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← The Altenburg Foundation

2024-04-05-accounts

Charity Registration No. 1170216

THE ALTENBURG FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR TO 5 APRIL 2024

THE ALTENBURG FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Settlors: Dr Karl-Georg Altenburg Christiane Altenburg-Von-Der Goltz Governing Instrument: Trust Deed dated 31 May 2016 - as amended by Deed dated 15 November 2016 Trustees: Dr Karl-Georg Altenburg Christiane Altenburg-Von-Der Goltz Anabel Altenburg Charity Address: Hamlet House 107 Arthur Road London SW19 7DR Charity Registration Number: 1170216 Solicitors: Macfarlanes LLP 20 Cursitor Street London EC4A 1LT Independent Examiner: Emily Smith FCA Humphrey & Co Chartered Accountants 7 - 9 The Avenue Eastbourne East Sussex BN21 3YA Investment Managers: J.P. Morgan Bank Luxembourg S.A. 6 route de Treves Senningerberg L-2633 Luxembourg Bankers: Barclays Bank Barclays House 8 Alexandra Road Wimbledon London SW19 JJ2 Wise Payments Ltd 6th Floor, The Tea Building, 56 Shoreditch High Street London E1 6JJ

1

THE ALTENBURG FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR to 5 April 2024

The Trustees present their annual report and financial statements for the year ended 5 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and "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 (FRS 102) (effective 1 January 2019)".

Objectives and Activities

The Trust Deed established the objects of the Charity and allows the Trustees to apply the income and capital of the Trust Fund for such charitable purposes as they may from time to time decide.

The Trustees intend to carry out these objects, as described below, through the making of donations or grants to charitable and other organisations and individuals for the delivery of exclusively charitable projects. As set out in the Trust Deed the Trustees will apply the resources of the Trust on projects aimed at the advancement of education, citizenship or community development and of amateur sport.

In order to fund donations and grants the Charity has focused on establishing and maintaining investments to provide both income and capital growth.

The Charity does not invite grant or donation applications from charities generally. The Trustees however expect to draw on their own experience and knowledge (and their own research when necessary) of organisations operating in the area which they wish to support and satisfy themselves that charitable resources are appropriately targeted.

The Foundation seeks to help children, young adults and adults in improving their life circumstance by providing assistance to access education, being able to access sports coming from impoverished neighbourhoods and being able to learn skills via apprenticeships.

The main activity of the Charity is that of providing grant funding to established charities and good causes as in keeping with the Charity's objectives as deemed by the Trustees. Further details on the projects and institutions can be found in note 6.

The achievement of the Charity's aims will further its legal purpose as a registered charity by providing public benefit to a wide range of people.

Donations are one of many strategies in achieving those aims and objectives. Accessing education, apprenticeships and being able to participate in high level sports need to be financed as the majority of the individuals who benefit from our Foundation do not have access to financial assistance. For example, displaced refugees who had to leave their homes due to war or famine.

Success is currently measured by the number students completing higher education and also the young adults who progress to professional sports careers. Achievement in the various activities the Foundation sponsors helps us to provide good reporting.

The Trustees are aware of the Charity Commission guidance on Charity and Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have regard to it. The Trustees consider that the information contained within the Trustees' Report about the Charity's aims, activities and achievements in respect of the donations made demonstrates the benefit to the public.

2

THE ALTENBURG FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR to 5 April 2024

The Trustees provide grants to various organisations, both UK based and abroad. The Trustees grant making policy is to provide grants at a level they feel appropriate to organisations meeting their criteria on an ad hoc basis.

Achievements and Performance

During this period of account the Trustees authorised donations totalling £240,458.27, details of which are shown in Note 6 to the accounts.

Donations are one of many strategies in achieving those aims and objectives. Accessing education, apprenticeships and being able to participate in high level sports need to be financed as the majority of the individuals who benefit from our foundation do not have access to financial assistance.

The Trustees consider that the range of grants provided during the year meet the aims and objectives set by the Charity.

Investment Performance

The trustees have employed investment managers to implement the Trustees' investment instructions. The Trustees' aim is to provide medium risk portfolio that protects the value of the capital and at the same time delivers good quality regular returns.

The returns from the Charity's investments were broadly in line with the adopted benchmark. The Trustees believe that an appropriate investment strategy is in place for the medium to long term.

