Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
Charity number.. 1196957
TRUSTEES, REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
AEONIAN FOUNDATION
MENZIES
BRIGHTER THINKING

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
CONTENTS
Page
Reference and administrative detail8 of the Charity, its Trustees and advisers
Trustees. report
Independent auditors. report on the financial statements
Statement of financial activities
10
Balance shaat
11
ststement of cash flows
12
Notes to the financial statements
13-22

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS
TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2023
Trustees
Andrew Pegg
Michelle Roberts
Myriam White
Jeremy Hawkey
Charity registered number 1196957
Reglstered offlce
Menzies LLP
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 46P
Independent auditors
Menzies LLP
Chartered Accountsnts
M8gn8 House
18-32 London Road
Staines-Upon-Tharnes
TW18 48P
Bankers
HSBC PLC
8 Cork Street
London
W1S3LJ
Solicitors
BDB Pitmans LLP
One B8rtholomew Close
London
EC1A 7BL
Investment Advlsors
HSBC PLC
8 Cork Street
London
W1S3LJ
Page 1

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The TIu5tees piesent their annual report together with the audited financial staternents ol the Chaiity foi the year ended 31
December 2023. The Trustees confirm that the Annual report and financial statements of the charitable company comply
with the current statutory requirements, the requirements ol the charitable incorporated organisation's goveming document
and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in
accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective 1
January 20191.
Objectives and activities
a. Policie8 and objectives
The objeds of the CIO are such exdusively charitsble purposes as may be determined from time to time by the charity
trustees.
The Charity Trustees. current priorities are..
advancing education of disadvantaged persons by developing their mental, physical and moral capabilities through
educational services or leisure time activities..
the relief of mental or physical illness and the preservation of health arnong disadvantaged persons.,
working to prevent or relieve poverty or homelessness., and
prornoting sustainable development through the preservation, conservation and protection of the environment and
the prudent use of resouices.
The Charity's current policy is to make grants to registered charities based in the United Kingdom and wrth proven track
records in their particular areas of activity.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by
the Charity Commission relating to public benefit, induding the guidance 'Public benefrt.. running a charity IPB21'.
b. Strategies for achieving objectives
The Gharily achieves its objectives by supporting organisations selected by the Trustees and in particular by rnaking grants.
e. Grant-making poliei•s
The Trustees award grants which are most likely to further the Charity's purposes efficiently and effectively. In particular".
the Trustees allocate the available funds according to the relevance of the organisation's work to the objects and
strategic aims ol the Charity, the number of individuals likely to benefit from the organisation, the quality and value
of the benefit the organisalion is able to provide, the resources and financial health ol the organisation and the
efficiency and security ol the administrative systems and processes used by the organisalion., and
the Trustees will consider supporting smaller and less well-known organisations if the Trustees deterrnine they have
an ability to achieve real growth and deliver a meaningful and signrficant impact in furtherance of the Charity's
purposes. or org8n15alions which may be large but do not h8ve a regular funding base as the cause is perhap5 less
popul8r.
Applications from organisations 01 groups which are not registered charities may be considered at the Trustees, discretion,
where the trustees consider they can be satisfied that the grant is applied for charitable purposes.
The Trustees prefer not to receive unsolicited applications from organisations and these will only be considered in
exceptional circumstances and will support in priority the work of organisations whose work is known to them or can be
readily inspected and where they can be assured that the grant is being applied for the purposes for which it is given.
The size of grants awarded 15 entirely at the discretion of the Trustees of the Charity and there is no fixed size. The
Trustees are willing lo make grants lo support both core funding 8nd specific projects.
The Ttustees intend to develop long term stiategic relationship5 with the Chaiity's giant recipients and intend. theiefoie. to
support organisations on a multi-year basis where appropriate, in order to establish a meaningful and ongoing relationship
with the recipient.
Page 2

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Ttustee5 acknowledge they have a duty to avoid exposing the Chaiity's resouice5 and reputation to inappropriate iisk
and agree, therefore, to carry out a risk assessment as to proposed grants. As part of this, the Ttustees will cairy out
proportionate and effective due diligence, including appropriate vetting procedures (the level of which should take into
account the value of the proposed grant) including due diligenTr on the identity and background and governance
procedures of the recipient and any partners with which the recipient will work, and on the proposed use of the grant and
how this will advance the Charity's objects.
