## **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**|
|---|---|