Financial Review

The Charity holds unrestricted funds at the Balance Sheet date of £4,155,183.03 (2023 - £2,876,661.19). All restricted income received during the year was remitted to organisations in line with the restrictions placed by donors

The increase in the fund position is predominantly due to the revaluation of shares.

The Charity maintains healthy cash reserves from which it can distribute grants in line with its charitable activities.

Reserves Policy

The Foundation's reserves are primarily investments which are held to generate income and capital growth which provide funds to make grants in accordance with the Foundation's objectives. Free cash reserves total £258,244.46 at the year end and the Trustees consider that the level of reserves is appropriate to meet current activities. Further reserves can be met with the liquidation of a proportion of investments if required.

Investment Policy

The Trustees' investment policy is that of a medium risk portfolio that protects the value of the capital and at the same time delivers good quality regular returns.

In the selection of investments the Trustees have made use of their collective knowledge and experience to achieve good quality regular returns for an acceptable level of risk over the long term.

3

THE ALTENBURG FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR to 5 April 2024

Risk

The Trustees have assessed the major financial, operational and administrative risks to which they consider that the Charity is exposed in the delivery of the charitable objectives. The key risks are considered to be:

• Investment performance - the risk of poor investment returns is considered the major financial risk. The Trustees are however of the view that they effectively mitigate this risk by the selection of appropriate quality investments where a medium level of risk is acceptable to achieve the required good quality regular returns. The Trustees make such selections by making use of their collective knowledge and experience of investments matters generally and taking advice as may be necessary to any particular investment.

• Operational risk of ineffective donations or grant making - the Charity's major risk in the delivery of the charitable objectives is that grants and donations are not effective for charitable purposes for the public benefit.

In the mitigation of such risks the Trustees plan to make donations to established UK registered and overseas charitable organisations with a proven track record in the delivery of public benefit. In the execution of grants to organisations the Trustees seek to satisfy themselves, through their own research and personal involvement that each grant is in pursuance of a charitable objective which offers identifiable and measurable benefit to the public or a significant section of the public.

The Trustees do not consider that there are any factors that are likely to affect the financial performance or position going forward.

Plans for Future Periods

The Trustees are evaluating opportunities to support and work with other charities and organisations to further the charitable objectives of education, citizenship, community benefit and the advancement of amateur sport for the public benefit.

Structure, Governance and Management

The Altenburg Foundation was established by Deed on 31 May 2016 and is a registered Charity (No. 1170216).

The trustees who served during the year and up to the date of signature of the financial statements were: Dr Karl-Georg Altenburg Christiane Altenburg-von der Goltz Anabel Altenburg

The power of appointing new Trustees is vested in the surviving or continuing Trustees in accordance with S36 Trustee Act 1925. Trustees are selected having regard to both their general experience, and their knowledge and experience of the objects of the Trust, and any personal knowledge of the existing Trustees. Professional advice is available to new Trustees from the Trustees' solicitors for training purposes regarding the duties of a Trustee.

All decisions are taken collectively by the Trustees via appropriate discussions or meetings.

All Trustees give of their time freely and no Trustee remuneration, benefits or expenses were paid in the period. Trustees are required to disclose all relevant interests and to withdraw from decisions where a conflict of interest arises.

