SANTANDER UK FOUNDATION LIMITED A company limited by guarantee Company No. 02509711 Registered Charity No. 803655 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ml AOCL+IMTE 2810912024 COMPANIES HOUSE
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SANTANDER UK FOUNDATION LIMITED - 02509711 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 CONTENTS Page Reference and Administrative detaAs Report of the Trustees Independeni audiiors. report Statement ol financial activities ISOFAI . incorporating summary income and expendilure account 12 8alance sheet 13 Cash Flow Statèment 14 Notes to the Financial Ststements
SANTANDER UK FOUNDATION LIMITED - 02509711 REFERENCE AND ADMINISTRATIVE DETAILS D bnes CJ Anderson JM Moran S Inskip CH Tapia Montes I Clapham H Cameron (appointed 30 january 20231 lappointed 30 january 20231 lappoinied 30 january 20231 lappointed 30 january 20231 IM Moran. CH Tapia Montes. H Cameron and Cl Anderson are independeni trusiees. Foundation CofkXI(ate G¢)vemantt Office Santsndef SeCretart Services Limited Irldependent audito PricewalerhouseC¢)opers LLP 7 More London Riverside London SEI 2RT Bankers Cater Allen Limited 2 Triton Square Regents Place London NWI 3AN Refvred office 2 Trilon Square Regents Place London NWI 3AN Prinopal address Sontsndei House 201 Giafton Gale East Millon Keynes MK9 IAN
SANTANDER UK FOUNDATION LIMITED - 02509711 REPORT OF THE TRUSTEES {incorporating the Direclor5' P)rt) The Trustees presenl their report togeiher with the audited financial 5tsterrnts lor the year ended 31 December 2023. The report and financial stsiement5 have been prepared in accordance with ihe accountin9 policie5 Set out in noie 1 to the financial 5taternents. and comply with the charity'5 governin9 document5, the Companies Arl ?nnA ihp f.trH¥ilip5 Act 201 l and the Financial Reporting Standard 102 Statement ol Recommended Practice IFRS 102 SORP second edition - October 20191. The administraiive details page on page 2 forms part ol rhe Truslee5' report. This report has been ppared in accordance th the provisions applKable to companies entled to the small compantes. exemptions including not preparing a sirategic Report. Atjout the Santsnder UK Foundation Limited We are the charity of Santander UK plc. We're an independent foundation regulated by the (rIb"e$ Commission and ¥Ye're proud to hold a close and purposeful working ielationship with our corporate donor, Santsnder UK plc, In 2023. Santande( UK plc paused its annual monetary ontribution to the Foundation rnainlaining the support in-kind tor the serwices provided. In 2024. Ihe Foundation and its corporale donor will align and lormalize the future tefms of enga9ernent and collaboralion behveen the parties. As a grant m3kin9 organi5ation the Santsndei Foundation aims lo challenge and alleviate finan(ial & digitsl inequalilies by funding and collaboiaiino with charibes across the UK. We also opeiate a matched donations scheme that supplements the donations raised by Santandec UK plc colleagues lor charities that are close to Iheir hearts. Foreword Irom our Board 2023 saw the Foundation delNer its Ihiid year of the Digitsl & Financial Empowerment Fund, our 51raiegic funding programme aimed at small and medium sized charities deliverin9 projects io iheir community which empower people to develop iheir digitsl and financial capabilities. Over the last year. we have seen the continued 'c05t of living. c¥isi5 deepen and continue to impact upon communities, and upon the charities that seNe them. across iht UK. We at the Santander Foundation ught to further bolster ihe support we could offer lo our own 34 funded partners, We provided a l 0% uplift lo all ol our funded partners and then added a further É20,000 lo each graniee. Furthermore, we have committed io rernainirtg flexible and lead by ihe needs of our funded panners, ensuring we retain capacity for meanin9ful conversaiions and relational support. We wguld like to take this momenL to sincerely thank all of our lur)ded partners whose insight, feedback and Intelligence shaped this respons and contin[ to shape ovr organi5atDn. Strategic Funding As we develop our tnstilutional knowledge and the collaboration wilh our funded partners. we recogni5ed the need to support our partner5 to mprove their marketing and communications capabilitie5, To up.skill our funded portners, the Foundation awarded a new £396.¢)00 partneiship with Media Trusi to provide tailored trainin9. delNered by media Industry experts and producing a high-quality film for each charity made by volunteer professional filmmaker. The new piogramrne will support 10 to 12 funded partne per year beeen 2023 - 2025. Structure, Grnar* and Management Santander UK Foundation Limited Ithe FoUndatnI a registered charty Ino. 8036551 and a company limited by guaranteelno. 025097111. governed by Memorandum and Articles of Association. The Foundation was incorp)rated on 8 lune 1990. Trustees are eleaed by the Members ol the Fovndalion al the General Meeting oi by written resolution signed by all Membef5 eligible to vote at the General Meeting, The Trustees are also Directors for the puiposes of Company Law. The Trustees are selected to bring a diverse range ol skills, experience and knowledge to the role. They meet regularly. usually on a quarterly ba51S The Trustees do noi have a maximum length ol office. A business plan is prepared and a9ieed by the Trustees lor each financial year. A quarterly feport examines performance against the agreed budgets, All Tfustees are provided with an induction pack contsining a copy of the Foundation's objectives. prioflties and ftt (ent AnnL•al Report and financial ststements. The Foundation Secretary will then discuss wrth ihe Trvsiee the backgiound and current business plan ol the Foundation. The Trustees met on six ¢xcayons during the yeai ended 31 Oecernber 202312022.. fi¥el, All 916nts are ratilled at a meeting ol the TfU5tees. A quofum of Trustees the minimum requiremeni, The Foundation's ielated parties ale considered io be Santander UK Group Holdings plc. Santsnder UK plc, Cater Allen Limited and Banco Santsnder SA and its subsidiaries, together th the Trustees. Refer to nole 15 for detsils. There were no addibonal group or related paty donations or transactions in 2023. No donations weie made to the Foundation from Santander UK plc during 2023. The ring-lencin9 regulation established in 2019 required the Santsnder UX Foundation lo esiablish an arms-length relationship wilh Santsnder UK plc. Therefore. the charity created a SeNice Level Agreement with Santander UK plc io receive in-kind 5ervice5 in support of the Foundation's activitie5 and inlraslructure.
