The Abstract Foundation Annual Re nd Financial State For the year ended 30Eh March 2024 Registered Charity Number: 1196234 The Abstract Foundation111962341 Le al and Administrative Information Trustees Mr M L Glatman Mrss Mile5 Mrsj L Ropner Charlty Number 1196234 Principal Address I O Rose and Crown Yard King Street London SW1Y 6RE Auditor Xeinadin Audr( Llmited Oak House Market Place Bedale North Yorkshire DL81AQ Bankers Coutts & Co St Martins Office 440 strand London WC2R OQS Year Ended 30th March 2024 The Abstract Foundation111%2341 Contents Trustees, Annual Report Statement of Trusteeg Responsibilities IndependentAuditorfs Report Statement of Financial Attivities 10 Balance Sheet Statement of Cash Flows 12 Notes to the Flnancial Statements 1>18 Year Ended 30th March 2024 The Abstract Foundation111962341 Trustees, Annual Re ort For the period 31SI March 2023 to 30tb March 2024 The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitys constitution, the Charities Act 2011 and 'Accounting and Reporting by Charities: Staternent of Recommended Practice applicable to charltles preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effettive 1 January 2019). Objectives and Activities The Foundation aims to improve the lives of young people aged O to 30 in the UK in a significant and lasting way. We achieve this by bringing together donors so we can provide funding to support the work of outstsnding organisations. The objects of the CIO are to advance such charitable purposes (according to the law of England and Wales) as the trustees see frt from time to time. in particular. but not limited to: Advancing the education {including social and ph￿Ical training) of young people for the public benefrt, in such ways as the charty trustees think fit in partiojlar. but not exclusivety. by providing grants to individuals in need andlor organisations that support such people,. and Advancing in life and relieving the needs of young people. in such ways as the charty trustees think fiL in particular. but not exclusively. by providing grants to support activlties whlch develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individual The trustees have had regard to the Charity Commission guldance on public benefit. Grant Making We have carried out our objetts by proNidin8 both unrestrirted and restricted grants to organisations who work with and supportyoung people. The Foundation has a Grant Making Policy which outlines the principle5. criteria. and processes which we apply when awarding grants. Improving young peopl¥s access to career development and training opportunities. including apprenticeships. which will help them to improve their life chances find employment or start a business: Improwng young people's physical. mental or emotional wellbein Improving young people's skills. capacitses and capabilities to enable them to participate in society as independenl mature and responsible individuals". Supporting young people who are experiencing or at risk of homelessness. to rnnt Makln We want to apply best prartice in our grant making and we endeavor to be as supportive and flexible as possible for our grantees. Where possible, the grants we make are unrestricted. or onty lishty restricted {e.g. requiring them to be spent within a specific timeframel. We have regular contart with our grantees and request annual reports from them about the attivities and outcomes vthich we have supported. If we award an unrestricted gran¢ we look at the overall activities and results of the organisations we have funded. We use our network of donors and contacts to provide grantees With additional support and resources. Year Ended ￿ March 2024 The Abstrart Foundation111962341- Tru5tee5'Annual Report Achievements and Performance Educat. Netherhall School - £500.000 over 4.5 years (2022-2026) We continued our multi-year funding agreementwith Netherhall School in Cambridge, to deliver two core programmes, and we are incredibly pleased with the progress made with both of these. I ntegrate- creatingand delivering a free programme of supportand informatlon forfamilles throughout a 5tudenVs educational life, via onllne content and in-person events. The projett ha5 continued to be a great success with sustained interest from parents across a broad range of topics. The school are 50 confident in the success and importance of this provision that they are making plans to set up an independent charity to ensure the work can continue and expand beyond the end of our funding agreement. I nnovate creating and delivering a distintt pathway. tailored towards students who