4

THE ALTENBURG FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR to S April 2024 Dr KarkGeorg Altenburg 15 a Trus￿ of The Trn Henman Foundation (Charty numl)er 1161W). a Charity linked to Performantx Plus Sport UK (11619641). The Attenburg Foundation provides grant funding lo bolh Charities. The Tim Henman Foundation is a youth Charity vrith the mission of transforming the INe$ of disadvantaged young people ty creating spor￿ng and educational opportunitw as ￿1185 improvirMJ mental and physiral health together with their partners. Performance Plus Sport UK seaks the advancemènl of amateur sport for young people by providing mentoring and organising programmes of physic81. edu(ational and other activrties. The artivrties of both Charities are in line with the Altenburg Foundation's charitsb￿ objects. 81atement of Tntst8w' Responslbllltl8s The Trustees are responsib￿ for preparing the Twstees, Report and ts financial statemonts in accordance with applicAble law and United Kingdom AccountirvJ StarKlards {United lQnwl¢)m Genaralty Accepted Aco)unting Practice). The law applicable lo Charities in England and Wa￿$ ￿￿lIeS the Trustees lo prepare finanual ststements for each financial year which give a twe and fair of the state of affai￿ of the Chanty and of the incoming resources and application of resourees of the Charty for that year. In prepaiing these financial statements. the Trustees are required to: - sele¢A suitsble accounting polic￿ and then appty them consislenlty: - observe the methods and principles in the Charities SORP., - make Il￿gements and estimates that are reasonab￿ and pNden(' - stale wthether applicable accounting 5tsndards have been folkxtd. subpd to any matefial departures disclosed and explained in the financAal Statements". and - prepa￿ the financial slalem8nts on the going corbcem b￿5 Un￿ bt i inappropriate to presume that the Charitywill continue in operation. The Tnjstees are re¥)nsible for kfjewg Suffi￿nI accounting reo)rds that disrjose *ith reasonablè aecurncy at any time the financial posf(ion of the Charity and enable them to ensure that the finanual slalemen15 compty with the Chaiilies Act 2011. the Chanty (Acthunts and Reports) Regulation$ 2008 and Ihe provision5 of the Trust Deed. They are also responsible for safeguatding the assets of the Charity and hen￿ for taking reasonable Steps forlhe prevèntion and of fraud and other irregularities. Thè Trustees, Report was approved by the Board of Trustees. Dr Karf-Ge Trustee

THE ALTENBURG FOUNDATION

Independent Examiner's Report to the Trustees of The Altenburg Foundation

I report to the trustees on my examination of the accounts of The Altenburg Foundation for the year ended 5 April 2024 which are set out on pages 7 to 16.

Respective Responsibilities of Trustees and Examiner

As the Charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trustees' accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

……………………………………………………..

Emily Smith FCA Humphrey & Co Chartered Accountants 7-9 The Avenue Eastbourne East Sussex BN21 3YA

12 March

Date ……………………………………………… 2025

6

THE ALTENBURG FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

For the year to 5 April 2024

2024
2024
2024
Note
Unrestricted
Restricted
Total
Funds
Funds
Income and Expenditure
Income from:
Donations and Gifts
3
21,571.33
61,550.82
83,122.15
Investment Income
4
76,858.56
−
76,858.56
Total Income
98,429.89
61,550.82
159,980.71
Expenditure on:
Charitable Activities
5
234,660.59
40,187.05
274,847.64
Net gains/(losses) on investments
11
1,394,085.16
−
1,394,085.16
Net income/(expenditure)
1,257,854.46
21,363.77
1,279,218.23
Other gains/(losses)
12
544.92
(1,241.31)
(696.39)
Net movement in funds
1,258,399.38
20,122.46
1,278,521.84
Reconciliation of funds
Fund balances at 6 April 2023
2,876,661.19
−
2,876,661.19
Fund balances at 5 April 2024
£4,135,060.57
£20,122.46 £4,155,183.03		 2024
2024
2024
Note
Unrestricted
Restricted
Total
Funds
Funds
Income and Expenditure
Income from:
Donations and Gifts
3
21,571.33
61,550.82
83,122.15
Investment Income
4
76,858.56
−
76,858.56
Total Income
98,429.89
61,550.82
159,980.71
Expenditure on:
Charitable Activities
5
234,660.59
40,187.05
274,847.64
Net gains/(losses) on investments
11
1,394,085.16
−
1,394,085.16
Net income/(expenditure)
1,257,854.46
21,363.77
1,279,218.23
Other gains/(losses)
12
544.92
(1,241.31)
(696.39)
Net movement in funds
1,258,399.38
20,122.46
1,278,521.84
Reconciliation of funds
Fund balances at 6 April 2023
2,876,661.19
−
2,876,661.19
Fund balances at 5 April 2024
£4,135,060.57
£20,122.46 £4,155,183.03		 2023
2023
2023
Unrestricted
Restricted
Total
Funds
Funds
1,006,825.70
58,183.35
1,065,009.05
51,099.43
−
51,099.43
98,429.89
61,550.82
159,980.71		 1,057,925.13
58,183.35
1,116,108.48
234,660.59
40,187.05
274,847.64		 182,219.86
58,183.35
240,403.21
1,394,085.16
−
1,394,085.16		 (85,001.38)
−
(85,001.38)
1,257,854.46
21,363.77
1,279,218.23
544.92
(1,241.31)
(696.39)		 790,703.89
−
790,703.89
(439.60)
−
(439.60)
1,258,399.38
20,122.46
1,278,521.84
2,876,661.19
−
2,876,661.19		 790,264.29
−
790,264.29
2,086,396.90
−
2,086,396.90
£4,135,060.57
£20,122.46 £4,155,183.03		 £2,876,661.19
−
£2,876,661.19