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SANTANDER UK FOUNDATION LIMITED 02509711 REPORT OF THE TRUSTEES (continued) lincorp)rating the Directo. repor The map shows a clustering of organisations in the UK'S main population centres- London. the West Midlands. and ihe North-west. Rurality cèn be a key factor aggravating boih digital and financial exclusion and our current grani porfolio considers six organisations working with individuals in rural areas. TnMI ILTS0) Crn•t4 Ff•2W¥ ¢Od• Ye•Ji Fli LT• L•W• LT C•J• Y•AT Charitie5 onboarded in 2021 are in black Charitie5 onboarded in 2022 are in purple. Grant maklng poli In 2023 the Foundation conlinued to develop the Digitsl & Financial Empowerment Fund. the funding piogramme is now in its third year Nviih the fifst cohort of Ivnded panners being awarded in late 2021 and second cohort of funded par(ner5 being awarded in November 2022. The Digital & Financial Empowerment Fund focuses on 5UPPOrtin9 projects that will help people io become digitally and linancialty empowefed and is tsrgeted ai communities already facing soc1 and economic inequities. In colL4boration with New Philanthropy Capitsl INPCI - the Foundation developed a Theory of Change model which visualises the logic model of the Dsgital & Financial Empowerment Fund". <on{bbl Cb¥i¢yI Clt t*tslv•T UK •MA50Ulidlv Atfflwy
SAWANDER UK FOUNDATION LIMITED - 02509717 REPORT OF THE TRUSTEES (continued) lincorporating the Dirertors, pOrt1 In 2023. constdering the impact of the cost of living crisi5, Ihe Saniander Foundation decided to direct additional funds to increase the support lo the 34 funded partner5 onboarded in 2021 and 2022 by providing a l 0% uplift lo all ol our funded partner5 and then added a further £20.000 lo each gfaniee. In addition to providing additional support io the curreni partners, the Foundaiion decided to pause the application process lor Ihe Financial & Dig1ts1 Empowerment Fund io assess the lea¥nings and opportunities to continue to deliver the Foundation's purpose in the future. As part of this process. the trustees will review the overarching sirategy, considering the areas ol locus and opportunities lor incfeased impact. considering the de¥elopmenl of a long-lerm strategic approach lor the nexi few years. Matthed Funding In addilion to the Grants piogramme, the Santander UK Foundation continues to delivei the Santander UK Collea9ues matche(I donations scheme. The pro9rarnme is focused on supportin9 employees thal have undertaken fundraising artivitie5 lor UK ¥egistered charities. Santander colleague5 can apply to the Scheme for the UK registered cha¥ity to receive an additional Sum by way of a matched donation. In 2023. the Foundation distribuied 383 matched donation requests lolallin9 a value ol ovec £588.770 10 232 UK registered ¢harilies, Our Im Santsnder Foundation is curiently p¥oviding funding and support to thirty-lour charitsble organisations across the UK. since the L4unch ol the Financial and Digitsl Empowermeni Fund in 2021 the funded partners have supported 7.615 people to develop Digital & Financol capabilities. Key impact ligures". £389,293 7615 b•n•fits 1rrtllJ¥t• rn¢¥•d wpppffl E] 881 Or r•o•l¥•d d•the•• Th9? thumbor Indl¥ldu•lB ¥M> r•othwd d•t• Looklng Ald- Our Future Plans As a 9iani making foundation it's imperative that we continue lo maintain capacity to absorb learning and create opportunities for the voices of our Ivnded partner5 and those with Ilved experience lo be heard. Oui learnin9 Partnership wilh NPC is a sonificant reblionship we hope lo further ' benefit Irom having now determined our research agenda and constrvcted our Impact Measufemeni Framevvork in 2023 In the year heod. the Foundation will be Wofking with Santander UK lo review our vrking relationship to improve clarity and simplicity In this process, and ensuring we bring on board ihe very best prartice as a corporale loundation. Seclion 162a ol the Charilies Act 2011 require5 charitie5 to make a stalerrnt regarding fundraising activities. The legislaiton defines lundraising as .lICItIng or otherwbse procuring money or other property for charitable purposes. In relation to this ststement, the charity doe5 not undertake fundiai5ing from Ihe general public and does not employ professional fundraisers. The charity is iherefore not bound by any regulatory 5chern2 and does not considei it necessary lo compty with any voluntsry code of piactice. The Foundation does not have policies in relation to fundraising activities nor do we con51der it necessary to design specific policie5 and procedures to monitor ath'vities. The matched donations xheme operated by the charity malches the commilments Sanlander UK colleagues fundraising eflorts. a5 5uch these rtivities are not deemed to be fundraising efforts in aid of 5antsnder UK Foundation Limited. Inve5trr*nt Policy & Performance The Trustees have the power to puichase invesmients and securitiès which are considered fit loi the purposes of the FoundatK)n. wilh the except'on of derNatr4e5. The Trustees comply with the Charity Commission's guidellnes on investments. The Foundation's investment strategy is a split ol SO% equitie5 and SO% UK lixed income lo achieve a broadly baL•nced portlolio seeking moderate 9rowth. Further inlormalion concerning the pertoimance and nètljfe ol the investment can be found within this section under unrestricied funds and note l. The Foundation's assets are invested in a combinalion ol pa55Ne lindex.tracking1 collertive investment funds. For the 12 n)Dnths ended 31 Oecember 2023 the return of the Aggregated Fund las a measure ol dbvidend income versus the ¥alue of the UK quoted investments} was 2 3%12022'. 2.3%). The fund continues io provide a stsble reiurn for the Foundation and is consistent the Foundation'g expectations to seek ffderate giowth from its invesirnent portfolio.
SANTANDER UK FOUNDATION LIMITED - 02509711 REPORT OF THE TRUSTEES (continued) (incorporating the Direclors. rep)rt) Risk Management As members of ihe charify the Trustees hold accountability for recognising, mitigating. and avotdin9 the presenting risks exposed to the Foundaiion. Quarterly reporting and governance meeting5 Serve io identify and respond io identified risks by building appropfiale control5, policies, and responses. The major risks the charity is exposed to, as identified by the Tiustees. is the principal risk of relian on one sole source of revenue. conflicts of loyalty presented by the close relatlonship with the charity's corporate donor. giant fraud, reputstional risk and a variety ol challenges arisin9 Irom the complexity of running a foundalion wtih a small number of stsfl hou. Ma Reliance on one sole donoi. Contro Appropiiate ieserves policy is estsblished and met. In year funding budgets are agreed in line with available budget. Investmeni a roach rovides realer securi Robust due diligence carried out in as5e55ment. Annual grant reporting. Relational grant management. Esiablished terms and conditions wilh funded rtners. Conflicts of Interest oli Quafferty reporting. Robust due dili ence carried out in assessment. Giant fraud. Cohllicts ol lo Reputational risk. and Interesi. The Trustees remain satisfied the Foundation hol(Js in place the appropriate controls. knowledge. resources. and policies to identify. assess. and respond lo the major risk. Further steps will be tsken next year to review organisational polices and conlro15 as Part of wider or9anisalional development programn*. Income Other than seThices provided by Santander UK Hc, no donations were received in the year12022.' £2.900,0001. Investmeni income of £400,349 wa5 received during the year12022.. £356,053). The seNices provided ty Santander UK plc, lor which no charge was made. have been valued at £100,00012022. £100.0001. Re5eThes The majority of ihe income of the Foundation ts used for giant making purposes. Grants are only agreed to the extent of available income. The Foundation does not ernploy staff directty. Due to ring-fencing regulation in 2019. the Foundation wa5 required to estsbli5h an arm5.length ielationship wilh Santsndef UK plc to pay for the 5ervice51stoff and inffasiiucturel provided by Santander UK plc. The Trustees continue to hold significant inveslrnents 10 9enerate an annual income to Support the charity. It is the Foundation's approach to ensure lunds ale available io cover one month of grant awafds al any time in reserve. Al 31 December 2023. the total fuN15 of the Foundation were £18.874,22312022.. £20.746,2421. Endowment lunds These are permanent endowment lund5 which represent funds invested by the Charity from which it derives investmeni income. There are fyvo endowment funds,. one is a restricted fund Iihe Abbey Housing A550Ci3tion lund "AHA") and the other is an unresirided endowment fund. The investment income lor the funds is included wiihin restricted and unrestricted on the SOFA and Balance Sheet based on ihe funds from which Ihe income is derived. Resrricled fund5 The intome generated from ihis fund is from the investment income from the AHA portfolio. The restricted fund Can onty be used for grants to charities woiking with housing related causes. Unrestricted fund5 These represeni lunds which are expendable at the discretion ol the tfuslees in the fvrtherance of the objectives of the chafity. Such funds may be held in ordei to finance both workin9 capitsl and capitsl investment.
