Man Group plc Charitable Trust Annual Report and Financial Statements 31 December 2022 Ch8rity Ragistration Number 275386
Contents Reports Reference and administrative information Trustees, annual report Trustees, responsibilities statement Independent auditorfs report Flnanclal statements Statement of financial activities 12 Balance sheet 13 Statement of cash flows 14 Notes to the financial statements 15 Appendix Charitable donations 20 Man Group plc Charitable Trust 1
Reference and administrative information Trustees Lydia Bosworth Steven Desmyter (Chair) Keith Haydon Angus Jacobs lappointed 1 February 20221 Teun Johnston (resigned 23 March 20221 Abby King lappointed 11 May 20221 Christopher Pyper Carol Ward Trust Secretary Joshua Furlonger Prlnclpal office Riverbank House 2 Swan Lane London EC4R 3AD Charity registration number 275386 Independent Auditors Ernst & Young LLP 25 Churchill Place London E14 SEY Bankers Lloyds Bank Financial Institutions 10 Gresham Street London EC2V 7AE Man Group plc Charitable Trust 2
Trustaes. Annual Rgport Year to 31 December 2022 The Trustees present their statutory report with the financial ststemenls of Man Group plc Charitable Trust (the 'Trust'} for the year ended 31 December 2022. The awounts have been prepared in accordance with the accounting policies set out on pages 15 to 17 of the attached accounts and comply with the Trust's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021, effective from accounting periods commencing 1 January 2015 or later. Objectlves and actlvltles Principal aims and objectives The Trust is a philanthropic trust ftjnded by Man Group plc. The relationship between the Trust and Man Group plc is described within the 'Governance, structure and management, section of the Trustees, Annual Report below. The purpose of the Trust is to apply such donations received for such charitable purposes as the Trustees may in their absolute dis¢relion determine as prescribed in the Trust Deed. The main activities undertaken in relation to those purposes are described below under 'Grant making policy,. When setting the objectives and planning the work of the Trust for the year. the Trustees give careful consideration to the Charity Commission's general guidance on public benefit. Grant making pollcy The Trust prefers lo concentrate its support on smaller charities where ils donations make a material difference and where it can work in partnership with charities that are less likely to obtain support from the general public. The Trust focuses on education programmes that support disadvantaged people lo build the necessary vital life skills to improve life chanS and employment prospects. The interest and involvement of employees of Man Group plc and ils subsidiaries (the 'Group'l is also considered. The Trust is interested in finding out about volunteering opportunities but will not give preferential considerations lo organisalions or projects providing such opportunities. The recipient charities should be able to demonstrate sound financial management. The Trust does not look favourably on those charilies whose administration costs are excessive in relation to the service they provide. Man Group plc Charitable Trust 3
Trustaes. Annual Rgport Year to 31 December 2022 Achievements and performance Review of the year In 2022, the Trust ¢on¢enlrated ils grant-making activity on literacy, numeracy and education programmes. We have continued to provide support that goes above and beyond our financial contributions to those charities we have funded. Each charity is assigned a lead Trustee who establishes a relationship and provides mentoring, supported by the Group's employees, who provide pro bono advice and guidance as required. The Group's employees have engaged in in-person and virtual events, fundraisers, training sessions and board meetings for many of the charities the Trust supports. Employoe participation In addition lo ils grant-making aclivily, the Trust also encourages the Group's employees to invest their lime and expertise in charfcable 8Ctivilies. The Trust will m81ch, up to an agreed limit, charitable contributions that employees make lo any UK registered charity, via the Trust's sponsorship matching and Give As You Earn schemes. The Group's community volunteering programme, ManKind, allows ils employees an additional two days paid leave per annum to volunteer either with a charity of their choice or with one of the charities currently supported by the Trust. Financial review and reserves policy Results for the yeor The results for the year can be found on pages 12 10 14 of this report and financial statements. During the year ended 31 December 2022, total income amounted to £379.60612021= £3,094,254). The Trustees made donations lo institutions lolalling £882,08912021'. £738,160) including a donation of £150,00012021.. £136,899) to the Man US Charitable Foundation, a philanthropic foundation established in the US in 2019 by Man Group plc. In addition, the Trust incurred governan costs of £4,20012021.' £5,100). The nel loss before other recognised gains and losses for the year was £506,68312021'. nel income of £2,350,994). The balance sheet shows total funds of £2,415,62412021.. £2,922,307) all of which are unrestricted. The Trust had donation commitments of £200,000 as at 31 December 2022 12021.. £Nill (Note 91. The Trustees consider that the level of free resetves meets Ihe Trust's reserves policy and they therefore consider free reserves lo be adequate bul not excessive. The reserves total sustains and supports levels of donations from income, which the Trustees would wish to maintsin over time. Man Group plc Charitable Trust 4