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

7

THE ALTENBURG FOUNDATION BALANCE SHEEf at 5 Aprll 2024 Note 2024 2023 Fixed Assets Investments 13 3,908,352.50 2,777.339.89 Current Assets Debtors Cash at bank and in hand 16 17 36,830.00 236,656.67 273,486.67 30,330.00 78,631.02 108,961.02 Current Llabllitie8 Creditors: Amounts falling due within one year 15 (15,242.21) (9,639.72) Net current aSsetsl{Ilablliti￿j 258,244.46 99,321.30 Long Temi Liabilities Creditors: Amounts falling due beyond one year 15 {11.413.93) Total assets less curront liabilities £4,155,183.03 £2,876,661.19 Income Funds Unrestricted funds 4,155,183.03 2,876,661.19 £4,155,183.03 £2,876,661.19 The notes on pages 9 - 16 fo￿￿ part of thvse accounts. The ccount approved by the Trustees on...................................................2025 Dr Karl-Georg Atenbu Trustee

THE ALTENBURG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024

1 Accounting Policies

Charity Information

The Altenburg Foundation is a general charitable Trust governed by a Trust Deed dated 31 May 2016 and is a registered Charity number 1170216.

1.1 Accounting Convention

The financial statements have been prepared in accordance with the Charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for Charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in £ sterling, which is the functional currency of the Charity.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going Concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. The Trustees consider there are no material uncertainties about the Charity's ability to continue.

1.3 Charitable Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

The Charity is a registered Charity and therefore is not liable for income tax or corporation tax on income derived from its Charitable activities, as it falls within the various exemptions available to registered Charities.

9

THE ALTENBURG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its charitable activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs are associated with meeting the constitutional and statutory arrangements of the Charity, including external audit and the cost of preparing statutory accounts and other costs involved with the Charity's strategic management.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Wherever possible, costs relating to a particular activity are allocated directly; others are apportioned on the basis of the ratio of resources expended in respect of each charitable activity.

Funding commitments have been calculated by the amortised cost method using an average return of investment rate.

Expenditure is recognised on an accruals basis as a liability is incurred.

Charitable expenditure in the form of donations and grants payable is accounted for as and when approved by the Trustees and when due for payment.

Other costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and legal costs linked to strategic management of the Charity.

1.6 Fixed Asset Investments

Investments are included on the Balance Sheet at their market value at the end of the financial period. Listed investments are stated at the mid price on the New York Stock Exchange. Gains and losses on investment assets are credited, or debited, to the Statement of Financial Activities in the period in which they arise.

10

THE ALTENBURG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024

1.7 Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.8 Financial Instruments

The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's Balance Sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

2 Critical Accounting Estimates and Judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

During the period the trustees consider that there are no significant judgements or sources of estimation uncertainty that require disclosure within the accounts.

11

THE ALTENBURG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024

3 Donations and Gifts
Shares Gifted by K Altenburg
Donations
Donation Refund
4 Income from Investments
Foreign Dividends
Overseas Interest
Interest on Cash Deposits		 Unrestricted
Funds
Restricted
Funds
Total
Unrestricted
Funds
2024
2024
2024
2023
£
£
£
£
-
-
-
997,880.61
1,571.33
61,550.82
63,122.15
8,945.09
20,000.00
-
20,000.00
-		 Restricted
Funds
Total
2023
2023
£
£
-
997,880.61
58,183.35
67,128.44
-
-
21,571.33
61,550.82
83,122.15
1,006,825.70		 58,183.35
1,065,009.05
2024
2023
£
£
72,859.54
50,409.72
3,869.94
600.73
129.08
88.98
76,858.56
51,099.43