SANTANDER UK FOUNOATIQN LIMITED - 02509711
REPORT OF THE TRUSTEES (continued)
incorporatsng the DirectOfS' report)
Statement of tru5tees' reswnsibili
The Ifustees Iwlv) ale also direciw5 01 Sanlandef UK foundJiion Limiied lor ihe purposes ol compary I are rèsponsible lar piepariThg ihe
Tiusiees. Annual Report and ihe h"nancial staiemenis in accordèfi<e wilh ap1(a)Ie and re9ulaiio
Cornpany law requices the trusiees to prepare linancial siaternenis each linancrdl yeai. Undei Ihat tsw the Iruses ve piepaied Il)0 financial
stsiements in accoidance with United Kingdom A(couniing sndardS. comprising FRS 102 "The Financk41 Rewirting Slandafd applicabje in the UK
and ftepublic ol Ireland-. and applicable law Iuniled Kingdom Generally Accepied Accouniing Piaciicel. Under ccwany law Ihe iiuslees musi noi
approve ihe linèncial staiemènts u5$ they are salislied ihai ihey gi¥e a Iiue and laii View ol Ihe slate of ihe allair5 01 the charilable compbny
and ol Ihe incoming re50uice5 and application ol resources. including the Iorne and expendiluio. ol the chèwiiable compary loi ihat period. In
epaiing ihe5e linancial 51alemen¢s. Ihe uv51ees ale requiied io,.
5elecl suitable a<counlin9 p)IKie$ 4nd ihen appty them coA9Sltntty.'
obserye Ihe methods and pfinciples in the Siaiemeni ol Recommended fvgciice.. Ac¢ouiiling and Rer11ng by chaillie5120191..
moke judgmenis eslimate5 Ihat are ieasonable and prudeni,.
stale whelher Jpplicable UK Accounling Siandards. compriyn9 FRS 102, have been lollowed. subject w any maieiial depafluies
disclosed and explained in the linancial 5t3iemenis.' Jnd
prepare the linanciaS stsiernents on Ihe goin9 ionceift basis unless it bs inappropiiart io ple5U that the ¢harttsble ComnY will
orlinue bn business.
The tiuslees are fesponsible lor keepin9 adequaie 4<counting ie(oidg Ihai are sulfi(ieni 10 show and explain the chafilable company'5 IransJa)ns
atsd discloo with reasonable accuracy at any lime thè financial ptssititsft ol tharitsble company and ertable them 10 ensuie thal Ihe Iinancial
siaiemenis comply wilh ihe Cornpanies Acl 2006. They ale also iesponsible lor saleguaiding Ihe asseis ol Ihe chaiiiablè company and hencè lof
takin9 feasonablè stèps lor ihè pre¥tniK)n •nd detection ol Ir•sJd and oiher iiiegLtkirifies.
The Irustet5 are r•sponsibk loi ihe maintnanc• and inie91ity ol ihe ch•riiablt <ompany's website. legislatw in the United Kingdcm 9oveinin9
Ihe pieparalion and di5semiTr)ion ol financial staiernenis may diflèr liom legislaiion in oiher jurisdiciK¢ns. In Jccoidance with Section 418.
dire¢iors' iepons shall includt a sialenI. iq the case ol each difectof In ollire ai Ihe dale Ilie dire(tors' report is appfoved, Ihal..
lal 50 lar as Ih? Iiusiee awaie. Iheie is no iele¥anl audil lnloima1K ol which the compoty's iudiiors ale urtaware,, and
Ibl he has loken èll ihe sitps that hè ou9ht 10 havè iaken as a trustee In older io make himsell aware ol any relevant audll inlormalkn
and 10 es1ab1h ihai ihe company's auditws ai awarè ol inloimaitort.
Statomentol Going Concorn
The Foundation's business aciNilies. iogeiher with the focior5 likety io affeci bis lulure developmeni, pertofmance and posilion are sei oul aiwe.
The financwl posilion ol the Foundaiion. its liguidlty posilion and tJOllOWin9 lacililies ale sei out in ihe financial ststemènis.
Ihe Foundation has adeqvale lunds in Jace lor commiimenis made The Foundailon has no employtes and no gfanis ale commltted unless funds
are in place. Shoulot no lunher funding be made available 10 ihe FndatiOn. there are wflicieni eMIsiirKJ lurtds ailable 10 meei ils (ommltments.
In 1023. the Coipoiate donor pause uniil foreseeable lulure ihe annual ch•rilable donalion provided to Ihe Foundotion As a Consequee. the
Trv51ee5 are revlewin9 the curreni uncMain linancial posilion 10 ideniify souices ol income to dèline ihe nexi sleps lor Ihe foundatlon
The Trusiees have a reasonable expecuii¢)ft Ihat Foundation h•5 ad•91* i•50ur¢•s w
SANTANDER UK FOUNDATION LIMITED . 02509711 Independent auditors, report to the members ofsantander UK Foundation Limited Report on the audit of the financial statements Opinion In our opinion, Saniander UK Foundation Limited's finaneial statements (the"financial statements'j: sive a true and fair view of the stste of the charitable CoMpanS affairs as at 31 December 2023 aTsd of its incoming resources and application of resources, including its income and expenditure. and cash flow$, for the year ihen ended. have been Properly prepared in accordonce with United Kinsdom Generally Accepted Accountin8 Practlce (Uniied Kingdom Accountins Standards, ineluding FRS 102'The Financial Reporting Siandard appltcable ITr the UK and Republic ol Ireland-, and applicable law). and have been prepared in accordanee with the requirements ofthe Compafiles Aet 2006. We have audited the financial statements. Included w?thin the Annuil Report and Financial Statements {the'Annual Report.), whith Comprise: the balance sheet as at 31 December 2023: the statement of financial 4ctivitie8 (SOFA)- incorporating summary income and expenditure account and the cash flow statement for the year then ended: and the noteg to the flnanclal statements, which include a description of accounting policies. Bas1$ for oplnlon We ¢ondu¢Eed OUT audit in actord4nte with International Standards on Auditins (UK) {"[S (UX)") and applicable law. Our responsibilities under ISAS (UK) are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We believe ththt the audit evidence we have obtained is sufficient and appropriate to provide a basi$ for our opinion. Independence We remained Independent of ihe charitable company in a¢cordance with the ethlcal requlrements that art relevant to our audit of the financial statements in the UK which includej the FRC'S Ethical Standard and we have fvlfilled our other ethical responsibilities in aceordonce with these requirements. Con¢lusionJ relating to going Concern Baxd on the work we have perfOed, we have not identified any mittrlal uncertalntles relatlng to events or conditlom that, indbviduilly or collectively. may east sisnificant doubt on the charitable company's ability to continue as a going concern (or a period of at least twelve months from the date on which the financial statements are authorised for issue. In auditing the finan¢i4J statements. we have coneluded that the Iru$tees' use of the going ncern basis of aeeountins in the preparation of the fiDaneiBI statement5 is appropriAt& However. because not all bjiure evenls or condition$ r4n be predithed. this conclusion Is not 4 gu4r•ntee as to the charilable company's ability to continue as a going concern. Our respoThsibilities #nd the responsibilities of the trustees with respecl to going concern are described in the relevant sertion$ of this report. Reporting on other inforniation The other tnformailon comprises all of the information in the Annu•l Report other than the financi81 statements and our auditOT5' report thereon. The trustee$ are responsible for the other inforniation. Our opinion on the flThancial statements does not cover the oiheT information Mnd, accordingly. we do not express an audit opinion or. except to ihe ex1ent otherwise explicitly stoted in this report, any fo of assur•nce thereon. In connection with our audit of the fifiancial Btalements, our responsibility is to read ihe other inforn]alion and, in doing so, consider whether the other informalion is materially inconsistent with the finAfiei&l ststements or our knowled8e obt&ined in the audit. or herwiSe appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we ire required io perforn) proeedures to conclude whether there is a material misstatement of the financial Statements or a material misstatement of the other inforniation. If. based on the work we hove perfornied. we conclude that theTr 15 a ThateriAI misstatemenl of thi5 Qthcr inforniation. we are required to report that faLt. We have nothing to report bAsed on these respon8ibilities. With reSpt to the Report of theTriLStees. we also considered whether the dlsdosuS required by the UK Companies Ael 2006 and Charities Act 2011 have been included. Based on our work undertaken in the coUe of the audit, the Companies Aet 2006 requires us a150 to report certain opinions and matters 45 described below.