The Trustees will meet approximately four times a year to consider the award of grants. Potential grant recipients will be
required to submit a 'proposal' setting out the activities on which the grant would be used, the anticipated impact. as well as
the projected expenditure and grant funding requirements and related timescales. All grant iecipienls will be asked to
acknowledge the distribution, to comply with the reporting mechanisms and to sign any grant agreement provided by the
Trustees. The Tiustees shall receive and consider reports on grant expenditure by existing grant recipients, as required
under the grant documentation entered into with the grant recipient. A comprehensive measurement system will be put in
place to assess the impact of contributions and make adjustments with a formal annual review pro￿sS. It is expected that
the amount of funding allocated to each organisation will vary depending on their success and credible future plans but as
far as possible each will be supported on a long-term basis with only gradual adjustments to funding allocations.
Achievements and performance
a. Main achievements of the Charity
The Chaiity made grants of £1,912,512 to 5UPPOrted org8nisations during the peiiod12022.. £581,250). Uncondition81 grant
corntnitrnents at the year end were £183,067 12022". £612,540), tnaking total grants recognised In these accounts of
£2,095,57912022". 21,193,790).
A loan facility of £1.5M to a supported charrty was agreed this year, an initial amount of £1,245,964 was drawn down wvth
the balance being available until May 2026. This was to enable the supported charity to refinance an existing loan at a more
beneficial rate of interest and to provide additional finance to enable it to continue and develop its operations.
Organisations to support were carefully selected following extensive research and dialogue with the organisations. During
2023, fourteen organisalions were selected lo receive support. three operating in South Africa. five in MadagaS￿r and six in
the UK. These oig8nis8tions offer services in health. education. dis8bililies. homelessness and environment81 improvement.
Each organisation was assessed to fully understand their scale and requirements and appropriate quartedy unrestricted
lundirig grants were provided to them to enable them to build their capaaty to suctsssfLJlly deliver more projects in
subsequent years. Some speafic restricted funding was provided to support rural health improvement projects in South
Africa and Madagascar.
b. Investment policy and performance
The CIO will have the majority of its funds invested in a HSBC investment portfolio advised on by 8 professional HSBC
investment manager. Whilst these funds will typirally rise and f811 with the global stock matkels, over a long period of time
they are expected to make an above inflation rate ietuin, currenuy 8ssumed to be +2P/o. The expected late of return is
related to the risk factor decided foi the portfolio which will be reviewed frorn titne to time. The majority will initially be
invested in a general fund called a Core Multi-asset Solution ICMSI but over time a greatei proportion will be assigned to
higher risk, higher volatility, lower liquidity investments including private equity IPEI and funds specifically aligned with the
CIO'S objectives (Thematicl.
All funds will be invested into collective investment funds, not individual shares, bonds or other investments.
Funds will be selected to be ethical and sustainable, initially on the basis of avoiding unethical or non-sustainable
investments through negative screening. As the portfolio develops an increasing focus will be placed on selecting specific
elhi¢31 and sustainable investments through positive screening.
Consideration will be given to investing a pioportion of the funds into social inve5trnent lunds at a lower than maximum
possible expected retum but this will always be balanced against the opportunty cost to the CIO of lower future funds being
available for grants.
All investment decisions will be determined by the CIO'S investment committee consisting of at least fv40 trustees nominated
by the majority of trustees frorn time to time.
Page 3

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Advi￿ will always be sought fiotn piofes5ional investment advisors, initially from HSBC Private Bank. In the event that the
investment committee decide to make any investments which have not been recommended by HSBC, e.g. soaal
investments or non-HSBC approved funds, they will seek explicit majority approval from the full board of trustees.
The investment committee will report to the full board of trustees annually on investment perfom)ance and any material
changes in investment strategy, risk profile, investment advisors or fund managers.
During the period a gain of £1,996,458 was made on investments in 2023.