experience barriers to engagement with traditional curriculums. This project has also continued to be a great success, with engagement and behaviour improving for nearly all students. We. and the school. are confident thatthis programrne will help young people to find employment, improve their life chances and develop the skills they need to participate in, and contribute to, society. The Outdoor Gulde Foundatlon - £5.11XI for 170 $ets of waterproots and wellles We made a small grant of £5.100 to The Outdoor Guide Foundation to provide 10 sets of waterproofs and wellies to 17 state primary schools in Cambridge {170 sets in totall. A third of families whose children attend state primary schools live below the poverty line, and this often means they cant afford to buy wellles and waterproofs for their children. We believe. and research shows. thatjust being outside.whether learningor playing has huge benefits for children. These basic sets will ensure that all children have the opportunlty to get outside. explore, learn, and enjoy nature. Youth Homelessne In February 2023 Ilast financial yearl we awarded the following grants: Rush House- £250,O¢JO of unrestricted funding over 3 years, to be spentwithin 5 years. Safe and Sound Homes - £150,000 of unrestrirted fijnding to be spent within 3 years. New Horizon Youth Centre - £100,000 of unrestricted funding to be spent within 3 years. This year we awarded a grant of £500.000 to Park Lodge Projert to fund their Employed and Supported Projert. We have had regular contatt with grantees over the course of the year. and we are thrilled with the impact our grants are having on improving the lives of young people. Park Lodge ProJert- £500.000 for thelr Employed and Supported Project The grant will be used to buy and furnish a 5-6 bedroom house. which will accommodate young people who are ready to start work, but who aren't ready to live independently. The aim of the projert is to ensure young people can transition to. and sustain. long-term employment and independence. Thiswill be transformationalfor manyyoung people and will free up space withln Park Lodge's main service for those who are in greater need of high-level support. by allowing people who are readyto move on. to do so. They have had an offer accepted on a suitable propety and we are hopeful that the sale wlll be completed by the end of the summer. Year Ended 30th March 2024 The Abstraa Foundation111962341- Trustee¥ Annual Rep)rt Rush House- £250,000 of unrestrlrted funding over 3 years. to be spent wlthln 5 years The grant has allowed Rush House to hire a Life Skills Manager to improve the supportyoung people receive, and a Business Development Manager to help them expand their property portfolio so they can support more young people. They finalised a new portal to dellver their pre-tenancy trainin& and this was successfulty completed by 105 young people. They also expanded and updated their AQA offering and in the last year they have awarded 216 AQA certfficates to 48 different young people. The grant has allowed them to expand the activities they provide to help young people improve their confidence. social skills. and wellbeing. A few highlights of the last year include regular cookln& walking and Journaling sessions. vistts to place5 and events including Museum of the Moon and Doncastef Pride. and. an 8 week self-defence course. They have secured a contratt with the local authority for a new property with 5 x 1-bedroom flats and a communal area where they can bring young people together. The grant helped them to purchase fvrnlture. white goods. inventory. and soft fumishings so the flats are fulty equipped. welcoming and homety. Safe and Sound Homes ISASH)- £150,000 of unrestrlcted fundlng to be spent wlthin 3 years Thisyear, SASH has promded 13.291 bed nights to 130 uniqueyoung people: thi5 include5 59 young people v4ho were provided with emergency accommodation and 53 who were provided with longer-term accommodation (18 young people used both services). The grant has allowed them to invest significant time in improving and expanding thelr enhanced support programme which will enable young people to access more personalised support and guidance. As part of this proce55. they have stsrted work on an app which wlll allow young people to book appointments with their Placement Coordinator. as well as to view and book counselling services. life skills modules and other activities. They also conducted an analysis of host data to identsfy the areas where they rnost needed new hosts. this data was then used to develop targeted recruitment