The Quilter Foundation (A Charitable Incorporated Organisation} Annual Report and Financial Statements for the year ended 31 December 2023 The Charlty Commission for England and Wales Registered Number.. 117555S CONFIDENTIAL
The Quilter Foundation Charity Registered Number.. 1175555 Contents Pages Reference and admlnlstrative Information Trustees, report Independeni auditors, report Statewent of financlal actlvities 10 Balance sheet Statement of cash flows Notes to the financial statements 13-20 CONFIDENTIAL
The Qullter Foundation Charity Reglstered Number.. 1175555 Reference and administrative informatlon Trustees Trustees who Served during the year and up to the date of this report were as follows.. Steven Levin Philippa Lucy Foster BacK CBE Rlchard Breen Timothy Edmund Michael Childe Tosin lame5-Odukoya Penny Cole Stephen Charle5 Gazard (Chairl (Treasurer) Registered office Quilter plc Senator House 85 Queen Victoria Street London EC4V 4A8 Member Quilter Holdlngs Llmlted Senator House 85 Queen Victoria Street London EC4V 4AB Registered in England and Wales, Company Number.. 01606702 Banker National Westminster Bank plc 135 Bishopsgate London EC2M 3UR Solicitor Womble Bond Dickin50n IUKI LLP 4 More London Rlverslde London SEI 2AU Independent auditors Pricewaterhousecoopers LLP Chartered Accountants Savannah House 3 Ocean Way Southampton S014 3TJ Investment manager and custodian LGT Wealth Management UK LLP 14 Cornhill London EC3V 3NR Page 1 CONFIDENTIAL
The Quilter Foundation Charity RÈgSs¢ered Number.. 1175555 Tru5tees' report for the year ended 31 December 2023 The Trustees present their report and audited financial statements for The Quilter Foundatlon I'the FoundBtion'l for the year ended 31 December 2023. The Trustees have adopted the provision5 of the Accounting and Reporting by Chèrities.. Statement of Recomrnended Practice applicable to ch2rlties preparing the 1Snancial statements in accordance wilh the Financial Reporting siandard applicèble in the UK and Republic of Ireland I'FRS 102,1 (effective 1 january 20191- I'charities SORP IFRS 1021,1 and the Charities Act 2011 in preparing the report and financial statements of the Foundation. These financlal staiements have been prepared on a going concern basis and in aciordance wlth the historical cost conventlon as modified by the revaluation of investtnents to falr value. Oble<tlves and Activitles The Foundation's mission is to ernpower young people to fulfil their potential, thrive and pr05per. The Foundation seeks to 3chieve its tnission prim3rily through grant maklng to carefully selected chBrity partners and 15 guided by three themes.. Education- enh2nclng financial educa0 and capability.. Employment- building ski115, experience and confidence to help young people work and earn,. and Health and Wellbeing- enhancSllg hÈalth and wellbeing to help young people flourish and thrlvÈ. The Foundation alms to fund high impact programmes which significantly Smprove outcomes for youllg people, and applie5 a re5ponslble and rigorous process to its choice of charity partners to ensure that long-term sustainable partTrer5hlps are created. The Foundation aim5 to grow Its impact by working wlth partners who reflect it5 Strategy of providing support to empower young people to fulfil thelr poteniial. thrive and prosper. The Foundatlon does not provide fundlng to.. 11 organisations dlrectly affiliated to a political party, associated polltical bodies or with a strong wider political association., 21 51ngle-f3ith religiou5 organi5atlons,' and 31 profit-making organlsatlons. The Trustees confirm that they have referred to the guidance contalned in the Charity Commi5sSon's general guidance on public benefit when reviewing the Foundation's aims and oblectlves and in planning future activities and seeking grant aking polScy for Ihe year. Achlevements and Performance arlt3ble Part In 2023, the Foundation provlded the final in5talltnent of continuation funding for the Secure Futures Fund to charity partners, School of Hard Knocks, sireet League and Safe New Futures, further supporting an addilional 188 young people wlth barriers to work. 2023 saw the launch and onboarding of a now strategii p3rtner, The Brokerage. The Brokerage are a soclal mobility charity that help to break down barrier5 to Èmployment to create a morÈ diverse workforce acr055 the UK. This new three-year partnership will fund The 8rokerage's Pathways to the Ciiy programme., improving work related skills of talented 16-25 year olds from working cla55 backgrounds, to enable Careers In financial and profe55ional related service5. In 2023 alone. 653 young people attended Outreach sessions and more than 200 attended a 8rokerage eveni preparing them for their future aspirations. Working together collaboratively, the key oblectlvos of the partnerships are.. To develop employability skllls. provide peer networks and mentoring, develop leadershlp skills and securelob placements Leverage further supporr from Quilter plc Ihereafter"Quilieff'l, through work experlence, job plaiements, and sharing the apprentlceship levy Page 2 .CONFIDENTIAL
The Q¢Jilter Foundation Charlty Registered Number.. 1175555 Trustees, report for the year ended 31 December 2023 Icontinuedl Achlevements and Performance Icontlnuedl Focusing on enhancing financial education and capabiliiy. the Foundation contlnued to support the charity MyBnk. Grallt5 made 10 the charSty enabled Ihe Foulldalion to deliver financial education to 3,430 young people across 152 programmes. Furthermore, the Foundation provides annual funding to The Centre for Financial Capability, an Industry collaboration with MyBnk to give prlmary school children vital money skills and to carnpalgn 10 firmly place linanclal education on the prlmary 5choo1 curriculum. The Foundation's Local Community Fund awarded a share of £119,490 to 14 nominated loc31 charities. The Fund continues to support a range of cause5 1105e to the hearts and homes ol Qullter staff and advlsers. In 2023, the Fund dlrecily supported 3,979 people. Flnanclal Revlew During the year, the Foundation recelved funds of £638,696 12022.. E594,3251. Thi5 Included corporate donations of £431,25412022.' £419,989) and inve5trnent Income, including bank Inferesi of £207,44212022.' £174,346). Expenditure