNts and the audit Responsibiliiiéts of the Trtistees lor thefinuncialsialemeKIs As explained moT¢ fvlly iii th¢ Ststeintnt of Trustees, responsibilit1¢5, the tru5t¢es (who art also th¢ directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordat)ce with the appliLabl¢ framework for being satisfie(I that they give a trut an(1 fair view. The tru5t¢es are also responsible for such inteTnal control a5 they determine is necessary to enable the PTeparation of fiiiancial statements that are free from material misstatement, whether due to traud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to ontinue a5 a gFoing concem, disclosilig, a5 applicabl¢, matteTS related to gFOill¥ conc¢Tn and usiiigF the gyoing concem basis of accounting unless the trustees either intend io liquidate the charitable company or to cease operdtions, or have no realistic alternative but to do so. Pagt 14
Columbia Threadneedle Foundation Independent audilors, Report to the trustees of Columbia Threadneedle Foundation AudiÉors' respo)ibIlI1{fjs/{Jr the uudil vfihe.firyuvciulstut¥An¥nls Our objectives are to obtain reasonable assurance about whether the fLnan¢ial statements as a whole are free frtsm material misstatement, 'hether due to fraud or error. and to issue an auditOTS' report that includes our opiiiion. Reasonable assuran¢e Is a high level of assurartie, bu¢ Is rtot a guarantee tha¢ an aiidit ionduited in a¢¥ordan¥e with ISAS {UKI will always detect a material Inis5tatement when it exist5. Misstatements can arise from fraud or error and are considered material if. indii'idually or in the aggregate, they could reasonably be expected to influence the economic decisions of user5 taken on the basis of these financial 5tatement5. ItTegularities. in¢luding fraud, are instances of non-¢ompliance with laws and regulations. We design procedures in line with our responsibilities, outlined ai)ove, to detect material misstatements in respect of irregularitie5, including fraud. The extent io whi¢h ollr pro¢edures are capable of detecting irregularities. including tralld, Is detailed below. Based on our understsnding of the charitable company and its 1ndustrylenlronMent, we identified that the principal Tl5ks of non.¢omplianLe with laws and regulations related to the C.oinpai)ies ALt 2006 and Ch#riiie$ 4¢t 2011. and we considered the extent to which non-compliance might have a material effect on the financial ststements. We also Considered those laws and regulations that have a direci impact on il)e financial siatemei)is su¢l) as tlie Compai)ies Act 2006 and Charities Act ?011. We evaluated management's incentives and opportunities for fraudulent manipulalion of the financial statements (including the risk of override of ¢ontrolsl, and determined that the principal risks were Telated to the postiiig of inappropriate journals. Au(lit procedures perfomied by the engagement team included.. Discussions with the Trustees and with margement {Finance, Internal Audit, Legal. Risk and Compliance), in¢luding ¢onsideration of their process for Identifying and respoiiding to the risk ot. fraud, and any known or suspected instsnces of fraud or iion-compliance with laws and regulations; • Reading kev correspondence in relation to compliance with laws and regulations,. Revitwiiig rele*aiit nie¢tin¥ IMinut¢s including those of the Truste¢s- 'alidating the appropriateness of journal entries identified based on our fraud risk criteria., and Designing audit procedures to incorporate unpredictability around the nature. timing or extent of our $1]rtg. There are inherent limitations in the audit procedures described above. We are less likely to becoixe aware of instances of non-compliance ivith laiv5 and Tegulation5 that are not Closely related to evtllts aiid transactlOll5 reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is hier than tlie T15k of not detecting one resulting froin error, as fraud Inay involve deliberate concealinent by, for example. forgery or intentional misrepresentations or