Charity Registration No. 328499 ## **THE ATLANTIC FOUNDATION** **Accounts** **5 April 2023** ## **THE ATLANTIC FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS 2023** ## **CONTENTS** |**CONTENTS**|| |---|---| ||Page| |Trustees and professional advisors|1| |Trustees' annual report|2| |Balance Sheet|3| |Statement of financial activities|4| |Notes to the Financial Statements|5| ## **THE ATLANTIC FOUNDATION** ## **TRUSTEES AND PROFESSIONAL ADVISERS** ## **TRUSTEES** P Thomas H Thomas Z Loxton ## **TRUST ADDRESS** Foxfield Rudry Road Lisvane Cardiff CF14 0SN ## **BANKERS** Handelsbanken 2 Callaghan Square Cardiff CF10 5AZ ## **SOLICITORS** Eversheds 1 Callaghan Square Cardiff CF10 5BT ## **Legal Status** The charity was formed under a trust deed dated 1 December 1989 Charity Commission registration number 328499 ## **THE ATLANTIC FOUNDATION** ## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023** The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity's trust deed, the Charities Act 1993 and the Statement of Recommended Practice : Accounting and Reporting by Charities 2005 ## **History, objectives and activities of the trust** The charitable trust was established by trust deed dated 1 December 1989 under the law of England and Wales. The Foundation is registered with the Charity Commission, registration number 328499. The principal objectives of the Foundation are to make donations to such charitable institutions or authorities in such manner as the Trustees may in their absolute discretion think fit. ## **Management and governance arrangements** The Trustees, who served throughout the year, their advisors and legal status are summarised on page 1. The Trustees annually review the risks that the charity faces. To date these have mainly related to investments and these are regularly reviewed. ## **Procedures and policy for donations** The Trustees regularly review donation opportunities ## **Achievements and performance of the trust** The Foundation distributed a total of £30,414 during the year (2022 - £35,452) ## **Financial review and investment policy** There was a net movement in funds for the year of £1,229 (2022 negative movement of £38) which has been transferred to the unrestricted fund. The balance of the unrestricted fund for the year amounted to £121,674 (2022 - £120,445) ## **Future Plans** The trustees intend to continue providing donations in a similar way to the recent past, retaining flexibility as to the timing, and scale of donations made. ## **Statement of Trustees responsibilities** The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity and to enable them to ensure that the financial statements comply with the constitution and the Charities Act 1993. They are also responsible for safeguarding the assets of the Charity and consequently for taking reasonable steps for the prevention and detection of fraud and other irregularities. In accordance with their responsibilities, the Trustees have considered the appropriateness of the going concern basis for the preparation of the financial statements. After making enquiries, the Trustees have reasonable expectation that the Charity had adequate resources to continue in operational existence for the current financial year to 5 April 2023 and that all funds have the ability to meet their obligations. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements. ............................................................................... Zoe Loxton - Trustee ## **THE ATLANTIC FOUNDATION** |**BALANCE SHEET**
**5 April 2023**
**CURRENT ASSETS**
Barclays Bank
Coutts
AIB
Lloyds Bank
Current Account
APDE Swansea Ltd
HMRC tax reclaim
**CURRENT LIABILITIES**
Atlantic Property Developments PLC
Atlantic Venture Capital Ltd
P Thomas
HMRC Tax
Accountancy fees
**NET CURRENT ASSETS**
**TOTAL ASSETS**
**STATEMENT OF FINANCIAL ACTIVITIES**|**2023**
£
0
0
0
0
121,674
0
0
121,674
0
0
0
0
0
0|**2023**
£
121,674
121,674
121,674
121,674
**0**|**2022**
£
0
0
0
119,521
924
0
0
120,445
0
0
0
0
0
0|**2022**
£
120,445| |---|---|---|---|---| |||||120,445| |||||120,445| |||||120,445| |||||**0**| We approve these accounts and confirm that we have made available all relevant records and information for their preparation and that the accounting records produced, together with the information and explanations supplied constitute a true and correct record of the transactions of the trust for the year ended 5 April 2023 ............................................................................... Zoe Loxton - Trustee 05-Feb-23 ............................................................................... Date ## **THE ATLANTIC FOUNDATION** |**STATEMENT OF FINANCIAL ACTIVITIES**
**INCOMING RESOURCES**
Gross interest
Net interest
Tax reclaim
Donations
Total incoming resources
**RESOURCES EXPENDED**
Accountancy fees
Donations
Bank Charges
Other
Total resources expended
Net income/(expenditure)
**Balance brought forward**
**Balance carried forward**|**2023**
£
846
0
0
30,883
31,729
0
(30,414)
(86)
0
(30,500)
1,229
120,445
121,674|**2022**
£
60
0
0
35,440| |---|---|---| |||35,500
0
(35,452)
(87)
0| |||(35,539)
(38)
