Charity registration number 1181341
Company registration number 10701630 (England and Wales)
FAMILY PHILANTHROPY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FAMILY PHILANTHROPY LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Richard Hayden
Susan Hayden
Spencer Taylor Hayden
Lindsay Hayden
Charity number
1181341
Company number
10701630
Registered office
17 Kensington Park Gardens
London
W11 3HD
Accountants
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
FAMILY PHILANTHROPY LIMITED
CONTENTS
Page
Trustees report
1 - 2
Statement of Trustees responsibilities
3
Accountants' report
4
Statement of financial activities
5
Statement of financial position
6
Notes to the financial statements
7 - 11
FAMILY PHILANTHROPY LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity's objects are specifically restricted to, in each case for the public benefit, the advancement of religion, science, literature or education, and the prevention of cruelty to children or animals, or such other exclusively charitable purposes as the Trustees may in their absolute discretion determined.

Public benefit

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance
Significant activities and achievements against objectives

During the year, the charity did not make donations to various institutions as in prior year, primarily with focus on: Arts £Nil (2023 - £52,650), health £Nil (2023 - £17,000) and £Nil (2023 - £477,567) to a foundation focused on improving lives.

Financial review

During the year the charity had net outgoings of £Nil (2023 - £561,642 ), income included income from investments of £Nil (2023 - £31,961). There were no donations received in the year. The charity made donations of £Nil (2023 - £547,217) to various organisations.

 

Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Reserves policy

It is the policy of the charity that sufficient unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to cover future commitments. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Principal funding

During the year the charity did not hold any fundraising activities and no income was generated from voluntary donations.

Investment policy

The Trustees retain the power to invest in such assets as they see fit.

Risk management

The Trustees has assessed the major risks to which the charity is exposed, in particular those related to operations and finances of the charity, and are satisfied that systems are in place to mitigate exposure to the major risks.

FAMILY PHILANTHROPY LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Plans for future periods

The Trustees will continue to support organisations in line with the charity's objectives. The intention is that Richard Hayden, a Trustee of the company, will make additional gifts to the Foundation in the year ended 31 March 2025. The funds to be gifted are currently being invested by the Trustee personally in US Treasury Bills, which will then give ability to make larger grants in the future.

Structure, governance and management

The charity is a charitable company limited by guarantee and was set up by a Memorandum of Association on 31 March 2017 and is a registered charity number 1181341.

 

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Richard Hayden
Susan Hayden
Recruitment and appointment of trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

The Trustees report was approved by the Board of Trustees.

Richard Hayden
Trustee
13 November 2024
FAMILY PHILANTHROPY LIMITED
STATEMENT OF TRUSTEES RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The Trustees, who are also the directors of Family Philanthropy Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FAMILY PHILANTHROPY LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FAMILY PHILANTHROPY LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Family Philanthropy Limited for the year ended 31 March 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made to the charity's Trustees, as a body, in accordance with the terms of our engagement letter dated 9 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Family Philanthropy Limited and state those matters that we have agreed to state to the charity's Trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Family Philanthropy Limited and the charity's Trustees as a body, for our work or for this report.

It is your duty to ensure that Family Philanthropy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Family Philanthropy Limited. You consider that Family Philanthropy Limited is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Family Philanthropy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Gravita II LLP
18 November 2024
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
FAMILY PHILANTHROPY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
3
-
(1,500)
Investments
4
-
31,961
Total income
-
30,461
Expenditure on:
Charitable activities
6
4,622
552,684
Total expenditure
4,622
552,684
Net gains/(losses) on investments
10
-
(33,691)
Net expenditure
(4,622)
(555,914)
Other recognised gains and losses:
Other losses
11
-
(5,728)
Net movement in funds
(4,622)
(561,642)
Reconciliation of funds:
Fund balances at 1 April 2023
14,597
576,239
Fund balances at 31 March 2024
9,975
14,597

The statement of financial activities includes all gains and losses recognised in the year.

 

All income and expenditure derive from continuing activities.

 

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

FAMILY PHILANTHROPY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 6 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
13,575
18,197
Creditors: amounts falling due within one year
12
(3,600)
(3,600)
Net current assets
9,975
14,597
Net assets excluding pension liability
9,975
14,597
The funds of the charity
Unrestricted funds
9,975
14,597
9,975
14,597

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 13 November 2024
Richard Hayden
Susan Hayden
Trustee
Trustee
Company registration number 10701630 (England and Wales)
FAMILY PHILANTHROPY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
1
Accounting policies
Charity information

Family Philanthropy Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 17 Kensington Park Gardens, London, W11 3HD.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit and can be measured reliably.

 

Support costs are those costs incurred directly in support of expenditure of the objects of the Charitable company.

 

Governance costs are incurred in connection with the administration of the Charitable company and compliance with constitutional and statutory requirements.

 

Charitable activities and governance costs incurred on the Charitable company operations, including support costs are apportioned to charitable activities.

FAMILY PHILANTHROPY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.7
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
-
(1,500)
FAMILY PHILANTHROPY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Income from listed investments
-
31,961

The investment held at Wells Fargo was disposed of during the year ended 31 March 2023.

5
Expenditure on charitable activities
Funding of activities
Funding of activities
2024
2023
£
£
Direct costs

Bank charges

482
1,987

Accountancy fees

4,140
3,480
4,622
5,467
Grant funding of activities (see note 6)
-
547,217
4,622
552,684
Analysis by fund
Unrestricted funds
4,622
552,684
6
Grants payable
charitable expenditure
2023
£
Grants to institutions:
Other
547,217
547,217
No grants were payable in 2024.
FAMILY PHILANTHROPY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
7
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£
Accountancy
-
3,640
3,640
-
3,480
3,480
Bank charges
-
482
482
-
1,987
1,987
-
5,467
5,467
-
6,961
6,961
8
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9
Employees

The average monthly number of employees (including directors and trustees) during the year was:

2024
2023
Number
Number
4
4
There were no employees whose annual remuneration was more than £60,000.
10
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
Gains/(losses) arising on:
£
£
Revaluation of investments
-
(40,366)
Sale of investments
-
6,675
-
(33,691)
11
Other gains and losses
Unrestricted
Unrestricted
funds
funds
2024
2023
Gains/(losses) upon:
£
£
Foreign exchange
-
5,728
FAMILY PHILANTHROPY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
12
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
3,600
3,600
13
Analysis of net assets between funds
Unrestricted
funds
2024
£
At 31 March 2024:
Current assets/(liabilities)
9,975
9,975
Unrestricted
funds
2023
£
At 31 March 2023:
Current assets/(liabilities)
14,597
14,597
14
Related party transactions

In the previous year the charitable company took the decision to transfer its USA share and cash investment holdings to The Hayden Family Foundation, a USA charitable Foundation in which Susan Hayden is also a director. The charitable foundation has the same charitable purpose of improving lives through charitable, educational and scientific endeavours. The value of the investment and cash transferred was £nil (2023: £477,567).

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