## **FELIX FOUNDATION**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2022**
**REGISTERED CHARITY No. 267305**
## **FELIX FOUNDATION**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2022**
## **CONTENTS**
||**Page**|
|---|---|
|REPORT OF THE TRUSTEES|**1-3**|
|REPORT OF THE INDEPENDENT EXAMINER|**4**|
|STATEMENT OF FINANCIAL ACTIVITIES|**5**|
|BALANCE SHEET|**6**|
|NOTES TO THE FINANCIAL STATEMENTS|**7-9**|
## **FELIX FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022**
The Trustees are pleased to present their annual Trustees' report together with the financial statements of the charity for the year ended 5 April 2022.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
Full name: Felix Foundation
Registered Charity number: 267305
Principal address: BDB Pitmans LLP One Bartholomew Close London EC1A 7BL
Trustees: Mr F Appelbe Mrs V Thomas Dr L Hobby Mr A Appelbe Independent Examiner: Julia Strike TEP One Bartholomew Close London EC1A 7BL
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Charity is controlled by its governing document, a deed of trust dated 17 March 1969, and constitutes an unincorporated Charity.
## **Appointment of Trustees and Trustee induction and training**
Trustees are appointed by deed. New Trustees are briefed on their legal obligations under charity law, the Charity Commission guidance on public benefit, informed of the contents of the deed, decision-making processes and recent financial performance of the Charity. Before taking on the role they meet key advisors and other Trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
## **Risk Management**
The Trustees recognise that they have a duty to identify and review risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have considered the main areas of risk and are of the opinion that the Charity has the resources that, under normal conditions would allow these risks to be mitigated to an acceptable level in its day-to-day operations.
## **OBJECTIVES AND ACTIVITIES**
The Charity was created by deed of trust dated 17 March 1969 and exists to benefit such legally charitable objects as the Trustees at their discretion select.
The Trustees consider applications for grants at meetings throughout the year.
Page 1
## **FELIX FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022 (cont.)**
## **Public Benefit Statement**
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and deciding on the grants for the year. The Charity’s objects are for the public benefit. Those objects are achieved by virtue of the grants made by the Trustees to Charities in England and Wales and to individuals to assist with their education.
## **ACHIEVEMENTS AND PERFORMANCE**
Because of the pandemic, the Trustees again did not meet in person but virtually, on various occasions to consider the charity's activities and achievements during the year. The charitable donations were agreed. 15 grants were made during the year (2021: 12 grants), ranging from £500 to £5,000 and the total is shown in note 2 to these accounts.
The Trust Funds were held in investments and cash. Income for the year, in the form of dividends and interest, amounted to £26,482 (2021: £22,827). The market value of the investments at the date of the Balance Sheet was £560,949 (2021: £521,821). The Trustees were pleased to see the increase in value to near pre covid levels in 2020. The Trustees are aware of the war in Ukraine and the ongoing impact it could have on the investments and their values and the income arising from those investments. The Charity is invested for the long term and the trustees will continue to monitor the investments and their performance.
## **FINANCIAL REVIEW**
## **Charitable Expenditure**
The 2022 Grants totalled £26,250 (2021: £15,500).
## **Other Expenditure**
Expenditure relating to the management, administration and governance of the Charity, amounted to £3,720 (2021: £3,612), less than 1% of the value of the charity at 5 April 2022.
## **Investment Policy and Performance**
The Trustees have an investment portfolio with M&G comprising shares in their Sterling Charifund, with units held in both their Income and Accumulation funds. The investment in these funds offers the trustees the right mix of capital growth and income to meet their policy and is actively managed by M&G direct. The Trustees monitor the performance at their meetings and when the quarterly reports are received.
The investment portfolio showed an increase in market value over the period, with unrealised gains of £38,342 (2021: unrealised gains of £114,709).
## **Reserves Policy and going concern**
The Trustees aim to use the income arising during each year for grants. If there is insufficient annual income in the year, expendable endowment is used to make the shortfall. It is not envisaged that there will be future commitments that exceed future income on an annual basis therefore the trustees are happy with the current reserve level. The Trustees are of the view that the Trust is a going concern.
## **Exemptions from Disclosure**
There are no exemptions from disclosure.
Page 2
FELIX FOUNDATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2022 (conL)
Law applicable lo charities in England & Wales requires the Trustees to prepare financial slalemenls
for each financial year which give a true and fair view of the charity's financial acb'vities during the
year and of its financial position at the end of the year. In preparing financial statements gNing a true
and fair view. the Trustees shoukl follow best practice and-
select suitable accounting policies and then appty them consistenuy,"
make judgements and esb"mates that are reasonable and prudent-,
slate whether applicable accounting standards and slalemenls of iecommended
praelice have been followed, subject to any departures disclosed and explained in the
financial statements and.,
prepare the financial statements on the going InCeM basis unless it is inappropriate to
presume that the charity will conb.nue in operation.
The Trustees afe responsible for keeping accounting records which disclose with reasonable
accuracy the financial position of the Charity and which enable them to ensure that the financial
statements comply with applicable law and regulations. They are also resFX)nsible for safeguarding
the assets of the Charity and hence foi taking reasonable steps for the prevention and detection of
fraud and other iriegularities.
Signed on behalf of the trustees:
Date:
,,/,./.