SANTANDeR UK FOUNOATION LIMITED - 02S09711 Report of the Trustees In our opinion, based on the work undertaken in the course of the audit ihe iDformation given in the Report of the Trustees for the period ended 31 December 2023 is consistent with the financial statements and has been prepared in a¢¢ordan¢e with applicable legal requirements. In light of the knowlEdge and understandin8 of the charitable company and 115 environment obtained in the course of ihe audil. we did not identify any material misstaiements in the Report of the Trnslees. Responsibilities for the financial statements and the audit Responsibilities of the trusteesfor thefjnanciol statements As explained more fully in the Statement of tTU$tees' responsibilities, the trustees (who are Al$0 the directors of the charltable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable frarnework and for being satisfied that ihey give a true and fair view. The trustees are olso responsible for such internal control as they determine is necessary to enable the prepllrntion of financi&l statements that ore free from material misstatement, whether due to fraud or error. In preparing the finAncial 5tBtements, the trusttes are responsible for assessing the Charitable company's ability to continue as
going coneem, distlcbsing, as applieable, matters lated to soing concern and usin8 the going eoneern basis of aeeounting
unless the trustees either intend to liquidate the ¢haritable company or to tease operations, or have no realistic alternative but to do so. Auditors. responsibilitiesfor the audit of thefinancial statements Our obJectlves are to obtain reasonable a58urance about whether the financial $latements a8 a whole are free from material misslatement, whether due to fraud or error, and to issue an auditrrts, report that Ineltsdes our opinioTr. Reasonable assurance is a high level of assurance. but is not a suarantee that an audit coliducted in accordance with iSA% IUK) will always delect material mlsstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be experted to influence the ttDnomic decisions of users taken on the basis of these financial statements. Irregul4rities. includins fraud. are instances of non-compliance with laws •nd re8ulations. We desisn procedures in line with our responsibilities. outlined above. to detect m8terial misstalements ID respert of irregularitie& iD¢luding fraud. The extent to whith our procedures art cap&ble of detecting ifftgularities, including fraud, is detailed below. B&sed on our understanding of the charitable company and its industry * we identified thAt the princip81 risks of non- complian whh laws and re8ulation5 related io the Chorities Act 2011, and we considered the extent lo which non-compliance might have a material effect on the financial statements. We also considcrcd those laws and regulations that have a direct impaci on the finoncial slatements such Js the Companies Act 2006. We evaluated managemenl's incenlives and opportunilie5 for fraudtslent rnanipulation of the fin&neial $taitments (ineluding the risk of override of Controls), and determined that the principAI risks were related to posting iDappropriate journah to manipulate financial resulig or eonceal the misappropriation ofassets. Audit procedures perfornied by the ensa8ement leam included.. identifying and testing journal entri. in particular journal enlries posted with ynusual account combinations to income. cash and expcnditure accounts; obtlining eonfirn)Ations of Cash balallees and material investment bil&nces as at 31 Deeember 2023; testlns the recosnition of grant expendilure in line with iems of the srant awards: enquirins of manasement and the board of tru5tee5, including considerntion of known or $u$pected instanees of non-eompliaace with IAW8 And regulatlon ond frttud., rcading minutes of meetings of the board of trustees. and 8ssessin8 financial sialement disclosures, and testin8 to 8UPPOrtins document&lion, for Compliance with applieable laws and regulations. There are inhereni limitations in the audit procedures de5¢ribed above. We are less likely to become aware of instances of non- compliance with laws And regulations that are not closely related to events and trnnsactions rellected in financial stalements. Also, the risk of not detectin8 a material mlaterneT1t due to fraud is higher than the risk of not deterting one resulting from error. as fraud may involve deliberate concealmeni by, for example. for8ery or intentional misrepre5¢ntation¥ orthrough collusion. A hjrther description of our reJpon$ibilltles for the audit of the financial statements 1$ located on the FRC'S weItt at; www.frc.org.uk/auditgr5respon¥ibilities. This de5CriPtion forms part of our aoditors, report. Use of this report This report, includins the opinions, has been prepared for and only for the charitable company's members as 8 body in aecordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not. in 8iving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown QT into whose hands it may come save where expressly agreed by our prior consent in writlDg. io
SANTANDER UK FOUNOATION UMITEO- 02509711 Other required reporting Companies Aet 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion.. we have not obt8ined all the inforniation and eMplanation$ we require for our audit. or adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us- or eertain di10$ureS of tru5tees' remuneration specified by law are not Made: or tl)e financial statemeThts are not in agreement with the accounting reeonls and reknrns. We have no exceptions to report arisin8 from this responsibility. Entltlement to exemptions Under the Companies Act 2006 we are required to report to you if. in our opinion. the tSte¢S were not entitled to: prepare fin8ncial statements in accord4nce with the smzll comp8nies' regirne.. take advantage of the small comp8nies' exemplion in prepAring the Report of the Trustees; and take advantage ofthe small companies exemption from preparin8 a Stratesie Report. We have no ex¢eptions to report &risins from this responsibility. EDud k(o88er D&vid Hagger (Senior Ststuiory Auditor) for and on beh&lf of Pricewaterhousecoopers LLP Chartered ACUntafits and Stalutory Auditors IxTrndon 24 September 9024
