Charlty number: 1176660 THE WINDFALL FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
THE WINDFALL FOUNDATION CONTENTS Page RetsrAnc* and Admlnlstrative Detsils of thè Charity, its Trustees and Advls918 Trustses. Rèport Independènt Auditors. Report on the Financlal Statsments 10-13 Ststsmènt of Financlal Activltles 14 Balancè Sheet Notes to thè Financlal Ststements 16.22
THE WINDFALL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024 Trustees Andrèw Elder, Chair Lindsay Elder Thomas Elder Geoff Stead Charity registered number 1176650 Prlncipal offlce 13 Hammersmilh Terrace Lon(lon W6 9TS Independont auditors Watrénèi Stewart Chartered Accounlanls Regislered Audilors Hxrwood HoLSse 43 Harwood Road London SW6 4QP Bankers SG Kleinwotl Hatnbios Bank (Cl) Limited SG Hambros House 18 Esplanade Sl Heller Jersey JE4 8PR Stockbrokers Genesis Investment Managèment LLP 21 Grosvenor Place London SWIX 7HU P8ge I
THE WINDFALL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30JUNE 2024 The Trustees present their annual reporl logelher with the audited financ4al slalemenls of the The Windfall Foundation for Ihe year ended 3LI June 2024. Oblectlves and activities a. Policlè8 and oblactivés The financial sl8lemen15 have been prepaTed in accordance with the accounting policiés set out in Note 2 to the financial slalernenls and comply with the Trust's Trust deed. the Charilies Acl 2011 and °Accounling and Raporting by Charities.. Slalemenl of Recommended Prgclice applitr2ble to Charities preparing Iheir accounts in accordance with Ihe Flnancial Reporting Standard applioable in the UK and Republic of Irèland (FRS 1021" {8s amended for accounting period8 commenung Irom 1 January 20161. The FoundaliorTr's objeclives, as set out in the Trust'5 Deed, are exdusively for ehaiit8blè purposes, as the Trustees may in their absolule discretion delermine. The FoundaliDn has an intErest in projects that provide suglainable, tong-tèrm income generation and self- Sufficiency, especially those making a demonstrable positive impact on marginalised communities currenlly bEyond the reach of Iradilional goveinmÈnt or m8rket-based solulions. The Foundation provlde5 grdnts to advance such charitable purposes as the Iru51ees See fil frorn lime lo time, in particular bul not limited lo providing gr8nts tor public benefit to help, primarsly in the Unrf(ed Kingdom and in Africa. The Foundation's granl-making strategy focuses on building relationships with high.polenlial partner organisations with meaningful IraGk-records and robust buslness plans operaling in developing countries. In selling oblectlv8s and planning for actiwlies. the Trustees have given du8 considèration tts ganèr81 guidancg published by the Chaity Commission relating lo public benefrt. including the guidantté 'Publie benèfit.. running a charity IPB21'. b. Publlc benefit Thé Trustéès have paid due regard lo guidance issued by the Chawily Commi55i0n in dectding what aclivities Ihe Foundation should und&rtakè. Page 2
THE WINDFALL FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 A¢hl¢voments and perfomiance a. PrinclpAI fundlng source The princAp31 thnding Sour of the Foundalbon h8s been donations byAndrew Elder, the Chair. b. Revkew of activitie¥ Projects supported during the reporting period include.. The African Instltute for Mathematlcal Sciences IAIMS) is a pan-African netsork of Cenlres of ExcellÈneè for post-graduate training in mathematical SCEences, research and publlc engagement in Suence, Technology, Engineering and Malbernalics. AIMS was founded in Cape Town, South Afrfoa in 2003. AIMS Schools Eniichm8nl C8ntr8 IA5MSSEC) has trained approximalew three thousand Soulh African malhem31ic5 teachèrs and Ihrough ils outréach Activities and aims to reach thousands of leamers from township schools with the vi8ion lo empower comrnunilies through tnalhematical eXllence. By embraclng Snnovalion and levèraging technology, AIMSSEC seeks to lay a foundation for a brighlei and equitable future in South Africa. Turtleslilch is based on LOGO, the programming language provides an exciting and intuitive first encounter with algorithms and eomputing.ll is based on a browser-based educational progratllming language called Snapl lo generate pallern5 for embroidery machine5. It leaches coding, loslers creatiwty, and gives learners their first high-qualily and impaciful encounter with computer prograrnming. Moreovér, laamers take something physical that they designed, coded and produced home with theml With initial support from SAP, AIMSSEC has piloted Turtleslitch workshops for township learners, lo astonishing effecl. Within a day. prlmary and secondary school leamers had creative and immerslve encounler with algoiilhmlc Ihinking. GenEM Foundatlon is comrnitted 10 8U81alnab livelihoods through grants and soclal Snv8slmenls. Eslablished n 2012 il has supported 80 partners across more than 30 countries. Throughout the year. GenEM foGiJsed on expanding its Portrolio of sustainable livelihood projecls, emphasising social investments initiated in 2021. The foundation's approach combines finanaal support with strategic guidance lo empowgl communities in emerging maikets, fostèring long-lerm economic growth and resilience. GenEM's dedication lo transparency and impact is evident in ils comprehensive reporiing and Ihe measurable outcomes of ils initiatives. By leveraging the expertise of ils Iruslees and advisors, the foundation continues lo identify and support innovative proiects that align with ils mission of promoting sustainablé development in underserved regions. Rlver Action UK solidifiéd ils rol6 as a leading environmental chatity campaigning to restore and PTolecl Britain's rivers. Founded in response to the worsening pollution crisis in UK waterways, River Action eontinued to conftonl the root eauses ot river degradaliori-piimaiity agricultural runoff, unlrealed sewage dischargeg, and weak regulatory enforcemenl. The charity gained significant public and political attention throughout the year. launching high-profile ¢amp8igns such as #EndSewagePollulion and supporting citizen science initiatives lik8 river lesling and pollution mapping. River Aclion worked c105Ety with local communities, conservation groltps, and legal experts to challenge polluling pyaclices and hold water Companies and large agricuiiural producers aceountable. Their advoca¢y contributed to increasing public pressure on regulators lik8 the Environment Agency and Ofvval, pushing for slrongei enforcetnenl of environmental laws and greater transparèncy. Notably. in 2024, River Action supported