during the year amounted to £447,62712022.' £1,052,782), which included accruals for grants payable during the years 2023 and 2024 in relatlon to agreements whlch the Foundation ha5 in place wSth its charitable partners. The expenditure tnaSnly consisted of grants for thÈ follovving organi5atlons'. MyBnk £nil12022.' £510,000),. Local Cornmunity Fund £119,25512022'. £81,056),. The Brokerage £50,00012022.. £nill,' Crossroads Care Eni112022.' £20,000),. Safe New Futures £24,47512022.. £24,476),. Streer League £36.558 12022.. £12,193).. School of Hard Knocks £37.08612022., £12,362),. Kickstart Money £nil 12022: £20.0001,' Oasis Lordshlll £200 12022.. £10,000),. Vlvld Life £nil 12022.. £8,056),. Disasters Emergency Committee £5,00012022.. £275,5501',TSlstock 5tydive £36012022.. £nlll', The London Marathon E78612022.. £nill,' The Grace Crocker Foundaiion £58012022.. £nlll', Beresford Street £83312022.. £nill', and Thrivelersey Enil 12022.. £5,000). During the year, payments were mado to the charitable partners as follows.. Carer5 Trust £nil12022.. £137,488),. MyBnk £170,000 12022.. £170,000),. Safe New FLJtures £48,951 12022.. £26,337)., School of Hard Knocks £49,448 12022.. £24,724),. Street League E48.750 12022.. £28,185)., Kick5tart Money £20,000 12022.. £20.0001,' The Brokerage £50,000 12022.. £nill,' Dlsasters Emergen£y Commitree £49,760 12022.. £230,7901,' Local Community Fund El 19,490 12022.. £87,Q661,' Oasis Lordshill £200 12022.. £10,000),. Tilstock Skydive £360 12022.. £nill,' The London Marathon £786 12022.. £nill,' The Grace Crocker Foundation £58012022.. £nill,' and Bere5ford Street £83312022.. £nlll. Total funds for the Foundation at the end of the year are £8,772,30812022.. £7,919,370). The Foundation appolnts LGT Wealth ManagÈmont UK LLP I'LGT") as the Foundation's Investment manager. As per the Trustee5 investment mandate, LGT'S objective is capital appreciation over the long-term and stable income for grani making. As such, the Foundation's investments are primarily balanced across fixed income and equiries. The Trustee5 have taken account of relevant environrnental, social and governance considerations and as Such have Instructed LGT not to directly invest In companles where principal buslness activitie5 ale: tobacco, armament5, pornography or animal testing. The value of Investments managed by LGT as at 31 December 2023 w65 £8,944,751 12022., £8,249,048). The Trustee5 are satisfied that overall Investment performance for the year is in line wlth the Foundat10,5 investment policy and stated long. term investment objective5. The level and frequency of Income from investments and the Foundation's prlmary donor, Quilter, 15 uncertain. The Trusrees identify thi5 as the Foundation's principal rlsk, whlch could prevent it from delivering public ben@flt 2nd achieving Its stated objectives over th@ long-term. The Trustees have set out to mltlgate this risk by establlshing an expendable endowment managed by LGT and invested across a dwersified porifollo of sufficiently liquld asseis. The Trustee5 retaSn discretion to expend some or all of the endowment fund should they choose In order to meet the FoundatiorF's charitablè objectives, now or in the future. Furthermore, the Trustees have actively sought to IncrÈase and further diverslfy the Foundatlon's income through fundralslng activity. Pa8e 3 .CONFIDENTIAL
The Quilter Foundation Charlty Registered Number.. 1175555 Trustees, report for the year ended 31 December 2023 Icontinuedl Flnanclal Revlew IcontlnuEdl ntinu Llke many charlt3ble foundatlons, the c05t of living crlsi5 hag had implicatlons on the operatlons of the Foundation and Its partners. Alongside the operational itnpacL the crisi5 has also evidently had a major impact on the communities the Foundatlon seeks to Serve. Therefore, the Foundation te3m ha5 malniained close dlalogue wlth Its funding partners to ensure It understand5 the ri5k5 presented to delivery arislng from the crisis, The Trustees ensure that all efforts are made to be an acilve and Supportive partner throughout the ongoing impact thar the c05t of livlng crisis presents. Reserves Policy The Trustees wish to e5tabllsh a 5U5talnable financlal platform to enèble the Foundatlon to continue to deliver publlc benefit and achieve it5 Stated objectives over the long-term. As the level and frequency of financlal support from the Foundatlon's piirnary donor. Quilter, Ss uncertain, the Trustees have sought to establish an expendable endowment fund to provide 5ufficlent future Incorne should there be an unforeseen chongÈ in donations. The expendable endowment con515ts of don3tlons from Quilter plc and other funders, along51de g31ns and 1055es arising from the investrnent assets. The Trustees retain dlscretion to expend some or all of Ihe endowment should they choose in order to 3chieve agreed charitable alms now or In the future. The Trustees have agreed to seek to spend down annual Inve5tmeni returns and any donations from Quilter. its employees or other sources, recogni5ing however that the Foundation'5 commitrnents are Ilkely to extend over multiple ye3rs. The expendable endowmeni Investment5 are held In 5ufliclently liquld assets to enable th@ TrLSStee5 to meet comtnitments made and to Subsequent remove tnaterial uncertaillty that Ihe Foundatlon can contlnue to operate as a going concern. This ensures that de5Plte the Foundation being in a net current liability position. Ilquld assets can be wlthdrawn from the investments so that the Foundation 15 not restricted in meeiing its obllgaiions. The ReseNe5 Poli Is monitored regularly by the Trustees. Structure, Governance and Management onsiiru ThÈ Quilter Foundation is a reglstered charity (Charity number 11755551 th the Charity Commission for England and Wales. incorporated 3 November 2017. The charity 15 managed by a Board of Trustee5. The Foundation is a Charitable Iniorporated Organisatlon, governed by its a550ciation model constltution which Set out its oblecis, powers and marter5 relating to its governance. The sole Mernber of the Foundation is Quilier Holdings Llmited la subsidI2ry of Quilter plcl. If the Foundation is wound up, the Member shall have no liability to contribute to it5 assets and o l@gal respon5Ibllity for 5ettllng Its debts and