SANTANDER UK FOUNOATION LIMITED- 02509711 STATEMENT OF FINANCIAL ACTIVITIES (SOFA)- INCORPORATING SUMMARY INCOME AND EXPENDITURE ACCOUNT Foi the year eftded 31 Decernbei 2023 Unrestside funds Itesiiirted lunds Endow1r1 funds To1 lund5 2023 Total lunds 2022 hloiels) Income and eThlL)4wnents Irom.. Donaiion5 , I.Tr)0 100.Tr)o 3.1)Jo.000 Investments 366.876 33,473 400,349 3S6.053 Toul 466.876 33.473 500.349 3.356.053 Expenditure on.. Chafltable a¢Ville$ 13.531.S991 13.531,599) 12.135,62 11 Totsl 13.531.599) 13.531.S99) 12.1 J5.6211 Net gain (losse tsn investmen15 1.159.131 1.159.231 12.267.774> Net IpenSey thicome and net MOVenI in funds tor Ihe year (3.064,7231 33,473 1.1S9.231 11,872.0191 11.047,3421 Toial lunds b¢oughi lorw•id 12,16 5.424,015 365.441 14,956.786 20,746.242 21 793,584 Total lund5 cairied ft*rward 12.16 2.359.292 398.914 16.116.017 18.874.223 20.746.242 The aCClMPatylhg noles form integral part ol ihe financial slaternen A summary ol iht piiw year comparati lof each lu¢id dlsck)sed wiihin noie 12. This slatemeni ol linancl activilie5 includes ill oains and rosses t•¢Ognth in th• yeaf. All income and exp•ndiiLtre delive fiom conilnving acilvitlès. 12
SANTANDER UK FOUNDATION LIMITED - 02509711 BALANCE SHEET A5 al 31 December 2023 P4ote Tokl lunds 2023 roial funds 2022 Fed assets. Inveslmenis 17.033.055 15, 502.674 Totsi fixed assèts 17.033.055 1 S.502.674 Current a%ets.' Cash ai bank ènd in h•rKI Olher debtor5 3,268,706 17.066 5.830,296 25,712 Totsi clyiertt assels 3.285,772 S.8S6.OD8 LlabilliS.' CredilOlS.' Amounis ¢•lliw due within one y io 11.444.604> l612.4401 Net curyent asts 1.841.168 S,243,$68 T¢>lal net assets 18,874.223 20,746.242 The fvnth ot th charity: Repfe5ented- RestrKted perman1 endownt fund . Affofdable Hou5iThJ Fund Uniestricted pèimanent endowmeni lund Re51ricied income lund5 Vnresiri¢ied Funds 16 16 16 16 1.329.419 14.786,598 398,914 2.359.292 1.235,039 13.721.747 365,44 1 5.424.015 Toial Chaflty lunds lunds ol th? chaiity h•¥e been iepre5enied 2022 -see 1 19. 18.874.Z23 20,746,242 rhe accorrpanying notes integral part ol the linancial slaleThnts. These fIn(la1 staiem•Thts have been prepaied accordance with ihe pr¢visi0¢ app1(al <ompaThies tnlitled to iht smill c¢¥xwnies' regime. The linarK41 stsiemenis on 12 w 22 ¥%*rt Jpwoved ty Ihe Tiustees on 20 Sepiember 2024 •nd signed on thelr beh411 by.. h P41of•n Trustee 20 Seplethr 2024
SANTANDER UK FOUNDATION LIMITEO- 02509711 CASH FLOW STATEMENT For the year endp(J 31 December 2023 Yell tnded 31 Oecember 2023 Year ended 31 De£èmbèr 1022" Cash Il¢i%•s'lrtsm crfjefating actwitie5 Net expense and net mtsvemeni In lund5 Ihe year 11.872.019) 11.047.3421 Adiuslmen15 lor. Realisod105ses1lgoinsl on sales during the yeai 1.664 (I. 160.895) 140D.349 1196,0611 Unrealised (gain511 losse5 on inve51menl ievalualKJn Inves1nI income 2.463,83S 1356,0531 Qperaiin9 cash Ito4•A befor• ftMyMffnts fft Yxkini pilal (3,431.599) 864.379 De(fease in other debiois 8.646 34.426 Inirease in payables 832,164 438.980 Net wh Iu5ed inll generaled by operatin9 athities .590.7891 1.337,785 Cash fk>% from irwestin9 •dfvllies Puichase ol in¥estmen15 Sole ol in¥esimtnis 1409.6071 11,003,895) 650.000 Invtsimeni tyicon 400.349 356.053 Tfansltis ol cash held ès part ol invesimènt funds 4.457 138 Cash us•d in invtstsng aCtr4ities 29.199 2.120 Nti Idecreaseii Increase In cash ch equ+4talenls 12.561.590) 1,339.905 Ch and <)sh equNalenis ai be9fftnin9 01 year S.830.296 4.490,39 1 Cash ar cash equi¥aients at end ol year 3.268.7CKS 5.830.296 The comparatives lor 2022 have been coriled ro include invesiméni Income of £356.053 Nyiihin invesiing activities wilh a coiie5ponding Idlusirreni 10 cash genefaled by opeialing acir4ities- see note 19
SANTANDER UK FOUNDA TION IIMITED . 02509711
NOTES TO THE FINANCIAL STATEMENTS (continued)
I. ACCOUNTING POLICIES
The Foundation is a pubk benefi( entity and Is a limited liability coffpany in which lia'l1ty is limiied ty uuafaniee. The Company is dorThcded and
InCCfpoFated in the UniieLI Kin9dom and B registered with Corrwnies Housè sn En9land and Walès.
The win¢wl accouniing poF(res applied Sahtsnder UK Founth1 Limited Iihe Fourthtionl ai? svmmaiised below.
81s4s of accountlng
The linarKial stsiements hè¥t tyeeth prepared undef iht hisiwKal cosi cortvertli)Th as mtsdild by the revaluation ol Fixed asset investments, in
accordasxe with the Slateni ol Recommended Pfacticè "Accounting ènd Reporting by Charities SORP IFRS 1021 second edititin - O(tober 2019
èpplicaNe io charii(es prerIng the'ir linaKk41 stattments in acctsfdance wth FRS 102 -The FinarL¥l Reportlng Stsndaid applicable in the UK and
Republi¢ tsl Ireland- I-FRS 102.1, effe
