Ch4YIty number- 291528 THE FEDERATED FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE FEDERATED FOUNDATION CONTENYS Page R8fèr6ncè and Admlntslrallvp Dgtall$ of the Chartly. Its Trvst•ès &nd Advlsers Tru$teo¥' Report Indgp$nd•nt Audltors, Report Gn thè FIMan¢lal Statements statement Of Flnanclal Actlvltlos 10 Balan¢0 Sha8t 11 Statomènt ol Ca¥h Flows 12 Not•s t¢) thè Flnanclal Stalomènts 13-22
THE FEDERATED FOUNDATION REFERENCE AND ADMINISTRATIVE DETLs OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 TruBtsas Lord G R J Bomick T J R Borwick Lady Borwlck Charfty r6gl8teFgd numb&r 291528 Pilnclpal offf c• 15 Grè&t Collegè Slreel London SW1P 3RX Ind&p•ndont atldltors Warrnn8r Stewart Chartgred Accountants Hatwood House 43 Hapwood Road London Swfj 4QP Paga 1
THE FEDERATED FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 20Z4 Tha Tru8tÉ8s present thelr annual POrt together with Ihg audlled fin8ncipl statemen18 of the Th8 Federated Foundation for tha y8&r 1 Aprll 2023 10 31 March 2024. Ob]ectlves and aotlvltles . Pollcltrs and oblè¢ifvg3 The principal objective of th& Charity Is Its banefll the public In encouragement, promotton and carrying out r¢search Into tho ¢auses of heart dlsease In boltt chlldi&n and adults. The Chprily 80 provides fund8 for the b8ngfil of olher charll*ble objg¢llv68 and purpo8e8 in any part of thè world. In g9tting obpctlves and planning foy act11168, Ihe Trustees hava gFvon due con8idéralknn to general guld&ntè published by the Charity Commission relallng lo publi¢ benefiL Including (he guid&n¢e 'Publlc benefll.. runnlng a charily IPB21'. b. Stratsgles for achlevlng objectlves The Maln 81rategieB implemented byts Qh4rity in order lo achleve theirobj8clives includo,, 81 Carrying out resegrch into tho causes gf he8rt disease in l)olh ehlldyen and adults. bl . The Inaking ol gr&nl$ lo ¢haritie8 which carry out régèah into the abovs. ¢1 The benefit ol exclusively chErltab16 objedives and PLirposè8 In the UK or oth&r part of the world as Trustees shall, Ih&ird18cr8llon, Ihink fll. c. Actlvltles undertakon to achlovè obj¢divg8 Aclivitias for achlwlNJ objectives are.. al Donotlon8 lor tho Costs of educatton of nursè8 and practice educ•ior8 at the Royd Brorry)lon Hospital. Th8 Charity conllnues to oonliibute lo Ctsurses lor nurses and other slafl, in ord&r that they can allend wortdwide conf¢renc88 as30cialed wth thelr work.. helping lo Ireal and core for patients suflering frgm hpari and lung problems. Some of th08¢ who allend also speak snd present. Thes& eonlaran¢e8 enable the nurses and other medical slafl lo be educated and stay mollvaled at no colt tts the public pur$¢. bl Donations lo other regi81$red charllle8. Atl other donatlons made by the Chwrity aro lo other règistered tharilieB.' who are Ihems&fves responsiblo for showlng the publK Ihe benelrt of Iheirwork. d. Grant4n&klng pollcies Th? Tru8lees awwd graThtS to pro5eots Ihut mgot thé Charity'8 slrgtegEc oble¢livÉs. Achlev6m8nts And p•rfowmance È. Maln achlgvèments of the Charlly The Charfty, in total, madè d¢hqtionÈ of £85,521 Nursg8lw&Gtice educators wer9 givtrn conlributlons towards rlhgr tralning and the trustees mel doctors and nurses of the Royal Brgmpton & Harefield NHS lo discuss this expenditure 8nd the b8néffts thè nurses believed they galned Irorn thair allend8nc6. Thfj other donalloNs were glven lo chaillies who mol Ihe Trustaès lo rèquèst help wtth Iheir t8uses. In each case th8 Trustéè$ considor9d thès8 reque8t8 ard agroed the level ol sUPPOrt lo bo given, depend8nt on thè Charity's causes and neocis. Pag$ 2
THG FEDERATED FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Arhl8vomehtÈ 2nd perfL)rmÈnce {contlnuedl b. Revlgw of acllylllès The Truslees'have recewgd summarfes from the projects that lh8 Charlty supportÈ ar the Tw81é0s wn$ldèr these prolocls have mèt Ihelr Inlllal gxpactalions. c. Invgstment poltcy And performance The Trustèes conslder that speGkll8ed inve8lm¢nl$ de8igngd lor the charity JeGlor besl meel the Charity'8 noed foT incomg and capltal growih. Authori¥allon ha5 b@8n given to Iho Chortty's bkr lo rnanage th& Charily's inv¢¥lmenl portfollo. A quarterly inveglmenl report Is glven to th6 Charity and the inve8tm8nl broke¥ provides