liabilitie5, and. as the Foundatlon is a charlty, the Member has no entitlement to a share of the Foundation's a55ets. While the Foundation bears the Quilter trading name, it Is Independent of the Qullter plc group and the Trustees perform their duties under thi5 gulding pririciple. In addition to the Trustee5 who are a150 employees of Quilter, there are two fully independeniTru5tees whom sit on the Board of the Foundation. rustees The names of the Trustees of the Foundation are Ilsred in the Reference and Administrative Information on page 1. The Trustees all held office throughout Ihe year unless otherwise shawn. The Foundation has Indemnified all Twstee5 In respect of any Ilablllties properly Incurred in runnlng the Foundatlon. The Foundatlon's sole Member, Quilter Holdings Limlted, may appolnt Trustees. WhÈn recruiting new Trustees, the Trustees or Member las appropriatel glve regard to the knowledge, skllls and experience which are requlred for the robust and effective rnanagement of the Foundarion. Page 4 .CONFIDENTIAL
The Quilter Foundation Charity Registered Number.. 1175555 Trustees, report for the year ended 31 December 2023 Icontinuedl structure, Governance and Management Icontinuedl Training 15 arranged for all Tru5tee5 and all Trustees must SlEn a Trustee declaration which states Ihat they understand their duties as a Trusiee and have read the relevant conflict of Interest policles. The Trusiees are responslble for the oversight and governance which includes approval of all grants made by the Foundation. onisation ruciure The Trustees are responslble for the management of the Fi)und2rion's busine55, and for this purpose they may exerclse all powers necessary for the benefit of the Foundation. At the quarterly Trustees meeting5, the Trustees agree the strategy and area5 of activity for the Found3tion, including consideration of grant making, investment. reserve5 and risk management polScles and performance. The day-ro-day operations of the Foundation are managed by th@ Head of the Foundatlon and a dedlcated CharStable Foundation Engagement Lead. who wlll refer any policy detSsions which need to be made to the Trustees. There are addltlon21 Quilter employees who provide administrative seNlces. No staff or management personnel were directly employed by the Foundation duririg the year, however the costs of one dedlcated staff metnbÈr are recharged to the Foundation £39,960 12022: £nill. The Trusiees received no remuneration in respect of their services to the Foundation during the year12022.' £nill. ES ort ond on£itJlst te The Trustee5 are responslble for preparlng the Trustees, Annual Report and the financial Statements In accordance wlth applicable law and United Kingdotn Accounting Staridards Iunlted Kingdom Generally Aicepted Accounting Practice). The law appllcable to charitie5 In England and Wales requires the Trustees to prepare flnancial staternents for each financial year which give a tTue and fair view of the srate of affair5 of thÈ charity and of the incoming resource5 and applicatSon of resource5 of the charity for that perlod. In preparing these financlal statements, the Trustees are required to.. select 5Ultable accounting policies and then apply them consistentlyi observe the method5 and principles In the Charities 50RP,. makejudgements and estimate5 that are reasonable and prudent.. siaie whether appllcable aicountlng siandards, comprlslng Ffts 102, have been followed, subject to any material departures disclosed Bnd explained in the financlal siatements., and prepare the financlal statements on the going concern basis unless it is inappropriate to presume that the charity will iontlnue in busines5. The Trustees arÈ responsible for keeping proper accounting record5 that dSsclose with rea50nab1e accuracy at any tlme the financSal posltion of the charity and enable them to ensure that the flnancial statements Comply with the Chariiies Act 2011 and the Charlfy (Accounts and Reporlsl Regulations 2008. They are also responsible for $2feguarding the assets of the charity and hence fortaking reasonable step5 for the prevention and detection of fraud and other irregularltles. Publlc Beneflt The Trustees are mlndful of th@ir duty under the Charitie5 Act 2011 to ensure that the Four)dation's actlvltSes exist for the public benefit. The Trustees are satisfied that the performance and achlevements of the FoundatiOFI durlng the year have benefltted the publi£. Plans for Future Period ncome Gener In 2024 and beyond, the Trustees seek to Increaso and diver5ifythe Foundation's income through engagemeni with Qullter and its employees. Page S .CONFIDENTIAL
The Quilter Foundatlon Chariiy Registered NL5mber.' 1175555 Trustees, report for the year ended 31 December 2023 {continuedl Plans for Future Perlod Icontlnuedl nershl Bui The Foundatioll's strategy is 10 achieve its mission through grant making parinerships with charitable org3nisaiions that allgn wlth It5 Stated objectives and grant rnaking themes. The Foundaiion hès made rnultl-year commitments to Charity partners. wlth grants pèyable during 2023 through to 2024 of £807,12912022.. £1,072.3701. The Foundatlon appoints Bean Research to manage 2nd maintain an evaluation framework 2nd theory of change for the Foundatlon, allowing the Tru5tee5 to effectively monitor and evaluate the irnpèct of the Foundation's funding in achieving Its stated aim5 and objective5. Bean RèsÈarch provided an independent Impatt evaluation of the Foundatlon's 2023 straiegic grant making and Local Community Fund grants in January 2024. Disclosure of Informatlon to the Auditors So far as each of the Trustees is aware at the tirne the report Is approved: there Ss no relevant audit infortnation of whlch the Foundation's auditors are unaware,. and each of the Trustees ha5 taken all Steps that they have ought to have taken to make rhemself aware of any relevant audit information and to establish ihat rhe auditors are aware of that Information. Signed on behalf of the Board of Trusrees Toslnlames-odukoya ffru5teel Approved by the Board on 01 August 2024 Page 6 .CONFIDENTIAL