through collusion. A further de5criptioii of our responsibilities for the audit of the financial ststements is located on the FRC'S website at.. ,.frc.0r8.uaudit0rsreSponSibilIties. This description forms part of our auditors, report. Us¢ of thi$ report Thi5 report, including the opinions, ha5 been prepared for and only for the company's member5 as a body in ac¢ordan¢e with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opiiiion5. accept or assunie Te5ponsibility for an), other purpose or to any other per5011 to wliom tlii5 report 15 Shown or into whose hands it may Lome save where expressly agreed by our prior consent in writing. Pagt 15
Columbia Threadneedle Foundation Independent audilors, Report to the trustees of Columbia Threadneedle Foundation Other required reporting Cornpanie5 Act 2006 exception reporting Under the Companies Act 2006 we are required to rep)rt to you if, in our opinion= • we have not obtained all the infomiation and explanations we require for our audit,. or adequate accounting Tecords have not been kept. or return5 adequate for OUT audit liave iiot beeii received frtsm branches not visited by us; or ¢ertain dis¢l()sllres of trllstees, remuneration specified by law are noi made; or • the fjnancial statement5 are not in agreement with the accounting records and retums. We have no exception5 to report arising from this Tesponsibility. EntLtlemerJt to exepIlOs Under ihe Companies Act 2006 we are required io report to you if, in our opinion, the irustees were not entiiled to.. take advanta(Te of the sinall companie5 exemption from preparing a Strategic Report. We liave no exceptions to report arising from this spOnSibl11¢y. Jame5 Mee (Senior Statutory Auditor) for and on behalf of Pricewaterhousecoopers LLP c.hartered Accountants and Statutory Auditors London Date.. 12 SeptembeT 2024 Pagt 16
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Columbia Threadneedle Foundation Statement of Financial Activities for the Year Ended 31 December 2023 There are no material diffeTences between the net movement in fund5 for the financial year Stated above and their historical cost equivalents. The movements in reserves are set out in note 9. All results are derived from continuing operations. The Foundation ha5 no recognised gains OT10sses in the year otheT than the net movement in fund5. The notes on pages 21 to 28 form an integral part of these fjnancial statements. Pag¢ 18
Columbia Threadneedle Foundation Balance Sheet as at 31 Deeember 2023 2023 2022 Note Current assets Cash at bank and in hand 5,885 30,511 Funds of the charity: Unrestritted funds Unrestricted funds 5,885 Total charity funds 5,585 The fii)ai)¢ial stateiMen(s on page$ 17 to 28 were approved by Ihe Board of Trustees on 12 September 2024 and Sl8ned on its behalf by.. L Cook Chairperson The notes on pages 21 to 28 form an integral part of these fjnancial statements. Pag¢ 19
Columbia Threadneedle Foundation Statement of Cash Flows for the Year Ended 31 December 2023 2023 2022 Cash flows from operating a¢tivities Net cash lexpenditure}Iin¢ome 24,626 25,502 Net cash (used inllgenerated from operating a¢tiviiies (24,626) 25,502 Net Ide¢rease)lincrease in ¢ash and cash eqiiivalents (24,626) 25,502 Cash aiid cash equivalents at l January 5,009 Cash aiid cash equivalents at 31 December 5,885 30,511 The notes on pages 21 to 28 form an integral part of these fjnancial statements. Pag¢ 20