Financial review
No donations were received in the period to December 2023 12022." donations and tax recovered of £34,492,315).
Investment income amounted to £706,47912022." 2148,5891.
After deducting grants paid and overhead costs and accounting for investment gains the charity made a net surplus of
£344,82512022'. £33,016,011).
a. Going Goncern
After making 8ppropriale enquiries, the Trustees have a reasonable expectation that the Charity has adequate resour￿$ lo
continue In opeiation81 existence for the foreseeable future given the substantial reserves. For this reason. they continue lo
adopt the goin9 conc&m basi5 in pieparing the financial statem8nts. Further details 18g8rding the adoption of the going
concern basis can be found in the accounting policies.
b. Reserves pollcy
Total funds at the year end were £33,380,83612022.' £33,016,011) The Charity does not maintain speafic reserves but a
substantial proportion of its investment portfolio is held in liquid investrnents which can be withdrawn at short notice
1£34.875,837112022.' £26,578.1941. In addition HSBC provide a Lombard Loan facility secured on the investments held with
thern from which funds may be drawn down on demand.
The Trustees wish lo use funds lo support the chosen ch8rilies with an amount to be allotted each year.
c. Principal funding
The funding of the Charity has come from donations, which are invested to produ￿ investment income and capital growth.
Structure, govemance and management
Constitution
Aeonian Foundation is registered as 8 ¢haril8ble incoiporaled organi$81ion ICIOI and was Sel up under a constitution dated
6 December 2021.
b. M•thods of appointmènt or èlèction of Trustèas
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the tems of the
constitution.
c. Policies adopted for the induction and training of Trustees
All trustee5 register for the Institute of Chartered Accounlanls in England and Wales online trustee training course and
complete the modules which are relevant lo their role 8nd the requirements of the foundation.
d. Related party relation¥hip¥
None
Page 4

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
è. Financial risk rnanagement
The Trustees have assessed the major iisks to which the Charity is exposed, in particular those ielated to the operations
and finances of the Charity, and are satisfied that systems and procedures are in pla￿ to mitigate exposure to the major
risks.
The rnain risk considered by the Trustees is investment perf0rnan￿ and the Trustees have appointed HSBC Private
Banking to manage the investment portfolio on their behalf.
Plan8 for future periods
The chaiity intends to extend its support to approximately Fifteen organisations by the end of 2024 and provide significant
extra project grants to nine organisations it started supporting in 2022.
The budget for 2024 has been agreed by the trustees at £2.5m with the majority of the prospective projects identified and
plans being developed. All supported organisations will continue to receive appropriate levels ol unrestricted funding to
ensure they have the resources required to execute this expanded level of project work.
Statement of Trustees. responsibilities
The Trustees are responsible for preparing the Tiustees, report and the fin8nci81 statements in accordan￿ with applic3ble
law and United Kingdom Accounting Standaid5 IUnit8d Kingdotn Gen8rally Acc8Pt8d Accounting PractlC81.
Charity law requires the Trustees to piepare financial statements ft>i each financial period. Under charity law, the Trustees
must not approve the financial statements unless they are satisfied that they give a true and lair view of the state of affairs
of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that
period. In preparing these financial statements, the Trustees are required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles of the Charities SORP IFRS 1021..
make judgments and accounting estimates that are reasonable and prudent..
slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any materi81
departures disclosed and explained in the financial statements,
prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the Charity will
continue in business.
Auditors
The auditors, Menzies LLP, have indicated their willingness to continue in offi￿. The Trustees will propose a motion
reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by."
$1gNd by..
4CD3
Andrew Pegg
Chair
Date.. 24 September 2024
Page 5

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
MENZIES
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF AEONIAN
FOUNDATION
Opinion
We have audited the financial statements of Aeonian Foundation Ithe'charity'l for the year ended 31 December 2023 which
comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes,
induding a summary of significant accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The
Finanaal Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting
Practicel.
