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 #265 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 SeCretar￿t 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 5tsterr*nts 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 p￿pared in accordance ￿th the provisions applKable to companies entl￿ed 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 be￿een 2023 - 2025. Structure, G￿￿rnar￿* and Management Santander UK Foundation Limited Ithe FoUndat￿nI ￿ 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 ft￿t ￿(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. {N 80¥¥ L+J 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 soc￿1 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". r•othwd d•t• Looklng Al￿d- 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 v￿rking 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 stalerr*nt 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 ff￿derate 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 accordèfitered Ollice Addre95'. 2 Tiiion Square, Regents Place. London, NWI 3AN 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 CoMpan￿S 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 perfO￿ed, 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 reSp￿t to the Report of theTriLStees. we also considered whether the dlsdosu￿S required by the UK Companies Ael 2006 and Charities Act 2011 have been included. Based on our work undertaken in the coU￿e 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 m￿laterneT1t 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 we￿Itt 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 di￿10$ureS of tru5tees' remuneration specified by law are not Made: or tl)e financial statemeThts are not in agreement with the accounting reeonls and reknrns. We have no exceptions to report arisin8 from this responsibility. Entltlement to exemptions Under the Companies Act 2006 we are required to report to you if. in our opinion. the t￿Ste¢S were not entitled to: prepare fin8ncial statements in accord4nce with the smzll comp8nies' regirne.. take advantage of the small comp8nies' exemplion in prepAring the Report of the Trustees; and take advantage ofthe small companies exemption from preparin8 a Stratesie Report. We have no ex¢eptions to report &risins from this responsibility. EDud k(o88er D&vid Hagger (Senior Ststuiory Auditor) for and on beh&lf of Pricewaterhousecoopers LLP Chartered AC￿Untafits and Stalutory Auditors IxTrndon 24 September 9024 SANTANDER UK FOUNOATION LIMITED- 02509711 STATEMENT OF FINANCIAL ACTIVITIES (SOFA)- INCORPORATING SUMMARY INCOME AND EXPENDITURE ACCOUNT Foi the year eftded 31 Decernbei 2023 Unrestside funds Itesiiirted lunds Endow1r￿1 funds To￿1 lund5 2023 Total lunds 2022 hloiels) Income and eThlL)4wnents Irom.. Donaiion5 , I￿.Tr)0 100.Tr)o 3.1)Jo.000 Investments 366.876 33,473 400,349 3S6.053 Toul 466.876 33.473 500.349 3.356.053 Expenditure on.. Chafltable a¢￿Ville$ 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 I￿penSey thicome and net MOVe￿nI 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 linanc￿l 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 F*ed 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 Llabilli*S.' CredilOlS.' Amounis ¢•lliw due within one y io 11.444.604> l612.4401 Net curyent as*ts 1.841.168 S,243,$68 T¢>lal net assets 18,874.223 20,746.242 The fvnth ot th* charity: Repfe5ented- RestrKted perman￿1 endow￿nt 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 slaleTh*nts. These fI￿n(la1 staiem•Thts have been prepaied accordance with ihe pr¢visi0¢￿ app1(al￿ ￿ %￿ 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 c￿h equ+4talenls 12.561.590) 1,339.905 C￿h 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 cori￿led 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 InCC*fpoFated 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 mtsdil*d by the revaluation ol Fixed asset investments, in accordasxe with the Slate￿ni ol Recommended Pfacticè "Accounting ènd Reporting by Charities SORP IFRS 1021 second edititin - O(tober 2019 èpplicaNe io charii(es pre￿rIng 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, effen the Foundat￿ h45 adequate re50uices 10 continue irt operational exiSten(e lty at1trè51 the peiiod ol 12 fr¥￿th5 l(om the date the linancial 5tJternents are authoiised lor tssue. Ac(￿dIn9ty. they coniinue ￿ adopt the g)ffjg 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 ma￿e1 ¥a ue ot 31 2023 374,135 35.472 {4,45 17.033.05S 15 6?8.884 1.354.17T UK.￿￿lea Irwesin*nis 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 ￿l￿e •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 Real￿d *!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 inv15t￿nts Cash lielij a5 pan ol Thmtrnqni ittolKJ Totsl inves1￿rt 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 C*cemt*i 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 $0 tr¥1 rfr•tsi kn ptysil¥¢ OÉK sio¢ls As a fesull the mliofity ol lfye thesiwls •xceedvJ 5% 01 è ￿1•¥&￿1 ponloliti Ai th• y?af dai•. itr* %ttxks coA%fjied ol Iht lokn•ing Itrtl I Maln fund Abbry Hr￿￿ThJ Iwid al UK AJI Sl¥Jie liackpf Z haie5'PacrfK Ex Japan Eq Idx.L AC Ishè￿% Coipwale Bond Indts F BladRo(k Col. UK Gilts All Ston byng the princiwl lmouni trwe5ted. the inieiesl acuued and any uniealwl gains. In a((￿dance wilh Group policy. Ihe Foundètlon manages Its porfolKJs ac¢oss the credit risk lileycle. ffom thawng up risk strategy. plans, budgets and limils to mikin9 sure Ihe aciual fisk prolik of rhe Foundatlon's exposures 51ays in line Wlih O￿n5 and the Foundaiion's apwiite Ig rtsk. ma￿et r45k Markei risk 15 the mk ol losses on frnancial inves1ff￿tS caused ty athfeise price rTr)veff*nts ihrovgh charyJes in equ4ty prices ￿ iommodiry prices, sfttttesi latè mcrtes orloieign oxchaThgè ftuct(talM)nS. The Founda140n mitigales mirket risk ty ensuring dNer5ilication in Ihe inve%trr*nlS ti holds by inveslin9 In a rarrfje ol Irackets lunds, ￿rt￿$ 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 142.6601 13.721.747 1.235.039 365.441 20.746.242 No¢e 16 the a1hxèi￿rt ol the Invesimgnl FK>nlolhx rKirÉied. UA¢esiiicled ond endowmont, 12. STATEMENT OF FINANCIAL ACTIVITIES (SOFA) . PRIOR YEAR COMPARATIVE Unre5tr1cled lund5 R•stri(ted funds Endowm•nt lund5 Tatsl fvnds 2022 Income and endowments from.. Dortaiions 3.000.000 Invesimpnis 330,171 25.882 356.053 Toral 3.330.171 25.882 3.356,053 EApendituie on.. Chaiii•ble •cilYiiles 12.135.621> 12.135.621) Totsl 12.135,6271 12.135.621) Nei gains on investmenls 12.267,7741 {2.267,7741 Net incomt ond net m0veff￿nI In fund5 for the year 1.194.550 25.882 12,267,774 11.047.342) Toul lurnls brought 10ry4afd 12,16 4.229,465 339.559 17.224,560 21.793.584 Toul lunds cariied Imva 12,16 5.424.015 365,441 14.956.786 20,746.242 20 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 ar￿￿￿tS ol the Foundaliw on w1nrf￿9 up is limiled to E 10012022. £1001 14. MATCHED DONATIONS AND GRANTS AWARDED TO CHARITIES Chaiity namè 2013 2022 Aberdeen Cyienians LIO Access 2 BL*siness 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 & o￿ability Forum Asylum Welcomè Caimanhen Youth Projoct CHAS Bristol Cilizen5 Advke 8uckinghamthirt C¢xlÉ% your Iuiure Ci*)ie Arts Daisy Chain Piojeci Teesidtr Grani A