THE MASASA FAMILY FOUNDATION IRegi$tered Charity No. 1201521 and Company No. CE0310901 ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEMBER 2023 RAWLINSON &HUNTER THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD 6 JANUARY 2023 TO 310ECEMBER 2023 CONTENTS Page Annual Report of the Trustees Independent Auditorfs Report 7-10 St8tement of Financial Activities lincluding Income and Expenditure Account} 11 Balance Sheet 12 SAatement of Cash Flow 13 Notes to the Financial Statemenls 14-19 P•ge 1 THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEMBER 2023 The Trustees present their report and the independently audited financial statements of The Masasa Family Foundation I'the Foundation" or "the CIO"I, for the pernod from incorporation on 6 January 2023 10 31 December 2023. These have been prepared in accordance with the accounting poliGie$ sel out on pages 14 to 16 and comply with applicable charity law. REFERENCE AND ADMINISTRATIVE DETAILS The Masasa Family Foundation, (Registered Charty Number 1201521 and Company Number CE0310901 is based and administered in the United Kingdom. The registered address is Orchard Walls, The Close, Wonersh, Guildford, Surrey, GU5 OPA Trustees: The Trustees of the Foundation who held office during the period and continue lo serve at the dale of this report are.. John Edward Rigby Nolan (appointed 6 January 20231 Ruby Maureen Nolan lappoinled 6 January 2023} Andrew R￿bY Nolan {appoinled 6 January 20231 Susan Jane Leach lappoinled 6 January 2023) The Trustees did not hold any beneficial interest in Ihe fvnd at 31 December 2023 or at any lime during 01 since the accounting period. Bankers: Lloyds Bank PLC PO Box 1000 BX1 1LT Accountants: Rawlinson & Hunter LLP Eighth Floor, 6 New Street Square. New Feller Lane, London, EC4A 3AQ Independent Audltor: Rawlinson & Hunter Audit LLP Eighth Floor, 6 New Street Square. New Feller Lane, London, EC4A 3AQ Page 2 THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT The Foundation is a charitable incorporated organisalion governed by its Constitution dated 6 January 2023 and is registered as a charity with the Charity Commission lor England and Wales. The Trustees are resident in the United Kingdom and meet regularly to discuss and develop the Foundation's goals and strategy and to review grant proposals and general grant requests. The number of TTUStees shall be a minimum of three and new Trustees shall be appointed by a resolution passed at a properly convened meeting of the Foundation's Trustees. The range of skills represented on the Trustee Board will be kept under review as the Foundalson develops over lime. Induction and Tralning As part of their training. Trustees are made aware of the Foundation's Constitution and the Charity Commission guidance on Trustees, Responsibilities. Al Trustees a￿ aware of their legal duties and obligations in respe¢l ol the management of the Foundation, including in relation lo the protection of its assets. Statement of Trust¢6s' Responsibilities The Trustees are responsibl8 for preparing the Annual Report of the Trustees arsd the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praeticel. The law ap￿1¢able lo charib'es in England and Wales requires the Trustees lo prepare financial statements for each financial year which give a true ar)d fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure of the Foundation 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 in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent., stale whether applicable UK Accounting Stsndards have been followed, subject to any material departures disclosed and explained in the financial slatemenls.. and prepare the financial slalemenls on the going concern basis unless it is inappropriate lo p￿sUme that the Foundation will continue in operation. The Trustees aTe responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the Foundation and enable them to ensure that the financial statement5 eomply with the Charities Act 2011 and where applicable, the Charities Ael 2022, the Charity {Accounts and Reports) Regulations 2008 and the provisions of the Foundation's Conslitulion. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other ifregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Foundation's website. Legislation in the United Kingdom governing the preparation and disseminalK)n of financial statements may differ from legislation in other jurisdietions. Page 3 THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT (¢ontlnued) Internal Controls The Trustees have overall responsibility for ensuring that the Foundation has appropriate systems of Internal controls. They are responsible for keeping proper a¢¢ounting records which disclose wf(h reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements follow best practi￿ and all applicable law regulation and guidance. The Trustees are also responsible