peritsjical 18ports on Ihg Portrolio p&rformance. Firtanclal rèvlew a. Golng concern Aftgr Iraklng approprfate enqulrtas, Ihe Tru$lee8 have a reasonable expectalbn that the Charlty has adequate rèsource> to continue in op¢raliona1 exi$lèt)ee lor the fore58eable fuluie. For this reason, they continue lo adgpl the golng concem b8s15 in prepariw the financial stalèmenls. Furfh6r d6tsi1s régArd>NJ the adoptlon of Ihe going Concern basi¥ ¢gn be found in the accounllng polieies. b, Rè#&bVèS poIIcy Tho Tru81ee8 havè establish a reserve poley whereby unreslrlcted funds Ilree resèrves) are mahlined at vds which 4lbw the Charity lo achiéve ils objectives through inve¥tmenl Income. Glven Ihe Int¢Tmlllenl Tralure ol tho Charty'6 incoffle, the Charlly's polkyls to rètsln SLrfficiÈnl osh to cov8r any oommitted oxpandiluye. Current levels of fro& reserves amounting lo £11,939,341 12023.. £985,794) of whlch £11.070,85412023.. £nill is repregenled by inveslmenls held for their potèntlal income In order to fund charllablè actlvitie&. Glvan the charity's currènt resgrvo8 and funding M$1, Ihg Trustee$ consider il lo be a going conrn and hava prspared these a¢unts on th18 bads. c. Prln¢lpal r18ks and uncertalnlle¥ The Trust888 h8v& asBe5sed tho majoT rlsks lo which the Charity is oxposed, in particular those related to the operallons and financ6s 01 th8 Charity. and arg 58tl$116d that 3ystems and pro¢¢dures are In place lo mlllgale our exposure lo Ihe major risks. d. Financlal rlsk manag8ment oblttctlves and poli¢1oS Dtsnations lo ext9rllal prolècl8 are assessed by the Tru81e8?10 onsure that th8 ChaTW$ slrteglo J0¢l1ve$ arg LTrpheld and thè Trustee3 niakg sure to fi)Ilowfin8ncial wmpllance btr$t praclKe. struetur8. governance and mah&g•menl a. Constitutlon The Federated Foundation Is a regISted charily, number 291528, and is con8tiluted under a Tw$t deed. Page 3
THE FEDERATED FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Structure) goYernanc& and managem8nt Icontlnuedl . Method8 of appolntm¥nt or ole¢tlon of Trustèes Thg Innagement of the Charily 18 tha responslbllty of thé TNytee$ who are eFectgd and ¢o-QPted under the terms of Ihe Trust d60d. Plans for luturo lIodS The Tru51ees hope lo conllnuE lo mogt thg Charrtl6 obJ'ecliv85, to benèfit the publlc encour8gemenl, promotlon and carrying out research into the ¢aus&s of hoart dlse889 bolli children and adullg, th4 making of grants 10 8ny charily whlch carrip$ out ro30aich into that endeavour and th benefit of excluslvely charltabl¢ oblèclives aiid Purposes in th& UK orony olh6r part olthe world a8 Truetees shall in Ih•lrdlserèlion think fil. Strdt•m¢nt of Tru6tees' re8ponBlbllltles The Trustees are v&spon$ibla for propong the Trustees. Report gn(I the fin8n¢lal 8laleMenls in ao¢ordance wllh 8pplieable law and United Kingdom Accounting Standard8 IUnKed Kin9dom Ganerally Aecepted A¢EoiJnllng Pract11. Th8 law applicable lo charfl$ in England & Wa198 requlres the Truste69 to prepare financlal slalemenls for eech linMncl81 yèar whlch give a true and fair v¢ew of the ytste ol affair8 of the Charlly and of It8 incDriiiii relources and appllcatlon of resour¢¢¥, in¢ludSng its InMe and expenditurè, for that period. In preparlng thes Ilnanciol gtalèm¢nts, thè Trustees arg required lo.. selo¢t 8ult8bl8 a¢wunling polleles and than apply Ihgm conBl8tenlly'. ob8erv8 the melhods and principles of the Chgritlos SORP IFRS 1021., rnoke ludgrnenls and accoL¢nting etstlmalgs that are rea8anable and prudènt. slate whether applibE8 UK Accounting Standards IFRS 1021 h¥v& beèn followed, &ublect lo any maleTlal departures dis¢10gèd and explained In the financial statements., pr8pam Ihe fjnancial $tal8ments on the golng conceryi bo$ls unlas811 1$ inoppropviate b prB5ume that Iha Charitywlll continue In business. The Trusteès are responslble for keepln9 ad8qual& acoounling records that are $uffi¢Senl io show and explaln lh8 eharily's Iran8actions and disclose vAth r¢osonable accuracy al any tline thg finÈnelal position ol the Charity enabl Ihpm to gn8ure that the fiTranclal 61alÈmènls ¢ompSy wth the Charllles Ad 2011, the Chgrily (Accounls ancl Roportsl Regulatkjns 2008 and the provisions of thè T¥u8t deed, They are also rèspon8ibl• for Fafeguarding the as88ts of th& Charlly and h$nc6 for taking roasonable glops for th? preVenOn and d6te¢tlon of fraud and othér Iri4gvlaritieg. Dlsclosuye of Informatlon to audltor8 E8Gh offhe pgrsons who are Trustees al the time when this Trustèèa. Report Is approve(I has nIlM that.. so lar as that Trusleg 18 aw&re, there Is no rplavanl audtt Informalion of which ¢harity8 allIOrS ale uTraware. and that Trustee has taken all the steps that ou9hl to have been taken os a Trusteè In ordgf lo b& awaro 01 any relevant oudil InfonMalK)n and to 98tabllsh th the ¢harlty's auditors are aware of that inlormalion. Page 4
