Charlty Number.. 1192699 Company Number: 12930148 The Fidelis Foundation Annual Report and Accounts For the year ended 31 D•cembor 2022 The Fidelis Foundation Reference and administrative details Tru¥toos Richard BTindle Charl8s Mathias Alan Bossin Belind8 Tribley Michael Cottell (Chalr) Company number 12930148 Chorlty number 1192699 Registered Office 22 Bishopsgate Level 42 London EC2N 4Ba Auditor Sterling Partners Limitsd 2nd Floor. Grovè House 774-780 Wilmsk)w Ro& Manchester M20 2DR Bankers Barclays B8nk 1 Churchill Place London E14 5RB Bates Wells 10 Queen Street PlacE London EC4R 18E Sollclt(*s The Fidelis Foundation Trustees, report for year ended 31 December 2022 The IrLJStees are pleased to present their annual report together with the finarrial slalements of the charity for the year to 31 De￿mber 2022. Reference and adwninistrative information sel out on page 1 fom)s P8rt of this report. The financial statements comply with cuffent ststutory requirements, the Charity￿ constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities.. SORP applicable to charities preparing their accounts in accordance FRS 102. Structure, Governance and Managemenl Legal status The Fidelis Foundation is a company limited by guarante6 and a registered ¢harity- The compary was registered in Engla￿j and Wal8s on thè 5 October 2020 and gained charitable status on the 8 December 2020. Govèrnlng Documenl The Fidelis Foundation is govemed by its Memorandum and Arti¢les of As8ociation dated 5 October 2020 as amended by 8 written resduti¢)n dated 2 December 2020. Ory￿1¥atIonal Strudure The directors of the charitable company are its Iruslees for the purpose of charity law. Throughout this report they are collectively referred to as th8 trustees. The following individuals served as trustees dudng the year and since Ihe year end.. Richard Brindle (Chair) Charles Mathias Patricia Roufca Alan Bossin Belinda Tribley Michael Cottell IresvJned 18 November 2022> lappointed 12 December 20221 All trustees seNed for the full per￿d unless Otherwlse staled above. The Foundation's constitution requires the Boafd shall eonsisl of at least three membets, at least of whom will be independent of the Fidelis group. Currently Alan ￿)ssIn and Belinda Tribley are the independent trustees. The Board meets four time5 a year lo oversee the strategic dlrection of the charity and to make funding decisions. The day lo day management of the affairs of the charlty has tten delegated lo the Foundation Working Group IFWGI. The role of the FWG is to" solicit, receivo and perform pre-8ward (Jue diligenee on grant applica11ry￿ trom potential grantees. make recommendations for funding lo the Board. and manage post4ward monitoring of use ofthe FOunda￿on'¥ grants Recruitment and appointment of new Irustees The Board regulady reviews the skills, experience and specialisms of trustees in order lo ensure that it can adequately discharge its funclions and responsibilities. and if necessary, makes a re￿mmendatIon to the sde member of the Foundation, Fidelis Marketing Limited. regarding appointment of new truslges. On successful appoinlmenl of 8 trustee, the Foundation Secretsry provides documenl8ry and verbal induction material to Introduce the trustee to th8 workings and objectives of the charity and the role and responsibilib'es of charity trustees. Board n*mbers will serve a tem of up to three years and moy te re-app(4nted fcf addth'onal terrn5 at ¢ths¢xetion of the member. The Fidelis Foundation Trustees, report for year ended 31 December 2022 Objecllves and principal activities The Obl￿t$ of the Foundation are for Ihe benefit of the public to promote all PUTposes recognised as charitsbl& under the laws of England and Wales from time to ￿Me. The Foundation furthers these objectlves by making gran15 to charitable organisations primarily, but not gxclusively, in the United lQngdgm. Bermuda and Ireland. Achievements and performance The Foundation receives the majority of its income from an annual donation frorn the Fidelis Insurance group. The Foundation's slratsgy is to use those funds lo prowde grants le support chariti8S 8nd (charitable project5 run by) other organisations whose work reffi8cls and 1$ aligned lo