campaigns. New Horizon Youth Centre- £100,000 of unrestrlrted funding to be spent wlthln 3 years Over the last year. 1.199 young people engaged W￿th New Horizon's services. They supported 236 young people into emergency accommodation, 169 into long term accommodation and 111 into education and employment opportunities. They also delNered their Lifeskills programme to 317young people. They increased the number of days the centre is open from 4 to 5. and invested significant resources in running a more personalised semce. for example byprowdin8 closed Spaces for speciallst provlsion, such as a young women's space on a Wednesday afternoon. They have made significant progress on their campaign for the govemment to adopt a cross- departmental strategy ro end youth homelessness. The pledge has been slgned by over 105 organisations and has been featured in several high-profile media outlets. Financial Revlew Income for the year was £329.87012023: £1.3 million). This include5 £5.1 IXI12023: £640,000) received from Abstratt Securities ￿rnited IASL). and £250.0(M) (2023: £630.000) from other indtvidual and corporate donors. Our overhead costs V￿re £15.27112023: £20.580). all of which were covered byan unrestrirted donation received from ASL. We made grants totslling £5.100 (2023.. £534.0001. with further £500.OIJO12023: £466.0001 committed in multi-year fundins agreements. ASL Is committed to providing unrestritted funds to cover all our overheads costs. This means that 100% of donations received from other donors. and 100% of restritted funds received from ASL. go to grant reapients. Year Ended March 2024 The Abstract Foundation11196234)- Trusteeg Annual Repon Risk Management The trustees have considered the major risks to which the Charity is exposed. and they have policie5. systems and procedures in place to mitigate them. Our principal operational risk is the extent to which the grants we award succeed in furthering our charitable objects. We manage this risk by condutting extensive due diligence and research into organisations before we award them with fundin& and, where necessary, seeking advice from people and organisations with relevant expertise. Fundraising The Foundation did not use online fundraislng plarforms and did not engage professional fijndraisers or other commercial organisations to fundraise on its behalf. Donations were generated from organisations and individuals with dirert contact with the trustees. Reserves At 30th March 2024. the Foundation held a total of £118.446 in funds (2023: £308.947), of this £111.716 is restritted 12023: £287.500). and £6.730 is unrestrirted 12023: £21.447). Given that The Abstratt Foundation is a newly established CIO. which has been set up as a demonstration of the commitment of our main corporate funder (Abstract Securities Limited) to our charitable objects. the trustees have decided there is a relatively low risk of losing funding in the near future and therefore only a low level of reserves is needed. Our aim is to maintain approximatety 3 monthg worth of running costs as unrestricted reserves (2 £10.000). Our agreement with ASL requires them to provide us with 3 month< notice to end our partnership." we therefore believe this will provide us with sufficient fvnds to ensure support and governance costs are covered whilst we secure alternative funding andlor fulfil any existing obligations. Plans For Future Periods The next round of grants will be awarded at the end of 2024. and the trustees alm to award at least £1.5 million in fundin& In order to achieve this. the trustees will urbdertake another. larger. round of fundraising from indiwdual and corporate donors. We will also seek to partner with other charitable foundation5 to provide match fundin& We have identified the impatt of social media and the intemet on young people's mental health as our main funding theme for 2024. We have begun the process of conducting our own research to identify potential recipients and are confident that we will find excellent organisations to support. Structure. Governance and Management Go The charity is governed by Its Constttution dated 21.10.2021. and constitutes a Charitable Incorporated Or8ani5ation (foundation strutturel. ointment o Trustees The governing document provides for a Board of Trusrees which consists of up to seven persons. Trustees are appointed for a term of three years by a resolution passed at a properly convened Meeting of the charity trustees. In selecting indr¥iduals for appointment as charity trustees. the charity trustees have regard to the Skills. knowledge and experience