Trustaes. Annual Rgport Year to 31 December 2022 Financial review and reserves policy Iconlinuedl ReseeS policy The Trustees seek to optimise the amount of charitable donations and forward commitments paid during the year. The Trust's ultimate aim is to ensure reseNes remain positive and therefore the Trustees ensure they lake a prudent approach when approving charitable donations and forward commitments. Any incoming resources not paid out or accumulated interest represents the reserves of the Trust. The Trustees review the reserves policy of the Trust on an annual basis. Ourplans ftir next year The Trust will ulilise its reserves to continue its grant-giving programme and support to employee engagement programmes over the next three years. Our focus for 2023 is lo continue lo build on our grant-making support to education programmes that support disadvantaged people to build the necessary vital life skills to improve life chances and employment prospects. We will also continue to develop further areas where the Group's employees can use their lime and skills lo add value in addition to the financial assistance provided by the Trust through its grants. We plan lo continue to engage with the Group in encouraging its employees to volunteer and make a positive and meaningful contribution to the communities we are part of. Governance. structure and management Governance Man Group plc Charitsble Trust is governed by a Trust Deed dated 11 January 1978. a Deed of Amendment dated 5 July 2016, and resolutions of the Trustees pursuant to section 280 of the Charities Act 2011 Ithe"Act"I dated 17 May 2021. The Trust is registered under the Charities Act 2011, Charity Registration Number 275386. The names of the Trustees who served during the year are sel out as part of the reference and adminislralive information on page 2 of this Annual Report. On appointment as a Trustee of the Trust, the Trustees are thoroughly briefed by the Trust Secretsry on the history of the Trust, the day-lo-day management, the responsibilities of the Trustees, the current objectives and future plans. The Trustees are also encouraged to attend any courses which they feel are relevant to the development of their role, and to keep up-lo-date on any changes in legislation. The Trustees have complied with their duty in section 11 of the Charities Act 2011 to have regard lo guidance published by the Charity Commission. Man Group plc Charitable Trust
Trustaes. Annual Rgport Year to 31 December 2022 Governance. structure and management Icontinuedl Organisational structure and decision making The Trustees are ultimately responsible for the policies, activities and assets of the Trust. They have periodic meetings at which policy matters are considered and individual donations are decided upon, in addition lo ad hoc meetings to consider donations and other matters as and when considered appropriate. The day-to-day management of the Trust is the responsibility of the Trustees and other employees of the Group. The Trust has a close relationship with Man Group plc, a Company registered in Jersey. The Trust allocates the funding il receives from Man Group plc across the various charities il supports Including the Man US Charitable Foundation, to which il allocates a portion of ils annual budget. The Trust's activities are reported in the Man Group plc 2022 Annual Report. Details of tmnsaclions with Man Group plc and the Man US Charitable Foundation are set out in Note 8 to the financial statements. The Trustees who held office during the year and after the year end were as follows.. Trustèe AppointedlResignèd Lydia Bosworth Steven Desmyter Keith Haydon Angus Jacobs Teun Johnston Abby King Christopher Pyper Carol Ward Appointed 1 F8bru8ry 2022 Resigned 23 March 2022 Appointed 11 May 2022 Kgy managgment pgrsonngl The Trustees are considered lo be the Trust's key management personnel as they have authority and responsibility for planning, directing and controlling the Trust's activities. None of the Trustees received remuneration in respect of their services as a Trustee during the year12021.' Nill. Man Group plc Charitable Trust 6