The Qullter Foundation Charity Reg15tered Nurnber.. 1175555 Independent auditors, report to the b'ustees of The Quilter Foundation Report on the audit of thefinancial statements Opinion Jn oui. opinion.'fhe Quiltei. Foundation's financial st8teinents Ithe"fiAancial statemellts").. give a ti'ue Bnd faii'viewoltlje statc of the charity's affaii's as at 31 December2023 and of its incomiTrgiEsourees and application of ir&ources, and cashfloiys, foi. theyear then eiided,. have beeii proi)ci'lypi'ep%ied in aeeoidanco wilh United Kingdom GeneiallyAccepted AceouDtingPTactice (Uniied Kiiigdorn Accountins Standai'ds, conii)ri%ing l.'IiS 102'7'1ie Financial Repurting Standaixl api)licableiii the UK aiid Republicof Iitlajid" and ai)plicablelawl., and have been piEpaTed in aetordance wilh the requirements of the ChaiitiesAct 20LL and Regulation 8 of The Charities (Aecounls and Repoils) Regulatloils 2008. We haveaudited the financial statetnents, ineluded wiihin theAnntsal Repoil and fillancial Statements {Ihe"Annual Report"), which tompi'ise.. tlie bal8nco sheet as at 31 Deeeinbei. 2023.. the statemejit o(finan¢ial activities foi. theyearthen ended. the statement of cash flows foi theyeai. then ended and the notesto the finallcialst3ten]ertt8, whieh include a descTiPtion of the sigttifjeanl aecountingpoliL'ies. Basi5 foi. oi)xnioii We coiiductcd uui. audit in accordance with Internationgl Standai'ds on Auditing IUKI I°ISAs IUKI") and applicable law. Our LEsponsibilitiL'S nd'[sAs (UK) ai'o fuithei. deseribed in the Auditoi's, IEsyonsibilities foi'the audit of tlie finaneial statements Section of oui. repoi. Webelievethattht audit evidencewe knve abtaitted is sufficient and appropi'iate to pi'ovido abasis foi. our opinion. Iiiclepeiideiice We remained independent of the charity in accordaneewth the ethical requirements thatai'eiElevant to oui. audit of thefinancia] statoineiits in the UK, wliich includcs the FRC'S Ethical StandaiY] and we have h]lfilled oui'other ethical iEspox)sibilities itl accordanteM4th these reqiiiiyments. Coiiclusion8 I'elating to golng eoDcern B&%ed on the wvrk we hav2 peifoLmed, we have not identified any maleiial uncertainties i'e]ating to events or conditions that, indiwdually oi, eolleetivelyb tnay cast 52gnificani doubt on the ehaiity's ability to continue as a goingeollWTr foi. k p'iod of at least twelve moiitlis fi'oni the date on which the fiiiancial stdternenls are auilioi'i8odfor issue. In aiiditing the financia] statements. we have tondiided that the tiwtees, use of the going conc•'n basis of aeeounting in the preparation ofthe financial Sldtemeiits is appropriate. However, betAuse not all future events or conditions c8n be predicted, this conclusion is not & guarantee as to the charity's ability to eontinue as a going CODceiTr. OUT Ltsponsibilities and the ittponsibilities of the trustees with respect to going eotttern are deseribed in the relevant sections of this report. Rcporting on other infoi'matlon Thc othcr informatioii compiises all of the information in the Annual Repoit othei'than thefinantial stateinents and oui. auditors, IPOrt thereon.'fhe ILllStees aro Tesponsible for the other infoi'indtion. Oui. opinion on the fintsneial stateTllents does tLOt ctsverthe Oth'1nf0rIljatio1l aiid, accordingly. we do iiot expiEss an auditopinioll oi'aiiy foT]n of assurajice thereon. In eonnection with oiir audit of the financia] statements, our responsibility is to LEad the oth. information and, in doing so, considei. wheihei. the oihei. information is materially iiiconsistent with the financial statements OT our l¢nowledge obtained in the audit, OT othe]wise api)eai's to be matei'ially mi55tated. If lye identify all api)ai'ent tnateTia] inconsi£tency oi. matei'ial misstate]nent, we aiE requiiEd to perfvrm piDceduTQS tu conelude %%'hether theTQ 15 a material mis%tatement of the finaijcial statements oi. a matei'igl misstatement of the otliei. infoi'tnttton. I(, based oil the woi'k ive have peiforined, we conclude Ilial thei is a matei'ial inisstaternont of this Otljer infoi'mation, ive are iEquii'ed to rcport that Cacl. We have nothing to reportbased on these responsibilities. Page7 .CONFIDENTIAL
The Quilter Foundation Chariiy Registered Number.. 1175955 Independent auditop's'report to tlie h'ustees ofThe Quiltei.Foundation (continuÉd) Based on oiii'woi'k underlaketj in thecoui£eofthe audit. the Charities Act 2011 requires us also to Tepoil eeitain opiiiions and matters as desci'ibedbelow. l i'ii.stee.%'Re2)Ol't Undei. the Chai'ities Aet 2011 we are requiiEd io iEPOI't toyou if, in our opinion the infoi'mation given in theTI'll5tees'Annual Report is inconsistenl in anymaterial Tespect with thefinancial statements. Wehave Jio exeeptiolls to irport arising fiDmthis responsibility. Responsibilities foi. the financlal statements and the audit Re.%poiisibilihes t)f thc. 1S.iistccbfoi' thefinuiietol stateiFienÈs As exi)lained more fully in thc Statetnent of Tru5tees' responsibilities in respect of the Th]stees'llnnudl repoi'l dnd the fiiiancial statements, tlio trustees ale Tespoiisible for tlie pi'ei?ai'ation ofthe. finaiici21 Statements in accoiy]ancewith the &pplieable fi'ajiiewoi'k and foi'beittgsaiisfied that theygive a tl'uealld fairview. The ti'ustoos 31so Tesportsible foi. such intei'ngl conti'ol as the), detoi'tnine i5 necassary to enable tlie pi'epai'ation of financial statements that are freefrom material tnisstatenient, whethoT due to fraud or emr. Inpi'eparing the financial statemeiits, tlieti'u%tees are responsiblefor &%ses8ing theehai'ily's ability to continue as a going cortcei'n, disclosing as ayplieable, rnatter.