for the Foundation safeguarding its assets and ft)r taking reasonable steps for the prevention and detection of fraud and other irregularitses. The system of inlemal Controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss. Rlsk Management & Corporate Governanco A risk assessment has been undertaken which comprises.. An annual review of the risks the Foundation may face., The estsblishment of systems and procedures lo mitigate those risks., and The implementation of procedures designed to rninimise any polenlial impact on the Foundation should those risks materialise. This continuing process will identify risk areas to which the Foundation is vulnerable and highlight any necessary safeguards that will need lo be pul in place. No major risks were identified at the dale of these accounts. The Trustees have signed fit and proper declarations in line with HMRC gvidanee. In addition, the Trustees have taken due consideration of Good Governance A Code frjr the Voluntary and Community Sedor, ensuring that the seven main principles of the Code are adhered lo. These are.. Organisational purpose.. Leadership.. Integrity., Decision-making, risk and control.. Board effectiveness", Equality, diversity and inclusion,. and Openness and accessibility. The Trustees recognise that good governance plays an essential part in securing the future of the Foundation and confirm that the said main principles of the Code are followed by them in leading, directing and managing the Foundation. No Trustee received any remuneration during the peri¢)d from 6 January 2023 to 31 December 2023. Page 4 THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects of the Foundation are such exclusivety charitable purposes, at such time or times and in such manner, for Ihe public benefit, as the Foundation Trustees may in their discretion think fil in any part of the wodd. The Foundation operates as a grant-making charity, 5UPPOrting chantable projects and organisations with grants of varying sizes and durations. The Trustees have defined a programme of grant-making to charities. For the foreseeable future, the Foundats'on's primary focus will be to.. event or relieve povety woddwide for individuats in need.. advance the health and wellbeing of the general public lincluding preventing or relieving sickness, disease or suffering, as well as the promobon of good heaRh)', support programmes which promote and advance the education of the general public., and promote and support Christianity for the benefit of the general public. The Trustees have pursued a broad strategy of ensuring Proper due diligence in the assessment of potential grants and ensuring that grants are made subject to appropriate terms and conditions. Statement of Public Benellt A$ a grant-funder, the Foundation's activities will provide public benefit lo the individuals and communities who are beneficiaries of the Foundation's funded projects. The Foundation's public benefit is not limited with reference lo geography, by the charging of fees or othe￿iSe. The Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to It. They consider the information which follows in this annual report, about the Foundation's aims, activities and achievements in the areas of interest that the Foundation supports, demonslrales the benefit to its beneficiaries and through thern lo the public, that arise from those aclivilies. Grant Plaklng Pollcles The Trustees, grant making policy has been to generally consider making donations by way of direct funding and also by way of grants lo charitable oryanisations recognised as such in their respective jurisdictions for proje¢ls that are exclusively charitable under English law. The Foundation has begun lo pul in place sound grant arrangements so that Il can property select appropriate grantees and impose prudent terms on grants, including, as appropriate, monitoring and evaluation of the way in which funds are applied by grantees. Fundraislng The Trustees have referred to the Charities IProteclion and Soual Investment) Ad 20161"the ACY'I and the Guidance on Charities and Fundraising issued by the Charity Commission I"CC20"1. They confirm that the Act and CC20 have no impact on the charity as it does not engage in any public fundraising activits"es. Page5 THE MASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE Charltable A¢tivltles The Trust was established in early 2023 and these first accounts show the activrties up to 31 December 2023. Charltable Activiti During the year the Trustees started thwr grant programme awarding 8 numbeT of grants to religious and religious adjacent org8nisalions. All grants were paid in line with the policies set out in section 3 of this report, Objectives and Activities for the public benefit. A breakdown of areas of grants made during the period is shown in Note 4. The accounting treatment in respect of grants is