the values end interests of the people and business&s wthin the Fidelis Insurance group. The Foundation encourag&s Membe￿ of staff of the Fidelis Insurance group lo champion appIl￿tiOnS for grants from charltles in which Ihey have an interest or involvement. The charity does not make multi-year grants. All grants 8re awarded as a siNJle one-off payment bul it 15 thg Iru$lees' intention to devebp long leryn relationships wf(h the grantees which may result in funding being repe8ted for a number of years, 8t the discretion of the Foundation and subject to an annual review of the propose(I granl88's activities. The trustees with th& Support ofthe FWG review the success of the Foundation's activities through.. analysis of levels of eng8geM8nt with charities analysis of the performance of the underlying charities, ar assessing the impact of the Foundation's funding on the outcome and success measures used by each granlea. During thi$ second period of OFerations the Found811on made 21 grants with a total valuo of $1,039,414 12021. 15 grants lolal value $986.6671. A fvll breakdown by grantee can be found in note 4 to the fingncial stal8ments. Public Benefit Having rewewed the Charity Commission's general guidance on public benefit. the Trustees consider that these activities provide benefit lo the general public both in the UK and 8bn)ad. Rlsk Management The Trustees have remewed the risks the charity lo￿S and are satisfied that systems aro in place lo mitigate their exposure lo the major risks. The major risk facing the Foundation is the uncertain level of futtJr8 donations from the Fidelis group. The Trustees believe that this can be managed effeetivety by 8 combination of th8 discretionary nature of the gr8nls made by the Foundation. and the significant level of re$erve$ held al the balanc& sheet dale. Impact of Covid 19 The Iruslee5 believ8 the main potential impact of Covid 19 on the Founda￿On is the possibilitythat economic conditions will effect Ihe18v81 of future funding from the Fidelis Insurance group. While this does increase unc8rtainty about the fubjre ability of the Foundation to m8int8in grants al the 2022 level, the discretion nature of the Foundation's grants ensure il is not a signtficant financial risk lo the Foundation ((self. Future Plans The Foundation expects to develop long lerni relationships with Ihe choritable organisalions th8t il supports. and although none of the grants awarded thus far have been mulli-year conlra¢lual eommilmenls it is The Fidelis Foundation Trustees, report for year ended 31 December 2022 envisaged that many will be repealed in subsequent years subject to the availability of fijnds and satisfactory perfo￿nanCe 9{￿ reporting by grantees. In addition to this the FWG will seek lo gradually expand the range of grantees and w511 continue lo lo(Ik for new charitsble organisations lo support that meet the Foundatlon's funding criteria and work in priority areas identified by the Board from time to time. Financial revlew During the second period of operations the charty re¢oived donations of $ 2,867.065 from the Fideli$ Insurance Group12021, $1,817,262) plus $100,000 from lfj'nmont Advisory SeNces12021, Snil). The donation from the company included a cash donation of $348.000 plus a number of share warrants valued at $2,519,065 (see note 51. As part of a coTporale restructure, the warrants We￿ converted to shares in December 2022 and shordy after the balance sheet d8te approximately half were sold. The shares were not publicly traded al the balance sheet date and have been valued in thes& accounts al the price per share received in January 2023. From August 2023 the shar8s have been publicly traded and valuation of any share5 in fulure sets of accounts will b8 based on market value. In the same period the Foundation made 21 grants with a totsl value of $1,045,65012021. 