SANTANOER UK FOVNOATION LIMITED- 0250977 1 NOTES TO THE FINANCIAL STATEMENTS (continued) 1. ACCOUNTING POLICIES (continued) Investnts Fixed asseis invesirrnts are sraled at bid mathei valL ai Ihè balan< sheei d•ie. AN Investnn{S are inve51meni asis held in Ihè United Kingdom. lftvesimen15 include dewsit balances and lunds Ihal inve5r inequilie5 and lixed Income U[111e$. which ale hekl by Ivnd rnanagefs Realised and unieali5ed IeStMen( gains ond 1055es idatln9 lo Iht Main Fvntl ore indvded in ihe unresiri(ted endowmeni lund and in the reslficied peimanenl endWIni fund - Alloidable Hou5in9 Fund where Ihey teknle to the Hou51n9 Associattin Fund. Fund accountiftg The Charity m)Sts1)lThs ¥•riDVS types of funds as follow EndOwt fund5 These are peimjnertt eTrlowmeni Iunfh whlch iepresefit lunds invesie(J by ChaFity Irom which it deri¥es ijwesiment in<ome. The ifivestmeAt irKorne is rfluded within restricted Ivnds for Ihe AHA portfolio afid uniesirKted lufids lor the in¥e51menl rtfOlIO ftestsicted tur#Js The income geneiaitd liom this fund is ffom the iThe51rnenl income from ihe AHA ptsrtfolio. The restricd fund can be used lor grants io charities woiking Wilh housin9 related causes. Uniestrlcled lund5 The represtrti IvtJs which Jit expendable at Ihe dtsciellort ol ihe irusiees In the lurtherart¢t ol ihe obJtct¢ve5 01 ihe charlty. Such funds MJY be held IA order to fiNnce bolh working cawtal and capilal invesimeni. "Olhef deb[5 Oiher deb1015 iepfeseni lunds which have btert athanced to Ihifd paty adminis1(atS ol the Charity 10 cover iht cost ol malched donaibns awaided but noi yef dut io shoil (elm liming differences. FiNndal instsuments The Charity only has linan<ial 4s%eLS an(9 liabilblÈS ol a klnd Ihal quality as basic linancol In5tyvrnenis. Basic lin¢tl inSirunniS are initialty fecogni5ed ai trans•cln value and sub5•quenily m•suitd Ji iheir seiilemnl value. Inillal iecognrtknn and me•sur•menE Fihan¢iJl assets and liJbilitses are iNlialty recognised when the Fourtdaiion becomes a paity lo Iht contra¢iual terms ol Ihe in5truffvénl The Fotjndaiiort deieimines ihe classiliialion ol its Ilnancial asse15 anLI libbililies at initial recognilion and asUre5 a financial assei or linancial liability ai its lair value plu5 or minus, in the case ol a liNnco1 assei oi financial liability noi at FvfpL, ilansaciion cosis t1 are inciemgnl and direcity atliibutable to the acouisil)n or issue ol the li11 assei oi financial liability. Transaaion costs ol linancial assets and linan¢i•l Iiabililies Calfied at laif valuè thfOU9h prolit or l)ss alè èxpensed in profil 01 loss. Fifiartciol14abiHUes Financial liabilities ale classilied and sub5equenily measvred at arnoflised cosi. The Founflaiion's Ilabiliiie5 compiise 9ran awaided thai ai awailin9 paymeni and wpwri costs which are classilbed as amoiiised cos1. Liabilltles LiobilitiEs ale ieco9ni5ed where thp Charity has a present oblwaiion iewllino Iiom a pasi event Ihai will probably resull in Ihe transfer ol l¢Jnds lo a third party and Ihe amount due to setlle the oblKJa[ can be measured oi tS1imaied reliably. Ciedilors and provisions afe normalty iecogni5ed ai iheiF seiilpnpnl amount alier allowing lor any Irade diKounts due. Critical accounting judyts and kry sources of e5tirr41hM uncertainty In ihe appJi¢aiion ol the Company's •¢couniing ptslicies. the Tfusiees are feouired io (nakt iu¢J9ements, esiinK41e5 Jnd assurnpibns about Ihe cairying amounls ol •ssol3 and liobililies that are rKJt ieadily appareni from oiher soutce5. The esiimales and aSSOCTaied assumption5 are 5¢d on hisiori¢Jl experiertcè and oihef lactois tt are consthted to be relevant. Aciual iewlts ftw dSlfer from ihtse estu))). The estsmates Jnd untlerfying assumplion5 are reviewed on an ongoing basis. Reviyons io ac<ovniin9 estirnales ale iffo9nised In ihe pwiod in whi<h Ihe èsiimaiè is revised il ihe revision Jllecis only period. 01 in Ihe period ol thè ievision and luttsie peiiods il ihe fevision affects btsth ctsrrent and lutufe per. The Tfustees do not considei thefe ace any ciil¢(al judgpmenls or souice5 01 e5tirTral)n Uncertainty requii¢n9 klIe. 16
SANTANDER UK fOUNOATION LIMITED - 02509711 NOTES TO THE FINANCIAL STATEMENTS (continued) 2. DONATIONS 2023 2022 Ponaiions le(eed from Sèntsnder UK pk Gitts In ki1 Irom Santandei UK k 2.900,000 100,OCQ 3.C.000 3. INVESTMENTS 2023 2022 8ank inleresl income ONidend incomt Inteiesl and dr4Klend5 2,089 398.260 40t),349 2.157 353.896 356.053 4. AUDrr FEES Fee5 payable ihe Foundakni's Audltois lor Ihè audit ol the Foundaibn's annual 15nanc+al siatewnts loi the Cufrent year ale E20,280 12022: (19.2001. Foi ihe current and prl¢i y•f. iffe¢o¥erabte VAT at 20% b wKbJded the fee. The 2023 aLtdit lee nel ol VAT bs £16,9CQ 12012.. (16.0001, Fees payab Irg the audlttys lor rth,•udii seThkes were nil12022.. nl. 5. TRUSTEES, AND STAFF EMOLUMENTS The Tru5tee5 ie(•Ned neiiher remunefalty)n nor expenses loi Thice5 iendered12022: £niVI. The Foundaiitsn had dwectty empltsyed staN dufiAg the year12022,' wjrtel and as a resuk had no Sf•lf oi related cosis12022'. IniD. Duilrw) the yèar ont Ol the FoLtndatioTh's secrelacies is employed and remunwattd by sannder UK ptc. prided Ihe admihisiiètivt SUPFQrt IN i FoUndatn. ThE costs lor treir r¥ices 0vIded to the Charity loim ol the re<harge liom 5•ntander UK plc ni¢l¢Jded wiihln Othef suppjrt 0Sts. Th key manag•m•nt pe1%ne1 loi the loundalion are Ihe Ttusleos none ol whom reoivt iemunerot)n lor their perfofmed. 6. CHARrrABLE ACTIVITIES Domtions Ind gr•nts paid Support Totsl 2023 Donaknons nd 9ianls paid lo ins1itut# Supr#)rt C0515 Tothi 2022 Charltsble aclè4ill•s.' G¢anlS m•ithed dorFation5 pendilure on tharitablÈ •cliviUes'. Giarbl adnIstratIon and 30.347 iani piocesyn.-..-..,...-..--.................................... Oihef SU .rt cosis 196.729 Go¥einae costs i 51,473 rotsl 3.153.050 378.549 3, 153.050 3.153,050 1.920.297 1.920.297 30,347 196.729 1 $1,473 3.537.599 30.912 155.522 30,912 155.522 1 920 297 215.324 2 135621 Gi•nts and maiehed donat#5 41kneaik*n ty (harkble purp05e'. Number ol grants 2023 Number of gfan 2022 2023 2022 Santsnder Foun<lalion Digital & F":nart<ial ErnWMeI Fund match tionat#)ns Total 2,564,280 138 1335 870 34 3,153.OY) 521 1.920.297 499 Santsndtr UK pk allocaied £IOO.000 to support the Fournlaiiort with the cosi ol SWVKes. The èmount used è$ 9ih in kind io support the ar#1 markeling costs12022- (11)O.(KJOl. This included in other support cosis. The 138 9rants inclthled above wwe dtribUted 10 34 partners. The costs and goManCe cosis ale ollo¢aied based on the adr¥iiies perfovryd and has been alkxated to chwitsble expendibjre, costs are incuried lor geneiaiiny lunds. The material grants awaided abyle £I0.000 ale iftduded tn fttste 14. 17
