THE FORBES CHAIUTABLE FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS 5 APIUL 2024 SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICKSTER LEI 7BA
THE FORBES CHARITABLE FOUNDATION INDEX Page Charity Particulars Trustees, Report Auditor's Report Statement of Financial Activities Balance Sheet 10 Notes of the Financial Statements 11- 15
THE FORBES CHARITABLE FOUNDATION REGISTERED CHARITY NO 326476 Trustees J. M. Waite l. R. Johnson P. M. Wallace Mrs H. L. Johnson M.C. Morris (Chair) N. J. Doggett C. E. Rintoul J.A. Riley B. K. S. Patel - appointed 1911124 Secretary J. M. Rea Charity Address PO Box 59 Holsworthy EX22 9BB Solicitors Browne Jacobson LLP Mowbray House Castle Meadow Road Nottingham NG2 IBJ Auditor Somerbys Limited Chartered Accountants 30 Nelson Street Leicester LEI 7BA Investment Advisers Quilter Cheviot One Kingsway London WC2B 6AN
THE FORBES CHAtUTABLE FOUNDATION TRUSTEES, REPORT YEAR ENDED 5 APIUL 2024 The Trustees present their annual report and the audited financial statements for the year ended 5 April 2024. Objectfives and actlviti The objective of the Foundation is to provide benefits for people with a learning disabilily and the Trustees identify projects* people and organisations which they wish to support within this remit. This objective is achieved by providing funding to improve facilities and develop opportunities for a variety of activities, particularly skills training and employment. Achievements and perforniance During the year the Foundation has supported ten principal charities and made several smaller grants where a little SUPPOrt can produce significant benefits. As a result, grants totalling £243,738 were made to 19 organisations and individuals, details of which are di8closed in the financial statements. Capital and revenue grants have been made to enable these charities to establish new and varied activities, many including the provision of skills training for work placement, and the Trustees remain impressed by the innovation and agilÈty shown by grantees in providing novel services. The Trustees carry oui due diligence on. and have made site visits where possible to, all the larger chatities and continue to receive monitoring reports to gauge the effective use of our funding. Financial revlew, Investment policy and reserv&s Our income has now recovered from the impact of Covid-19, with income for the year amounting to £253,433 (2023 - £262,503) of which the vast majority is income from our portfolio of investments. After grants and support costs, there was a surplus on income before losseslgains on investments of £278 (2023 deficit £10.529). Support costs decreased from £16,071 to £9,418 (3.710 of income. 2023. 6.1 0} as the additional costs in 2023 were altributable to the Symposium held in that ye. There was a nct gain on investments (net of management fees) of £444.255 as worldwide markets improved during our financial year. reversing the net loss of £890,861 in the PTevious ye1. The total value of the fund at 5 April 2024 was £8.274,352, an increase of £444,533 from £7,829,819 in 2023" as a result of the small operating surplus and unrealised gains on our investments. Th¢ principal assets of the Foundation comprised listcd and other investments of £7,987,160 and cash balances and deposits of £272.759 (2023: £7,139,297 and £672,394 respectively). The investment policy of the Trustees is to generate a decent but reliable income to support our commitments to charities we support, while maintaining capital value through a diversified investment portfolio. IVI]ilst this has been challenging in the current and recent environment the TIustees are overall pleased with the relative investment perfonnance. The reserves policy of the Charity is to maintain free reserves, which are included within the unrestricted funds of the Charity, at a level which provides SfiCient funds to meet ongoing operating expenditure. The adequacy of the reserves and liquidity is reviewed at least annually. By definiiion at 5 April 2024 free reserves amounted to £7,764,072 (2023: £7,477,216) of which cash amounted to £272,759 {2023 - £672.394).
THE FORBES CHARITABLE FOurATIoN TRUSTEES, REPORT YEAR ENDED 5 APIUL 2024 Future pla During 2022 and 2023 the Ttustees identified a small number of potentially suitable charicies and invited them to submit funding proposals using the Foundation's application form. Applications were then shortlisted and an assessment carried oui. Once this was completed the Trustees selected applicants for possible funding from April 2024, and due diligence interviews were carried out wilh four such charities, The applications from these organisations were approved on 19th January 2024. It is very likely that there will be capacity to fund further projects for funding to Cotnmence from April 2025, and the Trustees have sought applications from eligible charities proposing activiiies thai meet the Foundation's fundillg criteria. Policies and procedures for grant making The policy of the Trustees is to approve grants to a level broadly consistent with its annual investment income after support and governance costs. However, since the Fowidation's assets are not pern]anently endowed Ihe Trustees may, at their discretion, also distribute capital. All grants must meet the Foundation's principal objective of providing support for people with learning disabilities. To achieve this policy, the Foundation makes grants to UK registered or exempt charities which provide services principally to adults with mild to moderate learning disabilities. This is an area where the Trustees consider there is considerable difficulty in achieving other public funding. PIojects or services of an innovative nate are of particular interest to the Trustees. Trustees &ept applications for grants for both capital and revenue purposes. The Trustees wish to ensure the most effective use of their limited funds and with this in mind their main support is generally made to a small number of relevant ChltieS with an annual turnover of between £lm and £20m. Annual grants are usually made for up to three successive years, to ensure the most likely chance of sustainability once our support ends. These limits are altered at the Trustees, discretion. Organisations selected for grants are expected to report regUlly, usually six monthly, on the progress and outcomes arising from the funding. Progress is measured against a sel of perfornnCe criteria agreed with the grantee charity at the time of the grant. Final reports for the year are required by the end of March as any decision to extend the grani for the following year is subject to satisfactory perforniance. The Foundation also makes smaller one-off granis through its small discretionary grants programme, the Townsend Discretionary Trust. Support is also given to designated individuals where donations have previously been received accompanied by a letter of wishes in relation to those individuals.