needed for the effectNe admlnistration of the CIO. Year Endetl 30th March 2024 Theknact Foundaikn11l96234)-Tn￿•e¢knuaI ReP￿t New trustees receruean induttion to pr￿letha￿ with relevant backgrwnd inforn￿n and inform them of their obligation5 under d￿rity W. During thls indutt10￿ they are provided wlth a copy of the con5tltutk)n. a COFry of the latest TnLSteegAnnual Report WKI Strtement ofAccounts. and a copy of the Policy and Govemance Handbook Tritstees are encwrw to attend relevant external tralnlng events. anisotionol S The Board of Tnjstees Is resporslble for (Nerall g0ven￿nCe of the charty and meets regularly throughouttheyear. Aconsutsnt Ls en8aged to asslstthe trustees ￿ the da￿t(>daY operafjons of the Foundati￿. Abstract Securltles Limited (Company No103949￿) rs a keydonortoTheAbstract Foundatlon. Mark Glatman is a director and pers[￿ wlth slgnffic•tt controL and Stephanle Mlles 15 a director. There ts a dear Memorandum of Understandingwhkh provldesa frameworkfor the relatiorrship.The Parties acknowledge and agree that where any trustee of the Foundatlon is at50 a dlrector or employee of Abstrart Securlties Umlts¢ thattrustee shall ensu￿ thattheJw•old any conflicts of Interest and att in good faith for the Foundatlon and its benefidarl Further detslls of rdated patytransactions can be found In note 13 to the accounts. Rewstered Charlty Number- 11%234 PrlndpalAddress- 10 Rose and Crtrlm Yard. lfjng StreeL London. g*Y1Y 6RE Mr M L Glatrnan Mrs S Miles Mr5 J L Ropner on behalf of the Board of Trustee5 of The Abstrdtt Fmdat CholrolTrus Date.. 14Th AUGU￿ 2024 Year Ended 3(￿ Marth 2024 The Abstrart Foundation111962341 Statement of Trustees, Res onsibilities For the period ended 30th March 2024 The trustee5 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 Pratticei. The law applicable to charities in England and Wales requlres the trustees to prepare financial statements for each financial year which grve a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then appty them consistentl observe the methods and principles in the Charities SORP- makejudgements and estimates that are reasonable and pruden¢ state whether applicable accounting standards have been followed. subjert to any material departures disclosed and explained in the finanoal staternents; and prepare the financial statements on the going concern basis unless tt is inappropriate to presume that the charity will continue in operation. The trusrees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charty and enable them to ensure that the financial statements comply wtth the Charities Att 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. Thtyare also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detettion of fraud and other irregularities. Year Ended 30th March 2024 Inde endent Auditor's Re ort To the Trustees of The Abstract Foundation We have audited the financial statements of The Absrract Foundation (the 'charity) for the year ended 30 March 2024 which comprise the statement of financial actiwties. the balance sheet the statement of cash flows and notes to the flnanclal statements. induding significant accounting policies. The flnanclal reportlng frarneV￿rk that has been applied In their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Srandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charltys affairs as at 30 March 2024 and of its incomln8 resources and applicatlon of resources, for the year then ended,. have been properly prepared In accordance with United Kingdom Generally Accepted Accountln8 Pracrice; and have been prepared in accordance with the requirements of the Charities Act 2011. We conducted our audit In accordance wlth Internatlonal Standards on Auditlng IUKI IISAS (UKI} and applicable law. Our responsibilities under those standards are further descrlbed the Auditoff5 responsibilitles for the audlt of the flnancial statements sealon of our report. We are independent of the charity in accordance wlth the ethical requirements that are relevant to our audit of the flnanclal ststements In the UK, Includln8 the FRCS Ethlcal Standard, and we have fulfilled our other eihical responslbilitles In accordance with these requirements. We believe that the audlt evidence we have obtalned Is sufficient and approprlate to provlde a basis for our opinion. In auditing the financial statements, vft have concluded that the trustees. use of the 80ing concern basls of accounting in the preparatlon of the flnancial statements is approprlate. Based on the work ¥¥e have performed. we have not IdentSfled any marerial uncertainties relatlng to events