the development of new policy proposals aimed al reforming agricltural subsidies to encourage n3luie-friendly farming. They also collaborated with scientists and universities lo produce inluenlial reports highlighting th¢ ectrlogical and human health impacts of rivèr pollution. By combining grassroots aclivism with dala4lriven a(Ivocacy, R Thie¥ Action UK continued to be a powerful voice for clean. healthy rivgrs, calling for LFrgenl systemic change aexoss agricullL)re. water management, and environm8n181 govemance. Magic 8reakfa¥t, a UK charity dedicated Its alleviating chikl hunger as a barrier lo education, significantly expanded ils reach and Impact. The organizalion provided over 300,000 nulrilious breaklasls daily to children and young people in schools acjoss EnglatKI and Scotland. ensuring they started their school day ready to learn. Magic Breakf881 supports over I,0 primary, secondary. and special educalional needs schools, as well as pupil referral units in disadvantaged areas. A SUNey conduclad in 2024 revealed thal 71°A ol parlner schools Page 3
THE WINDFALL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30JUNE 2024 Achievements and performance Icontlnuèdl obsérved 8n increase in child hunger, and 75DA noted a rlse In chlld poverty, primarily due lo Ihe ongoing cost-of- living crisis. In respons8, Magic Breakfast continued to provtde essenlial 5UPPDrt. with over 90°/a of schools reporting improvements in students, energy, concentration, and readiness lo learn. In collaboration wilh Ihe Finana81 Tim&s' Financial Literacy and Incluslon Campaign IFLICI. Magic Breakfast launched the "Feèd Ih Future" campaign. raising Over £211,000 to provide healthy breaktasls and Iirkancial skills training lo secondary school ppilS in deprived areas. This Inilialivè underscored the critical link between nuliilion and educalional outcomes. Through ils mLsllifa¢eted approach-cornbining direct food prowsion. capacity building in school communities, and advocacy foi systemic change-magic Breakfast continued ils mission lo ensure that no thild in the UK starts their school day too hungry lo learn. Lewls Pugh Foundatlon has as its mission lo protect and pr88erve IhB worfd's oceans ihrough a serles of impacllul inilialive8. Building upon the momentum from previous years, the fDund81ion focused on iaisillg awareness about Ihe fragility of marine ecosystem5 and the UFgent need for their conservation. Collaborating with organizalions like Nalional GÉographic. they highlighted stories emphasizing Ihe beauty and wjlllerabilily of our planet. A signlfirant effort was made lo addiess the health of global river systems, recognising that access lo clEan water is a universal right. The found3lion t5ndgrscored the importance of proleclirkg and restoring rivers, acknowledging that no river heals on ils own. Throughout Ihe year, the foundation leveraged various tnedia platforms lo dlsseminale climate news and engage the public in meaningful discussions about environmenlal solutions. By fostering patlnerships and prornoling education. the Lewis Pugh Foundallon remained steadfast in its commitment to safeguarding aquatic enwronmenls for fului8 gènèrations. Glrls Not Brides, a global partnership commilled to ending child marriage, contlnue(I lis efforts lo protect the tiyhls of adolescent girfs worldwide. The organisalion maintained its focus on advocacy. cotnmunily engagetnent, and policy influence lo address the root causes of child m8rria9e and support affected individuals. Collaborating with intèrnational entities, including the UNFPA-UNICEF Global Progi3mme lo End Child Marriage, Girls Not Brides worked lo promote educalional opportunEties and health seN1& for youttg girfs. aiming to prevent èarly marriages and pregnanues. Through these initialiv@s, Girls Not Br¢des continued lo maka significant strides loward ending child marriagè and empowering young gills glob311y. Bluè Marfne Foundatlon IUKI continued its misslon lo restore ocean heallh by addressing overfishing and promoting marine conservation. BuSlding on its previou5 successes, Blue Marine expanded its efforts in the Uniled Kingdom and ils Overseas Telrilories. Notabty, Ihe organization maintained ils involvement in the Great Blue Ocean coalilion. which h8s been instrurnenlal in the UK'S Blue Belt Programme, safegL&arding over 4.3 million square kilomelres ol ocean across various lerrilories. DoThe51icalty, Blue Marine's inilialives induded the ongoing resloialion of marine habitats sijch as seagrass meadows and oyster reefs. These projects not only enhance biodiversity bul also Contribute lo carbon sequeslralion, aligning with global climatè change mitigation efforts. Additionally, Blue Marine sUPPDrted citizen science program5, encouraging public participallon in marine conservation through activities like the Big Seaweed Search and coastal clegn-ups. Internationally, Blue Marine collaborated with local communities and goveinmenls lo establish and manage maiine prolecléd arèas, ensuring sustainable fjshing practice5 attd the preservalic*n of vtlal ecosystems. The organization's commilmenl lo legal advocacy w88 also evident. as il pursued legal action against enlilies iesponsibla for overfishing, aiming lo enforce slricler regulations and prolecl marine biodiversity. Through these mullifaoeled approachès, the Bltje Marine Foundation reinforcéd ils dedication lo ocean conservation Ihroughoul 2024, sliiving for 8 fuluie where maiine envlroriments are healthy, blodlverse, and sustainably managèd. CllentEarth, a UK-b8sed environmental law charity, continued its mission lo use legal avenues lo address environmental challenges. Founded in 2008 by James Thornton and led by CEO Laura Claike. ClientEarth operates from offices in London, Brussels, Warsaw. Berlin, Madrid, Los Anyeles. and Beijing. The organizalion focuses on holding governments and corporations accountable for issues related lo climate change, biodiversity loss, and pollution. Throughout the year, ClienlEarth èngaged in various legal actions aimed al promoting environmental rÈsponsibilily. Notably, the organization pursued lillgallon 8gainsl major fossil fuel companies, advocating for corporate accounlabllity in aligning business practices with the Pails Agreement's climate goals. Addilionalty, ClienlEarth worked to enhance public 2ecess to environmental justice within the European unn, slrnjing to èmpower cjtizens and NGOS to participate effectively in environmenial deasion-making processes. Page4