Page 3
## **FELIX FOUNDATION**
## **REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
I report to the Trustees on my examination of the accounts of the Felix Foundation for the year ended 5 April 2022 which are set out on pages 5 to 9.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5) (b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Julia Strike TEP One Bartholomew Close London EC1A 7BL
Date: 03/02/2023
Page 4
Page 4
## **FELIX FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022**
|Notes
**INCOME & EXPENDITURE**
**Income and endowments from:**
Investments
4
Other sums received
**Total income and endowments**
**Expenditure on:**
**Charitable expenditure**
Grants
2
Support costs
2
**Total expenditure**
**NET INCOME/EXPENDITURE**
Net gains/(losses) on investments
3
**Net income/(expenditure)**
**Reconciliation of funds**
Fund balances brought forward
**Total funds carried forward at 5 April 2022**|**Unrestricted**
**Fund**
Total
**2022**
2021
**£**
£
**26,481.55**
22,827
**291.50**
-
**26,773.05**
22,827
**26,250.00**
15,500
**3,720.00**
3,612
**29,970.00**
19,112
**(3,196.95)**
3,715
**38,341.70**
114,709
**35,144.75**
118,424
**542,793.41**
424,369
**577,938.16**
**£**
£ 542,793|
|---|---|
Page 5
DRAFT
FELIX FOUNDATION
BALANCE SHEET AS AT S APRIL 2022
Notes
2022
2021
Fixed Assets
Investments
560.949.47
521,821
Current Assets
Cash
17.988.69
22,762
Less: Current Llablllties
Amounts falling due within one year
BDB Pilmans LLP fees
Grants payable
$40
1,250
1.000.00
Net Current Assets
16.988.69
20,972
Net Assets
£ 577,938.16
542,793
Funds
Unrestricted funds
£ 577.938.16
£ 542,793
The financial statements were approved by the Trustees and were signed on their behalf by..
F Appelbe- Tiuslee
Dale..
Page 6
## **FELIX FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022**
## **1. Accounting Policies**
## Basis of accounting
The financial statements have been prepared under the historical cost convention, with the exception that investments are shown at market value as at the balance sheet date and are in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective, 1 January 2015) and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. Having assessed the Charity's financial position and plans for the forseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on a going concern basis. Where necessary estimates and judgements are based on historical experience and other factors.
The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and with the Charities Act 2011.
## Expenditure
A liability and related expenditure is recognised when there is a legal or constructive obligation at the balance sheet date as a result of a past event, that it is likely to be settled and that it can be measured reliably.
## Funds
The Unrestricted Fund comprises those funds which the Trustees are free to use in accordance with the charitable objects.
## Charitable Grants
Grants are recognised when the Trustees have made a decision to make a payment and that decision had been communicated to the recipient and it is probable that payment will take place. However, the recognition of any liability will be dependent on any conditions attaching to the commitment.
## Investments
Investments are stated at market value as at 5 April 2022. Investment gains and losses are disclosed in the Statement of Financial Activities.
## Investment Income
Investment income and tax recoverable are accounted for on a receivable basis.
|**2. Charitable Expenditure**
Grants made during the year totalled:
Support costs
Legal & Professional
VAT (non recoverable)|**2022**
2021
**26,250.00**
15,500
**3,100.00**
3,010
**620.00**
602
**3,720.00**
3,612
**29,970.00**
**£**
19,112
£|
|---|---|
Page 7
## **FELIX FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (cont.)**
## **3. Investments**
|Movements on quoted investments were as follows:
Market value brought forward
Add: acquisitions at cost
Net gain/(loss) on revaluation
Market value at year end
Historic cost value at year end|**2022**
2021
**£**
£
**521,820.92**
406,382
730
**38,341.70**
114,709
**560,162.62**
**£**
£ 521,821
**£ 301,118**
£ 300,331|
|---|---|
All investments are situated in the UK and listed on a recognised stock exchange.
Investments which represent 5% or more of the total portfolio are considered by the Trustees to be material and are:
|**2022**
**2021**
M & G Charifund - Income Units
96.48%
96.64%
**Investment income**
Income from UK investments
**Movement in Funds**
**Unrestricted Funds**
General fund
Fund value brought forward
Add:
Net movement in funds
Fund value at year end
Net movement in funds (above), arises as follows:
**Unrestricted Funds**
General fund
Income
Gains and losses
Less: Expenditure|**2022**
2021
**£**
£
**£ 26,481.55**
£ 22,827
**2022**
2021
**£**
£
**542,793.41**
424,369
**35,144.75**
118,424
**£ 577,938.16**
£ 542,793
**Movement in**
**funds**
2021
£
£
**26,773.05**
22,827
**38,341.70**
114,709
**65,114.75**
137,536
**29,970.00**
19,112
**35,144.75**
**£**
£118,424|
|---|---|
## **4. Investment income**
**5. Movement in Funds**
Page 8
## **FELIX FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 (cont.)**
## **6. Trustees' Remuneration and Expenses**
None of the Trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity, no Trustee expenses have been incurred nor have there been any related party transactions in the reporting period that require disclosure. (2021 also £0 in all cases). Independent examination fees in 2021/22 are charged but they are part of BDB Pitmans LLP's general expenses. The functions are carried out separately within BDB Pitmans LLP.
## **7. Employees**
The Trust does not have any employees (2021: none).
Page 9