2024-05-01-accounts

Filing FYE 01 May 2024

HAPPINESS FOUNDATION: Trustees' Annual Report

Reporting Period:	02 May 2023 to 01 May 2024
Charity Name:	HAPPINESS FOUNDATION
Charity Number:	1197966
Governing Document:	CIO Foundation Constitution
Principal Address:	49 Carrara Tower, 1 Bollinder Place, London, EC1V 2AD

Reference and Administrative Details

• Trustees Serving During the Period: Miss Keyun Ruan (Chair), Mr Avi Roy.

• Trustees Resigned/Removed: None during this period (previous resignations noted in prior year's report).

• Other Names Used: HAPPINESS INSTITUTE, HAPPINESS FESTIVAL.

Structure, Governance and Management

• Minimum Trustee Requirement: The governing document stipulates a minimum of 3 trustees.

• Governance Note: The Charity continues to operate with only two trustees, which is below the minimum stipulated by the governing document. The Trustees are actively pursuing recruitment to restore the board to the required number. This is a potential governance risk the board is managing.

Objectives and Activities

• Charitable Objects: The principal object remains to advance the science of happiness and wellbeing for the public benefit of humanity at large.

• Main Activities: The focus theme of creation and distribution of audiovisual content was progressed. Activities included:

• Securing significant new donations to support scaling up operations.

• Incurring costs for production software and services (e.g., CHATGPT SUBSCRIPTI) to enhance content creation and administration.

• Repaying loans used for initial setup and operations.

• Public Benefit Statement: The Trustees have paid due regard to the Charity Commission's guidance on public benefit. The benefit is delivered by advancing happiness and mental/physical wellbeing through free online content, thereby equipping the public with practical tools.

Achievements and Performance

• Financial Growth: The charity successfully secured £35,440.00 in new funding, primarily through charitable giving. This represents significant growth in funding compared to the previous, shorter financial period.

• Operational Maturity: Funds were used to invest in essential technology (subscriptions) and to repay prior funding/loans, marking a move from the initial start-up phase toward more sustained operations.

Financial Review

• Review of Financial Position: Total incoming resources for the period were £35,440.00 , and total cash expenditure was £38,604.28 , resulting in a planned net deficit of £3,164.28 . This deficit was anticipated as the charity prioritised repaying initial setup expenses.

• Material Transactions and Related Party Disclosure:

• During the year, the charity received significant funds, including £15,960.00 from CG BENEVITY and other charitable giving.

• The largest outgoing transactions totalled £34,500.00 paid to Trustee Keyun Ruan for Loan Repayment .

• Explanation of Loan Repayment: Before the HSBC charitable bank account (A/C 33984893) was officially approved and operational, essential charitable expenses and initial setup costs were incurred and paid by the Trustee, Keyun Ruan, using personal or other accounts. The payments totalling £34,500.00 represent the full or partial reimbursement of these previously paid expenses. The detailed records and evidence supporting these underlying charitable expenses will be retained and provided separately.

• Reserves Policy: The Trustees aim to maintain reserves sufficient to cover three months of estimated operating costs. The closing cash balance of £665.86 is lower than the opening balance but is considered sufficient for short-term administrative costs. The Trustees will prioritize rebuilding reserves in the next financial period.

• Going Concern: The Trustees are satisfied that the charity is a going concern, relying on the continuation of charitable giving and planned future event income.

Signed on behalf of the Trustees: Date: 24 Oct 2025

Part 3: Accounts Content: Receipts and Payments (FYE 01 May 2024)

Section A: Statement of Receipts and Payments	Unrestricted Funds (£)	Restricted Funds (£)	Total Funds (£)	Last Year (£)
A1: RECEIPTS (Income)
Charitable Giving (incl. CG Benevity)	35,440.00	0.00	35,440.00	3,864.61
Sub Total Receipts (Gross Income)	35,440.00	0.00	35,440.00	3,864.61
A2: PAYMENTS (Expenditure)

Charitable Activities: Content Subscriptions (e.g., ChatGPT) 38.76 0.00 38.76 0.00 Cost of Raising Funds & Governance: Bank Charges and Fees 55.00 0.00 55.00 15.20 Trustee Loan Repayment (K. Ruan) 34,500.00 0.00 34,500.00 0.00 Sub Total Payments 34,593.76 0.00 34,593.76 15.20 Net of Receipts/(Payments) 846.24 0.00 846.24 3,849.41 Cash Funds at Start of Period 3,849.41 0.00 3,849.41 0.00 Cash Funds at End of Period 4,695.65 0.00 4,695.65 3,849.41

	Section B: Statement of Assets and Liabilities at End of Period (01/05/2024) Unrestricted Funds (£) Restricted Funds (£) Endowment Funds (£) B1: Cash Funds Cash at HSBC Bank (A/C 33984893) 665.86 0.00 0.00 Total Cash Funds (Must match A) 665.86 0.00 0.00 B2: Other Monetary Assets 0.00 0.00 0.00 B5: Liabilities 0.00 0.00 0.00