in line with that set out in section 7 of SORP IFRS 1021. Grants tolalling £113,000 were awarded during the period, amounting to 94.9Qk of total expenditure. FINANCIAL REVIEW The Statement of Financial Activities on page 11 shows total incoming resources for Ihe period of £1,017,473. £100 was expended on raising fLFnds relating to the management of their investments and grant expenditure amounted to £113,000. Governance costs amounted to £4,800 and arè included within charitable aclivilies. The principal funding for the Foundation came by way of voluntary donations from an unconnected third party and theo were no restsbclions allached to these. The funding has allowed the charity to operate and award 18 9ranls lo 13 organisalions totslling £113,000 which has in turn benefitted hundreds if not thousands. The balance of reserves at 31 December 2023 is £906,322 and all funds are unrestricted. Investmont policy and performance The investrnenl objective is lo generate over the long term a total return per annum above inflation, before grant making & expenditure, las measured by CPl+3.50/tsl while providirsg adequ8te liquidity for annual grant making & expenditures. At current or even higher grant making levels, this approach should allow the Charity al least lo maintain the value of its assets whilst keeping lo the expected spend down schedule, The Charty relies on the investment portfolios to fvnd its grant making. The key risk to the long- term sustsinabilily of the Charity is inflation, over and above the spend-down schedule, and so the assets should be invested lo miligale this risk over the long term. The trustees understand that this 15 likely to mean that investment will be concentrated in real assets and that the capital value wil fluctuate. The Trustees are satisfied with the performance of Iheii investment portfolios since they were gifted the inveslmenls, which produced income during the year of £6,445 and capitsl appreciation of £7,979. The Trustees monitor performance ol the underlying investments and managers on a regular basis, through face lo fa￿ reviews, investment reports and comparisons to peer groups and appropnale indices. Page 6 THE PIASASA FAMILY FOUNDATION ANNUAL REPORT OF THE TRUSTEES FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEM8ER 2023 FINANCIAL REVIEW {continued} R•s•rYos Policy The Trustees havg 8xamined the Foundation's reqLFiremenl for resources in IvJht of main risks to the Foundabon and have no outstandin9 commitments or cosh demands which are not adequately covered by existing resou￿$. The net assets of the Foundation are regarded as free reserves and the fijnds at 31 December 2023 wll be retsbned to make grants in accordan¢& with the Foundat+on'8 charitablè objects and any policies. The Trustees corrider that the freety expendable funds are appropriate and adequate tsking into account plans for gran1$ to be awardèd in future and have at present therefore not designated £ny 8peryfic res8rve* H¢)wever. the Trust&es will keep thi8 under constant review. In future years, a Spècific r￿rV&S poliGy may be rfjqu￿d. PLANS FOR THE FUTURE The Trustees do not propose to deviate f￿7 the current otr4"ectives and adivitses of the Foundat as detaikd in Seetitin 3 of this report but wfrll furtPw develop and refine their strategies. poliC￿S and pro&edLFres in future. DISCLOSURE OF INFOFUIATION TO AUDITOR In so far 8$ the Trust888 are aw8r8.' there is no relevant audit information of which the Foundation's audf(or 15 unaware,. and the Tntstees have taken 811 steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establBh that the auditor is aware ol that infcxmation. Appr¢vod by th• trustees and slgn•d on their behalf by: John Nolan Date Page 7 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MASASA FAMILY FOUNDATION Opinir)n We have audited the financial ststements of the Masasa Family Foundation I the Foundation" or.the CIO.) for the period from ils incorporation on 6 January 2023 10 31 December 2023 which comprise the Statement of Financial Aclivits'es Ilncluding Income and Expenditure Account), the 8alance Sheet, the Statement of Cash Flows and notes to the financial slalemenls. including a summary of significant accounting policies. The financial reporting framework Ihal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, includin9 Financial Reporting Standard 102 The FinancAal Reporting Standard applicabl& in the UK and Republic of I￿land {United Kingdom Generally Accepted Accounting Pra¢ti¢el. In our opinion the financial stalement$'. give a true and fair VEW of the slate of the Foundation's affairs as al 31 December 2023, and of its incoming resources and application of resources, including its income and expenditure, for the period then ended.. have been property prepared in accordance with United Kingdom Generally Accepted Accounting Praotice., and have been prepared