Charity registration number 1181341 Company r¢glstratlon number 10701630 (England and Wales) FAMILY PHILANTHROPY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FAMILY PHILANTHROPY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Richard Hayden Susan Hayden Spencer Taylor Hayden Lindsay Hayden Charlty numbèr 1181341 Company number 10701630 Registered office 17 Kensington Park Gardens London W11 3HD Independent examiner Gravits11 LLP 30 City Road London EC1Y 2AB
FAMILY PHILANTHROPY LIMITED CONTENTS Page Trustees report ststement of Trustees responsibilities Independent examinels report ststemenl of financial activities ststemenl of financial position Notes to the financial statements 7-12
FAMILY PHILANTHROPY LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The TrLJStees present their annLJal report and financial statements for the year ended 31 March 2023. The financial ststemenls have been prepared in accordance with the accounting policies sel out in note 1 to the finan¢i81 slalements and comply with the ¢harity's governing document, the Companies Act 2006 and 'A¢counling and Reporting by Charities.. Stslemenl of Re¢omm&nded Practice applicable lo charities preparing their 8¢¢ounls in a¢cordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Iroland IFRS 1021 leffeclive 1 January 20191" Objectives and activities The charity's objects are spocifi¢ally reslri¢led to, in each caso for the publi¢ benefit, the advancement of religion, science, literature or education, and the prevention of Cruelty to children or animals, or SLJch other exclusively charitable purposes as the Trustees may in their absolute discretion determined. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and performance During the year, the charity continued lo make donations to various inslilulion5, primarily with focus on Arts £52,650, he81th £17,000 and £477,567 to a foundation focused on improving lives. Financial review During the year the charity had nel oulgoings of £561,642 12022 - £69,786), income included income from investments of £31,96112022 - £34,524). There were no don8tions received in the year. The charity made donations of £547,21712022 - £153,750) lo various organisations. Gift aid du& of £1,500 was written back as not claimed in the correct period. Golng Concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existen for the foreseeable future. For this reason they ¢ontinue to adopt the going cOnM basis in preparing the financial statements. Reserve policy 11 is the policy of the charity that sufficient unreslricled funds which have not been designated for a spe¢ifi¢ use should be m8inl8ined al a level equiv8lent to cover future commilmenls. The Ttuslees considers that reserves al this level will ensure that, in the svenl of 8 signrficant drop in funding, Ihtry will be abls lo continue the charity's current a¢livili&s while consideration is given lo ways in which additional funds may be raised. This level of reserves has been maintsined throughout the year. Principal funding During the year the charity did not hold any fundraising activities and no income was generated from voluntary donations. Investment policy The Trustees retain the power to invest in such assets as they see fit. Rlsk management The Trustees has assessed the major risks to which the charity is exposed, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mib'gate exposure to the major risks. Plans for future periods The Trustees will continue to support organisations in line with the charity's objectives.
FAMILY PHILANTHROPY LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 Structurè, gov•mancè and manag8m8nt The charity is a charitable company limited by guarantee and was set up by a Memorandum of Association on 31 March 2017 and is a registered charity nurllber 1181341. The Trustees, who are also the direclors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Richard Hayden Susan Hayden The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the MerNorandum ofAssociation. The Trustees report was approved by the Board of Trustees. Richard Hayden Trustee 05 Dec 2023 Date..
FAMILY PHILANTHROPY LIMITED STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees, who are also the directors of Family Philanthropy Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming reSoUrS and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistenuy., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., and prepare the financial statements on the going concern basi5 unless Il is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping ¥dequ8le accounting records th8t disclose with reasonable ac¢ur¥¢y al any time the financial position of the Charity and trnable th&m lo trnsU th8t th& finan¢i81 statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the pventIOn and detection of foud and olhor irregularities.