5 Charitable Activities

Direct Costs (note 6)
Donations and Grants
Funding Commitment
Support Costs (note 7)
Support Costs
Governance Costs
Analysis by fund:
Unrestricted funds
Restricted funds		 Access to
Sport
Access to
Education
Other Charitable
Objectives
Total
Access to
Sport
Access to
Education
Other Charitable
Objectives
Total
2024
2024
2024
2024
2023
2023
2023
2023
£
£
£
£
£
£
£
£
42,500.00
104,881.64
70,020.50
217,402.14
42,000.00
111,734.82
57,928.32
211,663.14
-
23,056.13
-
23,056.13
-
-
-
-
-
21,290.37
1,120.17
22,410.54
-
14,583.03
1,105.00
15,688.03
2,341.75
5,778.96
3,858.12
11,978.83
2,589.90
6,890.04
3,572.10
13,052.04
44,841.75
155,007.10
74,998.79
274,847.64
44,589.90
133,207.89
62,605.42
240,403.21
23,262.20
153,607.10
57,791.29
234,660.59
44,589.90
80,074.54
57,555.42
182,219.86
21,579.55
1,400.00
17,207.50
40,187.05
-
53,133.35
5,050.00
58,183.35
44,841.75
155,007.10
74,998.79
274,847.64
44,589.90
133,207.89
62,605.42
240,403.21

6 Charitable Donations and Grants Payable

Aid Pioneers
Alsama Project
Al-Manhaj Association
Anthony Ozobuekwe
Dombeya Fane
Healing Venezuela
Metehan Ozel
Morocco Appeal
Orkide Insani Yardim Dernegi
Performance Plus
Planning for Tomorrow
Tim Henman Foundation
Adedamola Laoye		 Access to
Sport
Access to
Education
Other Charitable
Objectives
Total
Access to
Sport
Access to
Education
Other Charitable
Objectives
Total
2024
2024
2024
2024
2023
2023
2023
2023
£
£
£
£
£
£
£
£
-
-
68,707.13
68,707.13
-
-
57,728.32
57,728.32
-
37,761.30
-
37,761.30
-
11,469.22
-
11,469.22
-
21,271.70
-
21,271.70
-
32,104.43
-
32,104.43
-
-
-
-
2,000.00
-
-
2,000.00
-
1,027.80
348.37
1,376.17
-
-
-
-
-
-
745.00
745.00
-
-
-
-
-
-
-
-
-
-
200.00
200.00
-
-
20.00
20.00
-
-
-
-
-
16,691.77
-
16,691.77
30,000.00
-
-
30,000.00
25,000.00
-
-
25,000.00
-
67,876.97
-
67,876.97
-
51,469.40
-
51,469.40
12,500.00
-
-
12,500.00
15,000.00
-
-
15,000.00
-
-
200.00
200.00
-
-
-
-
42,500.00
127,937.77
70,020.50
240,458.27
42,000.00
111,734.82
57,928.32
211,663.14

The total amount of grants payable to institutions was £238,882.10 (2023 - £209,463.14) The total amount of grants payable to individuals was £1,576.17 (2023 - £2,200.00)

Access to Sport

Grants are provided to institutions and individuals to enable young people access to sport.

Access to Education

Grants are provided to institutions to enable access to education.

Other Charitable Activities

Grants are provided to other institutions and individuals who meet the objectives and aims of the Charity including providing support to those going through hardship due to war.

12

THE ALTENBURG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024

7 Support Costs

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024
Support Costs
Basis of allocation
Support costs
Funding Expenses
Direct expenditure
Consultancy Fees
Direct expenditure
Governance costs
Bank Charges
Split based on grants payable
Legal Fees
Split based on grants payable
HMRC Penalty
Split based on grants payable
Accountancy Fees:
Independent Examination
Split based on grants payable
Audit
Split based on grants payable		 Total
Total
2024
2023
£
£
2,129.58
1,617.01
20,280.96
14,071.02
22,410.54
15,688.03
478.83
452.04
7,800.00
7,800.00
100.00
-
3,600.00
-
-
4,800.00
11,978.83
13,052.04

13

THE ALTENBURG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024

8 Accountancy Fees

The analysis of accountancy fees is as follows:

Independent examination fees
Audit of the Charity's accounts		 2024
£
3,600.00
−
3,600.00		 2023
£
−
4,800.00
4,800.00

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. Trustee expenses of £2,129.58 (2023 - £512.01) were paid in the year for travel expenses in the course of charitable activities.The number of Trustees who had expenses paid by the Charity was one (2023 - one).