SANTANOER UK rOUNL)ATION IIMIIED - OZ509711 NOTES TO THE FINANCIAL STATEMENTS (continued) 7. TAXATION As a charity, the Company is eiety.pi liom on iftcome and gaif ie¢ei¥eO wlhwl ¢oi¢qaifts covkie(4 by ChaplEi 3 01 Poll I l ¥0 Ihe CF0[alln Tax Acl 201Q oi SecirfJn 256 of the TaxaiiDn of CIwige4b!e Gart Acl 1992 w itr¢ tXint thps4 ait 4ppW w it5 chiltiiabee obptts ) lax chJr9e ims arisen the >Yar.. 8. IWESFMENts Abbry Ito 2023 MaEn lund fvJrfolio Porttalo Totsl 14.242.948 15.502.674 PwrhoTU durin9.Ihpit•..! e£ duiLN4. ii,y.eorf ReJli$l losses on 5ale% iluii unfe¥Se rfteni in cash mae1 ¥a ue ot 31 2023 374,135 35.472 {4,45 17.033.05S 15 6?8.884 1.354.17T UK.lea Irwesinnis Cèsh Wd as 15,6fJ8.670 17 022,2418 593 l J54 171 15678884 17.Q33.055 k cost at 31 2023 Hi5tryic cosi ai 31 2021 11.750.077 11.378.992 i3.oits 849 12.647.6 1.268.707 Al)bey Hwgn9 2022 Maln Iwvj Ptyrfotso Portlol Total MbOKti le •1 I l•fftvaty 2022 15,865. 101 1.551.413 17.416 514 Pvich•ses 978,Old 1650.IJX)I 196.f>SI 12. 146.2661 1650 000 Reald !iiins on ulés 18uiif9..Iht Feaw Urtitali%ed losses erneni m ca) Martel value ai 31 I>Keffjbtr 2022 1317.569) 12 463,8351 14,242,948 1,259.726 IS.S02,674 UK qyoied inv15tnts Cash lielij a5 pan ol Thmtrnqni ittolKJ Totsl inves1rt i 4.229.684 13.104 14.241948 .257.726 15.487.410 15.264 1 5.502,674 1.2S9.726 Histoiic cost ai J I Ccemti 2022 H15toiic cosi ai 31 Oocembw 2021 11.378.992 10.854.879 1.268.707 1,242.825 12,647.699 12,Q97.7Q4 rtlolk)s lth th Iw¥h are Kiuctured $0 tr¥1 rfr•tsi kn ptysil¥¢ OÉK sio¢ls As a fesull the mliofity ol lfye thesiwls •xceedvJ 5% 01 è 1•¥&1 ponloliti Ai th• y?af dai•. itr %ttxks coA%fjied ol Iht lokn•ing Itrtl I Maln fund Abbry HrThJ Iwid al UK AJI Sl¥Jie liackpf Z haie5'PacrfK Ex Japan Eq Idx.L AC Ishè% Coipwale Bond Indts F BladRo(k Col. UK Gilts All Sto<ks- LA BlackRo(k Colleclbve Cl furo 6larkRcd ColleclThTe Nc¥th BlartRock Colteciwe &ipan eq. Trackèr Tr aolodian gf In¥t51ments ol New Y¢ik M¢Wffi. 8la¢kRwk Col. UK Gills Al S(o¢ks- 1Sh•ies C¢¥pNate 6Md f As a iewll ol Ib)lthn9 iS1MtI, the Fwnd)Ih)n ts exw a ¥ailety ol Ilsks. th¢ ff•)St 99nilKant ol kni¢h ale uedii irA. marktt risk and kn]dity fis. The FouThJat)n n¥nages is ifjk in %nt Yilh <¢nifo1 ffjk rwoJgemeThi I)fi ol Gioup. Ttr GtC44)'s Atsk Framel enwies ttrwi rok 15 mafia9ed and controled on bel ol shareh¢4deii. ¢usio¢nets, depogwrs thè GtOUP% fe9utstory Ettffilve ar effKienl li5k govefnaFKt and ry4ewht mawennt wjh •sswance thai the fyoup's tXl5fftef3 Jas¥Ifje$i• not bp aLfvw5ety iftwacd ty iisks 1tr41 cwkl h•e beeA ieasonè lueseen. This in iwn ieducts the ertalty ol èchkevtlY4 the G¢iw¥ s stsaie9c ofyectèle 18
SANTANDER UK FOUNDATION UMITED - 02509711 NOTES TO THE FINANCIAL STATEMENTS (continued) 8. INVESTMENTS (continued) Credft rfsk (redit iisk15 thè risk that roynieipatiie5 w¢ll noi tt thtif linJnctral obli9Jlion5 and may result the Founda1K>n byng the princiwl lmouni trwe5ted. the inieiesl acuued and any uniealwl gains. In a((dance wilh Group policy. Ihe Foundètlon manages Its porfolKJs ac¢oss the credit risk lileycle. ffom thawng up risk strategy. plans, budgets and limils to mikin9 sure Ihe aciual fisk prolik of rhe Foundatlon's exposures 51ays in line Wlih On5 and the Foundaiion's apwiite Ig rtsk. maet r45k Markei risk 15 the mk ol losses on frnancial inves1fftS caused ty athfeise price rTr)veffnts ihrovgh charyJes in equ4ty prices iommodiry prices, sfttttesi latè mcrtes orloieign oxchaThgè ftuct(talM)nS. The Founda140n mitigales mirket risk ty ensuring dNer5ilication in Ihe inve%trrnlS ti holds by inveslin9 In a rarrfje ol Irackets lunds, rt$ and 91115 over a wide 9eographKal fforkti ind by nI(lI19 the returns Jcl4e¥ed durin9 the linancial year. quidity rfsk Ibquidity risk is the ptstenlial thal althtXJ9h iemainfftg solvenl, Ihe FoundatKJn Ilops not ha¥e suHicient liquid firtèncial resouices to enable il lo meel oblwiions a5 Ihy fall due or can 5ecur• thEm onty al excessr¥• cosi, The Foundaiion m•nages liquidity 115k with the SUPPDrt ol Saniandef UK plc onsurin9 thot the Foundaiion will hove sufticieni l•)v¢d resources in older to metl bis obli9alions as ihey lall due. 9. CURRENT ASSETS 2023 Z032 Cash at bank and in hand Othei debiors 3.268,706 5.830.296 Z5.712 5.856.CQ8 3.285.772 Cash is h(*ld In account5 operaied by C•itr Allon Um61ed. a lelkm sub5Kliary ol Santandei VK plc. Olhef d•bt¢ry wholty ot Cash held by Charithbl• Gi4iry, as ayeni lor the FouThdaion. lor Ihe puipwt ol makin9 do[rf$. 10. CREDITORS: AMOUNTS FAWNG DUE WITHIN ONE YEAR An tyedltors.. amunis l•lling due within one ytsr •1• acciuah. 'Th lol&)wing tab shows the breakdown ol accwuats [09n15QO at ihe yeai dale. 2023 2022 Giant Crediloi Support (0515 - 9rani adminislfètion and Total a<uua15 and dpfwred Incow 1.424 324 569.780 ranl prfxesyn crfts 19
SANTANDER UK FOUNDATION LIMITED - 02509711
NOTES TO THE FINANCIAL STATEMENTS (continued)
11. ALLOCATION OF NET ASSETS BETWEEN FUNDS
Unre51ricted
permaneni
endowmeni
Ivnd
Re5tricied
pèimaneni endowrner)i Re51rlcted
Ivnd - Allordable
income lunds
Housing Fund
2023
Unrestricted
Funds
Totsl funds
lThve5tmernts
14.786.597
1.329.419
24,753
374.161
892.286 17.033.055
3.268. 706
17.066
17.066
11.424.324) jl.424.3241
120.2801
120.2801
E.359,292
18.874.223
Othei debiois
Unpaid gran15
Acc¢uals
funds
14,786.597
1.329.419
398,914
vnre511icied
perm)neni
ertdowffnI
fund
Resir
