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 £53,001 to 13 different UK charities to support projects that align with our goals. This is over twice the amount of 2021. We supported 5 charities with donations of £6,000 each, all 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 £1,000£2,000. We were pleased to be able to quickly give £10,000 early in the year to DEC for the Turkey/Syria earthquake appeal. We hope to be able to respond again to emergencies quickly in the future. We did invest our target of 50% of our income which saw our endowment grow to £248,761 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 14 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 in value in the year but is flat over three years. The fund also delivers an environmental and social impact. For our investment alone this was measured as follows: This year was the second time that we received a donation from a client of Altor Wealth. £6,000 was received and added to our funds for the year. We also received £744 from another financial services firm to recognise work that the main business had done. We didn't give away our target of 50% of our income but at 41% we were a lot closer than 2021 and 2022. As a result we ended the year with a healthy cash reserve of £110,849, ready for 2024. - Avoided 79 tonnes of CO2 emissions. Provided 578,000 litres of clean water. Treated 40million litres of waste water. Recycled 9.2 tonnes of waste. - Installed 5.2KW of renewable energy. Generated 63MWh of renewable energy. Treated 89 patients. Made 96 medical interventions. - Delivered 2,000 hours of education. Reached 27 people with preventative healthcare. - Gave 7 people in developing countries access to financial services. - Gave 4 people in developing countries access to mobile networks. Our total running costs in 2023 were £210. ## Our story so far ## **Our Mission** ## **Our Purpose** 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. 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 2023 grants |PROJECTS|DETAILS|WEBSITE| |---|---|---| ||1 to 3 matched|| |Waterharvest -
£2,000|funding to dig
wells and tanks in|waterharvest.org| ||NW India.|| ||Provision of counselling|| |EBS - £6,000|to local people who|ebs-| ||cannot afford to pay|bereavement.co.uk| ||themselves.|| ||Microfinance training|| |We See Hope -
£6,000|for 160 families in East
Africa and setting up|weseehope.org.uk| ||local savings schemes|| |Disasters Emergency
Committee - £10,000|Providing food,
shelter and medical
care in Turkey/Syria|dec.org.uk/appeal/turkey
-syria-earthquake-
appeal| ||Small loans to poor|| |Microloan Foundation -|women in Sub-Saharan|microloanfoundation.| |£6,000|Africa to start a|org.uk| ||business|| |Young People with
Dementia - £2,000|Working with people
affected by young
onset dementia.|ypwd.info| ## Our Finances ## **Our finances are growing.** ## **Income + investing has stabilised and grants are up.** **£85k** Invested for the future in 2023. **----- Start of picture text -----**
200000
150000
100000
50000
0
2018 2019 2020 2021 2022 2023
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**£128k** **----- Start of picture text -----**
Donations received in
2023.
£53k
Grants paid out in
2023.