10 Employees

There were no employees during the period.

There were no employees whose annual remuneration was more than £60,000.

11 Net Gains/(Losses) on Investments

Gain on disposal of investments
Revaluation of investments
12 Other Gains/(Losses)
Gain/(Loss) on exchange rate movements
13 Fixed Asset Investments
Listed Investments		 2024
£
47,854.33
1,346,230.83
1,394,085.16
2024
£
( 696.39)
2024
£
3,908,352.50		 2023
£
3,083.94
( 88,085.32)
( 85,001.38)
2023
£
(439.60)
2023
£
2,777,339.89

As at 5 April 2024 the following holding was considered to be of material value: JPMorgan Chase Common US$1 Shares (market value £3,908,352.50)

Investments are included on the Balance Sheet at their market value at the end of the financial period. Listed investments are stated at the mid price on the New York Stock Exchange.

The historical cost of the investments is £2,511,077.03 (2023:£2,722,007.50).

Movements in Fixed Asset Investments

Cost or Valuation
At 5 April 2023
Additions
Valuation changes - note 11
Disposals
At 5 April 2024
Carrying Amount
At 5 April 2024		 2024
£
2,777,339.89
−
1,346,230.83
(215,218.22)
3,908,352.50
3,908,352.50		 2023
£
2,042,101.38
998,481.34
(88,085.32)
(175,157.51)
2,777,339.89
2,777,339.89

14

THE ALTENBURG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024

14 Funding commitment

At 9 June 2023 the charity had entered into a funding commitment to provide a donation to Alsama Project of US$15,000 per annum over 3 years to fund activities for the professional group of students at Shatila 1 Educational Institute in a refuge camp in Lebanon. There are no performance related conditions attached to the commitment, but the funding may be cancelled in case of failure of implementation of the project.

The commitment has been calculated by the amortised cost method using an average return of investment rate calculated at 2% per annum.

At the year end the commitment due within one year was calculated as £11,642.21 (US$ 14,705.88) as shown in current liabilities. The commitment due after one year is £11,413.93 (US$ 14,417.53) and is included within long term liabilities.

15
16
**17 **		 Financial Instruments
Carrying Amount of Financial Assets
Debt instruments measured at amortised cost
Equity investments measured at fair value
Carrying Amount of Financial Liabilities
Measured at amortised cost
Amounts Falling Due Within One Year:
Funding commitments
Humphrey & Co
Consultancy fees - B R Lally
Funding Commitments Due After One Year
Debtors
Other debtors
Amer El Abssi
Adedamola Laoye
Anthony Ozobuekwe
Amjad Belramman
HMRC
Cash at Bank and In Hand
Macfarlanes LLP
Barclays Business Premium Account
Barclays Community Account
PayPal Account
JPMorgan International:-
Sterling Account
USD Account
Euro Account
Deposit Account ($250,000.00)
Wise:-
Sterling Account
USD Account ($328.62)
Euro Account (€25,098.16)		 2024
£
36,830.00
3,908,352.50
26,656.14
11,642.21
3,600.00
−
15,242.21
11,413.93
26,656.14
2024
£
2,130.00
6,900.00
11,800.00
16,000.00
−
36,830.00
2024
£
10.00
12,861.82
1,003.19
2,372.14
−
−
−
197,917.40
701.80
260.15
21,530.17
236,656.67		 2023
£
30,330.00
2,777,339.89
−
−
4,800.00
4,839.72
9,639.72
−
9,639.72
2023
£
2,730.00
4,500.00
7,000.00
16,000.00
100.00
30,330.00
2023
£
10.00
6,050.04
1,820.72
2,065.17
−
68,685.09
−
−
−
−
−
78,631.02

15

THE ALTENBURG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024

18 Contingent Liabilities

The Charity provides loan funding to Anthony Ozobuekwe, in line with the charitable objectives, of £400 per month. Under revised terms of the loan, it was agreed between the two parties that payments will continue to be made without a specific end-date. No liability has been recognised as the timing and amounts are uncertain, and thus instead recognized as a contigent liability.