THE WINDFALL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 hlevemgnts and performance Irontlnuedl ClienlEarth's efforts in 2024 underscored its commllmenl lo leveraging the law as a tool for environmental wole¢llon, reinlorcing ils role as a pivtslal player in the global enmronmenlal movernent. Sklllwlse ha8 created ¢urrently orcheslrales a tralnlng ecosyslem Ihal enables disadvantaged, unemployed learners in remole areas of Stjulhèrn Africa lo eam SETA approved IT certification. Training is delivered via local rnicro-busine55es using Skilwise's bespoke training syslem in a scalable, low-co31 model. The combination of local entrepreneurship and a training mglhodolo9y oplimised for disadvantaged learnèrs has lèd to an Unpredented 70°k of graduatès finding work or going back into educallDn. Raising The V1110gÈ Continued ils mission lo eradicate vllra-povetly in Uganda by Implemènting high-impact, innovative, and sustainable develtspmenl projects. Partnering with the Government of Canada through Global Affairs Canada IGACI, Ihe organizalion embarked on a four-yeai project aimèd al uplifting impoverished communities. This ini118tive focused on providing training in modern agricullural practlces, financial literacy. and improved sanilalion lo Ènhancè Ihe livelihoods of Tural populations. Through these efforts, Raising The Village has made siqnificant strides in irnproving Ihe economic and social well-being (Ff vulnor8bl& communities across Uganda J.PAL Afrlca, based al the Uriiv8rsity of Cape Town's Southern Africa L8bour & Developrnenl Research Unil, continued its mission to alleviate poverly through evidence-based approaches In South Afr¢ca. A significant focus was on capacity building, aimed to enhance the skills of African PhD students and researchers in designing and implementing randomized evalualions. covering topics likè needs assessments. advanced randomization methods, and sample size calculations. J-PAL Africa engaged in policy outreach and iesearch initiatives throughout the year, collaborating with local partners lo address pressirTr9 socio-econornic challenges in South Africa. These efforts underscored J-PAL Africa's commitment lo promoting the use ol rigorous ewdence in policy formulation and piogram implemenlalion lo èffectively combal poverty. Inspiring Teachers IUKI made significant slrides in enhanring education across Africa. Their programs expanded lo 6S schools in Ghana, T8nzani3, Uganda, and Zambia, focusing on slwrtured pedagogy and instructional leadership lo improve foundational learning outcomes. Nolably. in Ghana. they partnered with IhÉ Centre for Professional Developm8nl, Training and Education ICPDTEI lo launch the Inspiring Schools program, aiming lo reach 200 schools by 2027. This initiative involved developing 120 Inspiring Reading lessons. complete with student workbooks and assessments, and producing a video series on foundational litéracy tÈ8ehing techniques. In Uganda's Kanungu district. Inspiring Teach815 collat¥)raled wilh Great Stewards of Hope lo inlegrale structured literacy prt)gTams with inslruclional leadership Iralning and in-school peer coaching. supporling over 1,000 teachers and impacting more than 20,000 children. The organiz81ion also achieved recognition by being seleoled for the Global Schools Forum Impad al Scale Labs program and partnering with the LEAP Fellowship run by MIT Solve. Additionally, they secured research gr8nls from the Abdul Jameel Poverty Action Lab {J-PALI Learning for All initiative and Innovalions for Poverty Action. These accomplishments undèrscore Inspiring Teachers. cornmilmenl lo empowering educators and irnprovlng leaming outcomes in under-resourced communities auoss Africa. African Climate and Dèvélopment Initiative (ACDII, at the Universily of Cape Town, continued ils mlsskin lo address climate change and sustainable development chgllengès in Africa. Throughout the year. ACDI organized a series of seminars and wot*shops that brought togÈthèr lèading experts, policymakers, and community slak8holders lo discuss PTesslng environmenial issues and collaborative solutions. These events facilitated knowledg8 exchange and fostered partnerships aimed at implementing effective climate adaplalion and miligaliDn strategies across the continent. ACDI also expandèd its research initiatives in 2024, fLbcusing on inlerdiyciplinary studies that inlegTale dimate science with socio-econornic development. Collaborating with various departments within the University of G8pÈ Town and external partners. ACDI worked on projects related to renewable energy adoption, water resource management, and climale-resilienl agricu51ure. These efforts almed lo produce actionable insights th8t inform policy and practic8, conlribuling lo susiainable development across Alrica. Furthermore. ACDI prioritizèd capacity-building prograrns, offering Irainlng se88ions and resources lo equip emerging scholars and praclilltsners wllh the skills necessary to tackle climg18-relaléd Page S
THE WINDFALL FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Achievemènts and perfomiance Icontlnuedl challenges effectively. By fostering a community ol informèd and engaged individuals, ACDI conlinues to play a pivotal role in advancing dimale resilience and sustainable development in the region. Stsndout, an award-winning UK charlly dedieatèd lo supporting individuals Iran511ioning from prÈson lo community life. achieved significant milestones. The OTganisation launched ils Strategic Plan for 2024-2026, emphasizing the corè value of being "Courageous" lo guide ils inilialives. This plan focuses on enhancing rehabilitation efforts amid challenges likè the cosl-of-living crisis and an incr8a8ing prison population. Standoul's impact is evident, with participanls who Èngagè with posl-relèase support beirig three Ilmes morè likely lo secure employment within six months compared lo the London average, Additionally, only 260A of these participants relum lo Guslody wlhin 12 months, which is hall the national average. Throughout the year, Sl8ndOul faalilaled variou5 programs and discussions lo address rehabililalion challenges. f4olably, in December 2Q24, HM Chief Inspector of Prison5. Charlie TaOr, collabofaled with Standout lo highllghl four key challenges facing iehabilitslion in prisons. Th@ charity also emphasized the impottance of community support, encouraging volunteering and parinerships lo aid individual's posl-release. Opportunilles ranged from CV work5hDP5 to mock interview sessions, aiming to equip partiopanls with essent121 skills for relnlegra1n. Standoufs commilmenl lo empowering chang& and realizing potential has solidilied role as a pivotal force in