THE fEDERATED FOUNDAYION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Audttoys Thg &udllor8. Warrener Stewart, hove indleated Ihoir wlllingnes3 to cCtinue In offlce. Tho de6ignaled Trusleas will proposa a moiion reappnting thè &udRor8 al a meeting ol the Tw98$. AppToved by Drdef of thg membèrs of thè board of Tru¥l86s and 3ign8d on their behalf by.. Lord G R J BoTwl¢k Dal?.. Page 5
THE FEDERATED FOUNDATION INOEPENDENT AiJDSTORS' REPORT TO THE MEMBERS OF THE FEDERATED FOUNDATION Oplnlon We audhed the flnanclab statemants The Federated Foundation Ilhè 'charflyJ lor th6 onded 31 March 2024 which comprlse the Slalement of FSnancial ActSvllles, th$ Balanttg She81, th$ Staltment of Cash Flows and tha ralaled notes. includlng a 8ummary of signlficanl accounting pollci8s. Tha financial reportiny framework that has bgpn applled In Ih$lr pr8paratlon 15 8pplicable law and United Kingdom Acrounling standaixls, including Financial Reporting Standard 102 'The Financial Reportin9 Stddffj applicable in tha UK and Republic ol Ireland, Iunllfd Klngdom Genèrolly Accèptèd Aeoounling Praclicel. The lin8n¢lal slatement3 havo been pr9pargd In accordance with Accounllng and RÉport4ng by Charities preparing their accounls in accordantte with the Flnanoal Reportlng Standards epplltabla in Ihe UK and Ropublic of Iro18nd IFRS 1021 In preference to the AccoLinting and Réportlng by Charitlè8'. Slstèmènt of R8¢ommend¢d PraclEce Issued on l Aprll 2005 whlch Ig r9fetred to in thè extant regulalions bul has been wilhdrawn. This has been done In order for the accouri18 lo provNJ• a Iruo anLI f8ir v16w kn 8CCOTdance with the G¢nerally Aepted Accounllng Pr8cti¢è Èffeellvtr foT reporting periods beginning on or after 1 January 2015. In our opinion the financial slaternenl8'. glvg a I¥u6 and fair view of the stale of th& chariV8 affalrs 0$ at 31 March 2024 and of ils Incomirtg r8$0urc&s and applicatlon of re59urces for Ihe yepr th9n end8d., have b&6n properly prepared In aecerdance with Unltéd Klngdom G&nerally knepled Accounting Practice., and havè been Prepared In accordancè with thè Nuirements of tha Gharilitss Act 2011. Ba$1$ foroplnltsh We conduded our gudil in accordance th International Standard8 on Audilin9 IUKI (ISA8 IUKII and applicable L3w.. Our respon$ibilitl8& Linder thos8 stsndards are lurther degcrlbed in tha Audllors, re3ponslbllltlÈs forlhe audit of Ihtt flnancial statem¢nis s8ctlon of our report. We aFe indgpendenl ollhe ¢harily in accordance with the elhlcal requIreMlS that are relevant lo our audil of the financial slalemerts In thè Unlkd Kingdom. In¢ludlng thè Finan¢l&l R&portlng Council'g Ethlcal Siandard. and wg havé fullllled our olh6r elhiG31 responslbllltlèg In accordance with IheBe requiremenls. We believe that the audit evldence w? ha obtalned sufficlenl and approprlate lo piovid9 b ba3is for our oplnlon. Concluslons relatlng to golng concem In 4udthng Ihg ffnancS81 statèmènts, wtr have concluded Ih* the fru$tees' use of th8 golng concern b4S5s 01 accounting in the preparallon of Ihe linancbal Stat81$ Is approprlate. Bosèd on the work wè have perform¢d, wa have not IdÉntllied any material uncertainli8s relating to gvents or ¢ondillons Ihal, indivlduafly or eollaclively. may cast signiflcant dosjbt on lh¢ ch¥rily'$ 8bilily to contlnue as a golng concern lor a period of &1 least twelve months from when the financial slalemenls are aulhgriBed for issu?. Ovr r&spons1blllli4s &nd the responsibl11&8 of th$ Tw$tets [h r88P8et 1¢ golng ¢on¢em are de8crlbed In the relevant secllons of Ihls report. Page 6