The financial statem8nts have been prepared in 8ccordance with "Accounting and Reporting by Ch8rrties pieparing th8ir
accounts In accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021" in
preferents to the 'Accounting and Reporting by Chaiities. Statements of Recommended Practice" Issued on 1 April 2005
which is referred to in the extant regulations but has been withdrawn. This has been done in order lor the financial
statements to provide a true and lair view in accordance with the Generally Accepted Accounting Practice effective for
reporting periods beginning on or after 1 January 2019.
In our opinion the financial statements..
give a tiue and fair view of the state of the Charity's affairs as at 31 Decetnber 2023 and Of its inctstning resources
and application ol resources, including its income and expenditure for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and
have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in
8cwrd8nce with the Fin8nci81 Reporting St8nd8rd applicable in the UK and Republic of Ireland IFRS 10218nd in
othei respects the requirements of the Charities Aci 2011.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our
responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial
statements section of our report. We are independent of the Charity in a￿ordanCe with the ethical requirements that are
relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical
Standard, and we have fullilled our other ethical responsibilities in accordance with these iequiiements. We
believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis foi our opinion.
Concluslons relatlng to golng concem
In auditing the financial staternents, we have concluded that the Trustees. use of the going concem basis of accounting in
the preparation ol the financial statements is appropriate.
Based on the work we have perfonned. we have not identified any materi81 uncertainties relating lo events or conditions
that. Individually or wllectively, rnay cast significant doubt on the ch8rity's 8bility to continue as a going concern for a period
of at least twelve tnonths from when the financial 5tatement5 are authorised for 185ue.
Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant
sections of this report.
Page 6

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF AEONIAN
FOUNDATION (CONTINUED)
Other infomiation
The other inforrnation comprises the infomialion included in the Annual report other than the financial statements and our
Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our
opinion on the financial ststements does not wver the olhei information and, except lo the extent olhetwise explicitly stsled
in our report, we do not express any form of assurance condu510n thereon. Our responsibility Is to read the other
infoirnation and, In doing so, consider whether the other Information Is materially Inconsistent with the financial statements
or our knowledge obtained In the couise of the audit, or othetwise appeals to be materially misstated. If we Identify such
material inconsistenaes or apparent material misstatements, we are required to determine whether this gives rise to a
material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that
there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Mattèrs on which w& ar8 rèquir•d to r•port by èxeèption
We have nothing to report in respect of the following matters where the Charities IAccounts and Reportsl
Regulations 2008 requires us to report to you il, in our opinion..
the information given in the financial staternents Is inconsislenl in any Tnalerial respect with the report of the Trustees.,
or sufficient accounting records have not been kept", or
the Charity's financial statements are not in agreement with the accounting records., or
we have not received all the information and explanations we require lor our audit.
Responsibilities of trustees
As explained more fully in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of the
rinanaal statements and for being satisfied that they give a tiue and fair view, and for such internal control as the Trustees
determine is necessary to enable the preparation ol financial statements that a￿ free from material misstatement, whether
due to fraud or error.
In preparing the finanaal statements, the Trustees are responsible for assessing the charity's ability to continue as a going
concern, disclosing, as applicable, rnatters related to going concem and using the going concern basis of accounting unless
the Trustees either intend to liquidate the charity or to ce8se operations. or have No realistic allernalive but lo do so.
Page 7

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF AEONIAN
FOUNDATION (CONTINUED)
Auditors. responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement. whether due to fraud or error. and lo issue an Auditors. report that includes ourour opinion. Reasonable
assurance is a high level of assurance. bul is not 8 gU818nlee th818n audit conducted in 8wrdanoe with ISAS IUKI will
ahfifays detect 8 material tnisstatement when it exist5. Mi5Statements can arise from fraud 01 eiroi and are considered
material if, individually 01 In the aggregate, they could iea50nably be expected to influence the economic decisions of Ljsers
taken on the basis of these financial statements.
Irregularities, induding fraud, are instances of non-cornpliance with laws and regulations. We design procedures in line with
our our responsibilities, outlined above, to detect material misstaternents in respect of irregularities, including fraud. The
extent to which our our procedures are capable of detecting irregularities, including fraud is detailed below..