or conditlons that Individually or colleaivety. may cast s18nlflcant doubt on the charitys ablllty to contlnue as a going concem for a period of at least twelve months from when the financial statements are authorlsed for issue. Our responsibilities and the responslbilities of the trustees Twith respect to 80in8 concem are descrlbed In the relevant sections of this report. The other information comprise5 the infomation included in the annual reporr other rhan the financial staternents and our auditor's report thereon. The irustees are responslble for the other information contained within rhe annual report. Our opinion on the financial staiements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responslbllity Is to read the other informatlon and. in doing so, consider whether the other infonnation is marerlalty Inconslstent with the financial statements or our knowledge obtained in the course of the audi¢ or otherwise appears to be materialty missrated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gples rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we condude that there is a materlal mlsstarement of this other Information. we are required to report that facL We have nothin8 to report in this regard. Year Ended 3￿ March 2024 Independent Auditors Report to The Tn￿lee5 of The *bstratt Foundation111962341 We have nothing to report in respect of the following maners in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you rf. in our opinion: the information gbven in the financial sratements Is Inconsistent in any material re5pett with the trustees. report or sufficlent accounting records hw4e not been kepc or the financial statements are not in agreement with the accounting records,. or have not receNed all the information and explanatlons we require for our audit. As explained more fully in the statemenr of trustees. responsibilities the trustee5 are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such Internal control as the trustees determine is necessary to enable the preparation of financlal statements that are free from materlal misstatemenL whether due to fraud or error. In preparlng the flnanclal statements, the trustees are responsible for assessing the charitys ability to continue as a golng concem, dlsclosin& as applicable. marrers related to 80ing concern and using the going concern basis of accountin8 unless the trustees elther Intend to cease operations. or have no realistic alternatlve but to do We have been appolnted as audStor under section 144 of the Charities Act 2011 and report in accordance wl(h the Act and relevant regulation5 made or havln8 effett thereunder. Our objettlves are to obtaln reasonable assurance at)out ¥*hether the financlal statements as a whole are free from materlal mlsstarement. whether due to fraud or error. and to Issue an audlto¢s report that Includes our oplnlon. Reasonable assurance Is a hlgh level of assurance but Ss not a guaranree that an audit conducted In accordance with ISAS (UK) wlll always detect a material misstaiement when It exlsts. Mlsstatements can arise from fraud or error and are considered material If. Indlwdually or in the aggregate. they could reasonabty be expected to Influence the economlc dedsions of users tsken on the basls of these financlal statemenrs. The extent to whlch our procedures are capable of detecting irregularities, includlng fraud. Is detalled below. Our approach to Identlfylng and assessing the rlsks of materlal mlsstatement Sn respect of Irregularltles. includin8 fraud and nonO 514,507 10,514 S00,LK4) 510,514 Toul Charltabl• Exp•ndltur• 14,971 505,400 520,371 17,189 1,000,000 1,017.189 TOTAL EXPENDITURE 14.971 505.400 520.371 20,580 1,000,000 1,020.580 Net Incom•lMov•m•nt In Funds (14,7171 117S.7841 1190.5011 21.447 287.500 308.947 Total Funds Brought Forward 21,447 287,500 308.947 Total Funds Carrled Forward 6,730 118.446 21,447 287.500 308.947 The statement of financlal attivitie5 include5 all galns and losses recognised in the period. All income and expendlture derive from contlnuing activitles. Year Ended 30th March 2024 The thtract Four#laii(n11196234)- Ana￿￿1 siatÈm As at 30 Marth 2024 2024 Fund5 Funds CURRE1ITASSE￿. Debtors 3A35 5&980 Cash at bank and In hand 985.986 721.042 Credltwx amounts falling due wlthln one y (770.975) 1188.0751 21&446 591.947 Cr￿1¢•r% amounts lalllngaftu more than oneyear io (11J).000) 1283.0001 NET ASSETh" In¢omeFund Re5tr1cted furm 11 111,716 Unrestrkted fund& 6,730 21.447 TOTAL FUNDS: The finarKlal Statements were appr¢Ned the Board of Trustees on 14thAw& 2024 and were signed on its behalfty. Chalrof