15 grants total value $986,667). After deducting operating expenses of $24.361 {2021, $16,535) and exchang8 losses of $9,03012021. exchange gains $3.1441 the Foundation made a surplus for the period of $1,888.022 (2021, $817,205}. As a result. the value of net assets held al th8 balan￿ Sheet date was $2.705,227 {2021, $817.205}. Reserves The Foundation aims to hold as reseNes cash aqual to th& value of any contractual grant commitrnents plus six months of the Organ￿atIOn,$ average running costs. The Board believes this level of reserves will ensure the Foundation's financial slabilty in the event of a signrfKanl dfop in income. without any adverse effect on the Foundation's benef￿larieS or the abilty of the Foundation to meet applicable regulatory compliance requirements. Based on the expenditure in Ih8se aceounts thls would requirè raserves of $12.180. Reserves are shown in Ihe Balance Sheet as unrestricted fvnds caThied for¥Yard, and the total amount held at 31 D8￿mber 2022 w8s $2,705.227. Given this was only the secon(J year of operatlons and the charity's buslness mod91 is stlll developing, Ihg Trustees are satisfied this level of reserves is in line with the Foundation's policy. Responslbilitles of the Trustees in relatlon to the financial statements The trustees (who are also the directors of The Fid81is Found8tion for th8 purposes of company lawl are responsible for preparing the Report of the Trustees and the financial ststemenls in accordanco with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounllng PractK¢l. Company law r8quires the trustees to prepare financi81 ststements for each ffinanclal year which giv8 a true and fair view of the stste of 8ffoirs of the charitable company and of the incoming resources and application of resources, including the income and expendllure, of Ihe charitable company for th* period. In preparing those financial statements, the trustee$ are required to select suitable accounting policies and then apply thom con51slenUy' observe the methods and prirKiples in the Charity SORP., make judgements and estimates that are reasonable and prudent., prepare the finar￿la1 slalements on the going concern basis unless st is inappropriate lo presume that the charitable company wll continue in business. The trusl88s are responslble for keeping adequate accounting ￿CordS vthich disclose wth reasonable accuracy 81 any time the financial positior) of the charitsble company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding The Fidelis Foundation Trustees, report for year ended 31 December 2022 the assets of the charitable comp8ny and hence for taking reasonabl8 stsps for the prgvenlion and detection of fraud 8nd other Irregularlties. Stal•mont as to disclosur8 to our audltors In so far as the trustees ar8 aware at the time of approving our trustees. annual report.. there is no relevant inforniation, being infonnation needed by the auditors in conn8clion with prep8ring their report. of which the auditors are unaware. and the trustees, hawng made enquiries of fellow directors and the auditors that they ¢whl to have individually taken. have each tsken all steps that helshe is obli9ed lo tske a5 8 director in order to maké thèmselves aware of any ￿levant audit Snformatlon and lo estsbllsh that the auditors are aware of Ihal information. Small company provisions This report has been prepared in accordance with the special provisions for Small companies under Part 15 of the Companles Act 2006. This ￿port was approved by the Bo8rd of Trustees on 12 September 2023 and signed on ils behalf by: Richard Brindle Chair Independent auditor's report to the members of The Fidelis Foundation Oplnlon We have audited the financial slalemenls of The Fidelis Foundation (the 'charrtable company'l forthe ye8r end8d 31 December 2022 which comprise the Slalemenl of Financial Activities, the Balance Sheet. the Cash Flow Statement and Notes lo the Financial Ststemenls, including a summary of signiflcanl accounting p(Aicies. The financial reporting framework that has been appllgd in their preparation is applicable law and United Kingdom Accounllng Stsndards, including Financial Reporting Standard 102 'The Financial Rèporting Standard appli¢able in the UK and Ropublio of Ireland, (United Kingdom Gener811y Accepted Acwunting Practice}. In our opinion Ihe financial stalemenls: give a true and fair view of the state of the charitable company's affairs as •131 December 2022 and of Its incoming resou￿5 and application of resources. including its Income and expenditure, for the year then end8d'. have been