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 l A¢counting poli¢i¢$ The principal a¢couniing poli¢ies, which have been applied consistentl} throughout the year are set out below. Basis of preparation The financial statements have been prepared on a going concern basis, under the historical cost convention, and in ac¢ordan¢e with Ac¢ouniii)g and Reporiii)g by Chariiies.. Sthiemeni of Recommended Praciice applicable io charitie5 preparing their financial ststements in accordance iyitli the Financial Reporting Standard applicable in tlie IJK artd Republic of Treland IFRS 1021 leffe¢tiv¢ l Januarv 2019) ("Charities SORP {FRS 102)"), the Financial Reportiiig Stsndard applicable in tl)e UK and Republic of Ireland ("FRS 102") and the C.ompanie5 Act 2006. Tlie Foiirtdation is a public b¢n¢fit entiry. Income All income is included in the statejnent of finajicial activities when the charity has entitlement to the funds, any perfomance conditions attached io the itemlsl of income have been met, it is probable that the income will be received and the amount can be measured reliably. Unrestricted funds are available to spend on activities that further an}, of the purposes of the Foundation. Restricted fllnds are donations which the donor has specified are to be solely Used For pariiLular areas of the Foui)dJtion's work or for Splf1¢ projects being undertaken by the Foundation. The following policies are applied to particular categories of income.. Other income received by way of grant, donations and gift5 is included in full in the statement of financial activities when r¢&ivable. Donated services Donated services and facilities are included at the value to the charity where this can be measured reliably. t)onated services that are consuimed iminediately n)ust be recognised as income, with an equivaleni amount recognised a4 an expense under the appropriate heading in the statement of financial activities (SOFA). In accordance with the Charities SORP IFRS 1021 the valiie of services provided by volunteers has not been recognised in these financial ststeinents. Exp¢nditur¢ gnd irre¢ov¢rabl¢ VAT Expenditiire is recognised on an 2¢criial basis when incurred. Expenditure in¢lud¢s any VAT whi¢h cannot b¢ llY TecoveTed. and 15 Teported as part of the expenditure to which it relates. GTants payabl¢ are paymeiit5 made to thiTd parties in the furtherance of the charitablt objectives of the Foundation. Single or multi-year grants are accounted for when the recipient has a reasonable expectation that they will receive grant and the TTU5tees ha*e agreed to pay the grant without Condition, or tht T¢ClPl¢llt has a reasonable txpertation that they will receive a grant and any condition attaching to the grant is outside the control of the Foundation. Other costs include those costs associated with meeting the constitutional and Statutory requiTements of the charity and include the audit fees and costs linked to strategic management of the charity. Pagt 21
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 l A¢¢ounting poli¢i¢s {¢ot)tinued) TAxation The charitable company is exempt for corporation tsx on its charitable activities. The Foiindation has no trading activities which would be subject to Corporation tax. The Foundation is a registered charity, and as such is entitled to certain tax exemptions on income and profits from iiivestrnellts. and SUTpluses on any trading actiNities caTried on in fvrtlierance of tlie cliarity'5 primary objtctiwes. if these profits and surpluses are applied solely for charitable purposes. FinAneiAI instruments Thc Foundation only has fjnancial assets and fjnancial liabilities of a kind that qualify as basic filnCial instnjments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Cash at bank in hand Cash aimounts represent cash in hand and on-deniand deposits. Cash equivalents are short-teTm highly liquid investments ivith an original maturity of 90 days or less from the date of acquisiiion. Cash at i)ank earns interest at floating rate5 1)ased on daily bank deposit rates. The carrying amount of the cash and cash equivalents approximates io their fair value. All cash is held with reputable institutions rated A or better investment grade. Creditors and provi510115 Creditor5 and provisions are reco(Tnised where the charity ha5 a present obligation resulting froin a past event that will probably result in the transfer of ndS to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions ale i)otmally recognised at their settlem¢nt amount after allowing for any trade discounts due. Funds and reserves Geiieral unTe5trictrd