Trustees’ Report
and Financial Statements
for the year ended 31 December 2024
Registered Charity Number 1170045
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE MOHN WESTLAKE FOUNDATION
INDEX
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2 |
| Independent Auditor’s report | 5 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Statement of Cash Flows | 10 |
| Accounting policies | 11 |
| Notes to the financial statements | 13 |
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CHARITY INFORMATION
Trustees
Dame Marit Mohn (Chair) Mr Robert Westlake Mr Stian Westlake Ms Diana Gerald Mr Oyvind Bjornsen
Principal office
Ludlow Trust Co Limited Tower Wharf Cheese Lane Bristol BS2 0JJ
Registered charity number
1170045 Charity administrators Ludlow Trust Co Limited 1 Southampton Street London WC2R 0LR
Independent Auditor
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Bankers and investment managers
Coutts & Co 440 The Strand London WC2R 0QS DnB Luxemburg S.A. 13, rue Goethe L- 1637 Luxembourg
Page 1
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE MOHN WESTLAKE FOUNDATION
TRUSTEES’ REPORT
The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the period ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
The Mohn Westlake Foundation is a registered charity constituted under a trust deed dated 20 May 2016 and registered as a charity 4 November 2016.
The charity is controlled by the trustees (listed on page 1). Trustees are appointed by the Trustees from time to time in accordance with section 8 of the trust deed.
On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans. Additionally they are provided with a copy of the latest trust deed and most recent set of financial statements.
The charity is managed by the trustees, with all decisions taken by the trustees.
The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems including the systems and controls of the administrators and investment managers they have established effective systems to mitigate those risks.
OBJECTIVES AND ACTIVITIES
The charity’s objects are:
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a) The prevention and relief of poverty, hardship and distress, and the relief of those in need because of youth, age or disadvantage; b) The advancement of education for the public benefit;
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c) The advancement of health and the saving of lives;
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d) The advancement of the arts, culture, heritage and science;
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e) The advancement of environmental protection and preservation; and
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f) Any other purpose recognised as charitable in law, which may be regarded as analogous to, or within the spirit of the aforesaid purposes.
The Trustees shall apply the income and, in their absolute discretion, the capital of the Trust in promoting the objects. In order to further the charity’s objects the Trustees’ apply the income and capital by making grants to charitable organisations for the public benefit. These grants are made to organisations whose core purposes meet the charity’s objects and the trustees consider in making these grants the charity is fulfilling its aims for the public benefit.
In determining how the charity should pursue its objects, the trustees have had regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENTS AND PERFORMANCE
During the period under review the charity made net grants in furtherance of the objects amounting to £12,864,753 (2023: £9,801,289) with new grants awarded of £14,098,833 (2023: £9,801,289) and £1,234,080 (2023: £nil) written back against awards in previous years. A reconciliation of the movement on grant awards is provided in note 17 to the financial statements.
The charity’s trustees invested its cash reserves during the period under review with Coutts & Co and are satisfied with the return from and performance of the portfolio.
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE MOHN WESTLAKE FOUNDATION
TRUSTEES’ REPORT
ACHIEVEMENTS AND PERFORMANCE continued
FUNDRAISING STANDARDS INFORMATION
The charity does not solicit funds from the general public nor does it engage any third parties to act on its behalf in raising funds for the charity. As such the charity is not bound by any scheme for regulating fundraising.
FINANCIAL REVIEW
Donations to the Foundation’s capital fund totalled £15,000,000 (2023: £10,000,000) from the settlor trustees. In addition £997,896 (2023: £844,322) was received in investment returns from the charity’s investment portfolio and bank deposits.
At 31 December 2024 the charity’s total funds amounted to £14,199,485 (2023: £9,902,396) with its reserves a deficit of £18,638,095 (2023: £12,017,314). The deficit on free reserves at the balance sheet date arises due to the timing of the recognition of liabilities and the transfer of funds from the endowment fund. Given the availability of the expendable endowment fund the trustees do not consider that the charity needs to maintain any significant free reserves although they recognise reserves may arise from time to time.
The trustees have continued their investment policy of holding funds in a mix of fixed interest securities and equities to provide income and maintain capital.
PLANS FOR FUTURE PERIODS
The trustees intend to continue the charity’s grant-making activity in furtherance of the charity’s objects.