properly prepared in accordance wlh United Klngdom Generally AGoepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Rgporting Standard applicable In the UK and Republie of Ireland and have been prepared in accordance wth the requirements of the Companies Act 2006. Bas1$ for opinion We conducted our audil in a￿OrdanCe with Intemalional Standards on Audrting IUK} {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Audf(grs' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance w(th the ethical requirements that are relevant lo our audit of the financial slalements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirewnenls. We believe that the audit ewd8nce have obtained is sufficient and appropriale to provide a basis for our opinion. Conclusions rèlatlng to going concern Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions Ih8t. individually or collectively. may cast significant doubt on the company's abilty to continue as a going concern for 8 period of at least twelve months from vthen the financial statements are authorised for issue. In audrting the financial stslements, w9 have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial stolgments is appropriate. However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going con¢em. Our responsibilities and the responsibilities of the trustees syith fespect to going concem are described in Ihe relevant seclims of this report. Othar informatlon The Twstees are responsible fof the other information. The other information comprises the informats'on the Annual Report, other Ih8n the financial statements and our R8POrt of the Auditors Ihereon, Our opinion on the financial statements does not cover the other information and. except lo the extent otherwse explicitly stsled in our report, we do not express any form of assurance conclusion thereon. In connection wth our audit of the financi81 statements, our responsibility is tr) read the other infom)ation and, in doing so, consider whether the other infomiation is materially inconsistent with the ffinancial statements or our knolmedge obtained in the audit or otherwise appears lo be materially misstsled. If we identfy such materi81 inconsistencies or apparent malerS8l misststements, we are required lo determine whether this gives rise to a m81eri81 misststement in the financial slalements themselves. If, b8se(J on thè work we have pgrformed, we conclude that there is a materi81 misstatement of this other infomiab"on. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prèscrlbed by th• Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. Independent auditor's report to the members of The Fidelis Foundation the information given in the Report of thg Trustees for the financial ye¥ for which the fina￿￿81 stalemenls ar& prepared is consistent ￿nth the financial st8tements', 8nd the Report of th9 Trusleos hav8 been prepared in a￿ordanCe wth applic8ble legal requirements. Matters on which we ore raquired to report by exGeplion In the light of the kno¥￿edge and understanding of the ch8ritAble company and its envlronment obtained in the course of the audit. we have not identified material misstatements in the Report of the Trustees. We have nothing lo report in reS￿ct of the follovmng matters where th8 Companies kl 2006 requires uy to report to you if, in our opinion., adequate accounting records have not been kept. or retums adequ8ts for our audft have not been received from branches not visited by us,. or the financial slalernents are not in agreement with the aecounling records aThJ retums., or certain discl¢%ures of TrLbStees' remuneration specified by are not made". or we have not recetved all the infomiabon and explanations we Tequire for our audit. the Trustees were not entitled to take advantage of the swnall companies exemption from the rèquirements lo prepare a Strategic Report or in preparing the Report of the Trustees. Responslbllltlgs of trust••s As explained more fully in the Statement of Tru8lees' Responsibilf(ie$. the Trustees (who are also the diwtors of the charitable company for the purpose5 of company lawl are responsible for the preparation of the financial statements and for being satisfied that they gwe a true and fair view. and