in accordance with the requirements of the Charits"e5 Act 2011. and where relevant, the Charities Act 2022. Ba$ls for opinion We condurted our audit in aceordance with Intemalional Standards on Auditing {UKI {ISAs IUKII and applicable law. Our Iesponsibililies under those standards are further described in the AUdit0￿S responsibilities for the audit ol the financial slalemenls section of our report. We are independent of Ihe Foundation in accordance with the ethical requirements that are relevant lo our audit of the rinancial statements in the UK, including tre FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities In accordance with these requirements, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial slalements, we have concluded tha! the Trustees, use of the going concem basis of xcounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may east Sl9nificanl doubl on the Foundation's ability lo continue as 8 going concerrb for a period of al least twelve ￿￿nthS from when the financial statements are aulhoiised for issue. Our responsibilities and the responsibilrties of the Trustees with respect lo going concern are described in the relevant sections of this ￿POrt. Page 8 INDEPENDENT AUDITOR'S REPORT Icontinugdl TO THE TRUSTEES OF THE MASASA FAMILY FOUNDATION Other Infom)ation The Trustees are responsible for the other information. The other information comprises the infomalion included in the Annual Report of the Trustees and the fi'nancial stalemenls. other than the financial statements and our audilorfs report Ihereon. Our opinion on the financial statements does not over the olhei information and we do not express any form of assuranee conclusion Ihereon. In connection with our audit of the financial stalemenls, our responsibility is to read the other infomialion and, in doing so, consider whether the other information is materially inwnsislent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the fi.nancial 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. Matters on which we are required to report by ex¢eptlon We have nothing lo report in respect of the followlng matters in relation to which the Charities {Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the infomiation given in the Annual Report of the Trustees is inconsistent in any material respect with the financial statements, or • sufficient accounting records have not been kept., or the financial statements are not in agreement with the a¢¢ounting records,. or we have not received all the information and explanations we require for our audit. Rg$ponsibilities of Trustees As explained more fully in the Statement of Trustee3' Responsibilities set out on page 2. the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial stslements that are free from material mis5tatemenl, whether due lo fraud or error. In preparing the financial ststemenls, the Trustees are responsible for assessing the Foundation's ability to continue as a going concern, disclosing, as applic2ble, mallers related to going concern and using the going concern basis of aecounting unless the Trustees either intend to liquidate the Foundath'on or to cease operations, or have no realistic allernalive but lo do so. Page 9 INDEPENDENT AUDITOR'S REPORT (¢ontlnuedl TO THE TRUSTEES OF THE MASASA FAMILY FOUNDATION Auditor's respon$ibilitigs for the audit of the financial statements We have been appointed as auditor under section 144 of the Charffjes Act 2011 and report in accordance with regulations made under section 154 of Ihal Act. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and to issue an auditor's report Ihal includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISA5 IUKI will a￿ayS delecl a material misstatement when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions ol users taken on the basis of these financial statements. Irregularitses, including fraud, are instances of non 18 759.291 Curr•nt A99•ts: D¢blor8 {nots 71 Cash at bank (note 8) 18 18 5,399 147,632 Total Curr•nt Aw8•t6 153.031 Uabllltles Creditors- amounts falling due within one year {note 9) 18 16.CQOI Total Lljbilities {6.¢YXI) N•t ¢Uffent a8s¢ts 147,031 Total a880ts10s8 current liabilitle8 £906,322 The fund8 ol the ¢harlty: Unrestricted fvnd8 906.322 Total charlty funds £ 908.322 The finandBI 8tstanents were approved and authorwd for Issue by the Trustees ané wer* Stgnod on Ih&ir bEhalf by.. John Nolan Dat The notes on page 1410 19 form part ofthese financi4 slalements Page 13 THE MASASA FAMILY FOUNDATION (Registered Charlty No. 1201521 and Company No. CE031090} STATEMENT OF CASHFLOWS FOR TPIE PERIOD 6 JANUARY 2023 TO 31 DECEPJiBER 2023 Page 2023 Ca$h flows from operaling actlvities Net movement in funds for the year Adjustments for.. Income fr¢m investments and deposits Nel gain on investment assets Increase in debtors Increase in creditors 906,322 111,223} 17,979} 15,399} 