The Charity is subject to laws and regulations that directly affect the financial statements including financial reporting
legislation. We determined that the following laws and regulations were most significant induding the Charities Act
2011 and the Data Protection Act 2018. We assessed the extent of compliance with these laws and regulations as part
of our prO￿dureS on the related financial statement items.
We understood how th8 Charity 15 complying with those legal 8nd regulatory frameworks by, making inquirie5 to
management, those responsible for legal and compliance procedures. We corroborated our inquiries through our
review of board minutes.
The engagement partner assessed whether the engagement tearn collectively had the appropriate competence and
capabilities lo identify or recognize non-cornpliance with laws and regulations. The assessment did not idenlrfy any
Issues In thi5 area.
W8 ass855ed th8 susceptibility of th8 financial statements to material rni55tat8tll8nt, including how fraud might occur. We
considered the opportunities and I￿￿￿tIveS that may exist wrthin the oigani5ation for fraud and identified the greatest
potential lor fraud in the following areas, posting of fraudulent journal entries, authorisation, processing, and payment of
fraudulent grant claims and timing of revenue recognition.
Audit procedures performed by the engagement team included..
Identifying and assessing the design effectiveness of controls man8gement has in place to prevent and detect fraud.,
Understsnding how those charged with governance considered and addressed the potential lor override of controls or
other inappropriate influence over the finanaal reporting process.,
Reviewing the system for authorising grant payments,
Challenging assumptions and judgments made by rnanagernent in its significant accounting estim8tes'. and
Identifying and testing joumal entries, In particular anyjoumal entries posted with unLJsual account combinations.
Because of the inherent lirnitations of an audit, there Is a iisk that wewe wll not detect all itregularities, including those
leading to a material misstatement in the linanual statements or non-compliance with regulation. This risk increases the
more that compliance with a law or regulation is removed from the events and transactions ieflected in the financial
statements, as we we will be less likely to become aware of instances of non-complian￿. The risk is also greater regarding
irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission
or misrepresentation.
A further description of our our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website al.. www.frc.or
.uklauditorsres
onsibilities. This description forms part of our our Auditors, report.
Page 8

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF AEONIAN
FOUNDATION (CONTINUED)
Use of our report
This report is made solely lo the Trustees in accordance with Part 4 of the Charities (Accounts and Reports) Regulations
2008 Our audit work has been undertaken so that we might state lo the Trustees those matters we are required to
slate to them in an Auditors, report and for no other purpose. To the fullest exlenl peirnitted by law. we do not 8¢cepl or
assume responsibility to anyone other than the Ttustees for our audit work, for this report, or for the opinions we have
F.1gned by..
LLWILS ILP
4tLV71
Chartered Accountants
Statutory Auditor
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP
Date.. 26-Sep-2024
Menzies LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 20(
Page 9

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND
EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrèstrictèd
funds
2023
Total
funds
2023
Totèl
funds
2022
Note
Incorne frorn..
Don8lions and legacies
Investments
34,492.315
148.589
706,479
706,479
Total Income
706.479
706.479
34,640,904
Expenditure on..
Raising funds
Charitable activities
139,861
2,218,251
139,861
2,218,251
54, 766
1, 193,362
Total expenditur8
2,358.112
2,358.112
1,248, 728
Net18XP8nditur8Vineom• befor8 nèt gainslllos$8s1 on
invèstments
Net gain51110ssesI on investments
11,651.6331
1,996.458
{1,651.6331
1,996.458
33,392, 176
(376, 7651
Net movement in funds
344,82S
344,82S
33,Ot6,011
Reconciliation of fun(Is=
Total funds brought fotward
Net rnovement in fLJnd5
33,016.011
344.825
33,016.011
344.B25
33,016,011
Total funds carried fonward
33,360,836
33,360,836
33,016,011
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 13 to 22 form part of these Iinan¢ial 51alemenl5.
Page 10

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
REGISTERED NUMBER.