rehabilitation efforts wilhln London and beyond. Re5urgo Trust IUKI achieved signifieanl milestones in ils mission lo support young p8ople faeAng employment Challenges. The organ1zalion eoached 1,169 Irainges Ihiough ils Spear Programrne the highest number in any calendar year lo date-collaborating with 17 local churche8 to deliver this initiative. The Spear Prograrnme Is designed lo help 16-24-year-olds overcome barriers lo ernploymenl, and ils effectiveness has been demonstrated by a 170k rèduction in participants, likelihood of being not iri education, employment, or training INEEn, with sustained effects over hvo years. In recognition of ils impaelful work. Resurgo was namod Youth Employment Provider of the Year 31 ERSA'S Employability Awaids in 2024. Additionally, the organizalion announced plans to èxpand the Spear Programme lo York and St Helens in aLJtumn 2025, aiming to reach more young people in need. After 8 14-year partnership. Resurgo graduated from Impetus's portfolio in 2024, refflecling ils growth and sustained impact in the sector. These accomplishmènts und6rscore Resurgo Trusl's COFnrnilmenl to ernpowerÉng young individuals and fostering positive change in society. Wavés for Change Isouth Africa) (W4CI continued lo mske significant strides in prowding surf therapy lo young people 8cross South Africa. Operating at five flagship siles, W4C remained dedicated lo delivering eViden-driVen progr8ms that harness th8 powèr of surfing to promote rnenlal health and well-being among youth. In October, coinciding with Global Mental Health Awareness Month. W4C launched ils annual Surf Therapy campaign. This initiative aimed to bvifd a groundswell of support for menlal health through engaglng activilies and awareness programs. Throughout the year. W4C's commitment lo research znd evidence-based Pl8tt1icès ensured Ihal their surf therapy sessions effectivély addr8ssed Ihe mental health needs of parilclpanls. By combining the therapeutic benefits of surfing with structured support, W4C c(bnlinued to fos18r resilienc8, confidence. and Social oonnECtions arnong Soulh African youth. Save the Med Ispalnl conlinu8d ils mission lo piolecl and regenerale marine ecosyslems in the Medllerranean through various itnpacllul initiatives. A not8bl6 project was Ihe SharkBRUV IBailed Remote UndenateT Video) inilialive, developed in collaboration with Shaikmed ONG. This innovative shark conservation effort utilized b8iled rgmote underwater vidèo systems lo monitor and study shark populations. contributing valuablè data for their protection. Additionally, Save the Med launched the Changemaker$ 2024 program. encouraging individuals and communitie8 to develop ideas aimed al r¢duang (he use of disposable pl85lics. Participants were invited lo submit their proposals to thè Save the Med leam, fostering community engagement and promoting sustainable praGlices. Throughout the year, Save the Med also focused on eduealional outreach. organizing workshops and events lo raise Jwareness about maiine conservation. These efforts aimed lo inspir8 Collective actic and ompower local communitiès to conlribule lo the preservation of the Mediterranean's rieh blodiversity. SLtrfers Agalnst Sèwage IUKI inlonsified its efforts lo combat water pollution in the UK. The organizalion played a pivotal role in organizing the March for Clean Waler on October 26, a significant prolesl in central London. This event, supported by over 130 enviror)mental xnd WAt8r-sport groups, induding River Action, aimed lo end the Page 6
THE WINDFALL FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Achlpvements and performancg Icontinuedl illegal dumping of raw sewage by water companies and called for comprehensive regulatory r8forms. Notable fiyures such as broadcaster Chris Packham and actor Jim muaY participated, emphas¢zing the widespread public Concern over water quality issues. In addilion to large-scale prolesls, SAS hosted the Bathing W8ler Forum 2024 on November 16 al Ihe People's Hislory Museum in Manchester. This forum provided 8 platform for stakeholders lo discuss 51rategies for Improving Ihe UK'S bathing walBlS and addressing pollution challenges. Throughoul the year, SAS collaborated VAlh various environmental organizalions lo advocate fof stricter enforcemènt againsl pollLrters and lo raise public awareN855 about the delrimenlal effects of sewage spills on marine ecosystems. Their persistent catnpaigning highlighted the urgent need lor systemic changes to proled the UK'S waterways. Marilles Foundatlon Ispalnl conlinued its dediealion lo marine conseN8litsn in the Balearfc Is18nds through WdriOUS impactful inilialive3. A significant project involved a collaboralN8 sludy by biologists and economists 10 quantify the enOle benefits providèd by the sea and coasllirbe5 of Ibiza and Fomienlera. This research aimed lo underscore the importance of marine eeosyslems lo tho local economy and advocate for sustainable practices. In DecembeT. the foundation celebr81ed the adoption of the High Seas Treaty, highlighting ils potential to enhance global marine conservation efforts. This Iieaty is expected to facililale the prJtection of internalional waters, aligning with Marilles, rnSssion to promote effective maiine conservation slralegies. ThfQUghoul the year, Marilles maintained ils COTnmitmenl to improving Marine Protected Areas IMPAS) in the Balearic Sea, The MPA Lab projec¢, initiated in 2020, continued lo foster multidisciplinary collaboration aimed at enhancing the management and effectiveness of MPAS. These efforts arÈ crucial for preserving marine habitats and biodiversily in the region. Additionally, Maiilles supported local initiativès such as Plastic Free Ibiza, working lo reduce plastic pollution and promote sustainable practices within the community. By engaging with loG81 rganallonS and stakeholders, the foundation strived lo raisè awareness arKJ irnplomenl solutions lo environmental challènges. Through these endeavours, the Marilles Foundation reinfOrd its role a8 a leader in Tllarine conservation. advocalin9 for suslainable policies and fostering community engagement lo proleol thè Balearic Ses's rich biodiversity. The Valley Trust, a South African health and development non-profit oiganization, continued its mission lo enhanTr eommunily health and well-being. The organizalion focused on improvlng community rnembeTS' knowledge of health and healthy practices. facililaling access lo resources that promote healthy and productive liwng. and slrenglhening community slFvcILJrès to support sustainable development. Additionally, in JL)nÈ 