6,000 Net ¢•$h provided by operating actlvltlos 887,721 Cash flows from inv¢$ting actlvlties Income from investments Acquisiliorb of investrnenls 11,223 1740,834) Net cash (used In} by Investing a￿1VItIeS 1729,611) Net change In cash and cash equlvalents fortho y•ar 158,110 Cash and cash equivalents at 6 January 2023 Cash and cash equivalonts at 31 December 2023 £158,110 Cash and cash equivalents consist of: Cash held with investment managers {nole 6) Cash held al bank Inole 81 18 18 10,478 147,632 £ 158.110 The notes on pag8 14 10 19 form part of these financial statements Page 14 THE MASASA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEMBER 2023 ACCOUNTING POLICIES Ba8is of Preparation of Financlal Statements The Masasa Family Foundation I the Foundation. or 'lhe CIO"}, registered charity number 1186232, is based and administered in the United Kingdom. The reglslered address is Orchard Walls, The Close. Wonersh, Guildford, Surrey, GU5 OPA. The nature of the Foundation's operations and prin¢ipal activities are set out in the Annual Report of the Trustees. The fi'nancial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended PraGli¢e applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211'Charilies SORP FRS 102 1, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and where relevant. the Charrties Act 2022, and UK Generally AcGepted Accounting Practice. The Trust conslitules a public benefit entity as defined by Charrties SORP FRS 102. The preparation of financial statements in accordance with generally accepted accounting principles requires management lo make estimates and assumptions in certain circumstances that effect reported amounts of assets and Iiabililies and disclosure of contingent assets and liabilities at the dale of the financi81 ststements and the reported atnounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The Trustees do not consider there are any estimates and assumptions that have a significant risk of causing a material adjuslmenl to the carrying amounts of assets and liabilities at the year end. The financial stalemenls are prepared in sterling which is the lun¢lional currency of the Foundation. The significant accounting policies applied in the preparation of these financial statements are sel out belov4. These policies have been consistently applied lo all years presented unless otherwise staled. Incoming Resources All Incoming resources are included in the SOFA when the Foundatson is entitled lo the income and the amount can be quantified with reasonable accuracy. Voluntary donations include donations under Grft Aid with the associated tax credits Included when receivable. Interest from deposit accounts are included when reeeived. Investment income is derived Irom interest and dividends receivable from investments and accounted for in the period in which the Foundation is entitled lo receipt. Inleresl from bank accounts are included when receivable only. Resources Expended All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation committing the Trustee to the expendiluTe. Irrecoverable VAT is charged against the activity for which expenditure was Incurred. Charrtable activities include governance Gosls incurred during the period and are expended through the SOFA. Governance costs are costs relating lo the general running of the Foundation, as opposed to the management functions inherenl in generating funds. Page 15 THE MASASA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEMBER 2023 ACCOUNTING POLICIES {continu•dl Grants payablè Grants payable are made lo third parties in furtherance of the Foundation's objects. Single or multi- year grants are accounted for when either the recipient has 2 reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition. Financial instruments The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic ffinancial instruments are recognised al Iransa¢lion value arKI subsequently measured at their settlement value. Fixed Asset Investments QuDted investments are included al closing market value at the Balance Sheet dale. Realised 98ins and losses on investments are recognised on disposal on investments and any gain or105S on revaluation is taken lo the Statement ol Financial A¢tivilies ISOFAI. The determination of any gains and losses is calculated by reference lo the value of such assets al the beginning of the accounting period. Cash held for investment is includeQ within the Fixed Assets Investments in accordance with the applicable slalement of Recommended Practice. ststus of funds The entire resources of the fund are unre$trieled and the Trustees have complete discret￿n for their use in pursuance ol the Foundation's objectives. Forelgn currency Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet dale. Transactions denominated in foreign currencies are converted al the rate of exchange ruling at the date of the