THE FEDERATED FOUNDATION INDEPENDENT AUDITOR8. REPORT TO THE MEMBERS OF THE FEDERATED FOUNDATIQN ICONTINUEDI Othor Inforrriallon The other Information cornprlses the Infomalion included in the Annual Report other than tho financial talements and our Audltors, Rep¢rt theon. Th$ Trustees are respgnslble IOT the other Infomialign Contained wilhln the Annu81 Report. Our opllllon on the flnanclal slalements does nol cover Ihg other information and, except to tha exlenl olhorwlse explicitly slated in our report. we do not axpress any lorm of as3uran¢¢ conduslon Ihereon. Our TegponsSbilily 18 lo read thè other Infonrallcrn and, In dr)ing so, con8id8r whether the other information Is materially in¢onsistsnl with the financial 8la16menl3 or our knowledge obtained in tho course ol the audfv, or olhoN186 appears lo bè materlally mlsslaled. If wè Identlfy such Mateal Inconslstencles or apparent material mlsstatem6nls, we arè required lo deiermlne whèther th1$ glves rfse to a material mis5tatsment In the financlal ststements th8mselve8. If, based on tho work we have perforrned, we ¢on¢ludè that thar6 is a m&lerfal m195tèlemenl of Ihls olher.Informalion, wg 8r& requirèd to rèport that fa¢t. We have nolhlng lo report in Ihls regard. Matter$ on whlch wa arè requlred to report by •xc8ptlon Wa have nothino to Feport In spe tsf tha following mailers where the Charities (Accounts and R¢portsl Regu131ions 2008 requlrès us lo reportto you il, In our Opinion.. the Inlomialk)n given In the Trustees, Report 18 Incon818tent In ony malarlgl respect the financial stalemants,. or sufficient a¢counliDg record5 havÈ not baen kept., or fha finAnclal stalemenls 8re not In agreementwllh the accounllng re¢oTds and returns,. or w• have not recelvèd all the infr)wmalion and 6xplanalion5 we require fc>r our audiL Responsibllhle9 of trustg•s As explalnad mor6 fully in the Trugtees. Resp0Tr51blllt166 Ststem¢nl, th8 Trust•8s are responslbl& for the preparallon of th& financ5&18latèmenls which give a Irug and fair vièw, Mnd for Buch Internal Conlrol as the Trustees determine Is necessary to enabl¥ the p¥op8wtion of linand#l s(alem8nls that are fr8e froffj material lsstatement, whether due lo fraud or $rror. In preparing Ihg financl81 stalem¢n15, the Trustees are re8pcn5ible for assesslng tho Ghorllls abilily to ¢ollllnuo 8 g golng coneèrn, disclosinu, as applicabla. mattors relat lo gglng concem and using the going concern basls of accounllng unle58 the Tru$l8es elthér Intend to Ilquldale the chartty or lo ceasè operations. or have no reali81ic 01lemalive bul to do 8(). Page 7
THE FEDERATEDFOUNDATION INDEPENDENT AUDITORS. REPORT TO TFE MEMBERS OF THE FEDERATED FOUNDATION ICOMTlhlUEDI Audltors, responslbllltlas for th& audlt of tho tlnan¢i81 $tatoments We have been appointed as auditor under section 144 of thè Charities Act 2011 and r¢port In 8(xordan¢e wtth thè Act and tslÈvsMt regulations made or having effect thereunder. Our objoctlveg arè lo obtaln reasonable agsur¥nc8 about wh81her the Inan¢ial statèmonl8 as a whofa are free from maleri&l mis$talemenl, whether due lo fraud or orror. and 19 I58ue an Auditors, Report that Includes our opinlon. Rèasonable assurance Is a hlgh lév&1 ol assurance, bul b not a guarantee th81 an audit conducted in accordan¢e with ISA$ (UK) wlll 8hvays detecl a mal&rlal mi¥stalemenl when11 •xist9. hrtlsslatom6nls tan 2rl$è from fiaud or error and 81e ¢on8id0rod material If, IndrdalY or In the aygregale, they could reasonably ba expected lo influence Ihe economic doclsions ol u5¢r$ tsken on the basis ol these flnanGial glalamerlts. liregul8rS1iès, Includlng fraud, are instan$ of non-compll&no8 wlth laws and regulation8. W8 d&slgn procedures In Iln6 With our rgspgn51bili1195, outlined abovè, to deleol materlal m15sl&tements in respect ol irrogularilies, In¢ludlDg fraud. The extent lo which our proceduras 816 capable of dgtecling Irregularfllèg, ineluding Ifaud Is detailod below.. Consideratlon of tho ftsli)win9, whl¢h redu¢9 the Ilkelihood of irr0guParll$, Ineludino fraLKI lo arise or lo go undeteded: Total control over all asp&cts of th$ tthxrlly by tho Truste&8 wllh no non-tru819¢ illvolvemenl. Informed managtsment within tho Tiuslee8. ankin9 roSation8hip3 managing cash funds. Inv8slm8nt rèlallon5hip$ mahaginc investment funds. Very low Iransacllon