T The notes part of these financial statement& Year Ended 30th Marth 2024 11 The Abstract Foundation111962341- Financial Statements Cash Flows For the period ended 30" March 2024 Notes 2024 2023 Cash flows from operating activltle>. Cash generated fromllabsorbed by) operations 14 251674 719,015 Investment actlvltles: Investment income recelved 11270 2,027 Net cash generated froml(used In) Invertlng actfvltles 12,270 2,027 Net cash used In flnanclng actmtles Net Increase In cash and cash equlvalents 264,944 721,042 Cash and cash equlvalents at beglnnlng of period 721,042 CASH AND CASH EQUIVALENTS AT END OF PERIOD 985.986 721,042 Year Ended 30th March 2024 12 The Abstract Foundation111962341 Notes to The Financial Statements l. Accounting Policies The Abstratt Foundation is a charitable incorporated organisation estsblished by a constitution and registered with the Charty Commission. The principal place of business is 10 Rose and Crown Yard, Klng Street London. SW1Y 6RE. .IRe ortln The charlty accounts cover the period from 31 March 2023 to 30 March 2024. 1.2 Accountin Convention The financial statements have been prepared in accordance with the charitys constitution. the Charities Act 2011, FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" fFRS 102.) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charlties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" leffettive 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial ststements have departed from the Charities (Accounts and Reports) Regulations 21x18 only to the extent required to provide a true and fair view. This departure has invofved following the Statement of Recommended Practice for charlties applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in 5terlin& which 15 the funrtional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policles adopted are set out below. Goln nc rn At the time of approving the financlal statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and are not aware of any materlal uncertainty about the Foundation's ability to continue. Thus the trustees continue to adopt the going concern basis of accountlng In preparing the financlal statements. 1.4 Chorltoble Funds Unrestricted funds are available for use at the dlscretion of the trustees in furtherance of their charitable objerttves. Restrlcted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restrlcted funds are set out in the notes to the financial statements. 1.5 Income Income is recognlsed when the charity is legally entitled to it after any performance conditions have been mel 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 Year Ended 30th March 2024 13 The Abstraa Foundation111962341- Notes to the F￿an(la1 Statement5 recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time ofthe donation. 1.6 Ex enditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlemenL and the amount of the obligation can be measured reliabty. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs. involved in undertaking each activlty. Direct costs attributable to a single actiwty are allocated dirertty to that artivity. Shared costs which contribute to more than one activwty. and support costs which are not attributable to a single artNty. are apportioned between those activities on a basis consistent with the use of resources. 1.7 Cosh and Cosh E ulvale Cash and cash equivalents include cash in hand, deposits held atcall wtth banks. and other short-tem Ilquid investments wtth original maturities of three months or less. Financlal Instruments The charity has eletted to applythe provisions of Sertion 11 'Basic Financial Instruments, and Settion 12'0ther Financial Instruments Issue¥ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitys balance sheet when the charity becomes party to the contractual provisions of the instrumenL Financial assets and Ilabilities are offseL with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liabilty simultaneousty. Basic financial assets Basic financial assets. vthich include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are Subsequent￿ carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised. Baslc flnanclal Ilabllltles Basic financial liabilities. including creditors are initially recognised at tran5artion price. Financial liabilities classified as payable within one year are not amortised. Year Ended 3t￿ March 2024 14 The Abstract Foundaiion111962341- Notes to the Fina￿101 Statements Z Charltable Activities Grant Support Funding Costs 2024 2024 Grant Fundlng 2023 Support Costs 2023 Total 2024 Total 2023 Education 5.100 764 5.864 soo.0 6,675 506.675 Youth Homelessness 500.000 14,507 514,507 500,0 10,514 510,S14 TOTAL 505.100 15.271 520.371 1.000.000 17.189 1.017.189 Anatysls by fund Unrestricted Funds 14.971 14.971 17.189 17.189 Restrlcted Funds 505.100 300 505,400 1,000,O¢yJ i.