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023
2022
Nots
Fixed assets
Investments
34,875.837
1,245.964
26,578, 194
so￿81 investments
12
36,121,801
26,578, 794
Current assets
Debtors
13
19,628
3,893
6,918,797
484, 125
Cash at bank and in hand
23,521
7,402,922
Creditors.. amounts falling due within one year
14
12.770,3861
(902,605)
Net current IlabllStles l assets
12,746,86SI
6,500,317
Total assèts less current liabilitiès
33,374.936
33,078,511
Creditors.. amounts falling due after more than
one year
15
114,1001
(62,5QOJ
Total net asset$
33,360.836
33,076,011
Charlty funds
Unrestricted funds
17
33,360.836
33,076,011
Totsl fijnds
33,360,836
33,016.011
The financial statements were approved and authorised for issue by the Trustees and signed on their behaw by..
81gNd by..
ACD3
Andrew Pegg
Chair
Date." 24 September 2024
The notes on pages 13 to 22 form part of these Iinanaal 5t8tement5.
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Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Cash flows from operatin9 activities
Net cash from operating activities (Note 191
4,113,251
26,955,644
Cash flows from in¥￿tIng activitie
Proceeds from sale of investments
1.139,861
18.694,6411 {26,948, 7351
706,479
148.589
Purchase of investtnents
Dividends and interest
Net cash used in investing activities
16,848,301) 126,799,546)
Cash flows from financing aetivitie$
Cash inflows from new tKJrrowing
Repayments ol borrowing
3.254,818
11.000,0001
321,827
Net cash provided by financing activities
2,254,818
327,827
Change in cash and cash equivalents in the year
1480,2321
484,125
Cash and cash equwalenls at the beginning of the year
484,125
Cash and cash equivalents at the end of the period (Note 181
3,893
484, 725
The notes on pages 13 to 22 form part of these Iinancial Statements
Page 12

Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
General information
The Aeonian Foundation is a Charitable Incorporated Organisation, and incorporated in England & Wales. The
registered address can be found on page 1 and principal activities are set out in the Trustees. Annual Report.
Accounting policies
2.1 Basis of preparation of financial staternentB
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting
and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of
Ireland IFRS 1021 and the Charities Act 2011.
Aeonian Foundation meets the definition of a publi¢ benefit entity under FRS 102. Assets and liabilities are
initially recognised at historical cost or transaction value unless Otherwise stated in the relevant accounting
poliry.
2.2 Going concern
The charity has significant reserves amounting to £33,360,836 backed by an investment porrfolio. The trustees
therefore consider the charity has mtsie than adequate iesources to enable it to continue its operations lor at
least twelve months from the date oif approval of these financial statements and for the forseeable future. The
financial statements are accordingly prepared on the going concern basis.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the incorne will be
re￿iVed and the amount of income receivable can be measured reliably.
Income tax recoverable IN relation lo don8tions received under Grft Aid or deeds of ￿venant is recogni8ed al
the tirne of the donation.
Income tax ￿e0Verable in relation to investment income is recognised at the time the investment incotne is
receivable.
2.4 Expènditurè
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third
party, it is probable that a transfer of economic benefits will be required in settlement and the amount ol the
obligation can be measured reliably. Expenditure is classified by activity. The costs ol each activity are made
up of the total of direct costs and shared costs, induding support costs involved in undertaking each activity.
Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute
to more th8n one activity and support costs which are not attributable lo a single activity are apportioned
between those activities on a basis consistent with the use of resOUr￿s. Central staff oosts are allocated on
the basis of lime spent. and depreciation charges allocated on the portion of the 8$5el's use.
Expenditure on raising fund5 includes all expenditure incurred by the Chaiity to raise funds for ils charitable
purposes and indudes costs of investment tnanagement.
Expenditure on charitable activities is incuired on directly undertaking the activities which further the Charivs
objectives, as well as any associated support costs.
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Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies Icontinuedl
2.4 Expenditure Icontinued
Grants payable are charged in the year when the offer is made except in those cases where the offer is
conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants
offered subject to conditions which have not been mel 8t the year end are noted as a commitment, bul not
accrued as expenditure.
All expenditure is incluswe of irrecoverable VAT.
2.5 Intsrest r•e&ivabl•
Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the
Charity,. this is normally upon notification of the interest paid or payable by the institution with whom the funds
are deposited.