levels. Delegglion lo professlonal advisors of thg preparatiDn of the financl81 statements. Some specific pro¢8dura8 perforrned, lo deteci material mi88tsnIS in respèct of Irregularltt Including fraud. indud$.' A very high level ol verlflcatlon of transactions èxeculed, both durlng and after the year. A full revlew for unusual Iran$octl¢n$ whith may be in¢onslslent with the tsblecllve8 of the charity. Conskleratlon of 811 transactions forAlly indicatn ol fraud or inapproprlat& Lise ol funds. Conslderalion of all transactions and b81ances for any irregular r¥lat parly involven)6nl. Independent rIfication of all yearend fund baknc&s and any sub8equenl diminution In valu•. C!blical eonsideralion of thè going concern basis for appropryala application wllhln th8 finan¢lal ¥talernenls. D&talled revièw of the linancial slatem8nl$ forfalr presei)lallon and correct ¢onlenl. Becaus8 of the inhèrenl limltalloThs of an audit. Ih6rs Is 4 risk that we will not detect ell irr¢gularftle8, Includlng th088 leading to 8 malertal MilateMent in the fir+anciaS statements or non-compliancÈ wlh regulalitsn. Th risk increases th• more that compllancè wth a law or rUl&tIon 1$ reinoved from the ev$nts and transactlons reflected in the financial slalemenl8, as we will bo less likeFy lo becoma 8warg tsf Instancès of non-compliance. The risk Is algo gre&ler r6ggrdlng liregularities occurring due lo fraud rather th8n arror, •s Imud SnvoFves inl4nlional concealmenl. forgery. collusion, omission or misrepresgntalion. A furthèr description ol our r&sponslbililies for the gudit of the financial stalem6nls Is IDcated on thÈ Financial Reporting Ccuncll's website al.. udilorsres Thls dg8cripli¢in fonms p4rt of our Audrt, Report. P4go 8
THE FEDERATED FOUNDATION INDEPENDENT AUDITOR8, REPORT TO THE MEMBERS OF THE FEDERATED FOUNDATION IGOMTINUEDI UA• ofour report This report Is made solgly lo the charit1$ truste, as o body, In accordance wllh Part 4 of the Charkles (Accounts and Reports1 Regulalitsns 2008. Our 8udit work has been undertaken so that we might Slate to the charlty's Irusloes those matters wa are required Its Stale lo them In an Audltois, Report ond for no other purpose. To the full8gt exlent pe¥mltted by law, wa do nol ac¢ept or assurng r8$pon$ibility to 8nyono othèr than the charlty ond 118 trusiee5, as ? body, lor our audll work, ftsrdils réport, or for the oplnion8 have fomiad. JLYWJ Warrener Stewart Chartered Accountants Harwood House 43 Hamood Road London SW6 4QP Data.. zo Warrènèr Stewart ar6 ellglble lo #et as èuditors In ttstms of $8Dtion 1212 of Iho Coinpanl88 Act 201*. Page 9
THE FEDERATED FOUNDATION STATEMENT OP FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unr•$lrictgd funds 2024 Total fEJnds 2024 Tolèl 17ds 2023 Note Incom• from: Donallons and lègaci88 Inv68lmenl$ 10,249,498 130,164 10249,498 130,164 181.818 To141 income 10.379,6B2 10,¥79,662 f 81,818 Expgndlturè on: Raising funds Charllablo adlvllies 29,109 275,794 2s,Yog 275,794 1,350 80.248 Totol èxp•ndltur• 300,903 300,903 61,598 Nèt Insom8 bèfoT8 net galns on Inve$th)onts Nel gaSn8 on investixenlB 10,078.759 894.788 10,07B,769 894,788 12Q,220 Ngt movemnt In funrls 10,973,647 10,973,$47 120,220 Rgcoiiclllalion of lund$'. Totai funds biought lotward N81 movemenl In lund5 966,794 10,973,547 96S,794 10,973,547 845,6T4 120,320 Tolal fvnds carrled forward 11,935,341 11,939.341 965. 794 The Statement ol Finane191 AGli¥ilis Includes Bll gains and losse5 reeognls6d in tha year. The Th)les on pageg 13 to 22 fr>im p8rt of the8e financial statements. Page10
THE FEDERATED FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Not Flxad a$8è1¥ Inve#tmgnl$ 12 11,070,6S4 11,070,864 Currnt assets Debtor8 Cash al bank and in hand 13 1.500 964,294 877,987 877,9B7 965, 794 Créditors.. aMounl¥ (alllng due wlthln one year 14 19,3001 Ntrt eurront 0$$01s 868,687 965,794 Totsl nèt assets 11,939.341 965, 794 Charity fund$ Unro5trlcled fund# 15 ql,939,34q 965,794 Total fund$ 11,939.341 965.794 The fin¢181 statennl8 were approved and aulhori4ed fer13sue by the Trustee8 and $lgned Iholr behalf by.. Lord G R J Borwlck Dale.. The leS on pag¢$ 13 to 22 form part ol Ihgse Ilnanclal Ét&lements. P8u•11