for such intemal control as the Trustees determin8 necessary to enable the preparation of financial statements that are fre8 from material misstatement, ￿ether due to fraud or error. In p￿parIng the financial statements, the Trustees are responsible for assessing the charitsble company's abilty lo continue as a going concem, disclosing. as applicable, matters relaled to going concem and using the going concem basis of accounting unless the trustees either intend to liqui(lale the charitable company or lo cease operations, or have no realistic allemative but lo do so. Auditor6. responslbllities for the audlt of th¢ financlal $tat•m•nts Our objectives are lo obtain reasonable assurance about whether the financi81 st818ments as a whole a free material mis$lalement, whether due lo fraud or error, and to issue an audttors, report that inclu(Jes our opinion. Reasonable assuranc8 is a high level ol assurance, but is not 8 guarantee that an audit corKJucted in accordan￿ ISAS IUKI will always detect a material misstslement when it exists Misstslemenls can arise from fraud or error and are considered material if. indrmdually or in the aggregate. they could reaslinably be expected lo influenc8 the econom￿ decisions of users tsken on the bgsis of these financi81 ststements. (￿r audit lesling might include testing complete populallong of certain transactions and balances, possibly using data auditing techniques. However. it typically Involves selecting a limited number of items for testing, rather than testing complete popul8llons. We will often seek lo tsrgel particular items for testing based on their slze or risk characteristics. In other cases. we wll use audit sampliNJ to enable us lo draw a conclusion about the population from whlch the sample is selected. Irregularities, In¢￿dIng fraud, ar8 InStan￿S of non4ompliance vJith laws and regLdalions. We design procedures in line with our responsibilities. outlined above. lo delecl material mis5tatemenls in respect of irregularities. includin9 fraud. The extent lo which our procedures are capable of deteding irregularities, indudiro fraud. is detailed below. Based on OUT understanding of the company and industry. we identif￿d th81 th8 prinupal risks of non- compliance with laws and regulation5 related lo compliance with Part 8 of the Charitiès Act 2011. and we onsidered the extent lo which nonvcompli8nce might have a material effect on the financol statements. We also considered those laws and regulations that h8ve a direct impact on the financial slal8ments such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent Independent auditor's report to the members of The Fidelis Foundation manipulation of Ihe financial stslements (including the risk of overrKle of controls). and deterniined that the pnncipal risks were related lo ¥Jse of income (x assets of the charitabl8 company for activities that dp not support the objects of the charitable company. ALhJit Pr￿edureS p8rformed h)cluded.' Discussions ￿th management and company slaff. inclui*n9 consideration of krt0￿ or Suspected instances of n¢JnllcompIk￿ce wth laws and regulatic￿$ and fro￿J. Reading rdev8nl minutes of meetings held during the year, including tl¥)se of tha Trustaes: De&gning authl procedures to incorporale unpredKtsbih'ty w)und the nature. timing ond extent of our testing- Testing the approprlateneys of loumal entries itJèntified based ¢M our fraud risk crlterla. There are inherenl limit81ions in the audit Pr￿edureS described 8bove. We are less Ilkely lo become a¥Yare of instances of non-compliance wlh laws and regulations that ore not elosely related to 8vents and transactions refleded n Ihe finar￿la1 statements. Also. the risk of r￿¢ dat￿ting a material misstslement due lo traud is high8r than the risk of not detecting ￿sUltIng from error. as fraud may invofve deli￿rate Conce￿Ment by. for example, f￿ery or intentional misrepresentations, or Ihrough collusK￿. A fiJrther de3criplitin of our responslbilitie8 for the audit of tho ftnancial slalem8nts is localod on the FRC'S website at.. ￿YW.frc.org.ukjaUditOfsr$$Pon$ibl1Tr1les. This description forms part of our auditors, report. Use of our r•port This report is made solety to the charitablg company's