Trustaes. Annual Rgport Year to 31 December 2022 Governance. structure and management Icontinuedl Risk management The Trustees have assessed the major risks to which the Trust is exposed and are satisfied systems and processes are in place to miligale exposure to these risks. Annually the Trustees conduct a review of the risk register. The principal risks which the Trustees managed during 2022 include.. The Trust does not employ dedicated staff, being managed by the TrLJStees and supported by volunteer employees of the Group. Processes and procedures are in place for assessing gffint applicants and for day-to-day management of the Trust. The management model is reviewed and monitored on an ongoing basis lo determine whether additional resourcing is required. The Trustees and Trust Secretsry receive periodic legal and regulatory updates from independent advisors. Dependency on the Group for funding. Reserves of the Trust are maintained al a healthy level. FoNard commitments are included in financial projections, with a limited number and value of mulli-year grants being made. Financial fraud and misappropriation of assets. All payments from the Trust's bank account require two Trustee signalureslapprovals. As the Trust is funded by Man Gmup plc, the longer-term success and sust8inabilily of the Trust is dependent on that of the Group. The directors of Man Group plc believe that there continues to be robust global demand for asset management firms, such as Man Group. The Group's operating arrangements, including access lo capital and liquidity, are subject to ongoing review by the Group's directors and senior management. This includes assessment of company-specific factors and of the Group s medium-lerm financial plan and capital and liquidity plan, which are built by aggregating the expected business performance across the Group and indude rigorous downside scenario testing. The Group continues lo have a strong cash and capital position, and its business typically has a go(Id conversion of profits into cash flows, which helps protect the business in stressed scenarios. Further detsils of the financial, liquidity and capital positions of the Group can be found in the Group's 2022 Annual Report. Signed on behalf of the Trustees.. Steven Desmyler, Chair Approved by the Trustees on.. 3 October 2023 Man Group plc Charitable Trust 7
Trustgos. responsibilities statgmgnt Year lo 31 December 2022 The Trustees are responsible for preparing the Trustees, Report and financial ststemenls in a¢cordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpIed Accounting Practice). The law applicable lo charities in England and Wales requires the Iruslees to prepare accounts for each financial year which give a true and fair view of the stale of affairs of the Trust and of the income and expenditure of the Trust for that period. In preparing these accounts, the Iruslees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in Accounting and Reporting by Charities.. statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland IFRS 1021., make judgements and estimates that are reasonable and prudent., slate whether applicable United Kingdom Accounting Standards have been followed, subject lo any material departures disclosed and explained in the accounts,. and prepare the accounts on the going concern basis unless il is inappropriate lo presume that the Trust will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose wtth reasonable accuracy at any time the financial position of the Trust and enable them lo ensure that the financial slalemenls comply with the Charities Act 2011, applicable Charity (Accounts and Reports} Regulations and the provisions of the Trust's trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Trust and financial information included on the Trust's website. Legislation in the United Kingdom goveming the preparation and dissemination of accounts may differ from legislation in other jurisdictions. Signed on behalf of the Trustees.. Steven Desmyler, Chair Approved by the Trustees on.. 3 October 2023 Man Group plc Charitable Trust 8
Independent Auditorfs Report to the Trustees of Man Group plc Charitable Trust 31 December 2022 Opinion We have audited the financial statements of Man Group plc Charitable Trust I'lhe charity'l for the year ended 31 December 2022 which comprise the Stslemenl of Financial Aclivilies, the Balance Sheet, the Statement of Cash Flows and the related notes 110 9, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom AOUntIng Standards (United Kingdom Generally Accepted Accounting Practice) induding FRS 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland" In our opinion the financial stalemenls.. give a true and fair view of the slate of the charity's affairs as at 31 December 2022 and of ils incoming resources and application of resources for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 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 Auditor's responsibilities for the audit of the financial ststemenls section of our report below. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatemenls, we have conduded that the trustees, use of the going oncern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the charity's ability lo continue as a going Concern. Other infonnation The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained in the annual report. Our opinion on the financial statements does not cover the other information and we do not express any fom of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misststemenls, we are required to determine whether this gives rise to 8 material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. Man Group plc Charitable Trust 9
