ALTOR FOUNDATION Annual Report ## Table of Contents 01 Introduction 02 03 04 Our Story Our Grants Our Finances 05 06 Our Impact Our Thanks ## Introduction **The Altor Foundation has had another good year, with increasing donations, grant making and a growing endowment.** The first and most important achievement this year was the giving away of £20,500 to 12 different UK charities to support projects that align with our goals. We supported 5 charities with donations of £2,000-£3,000 each, two of whom we support on an ongoing basis. The remaining charities were all proposed by the staff or clients of Altor Wealth and we supported them with donations of £500£1,000. We did invest our target of 50% of our income which saw our endowment grow to £132,724 by the end of the year. We remain on track to build the endowment to £1,000,000 before the end of our relationship with Altor Wealth (when the current partners likely retire in 15 years time). This should allow us to continue to make grants of £20,000-£30,000 per annum thereafter. Our endowment remains invested in the EQ Positive Impact All Equity fund. The fund grew by 11.1% in the year. The fund also delivers an environmental and social impact. For our investment alone this was measured as follows: We didn't give away our target of 50% of our income as some projects were delayed into 2022. We expect to catch-up next year. As a result we ended the year with a healthy cash reserve of £72,794, ready for 2022. Our total running costs in 2021 were just £210, which made us very efficient. - Avoided 37 tonnes of CO2 emissions. Provided 809,000 litres of clean water. Treated 1,500,000 litres of waste water. Recycled 9.6 tonnes of waste. - Installed 1.6KW of renewable energy. Treated 15 patients. Made 74 medical interventions. - Delivered 76 hours of education. Gave 4 people in developing counties access to banking and 1 access to mobile networks. ## Our story so far ## **Our Mission** Our mission is to improve lives and the world around us. We aim to do this by making grants to registered UK charities that we have assessed as having a large net impact. We deliberately keep our costs low and we look for charities that do likewise. We are looking for projects that: - Clean up our environment. Reduce waste. - Green the energy mix. Alleviate poverty. Improve young peoples health outcomes. We particularly favour projects that achieve two or more of these objectives at once. ## **Our Purpose** We exist to divert some of the profits of the financial services firm Altor Wealth. We want to support charities now and long into the future. To do this we aim to gift half of our income away each year and to invest the other half. The aim is to build a permanent endowment so that if/when our income stops from Altor Wealth, we will have enough to reserve to continue our giving programme indefinitely. Long-term endowment target: In addition we will consider supporting charities that the clients and/or staff of Altor Wealth Management personally support. We will do this by request where these charities do not conflict with our main mission. **----- Start of picture text -----**
£1M
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## Our 2021 grants |PROJECTS|DETAILS|WEBSITE| |---|---|---| ||1 to 3 matched|| |Waterharvest -
£2,000|funding to dig
wells and tanks in|waterharvest.org| ||NW India.|| |WWF Seagrass -
£3,000|Seagrass captures
carbon 35x faster than
rainforests and is being
planted in Wales|wwf.org.uk/success-
stories/seagrass-
restoration-project| ||Microfinance training|| |We See Hope -
£3,000|for 100 families in East
Africa and setting up|weseehope.org.uk| ||local savings schemes|| |Teenage Cancer Trust -
£3,000|Providing support
to young people
and their families|teenagecancertrust.or
g| ||Small loans to poor|| |Microloan Foundation -|women in Sub-Saharan|microloanfoundation.| |£3,000|Africa to start a|org.uk| ||business|| ## Our Finances ## **Our finances are growing.** **Income is up, investing is up and grants are up.** **----- Start of picture text -----**
£77k
Invested for the future
in 2021.
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**----- Start of picture text -----**
200,000
£156k
150,000
Donations received in
2021.
100,000
50,000 £21k
Grants paid out in
2021.