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THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
TRUSTEES’ REPORT
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
APPOINTMENT OF INDEPENDENT AUDITOR
During the period under review the charity appointed Blue Spire Limited as auditor to the charity. Blue Spire Limited have expressed their willingness to continue as auditor to the charity for subsequent financial years.
Approved by the trustees and signed on their behalf.
Trustee
Date[28 October 2025]
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THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
INDEPENDENT AUDITOR’S REPORT
Independent Auditor’s Report to the Trustees of The Mohn Westlake Foundation
Opinion
We have audited the financial statements of The Mohn Westlake Foundation (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 31 December 2024, and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'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’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
INDEPENDENT AUDITOR’S REPORT
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of financial statements which 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 charity’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 charity 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 as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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 is detailed below.
Based on our understanding of the Charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and donation funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included:
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Enquiry of those charged with governance around actual and potential litigation and claims and any instances of noncompliance with laws and regulations;
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Reviewing minutes of meetings of those charged with governance;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or
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THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
INDEPENDENT AUDITOR’S REPORT
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: https://www.frc.org.uk/Our Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
BlueSpire humited
Blue Spire Limited, Statutory Auditor
Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Date 28 October 2025
Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Page 7
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Total EXPENDITURE ON: Raising funds - Investment management fees 3 Charitable activities 4 Total Net gains/(losses) on investments Net income/(expenditure) Transfers between funds 13 Net movement in funds RECONCILIATION OF FUNDS Funds brought forward 13 Funds carried forward 13 |
Unrestricted Funds £ - 997,896 997,896 - 12,909,974 12,909,974 - (11,912,078) 5,291,297 (6,620,781) (12,017,314) (18,638,095) |
Endowment Funds £ 15,000,000 - 15,000,000 93,082 - 93,082 1,602,249 16,509,167 (5,291,297) 11,217,870 21,619,710 32,837,580 |
31 Dec 2024 Total Funds £ 15,000,000 997,896 15,997,896 93,082 12,909,974 13,003,056 1,602,249 4,597,089 - 4,597,089 9,602,396 14,199,485 |
31 Dec 2023 Total Funds £ 10,000,000 844,322 |
|---|---|---|---|---|
| 10,844,322 | ||||
| 85,782 9,834,879 |
||||
| 9,920,661 | ||||
| 1,223,726 | ||||
| 2,147,387 - |
||||
| 2,147,387 7,455,009 |
||||
| 9,602,396 |
None of the charity's activities were acquired or discontinued during the above two financial periods.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
Page 8
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
BALANCE SHEET AS AT 31 DECEMBER 2024
| 31 Dec 2024 | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2023 | ||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 9 | 19,705,945 | 18,169,697 | ||
| Total fixed assets | 19,705,945 | 18,169,697 | |||
| CURRENT ASSETS | |||||
| Cash at hand and in bank | 13,235,875 | 6,034,763 | |||
| Total current assets | 13,235,875 | 6,034,763 | |||
| CURRENT LIABILITIES | |||||
| Creditors: amounts falling due within one year | 10 | 6,658,778 | 7,487,668 | ||
| Net current assets/(liabilities) | 6,577,097 | (1,452,905) | |||
| Total assets less current liabilities | 26,283,042 | 16,716,792 | |||
| Creditors: amounts falling after more than one year | 11 | (12,083,557) | (7,114,396) | ||
| Net assets/(liabilities) | 14,199,485 | 9,602,396 | |||
| THE FUNDS OF THE CHARITY | |||||
| Expendable endowment funds | 13 | 32,837,580 | 21,619,710 | ||
| Unrestricted funds | 13 | (18,638,095) | (12,017,314) | ||
| Total charity funds | 14,199,485 | 9,602,396 |
The notes on pages 13 to 20 form part of the financial statements.