THE FEDEJufED FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR RNDED 31 MARCH 2024 2024 2023 Cash flow¥ from operatlnu aclivltlO$ Nel cash used in operalirwJ activ1116S 413.693 208,720 Cash flows from Invosting acflvltlg¥ Purcha80 of invè81ments 1500,0001 N61 cash lus8d SnVprovld8d by Investlng a¢llvltle5 {600,0001 Cash flow$ from flnanGlnu activitlgs Net cash provlded by flnan¢lng activltles Chango In r4sh and cash oqulvalents In the year Cash and ca8h equivalents Al the b8ginning olth8 ytsar IB6,3071 964,294 208,720 755,574 Cush ond Cash e4ulvalents atthè 8nd of Ihe year 877.987 964,294 The notes on pages 13 to 22 ft>rm part of Ihe5efin4ncial slalemenls Page12
THE FEDERATED FOUNDATION NOTES TO THE FINAN¢IAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 on¢ral It)formatlon The FÉd&rated Foundallon Is a charitablè Incorporated org8nl$allon ICIOI reglslered with the Charlty Cominlsslon in England & Wales, The principgl office Is 15 Great College Stre81, London, SW1P 3RX. Accountlng pollcles 2.1 Bas15 of preparatlon of financlal statements T.he nnanclal Blalernents havfj be?n prEpiwd In qrcordarte with th8 Charillès SORP IFRS 1021- Ac¢ounling and Repgrting by Chqrilieg,. Slalgmenl of R8comMènd¢d Practlce applicable lo charities pr0pBrlng Ihoir accounts In 8ccordance with thè FlnancSal Reportlng Standard spplicats in the UK and Republic of Iroland IFRS 1021 leffective l January 20191, Ihs Finkncial Reporllng Standard appllcabl& In the UK and Republic of Ireland {FRS 1021 and th9 Charfues Act 2011. Thg fin&nclal stalèmants havo been prepared lo gwe a 'lrue and fail vi8w Ejnd have departed from the Charities <Accounls and ReportBI ReguLqlionB 2008 only to the exlont required to provide a 'lrue and falr. vlew. Thls departure ha8 Involved lolluwlng the Charitie8 SORP IFRS 1021 published in Octobèr 2019 rather than the Accounlkng and Reporting by ChariU&$.' Statement of Recomm&nd•d Pr?ctice effective Irom 1 April 2005 which has sincè bson withdrawn. Tho Fthrated Foumlaflon meets the deflnitk)n of a PLi)li banefil entity under FRS 102. As$et8 and Ilabilllies are ini118lly récognlsed 2t hlstorical cost or Irans8¢tlon volu8 unlèss oth8rwiBe Gtatad In the lèvant accounting policy. 2.2 Goln9 concern Having asses3?d thè prlnclpal rlsks and uncertainties lo which thg Foundallon is lfftelytrj be exposed, and aftar maklng appropriate enquiries, tho Trusle&s have a rea80nable 8xp8CtalSon Ihal the Foundation has adequate resources lo continue in operational 8Xig16n¢e for the foreseeable future. For thls reason, they continue to adopt the goin9 wncern basis in preparing the linanclal 3talemgnl8. 2.3 Incomè All income IB r6rogni8gd onc& th& Chaiity has entillemenl lo the in¢om&. 11 Is pbabIe Ihal tha income will b& r$¢elved and the amount of Incom& recelvable Con be measured relFably. Where the donated yood k4 a Ilxed aG861, il is mea8ured al fall valu6, Unless il is Thnpracllcal lo measure th18 rellably. in which c?8e Ihtt ¢081 of the Itém lo the donor should be u8?d. Thè gain is recognised a$ SnGome from don#lion$ and x corresponding amount is includ8d In the appropriatg fixed asset class and depreciated over the useful economi¢ lifè in 8ccordance with lh8 Charills accounting pollc18S. On Yeceipl, donatod prof¢s8ltsnal servlces and facilities ire recognSsed on the basY6 of Ihg value ol the glft tts th6 Chsrlly whKh is the amount Et would have been willing te pay to obtaln 6ervlces or facilities ol equiv8lÉnt 6eon()mlc beneflt on the open rnarkot., 4 corre¥)ondlng anount Is thon recognlsèd In expendllure In the perlod of recèipt. Income tsx recover8bl& in r8lation to donatlon8 re¢ol¥ed under Gift Akl tsr deeds of ¢oveD•nl Is reGogni8¥d at tho tSmg ol the donatlon. Inwme tsx recov8r8blo In relation to invgslmgnl illcome 18 rocognised al the line the Investment income 15 re¢eivable. Pag813