0
2018 2019 2020 2021
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It is expected that our income next year will level off, as the Altor Wealth business reaches maturity. Grant giving should increase next year as our grant making programme makes up some ground from 2021. **£132,724** Invested in Social Impact Projects to deliver both growth and positive environmental & social impacts. ## **29MWh** Our endowment generated 29 Mega Watt hours of renewable energy in 2021, through its social impact investing. **----- Start of picture text -----**
Readers appreciate
accurate information
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We thank you for your ongoing support of our programme The Trustees are grateful to the partners, employees and clients of Altor Wealth. Their continued work, support and engagement is crucial to the success of the Foundation. **Altor Foundation** Landmark House Station Road Hook RG27 9HA https://altorfoundation.com/ info@altorfoundation.com **Altor Foundation Charity Number 1182710** ## **Statement of Financial Activities and Balance Sheet** **for the period ended** **31 December 2021** ## **Independent Examiner's Report to The Altor Foundation** I report on the accounts of the Trust for the period ended 31 December 2021. ## **Respective responsibilites of trustees and examiner** As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”) I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - accounting records were not kept in accordance with section 130 of the Act, or - the accounts do not accord with the accounting records. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Sarah Fox Dated: Diverso Accountants Unit 15 Brickfield Ind Estate, Brickfield Lane, Eastleigh, SO53 4DR Page 2 ## **Altor Foundation** ## **STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2021** |**Income and endowments from:**
Donations and legacies
Other Revenue
**Total income and endowments**
**Expenditure**
Expenditure on raising funds
Expenditure on Charitable Activities:
**Total Expenditure**
**Net income (expenditure)**
Transfers between funds
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Fund**
**£**
145,798
1,991
147,789
210
20,500
20,710
**127,079**
127,079
68,467
195,546|**Restricted**
**Fund**
**£**
-
-
-
-
-
-
**-**
-
-
-|**Total Funds**
**2021**
**£**
145,798
1,991
145,798
210
20,500
20,710
**127,079**
-
127,079
68,467
195,546|**Total Funds**
**2020**
**£**
67,685|**Total Funds**
**2020**
**£**
67,685| |---|---|---|---|---|---| ||||||67,685
232
24,000| ||||||| ||||||24,232
**43,453**
-| ||||||43,453
25,014
68,467| ||||||| Page 3 |**Altor Foundation**
**Balance Sheet**
**as at 31 December 2021**
**as at 31 Dec 2021**
**£**
**£**
**Fixed Assets**
Investments at cost
122,752
**Current Assets**
Cash at bank and in hand
72,794
72,794
**Total net assets**
195,546
**Funds**
Unrestricted fund 195,546
Restricted Fund
-
**195,546**
These financial statements were approved by the Trustees and signed on their behalf by
Matthew S Pitcher
date
Lucinda A Pitcher
date|**as at 31 Dec 2020**
**£**
**£**
36,480
31,987
31,987
68,467
68,467
-
**68,467**| |---|---| Page 4 ## **Independent examiner's report on the accounts** **Section A Independent Examiner’s Report** |**Report to the trustees/**
**members of**
**On accounts for the year**
**ended**
**Set out on pages**|Charity Name
Altor Foundation|Charity Name
Altor Foundation|Charity Name
Altor Foundation| |---|---|---|---| ||||| ||31 December 2021|**Charity no**
**(if any)**|1182710| ||||| ||1 - 4
(remember to include the page numbers of additional sheets)||| I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended **31 / 12 / 2021** . **Responsibilities and** As the charity's trustees, you are responsible for the preparation of the **basis of report** accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. **Independent** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. * _Please delete the words in the brackets if they do not apply._ **Signed: Date:** 01/07/2022 **Name:** Sean Toomer **Relevant professional qualification(s) or body (if any): Address:** Unit 15 Brickfield Trading Estate, Brickfield Lane, Chandlers Ford Hampshire, United Kingdom, SO53 4DR **Oct 2018** 1 **IER** ## **Section B Disclosure** Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners). **Give here brief details of any items that the examiner wishes to disclose** . **Oct 2018** 2 **IER**