2.6 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterfing at rates of
exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling al the rate ruling on the dale of the Iransaclion.
Exchange gains and losses are recognised in the Statement of finanual activities.
2.7 Inve¥tments
Fixed asset investments are a form of financial instrument and ar8 initially 18cognis8d at their transaction cost
and Subsequently measured at fail value at the Balance sheet date, unless the value cannot be measured
reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or
unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of financial
activities.
Social Investments held as fixed assets are shown at cost less provision for irnpaimient.
2.8 Cash at bank and in hand
Cash at bank 8nd in hand indudes cash and short-term highly liquid investments wth 8 short m*urity of three
months or less from the dale of a￿ul51110n or opening of the deposit or Similar account.
2.9 Liabilitie8 and provision8
Liabilitie5 are recognised when there Is an obligation at the Balance sheet date as 8 iesult of a past event, it is
probable that a transfer ol economic benefit will be required in settlement, and the amount ol the settlement
can be estimated ieliably.
Liabilities are recognised at the amount that the Charity anticipates Vt will pay to settle the debt or the amount it
has received as adVan￿d payments for the goods or serviTrs it must provide.
2.10 Financial instruments
The Charity only has financ4al assets and financial liabilities of a kind that qualify as basic financial instrurnents.
Basic financial instruments are initially recognised at transaction value and subsequently measured at their
settlement V81ue with the exception of bank loans which are subsequently measured at amortised cost using
the effective interest n18thod.
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Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Income from donations and legacies
Unrestricted
funds
2023
Total
funds
2023
To181
funds
2022
Donations
27,670,316
6,881,999
Gift Aid Recovered
34,492,315
Total 2022
34,492,315
34.492,315
Investment income
Unrèstrictad
funds
2023
Total
funds
2023
Totèl
funds
2022
Income from listed investments
Interest received on cash deposits
Intere* received on loans
657,733
10,019
38,727
657,733
10,019
38,727
36, 798
706,479
706,479
148,589
Total 2022
148,589
748,589
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Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Investment management costs
Unrestricted
funds
2023
Total
funds
2023
To181
funds
2022
Investment m8n8gemenl fees
139.861
139,861
54. 766
Total 2022
54, 766
54.766
Analysis of grant8
Grants have been awarded to the following organisations in support of the Chaiity's giant making progiamme:_
2023
2022
SEED Madagascar
Feedback Madagascar
Africa Tikkun
Treloar Trust
Solar Aid
322,295
336,430
36,000
75,000
153,958
117,060
391,684
117,285
141,000
135,000
20,000
71,089
118,378
60,400
160,(￿4
157,5QO
36,OQO
75,OQO
105,490
75.000
337.046
56,250
Slep by Step
Money for Madagascar
Starfish Greathearts Foundation
Bulldog Trust
Khula Education
30,000
Learn, Achieve, Become
Yateley IndLJStiies For The Disabled Ltd
The Big Give Trust
Headroom Young Peoples
167,5QO
2,095,S79
7, 193, 790
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Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
funds
2023
Totsl
2023
Tol81
2022
Direct Costs
2,218,251
2.218,251
1, 193,362
Total 2022
1, 193,362
1. 193,362
Analysls of expendlture by actlvltles
Grant
funding of
activities
2023
Support
costs
2023
Total
funds
2023
Total
funds
2022
Activities
2,095.759
122,492
2,218,251
1, 193.362
Toto12022
I, t93, 790
(428)
1, 193,362
Analysis of support costs
Totsl
funds
2023
Tol81
fvnrls
2022
Activities
2023
Bank Interest
4,075
3.843
70,959
43,615
4,075
3,843
70,959
43,615
Currency gainsAosses
Loan interest paid
Governance costs
(37,2691
33,335
122,492
122,492
1428)
Total 2022
(428?
{428)
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Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Auditors. remuneration
2023
2022
Fees payable to the Charity's auditor for the audit of the Charity's annual accounts
11,190
8, 100
Fees payable lo the Charity's auditor in respe￿ of..
Preparation of financial statements in accordan￿ with Charities SORP
All non-audit services not induded above
4,410
9,795
12.558
10.
