Docusign Envptope ID.. CA93131T-901A4B52-8E4B-96D2A9DOCOFE REGISTERED CHARITY NUMBER: 1189723 L5nèudited Financial Statements for the year ended 31 Detsmber 2023 The Horseferry FoundatDn Nicklin Accountanq SèNitts Limited Church Court stourbrfdge Road Halesowen West Midlands 863 3FF
Docusign Envebpe ID= CA931317-901A4B524e48-96D2A9DOCOFE The Horseferry Foundation Contents of the Financial Statements ror the year ended 31 December 2023 Page Rèport of the Trustees I to 2 Independent Exarniner's Report statement of FEnancial Attmti Balance Sheet Notes to the Financial Ststements 6 to 9 Detalled Statement of Financpl Athivities io
DoCu9n EnvakJp8 ID.. CA931317-901A4B524E48-96D2A9DQCOFE The Horgef8Try Foundatton Report of the Trustees for the year ended 31 r)ecernber 2023 The trusteÉs present their repjrt with the financial statements of the charity for the year ended 31 Dernber 2023. The trusteès hève adopted the prOSlon$ of Accounting and Reporting by Charities.. Statem¢nt of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Financial Reportlng Staxdsrd applicable in the UK nd Republic of Ireland (FRS 1021 {eff8rtive L J8nuary 2019). OBJECTIVES AND ACTNifiES Objectives and alms The objects of The HOferry FOUndaon are to advance such charitsble purposes (according to the law of England and Wèles) for thé puNic benefit as the tntstee5 S fit From time to tlme, in particular, but not limTted to: (al the advancement of education,. and (bl the protection and corEervalion of the environment, principally ttrough facilitating researth into reducing the amount of carbon dioxide and other toxlns In the atmosphere ans sea (the results of which are publicly disseminaied). Publi¢ benefit When plannlng the actitritie5 the trusW have had regard lo the Char&ty Commission's gUIdan on public benefit. ACHIEVEMENT AND PERFORMANCE Charitable activities Donation5 received totaned £306,705 and donations made to charftable foundattons amounted to £354,556. The general fund stood al £2,706,844. FINANCIAL REVIEW Reserves policy The reseFves FK)Iloy Is to malntaln sufficient reseNes to ensLrre that The Horsetery FoUntiOn is able to meet its liabilities and obligations, STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is aJntrolled by Its goveming doatment, its CDnstilution as a Iharitsble Incorporated organisaknon, together with any SbseqUent reSDlutions. Recruitment and appolntment of new trustees The memberg of the charitable incorporated organisatlon (CIO) may, at 6ny time. admit additional members by resolutton or è written noti *gned by all the men)bers of the CIO a(kIres to the charity Irustees, Risk management The trustees have a duty tts iderttify ano reilew the kS to whKh the charity is exwsed and to ensure approprlats contmls a in place to provide reasonable assurance against fraud and error. The trustees have assessed the risks to whlch the Hor5efery FoundatsoTr is exposed and are satisfied that the systems in plate are adequate to miligate those risks that would threaten its long.term suNival. The trustees are content that other risks shDuld be acccepted because the cost (Jf mitigating them woukl be unacceptydble. REFERENCE AND ADMINisfRATIVE DETAILS Registered Charity nuinber 1189723 Principal address Third Floor 20 Old Balley London EC4M 7AN Trustees S C L Gibb)n5 Miss S Li Mrs J Markovitz Bordenave Page I
DoGU5rgn Envelope ID.. CA931317-901A4B52-8E4B-96DZA9DOCOFE The Horsefery Foundaito Report of the Tnjstees for the year ended 31 December 2023 REFERENCE AND ADMINISTRATIVE DETAZLS Independent Examiner Nicklin Accountancy SeNices Limrted Church Court Stourbridge Road Halesowen Wgst Midlands 6633 Approved by order of the board of trustees on ....... . and signed on its befklf by: 5 C L Gibb(ins - Trustee Page 2
Ek)¢u$ion Env?bpe ID-. cA931317-901A4B52-8E4B-9sDDOCoFE IndÈpendent Examiner's Report to the Trustees of The Horseferry Fotsndatlon Independent examinevs report to th¢ trustee5 of The Horseferry Foundation I report to the charity trustees orj my examinalty)n OF the accounts of The Horseferry Foundatton (the Trust) for the year ended 31 December 2023. R¢$ponslbilities and basls of report As the charity trustees of the Trust you are responslble for the prepèrètion of the accounts in accordance with the rewlremenL£ of the Chèrfbes Act 2011 ('the Act,). I report in respect of my ex3minatk)n of the Trust's accounts cariied out under Section 145 of the Act and In rryIng out my examination I have followed dl appli¢able Dire(tian5 given by the Charity Commission unaor Section 145{5}(b} of the ACL Xndependent examiner's $tstèmént Since your charivs gross income exceeded £250,000 your examiner must be a member of a listed boo¥. E can confirm that E am quallfied to undertake the examination because l affl a member of the Instttute of Chartered Aorountants In England and Wales, which Is one ofthe Ilsted bodle5. I have cornpleted my examinatiojn. I conf5rm that no material matters have come to my altenvon In connection with the examination giving