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As expected our income levelled off, as the Altor Wealth business reached maturity. Grant giving should increase next year as our grant making programme makes up some ground from 2021 + 2022 + 2023. ## **63MWh** Our endowment generated 63 Mega Watt hours of renewable energy in 2023, through its social impact investing. **£248,761** Invested in Social Impact Projects to deliver both growth and positive environmental & social impacts. ## 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://altorwealth.com/foundation/ info@altorfoundation.com **Altor Foundation Charity Number 1187210** ## **Statement of Financial Activities and Balance Sheet** **for the period ended** **31 December 2023** ## **Independent Examiner's Report to The Altor Foundation** I report on the accounts of the Trust for the period ended 31 December 2023. ## **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. - the accounts do 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 order to enable a proper understanding of the accounts to be reached. Ellen Lefevre FCA CTA TEP dated: Lefevres Chartered Accountants 24 Bell Lane Blackwater Camberley GU17 0NW Page 2 ## **Altor Foundation STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2023** |**Income and endowments from:**
Donations and legacies
Tax reclaimed on donations
Interest received
Dividends
Profit/loss on sale of investments
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**
**£**
111,478
17,283
124
2,093
(6,385)
-
124,593
1,024
53,001
54,025
**70,568**
70,568
-
70,568|**Restricted**
**Fund**
**£**
-
-
-
-
-
-
**-**
-
-
-|**Total Funds**
**2023**
**£**
111,478
17,283
124
2,093
(6,385)
-
124,593
1,024
53,001
54,025
**70,568**
-
70,568
-
70,568|**Total Funds**
**2022**
**£**
111,162
12,201
12
696
(5,551)| |---|---|---|---|---| |||||118,521| |||||580
43,280| |||||43,860| |||||**74,661**
-| |||||74,661| |||||74,661| Page 3 ## **Altor Foundation Balance Sheet as at 31 December 2023** |**Fixed Assets**
Investments at cost
(market value £244,041, 2022: £147,283)
**Current Assets**
Cash at bank and in hand
**Total net assets**
**Funds**
Unrestricted fund
Restricted Fund|**£**
**£**
235,234
105,540
105,540
340,774
340,774
-
340,774
**as at 31 Dec 2023**|**£**
**£**
156,976
113,231
113,231
270,207
270,207
-
270,207
**as at 31 Dec 2022**|**£**
**£**
156,976
113,231
113,231
270,207
270,207
-
270,207
**as at 31 Dec 2022**| |---|---|---|---| ||||270,207| ||||270,207
-| ||||270,207| These financial statements were approved by the Trustees and signed on their behalf by |Matthew S Pitcher
Lucinda A Pitcher|date| |---|---| ||date| Page 4 **Altor Foundation Charity Number 1187210** ## **Statement of Financial Activities and Balance Sheet** **for the period ended** **31 December 2023** ## **Independent Examiner's Report to The Altor Foundation** I report on the accounts of the Trust for the period ended 31 December 2023. ## **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. - the accounts do 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 order to enable a proper understanding of the accounts to be reached. Ellen Lefevre FCA CTA TEP dated: Lefevres Chartered Accountants 24 Bell Lane Blackwater Camberley GU17 0NW Page 2 ## **Altor Foundation STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2023** |**Income and endowments from:**
Donations and legacies
Tax reclaimed on donations
Interest received
Dividends
Profit/loss on sale of investments
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**
**£**
111,478
17,283
124
2,093
(6,385)
-
124,593
1,024
53,001
54,025
**70,568**
70,568
-
70,568|**Restricted**
**Fund**
**£**
-
-
-
-
-
-
**-**
-
-
-|**Total Funds**
**2023**
**£**
111,478
17,283
124
2,093
(6,385)
-
124,593
1,024
53,001
54,025
**70,568**
-
70,568
-
70,568|**Total Funds**
**2022**
**£**
111,162
12,201
12
696
(5,551)| |---|---|---|---|---| |||||118,521| |||||580
43,280| |||||43,860| |||||**74,661**
-| |||||74,661| |||||74,661| Page 3 ## **Altor Foundation Balance Sheet as at 31 December 2023** |**Fixed Assets**
Investments at cost
(market value £244,041, 2022: £147,283)
**Current Assets**
Cash at bank and in hand
**Total net assets**
**Funds**
Unrestricted fund
Restricted Fund|**£**
**£**
235,234
105,540
105,540
340,774
340,774
-
340,774
**as at 31 Dec 2023**|**£**
**£**
156,976
113,231
113,231
270,207
270,207
-
270,207
**as at 31 Dec 2022**|**£**
**£**
156,976
113,231
113,231
270,207
270,207
-
270,207
**as at 31 Dec 2022**| |---|---|---|---| ||||270,207| ||||270,207
-| ||||270,207| These financial statements were approved by the Trustees and signed on their behalf by |Matthew S Pitcher
Lucinda A Pitcher|date| |---|---| ||date| Page 4