% iElated to going concei'rt and using the going coll¢el basis of accounting unless the tiStee8 either intend to liquidate the chaiity oi'to cease operations. or have no LEalisticaltei'native but to do so. Aiiditoi¥' i'espoiisibilitiesfoi. tlie aiidit of tliéfijiaiicial.statei?ieFIts We aTe eligible to aet &iid have been appointod auditors unda'seetion 144 of the Charities Act 2011 and iEPOIt in aetordanee with theAct and relevellt i'egulations made oi. having effecithereunder. Oui. objeclives aiE to obtain reasonable assurance about whetheL' the financial %tatetnents Bs a whule dTe free fiom niaterial lllSStatemeiit, whcther dueto fraud or ei'ror, and to issue an audito1, Teportthat includes our opinion. Reasonable assul'ance is a high level of assui'ante biit 18 not a guai'anteethat an audit conducted in accordance iyith ISAS (UK) will always detecta mateiial Inis5tatornent when il exists. Misslateniellls can arise fi'om fi'aud orerroi'and dreeonsidered material if, IndiduallYorin the aggi'egate. theyeould ieasollably be expeCdto influence the economic decisions of useiE taken on thebasis of these financial statements. liyegulai'ities, incliiding h'aud, are instances of non-complianee with laws and i'egul8tions. We dosign plteauLtS in line wilh ouE' responsibilitie5, Outlinod above, to detect mdtei'ial misstatements in iEspecl af irTegularities, induding fi'aud. llje exlenl toiyhich our pix)ceduros al capable of deteeiing ii'iEgulai'ities, including fraud, 1% dotailcd be]ow. BBsed on our undei'stattding of the charityb we identifiedthatthe principal Tisks olnon-compliance with laws and iglationS Idated to breaches of UK Cliai'ities reKlllatoiypi'inciples. and iveeottsideiYd the extent toivhich noll-compliancemight hdve 2 material effect on the financial statetnents. We also consideiEd thtsse laws and regulations that have adiTeet impaet on the financial staleinents siich gs theChai'itie.% Act 2011 and relevdnt itgiilations made oi. having an effectthereunder, intludingThe Chai'ities {Aceoiints and RepoLtsl Regul&tions 2008. We evaluated tlie inttiitives and Dppoi*unilics foi. fi'audulent mahipiilalion of tlie finaiicial statQTnents lintludin¥the risk olovei'i'ide oleoiitrolsl bytlieti'usteos and those iesponsible loi., oi. involved iii, the prepai'ation of the financial Staleentb, and determiiied that the principal iiskswere i'elated to the misappix)priation of cash and bia.% in aieas of estiTnatiort siieh as the fail'valiie of tlieinvostiiiont poitfolio. Audit piy)ceduiEs peifoi'med included.. Holdingdi£cussions with management D'i'ustees, Head of the Foundation Finanee). ineludingeonsidei'atioii of theii'processfor Identifyng artd iEsponding to tlie risk of fi'aud, and anykno oi. suspected instances of fi'aud or non-comp1ianryth laws and regiilations,. Reviewing iElevant meetingTninutes uftheTrustee board,. Identifying and testing all Jnaterial jouriial entries tliat ci'edit cash. Obtaining an independent eonfirmation of the invcstTnentpoitfolio held by the chai'ityi Page 8 CONFIDENTIAL
The Quilter Foundation Charity Registered Nurnber.. 1175555 IndepeTident auditoj's, i'epoi't to the tswstÉes of17ie Quilter Foundlltion (coKtirtued) ltreiforming independent testing of thevsluation of the investment poitfolio. Designing auditpTocedure8to ineorpoi'ateunpitdictabilityaix)und the nature, timin& or extent of oui'testing. TheiE aiEinheirnt limitations iii the alldit pi¥)eedui desci'ibed above. We ait less lilcelytobecotnc awai'e of instances of non- cotnpliancewith laws &nd J'eRulations that al'e not elosely iElated to events and li'ansactions roflccted in tlie financial staternents. A]so, the i'isl< of not detecting a iiiaterial misstalernent duc to fi'aud is higliei'than the iisk of iiot detecling one irsulting fifjm ei'iy)r, as fraud mayinvolve deliberate concealtnei)t byi foi. exdmple. loi'geiyor iiilontional misi'epi'esentations, OT thTough collusion. Afurthei'de5cription of our responsibililie5 foi'theaudit of the financial statements is located on theFRC's website &t'. wKv,.fi'e.ors.uklaudstoi'sitsyon8ibilities. This deseriptton forjiis palt of oui'auditoiE' IEport. u.ge (if tliis Ipoi.t This Tepoit. includingthe opinions, h2s ]ell prepiaf0i. and ortly foi. Ihe chaiity's tii]stees as abody in accoTd8liCÈWth section 144 ollhe Chariti&% Act 2011 and regulatioii£ niade underseetion 154 of that Act (Part 4 oCThe Charit2e£ {Accaunts and ReporL41 Kegulalioiis 20081 and foi. no othei'pui'pose. We do not. in gin8 th¢ opinions, aceept oi'assumei'esponsibility for any otlior pui'p(Ise oi'to any other peT50n to whom this Teport is shown oi. intowliosehands it may comesaveivheTQ expressly a8iEed by our PL'iOI'eoiL%ent in Mqiting. Other required reporting Cliarities Aet 2011 exeeptlon i'ei)oi'tiiig UlldeT theCharitiesAcl 2011 we are I'equii'ed tu report toyou if, in our opinion.. we have not irceived all the infoi'rn4tion and explanations we requiiE for our alldit,. or suffjcienl aceounting rec8 have not been kept bythe tharitytr or the financial statetnents are not in agreement with theaccounting records. We have no exeeptions to IEPOLI arising fiDmthis iEsponsibility. Pricewatei'hOuseCpel's LI.P Chaitered AecountaDts and8tlltutoiyAudiloTS Solllhamploii oIAugust 2024 Page 9 .CONFIDENTIAL
The Quilter Foundation CharityRegi5tered Number.. 1175555 statement of financlal aitlvltle5 for thÈyearended 31 Oeiember 2023 Restrlcted Unrestrlcied 2023 Restricted Unrestrlcod fundg funds 2022 funds fulld5 Total Note Income from.. Oonations 51A54 62,725 406,682 10 458.136 151,026 63.598 319,825 49 470,851 63,647 174,346 70S.844 Other trading artltieS Invesiments Total IncoME 62.735 207.442 728,313 207,442 614.134 174.346 494.220 114.179 214.624 Expendlture on.. Ralslngfunds Inve51Tnent tnanagemeni fees 11,0841 11,0841 11.3431 1440311 1792,7841 1838,1581 11.3431 {290.5311 1333.44UI 1404.7101 {447.6271 11.007.408) 11,052,782) Total expenditure 1114,1791 (214.6241 Netgalnslllossesl on investments Nei Income/lexpense} 10 572,252 852,938 572.252 852,938 11.È35.4561 11,835,456) 852,938 7,919,370 852,938 7,919,370 11.835.456) 9.754.826 11,835,456) 9.754.826 FDnd balances brought forward Fund balances ¢arrled fOnard at31 December 14 8.772,308 8,772,308 7,919,370 7.919.370 All ofthe chariws a<vItIeS derlve frorn contlnulng actIt5 durin8 ihe year. The notes on pages 13 to 20 foTm an Integral partof these financlal st3tement5. PaEe 10 CONFIDENTIAL
The Quilter Foundatlon Charity Registered Number.. 1175555 Balance sheet a5 at 31 Oecember 2023 2023 2022 Note Flxed assets Investments 10 8,944,751 8.249,048 Current assets Cash and cash equivalents Total current assets 48,017 48,017 168,149 168,149 Creditors.. amounts falllng due wthin one year 12 220,460 327,827 Net current liabilitie5 172,443 1S9,678 Total assets less current liabilitle5 8,772,308 8,089,370 Credltors.. amounts falling due after one year 170,000 Total net asset5 8,772,308 7,919,370 Funds of the charlty.. Unr@stri(ted fund5 Total charlty funds 14 8,772,308 8,772,308 7,919,370 7,919,370 The notes on pages 13 to 20 fortn an integral parl of these financial statements. The financial statements on pages 10 to 20 were approved and authorised for Issue by the Board of Trustees on 01 August 2024 and were signed on its behalf by. Tosin James-odukoya Trustee Page11 CONFIDENTIAL