Independent Auditorfs Report to the Trustees of Man Group plc Charitable Trust 31 December 2022 We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports} Regulations 2008 require us to report to you if, in our opinion.. the information given in the Trustees, Annual Report 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 accounting records and returns., or we have not re¢eived all the information and explanations we require for our audit. Responsibilitles of trustees As explained more fully in the tnjstees, responsibilities statement sel out on page 8, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 8nd for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstslemenl, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless management either intends to liquidate the charity or lo cease operations, or has no realistic altemalive but lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. 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 to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatemenls. Explanation as to what gxtgnt the audit was considorgd capablo of dgtecting irregularitigs, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, lo detect irregularities, including fraud. The risk of not delecling a material misstalemenl due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The exlenl lo which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the enlily and management. We obtained an understanding of the legal and regulatory frameworks that are applicable lo the charity and determined that the most significant are those that relate lo the reporting framework, United Kingdom Generally Accepted Accounting Practice including FRS 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland. the Trust Deed, the Charities Act 2011, Charities (Accounts and Reports) Regulations 2008, Charity Commission for England and Wales (Charity Commission) regulations and applicable laws in the United Kingdom. Man Group plc Charitable Trust 10
Independent Auditorfs Report to the Trustees of Man Group plc Charitable Trust 31 December 2022 We understood how the charity is complying with those frameworks by making inquiries of management and by seeking representation from those charged with governance. We corroborated our understanding by reviewing trustees, meeting minutes and policy and procedures manuals. We assessed the susceptibility of the charity s financial statements to material misslalemenl, including how fraud might occur by considering the risk of management override and inquiries of management and those charged with govemance including consideration of known or suspected instances of non-compliance with laws and regulation or fraud. We also perfomed journal entry testing by specific risk criteria, with a focus on joumals indicating large or unusual transactions based on our understanding of the ch8rity. Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved inquiries of management and those charged with governance regarding any matters identified as a Serious Incident as reportable lo the charity s regulator lo identify any instances of potential non-compliance wrfch law and regulation or fraud, review of legal and professional expenses and review of trustees, meeting minutes. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https.'Ilwww.frc.org.uklauditorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made solely to the trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's Iruslees those matters we are required lo slate lo them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees, as a body, for our audit work, for this report, or for the opinions we have formed. Do¢uSWd by.. F1F5C7Cl457ET K8ith Wood London, United Kingdom 5 October 2023 Ernst & Young LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. Man Group plc Charitable Trust 11
Statement of financial activities Year lo 31 December 2022 Unrestricted funds 2022 2021 Notes Ineom• and •xp•nditur• Income from.. Donations Total Income 379.60 379,606 3,094,254 3,094.254 Expanditur• on.. Charitable activities Total 8XP8nditur8 886,289 886,289 743,260 743,260 Net mo¥8ment in funds 1506,6831 2,350,994 Reconciliation of funds.. Total funds brought forward at Start of year 2.922,307 571,313 Total fLJnds carried forward at end of year 2,415,624 2,922.307 All of the Trust's activities derived from continuing operations during the above two financial periods. All gains and losses recognised in the year are included in the above statement of financial aclivilies. There is no differen between the net movement in funds as staled above and ils historic cost equivalent. The accompanying notes on pages 15 to 19 form an integral part of the financial statements. Man Group plc Charitable Trust 12