2024, The Vallèy TrkSSt sought lo expand its governance by inviting applications for new board members, Thi5 inllialive aimed lo bring diverse expertise lo the organizailon, furthering ils commitment lo community-driven health promotion. Fln•n¢ial rgvlew a. Going concern Havlng xgsèssèd the principal risks and uncertainties lo whlch Ihe FoundalK)n is Ilk8W lo be èXPDsed. and after making appropriate enquiries, Ihe Trustèès have a reasonable expectation that the Found8lion has adequate resources lo continue in operational existencé for the foreseeable future. For this reason. they continue lo adopt the going concem basis in pieparing the financjal slatemenls. b. Reserves pollcy The Foundation kèeps Ils reserves policy under careful reeW In order lo miltgale ils ri8ks, support grantmaking for beneficiaries and Spond to opportunities. Funds are rnaintained with a view to meeting all grant commitments over the full leim s81 out in the grant agreements Inol only immediate liabllilièsl. Page 7
THE WINDFALL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 c. Investment pollcy The Foundaliori aims lo preserve the capital value of funds lo enable It lo Garry out future grant-making activllies effectively, even in the event ol adverse conditions. Reflecting the wshes of the donor the Truslees intend lo hold the shares in the long leim, retaining absolute discretion lo expend the PTineApal capital if necessary. To meet the olher conlingencies identified in the Regerves Policy, the Foundation rnainlains a low-risk investment policy wilh funding placed in eith81 11 or fixed term bank deposits. Furids will only be placed with instrtulions meeting minimum credit ralillgs d. Financlal rl$k management objective5 and pollcles The principal risk is ihe credibllily and aulhenlicty of polenlial Granleos and their appropriation of grants. Oue dillg8nce is carried out before any granl is awarded on the legilimaoy and reputation of the Grantee. The Foundation takes care in appraising a project's polenllal Impact and suslainabilily, and miligale5 the risk of inappropriate expenditure or poor performan in larger and longei-lemi grants by paying in installm8nls conditional on the satisfaction of pioject milestones and reporting. The Foundation maintains ils foreign exchange policy. In Ihe noTtyal course of awarding grants. the Tru51 will assume the foreign èxchange risk by meeting budgètèd requirements in the local currency. The policy sets out a sel of principles ihal the Foundation will apply to re501ve any future difficuttiès caused by foreign cuirenoy changes. structura> governance and management a. Con$lltutlon The Windfall Foundation 18 a registered tharity, number 1176850, and is consIted as a Ch8rit8ble Incoorated Organisalion uridet a Trust deed. The Windfall Foundation was established on 121h January 2018. The four Trusletss are.. Andrew Elder (Ghalrl Lindsay Elder Thomas Eldèr Geoff Stead b. Methods of appolntm8nt or election of Trustees The Foundation has a minimum of Ihreè Trustees appointed for various terms of at least throe years. New Trustees a18 reeruited by the gxisling Trustees on Ihe basis of their experienoe, empathy with and knowledg8 of the Foundation'$ work. Truslees have been givell a welcome pack nsiSting of the governing document and the Charity CommissSon's guidance booklèt"The Essential Truslee.. What you nèed lo know. Flnaneial rlsk management The Trustees have assessed the major rtsks to which the Charity is exposed, in particular those Telaled to the operations and finances of the Charily, and arè satisfied that systems and prOdureS are in place lo millgal exposure to the major risks. Page 8
THE WINDFALL OUNDATION TRUSTEES, RE FOR THE YEAR ORT ICONTINUEDI NDED 30 JUNE 2024 Statement ol Tr stses. re8ponslbllltl6s The Trustees arè applic8ble law a Practic81. esponslble ft)r piep8rinG the Trustees, Report and the fin8nclal st•tem8nts In accurdance wilh Unltèd Kingdom Accounllng Stsndards Iunlted Kingdom Generalty Acropted Accountlng Thg law applicab each financlal w nd application o stalemenls, the T lo charilles in England & W81os requires the Tte88 to prepare finanual stat•m8nts for Ich give a true and falr vièw of the State of 8ff8ir5 of the Chaiily and of its inooming resouKes resourc8s, including ils llicome and expenditure, for th8t périod. In preparing Ih08e financAal uslees are reqUId to.. lè accounting pollcies and then apply Ih8m conslstentty., methods 8nd principles of the Charltles SORP IFRS 102}.' Is and accounting estimates Ihat are rea8onBble and prudent., r appllcable UK Accounti Standards (FRS ID21 have been followed, sublect to 8ny material Isclosed 8nd oxplained in the financid 8tat8m8nls', financial statements on th& golng concem basL8 unless It Is In4)pmprlate to presume Ih?I fho nlinue in busiw. sele¢l sultg ob88rve th make judg Stale wheth departures prepare th Chartywlll Th8 Twstees are the Ch8rWs trans and Onable them (Aeeounts and R safeguarding the fraud and other irr responsibl8 for kègplng adequate accounting record5 that are 8ufficienl lo show and expfain ions and dSsclos8 with rwon8ble aocurgcy al any lim8 th8 financial position of tha Charity lo ensure that the financtal statements comply with the Charities Act 2011. the Charily ports) Regulations 2008 and the provlslons of Twsl d8ed. They are also responble for sse18 01 the Charily hence lor taking reasoneble slepg lorlhe provènlion 8nd detectlon of gularltSes. Dlsclosur• ol Inf rmatlon to auditors Each of the perso BO far as unawarg, 0 that Trustèè has lakgn 011 the steps that ought to hav¢ been taken a8 a Twslee In order to be aware ol any leVan audil Infomialton and to establish that th6 chariws auditors ara aware of Ihal Infomiatton. s who are Tru8tee8 8l th& lime when this Trustees. R8POrt Is approved has confirtned that.. l Trustee is aware. there no rant Bthlit Inform81ion of vthich the charitys audlloT5 are Audttors Thg auditors. Warrener Stewart, havg Indi¢ated I11[ wllingne38 lo continue In office. The ¢kn5gnaled Trustees wlll proptssg a motion Teappoinling the auditors al a moèlln9 of tha Truslèes. roved by ord¢ of th¢ m6mber8 of the board of Trustees and slgned on thelr beh8Jf by. And Tru Id•r Dato.. Pag• 9