19 Restricted Funds

The Charity collaborates with Aid Pioneers, a Berlin-based non-profit organisation. An appeal was made for donations to Aid Pioneers' Ukraine initiative to deliver life-saving medical equipment to Ukraine's frontlines.

Tuyoor Al-Amal are a group of three schools in Tripoli, Lebanon. The Charity is supporting the schools through provision of solar power and refurbishment of dedicated library and computer-based learning spaces, as well as funding summer-school catch up classes for children still making up for learning lost during the COVID pandemic. Ongoing support includes strategic and operational advice, and capacity development for staff, in close partnership with Tuyoor Al-Amal's leadership team.

Planning for Tomorrow (P4T) is a community led organisation based in Uganda. The Charity has been supporting P4T for several years through funding for their education programmes, which include teacher salaries, a feeding programme for children, provision of computer facilities, the forthcoming installation of solar power for the school and a beekeeping project.

The Charity made an appeal for the Moroccan earthquake in September 2023.

Aid Pioneers - Ukraine Appeal
Al Manhaj (for Tuyoor Al-Amal)
Planning for Tomorrow
Morocco Appeal		 2024
2024
2024
Balance at
Incoming
Resources
Gains and
5 April 2024
Resources
Expended
(Losses)
£
£
£
17,187.50
−
−
1,400.00
(1,241.31)
20,122.46
17,187.50
22,763.77
21,579.55
−
−
20.00
21,579.55
20.00
−
−		 2023
2023
Balance at
Incoming
Resources
5 April 2023
Resources
Expended
£
£
£
5,050.00
(5,050.00)
−
15,961.43
(15,961.43)
−
37,171.92
(37,171.92)
−
−
−
−
61,550.82
40,187.05
(1,241.31)
20,122.46		 58,183.35
(58,183.35)
−

At the year end £20,122.46 of restricted funds was still held by the Charity.

20 Related Party Transactions

The total amount of donations received without conditions from Trustees was £Nil (2023 - £997,880.61), as disclosed in note 3. There were no disclosable related party transactions during the year.

21 Funds Received as Agent

During the year the Charity did not receive or pay any funds acting as agent (2023 - £18,000).

16

THE ALTENBURG FOUNDATION

Appendix

1) Income from Investments

Income from Investments
Foreign
Holding Date Gross Tax Net
£ £ £
Foreign Dividends
JPMorgan Chase Common
US$1 Shares 27,100 30/04/2023 21,692.15 3,253.82 18,438.33
26,390 31/07/2023 20,532.87 3,079.93 17,452.94
26,390 31/10/2023 22,797.52 3,419.62 19,377.90
25,000 31/01/2024 20,694.55 3,104.18 17,590.37
85,717.09 12,857.55 72,859.54
Gross Tax Net
Interest Received £ £ £
Bank 129.08 - 129.08
J P Morgan International 3,869.94 - 3,869.94
3,999.02 − 3,999.02
89,716.11 12,857.55 76,858.56

THE ALTENBURG FOUNDATION

Appendix

==> picture [480 x 132] intentionally omitted <==

----- Start of picture text -----
2) Investments held at Investments held at
5 April 2023 5th April 2024
Cost or
2023 Unrealised
Holding Book Market Value Holding Book Adjusted Market Value gain/(loss)
Value Value Value
JPMorgan
Chase
Common
US$1 Shares 27,100 2,722,007.50 2,777,339.89 25,000 2,511,077.03 2,562,121.67 3,908,352.50 1,346,230.83
£2,722,007.50 £2,777,339.89 £2,511,077.03 £2,562,121.67 £3,908,352.50 £1,346,230.83
----- End of picture text -----

THE ALTENBURG FOUNDATION

Appendix

2)

The disposals of investments is set out below:-

Holding Date Market Value/ Proceeds Profit/ Event
Conversion (Loss)
Cost
Disposals
JPMorgan Chase
Common US$1
Shares 710.00 09/06/23 72,764.26 79,424.88 6,660.62 Sale
1,390.00 18/12/23 142,453.96 183,647.67 41,193.71 Sale
Totals £215,218.22 £263,072.55 £47,854.33