fund5 of £5,885 (202?: £30,511 l iii both Jears COlMPT15e acLuniulated surplus and defiLits on general nds. The). are available for use at the discretion of the Trustees in furtherance of the Foundation's general charitable objectives. The Foundation Is not required to n)aintain any level of reserves. The Trustees aim to maintain a minin)um level of unrestricted resetve5 as the Foundation'5 focus is to distribute the majoriti( of donations received within the saine financial vear, proi'ided Threadneedle Asset Management Holdings Limited (the 'Member"I continues to meet the otheT Costs. Pagt 22
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 2 Donations #nd leg#¢i¢$ Unrestricted Restricted funds funds 2023 2023 Unrestricted Restricted funds funds 2022 2022 Total 2023 Total 2022 Donations.. Donatioiis froin group uiidertakings Donations from companies. trusts and similar proceeds Donation of service5 audit fee 432,750 432,750 375,000 375,000 1,655 ,655 50 50 20,400 20,400 20,000 20,000 454.805 454,805 395,050 395,050 3 Employee5. Trnstees alld key management per50llnel Employees The average monthly niimber of persons (irtcluding Tnis¢ees), ¢onsidered to be dire¢tly employed by the FourtdatIon on a full-time basis during the year was nil 12022.. nil). The costs associated with the administration of the Foundation that are perfornjed by employees of fellow subsidiaries of the Group are not recharged to the Foundation. Trustees, remuneration Trustees were nol paid or received any other benefits fr()m employment with the Foiindation in the year1202?: £nil), neither were they reiinbursed expenses durin(T the year (?022.. £nil}. No trustee Teceived payment for professional or other services supplied to the Foundation 12022.. £nill. No trustee received or paid any donaiions to the Foundation (202?:£nil). Kev management personnel The are no120?2". nol key management as there are no (2022.. rto) staff. 4 Auditors remuneration The audit fee for the year under review ivas £20.40012022." £20,000}. Fees payable to the auditors for i)onwaudit services diirin8 the year linder review were £nil {2022.. £nill. Pagt 23
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 5 Charitable aftiviti Unrestricted Restricted funds runds 2023 2023 Illlrestrieted Restricted funds funds 2022 2022 TotAI 2023 TotAI 2022 Education Skills and training Inclusion and well-being Mental health CT UK Social Bond Fund Voliinteering Employee Inatching Other donations 73,500 SO,750 81,000 45,250 81,000 45.250 50,750 106,395 39,000 106J95 39,000 76,315 34,000 76,315 34,000 180,000 7,505 500 180,000 7.505 500 1,000 93,000 8,800 10.504 93,000 8,800 10.504 458,650 458,640 348.869 348,869 2023 2022 Education The National Gallery, The CentTe for Finanlial Capability (fomierly KiLkstart Moi)ey} SEO London 46,000 20,000 7,i0O 46,000 20.000 i.f,000 Tot&1 Edu¢Ation 81,000 2023 2022 Skills and Training Bounce Back Busii)ess in the Community Youth Adi'enture Trust 35,000 35,000 9,250 1,000 6,000 TotAI Skills And TrAining 50,750 45,250 Pagt 24
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 5 Charitable aftivitiu (¢ontinu¢d) 2023 2022 Inclusion And Well-being Clean Break Access Sport ALaPar Fair By Design Threshold Housing Link Swindon Cliildr¢ii'5 Scrapstore Amsterdam Grdnt 52,500 42,000 8,855 2,040 750 250 17,500 44,250 11,402 500 2,663 Tot41 Inclusion #thd Welkbeithg 106,398 76,-315 2023 2022 Mental Health ATThe Bus Swindon Music Trust Reach Inclusive Arts Swilldvn Grant 26.000 9,000 4,000 25.000 9,000 Total Mental Health 39,000 34,000 2023 2022 CT UK Social Bond Fiind grAnts Action for Race Equality Centre for Ageing Better Working Chance Tlie Centre for Finaiicial Capabilities The Centre for Lo¢al Ecthnomil Strniegi¢s 60,000 60,000 60,000 46,500 46,500 Tot#1 So¢i#l Bond Fund 180,000 93,000 Pagt 25