THE WINDFALL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WINDFALL FOUNDATION Opinion We have audiled the financial slalern8nls of The Windfall Foundation {Ihe 'chariWI for the year ended 30 June 2024 whioh comprise the Slalemenl of Financial Aclwities. the 8atance Sheet and the related notes, Sncluding a summary of significant acwunling policies. The finanual reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, inclLJding Financial Reporting Standard 102 'The Fin8ncial Reporting Standard applicable in the UK and Republtc of Ireland, (United Kingdom Generally Accepted Accounting Pracllce). The financial statements have beèn prepared in accordance with Accounling and Reporting by Charities preparing Iheii accounts in accordance with the Finanaal Reporting Standard8 appliGablB in the UK and Republic of Ireland IFRS 1021 in preference to the Accounling and Reporting by Charities.. Slalemenl of Recommènded Practice issued on 1 AprA 2005 whtch is referred lo in the extant regulations but has been withdrawn. This has been done in order for the acoounts to promde a Irue and fair vièw in accordance wilh the Generally Accepted Accounting Praclice effective for Feporting periods beginning on or after l JanLJary 2015. In OUT opinion the financi81 slalemenis.. give a true and fair view of thè slale of the charity's affair5 as al 30 June 2024 and of ils incoming resources and application of resou¥ces for the year then 8nded', have been properfy pr8psrèd in accordance with Unitod Kingdom Generally Accepted Accounting Practi. and have been prepaied in accordanc8 With the requirements ol the Charllles Ad 2011. Ba813 for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISA5 IUIQI and applicable law. Our responsibilities under those standards are further dèscribèd in Ihe Auditors. responsibililies forlhe audit of the financial statements section of Qui report. We are independenl of the ¢h8ri1y in accordance with the elhical requlremenls that are relevant to our audit of the financial statements in the Unilod Kingdom. including the Financial Reporting Councll's Ethical Standard, and we hsve fulfilted our other ethical responsibilities in accordance with these requirements. We believe that the audll evldence we have oblained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng concern In auditing the finan¢ial sl8lemenls. we have concluded Ihal the Trustees, use of the going corKeTn basis of acaounling in thè preparation of the finarTrcial statements is approprlale. Based on the work we have perforrned, w8 have nol identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the chaTiVs ablllty lo continue as 8 going concem for a period of al least Iwelve months from when the financlal statements are aulhorised for issu8. Our responsibilities and the responsibilities of the Trustees with 18spèct to going concem are described In the relevant 88dtons of this report. Page 10
THE WINDFALL FOUNDATION INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF THEWINDFALL FOUNDATION ICONTINUEDI Other Infom1ation The olher informalion comprises the information induded in the Arnu81 Report other than the financial statemenls and our Audllors, Report Ihereon. The Trustees are responsible for the othér information contained within the Annual Report. Our opinion on the finanrAal 51alements does not cover the othèr information and. except lo the exlenl otherwise explicitly slated in our report. we do not express any fomi of assurance conclusion Ihereon. Our resporFsibillly is to read the olhei informalion and, in dolng so, consider whether the other inftirmalion is materially inconsistènt wilh the financial 8lalements or our knowledge obtained in the course of the audit, or otherwise appears lo be matèrially misstated. If w8 identify such material inconsislenc4es or appaienl material misslalemenls, we are required lo determine whelher this gives rise to a material misstalemenl in Ihe financial slalements Ihernselves. 11, based on the work we have performed, we conclude that there is a material mi8Stalement of Ihis other informalitsn, we are required lo r8POrt that fael. We have nothing to report in this regard. Mattors on which we arg requlred to report by exeeptlon We have nothing lo report in respect of the fvllowing matters where the Charitie5 {Accounls and Reports) Regulallon$ 2008 requires us lo report lo you if, in our oplnlon.. Ihe information given in the Ttuslees, Report is inconslslenl In any material respect with the financial slalements., or sufficient aeeounting records have nol been kept., or the finaneial stalemenls are not in agreemenl with the accounting records and returns.. or we have not received all the information and explanations we require for our audit. Rèsponsibilities of tr148tee As explained more In Ihe Trustees. Respor¥sibiltties Slalement, the Trustees are responsible for the preparation of the financial statements which give a Irue and fair vt8w, and for such internal control as the Trustees deleirnine is nècèssary to enable the preparalion of finanaal slalemènls that are free from material mis51atemenl, whether due lo fraud or &rror. In preparing th& financial slalem8nts, the Trustees are reSponsb1è for assessing the charity's ability lo conllnyo as a going coneèrn, disclosing, as applicable, maiters related to golng Concern and using the going concern basis of accounting unless the Trustees either Intend to liquidate the charity or lo cease opeialion5, or have no realistic 8518rnative bul lo do so. Page11
THE WINDFALL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WINDFALL FOUNDATION ICONTINUEDI Auditoys. re#ptsnslbllStiès for the audit of the financial statements We have been appointed as auditor under section 145 of the Chaitties Ad 20118nd report in ac£ordan¢e wÉlh the Act And relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about wh81her tha financial slalemenls as a whole are fe from material misstatement, whether due lo Iraud or error. and lo issuè an Auditors. Report that includes our op¥nion. Reasonable assurance is a high level of assurance, but is not a gu8r8nlèÈ that an audit conducted in accordance with ISAS IUKI will always delecl a material wisslatement when il exis15. Mi55131gtDenls can arise from fraud or error and are considered material if, indiwdually or in thè aggregate. they could reasonably be expected lo influence the economic decision5 of users taken on Ihe basis of these financial statements. Irregularities, induding fraud. aTe insiances of non-compliance with laws and regulation8. We design procedures in line with our responsibilities, outlined above, to detect maleTial mis51alemenls in r8spe¢l of irregularslies, including fraud. The exlenl lo which our proc8du¥es are capable of delecling irregularities, induding fr8LKI is detailed below.. Cot7sideration of the following, which reducè the likelihood of irregularitlB$, induding fraud to arlse or lo go undétecled.. Total conlrol over all aspects of thè eharily by the TrLFslee8 wilh