28 October 2025
The financial statements on pages 8 to 19 we approved and authorised for issue by the trustee on ……………………………………. and signed on its behalf by:
…………………………………………
Trustee
Page 9
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF CASH FLOWS
| 31 Dec 2024 | 31 Dec 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Net cash flow from operating activities (see below) | 6,137,215 | 576,865 | |||
| Cash flow from investing activities | |||||
| Investment income | 997,896 | 844,322 | |||
| Payments to acquire investments | (15,029,583) | (8,632,436) | |||
| Receipts on sale of investments | 15,095,584 | 8,444,606 | |||
| Net cash flow from investing activities | 1,063,897 | 656,492 | |||
| Net increase/(decrease) in cash and cash equivalents | 7,201,112 | 1,233,357 | |||
| Cash and cash equivalents at 1 January | 6,034,763 | 4,801,406 | |||
| Cash and cash equivalents at 31 December | 13,235,875 | 6,034,763 | |||
| Cash and cash equivalents consist of: | |||||
| Cash at bank and in hand | 13,235,875 | 6,034,763 | |||
| Cash and cash equivalents at 31 December | 13,235,875 | 6,034,763 | |||
| Reconciliation of net income to net cash flow from operating activities | |||||
| 31 Dec 2024 | 31 Dec 2023 | ||||
| £ | £ | £ | £ | ||
| Net income | 4,597,089 | 2,147,387 | |||
| Adjusted for: | |||||
| Investment income | (997,896) | (844,322) | |||
| Net (gains)/losses on investments | (1,602,249) | (1,223,726) | |||
| Increase/(decrease) in creditors | 4,140,271 | 497,526 | |||
| 1,540,126 | (1,570,522) | ||||
| 6,137,215 | 576,865 |
Page 10
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The Mohn Westlake Foundation is an unincorporated charity constituted under a trust deed. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to throughout the period under review, being the first period of account for the charity.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
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Raising funds; these include investment management fees charged by the charity's investment managers
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Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
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THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
Investments held in foreign currencies
Where investment assets are held in a foreign currency they are translated at the prevailing rate at the balance sheet date and any gain/loss on exchange rate movements is included in the statement of financial activities in the other recognised gains and losses section.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Fund accounting
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
1. Donations and legacies
| 1. Donations and legacies | ||||||
|---|---|---|---|---|---|---|
| 31 Dec 2024 | 31 Dec 2023 | |||||
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | £ | £ | |
| Additions to charity | - | 15,000,000 | 15,000,000 | - | 10,000,000 | 10,000,000 |
| - | 15,000,000 | 15,000,000 | - | 10,000,000 | 10,000,000 | |
| 2. Investment income | ||||||
| 31 Dec 2024 | 31 Dec 2023 | |||||
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | £ | £ | |
| Income from investment holdings | 482,583 | - | 482,583 | 489,710 | - | 489,710 |
| Interest on cash deposits | 515,313 | - | 515,313 | 354,612 | - | 354,612 |
| 997,896 | - | 997,896 | 844,322 | - | 844,322 | |
| 3. Raising funds - investment management | fees | |||||
| 31 Dec 2024 | 31 Dec 2023 | |||||
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | £ | £ | |
| Fees paid to investment managers | - | 93,082 | 93,082 | - | 85,782 | 85,782 |
| - | 93,082 | 93,082 | - | 85,782 | 85,782 |
4. Charitable activities
| 4. Charitable activities | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31 Dec | 2024 | 31 Dec | 2023 | |||||
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |||
| Funds | Funds | Funds | Funds | Funds | Funds | |||
| £ | £ | £ | £ | £ | £ | |||
| Grants to institutions (see note 5) | 12,864,753 | - | 12,864,753 | 9,801,289 | - | 9,801,289 | ||
| Website costs | 3,404 | - | 3,404 | - | - | - | ||
| Consultancy | 9,566 | - | 9,566 | 4,675 | - | 4,675 | ||