The Quilter Foundation Charity Registered Number.. 1175555 statement of cash flows for the year ended 31 December 2023 2023 2022 Note Net cash flows from operating ac¢lvltles 13 1162,2901 1349,0031 Investing activitles.. Bank interest 4,039 98 Proceeds from dlsposal of invesiments Purchase of Investments 10 345.000 10 180,0001 42,158 Net cash flows generated from Investing activstles 345,098 Change In cash and cash equivalents In the reporling period Cash and cash equivalents at the beginning of the reporting period 1120,1321 168,149 13,9051 172,054 Cash and cash equlvalents at the end of the reportlng period 48.017 168,149 The notes on page5 13 to 20 form an Integral part of these flnancial ststements. P3ge12 .CQNFIDENTIAL
The Qullter Foundatlon Charity Registered Number.. l 175555 Notes to the Flnanclal Statements for the year ended 31 December 2023 Charlty Informatlon The Qu11Ler Foundatlon Trust Is a Charit8ble Incorporated Organi53tlon IC101 registered with the Charltles Comm155lon of England and Wales. Its charity rÈgistratiori number is 1175555. Accounting policies The principal accounting pollcles adopted Sn the preparatlon of the financlal statements and which have been consistently applied lexcept where indicated) are set out as follows.. lal Basls of accounting The financial statements have been prepared on a going concern basls under the historical c05t convention, modifi'ed to recognise financS31 investments at fair value, with ItÈms recognlsed at cost or transaction value unless otherwise 5tsted In the relevant notelsl to these flnancial staternenis. They aTe pres@nied in pounds sterling. The financial statements have been prepared on the accrua15 basls In accordance wlth rhe Statement of Recommended Practice.. Accounting and Reporting by ChaTlties preparing the financial Statements In accordance with the Financi31 Reporting Standard applicable In the United Klngdom and Republic of Ireland IFRS 1021 leffectlve I january 20191 and th the Charities Act 20) 1. The Quilter Foundailon 15 a publSc benefit entity as defined by FRS 102. Ibl ILJdgements In applying actounting policies and key sources of estimation uncertainty The Trusiees evalu3te Judgement5 and estimates as required, based on historical experience with orher f3Ctor5 including expectations of future events. The detai15. If material, are reflected in the accounting policies. There are no material judgements requiring disclosure. Whilst some finaniial a55ets are measured at fair value, their valuation is based upon readily available pricing Snformaiion and therefore the Trustees do not consider there to be a slgnificant level of estimation involved in determlning their fair value. There are no other material estimate5 In the financial Statements. Ill Golng concern The Trustees consider that there are llo marerial uncertalnties about The Quilter Foundatlon's ability to continue to operate for the foreseeable future and are satisfied that It Is appropriète io adopt the golng coniern basls in preparing the fSnancial statements. The Foundation'5 Investment5 are held in sufficlenrly liquid assets to enable the Trustees to tmeet commitments made. Accordingly, there are no materlal uncertainties In relation to the Foundation's abS1ity to continue to operate Bs a going concern. ThSs ensures that despite the Foundarion being In a net current Ilability p051tion, Ilquid a55ets can be wthdrawn from the Investments so that the Foundation is nor restricted In meetlng its obligètlons. Idl Income Donations are included in the 5tatemÈnt of financial actlvities when the FoundatiorE Is entitled to the income, receipt Is probable and the amount receivable can be tneasured reliably. Investment income is stated gr055 in the year it 15 due. (el Donated servlces and support Quilter has provided administrative support at no cost, These donated services are Included in income In the financial statements In the ye3r in which they are receivable, where they are quantifiable and based on all average rate for the services at cost to Quilter,. with a corresponding amount then recogn1sed in expendlture in the year of receipt. Page13 .CONFIDENTIAL
The Quilter Foundation Charlty Reglstered Nurnber.. 1175555 Notes to the FinancSal Statements for the year onded 31 December 2023 Accounting pollcies Icontinuedl In Expenditure All expenditure including salary costs, mernbership fees and bank charges is included on an accruals basis as a liability is Incurred. Expondiiure ha5 been classified under headings that aggreg2re all c05t5 relared to the category. Where c05ts cannot be directly altributed to particular headings they have been allocated to activitles on a basi5 consistent with the Use ol rhe resources. Salary costs relate to the salary for one dedicated staff member which are borne by Quilier Business Servlces Lirnited Ihereafter"QBS l and recharged to the Foundation. Grants are recognlsed In the fillanclal stat@ment5 as Ilablllties after they have been approved by the Trustees and the recipient5 have been notified. Ig) Taxatlon The Foundation is a reg15tered charity, and therefore is not liable for income tax or corporation tax on Income derived frorn Its charltable activltles, 3S It falls within the provision5 of Sectlon 505, lllcome and Corporation Taxes Act 1988. The Foundatlon is grant-8[nE whlch is not a busines5 actlvlty. therefore Value Added Tax Incurred on related expendlture is irrecoverable. Ihl Inve5tmet5ts Investments are included in the fillanclal staternent5 at fair value. Realised and unreallsed gains and losses on Invesiments are Included net in the statement of financlal activities in the yÈar In which they arise. Investments have been de5gnated as fairvalue through profit or loss. Fair values are determined according to the following hierarchy based on the valuatlon technique used to deterrnine fair value. -Level 1.. quoted price5 lunadlustedl in active markets for identical assets or1iabillties, -Level 2.. Inpuis other than quoted price5 In acrive markets Included within Level 1 Ihat are observable for the asset or -Level 3.. inputs for the asset or liabS1ity thar are not based on observable market data lunobservable inputs). Unquoredllevel 2 investments are stated at fair value based on professional valuations at the balance sheet date or nearest available date to it, Valuations are provlded bythird-parry fund administrators ILGTI. The portfolio is managed by an appointed wealth management firrn, according to the Trustees, strategic preferences. lil Debtors Debtor5 are recognised at the recoverable amount due when it 15 probable that the future economic beneflts will flow to the Foundation and the a55et has a value that can be measured reliably. These include Quilter matching of donations made by Qullier employees. 