nu non-lrustee invofvemenl. Infomied managernenl within the Trustees. A slngle banking relationship managing cash fund5. A single illveslmenl relationship managing investment fund8. Very low Iran5aclion levels. Delegation lo professional advisors of the prepaTallon of the financial slalements. Some specific proc8dur8s performed, lo delect material misslalemènts in respect of ir¥egularilies including fraud, indude.. A very high levél of verification of Ir8nsactions execuled, both during and after the year. A full review for unu5usI transactions which may be inconsistent wllh the objectivos of the charity. Consideration of all transactions for any indicallon of fraud or inappropriate use ol funds. Corisideralion ol all transactions and balances lor any irregular related party involvement. Independent verifieAtion of all year end fund balances and any subsequent ditninulion in value. Critical consideration of the going concem basls for appropiiate applicalion within th6 financial statements. Detailed review of the finanaal sl3lemEnls for faiT presenlalion and correct conlenl. Because of the inherenl limilalions of an audit, there is a risk that we wll not ¢Jetect all brregularities, includlng thosè leading to a material misstatement in the finan¢i81 ststemenls or non-cornpliance with regulation. This risk increase5 the more that compliance with a law or regulation Is removed from the events and transactions reflected in the finanpial slalemenls, as we will be less likely lo become aware of ins13nces of non-CL)mplian¢e. Th6 risk is also grealei regarding irregularilios occurring due lo fraud rathèr Ihan er¥or, as fraud involves Inlenllonal concealment, forgery, collusion, omission or misrepresentation. A further desuiplion of our responsibllilies for the audll of the financial stalernents is located on IhB Financial Reporting Couniyl's websile al.. wNw.fr or .uklauditorsres onsibilities. This description forms part of our Audiltsra, Report. Page 12
THE WINDFALL FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE WIEMBERS OF THE WINDFALL FOUNDATION ICONTINUEDI Use of our rèport This report is mada solely lo the charitls Iru51ees, as a body. in accordancé with Part 4 of the Charities (Accounts and Reporlsl Regulations 2008. Our audit work has been undertaken SD that we might slate lo the chaiily's trustees Ihose matters we are required to slate lo them in an Auditors. Report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the Eharily and ils Iruslees, as a body. for our aud51 work, for Ihis report, OF lor the opinions we have fomied. Warrenèr Stewart Chartered Accounlanls Registered Auditors Hatwood House 43 HaTwood Road London SW6 4QP Dale.. 22 Ap-l LOL W3riener Slewart are ellgible lo act as auditors in terms of section 1212 01 the Compatrties Acl 2006. Page 13
THE WINDFALL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2D24 Unrestrlcted funds 2024 Total funds 2024 Tolal funds 2023 Note Income from.. Investments 168,382 168,382 54,960 Totsl Income 168,382 168.382 54,960 Exp8ndlture on- Charitable activities 687,877 687,877 560,850 Total expènditure 687,877 687,877 560,850 Net expendltLtre beforè net galnslllossesl on investments Nel gairl(l¢)s5eS) on inv8sltnenls {519,4951 81,165 {519.496} 81,16S (5Q5,890) (78.55T) Net movement in fund 143B,3301 1438,3301 (584,447) Reconclllation of fund5- Total funds brought forward Net mDvèment in funds 5,403,880 1438,3301 6,403,880 1438.3301 5,988,327 (584,447) Total funds carrled forward 4.965,S50 4.965,550 5,403,880 Th¢ Stalement of Financial Activities includes 811 gains andlossès recognised in the year. The notes on pages 16 10 22 fom) part of these financial 5t8lemenls. Page 14
THE WINDFALL OUNDATION BALANCE SHEET AS AT3OJUNE 024 2024 2023 Nots FixOd assets InAimenls 4.380,679 4,330.952 4.38D.679 4.330.952 Current as38t8 Cash at bank and n hand 690,631 1.078,328 590,631 1,078.328 Credllors.. amoun falling duè wSthln one 147601 (4400) Net ¢urrent ass 584,871 1,072.928 Total net assets 4,965,56D 5.403,880 Chatlty funds Residded funds Unre¥trtcted fundB 4.966,650 4403,88Q To41 rtda 4,965,550 5,403,880 The n8nclal slate ents were approved and authorised for issu8 by thè Trustees and Bigned on their behalf by.. And Trug Idor Daté,, IZ- .zoz The nDle8 on pag 16 to 22 forrn part pf these ffinancial staternents. P89815
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATENIENTS FOR THE YEAR ENDED 30 JUNE 2024 Gèneral informatlon The Windfall Foundation is a chaTllable incorporated organis31ion {CIO) registered w*th the Charity Commission1n England & Wales. The prinapal office is 13 Hammersmilh Terrace, London, W6 9TS. The Foundation has an interest in PTojects that provide sustainabl8, long4erm income generation and self. sufficAency, especially those making a demonslrable positive impxct on marginalised Communities currently beyond the reach of traditional government or matkel-based solLilions. Accouhtlng policbes 2.1 Basls of preparatlon of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 A(£ounting and Reporting by Charslies.. Slalemenl of Recommended Practice applicable lo charities PTepAring their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffEclive 1 JanuBry 20151. Ihe Financial Rèporting Standard applicable in the UK and Republic ol Ireland IFRS 10218nd the ChaT11S Acl 2011. The financial statements have been prepared lo give a 'true and faiv view and have departed ftom the Charities (Accounts and Reports) Regulations 2008 only Its th8 exlènl required lo provide a 'l¥uè and fairf view. Thi5 departure has involved following the Charities SORP IFRS 1021 published on 16 July 2014 ratheT than the Accounting and Reports'ng by Charities.. Slalemenl of Recommended Practice effective from 1 April 2CX)S whkh has since been withdrawn. The Windfall Foundation meets the definition tjf a public benefit enlity under FRS 102. Assels and liabilities are initially reeognised al historical cost or transaction valuè unless oth8twis¢ staled in the rolevant accounting policy. 2.2 Going ¢oncern Having assessed the principal risks and uncertainties to which the Foundation is likely lo be exposed. and after making appropriate enqLiiries. the TIu51ees have 8 reasonable expeclalion th81 Ihe Foundation has adequate resourcEs lo continue in operationa1 existence for the foreseèable future. For this reason, Ihey continue lo adopt the going concein basis in preparing the financial stalemenls. 2.3 Fund accounting General funds ar8 unrestricted funds which are available for use at the discretion of the Twslees in furtherance of Ihe general objeclives of Ihe Charlly and which have not been designated for olh@I purposes. Investment income, gains andlossgs are allocated to the appropiiale fund. 2.4 Income All InMe is recognisèd once the Charity has enlitlemenl lo thè incorne. il is probable that th8 income will be received and Ihe arnounl of income receiv8ble can be measured reliabty. Income lax recDverabl6 in relation lo investment income is iecognised al the litne the investment income 18 receivable. Page 16