members, a8 8 body. in ¥C￿rdanCe wlh Chapter 3 of Part 16 of th8 CoMpan￿S Act 20￿. Our audit work has been uftdert8ken so that might state to the charrtable ¢c4rpany's members those matters we are required lo stale to them in a Rewt of the Au(*to and for no other purpose. To the fUl￿$t extent pemiitted by law. we do nol xcept or assume responsibilty to anyone other than the charitable company and the charitable company's members as a body. for our audit work. for i￿S report. or lor Ihe opinions w8 have fom)ed. Narges Cyroos (Senior Statutory Auditor) For and on behalf of Sleding Partners Limlled Chartered Account8nls 8nd Statutory Auditors 774-780 Wilmslow Road. Manchester M20 2DR 2110912023 The Fidelis Foundation Statement of Financial Activities for th• year endod 31 Dgcemb•r 2022 Unrestrict•d Fund5 2022 R•stri¢ted Funds 2022 Totsl Funds 2022 Total Funds 2021 Note Income Dorkations Other income 2,967,065 2,967.065 1.817,262 3,144 Total In¢om• 2.967,C65 2,967,065 1,820,406 Expondlturo Charitable activities 1,079,043 1,079,043 1,003.201 Totsl Expanditure 1.079,043 1.079,043 1,003,201 Net incom• l oxpondltur• 1,888.022 1.888.022 817.205 R•conclllatl¢n of funds Total funds brought forward 817.205 817,205 Total funds ¢arried foThvard 2,705,227 2,705.227 817,205 All of the above results are derived from continuing 8ctivilies. Therè were no other recognised gains or losses other than those stated above. The notes on pages 12 10 14 fomi part of these fina￿181 ststements. The Fidelis Foundation Balance Sheet as at 31 Decembor 2022 2022 2021 Nol& Flxad assets Investments 2,519,065 2.519.065 Current assots Debtors Cash at bank and in hand 100.000 214.334 1,042.630 314.334 1,042,630 Creditors.. 8mounls fallir¥J due wthin one year (128.1721 1225,425} Net ¢urr•nt agsets 186.162 817,205 Net ass•ts 2,705,227 817,205 Thg funds of the charlty unreStr￿ted funds.. 2,705.227 817.205 Totsi funds 2,705,227 817,205 These financial statements have been wepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financi81 statements were approved by the Board of Trustees on 12 September 2023 and were signed on its behalf by. Richard Brindle Trustee 10 The Fidelis Foundation Statement of Cash Flows for the period from Incorporation on S October 2020 10 31 D0￿mb•r 2022 2022 2021 Net incomel(expendllureJ for the reporting penod (as per the Statem$nl of Financial Acdvities) 1.888.022 817,205 Adjustm•nts for: Depre¢iats'on charges {Increaselldecrease in debtors Incre8selldÈcre8sel in creditors 1100.0001 {97.2531 225,425 Ngt ¢ash provided by Iu59d Inl operatlng athltios 1,&aO.769 1.042.630 Cash flows from investing actlvltl•s Donation received of fixed asset investments 12.519,0651 Net Cash provlded by (u$•d inl Investlng actlvltles {2,519,0651 Net SKreasel{docroasol In cash and cash •quivalenl$ (828,296} 1,042.630 Cash and cash equlval•nts at beglnnlng of pgrlod 1,042,630 Cash and cash •quival•nts at end of p•riod 214.334 1,042.630 The Fidelis Foundation Notes to the accounts for the period from incorporation on 5 October 2020 to 31 December 2022 1 Principal accounting policies The principal accounting policies adopted In the preparatK)n of the financi81 statements are set out below. la} Ba$l$ of accounting The financial statements have been prepared in accordance with Accounting and Reporting ty Charities.. Slatsmenl of Recommended Practice 8ppli¢able to charities preparing their accounts in accordènee wlh the Financial ReF*)rting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 20191- ICharllSes SORP IFRS 1021), th8 Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 102) and the Companies Act 2006. The Fidelis Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are ini118lly recognised al hlslorlcal cost or transaction value un18ss olherwls8 stsled in the relevant accounting policy note(s). (b} Fund accounting (i} Unrestricted funds are available for use at thg discTelion of the trustees in furtherance of the general objectives of the charity. {iil Reslricled funds are subject lo specific conditions imposed by the donor as to how Ihey may be used. To dale the charity has received any restricted funding. {¢) Income Income is recognised and included in the statement of financial 