| Legal fees | - | - | - | 384 | - | 384 | ||
| Transaction charges | 100 | - | 100 | 160 | - | 160 | ||
| Administrative fees | 30,051 | - | 30,051 | 26,271 | - | 26,271 | ||
| Governance costs (see note 6) | 2,100 | - | 2,100 | 2,100 | - | 2,100 | ||
| 12,909,974 | - | 12,909,974 | 9,834,879 | - | 9,834,879 |
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THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
5. Grants to institutions
| 5. Grants to institutions | ||||||
|---|---|---|---|---|---|---|
| 31 Dec 2024 | 31 Dec 2023 | |||||
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | £ | £ | |
| Analysis of grants | ||||||
| BookTrust | 3,083,833 | - | 3,083,833 | - | - | - |
| Connected by Data Ltd | 125,000 | - | 125,000 | - | - | - |
| Get Further | - | - | - | 600,000 | - | 600,000 |
| Kingston University | - | - | - | 204,609 | - | 204,609 |
| LMK (Let Me Know) | 330,000 | - | 330,000 | - | - | - |
| MedConfidential | - | - | - | 30,000 | - | 30,000 |
| Open Innovations (Open Data Institute | ||||||
| Leeds) | - | - | - | 423,680 | - | 423,680 |
| Open Innovations (Open Data Institute | ||||||
| Leeds): reduction in award | (34,080) | - | (34,080) | - | - | - |
| Place2Be | - | - | - | 2,000,000 | - | 2,000,000 |
| Pro Bono Economics | - | - | - | 900,000 | - | 900,000 |
| Royal Horticultural Society | - | - | - | 3,093,000 | - | 3,093,000 |
| St Edmund's Nursery School and Children's | ||||||
| Centre Services | 200,000 | 200,000 | - | - | - | |
| The Brilliant Club | 360,000 | - | 360,000 | - | - | - |
| The Royal National Theatre | 10,000,000 | - | 10,000,000 | 1,800,000 | - | 1,800,000 |
| The Royal National Theatre: written back | (1,200,000) | (1,200,000) | ||||
| Voice 21 | - | - | - | 750,000 | - | 750,000 |
| 12,864,753 | - | 12,864,753 | 9,801,289 | - | 9,801,289 | |
| 6. Governance Costs | ||||||
| 31 Dec 2024 | 31 Dec 2023 | |||||
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | £ | £ | |
| Auditor's remuneration | 2,100 | - | 2,100 | 2,100 | - | 2,100 |
| 2,100 | - | 2,100 | 2,100 | - | 2,100 |
7. Auditor's remuneration
| 7. Auditor's remuneration | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 31 | Dec | 2024 | 31 | Dec | 2023 | |||||
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |||||
| Funds | Funds | Funds | Funds | Funds | Funds | |||||
| £ | £ | £ | £ | £ | £ | |||||
| Auditor's remuneration - audit | 1,950 | - | 1,950 | 1,950 | - | 1,950 | ||||
| Auditor's remuneration - other services | 150 | - | 150 | 150 | - | 150 |
Page 14
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
8. Related party transactions
The charity has no employees, with all administration being carried out by a professional firm.
During the year under review, a grant of £3,083,833 was awarded to BookTrust, of which one of the trustees is Co-Chief Executive. The grant is payable over three years and at the balance sheet date a grant creditor of £3,083,833 is recognised (see note 17).
Similarly, a grant of £10,000,000 was awarded to The Royal National Theatre, payable over a five-year period. The settlor trustee is also a trustee of the Royal National Theatre. The grant was awarded after the settlor trustee's appointment to The Royal National Theatre. A grant creditor of £10,000,000 in respect of this award is recognised at the balance sheet date (see note 17).
To manage the potential conflict of interest, the respective trustees were excluded from the grant-making process, discussions and decisions relating to the approval of the above-mentioned grants.
No trustees received remuneration nor expenses in the year under review or the comparative year.
9. Fixed asset investments
| Market value brought forward Additions at cost Disposals at carrying value Gain/(Loss) on revaluation Market value carried forward Asset distribution: Listed investments and equivalents Net gains/(losses) on investments: Unrealised gains/(losses) Realised gains/(losses) 10. Creditors: amounts falling due within one year Grants payable (see note 17) Accruals - Independent auditors remuneration Accruals - investment management and administration fees |