120,483| |||120,445| ## **THE ATLANTIC FOUNDATION** Year ended 5 April 2023 ## **1 ESTABLISHMENT** The Charitable Trust was established by a settlement Deed dated 1 December 1989 under the law of England and Wales. The Trust is registered with the Charity Commission, registration number 328499 ## **2** ## **ACCOUNTING POLICIES** The financial statements are prepared in accordance with the Statement of Recommended Practice 'Accounting by Charities' and applicable accounting standards. The particular accounting policies adopted by the Trustees are described below. ## **Accounting convention** The financial statements are prepared under the historical cost convention, except for investments which are stated at market value in accordance with the Statement of Recommended practice ' Accounting by Charities'. ## **Fund accounting** The fund is unrestricted. ## **Income resources** All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is a reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made, such income is brought into the accounts on a recoverable basis. ## **Direct charitable expenditure** Direct charitable expenditure relates to management and administration costs included on an accruals basis and is directly related to the objects of the charity. Expenditure is recorded once the trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. The charity has not made any grant commitments of more than one year. ## **3** ## **TRUSTEE EXPENSES** No trustees or person connected to them has received any remuneration from the charity during the year or received re-imbursement of expenses. ## **4** ## **CASH AT BANK** The trustees pool the funds with related family investments maintaining separate records of the balances held for each investment. Charity Registration No. 328499 ## **THE ATLANTIC FOUNDATION** **Accounts** **5 April 2023** ## **THE ATLANTIC FOUNDATION** ## **REPORT AND FINANCIAL STATEMENTS 2023** ## **CONTENTS** |**CONTENTS**|| |---|---| ||Page| |Trustees and professional advisors|1| |Trustees' annual report|2| |Balance Sheet|3| |Statement of financial activities|4| |Notes to the Financial Statements|5| ## **THE ATLANTIC FOUNDATION** ## **TRUSTEES AND PROFESSIONAL ADVISERS** ## **TRUSTEES** P Thomas H Thomas Z Loxton ## **TRUST ADDRESS** Foxfield Rudry Road Lisvane Cardiff CF14 0SN ## **BANKERS** Handelsbanken 2 Callaghan Square Cardiff CF10 5AZ ## **SOLICITORS** Eversheds 1 Callaghan Square Cardiff CF10 5BT ## **Legal Status** The charity was formed under a trust deed dated 1 December 1989 Charity Commission registration number 328499 ## **THE ATLANTIC FOUNDATION** ## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023** The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity's trust deed, the Charities Act 1993 and the Statement of Recommended Practice : Accounting and Reporting by Charities 2005 ## **History, objectives and activities of the trust** The charitable trust was established by trust deed dated 1 December 1989 under the law of England and Wales. The Foundation is registered with the Charity Commission, registration number 328499. The principal objectives of the Foundation are to make donations to such charitable institutions or authorities in such manner as the Trustees may in their absolute discretion think fit. ## **Management and governance arrangements** The Trustees, who served throughout the year, their advisors and legal status are summarised on page 1. The Trustees annually review the risks that the charity faces. To date these have mainly related to investments and these are regularly reviewed. ## **Procedures and policy for donations** The Trustees regularly review donation opportunities ## **Achievements and performance of the trust** The Foundation distributed a total of £30,414 during the year (2022 - £35,452) ## **Financial review and investment policy** There was a net movement in funds for the year of £1,229 (2022 negative movement of £38) which has been transferred to the unrestricted fund. The balance of the unrestricted fund for the year amounted to £121,674 (2022 - £120,445) ## **Future Plans** The trustees intend to continue providing donations in a similar way to the recent past, retaining flexibility as to the timing, and scale of donations made. ## **Statement of Trustees responsibilities** The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity and to enable them to ensure that the financial statements comply with the constitution and the Charities Act 1993. They are also responsible for safeguarding the assets of the Charity and consequently for taking reasonable steps for the prevention and detection of fraud and other irregularities. In accordance with their responsibilities, the Trustees have considered the appropriateness of the going concern basis for the preparation of the financial statements. After making enquiries, the Trustees have reasonable expectation that the Charity had adequate resources to continue in operational existence for the current financial year to 5 April 2023 and that all funds have the ability to meet their obligations. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements. ............................................................................... Zoe Loxton - Trustee ## **THE ATLANTIC FOUNDATION** |**BALANCE SHEET**