me cause to bdieve that in any rnaterial respect.. ccounttng record5 were Th)1 kÈpl in respect of thè Trust as required by Section 130 of the Act,. or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concerning the form and Eonlent of accounts set out In thé (haritios {Accounts and Reports) legu1ations 2008 other than any requiremeDt that the accounts glve a true and fair eW which Is not a matter considered as part of an independent examination. I have no ConCnS have come across no other maiters in connection with the exaFnination to which attention should be drawn in this report in order to enable a proper understanding af the accounts to be reached. MaTk Howell The Institute of Charterèd Accoutstsnts in England and Wales Nicklin Accountancy Servic&5 LÈmited Churth Court Stourbridge HalOwe Wesl Midlands B63 3fF oxlern P3ge 3
DotusKJn Enyetope ID.. CA93131T-901A4B52-8E4&96D2A9DOCOFE The Horseferry Foursdatlon stalemÈnt of Flnancial AkneS for the year ended 31 December 2023 2023 unstrI¢ted fund 2022 Total funds Notes INCONE AND ENDOWMENTS FROM Donations and legaaes 306,705 I,000 Charitable artSvities Consultancy 19,350 Invesknnent Sncome 14,811 109,239 Tatal 34rJo66 209,239 EXPENDITURE ON Charitable activitles Grants and donationg A(hinlgtration costs Govemance costs Finan costs 354,556 109,608 3,000 456 28,719 26,102 3,822 839 Total 467,620 59,482 NÈt gainsluosses) on investments (244,547) 510,717 NET INCOMEI(EXPENDtruRE) (371,301) 660,474 RECONCILIATION OF FUNDS Total funds brought forward 3,078,145 2,417,671 TOTAL FUNDS CARRIED FORWARD 2,706,844 3,078,145 The notes form part of these flnandal statements Page 4
Docusign Env8lope ID.. CA931317-901A4852-8F4B46D2AgDOCOFE The Horseferry Foundation Balance Sheet 31 December 2023 2023 untrIcted fund 2022 Totsl nd5 Notes FIXED ASSETS Investments L,937,658 2.159,609 CURRENT ASSETS L)ebtors Cash at bank 15,750 760,021 2,566 922,055 775,771 924,621 CREDITORS Arnounts falling due withln one year (6,585) (6,085) NETCURRENT ASSErs 769,186 918,536 TOTAL ASSETS LESS CURRENT LIABILMES 2,706,844 3,078,145 NET ASss 2,706,844 3,078,145 FUNDS Unrestricted fiJnds 2,706,844 3,078,145 TOTAI FUNDS 2,706,844 3,078,145 The financlal statements were approve(S by the Board of TNstea5 and authorised for Issue and were Signed on its behalf by.. on I40FEIE0•E%?" S C L Gibrns- Trustee The notes form part of these finanaal statements Page 5
Dowsign ErtvÈlopÈ ID.. CA931317-901A4B524E4B-96D249DOCQFE The Horseferry Foundatnn Notes to the Financial Stètements for the year ended 31 December 2023 ACCOUNTING POLICIES Basls of preparing the financial statements The financrdl statements of thÈ charity, which is a publlc benent entlty under FRS 102, have been prepared irk accordance wilh the Charitiès SORP (FRS 1021 'Accounting and Reporting by Charities.. Slalement of Recommended Pract[ applicable to charibes preparlng their accounts in accordance with the Financial Reporiing Stsndard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019),, Financ(al standard 102 Yhe Financial Repotting Standard applicable in the UK and Republic of Ireland, ènd the Charitse5 Att 2011. The flnancial stslements have been prepared under the hlstorical cost convenliL)n, with the exceptlon of investments which are included at market value, as modified by the revaluaknon af Certa a%sels. Iticome All income is recogni5ed in the Ststèment of Financial Actiwlies On the charity has entidement ¢0 the funds, ti is probable that the Income will be reIVed and the amount can be meagured reliablv. Expenditure Llabillties are recognised as Èxpenditurt 3$ soon as there is a legal or con5trucbve obllgation committing the chèrfty to that expanditure, it Is probable that a transfer of economic benefits will be required in ttIeMeTht and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accru31g bag1% and has been da55ified under headlngs that aggregate all c05t related to the category. Where costs cannot bÈ direcdy èttributed to pèrlcular headings they have been allocated to aCtItIeS on a basis consistent WEth the use of resourtrs. Grants offefftd subject to conditlons which h3v2 not been met at the year end date are noted as a commitment but not accrued 35 expenditure. Taxatlon The charlty Is exempt from tax on its charitsble activiues. Fynd accountlng Unrestricted funds can be used in accordance with the charitsbl@ obJecfv&q atthe dlscretion ofthe trustee5. Restricted funds c3n onty be used for particular restrKted purposes within the tsbiects of the charity. Restrictions arise when speafEd by thÈ donor or when funds are rdised for particular iethcted purposes. Further e%anatIOn of the nabJre and purpose of eath fvnd is induded In the notes to the f5nanc&31 statements, INVESTMENT INCOME 2023 2Q22 rnvestment income B?nk interest 4,891 9,920 105,257 3,982 14,81L 109,239 TRUSTEES. REMUNERATION AND BENEFfTS There were no trusteeg remuneration or olfrr benefits for the year ended 31 t)ecember 2023 nor for the year ended 31 December 2022. Page 6 CDntinued...