Trustees. remuneration and expense8
During the year, no Trustees recèived any remuneration or other benefits (2022- £NIL).
During the year ended 31 December 2023, no Trustee expenses have been incurred (2022- £NIL).
11.
Flxed asset Investments
Listed
investments
Cost or valuation
At 1 January 2023
Additions
26,578,194
7,448.676
11,139.8611
1,996.458
17.6301
Disposals
Revaluations
Foreign exchange movement
At 31 Decernber 2023
34,875,837
Net book value
Al 31 Decerllber 2023
34,875,837
At 31 De￿mber 2022
26,578, 194
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Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.
Social investments
Mixed motive
investments
Totsl
Cost or valuation
Additions
1,245,964
1,245,964
1,245,964
1,245,964
Impaimient provision
Net book value
At 31 December 2023
1,245,964
7,245,964
At 31 December 2022
Socjal investments comprise..
Mixed motive investments
A long term loan facility of up to £1.5m was made lo Y8teley Industries for the Disabled Limited. one of the Aeonian
Foundation's supported charities. lo enable il to restructure its operations. of which £1.245.964 had been drawn
down by the year end. The loan is iepayable in 15 years and beais interest at 1Q/ts over Bank of England Base Rate.
13.
D•btors
2023
2022
Due within one year
Other debtors
19,628
6,918, 797
19,628
6,918, 797
14.
Creditors= Amounts falling due within one year
2023
2022
Bank loans
Tiade creditors
2,582,645
321,827
71,514
13,224
55Q.040
Accru815 and deferred income
Grants payable
18,774
168,967
2,770,386
902.605
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Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
15.
Creditors: Amounts falling due after more than one year
2023
2022
Grants payable
14,100
62,5ts0
16.
Financial instruments
2023
2022
Financial assets
Finanaal assets measured at fair value through income and expenditure
34,875,837
26,578, 194
Financial assets measured at fair value through incorne and expenditure comprise listed investments.
17.
ststement of funds
ststement of fund8- current year
Balance at 31
December
Balance at 1
January 2023
Gainsl
(Lossès)
Incomè
Exp•nditur•
2023
Unr￿trICted funds
General Funds
33,016,011
706,479
12,358,112)
1,996,458
33,360,836
Statement of funds- prior year
Balance at
G8insl 31 December
(Losses)
2022
Income
Expendrfu
Unrestricted funds
General Funds
34,640,904
(1,248, 728?
1376,765)
33,076,011
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Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
18.
Analysis of net assets betsyeen funds
Analysis of net assets be￿een funds- current year
un￿striCted
funds
2023
Total
funds
2023
Fixed asset investments
34,875,837
34,875.837
1,245,￿4
1,245.964
57.697
57.697
12,804.5621 12,804,562)
114.1001
114,1001
Soual investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total
33,360,836
33,360.836
19.
Reconciliation of net movement in funds to net cash flow from operating activities
2023
2022
Net income for the year las per Statement of Financial Activitiesl
344,825
33,Ot6,011
Adjustments for..
IGain5llLosses on investments Inel of foreign exchange movemenlsl
Dividends and interest from investments
Decreaselllncreasel in debtors
IDecreaselllncrease in creditors
Currency losses on investments
11,996,458)
1706,4791
6,899,169
1435,4371
7,631
369.941
(148.5891
(6,918, 7971
637,278
Net cash provided by operating activitie#
4.113,251
26,955,844
20.
Analysis of cash and cash equivalents
2023
2022
Cash in hand
3,893
484, 125
Totsl cash and ¢a¥h equivalents
3,893
484. 125
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Docusign EnvelopÈ ID." OACD86CA-08E244BB-BBA9-115489742604
AEONIAN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21.
Analysis of changes in net debt
At31
December
2023
At 1 January
2023
Cash flows
Cash at bank and in hand
484.125
1480,2321
1327.8271 12.254,81BI
3.893
12,582.6451
Debt due within 1 year
156.298
12,735,050) 12,578,752)
22.
Related paty transactions
During the year the charity received donations of £Nil12022.. £27,610,316) from Mr Andy Pegg, one of the trustees.
Page 22