01 Cash and cash equivalents Cash and cash equlvaler)t5 in the flnancial staternents comprise cash at bank and in hand. Ikl Fund accounting The unrestricted fund comprises a general fund which is used to meet the charltable objective5 of the Foundation at the dlscretion of the Trust@es. The restrScred fund con51Sts of monie5 ralsed for, and their use restricted to, a specific purpose. 111 Credltors Membership fee5 and grants payable are recognised where it is more likely than not that there is a legal or constructive obligation commlttlng the Foundatlon to pay out resources and the amount of the obllgatlon can be measured with reasonable ieitalnty. Page14 .CONFIDENTIAL
The Qullter Foundation Charliy Registered Number.. 1175555 Notes to the Financial Statements for the year ended 31 December 2023 Accounting pollcles Icontinuedl Im) Funds Be&tri.(t£dfyods Restricted fund5 comprise amounts donated to the £harlty for specific objectives speclfled by the donor or by the nature of the fundraising. Unr All othÈr funds are unrestrlcted and are avallable to the charity to further anyof its charltable objectives. Inl Flnancial instruments Fln3ncial instrutnents are iniiially rneasurÈd at fair value. Fair value is the price that would be received ro sell an asset or paid to transfer a liabllity in all orderly Iransaction between market participallts at the mea5urernent dale. In the Statement of ia5h flows, cash and cash eqLJiva1ents include cash at bank and in hand. 2 Donation5 Restricted Unrestricted funds fund5 2023 2022 Total Total Corporate donations Don3ied services and support Total 51,454 317,065 89,617 406,682 368,519 89.617 458,136 356.341 114,510 470.851 51,454 Adminlstrztive Support Is provided by Qullter. The value of these servlces for the year ended 31 December 2023 15 estimated at£89.61712022'. É114,5101. The v31ue of these serwces Is recognised within Income as a donation, and an equivalent tharge Is Included WiLhin expendlture as support costs. 3 Other tradlng activitles Restrlcted Unre5tYlcted funds fund5 2023 Total 2022 Total Income from Quilter employee fundraising events 62,725 10 62,735 63,647 4 Income from investments Restrlcted Unrestrlcted funds fund5 2023 2022 Toial Total Bank interest Net income from LGT portfollo 4,039 203,403 207,442 4,039 203.403 207,442 98 174,248 174,346 Net Sn<ome from LGT portfollo Is comprised of £207.591 12022.. £178,659) of Investment Income frorn equitles and bonds olfsei against £4,18812022'. E4,4111 of varlable bank charges, custodyfees and tran5aCtlonal charges. Expendlture on ralslng funds Restrlcted Unrestricted funds funds 2023 otal 2022 Total lustGivlng membership scheme fees Bank charges Other 562 25 497 562 25 497 562 768 1,343 1,084 Page15 .CONFIDENTIAL
The Quilter Foundation Charity Reglsiered Number.. 1175555 Notes to the Financial Statements for theye3rended 31 December 2023 Expenditure on Investment management fees Restricted Unrestrlcted funds funds 2023 2022 T0131 Total LGT mènagemeni fees 41,833 41,833 41,833 41,833 44.031 44,031 Expendlture on charltable actwities Restrlcted Unrestrlcted fund5 funds 2023 Total 2022 Supporiingyoung Carers.. Carers Tru5t- Icharlly No.. 11451811 Local Communlly Fund Crossroads Care-llsle Of Man Ch3rity No.. 3831 17S,7951 81,056 20,000 25,261 114,179 5,076 119,255 114,179 5,076 119.255 Flnancl81 Education.. Financial Fulures Fund IKlckSL8rt Money)-The InvestSng and Savln85 Alliance-ICompany No.. 035487921 MyBnk-ICharity No.. 11237911 The Brokerage- (Charity No.. 10591731 20,000 510,000 50,000 so,000 50.0(M) 50.QCrfJ 530,000 Employment.. Safe New Fuiure5- Icharity No.. 10883571 Street League- (Charity No., 11013131 School of Hard KnDck5 (Charlty No.. 11470091 24,475 36,558 37,086 98,119 24.475 36,558 37,086 98,119 24,476 12.193 12.362 49.Q31 Disasters Ernergency CommitteelDECI-ICharity No.. 10626381.. Afghanlst8n Ukraine Paklstan Syrlatturkey 50,LKIQ 155,790 32,260 37,500 275,550 5.000 5.000 5,0(KJ 5,000 Christrna5 campalgn, Vivid Llve- Icompany No.. 116400391 Thrivelersey- lersEy Charlty No.. 12931 Oasls Academy Lord's Hill- (Charlty No.. 11388721 Tllsiock Skydive London Marathon The Grace Crocker Foundatlon- Uerseycharity No.. 2531 Beresford Street- QerseyCh3rity No.. 2271 110.QLKII 8,056 5,000 10,000 2QO 360 786 200 360 833 833 Support costs Total 129,577 290,531 129.577 404.710 114,179 1,007.408 The support costs relate (o the adtnln15tratlYe servl£es provlded by Qullter at no charge, an e4ulvaleni sum Is Included In Income. Income (e5 for2022 represent a release of an ryJer¥ctrual from prloryear. Page16 .CONFIDENTIAL
ThÈ Qullter Foundation Charity Re815terèd Number.. 1175555 Notès to the Financial Statements for iheyear ended 31 December 2023 8 Analysls of 5upportcosts Restrlcted Unrestrfited funds fund5 2023 2022 Total Total Audll lees lary coslslsee note 91 Oonaied admSnlstr2tlve Sete$ 5,982 39,960 83.635 129.577 5,982 39,960 83.635 129.577 5,591 108.919 The audltors, remunerallon of £5,98212022.' E5,5911 was borne byQuIer. staff 105ts and Trustee5' remuneraiion The TIu51ee5 and key manageThent personnel recek4ed no remuneratlon Sn respeit ofthelr se(eS to the Fovndauon during Iheyearl2022.