FAMILY PHILANTHROPY LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FAMILY PHILANTHROPY LIMITED I report to the Trustees on my examination of the finanaal statements of Family Philanthropy Limited Ithe charity) for the year ended 31 March 2023. Responsibilities and basis of pOrt As the Trustees of Ihe charity land also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 Ithe 2006 Act). Having satisfied myself that the financial stslemenls of the charity are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial ststements Carried out Ljnder section 145 of the Charities Act 2011 (the 2011 A¢tl. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 A¢t. Independent examiner'5 statement I have completed my examination. I wnfirm that no matters have come to my attention in ¢onne¢tion with the examination giving me cause to believe that in any material rèspect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial statements do not accord with those records., or the finan¢ial statements do not Comply with the accounting qUIreMents of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examinalion to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. 4. 11 LLP Gravita 11 LLP 30 City Road London EC1Y2AB 05 Dec 2023 Dated..
FAMILY PHILANTHROPY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrèstricted Unrastrictèd funds funds 2023 2022 Not8s Income from: Donations and legacies Investments 11,5001 31,961 34,524 Total income 30,461 34,524 Ex ènditurè on.. Charitable activities 552,684 160,711 Net gainslllossesl on investments 10 133,6911 62,043 Net outgoing resources 1555,9141 164,1441 Othar rècognlsod galns and lossès Other gains or Ilossesl 11 15,7281 15,6421 Net mov&mont In funds 1561,6421 169,7861 Fund balance5 at 1 April 2022 576,239 646,025 Fund balances at 31 March 2023 14,597 576,239 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from wntinuing activities. The statement of financial activities also complies with the requirements for an inCOTne and expendrture account under the Companies Act 2006.
FAMILY PHILANTHROPY LIMITED STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2023 2023 2022 Notes Flx•d assèts Investments 12 578,787 Currant assets Debtors Cash at bank and in hand 14 1,500 92,109 18,197 18,197 93,609 Creditors.. amounts falling due within one year 16 13,6001 196,1571 Net current assetsllliabilitiesl 14,597 12,5481 Total assets less Current liabilities 14,597 576,239 In¢ome funds Unrestricted funds 14,597 576,239 14,597 576,239 The company is entitled lo the exernplion from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 31 March 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statemenis for the year in question in accordance with section 476. These financial statements have been ppad in aOrdance with the provisions applicable lo companies subject to the small companies regime. 05 Dec 2023 The financial statements were approved by the Trustees on Richard Hayden Trustee Susan Hayden Trustee Company registration number 10701630
FAMILY PHILANTHROPY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollclès Charity inforrnation Family Philanthropy Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 17 Kensington Park Gardens, London, W11 3HD. 1.1 A¢¢ounting Convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Siatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantsge of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the fLJnctional currency of the charity. Monetary amoLJnts in these financial statements are rounded to the nearest £. The financi81 stslemenls have been prepared under the historical cost convention, Imodtfied lo include the revaluation of freehold properties and lo include investment properties and ¢ert8in financial instruments al fair valuel. The principal ¥tsUn11ng policies adopted are sel out below. 1.2 Going concern Al the lime of approving th& financial ststemenls, the Trustees have a reasonable expe¢lation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Truste&s continue lo adopt the going ¢on¢ern basis of accounting in pparing the financial slalemenls. 1.3 Charltablè funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. 1.4 Income Income is re¢ognised when the charity is legally enlilled to il afttrr any ptrrformance Conditions have been met, the amounts Can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit and can be measured reliably. Support costs are those costs incurred directly in support of expenditure of the objects of the Charitable company. Goveman¢e costs are incurred in ¢onn&clion with the administration of the Charitable company and compliance with constitution81 and slalutory requirements. Charitsble activities and governance costs incurred on the Charitsble company operations, including support costs are apportioned to ¢haritable activities.