8clivilies ￿en the charity is entitled to the income and the amount can be quantsf18d wilh reasonable accuracy. The following specrfic poliryes are applied to particular calewries of income. {il Donations are received by way of grants. donations and gifts and lh8 income is included in full in the Slalement of Financial Aclivities when receivable. Grants receivable are recognised when the charity becomes unconditionally enliued to the grant. lill Donated Services and facilities (gifts in kind} are only included in the SOFA Iwlh an equivalent amount in resour￿5 expended) ￿ere the benefil lo the charty is reaSI￿ab quantifjable. measurable and material. The value placed on thesè resources is the e$limated value lo the charity of the service or facility received.11 is not possible lo reliably measure the value of donated administrabve services supplied by the Fidelis Insurance Group. (iiil The value of ServK￿ promded by volunteers ha8 not been included as income in those aC￿unts. livl Inveslwnent income is inclLKJed when receivable. (dl Ex￿ndIture Expenditure is recognised on an accruals basis as a liability is Incurred. and indudes any VAT which cannot be fully recoveTed. lil Expenditure on charitable activities comprises expenditure related to the direct furthgr4nce of the ehariils objectives. Grants payable are included under charitable expendi(ure when the Board has formally committed the FoundatK)n to a gr8nl. Where costs cannot be direcuy attributed, they hav8 been allocated lo actiwties on a basis consistent with the use of resources. lill Support costs relate to those fUnCti￿S that assist the work of the chanty bul do not direc undertake charitable actiwties. Support costs include include primarily finance and adminislr8tion costs. These costs have been allocated on a basis ¢onsistenl with Ihe use of resources. lili} The value of services pro￿de 75,000 50,000 58,345 1,045,650 986,667 All grants made were to institutions. Ihe Foundatbn does Tr)t mak& grants lo IndSMduals. All grants were given as unrestricted funding. 14 The Fidelis Foundation Notes to the accounts for the period from incorporation on 5 October 2020 to 31 December 2022 5 Investments: unlisted securltles 2022 2021 Shares in FIHL Shares in FMGU 2.386,312 132,753 2,519,065 On 1 December 2022 the Fbyelis Insurance Group gifted the charlty 8 number of w8rr8nts forthe purchase of common share5 in Fidelis Insurance Holdings Limited (FIHL). In December 2022 these Yrdrranls were converted lo 142,221 common shares in Fidelis Inswance Holdings Limited {FIHL) 8nd 7,912 shares in Fideli5 Managing General U￿erWrIter {FMGUI.The shares are not publicly traded but can be sold in accordance wth the bye-laws of the companSes. On 3 January 2023 the charity sdd 70,215 of the sharE5 in FIHL aTid all 7,912 of tts sha￿S in FGMU for a total of USD 1,178,130 at 16.78 ￿r share. The s81e price of 16.78 achleved on 3 January 2023 has been use(1 to V81ue the enllre share￿IdIng at 31 December 2022. 6 Debtors 2022 2021 CDntribulion debtors 1￿.000 100,000 7 Creditors 2022 2021 Trade creditors Grant creditors Accruals 5.388 118.052 4,732 12.140 209,222 4,063 128.172 225,425 15 The Fidelis Foundation Notes to the accounts for the period from incorporation on 5 October 2020 to 31 December 2022 8 Movements in funds The Charities income during the year conslsled entrdy of unre51rictsd funds. At1Jan 2022 At 31 Dec 2022 Income Expendltur• Total unrostrlctod funds 2,967,065 11,079,043) 1,888.022 TOTAL FUNDS 2.967,065 11,079.0431 1,888,022 l of the Income received by the charity during the year was unrestricted income. At50ct 2020 At 31 D9¢ 2021 Incom• Expenditure Ti>tsl unr•8trict•d funds 1.888.022 1,888,022 TOTAL FUNDS 1A88,022 1,888.022 9 Staff Costs The charity did not incur staff costs during the peric4J {2021, Snill- The key management personnel of the charity comprise the trustees. No remuneration was paid to the Trustees. 10 Trustee remuneration and expenses None of the Trustees received any remuneration for their servkes as tnjstees during the period, and no trustee expenses were r&imbursed. 11 Taxation The charity is exempt from corporation tax as 811 its income is ch8ritsble and Is applled for Gharilablg PLtrposes. 16