THE FEDERATED FOUNDAMON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 NJARCH 2024 Accountlng policl$s Icontlnuedl 2.4 ExpgndEtur& Ewendilur9 is recognised oncè there Is a legal or constructive obligation lo Iransler 6conomic b&nefil lo a thlrf parfy, il is probablts that a Iran8ler ol pconomlc benefits wli I be required In 8elllÉmenl and the arnounl of the obligation can be Measur6d rèllably. ExpendltUTe is cla38ilied by aCtrlty. Th6 COSt8 of each aelivily are made up of the t(kal ol dlrect co$ts and Shared c06ts, Including support cost$ involved In undertaklng each activity. Direct cgst8 ottrlbutable lo a single actity are allocalgd direclty lo th activity. Shared co8t$ whlch eontrlbute lo more than onè aetlvity and support costs which ar¢ not atiiibulable lo a 8inglg activity are apportioned bBtwègn those activllies on a basis conslslenl wilh thé usè of rèsourees. Central staff costs are allocated on the basi8 of tim8 spent, Ind Ilepr¢¢lallon charges allocated on th8 Portion of the a8Bel'8 Use, Expenditurè on raiBing fundg Includ95 all éxpenditure incurred by thg Charfly lo raise funds for 118 hirflable purposès and Includes costs of all fundraising aclivlll&s events and non-charitable Irading. Expendlture on ¢harilable activllies is incurred on dir¢¢1 undertaktng Ihe adivlfl&$ wN¢h further th8 CharttJl$ oblgdlves, as well gs &nyxgsoclaled sUPPOrt C081$. Grarls payabl& aro Charged In the year whèn the offer is made exp1 in Iho88 C8s&s wh8re offer is ¢onclltlonal, such grants bblng recognlsed as 8Wènd5tu whsn the condi110118 allaching are fulfi'lled. Grants ollèrgd sublecl lo ctsndillong which hav8 not been met al the year end grg nolerl aB a cornmilment, bul not accrued as ¢xp¢ndilure. All expenditure is widusive of Iirecoveroble VAT. 2.5 ltttèr8St rectslvablè INlere$l on lund5 held on dopoyit irKluded when recgivabla and the 8mounl can b'e mèayur$d r81i¥bly by the Charlty,, thls Is normally upon nolifiGalion ol the inleresl paid or payahle by the inslÈfulion with whom tha funds are depos11¢d. 2.6 Investments FLYed asg&1 inwfm&nt8 ora a form Lil fmanciai Instrum¢nl gnd are initially recogni88d at their Ir&n8action cost and subsequently m0a8ud al falr value al the Balanco She¢t dat&. unless'thg value cannot be measurod r811ably in which case11 is measured al cost less imp'airment. Inve61ment uains and losse8, wh&lher realised or unrealised. af6 comblned and presented as 'GaIn(Lo¥seI on investrryonts, in the Statement of Financlal Activiti88. 2.7 Debtor Trade and other debtors are récognised al Ihe setllem8nl amount after 8ny trade dlscount off6red. Prepaymènts are valued ol the amount prepatd net ol any Irède dlscounl8 due. 2.8 Ca#h at bank and In hand C88h at bmnk and In hand In¢ludes cash short-lerrn hlghty Iluld Inwstm&nt8 with a 8hort malLirily of Iliree monlli8 (Y16ss from the dots of acquisivon or opening of tha deposi! or similsr account Page 14
THE FEDERATED FOUNtJATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢¢unlFng pollè1•5 (contlnuedl 2.9 Llabilltles and provl$lon8 bililles a¥e recognised there Ss an oNtgatlon al the Balance Sheet date ag 8 rèsult ol a pa$t ev&nl. it is PTobable that a transèr ol economic bonafil w51 b& required In 8otll¢m¥nl. and th8 01 of the $91118m8nt can be eslhmaled rellably. Llabilllies are rocogniséd 8t th8 amount Ihal th& ChaFity anlicipale¥ wlll pay10 6etUe Ih8 debt or the amount il has r8celved as advanted payménts for the goods or servioes Il must provlrt&. ProvLgion8 are moasured al the b8$t èstlmatè ol thè nounts requlred lo settle the OblatiOn. Where th6 effect of the tlmè viluo of mon6y Is materlal. the provlsion Is based on thè pr8sent valu& ol thoBe arnouTrls, dlscoullled 41 the pre-tax discount ral8 that re118cls the risks specific lo the Ilabllity. Tho unwndlnu tsf the dlscouF51 is recoJni8ed in thè Sla18mgnl of Financlal Ac¢lvlliè$ 8$ a fina6 eogl. 2.10 F5nan¢lo1 Instrumonts The Charity only ha8 financial assets and linancial118bllilles of a klnd that qualfy a8 basic fi'nancial inslrumonls. Basic flnancial instruments are Illhlally recognised al tran$adlon value Rnd subsequently measured al their settlement value with the exception of bank loans which are 8ub88quelllty me¥$ur6d at amortised cost using the 6ffaGtlve Interest method. 2.11 Fund •ceountlng General funds are unrèstiicted funds which arè avsll*)lè for use at the discretion of th6 Trusl$és In luriher8n¢o of the 9enéral objéetlvès of the Charlly and which have not been deslgnated lor other purposes. Inv¢slmenl Income, gain8 and k)$s$s ar& Bllocaled to the approprialg fvnd. Incomg from doilatlons and legacles Unrestrlcted funds 2024 Total funds 2024 To181 nds 2023 Donalivn8 10.249,498 1U,249A98 181,818 Page15