31 Dec 2024 £ 18,169,697 15,029,583 (14,339,653) 846,318 19,705,945 19,705,945 19,705,945 846,318 755,931 1,602,249 31 Dec 2024 Total Funds £ 6,624,672 2,100 32,006 6,658,778 |
31 Dec 2023 £ 16,758,141 8,632,436 (8,435,647) 1,214,767 |
|---|---|---|
| 18,169,697 | ||
| 18,169,697 | ||
| 18,169,697 | ||
| 1,214,767 8,959 |
||
| 1,223,726 | ||
| 31 Dec 2023 Total Funds 7,458,492 2,100 27,076 |
||
| 7,487,668 |
Page 15
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
11. Creditors: amounts falling due after more than one year
| Grants payable (see note 17) 12. Analysis of net assets between funds Fixed assets Current assets Current liabilities Non-current liabilities |
Unrestricted Funds £ - 80,171 (6,634,709) (12,083,557) (18,638,095) |
Endowment Funds £ 19,705,945 13,155,704 (24,069) - 32,837,580 |
31 Dec 2024 Total Funds £ 19,705,945 13,235,875 (6,658,778) (12,083,557) 14,199,485 |
Unrestricted Funds £ - 2,563,467 (7,466,385) (7,114,396) (12,017,314) |
31 Dec 2024 Total Funds £ 12,083,557 12,083,557 Endowment Funds £ 18,169,697 3,471,296 (21,283) - 21,619,710 |
31 Dec 2023 Total Funds £ 7,114,396 |
|---|---|---|---|---|---|---|
| 7,114,396 | ||||||
| 31 Dec 2023 Total Funds £ 18,169,697 6,034,763 (7,487,668) (7,114,396) |
||||||
| 9,602,396 |
13. Analysis of net movements in funds
| 13. Analysis of net movements in funds | ||||||
|---|---|---|---|---|---|---|
| Endowment funds Capital fund Unrestricted funds General fund Total funds Endowment funds Capital fund Unrestricted funds General fund Total funds |
Year ended 31 December 2024 | |||||
| Total funds brought forward £ 21,619,710 21,619,710 (12,017,314) (12,017,314) 9,602,396 |
Total incoming resources £ 15,000,000 15,000,000 997,896 997,896 15,997,896 |
Total Net gains/ resources (losses) on expended Investments £ £ (93,082) 1,602,249 (93,082) 1,602,249 (12,909,974) - (12,909,974) - (13,003,056) 1,602,249 Year ended 31 December 2023 |
Transfers between funds £ (5,291,297) (5,291,297) 5,291,297 5,291,297 - |
Total funds carried forward £ 32,837,580 |
||
| 32,837,580 | ||||||
| (18,638,095) | ||||||
| (18,638,095) | ||||||
| 14,199,485 | ||||||
| Total funds brought forward £ 21,499,077 21,499,077 (14,044,068) (14,044,068) 7,455,009 |
Total incoming resources £ 10,000,000 10,000,000 844,322 844,322 10,844,322 |
Total resources expended £ (85,782) (85,782) (9,834,879) (9,834,879) (9,920,661) |
Net gains/ (losses) on Investments £ 1,223,726 1,223,726 - - 1,223,726 |
Transfers between funds £ (11,017,311) (11,017,311) 11,017,311 11,017,311 - |
Total funds carried forward £ 21,619,710 |
|
| 21,619,710 | ||||||
| (12,017,314) | ||||||
| (12,017,314) | ||||||
| 9,602,396 |
Page 16
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
| 14. Description of funds Capital fund General fund 15. Transfers between funds Unrestricted From To Funds £ Transfer 1 Capital fund General fund 5,291,297 5,291,297 Income funds available for the charity's use at the discretion of the trustees. Funds received from the settlor trustees to support the charity's ongoing and future activities. |
Endowment Funds £ (5,291,297) |
|---|---|
| (5,291,297) |
The transfer from endowment to unrestricted funds was implemented to provide resources for grant awards in furtherance of the charity's objectives as permitted under section 5 of the trust deed.
| 16. Financial instruments The carrying amounts of the charity's financial instruments are as follows: Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments |
5,291,297 31 Dec 2024 Total Funds £ 19,705,945 19,705,945 |
(5,291,297) |
|---|---|---|
| 31 Dec 2023 Total Funds £ 18,169,697 |
||
| 18,169,697 |
Page 17
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
16. Financial instruments (continued)
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
| The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: | ||
|---|---|---|
| Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income Investment management fees Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Net gains/(losses) on investments |
31 Dec 2024 Total Funds £ 482,583 (93,082) 389,501 1,602,249 1,602,249 |
31 Dec 2023 Total Funds £ 489,710 (85,782) |
| 403,928 | ||
| 1,223,726 | ||
| 1,223,726 |
Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