THE FORBES CHARITABLE FOUNDATION TRUSTEES, REPORT YEAR ENDED 5 APRIL 2024 Management and governance The Foundation was established in the UK and is governed by a Trust Deed dated 5 December 1983 and by Deeds of VlatiOn dated l March 2000 and 8 October 2019. The Foundation is a registered Charity and has confinned its charitable status with HM Revenue and Customs. The current Trustees are jisted on page l. There was one new Trusfre appointed during the year: The Trust Deed provides for a maximum of 12 Trustees. New trustees are identified and appointed by the existing Trustees. The TTUStees annually review the risks that the Foundation faces and, in their opinion, the main risk faced is in ensuring a sensible flow of investrnent income whilst maintaining the capital of the Foundation for future income generation. This has been tested (successfully) during the Covid-19 pandemic. The risk is ameliorated by using professional investment advisers to manage a diversified investment portfolio" and by having amongst the trustees someone with specific skills related to investment managemeni. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities. The Trustees have reviewed their privacy and safeguarding policies. It is the policy of the Foundation to accept legacies or gifts from individuals and to take into account any "Letters of Wishe8" received from those individuals when distributing lis funds. To this end it maintains a register of legacies and gifts received and of letters of wishes which relaie to these. The Foundation does not, however, accept any fornlal conditions attached to any donations received. The Trustees board, including its sub-committee, nonnally meets three times a year. Statement of Trustees, responsibilities The trustees ar¢ responsible for preparing the Trustees, Rert and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of thc state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In pieparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply theffl consistently. observe the methods and principles in the chltieS SORP. make judgements and estinteS that are ieasonable and prudent. stat whether applicable accounting standards bave been followed, subject to any material departwes disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation.
THE FORBES CHARITABLE FOUNDATION TRUSTELS, REPORT YEAR ENDED S APRIL 2024 The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports} Regulations 2008 and the provisions of the Trust Deed. They are also responsible for Safegud1Thg the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor The auditor, Somerbys Limited, has indicated its willingness to continue in office. On behalf of the Trustees M. C. MORRIS CIL41RMAN 3 July 2024
THE FORBES CHARITABLE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES YEAR ENDED 5 APRIL 2024 Opinion We have audited the flnancial statements of The Forbes Charitable Foundation for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporring framework that has been applled in theirpreparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements". give a true and fair view of the state of the Charity, s affaiIs as at 5 April 2024, and of its incoming resources and application of resouices, for the year then ended" have been properly pIepared 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 opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We independent of the charity in accordance with the ethical requirements that are Televant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appiopriate to provide a basis for our opinion. Concluslons relating to going Concern In auditing the financial statements, we have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the foundation's ability io continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the Tesponsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other infornvation The Trustees are responsible for the other inforniation. The other inforn]ation comprises the inforniation included in the Trustees, annual report. other than the financial statements and our auditor, s report thereon. Our opinion on the financia] statements does not cover the other information and, except to the exteni otherwise explicitly stated in OUT report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation 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 misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomied, we conclude that Ihere is a material misstatement of this other inforniation, we are required to report that fact.