THE FEDERATED FOUNDATION NOTES ro THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment incomg LJhrn8trlct4d funds 2024 Total funds 2024 Tolal funds 2923 Income from list Investmènts Inve8lmenl inwm8- cash 128,403 fj,761 128A03 1.761 130,164 130,164 Expondltura on ralslnG funds Costs of rahlng voluntary Incom8 Unrnstrlcted fvnds 2024 Total funds 2024 Total rur>ds 2023 LRDB fundTai51ng eosls 1,3 . Inv8Stment manaoèm¥nt costs UnrestrlGted funds 2024 Total nd8 2024 Tol nds 2023 Inve$tsnènt rnanag8melllf¢es 25,109 26,109 Pkge 18
THE FEDERATED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2024 An4tysls of grants Grdnts to Institutlon8 2024 Total fund$ 2024 Tofal funds 2023 Grants 85,522 85.522 59,815 Th6 Charity made thg folbwing m8t8rlMI 9rantÈ lo insldulions durfng the year.. 2024 2023 Name of Institutlon Th8 BrlU$h Heart Foundation 20,000 20.000 65,522 Other yranls lo inBtilutions 09,815 85,522 59,815 Analy81s of expendlture chAritabl& #¢tlvltl8s Summary by fuiitl lype Unre$trlctèd funds 2024 Total 2024 Total 2023 Actwilles und&rtaken ifir9cIIy 275,794 27fj,794 60,248 Page 17
THE FEDERATED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expènditure by a¢t5¥itiès Oyant fundlng of etlvltles 2024 Support costs 2024 Total fund 2024 Totfjl funds 2023 Diracl eoBts 2024 Adlvllle8 undf&ken dlreolly 180,230 85,522 10,042 27E.794 60,248 Tolg12023 59,815 433 60,248 Analysi8 of dlre¢l costs Total fund 2024 Tol nds 2023 Loss on dispDsg1 of investmttnfs 180,230 Analy$ls of $upport co$ts Total funds 2024 Total riinds 202S Bank fe&s Glfts Office ¢osls Tr8v81 ¢08ts Govemathca co3ls 393 373 60 220 129 9,300 10.042 4S3 10. Audltors. romun8rntlon Th9 8u6ilors' rémurFeration amounts to on avdilor fetr 01 £6,000 (2023 - £ .?. and accourts pwarollon $8rvicas of £2,OOD12023- £ -1. Page18
THE FEDERATED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Trustees. Yemuntrratlon and expgn8es Duriny the y&sr, no Trustees r¢¢¢ed any rewuneratlon or other benofils12029- £NIL). During the year ended 31 March 2024, no Tru81ee éxpanges havg been In¢urr¢d (2023- ENILI. 12. Flxad as>èt Investmenfs Llstsd Inve5tmonls Cogt or valuatlon Al 1 AprS12023 Nel addition$ RevaSuatlon$ 10,176,886 894,788 Al 31 Ma¥¢h 2024 11,070,654 13. Debtors 2024 2023 Prepayments and accru6d Income 1,500 14. Cr•dltors: amounts falllng due wlthln ong year 2024 2023 Ac¢ru218 #nd deferred incomo 9,300 Pago 19
TTrfE FEDERATED FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE Y&4R ENDED 31 MARCH 2024 16. Stat&m•nt ol funds Stat¢m•nl of funds- cuyront y&ar BAlante at 31 March 2024 Balancg at 1 Aprll 2023 Gdlnsl (Losses) Incoma Expendlture Unr88tr1cted fund8 General funds 965,794 10.199,432 1120,6731 894.788 11,939.341 Statemant of funds . prlor ygor B818nce al 31 March 2023 Bslsnoe al I Ap1712022 InG0n EYp8ndltii Unre$frl¢ted fundts Genwal funds 845,574 181.818 (61,598) 965.794 16. Anolysls of nèt a88•ts betw*•n funds An8lysis Of net assets botween fund$- current pèrlod Unrestrlcted funtls 2024 Total fiinds Fixed a83et investm8nls Curienl assets Credor5 due wllhin Dn8 year 11,070,654 11.070,854 877,gS7 877,987 19,3001 19,3001 Totsl 11,939,341 11.939,341 Paga 20
THE FEDERATED FOUNDAMON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Analysls of ngt assets batwgfrn funds lcontlnuedl Anolysis of llet as$et81)otwoèn funds- pylor parlod Unreslhcléd funds 2023 Tol81 fvn(Is 2023 Current a8$èts 965,794 965,794 Total 965, T94 965,794 17. ReconGlllatlon of net movem1 In funds lo not ca¥h Ilow from OlAtIng actlvllle8 2024 2023 Nel income for the p&rfod (as p8r Staleménl of FinancAal Acllvmes 1Q,973,647 Y20,220 Ad5ustments fr)r', Dg¢reose In debtor8 Increase in credltor8 De¢r£a$trlllncreaso1 in Imieslmenls 1,600 9,300 110,E70,6541 88,SQO Net cash providtrd by op&wating activIaS 413,693 208, 720 18. Anatyslg of cash and Cash equiv8lents 2024 2023 Cash In hand 877.987 964,294 Total ca¥h artd ¢h #qulval•nts 877,987 964,294 Pw21
THE FEDERATED FOUNDATION NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Analy$l8 of changes In nèt dèbt At 1 Aprfl 2023 Cash flowg At 31 March 2024 Ca$h at bank and in hand 964,294 186,3071 8T1.987 964,294 186,3071 877,987 Page 22