Docusign EFrJebpe ID.. CA931317-901A4B52-8E4B4602A9DOCOFE The Horseferry Foundation Notes to the Financlal Statements- continued for the year ended 31 December 20 TRUSTEES, REMUNERATION AND BENEFITS - contlnued Trustees. expenses During the year there were £6,693 of trustee expenses12022: £nil), but thig wès repaid by way of 3 donation from the trustee who incurred the eXtnse. STAFF COSTS The averoge monthw number of employees during the year was as follows.. 2023 2022 Administration No employees received emoluments In excess of £60,000. COMPARATIVES FOR THE STATEMEKf OF FINANCIAL ACTIVITIES UntrICt fund LNCOME AND ENDOWMENTS FROM DonatlDn5 and legacies loo,000 Investment income 109,239 Total 209,239 EXPENDrruRE ON Charitable activities Grants donations Administration Costs Govwnance costs nance costs 28,719 26,102 3,822 839 Total 59,482 Net gains on investments 510,717 NET INCOME 660,474 RECONCILIATION OF FUNDS Totsl funds brought forward 2,417,671 TOTAL FUNDS RRIED FORWARD 3,078,145 Page 7 contsnued...
Docusign Envetope ID.. CA93131T-901A4B52-8E4B-96DWDOCOFE The Horseferry Foundath)n Notes to the Financial St?lements- continued for the year ended 31 December 2C123 FIXED ASSET INVESTMENTS Listed inve5tfflents MARKEf VALUE At l January 2023 Disposals Revaluations 2,159,609 (9,490) (212,461) At 31 Dember 2023 1.937,658 NEf BOOKVALUE At 31 December 2023 1,937,658 At 31 December 2022 2,159,609 Cost or valuatton at 31 December 2023 is represent& by: Listèd inv&tments Valuation in 2023 1,937,658 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other debtors Prepayments and accrued income 15,750 2.566 15,750 2,566 CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Taxatlon and social secutity Other creditors 2,693 3,892 2,102 3.983 6,585 6085 MOVEMENT IN FUNDS Net movement In funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 3,078,145 (371,301) 2,706,844 TOTAL FUNDS 3,D78,145 (371,301) 2,706,844 Page 8 contTnued...
DoGuBign Envelope ID.. CA931317-901A4B52-8E48-96D2A9DOCOF The Horseferry Foundal*o Notes to Y)e Financlal Ststements - continued for the year ended 31 December 2023 MOVEMENT IN FUNDS- contlnued Net movernent in fund5, included in the above are as follows: Incoming resour Resources expended Gains and losses Movement in funds Unrestricted funds General fund 34Q,866 (467,620) (244,547) 1371,301) TOTAL FUNDS 340,866 146?,620) C244,547) 1371,301) Comparatives for movement in funds Net movement in funds At 31.12.22 At 1.1.22 Unrestrlcted funds General nd 2,417,671 660,474 3,078,145 TOTAL FUNDS 2,417,671 660,474 3,078,145 Camparatlve net movement ift funds, Induded in the above are as follows.. Incoming resources ResourcÉs expended ing aThl 105ses Movement in funds Unrestricted funds General fvnd 209,239 (59,482) 510,717 660,474 TOTAL FUNDS 209,239 (59,482) 510,717 660,474 io. RELATED PARTY DISCLOSURES There wert no rektsd party disclosures lor the year ended 31 December 2023 other than as degcriF£d in Note 3. Pag8 9
Docu&gn EnVèkty ID.. CA931317-9D1A4B524E4&96D2A9DDCOFE The HDrseferry Found&(on Detailed Ststement of Financial Athvities for the year ended 31 December 2023 2023 2022 INCOME AND ENDOWMENTS Donatlons and leoacies D(>nations 306,705 loo,000 Investment income Investment Income Bank interest 4,891 9,920 105,257 3,982 14,811 109,239 Charitable activtties Consultancy income 19,350 Total incoming resource5 340,866 209,239 EXPENDITURE Charitable activities Grants to Instttulions 354,556 28,719 Support costs Administration Staff costs Website and other prolessN)nal SeNiS Sundry expenses Custody fees Subscriptions 77,954 5,262 79 24,666 360 32 586 266 192 392 25,921 109,608 26,102 Finan Bank charges 456 839 Governan¢e costs Accuuntèn Legal and pwfe%ional 3,000 3,480 342 3,000 3,822 Total r¥ources expended 467,620 59,482 Net (expendliure)Ilncome before galns and losses (126,754) 149,757 Recognixed gain5 and losses FOign exchange gainsl{losses) Net unrealisèd gainslllosslq) on Investments (33,7231 (210,8241 74,934 435,783 Net (expenditure)/incotne (371,301) 660,474 Trls page does not fomi part of the stsrutory financial ststements Page 10