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 nets￿ork 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 eX￿llence. 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 agric￿ltural
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 p￿pilS 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 un￿n,
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
Unpre￿dented 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 Ta￿Or, 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 relnlegra1￿n.
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 Unden￿ateT 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 mu￿aY 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 e￿nO￿le 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
￿rgan￿allonS and stakeholders, the foundation strived lo raisè awareness arKJ irnplomenl solutions lo
environmental challènges. Through these endeavours, the Marilles Foundation reinfOr￿d 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 re￿eW 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.
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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 consI￿￿ted as a Ch8rit8ble
Inco￿orated 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 prO￿dureS 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 T￿￿te88 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 reqUI￿d 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 respon￿ble 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 r￿￿ant Bthlit Inform81ion of vthich the charitys audlloT5 are
Audttors
Thg auditors. Warrener Stewart, havg Indi¢ated I1￿1[ 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 reSpons￿b1è 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 f￿e
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 gair￿l(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 ChaT11￿S 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 In￿Me 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 re￿1vable 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 'GaIn￿lLo$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
RevaIL￿tionS
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 f￿ndS
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 be￿e￿n 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 be￿etn funds - prlor perlod
un￿StrICted
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