THE FORBES CHARITABLE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES YEAR ENDED 5 APIUL 2024 Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2(K)8 require us to report w you if. in our opinion". the infonnation given in the financial statements is inconsisient in any material respect with the Trustees, report. or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records. or we have not received all the inforniation and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees responsibilities statetnent set out on page 4, the Trustees are responsible for the preparaiion of financial statements which give a true and fair view, and for such internal control as the Trustees deterniine is necessary to enable the preparation of financial statemenis Ihat are free from material misstatement, whether due to fraud or error. In preparing the financial stafrments, the Trustees are Tesponsible for assessing the Chariry's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to IAquidate the Clwity or to cease operations, or have no realistic alternative but to do so. Audfjtor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charlties Act 2011 and report in accordance with the Act and relevant regulations made or having effect theIeunder, Our objectives a to obtain re&sonable 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 but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or etror 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 statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of Irregul111cs, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. The risk of not detecting a material misstatement resulting from error is considered to be low. The risk of not detecting a material misstatement resulting from fraud is higher, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. In the context of the Forbes Charitable Foundation, we have not identified any specific laws and regulations other than general commercial laws and regulations such as: Charities Act 201 I, Charity Commission guidance; and GDPR. In response to Ehe audit risks identified, we have undertaken the following procedures: Enquiry of Trustees to identify any instances of non-compliance with laws and regulations. Enquiry of Trustees of actual andlor potential litigation and claims.
THE FORBES CHARITABLE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES YEAR ENDED 5 APRIL 2024 Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriatsness. and evaluation of the rationale of any significant transactions falling outside the nonnal course of activities. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uWauditOTsresponsibilities. This description fornis part of our auditor's report. Other matters Your atfrntion is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities.. Statement of Recommended actiCe applicable to charities preping their accounts in accordance with the Financial Reporting Sthndard applicable in the UK and Republic of Ireland IFRS 102)" {as amended) in preference 10 the Accounting and Reporting by Charities: Statement of Recommended Piactice issued on l April 2005 which is refened to in the extani regulations but has now been withdrawn. This has IKen done in order for the financial staiements to provide a true and fair view in accordance with cuffent Generally Accepted Accounting Practice. Use of our report This report is made solely to the charity's Trustees, as a body. in accordance with regulations made under Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditor's report and for no other PUTpose. To the fullest exnt permitted by law, we do not accept or assume reswnsibiliiy to anyone other than the Charity and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed. s LknFI SOMERBYS LIMITED Chartered Accountants Statutory Auditor 30 Nelson Street LLicester LEI 7BA Zoz sOmeys Limited is eligible to act as an auditor in ternis of section 1212 of the Companies Act 2(X)6
THE FORBES CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2024 Current & Prior Financlal Year Note 2024 2023 £O(M) Income and endowments from: Investments Bank interest- gross Investment income- gross 12 241 263 Donations and legacies Total income 253 263 Expenditure on: Charitable activity - Supporting people with learning disabilities Direct clwitable expenditure - grants payable Support costs Governance costs 244 257 15 Total expenditurelcost of grant makffing 253 273 Net Oo&s)Ancome before gains and losses on investments (10) Net gainsAosses on invesirnents Investment management fees 477 (33) (857) (34) Net income and net movement in funds (901) Reconciliation of funds Balance brought forward on 6 April 2023 7,830 8,731 Balance carrled fonyard at 5 April 20 8,274 7,830 All Funds were unrestricted in 2024 and 2023. The notes on pages I I to 15 form part of these financial statements.
THE FORBES CHARITABLE FOUNDATION BALANCE SHEET S APRIL 2024 Note 2024 £000 2023 £000 Fixed assets Investments 7,987 7,139 Current assets Debtors Cash at bank 17 273 22 672 290 694 Liabillties: amount falling due within one year Creditors Net current assets 287 691 Net &ssets 8,274 7,830 Funds Unrestricted filnds Designated funds 510 353 General funds 7,764 7,477 8,274 7,830 The financial statements were approved by the Trustees on 3 July 2024. Signed on their behalf by: M. C. MORRIS TRUSTEE The notes on pages I I to 15 form part of these financial statements.
THE FORBES CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 5 APIUL 2024 l. Accounting polici&s l. l Basis of prepAration The financial statements have been prepared in accordance with the charity, s governing document. the Charities Aci 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable charifies preparing their accounts in accordance with the FinancAal Reporting Stsndard applicable in the UK and Republic of Ireland (FRS102) (effective l January 2019)" The charity is a Public Benefit Entity as defined by FRS102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statetnents have departed from the Charities {Ac¢ounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 Tather than the version of the Statement of Recollllnended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared on a going Concern basis under the historical cost convention, modified to include certain items at fair value. The financial s(atemenls are presented in sterling which is the functional currency of the charity. Monetary amounts in the primary statements are rounded to the nearest £000. The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented unless othenvise stated. There have been no changes to accounting estimates during the reporting period. 1.2 Income and expenditure All income is recognised once the charity has legal entitlement to the income, any perforn]ance conditions have been met, it is probable that the income will be received, and the amount of income receivable can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, il is probable that the seitlement will be required and the amount of the obligation can be measured reliably. Grants payable to third parties are within ihe charitable objectives. Where unconditional grants are offered, this is acerued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to perforn]ance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. 1.3 Support costs Support costs are those that assist the work of the charity but do not directly represent chatitable activities and include office and govcrnance costs. They are incurred directly in support of expenditure on the objects of the charity. The support costs are directly attributed to the expenditure on charitable activities on a basis consistent with use of the resources. 1.4 Investments Investments are included initially at cost which is norn]ally the transaction price including transaction costs. Subsequently, they are measured ai fair value with changes recorded in 'net gains l (losses) on investments, in the statrment of financial activities. 1.5 Flnan¢ial instruments The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabiLities like other debtors and cIeditors.