FAMILY PHILANTHROPY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (Continuedl 1.6 Fixed asset investments Fixed asset investments are initially measured al transaction price excluding transaction costs, and are subsequently measured al fair value al each reporting dale. Changes in fair value are recognised in nel incomellexpendilurel for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equivalents Cash and cash equivalenis include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instnjments The charity has elected to apply the provisions of Seclion 11 '8asic Financial Instruments, and Section 12 'Other Finanaal InstrLJments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitls balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a nel basis or lo realise the asset and settle the liability sirnultaneously. Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest rnelhod unless the arrangement constitutes a financing transaction, where the transaction is easured at the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilitlgs Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. Dergcognition of financial liabilitlgs Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the ¢harity's a¢¢ounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The eslimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting esb'mates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
FAMILY PHILANTHROPY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Donatlons and 18gaclès Unrestricted funds T¢)tal 2023 2022 Donations and gifts 11,5001 Investments Unrestricted Unrestricted funds funds 2023 2022 Income from listed investments 31,961 34,524 Charitable activities Funding of Funding of activitiès activitiès 2023 2022 Bank charges Accountancy fees Reallocation 1,987 3,480 {5,4671 1,341 5,620 16,9611 Funding of activities Isee note 61 Share of governance costs (see note 71 547,217 5,467 1 S3,750 6,961 552,684 160,711
FAMILY PHILANTHROPY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Grants payablè ¢harity a¢tivities 2023 charity a¢livili8s 2022 Donations to institutions= Education Health Arts Global challenges Other 20,000 10,000 22,750 95,000 6,QOO 17,000 52,650 477,567 547,217 153,750 Other grants payable in 2023 related to the transfer of shares and cash lo the Hayden Family Foundation, a US based foundation for charitable purposes. Support costs Support Govemance costs costs 2023 Support costs Governance costs 2022 Accountancy Bank charges 3,480 1,987 3,480 1,987 5,620 1,341 5,620 1,341 5,467 5,467 6,961 6,961 Trustees None of the Trustees lor any persons ¢onne¢ted with them) received any remuneration or benefits from the charity during the year. Employees The average monthly number of erllployees during the year was.. 2023 Numbèr 2022 Numbèr There were no employees whose annual remuneration was more than £60,000. 10
FAMILY PHILANTHROPY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 10 Nèt galnslllossos} on Invostmènts Unrestricted Unrestricted funds funds 2023 2022 Rev8lu81ion of investments Gainlllossl on sale of investments 140,3661 6,675 62,043 133,6911 62,043 11 Other gains or105ses Unrestrlcted Unrestricted funds funds 2023 2022 Foreign exchange lossesllgainsl 5,728 5,642 12 Fixed asset inve5trnents Unlisted Investments Cost or valuation Al 1 April 2022 Valuation changes Disposals 578,787 140,3661 1538,4211 At 31 Mar¢h 2023 Carrying amount Al 31 March 2023 Al 31 March 2022 578,787 13 Financial instruments 2023 2022 Carrying amount of financial assets Instruments measured al fair value through profil or loss 578,787
FAMILY PHILANTHROPY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 Dabtors 2023 2022 Amounts falling due within one year- Other debtors 1,500 15 Loans and overdrafts 2023 2022 Other loans 92,137 Payable within one year 92,137 16 Creditors- amounts falling due within one year 2023 2022 Borrowings Accruals and deferred income 92,137 4,020 3,600 3,600 96,157 17 Analysis of net assets between funds Unr&strict8d Unrastrictèd funds funds 2023 2022 Fund balanS at 31 March 2023 are represented by.. Investments Current asse1511liabilitiesl 578,787 12,5481 14,597 14,597 576,239 18 Related party transactions During the year the charitsble company took the decision to transfer its USA share and cash investment holdings lo The Hayden Family Foundation, a USA charitable Foundation in which Susan Hayden is also a director. The charitable foundation has the same charitable purpose of improving lives through charitable, educational and scientific endeavours. The value of the investment and cash transferred was £477,56712022.' 12
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