SANT ANOER UK FOVNDATION LlhJllTED - 02509711 NOTES TO THE FINANCIAL STATEMENTS (continuedj 13. LIABILITY OF MEMBERS The ltsibiTity of each Tfu"•iee to (oTriiibutè to ihe artS ol the Foundaliw on w1nrf9 up is limiled to E 10012022. £1001 14. MATCHED DONATIONS AND GRANTS AWARDED TO CHARITIES Chaiity namè 2013 2022 Aberdeen Cyienians LIO Access 2 BLsiness 85.fAIO 35,250 62,117 so.0 50.rx)o 58.241 25.0fy) 49.069 25.000 41,666 so.o 25,000 25,0 50.054 A9e Cymru Dyled Arts & oability Forum Asylum Welcomè Caimanhen Youth Projoct CHAS Bristol Cilizen5 Advke 8uckinghamthirt C¢xlÉ% your Iuiure Ci)ie Arts Daisy Chain Piojeci Teesidtr Grani A<c•ss 2 Business Greai Yaiffwlh Relu9e & Ovlrea(h Supwt Limit•il HeadIlts UK Jouinry Key Unlocking FLtiuies Leadership Thiough Spon and 8usiness Lirnehousè Prcjci L1rnid Media Tiust 72.184 60,250 74,41B 85,lYX) 60,OLX) 60.orA) 84.973 57,750 85.360 58.100 90,250 60,250 85,759 132.065 60.250 81.890 60.tyjo 66.175 80,tY)O 60.450 70.378 85.000 57.750 60,250 57.5(10 60,OJO 83,144 72,240 57.750 82.297 85.)9 25,OLN) 49.820 25.0 55.000 25,OC 49,960 Micro Rairtbtsw CIC New Horizon Youih Cèntre Pa<SJ)(k Community Trtist Pri50n Radio ASSOC414 25,OOG S7.579 2S,000 S6. 706 45,OC) 25.oc 46.536 so,000 25,)0 25,CKIO 2S.tsJO 25,OC4) 55.62 1 44.385 25.000 51.232 so,(M)o QED Fouodob Race £quality Fifst REfAS Leeds Slibox Shale Community Liff•ted SocialAaKsn for Health ststtoshIre won.$ Aid Siftèt Lta9ue The Byles Proleti The Ho¥en Wotr4ewhampion Winter Comlon lor the H(MIlesS Youth Fder•iion Linbied Oihei grants below £ 10.000 Tolal 9rants aw•rded Total nMtcfrd donaticmgawarded 2,W.280 588.770 3.153.050 1.335.869 584.428 1,920.297 Total donaiN)ns and granls awarded during the year 21
SANTANDER UK FOUMDATION LIMITED. 02509711 NOTES TO THE FINANCIAL STATEMENTS Icontinued). 15. RELATED PARTY DISCLOSURES The Irl1@$ afe ele(ièd ty Ihe Members ol Ihe Fovnthtion ai (he General Meeiing and no Irusieesaie appoinied by either Sontander UK Group Holding5 pk or Saniandef UK pk The Foundailon iectsved donatn5 and gills Iiom Saniandlvr UK plc èrTK)uniing to £100.(MXI 12022-. £3,000.000). Saniandef UK plc (haiyed Ihe Foundaiion with the cosi ol seNices tsne on behalf ol tho Foundatton ol Enil12022 Enlll Relaled parry cash balances are held by Caler Allen limid and were E3.268.706 ai 3 1 DEcembei 202312022. C5.830.2961 Tle wefft fio other transaciions entered inio wilh relatrd parties durin9 the yea¥12022: nonel. 16. RESERVES s at l Janry 2023 Asai31 Dectmb•r 2023 2023 Incom Exptrndiluf• Imethnt galns Re511iCted permarni endownl fund . Alloidable Housin9 Fund Uniesliicled peimaneni endoWwl 1.235,039 94,380 .329,419 13.721.747 1.064.8S I 14.786.598 Tolal endowThnt lu15 14,956.786 1,159,231 16.116,017 Resiricied income lund5 365.441 33,473 398,914 Uniesiiicled Funds 5.424.015 466,876 3,531,$99 2.3S9.292 Totsl incon) fvnds 5.789.456 500.349 3.531.599 2 758 206 Totsl lur#ls 2022 ievetsd- see nole 19 20.746.242 500.349 3,531.599 1.159,231 18.874.223 s at I lanu•ry 2022 Inyestmwt sai31 De¢ember 2022 Expendiluf• Resiiiaed pernHnerni endownI lynd - Afforda¢ Housin9 Fufid Unfesiricitd permaneni endo¥vffont lund Tol41 ethwment lunds Resiiicie¢J in¢ome lund5 Uniestiicied Funds 1.552.608 1317.5691 1.235,039 11.950.205) 13. 711.747 12 267,774) 14.956 786 365.44 1 5.424.01 S 5.789,456 12.267,7741 20.746.242 15.671.9S2 17.124.560 339.559 4,Z29.465 25.882 3.330.171 3.3S6.053 3 356.053 IZ,135,6211 12.135.621} 2 135.6211 Total Incon lunds 4.S69,024 21,793.584 Totsl Irth Unresiiicied lufids ait avaikble loi ust at Ihe discret ol Ihe Tfus1e io luiihei tht obie¢twes ol the FoundatlDn. ResirKied funds arè lor 9ranis io ¢haiit¥es wthin9 on housiThJ felared couses. Endowmpnt Fund5 repwesenl lunds Irwested by Ihè (rIty from which li derNes investment inctyne. The rnovwnt dufin9 Ibe year is ihe diwen nel in¥eslmeni gains from Ihe inciea5e in markei val5 ¢1 ihe un¢JertyiThg in¥esimenis. 17. CAPITAL COMMITMENTS The Foundaton had no capilal commi1rtIs at th? balance sheet sale. 18. GRANT COMMITMENTS The loundaiKft awJided gianis 01 É2,564,280 10 34 ontilie5 12022.. £ 1,335.869 10 34 enliliesl. a lurthew É850.735 15 committed to the Saniandef Foundaiion Ch'gltal S Financial Empov4eiment Fund Irtd Meda Tiusi will be chèlged. subject io the conditiorts ol tht grani agieenents bein9 met. This. 109eihei with Ihe grant5 charged in 2022. is a lotsl 01 £4,618.819 oler Ihe 3-yeai period Iiom 2022 lo 2024 incluswe12021-2023: £3.000.0001. 22
SANTANDER UK FOUNDATION LIMITED . 02S097 11 NOTES TO THE FINANCIAL STATEMENTS (continued) 19. REPRESENTATIONS Funds The fwndJtKJn has dunged the presentslion ol its lsjnds to corie(I Ihe accurnutsiion ol funds held in the resiticted permaneni en¢)wmeni lund rèlaiin9 to the Affoidable Housing Fvnd and ihe unieslricred permanent en(l¢)wmers( fund. Inyesimeni 9ains and losses ielaiing to each ol the ortyinal endowmenis have been albxaied to the endowmeni lunds. Prtviousty. a re¥aluaiion ieserye was prèsented which ieflecml gains and105se5 ol toth funds combined. Ai I january 2022 ès presenied Al l January At 310ecember 2022 2022 as repfe5ented presented Al 3 1 O¢ember 2022 I•Pfesenied ciol efror The lunds trf the th•dty'. Genwal End(hrnt Fund 6.940.962 6.940.962 {6.940.9621 8.015,8241 Re4aluaiion ReseTre Restrtcied pernynenl erfrjowrnent lund . Affdable Houyng Fund Unre511icted perrent endOWnI lurJ lotsl Endowmènt fid$ 10,283,S98 8.015.824 1,552,608 1.235.039 .235,039 13 721 747 14.956.786 15 671952 17.224.$60 13721 747 17,224,560 14,956.786 lunds.. ftesiricted 339.S59 339.SS9 365.441 365.44 1 Unfesiiicied 4.229 465 4,569.024 4.229 465 4,569.024 5.424015 5,789.4 5.424 015 5.789.456 Tolal Income fvr#ls Tol•l Ch•rlty lunth 21793 584 20,746.242 20.746 242 Cash Fkn¥ Ststemeni The Cash flow Stsiemeni COMr•ire5 I 2022 haw been coiie(ted include Thesimeni income of É3S6.053 J541 deduclion h affwin9 al ush ggnefated by opei•iin9 Xiivilies and as an additK)Th io (ash gemiated tiom in¥esiin9 4<11viis. fveviousty, Mwesiment incorr was noi 5hgb• separately wlthin ihe Cash Flow ststenn1.