THE FORBES CHARITABLE FoufqDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 5 APRIL 2024 1.6 Cash at Bank and in hand Cash at Bank and in hand includes cash and short tetm highly liquid investments with a short matutity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.7 Fund accounting GeneTat funds are unrestricted funds which are available for use at the discretion of the trUs¢S in fuTtherance of the general objectives of the charity and which have not been designated. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of the designated funds is set out in the notes to the financial stafrments. 1.8 Foreign exchange Transactions in currencies other than pounds Sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date. monetary assets and liabilities that are denominaied in foreign currencies are retranslated at the rates prevailing on the reporting end date. 1.9 Judgements and key sources of estimation uncertainty The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. None of the estima and assumptions have a significant risk of causing material adjustment to the carrying amounts of the assets and liabilities within the next financial year. Analysis of grants payable The charity undertakes its charitable activity of providing support to people with learning disabilities through grant makÈng and awarded grants to the following:" Organisations Lifeworks (Bidwell Brook) Minstead Trust MK Snap Plymouth Highbury Trust Rossendale Trust FAIR Ltd Tower Projert Interest Links Borders Style Acre Build Charity Bentilee Volunteers People Matters Brill Associates Growing Community Freedom Day Centre PROPS Bristol Reading Mencap Tikva Halas Homes Acorn Village Just Good Friends L'Arche Belfast 2024 25,000 25,000 25,000 25.000 25,000 24,305 24,278 23,425 20,000 8,740 3,000 2,885 2,735 1,950 1,500 1,500 1,420 1,000 2023 25,000 25,000 25,000 25.000 25,000 24,305 24,278 7,000 8,250 8,742 25,000 3,000 3,000 3,000
THE FORBES CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 5 APRIL 2024 Unity Works Live Barnet Mencap Bishops Stortford Mencap My Life My Choice Where Next Time Out Stick n Step 3,000 2,662 2,624 2,500 2,500 2,300 1,450 250 Individuals 2,0(K) 2,200 £243,738 £257,061 3 Support Costs 2024 2023 Secretarial fecs & expenses Symposium Insurance Bank Charges Trustees, eXnseS Subscriptions Postage & stationery Computer costs Meeting costs 6,069 6,595 5,676 763 381 21 495 376 462 612 378 125 245 250 £7,936 £14,611 None of the Trustees received any remuneration during the year. There was £495 reimbursement of expenses to two Trustees (2023.. two Trustees £462). Support costs are all apportioned to the charitable activity. 4 Investment management fees Investment management fees arc charged and shown separately in the Statement of Financia] Affairs Iather than embedded in the value of investments, to give greater transparency.
THE FORBES CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 5 APRIL 2024 5 Investments 2024 2023 Market value at 6 April 2023 Additions at cost Disposals at opening book value Net unrealised (loss)Iprofit on revaIua(ion 7,139,297 2.097,682 (1,434,797) 184.978 8,496,577 1,056,221 (1,168,008) (1.245,493) £7,987,160 £7.139,297 Historical cost or donated value at 5 April 2024 £6.985,633 £6,326,558 6 Debtors 2024 2023 Invesiment income receivable Prepayments 16.965 704 21,007 636 £17,669 £21,643 7 Creditors 2024 2023 Accruals £3,237 £3,516
THE FORBES CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR ENDED 5 APRIL 2024 8 Funds reconciliatAon Unrestricted Funds At 6 April 2023 Income Expenditure Transfers Gains/ At5 April 2024 General funds Designated funds 7,477,216 352,603 253,433 (79,853) (205,748) (363,425) 363,425 476,701 7,764,072 510,280 £7,829,819 £253.433 (£285,601) 476,701 £8.274,352 At 6 April 2022 Income Expenditure Transfers Gains/ losses At5 April 2023 General funds Designated funds 8,226,311 504,898 262,503 {84,283) (222,575) (70.280) 70,280 (857,035) 7.477,216 352,603 £8,731,209 £262,503 (£306,858) {£857.035) £7.829,819 Genernl funds General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of tbe general objectives of the charity and which have not been designatcd. Designated funds The unrestrACted funds of the Foundation included granis amounting to £510,280 (2023: £352,603) eannarked for nine (2023: nine) charities. 9 Related Party Transactions There were no related party transactions.