￿0.000 TOTAL 505.100 15.271 520.371 1.000.01)O 17.189 1.017,189 3. Grants Payable The charity made the followlng material grants to Instltutlons. 2024 2023 Recl lent The Outdoor Gulde Foundation Educatlon 5,100 Netherhall School Educatlon 500,000 Park Lodge Project Youth Homelessness 500.000 New Horlzon Youth Centre Youth Homelessness 100,000 Rush House Llmlted Youth Homelessness 250,000 Safe and Sound Homes Youth Homelessness 150,000 TOTAL 505.100 1.000.000 The value of 8rants to Indiwduals was £0 (2023: £0). Further Infonnatlon Is provlded on pages 2-3 of the Trustees. Annual Report. Support Costs 2024 2023 Insurance 938 Consultancy 9.793 11.806 Bank Charges 616 245 Governance 4,200 Professional Fees 300 TOTAL 15.271 17.189 Governance costs includes payments to the auditors of £3.600 for audit fees {2023: £3,000). Year Ended 30th March 2024 The Abstract Foundation {11962341- Notes to the Anancial StatemeNs S. Trustee Renumeratlon and Benefrts None of the trustees lor any persons cOnne￿d with them) received any remuneration or benefits from the charity during the period. & Employees The average monthly number of employees during the period was 012023: 0). 7. Taxation The charity Is exempt from tax on income and galns falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Galns Act 1992 to the extent that these are applied to its charitable objects. 8. Debtors 2024 2023 Amounts fjlllng due wlthln one year. Interest Receivable 3.435 1,480 Glft Ald Recefvable 57,500 TOTAL 3.435 58,980 9. Credltors (amounts falllng due wlthin one year) 2024 2023 Amounts falllng due YAthln one year. Grants Payable Accruals and Deferred Income 766.000 183,0 4.975 5.075 TOTAL 770.975 188.075 Grants payable Includes £100,000 committed to Netherhall School12023: £100,000). £166.000 commlrted to Rush House Llmlted 12023: £83,000) and £SOO.000 committed to Park Lodge Project (2023: £0}. The commltments wlll be funded from donations already recei¥*d. 10.Creditors (amounts falllng after more than one year) 2024 2023 Amounts fallln8 due after more than one year. Grants Payable loo.000 283,000 TOTAL 100.000 Grants payable includes £100.000 committed to Netherhall School 12023- £200.000). payable in a final instalment 2025. The commitment ￿11 be funded from donations already received. Year Ended ￿ March 2024 16 The Abstract Foundaiion111962341- Notes to the financial Sratemen 11. Restricted Funds The Income funds of the charity indude restrlaed funds comprising the following unexpended balances of donations and grants held on trust for specific purpose Year Ended 30th Morch 2024 openlng Incomlng Funds Rosources Resources Expended C105ing Funds Education 8,715 Is,1 001 3.615 Youth Homelessness 287.500 320.901 {500,300) 108.101 TOTAL 287.500 317.600 (505.400) Year Ended 30th March 2023 Openlng Funds Incomlng Resources Resources Expended C1051n8 Funds Education 500.000 1500.0001 Youth Homelessness 787.500 (5O).0001 287,500 TOTAL 1287.500 11,000.000) 287.51)0 IZ Analysls of Net Assets Between Funds Unrestrkted Funds Restrlrted Funds Total Fund bolonces at 30 Alorch 2024 are represented ty. Current Assetsl(Liabilitiesl 6.730 211.716 218,446 Lon8 Term Liabilitles {1￿).000} 1100,0001 TOTAL 6.730 111.716 118.446 Unrestricted Funds Restrlrted Funds Total Fund bolonces ot 30 Morch 2023 **re represented ty. Current Assetsl(Liabilities) 21.447 570,500 591.947 Long Term Liabilities (283,000) (283.0001 TOTAL 21.447 287.500 308.947 13. Related Party Transactions Year Ended 30th March 2024 17 The Abstract Foundatlon111962341- Notes to the Fmancial StarementS During the year the Foundation received donations of £5.100 from Abstract Securities Limited (2023: £640.0001. a company in vthich Mark Glatman is a director and a person V￿th significant control and Stephanie Miles is a director. Further information is provided in the Trustee5' Report. 14Cash Generated from Operations 2024 2023 Surplus I (Deficit) for the Year 1190,5011 308,947 Adjustments for. Investment Income Recognised Sn Statement of Financial Actiwties 1112701 110271 Movements In Worklng Caplt•l: Ilncreasel l Decrease in Debtors 55.545 {58,9801 Increase I (Decrease) In Creditors 399.900 471,075 CASH GENERATED FROM I (ABSORBED BYI OPERATIONS 251674 719,015 15. Analysis of Changes In Net Funds l (Debt) The charlty had no debt durin8 the year. Year Ended 30tr* March 2024 18