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 5 Charitable aftiviti¢s (¢ontinu¢d) 2023 2022 Volunteerillg Hackney City Farm Hands On London Spitaifields c.ity Fam) Other iiistitutions Hatcli 5,500 825 750 430 550 3,250 i,000 Tot#1 VtsluNteeriNg 7,505 8.800 2023 2022 F.mplo)'et M#t¢hiNg Other institutions Benevity 500 10,504 Tot#1 Employet Matching 500 10,504 2023 2022 Other donations Brain Tumour Charity 1,000 Total other donatiolls 1,000 Material grants given during the reporting period are broken down by recipient in the above table. All grants descTibed a5 '0ther institution5" are iiidividually immaterial. No support Costs were incurr¢d through making the5¢ gTant5. Uthvestri¢ted Restrieted funds funds 2023 2023 Unrestri¢ted Restricted funds funds 2022 2022 Total 2023 Total 2022 Long temi partnerships One-off project L()cal area grants Emplovee matching 2119,000 220,295 209,000 220.295 183,250 131.050 24.065 10,504 183,250 131,050 24.065 10,504 458,650 458.650 348.869 i48,869 £4i8,65012022.. £348,869) of the above expenditure was attributable to unrestricied funds and £rtil {2022.. £nil) io Testricted funds. Pagt 26
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 6 Gov¢rnAn¢¢ costs Unrestricted fund$ 2023 Unr¢stri¢ted funds 2022 Total 2023 Total 2022 Nott Audit fees Audit of the financial 5tatement5 20,400 20,400 20.000 20,000 20,400 20.400 20.000 20,000 The audit fee is paid by the Member {2022.' paid bv the Member) and therefore as a non-cash item excluded from the Statement of cash flows. Other costs are donated and paid from llnrestricted funds for both the cllrrent and prior yeaTS. 7 Other expenditure Unre$tri¢t¢d funds 2023 Unrestri¢ted funds 2022 Total 2023 Total 2022 Other expenditure 381 381 679 679 381 381 679 679 Other expenditure is paid from unrestricted fi]nds for both the current and prior years. 8 Lirnited by guarantee The C.onipany is lin)ited by gllarantee and does not have any share capitsl. The liability for the Member in the event of winding up is limited to an amount not exceeding £1. 9 Funds B#l#n¢e #t 31 Balance at i Other reto%nised lo&$ Deeember 2023 lthcome Expethditure 2023 Unre$tritt¢d fund$ General 30,511 454,805 1458,680) {20.7811 5,885 Pagt 27
Columbia Threadneedle Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 9 Funds (¢ontinu¢d) Balante at 31 Balante at I Januar). 2022 Other recogllised low¢s Deeember Exp¢thditure 2022 Unrestritted funds General 5,009 395.040 348.869 20.679 30,511 10 UltimAte parent company The Foundation's immediate parent 15 ThTeadneedle Asset Management Holding5 Limited (registration number.. 3554212), incorporated in England and Wales. The principal activity of Threadneedle Asset Manageinent Holding5 Limited is that of a holding con)pany for irtvestmenis irt subsidiary entities and other fixed asset investments. The ultimate parent is Ameriprise Financial, Inc. (registration number.. 2018118). incorporated in Delaware, United Ststes of AmeTica. The principal activity of Ameriprise Financial. Inc. is that of a holding company of companie5 involved in financial services. Threadneedle Asset Management Holdings Limited and Ameriprise Financial, Inc. can exercise control over the Foundatiort ihrough the power to appoint or remove the Trusiees. The most senior parent entity prodllcing publicly available financial statements is Ameriprise Financial, In¢. These fillancial stateiments are available upon Tequest from the Corporate SeLretary, Aineriprise Financial, Inc.. 1098 Ameriprise Financial Center, Minneapolis, Minnesota. USA, 55474 or by visitin8 the Ameriprise website at www.ameriprise.com. TAM UK Tnternaiional Holdings Limited, is the panI undertaking of ihe smallesi grollp of undertakings io con501idate these financial 5tatenients. The addre55 of TAM UK Internatioiial Holdings Lin)ited is Cannon Place. 78 Cannon Street, London, EC4N 6AG, England. I l Related party trallsactions During the year under review the Foundation re¢eived dL)nations from fellow subsidiaries of the Ameriprise Gn)up'. 2023 2022 Threadneedle Asset Management Holdings Limited 395,000 The balance outstatLdin¥ with related parties a5 at 31 Dwembtr 2023 was £nil {?022.. £nill. Pagt 28