17. Grant creditor reconciliation
| Recipient Reach Foundation 2024 Reach Foundation 2025 Reach Foundation 2026 Chance UK 2024 Scottish Book Trust 2024 New Philanthropy Capital 2024 Sadler's Wells Trust 2024 Royal Opera House Covent Garden Foundation 2024 Tutor Trust 2024 Tutor Trust 2025 Full Fact 2024 Full Fact 2025 Imperial College London 2024 Imperial College London 2025 Imperial College London 2026 Imperial College London 2027 Screen Academy Foundation 2024 Imperial College London 2024 Place2Be 2024 Pro Bono Economics 2024 Pro Bono Economics 2025 Royal Horticultural Society 2024 Royal Horticultural Society 2025 Carried down Expected year of payment |
£ 511,756 519,939 512,084 200,000 89,500 60,000 600,000 1,000,000 500,000 500,000 250,000 250,000 400,000 400,000 400,000 400,000 555,000 100,000 1,000,000 300,000 300,000 1,062,000 978,000 10,888,279 Brought forward |
£ - - - - - - - - - - - - - - - - - - - - - - - - Awarded in year |
£ (511,756) - - (200,000) (89,500) (60,000) (600,000) (1,000,000) (500,000) - (250,000) - (400,000) - - - (555,000) (100,000) (1,000,000) (300,000) - (1,062,000) - (6,628,256) Paid in year |
£ - - - - - - - - - - - - - - - - - - - - - - - - Written back |
£ - 519,939 512,084 - - - - - - 500,000 - 250,000 - 400,000 400,000 400,000 - - - - 300,000 - 978,000 Carried forward |
|---|---|---|---|---|---|
| 4,260,023 |
Page 18
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
| 17. Grant creditor reconciliation (continued) Recipient Brought down Open Innovations (ODI Leeds) 2025 The Royal National Theatre 2023 The Royal National Theatre 2024 The Royal National Theatre 2025 Kingston University 2024 Kingston University 2025 Get Further 2024 Get Further 2025 Get Further 2026 MedConfidential 2024 Voice 21 2023 Voice 21 2024 Voice 21 2025 Connected by Data Ltd 2024 The Brilliant Club 2024 The Brilliant Club 2025 The Brilliant Club 2026 St Edmunds Nursery School and Children's Centre 2024 LMK (Let Me Know) 2024 LMK (Let Me Know) 2025 LMK (Let Me Know) 2026 BookTrust 2025 BookTrust 2026 BookTrust 2027 The Royal National Theatre 2025 The Royal National Theatre 2026 The Royal National Theatre 2027 The Royal National Theatre 2028 The Royal National Theatre 2029 Payable in less than one year Payable in more than one year Expected year of payment |
£ 10,888,279 300,000 600,000 600,000 600,000 100,236 104,373 200,000 200,000 200,000 30,000 250,000 250,000 250,000 - - - - - - - - - - - - - - - - 14,572,888 7,458,492 7,114,396 14,572,888 Brought forward |
£ - - - - - - - - - - - - - - 125,000 120,000 120,000 120,000 200,000 110,000 110,000 110,000 892,360 1,039,643 1,151,830 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 14,098,833 Awarded in year |
£ (6,628,256) (115,920) (600,000) - - (100,236) - (200,000) - - (30,000) (250,000) (250,000) - (125,000) (120,000) (200,000) (110,000) (8,729,412) Paid in year |
£ - (34,080) - (600,000) (600,000) - - - - - - - - - (1,234,080) Written back |
£ 4,260,023 150,000 - - - - 104,373 - 200,000 200,000 - - - 250,000 - - 120,000 120,000 - - 110,000 110,000 892,360 1,039,643 1,151,830 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 Carried forward |
|---|---|---|---|---|---|
| 18,708,229 | |||||
| 6,624,672 12,083,557 |
|||||
| 18,708,229 |
Page 19
THE MOHN WESTLAKE FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
18. Comparative statement of financial activities
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 1 Investments 2 Total EXPENDITURE ON: Raising funds - Investment management fees 3 Charitable activities 4 Total Net gains/(losses) on investments Net income/(expenditure) Transfers between funds 13 Net movement in funds RECONCILIATION OF FUNDS Funds brought forward 13 Funds carried forward 13 |
Unrestricted Funds £ - 844,322 844,322 - 9,834,879 9,834,879 - (8,990,557) 11,017,311 2,026,754 (14,044,068) (12,017,314) |
Endowment Funds £ 10,000,000 - 10,000,000 85,782 - 85,782 1,223,726 11,137,944 (11,017,311) 120,633 21,499,077 21,619,710 |
31 Dec 2023 Total Funds £ 10,000,000 844,322 |
|---|---|---|---|
| 10,844,322 | |||
| 85,782 9,834,879 |
|||
| 9,920,661 | |||
| 1,223,726 | |||
| 2,147,387 - |
|||
| 2,147,387 7,455,009 |
|||
| 9,602,396 |
Page 20