**5 April 2023**
**CURRENT ASSETS**
Barclays Bank
Coutts
AIB
Lloyds Bank
Current Account
APDE Swansea Ltd
HMRC tax reclaim
**CURRENT LIABILITIES**
Atlantic Property Developments PLC
Atlantic Venture Capital Ltd
P Thomas
HMRC Tax
Accountancy fees
**NET CURRENT ASSETS**
**TOTAL ASSETS**
**STATEMENT OF FINANCIAL ACTIVITIES**|**2023**
£
0
0
0
0
121,674
0
0
121,674
0
0
0
0
0
0|**2023**
£
121,674
121,674
121,674
121,674
**0**|**2022**
£
0
0
0
119,521
924
0
0
120,445
0
0
0
0
0
0|**2022**
£
120,445| |---|---|---|---|---| |||||120,445| |||||120,445| |||||120,445| |||||**0**| We approve these accounts and confirm that we have made available all relevant records and information for their preparation and that the accounting records produced, together with the information and explanations supplied constitute a true and correct record of the transactions of the trust for the year ended 5 April 2023 ............................................................................... Zoe Loxton - Trustee 05-Feb-23 ............................................................................... Date ## **THE ATLANTIC FOUNDATION** |**STATEMENT OF FINANCIAL ACTIVITIES**
**INCOMING RESOURCES**
Gross interest
Net interest
Tax reclaim
Donations
Total incoming resources
**RESOURCES EXPENDED**
Accountancy fees
Donations
Bank Charges
Other
Total resources expended
Net income/(expenditure)
**Balance brought forward**
**Balance carried forward**|**2023**
£
846
0
0
30,883
31,729
0
(30,414)
(86)
0
(30,500)
1,229
120,445
121,674|**2022**
£
60
0
0
35,440| |---|---|---| |||35,500
0
(35,452)
(87)
0| |||(35,539)
(38)
120,483| |||120,445| ## **THE ATLANTIC FOUNDATION** Year ended 5 April 2023 ## **1 ESTABLISHMENT** The Charitable Trust was established by a settlement Deed dated 1 December 1989 under the law of England and Wales. The Trust is registered with the Charity Commission, registration number 328499 ## **2** ## **ACCOUNTING POLICIES** The financial statements are prepared in accordance with the Statement of Recommended Practice 'Accounting by Charities' and applicable accounting standards. The particular accounting policies adopted by the Trustees are described below. ## **Accounting convention** The financial statements are prepared under the historical cost convention, except for investments which are stated at market value in accordance with the Statement of Recommended practice ' Accounting by Charities'. ## **Fund accounting** The fund is unrestricted. ## **Income resources** All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is a reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made, such income is brought into the accounts on a recoverable basis. ## **Direct charitable expenditure** Direct charitable expenditure relates to management and administration costs included on an accruals basis and is directly related to the objects of the charity. Expenditure is recorded once the trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier. The charity has not made any grant commitments of more than one year. ## **3** ## **TRUSTEE EXPENSES** No trustees or person connected to them has received any remuneration from the charity during the year or received re-imbursement of expenses. ## **4** ## **CASH AT BANK** The trustees pool the funds with related family investments maintaining separate records of the balances held for each investment. INDEPENDEN'I. LXAMINER'S REPORI. TO TIIE TRUSTEES OF TIIE ATtANTJC FOUNDATIOIN I'the Charity") lTrdeptndt￿t EAarniner'5 Report lo thc Trus1tt5 ofThe AtIll￿tit Fotyndaiio I report to the charity trusltts on my ￿aminatIon of the accounts of IhvabDV¢ charity I'thc Trnsi I for the year ended 5 April 2023. Re5pon5ibilitles imd bA$l$ ofrtport Asihe charitys trustees, you are Fesponsible foT the PTepaTation of th¢ a¢¢ourtts in a¢¢oidan¢¢with th¢ Te4UiT¢m¢nts ofthe CharLIi¢5 A¢1 20111'th¢ A¢¢'l. I rwrt itt resr*d of my e￿arnin￿lOn of the Trust's occounts CaTriediml underseclion 145 of the Charitie5 Aci 2011 and in CaTryln8 Out my ¢x8tnination, I havc foljowed 811 th¢ appli¢abl¢ Dir¢¢iioDsgiv¢n by th¢Charty CoMmi￿J0D under section 14515llbl of thc Act Indtpendent EXHMI￿Cr,S Statement I have completed my examination I confum that no Jnaterial mattcrs havc comr 10 my atttniion in ¢onn¢¢tith with the examinailoll 8iv¢n8 m¢caux 10 b¢liev¢.' a¢touniing tecordsweie noi W in resF¢ci oftheTrvs1 a$r¢qU￿¢d by SeciioD 130of the ChBri(i¢s Aa.. or th¢ a¢rounts do not Ittord with thos¢Te¢ords. or the accounts do not comply with accounlinB requirernents toncerning the form and conieni of counts setoul in the Charitie$ IA¢¢ounts and R¢ponsl Regulaiions 2￿8 other th3D ony requirement thatth¢ accounts givea'trlle and fair which 1$ not a ]natierconsider¢d as partof an inikpend¢ntexawi)wion. I hav¢ no Concen￿ and have tomellcrossno Olhei mattets Ira uxine¢iion with the ¢x*ninaiion to whieh attention should btdrawD in this repm in ord¢r to ejvdbie a proper llndeE5tsnd￿B of the Hcctyjnts to be ieached. Datr.. 05 F¢brw 2024 ICAEW Brian Oarland BA ACA MHA Chartered Accountants MHA Hous¢ Ch8rterCourt Swansra Enierprisc Park Swallsr SA7 9FS MHA is the tradin8 namcof Madnt)TC LLP. a limitrd liability p8rtnership tn EnElaDd and Wak5 Ire8lSter¢d nurnber OC3123131.