Balance sheet 31 December 2022 2022 2022 2021 2021 notes Currènt assèts Cash at bank Accrued income 2,554,893 300,000 2.854,893 3,477,070 3,477,070 Current liabilities Creditor5'. amounts falling dLJe within one year 1439,2691 1554,7631 Net cUrt assets 2.415,624 2,922.307 Total net assets 2,415,624 2,922,307 The funds of the Charity: Unreslrided income funds 2.415,624 2,922,307 The accompanying notes on pages 15 to 19 form an integral part of the financial statements. Approved by the Trustees and signed on their behalf by.. Steven Desmyler, Chair Approved on.. 3 October 2023 Man Group plc Charitable Trust 13
Statement of cash flows 31 December 2022 2022 2021 Notes Cash flows from operating activities.. Net cash used in operating activities A 1922,1771 2,605,643 Chang• In eash and cash •qulval•nts In th8 y•ar 1922,1771 2,605,643 Cash and eash •quivalènts at th• bèginning of th• yèar B 3,477,070 871,427 Cash and cash equivalents at the end of the year B 2,554.893 3,477,070 Notes to the statement of cash flows for the year to 31 December 2022 A Reconciliation of net movement in funds to net cash used in operating activities 2022 2021 Net movement in fund5 la5 P8r th8 Statement of financial activities) 1506,6831 2,350,994 Adjustments for- Increase in debtors ID8creas8)Tincreas8 in creditors N•t cash lus•d inl I gènèratèd from op•rating aetiviti•s 1300,000 1115,4941 254,649 1922,1771 2,605,643 8 Analysis of cash and cash equivalents 2022 2021 Cash at bank Total cash and cash equSvalents 2.554,893 2,554,893 3,477,070 3,477,070 The accompanying notes on pages 15 to 19 form an integral part of the financial statements. Man Group plc Charitable Trust 14
Notes to the Financial Statements 31 December 2022 1 Accounting policies 1.1.Bosis of accountiTng The financial statements have been prepared under the historical cost convention with items initially recognised al cost or transaction value unless otherwise staled in the relevant accounting policy nolelsl. The financial slatem8nls have been prepared in accordance with Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable lo charities Preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP FRS 1021 issued in October 2019, Update Bulletin 1 issued on 2 February 2016, Update Bulletin 2 issued on 6 October 2018, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Trust conslilules a public benefit enlily as defined by FRS 102 and is an unincorporated charity. The accounts are presented in sterling and are rounded to the nearest pound. 1.2 Critical accounting estimates and areas of judgement The Trustees have determined that there are no significant areas of judgement or accounting estimates that have a material impact on the financial statements. 1.3 Income recognition Income is recognised in the period in which the Trust has entitlement lo the income. the amount of income Can be measured reliably, and it is probable that the income will be reived. Income comprises donations and interest receivable. Deferred income is recognised in the financial statements in the period in which it is earned. Donations are recognised when the Trust has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject lo conditions that require a level of performance before the Trust is entitled to the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fulfilmenl of those conditions is wholly within the control of the Trust, and it is probable that those condrfcions will be fulfilled in the reporting period. Interest receivable comprises interest on funds held on deposit. Interest is included when re1vable and the amount can be measured reliably by the Trust., this is normally upon notification of the interest paid or payable by the bank. Man Group plc Charitable Trust 15
Notes to the Financial Statements 31 December 2022 Accounting policios Icontinuedl 1.4 Expenditure r8cognition Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing the Trust to make a payment lo a third paty, it is probable that transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Accruals are recognised in the financial statements in the period in which they are incurred. Expenditure comprises direct costs and support costs. Donations payable comprise amounts payable in supporting charities and the cost of administering the donation programme. Donations payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision lo make the donation and has satisfied all related conditions. Donations approved bul not paid al the end of the financial year are accrued for. Donations for which the beneficiary has not been informed or has to meet certain conditions before the donation is released are nol accrued for but are noted as financial commitments in the notes to the financial statements. 1.5 Allocation of support costs Support costs represent indirect charitable expenditure and include govemance costs. Governance costs comprise the costs involving the public accountability of the Trust (including audit costs) and costs in respect lo its compliance with regulation and good practi. Support costs are allocated to the Trust's single charitable activity. 1.6. Unrestricted funds The unrestricted funds represent funds available for the general charitable purposes of the Trust at the discretion of the Trustees. Man Group plc Charitable Trust 16