- £nlll. the vear. noTrustees recelved reimbursemeniof exDensesl2022'. £731 Sorne Trustee5 are emplDyed In other roles bya related entity. and recep Temuneraiion and other benefits from thls entiiy,whlch arE unrelated to thelr seNlces ta the Foundallon durlng theyear. The Charitable Foundation employs no siaff directly12022'. £nll}. In addltlon to the Head of Foundation, Q8S ernpl one staff member who 15the Foundatlon's Engagement Lead and prowldes dediiated support gemces for the da*to4ay operatlons of the Foundatlon. Frorn 2023. the base salaryfor thi5 one dedl£Bted staffmernber Is borne byQBS and recharged to the Foundation (see note 81. Tho Foundaiion is not the emplowng cotnpanyfor thls staff tnetnber and a5 5uih no penslons, addllioTril tienefiis or 50clal securftycosts are charged to the Foundaiion.Therefore. nofurtherernployee dlsclosure5 have been included In EhE5e Ilnancial statement5. 10 Investrnents Net Net Investment IncDme Funds at31 December Funds at 1 january 2023 Purchases on invÈsiment5 LGT Fees D15P05als 2023 LGT portfollo Net assets 8,249.048 8,249.048 80,000 80.000 572,252 572,252 203,403 203,403 141,8331 141,8331 &944.751 8.944.751 Net Ilossesy8ain5 on invesimenis Net Funds ar 1 january 2022 Inve5tfnent Funds at31 DIsp05a15 De£ember2022 Purchases income LGTfees LGT portfo1I0 Net assets 9,955.349 9.955.349 174,248 174,248 144,031} 144,0311 1345,QOOI 134S,0001 8.249.048 .249,048 The invesllnent portfollo comprise5 of.. Net Net Investment Incomel {expensÈl Funds at 31 December 2023 Funds at 1 lanuary2023 Purchases on investmÈnis LGT Fee5 Dlsposa15 Bondsifixed Interesr 2,722,144 2,13,388 3,338,103 95,413 8,249.048 675,278 909,578 941,569 12,446,425) 80,000 142,143 224,912 205,197 {473.9561 1496.1901 11,457.0131 2.309.040 3,065,609 1731.262 3,036.376 14261 8,520 19S,309 203,403 Pooled invesimentvehlcle5 Cash 14t.833) 141,8331 572,252 8.944,751 Net Net Invesment incomel lexpen5EI Funds a¢ i January 2022 Funds at 31 Dlsposals December2022 Purchases Inve5tmenis LGT Fee5 8ond51fixÈd Inieresi 994.034 454,486 1,031,623 12,480.1431 1446,0711 1361,6361 1683.8111 1637.6301 1685.337) 11.384,0301 144,0311 1361.997 144,0311 1345,0001 2,722,144 1.093J88 3.338,103 95.413 8.249,048 2,686.205 4,374.321 83.012 9.955.349 {3301 Pooled Investmentvehlcles Cash Total 174,578 174,248 LGT Is the Investment portner Ma818 the portfollo on behalf of Ihe Foundatlon. Page 17 CONFIDENTIAL
The Quilter Foundation Charlty Regisiered Number.. 1175555 Notes to the Financial Statements for the year ended 31 December 2023 11 Financial instruments Investments have been defined as fair value through prof5t or Ios5. Level 1 Level 2 Level 3 2023 Bond51fixed interest Equities Pooled inve5tmentvehicles Cash Total 3,065,609 2,731,262 3,036,376 111,504 8,944.751 3,065,609 2,731,262 3,036,376 111,504 8,944,751 Level 1 Level 2 Level 3 2022 Bond51fixed interest Equitie5 Pooled investmentvehicles Cash Total 2,722,145 2,093,387 3,338,101 95,415 8,249,048 2,722,145 2,093.387 3,338,101 95,415 8,249.048 Page18 .CONFIDENTIAL
The Qullter Foundatlon Chariiy Regisiered Number.. 1175555 Notes to the Financial Statements for the year ended 31 December 2023 12 Credltors Wlthln one 2023 ear After one year Total Granis payable My8nk sireet League School of Hard Knocks Safe New Futures KiikStart Money Disastèr Emer£ency Commlttee- Pakistan Flood Dlsaster Emergency Commlttee- Syrl8-Turkey Local Community Fund- Central Youth Club Lotal Community Fund- Growlersey Local Community Fund- Southampton City Farm Local Community Fund- 5AFEI Local Community Fund- Winchester and District Young CÈrÈrs Local Communlty Fund- East Renfrewshlre Good Causes Chariiy Local Community Fund- Redstart Educate Local Communlty Fund- The Anthony Knighis Foundation Trust 170,000 170,000 5,000 10,000 10,000 5,000 io,000 10,000 5,000 5,000 8,755 213,755 6,660 45 220,460 5,000 5,000 8,755 213,755 6,660 45 220,460 Support Costs lustGiving membership scheme fee5 Total Within one 2022 Total After oneyear ear Grant5 payable MyBnk Street League School of Hard Knocks Safe New Futures Kick5t3rt Money D15aster EtnergentyCommlltee- Paklstan Flood Dlsaster EmergencyCommiitee- Syria-Turkey Loial Communlty Fund- Centr31 Youth Club Local Community Fund- Growlersey Lotal Communlty Fund- Southampton Cliy Farm L(xal Commur)ity Fund- SAFEI Local Communlty Fund- Winchester and Distrirtyoung Carers 170,000 12.193 12,362 24,476 20,000 7,260 37,500 8,990 5,000 10,000 10,000 10,000 327,781 46 327,827 170,000 340.000 12,193 12,362 24,476 20,000 7,260 37,500 8,990 5,000 10,000 10,000 10,000 497,781 46 497,827 170,000 lustGivinE membershlp scheme fees Total 170,000 There are no other financial commltments on whlch to repori. Page 19 .CONFIDENTIAL
The Quilter Foundation Charity Re8isiered Number.. 1175555 Notes to the Flnanclal Statements for the year ended 31 0ÉcÈmber 2023 13 Net cash frorn operatlng a¢tlvltlÈs 2023 2022 Net surplus/ldeflcltl for the year las per the statementof financlal actfvitlesl Adjustments for.. IGalnslllosses on Investments Net income from LGT portFolio LGT managemeni fees nk interest IDÈcrÈasÈlllncrease In creditors Ner cash from oper6ting activities 852,938 11,835,456] 1572,2521 1203,4031 41,833 14.0391 1277,3671 1162.2901 1,491,518 1174,2481 44,031 1981 125,250 1349,0031 14 Unrestricted fund5 FLJnds at 31 December 2023 Funds at I january 2023 Other Expendlture Ilossesllgalns Income General 7,919,370 614.134 1333,4481 572,252 8,772,308 Funds at 31 Decetnber 2022 Funds at 1 january 2022 Other Expendliure Ilosse5llgains Income General 9,754.826 494,220 1838,1581 11,491,518) 7,919,370 A separate disclosure on restricted Income funds has not been reported 35 there was no outsiandlng balance for the current or prlor year. 15 Related party transactlons Quilter provide5 other administratlve support totalllng £89,617 12022.. £114,510) io Ihe Foundation. The e5tirnated value of these donated 5ervice5 15 reco8ll15ed wirhln Income as 3 donation, and an equivalent charge is included vrithin expendiiure 8S support costs. QBS eTDpIoy5 one staff mÈmbèrwho Is the Foundatlon's Engagement Lead and provides dedicated 5UPPOrt sÈNltes for the day- to-day apÈrations of the Foundaiion. From 2023, the base salary for this one dedicated staff mernber Is borne by QBS and recharRed to the Foundatlon Isee notes 8 and 91. The audltors. remuneration of £5,982 12022.. £5,591), consists of fee5 in respect of the statutory audlt and was borne by Quilter. There are no non-auditfees12022.. £nlll. 16 Post balance sheet events There are no event5 that have occurred, belween the reportlng date ènd the date of Ihe financial statement5 have bee authorised for issue, that require dls¢losure. Page 20 .CONFIDENTIAL