transaction. All translation differences are taken lo the ststemenl of financial acts"vities as they arise. Taxatlon The Foundation 15 not subject to any taxes on ils charitable activities. Irrecoverable VAT is ¢harged against the Category of resources expended for which rt was incurred. Credltors payable withln one year Creditors with no staled interest rale and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure. Cash and cash equivalgnts Cash and cash equivalents include cash in hand, deposits held on call with banks. other short-leym highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are included within borrowing in current liabilities. Pa9e 16 THE MASASA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEMBER 2023 ACCOUNTING POLICIES l¢ontinuedl Provl$lon8 Provisions are recognised when the Foundation has an oblioation at the Balan￿ Sheel dale as a result of a past event, it is probable that an oufflow of economic benefits will be required in settlement and the amount can be reliably estimated. Going concern The Trustees have examined the Foundation's requirement for resources in light of the main risks to the organisalion and have no oulslanding commitments or cash demands which are not adequately covered by existsng resources. The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The current Un￿rtaInty In the global economy, including cost inflating factors, have increased financial pressure on charities. The Trustees have considered, the level of funds held, the expected level and security of income and the committed expenditure for elve months from the dale of signing of these financial statements. The Trustees are satisfied the forecast income and reserves are sufficient to cover all of the budgeted expenditure to be able to continue as a going concem. The Trustees therefore consider the adoption of the going concem basis in preparing these financial statements continues lo be appropriate. Page 2023 INCOME FROM DONATIONS Donations ieceived Gift A'd lax relief 1,005,000 1,250 11 £ 1.006,250 INCOME FROM INVESTMENTS Canaccord Genuily portfolio Deposit interest 6,445 4,778 11 £ 11,223 Page 17 THE MASASA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEMBER 2023 Page 2023 EXPENDITURE ON CHARITABLE ACTIVITIES During the period, 18 grants were awarded and paid lo 13 organisations. These grants were alkncated a¢cording lo t￿ following categories.. Grants payable: Religious Community Support Health Education 94,500 7,￿0 6,000 5,000 Totsl Grants payable 113,000 Support Costs: Accountancy fees Bank charges 1,200 30 Total Support costs 1.230 Governanco Costs". Audit fees 4,800 Total Governance costs: 4,800 Total Charitable A¢tivities: 11 £ 119,030 Auditor remuneration in respect of their audit of the Financial Statements foi the period to 31 December 2023 totalled £4,800 including VAT. There were no employees in respect for the period ended 31 December 2023. No Trustee re￿iVed any remuneration or reimbursement of 8xpenses during the period from 8 January 2023 to 31 De￿Mber2O23. Page 18 THE MASASA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEMBER 2023 Page 2023 EXPENDITURE ON RAISING FUNDS Investment Management Fèes: Canaccord Genuity custody fee$ 100 11 100 FIXED ASSET INVESTMENTS Quoted investments and ¢ash under management Investment5 at market valug as at 6 January 2022 Additions at cost 740,834 740,834 Realised gainlllossl on disposals Unreali5ed gain on revaluats'on 7,979 Net Gain on Investment Assets 11 7,979 Market value at 31 December 2023 Cash 748,813 10,478 Total Value at 31 December 2023 12 £ 759,291 DEBTORS Accrued interest 12 5,399 £ 5,399 CASH AT BANK Lloyds Bank 147,632 12 £ 147,632 CREDITORS- amounts falling due within oneyear Audit fees Accountancy fees 4,800 1,200 12 £ 6,000 Poge 19 THE MASASA FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 6 JANUARY 2023 TO 31 DECEMBER 2023 10. RELATED PARTY TRANSACTIONS During the period 6 January 2023 10 31 December 2023 a donation of £5,000 was received from o of the Trustees on which gift aid tax relief of £1.250 has been claimed. No Tiuslee received any remuneralion or reimbursement of expenses during the period from 6 January 2023 10 31 December 2023. 11. ULTIMATE CONTROLLING PARTY The Trustees consider that the Foundation joinlty controllod by the Trustees and that there is no ultimate controlling party. 15. FINANCIAL INSTRUMENTS Page 2023 The carry amounts of the Trust's financial instwments are as follows- Flnancial as$¢ts Measured al fair value through SOFA.. -Fixed asset inveslrnents -cash £1 bank and in hand -DebtQfS 18 18 18 759,291 147,832 5,399 Financlal liabillties Measured al amortised cost -creditors 18 6,000 The net gairbs attributable to the Trust's financial instruments are summarised as follows.. Income and expense Measured al fair value through SOFA.. -Nel gains (including changes in fair value) 18 7,979