Notes to the Financial Statements 31 December 2022 Accounting poli¢ig$ Icontinuedl 1.7 Going concern The Trustees have assessed whether the use of the going concem assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect of th8 Period from the dal8 of approval of the financial statements lo 31 October 2024. The Trustees have reviewed the Trust's liquidity forecasts and are comfortable that sufficient liquid resoUe$ exist to service all current liabilities. Cash at bank as at 31 December 2022 was £2,554,893, which provides 5.8 times cover on current liabilities of £439,269. As sel out in Note 9, at 31 December 2022 the Trust had commitments to pay donations of £200,000 in fLJture years, subject to the recipient charity meeting certain conditions, and no further commitments. The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubl on the abiltty of the Trust to continue as a going concern. 1.8 Cash atbank Cash al bank represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. 2 Charitsble expenditure 2022 2021 Charitable donab.ons Employee sponsorship matching Ernployee GAYE matching 831.001 24,538 26.550 882,089 4,200 886,289 702,784 9,026 26,350 738,160 5,100 743,260 Support wsts (Note 31 A list of the donations approved by the Trust during the year is included in the allached Appendix. In addition lo the amount included above, the Trustees may also authorise certain donations for which the beneficiary has lo meet certain conditions before the donation is released. The amounts aulhorised but not accrued for in these financial statements are set out in Note 9. Man Group plc Charitable Trust 17
Notes to the Financial Statements 31 December 2022 3 Support costs 2022 2021 Auditorfs remuneration laudit feel Other professional fees 3,000 1.200 4,200 3,000 2,100 5,100 The Group provides the Trust with staffing free of charge. This support has not been recognised in the financial statements because il has not been possible lo quantify the value with reasonable accuracy. Other professional fees relate to work on amending the Trust Deed. Support costs are split equally between each category of donation payable within Note 2, allocated in total to the Trust's single activity. 4 Employee costs and remuneration of key personnel The Trust had no employees during the year12021'. Nill. 5 Trustees, expenses and remuneration None of the Trustees received remuneration in respect of their setvices as a Trustee during the year12021.. Nill. 6 Taxation Man Group plc Charitable Trust is a registered charity and therefore is not liable lo income tsx or corporation lax on income derived from ils charitsble aclivilies, as il falls within the various exemptions under section 505 ICTA 1988. 7 Creditors- amounts falling due within one year 2022 2021 Accru815 Donations payable 6.200 433,069 439,269 6,000 548,763 554,763 Donations payable of £433,06912021'. £548,763) relate lo donations approved in advance of year end bul paid in the following financial year. Man Group plc Charitable Trust 18
Notes to the Financial Statements 31 December 2022 8 Ralatad party transadions During the year 8nded 31 December 2022, the Trust was granted donations of £300,000 from Man Group plc12021'. £3,094,254). The Trust operates from the Group's offices in the UK. During the year ended 31 December 2022, the Trust made a donation of £150,000 to the Man US Charitable Foundalion12021.' £136,899), a philanthropic foundation established in the US in 2019 by Man Group plc. 9 Commitments Donations for which the beneficiary has not been informed or has lo meet certain conditions before the donation is released are not accrued for bul are noted as financial commitments in the financial slalements. At 31 December 2022, the Trust had committed to donate £100,000 per year in each of 2023 and 2024 to Redstart. The Trust has no further commitments other than the settlement of those donations whi¢h were approved in the year ended 31 December 2022 and which are included in current liabilities at the balance sheet dale. Man Group plc Charitable Trust 19
Appendix Charitable donations for the year ended 31 December 2022 2022 Charitable donations The Auditory Verbal Centre City Gateway Limited Discover Children's Story Centre First Story Limited Greenhouse Sports Limited Man US Charitable Foundation MyBnk National Society for the Prevention of Cruelty to Children Read Easy UK Redstart Refugee Education UK Starlight Children's Foundation The Brilliant Club Tower Hamlets Educabon Business P8rtnership XLP 50,000 50,000 40,000 40,000 45,500 150,000 50,000 40,000 50,000 100,000 50,000 40,125 50,000 30,376 45,000 831,001 Employ*• sponsorship matching 24,538 Employee Give A5 You Earn IGAYEI matching 26,550 Grand total 882,089 Man Group plc Charitable Trust 20