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 JUNE 2024 Accounting policie¥ leontinuedl 2.5 Expendltur• Expenditure is recognised once ihere 15 a IEgal OT construclive obligation to transfer economic benelil to a third party. il Is probable that a transfer of econornic benefits WIIS be required in selllemenl and Ihe amount of the obligation can be tneasured reliably. Expendilure is classified by aclivily. The costs of each aclivity are made up of the lolal of direct costs and shared costs, including support costs involvèd in undertaking ea¢h 8Ctivily. Direol costs attribulablg to a single activity are allocated direclly to that aclivily. Shared eosls which contribute lo more than one actiwty and support costs which are not altributable to a singlè activily are apportioned belween those aeltvilies on a basis consislenl with the use of resources. Central staff costs are allocated on IhE basis of time spent, and depreciallon charges allocated the portion of the asset's use. Expènditure on charitable a¢tivilies is incurrèd on directly undertaking thè activilies which furiher the Charill5 objectives, as well as any associated support C051s. Gr8nts payable are charged in Ihe yearwh&n the offer15 made except in those ca8e8 where the offer is condition31, suth grants being recognisÈd as expenditure when the conditions 8118ching are fulfilled. Grants offered subject lo Gondilions which have not beén met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is indusive of irrecovèrable VAT. 16 Forgign currenclès Monetary assels and liabilities denominated in foreign currendes are translated inlo sterling al rgles of exchange ruling at the ieporling date. Transactions in foreign currencies are Iransla18d into sterfing al the rale wling on the dale of the Iransaclion. Exchangè gains and108ses a recognised in tho Slaiernenl of FinancFal Actmtiès. 2.7 Intsrést recelvablg Interest on funds held on deposit 18 Induded when re1vable and the arnounl can be measLJrèd r81iably by the Charity,. Ihis is nomially upon nolificalion of the interést paid or payable by the instituiion with whom the funds ale deposited. 2.8 Invèstments Fixed as5el investments are a foim ol financial instrumerit 8nd are inilially recognised at their transacliori cost and subsaquenlly measured at fair value al the Balance Sheet dale, unless the value cannol be measured reliably in which case it is measured at cosl les5 irrpairmenl. Inveslm6nt gains and losses, whethèr realised or unrealised, ale comblnod and presented as 'GaInlLo$sesj on inveslmenls. in the Slalemenl of Financial Activilies. Page17
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEIAENTS FOR THEYEAR ENDED 30 JUNE 2024 Accounting policiey leontlnuedl 2.9 Financlal instruments The Charity only has financial assets and financi81 liabilities of 8 kind that qualify as basic financial instruments. Basic financi31 instruments are initially recognised al Irans30tion value and subsequent measured al their setllemenl value wilh thè exception of bank loans which are subsequent mèasured al amortised cost using Ihfj effective interest method. Invgstmant Income Unrestrlcted funds 2024 Totsl funds 2024 Dividend incorne Bank interest 118,773 49,809 118,773 49,609 168,382 168,382 Unreslricted funds 2023 Total funds 2023 Bank int8resl 54,960 54,960 Page 18
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Analysls of expendSture on charltsble actÉvitlès Summary byfund type Unrestricted funds 2024 Total 2024 Grants made Invéslmenl Iiansaction feos Audit fee Legal and prof8ssional fe85 Bank charges L05s foreign èxchange L05s on short term inveslmenls 679.905 8,248 5,760 679.905 8,248 5,760 380 373 373 11001 16,669) {iooi 16,6691 Totsl 2024 87,877 687,877 Unr6slricled fvnds 2023 Total 2023 Giants made Inveslmenl Iransaotion fees Audit fée Legal and profèssional fees Bank charge8 Bank interesl payable Loss on foreign exchange Loss on short lemi inveslmonl 429,348 10,632 42g,348 10,632 5,400 180 465 180 465 44 42,395 72,386 44 42,395 72,386 Total 2023 560,850 560,850 Audltorn. remuneraflon The auditors. r8munerallon amoun18 Its an auditor fee of £5,760 {2023- £5,400). Page 19
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Trustees. ramuneratlon and expenses During the year, no Tru51ees received any remuneratson or other benefits (2023- £NIL). During the ar. no Trustee expenses have been incuir8d (2023 - £NIL). Fixed as89t Investments Listed investments Cost or valuation At 1 July 2023 Disposals RevaILtionS 4,330,952 131.4381 81.165 AI 30 June 2024 4.380,679 Net hook value AI 30 June 2024 4.380,679 AI 30 June 2023 4,33Q.952 Investments have bèen measured at fair value at th8 Balance Sheet date which has resulted in a gain on rèvaluation of £81.16512023'. loss £191.0981. On 30 September 2024 the fair value of the investments had fallen to £4,268,586 representing a loss on revaluation of £107,699 since 30 June 2024. As non•djuÉting post balance 5heo1 events, no provisions for Ihe redemption or fall in value have been made within the Statement of Financial Activities. CrtdÉtors: amounts falling due wlthln one year 2024 2023 Accruals and deferred income 5,760 5,400 Page 20
THEWINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Sumrnary offunds Summary oflunds - current year BalaneÈ at 30 June 2024 Balance at 1 July 2023 Galnsl (Losgesl Income Expendltu Gener81 fndS 5,403,880 168.382 1687.8771 84,185 4.966,5SO Summary offunds . prior year 8alance al 30 June 2023 B818ne6 al l July2022 Gainsl (Loss8$) Incom8 Expenditu General funds 5,988,32f 54,960 (569,850) (78.557) 5,403,880 Page 21
THE WINDFALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 io. Analy$ls of ngt assets bptween funds Analysis of net assets been fund5 . current perlod Unrestrlcted funds 2024 Total funds 2024 Fixed asset inveslmenl8 Current assets Creditors due wlthin one year 4,380.679 590,631 (5.7601 4.380,679 590,631 (5,7601 Total 4,965.550 4,965,SS0 Analysis of nèt assets beetn funds - prlor perlod unStrICted futKIs 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 4,330,952 1.078.328 (5,400) 4,330,952 1,078,328 (5,400) 5,403.880 5,403,880 Total Page 22