Charity registration number: 1038728
The Lofthouse Foundation
Report of the Trustees and Financial Statements
for the Year Ended 31 December 2023
Jones Harris Limited
Statutory Auditors
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

The Lofthouse Foundatlon
Contents
Reference and Administrative Details
Trustees, Report
2to3
Independent Auditor's Report
4t06
Consolidated Statement of Flnancial Activltles
Consolldated Balance Sheet
Charity 8alance Sheet
Consolidated Cash Flow Statement
Iotoll
Notes to the Accounts
12to21

The Lofthouse Foundation
Reference and Admlnistratlve Detalls
Charlty name
The Lofthouse Foundation
Charlty re8lstrntlon number
1038728
Prlnclpal offl¢e
clo Lofthouse of Fleetwood, Maritime Street. Fleetwood,
Lancashire, FY7 7LP
Trustees
Mr DC Lofthouse
Mrs LM Lofthouse
Mr KM Ryan
Audltors
Jones Harris Limited, Statutory Audltors, 17 St Peter5 Place,
Fleetwood, Lancashire, FY7 6E8
Page I

The Lofthouse Foundatlon
Report of the Trustees
The trustees present their report with the financial statements of the charity for the year ended
31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement
of Recommended Practice applicable to charities preparing their account5 in accordance wlth the Financial
Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tive l January 2019).
ertlves and Actlvltl
ObJertl¥es and Alms
The object of The Lofthosjse Foundation 15 the furtherance of charitable purposes for the benefit of the inhabitants
of the town of Fleetwood and the Fylde Coast including all towns and locations contained within the area covered
by the FY postal code. As the Trustees think fit, the charity aims to provide amenities and facllities for the beneflt
of the public as are not provided from publlc funds.
SSgnlflcant Acll¥ltles
The tharity does not solicit applications for funding of projects. Where applications are made by individuals or
organisations, they are assessed by the trustees and, where appropriate, grants are made. Projects that are
supported by the charity are actively monitored to ensure that any criteria set by the trustees are met.
Achlevement and Perfomiance
Fundralslng ArtivltSes
Durin8 the current financial year, the Foundation received donations and legacies amountlng to £34,71512022-
£44,274,893). This included a donatlon of shares in a trading Company in the prior year.
Tradlni Subsldlary
On 12th May 2022 the charity became the majority shareholder in the trading company Lofthouse of Fleetwood
Limited. It is hoped that the charity can benefit from future profits of the company in order to meet its charitable
objectives and widen its reach. The company's primary activity is the manufacture of Fishermans Friend Lozenges.
The company is operated as a separate entity but the direttor5 are both trustees of the charity.
Flnanclal Revl
Reser¥es Policy
There are no restrictions on the charity's power to invest. The Investment Strategy is set by the trustees, with an
overall policy that 15 low risk. It IS the policy of the charity to maintain unrestrirted funds, which are the free
reserves of the charity, at a level to provide sufficient Investment income from which to cover unrestrlcted
expenditure. This provides sufficient funds to cover management and administration and support costs and to
respond to emergency applications for grants which arise from time to time.
Future Plans
The charity plan5 to continue to provide charitable donations for the benefit of the inhabitants of Fleetwood and
the Fylde Coast in the future. However, because of the Significant recent legacy and the dating of the original trust
deed. the trustees have spent much of the year reviewing the objerts of the charity and other major clauses In the
trust document. Whi15t this review was is in pro8ress the Trustee5 did not make any new grants.
Page 2

The Lofthouse Foundation
Report of the Trustees Contlnued..
Stfurture Goveinance and Mana
Governlng DocumeTrt
The Lofthou5e Foundation I'the charity") was established under the terms of a declaration of trust dated 15 June
1994 as amended on 18 April 2023 a5 amended by resolution dated 8 November 2023. It is a charity regulated by
the Charity Commissioners for England and Wales under number 1038728.
ement
Or8an15atlonal Structure
The original trustees were appointed by the trust deed as the "First Trustees.. The First Trustees shall hold office
for life. Newly appointed trustees are made fully aware of their responsibilities and are given all the information
required in respect of the charity's past and future activltie5 in order to enable them to fulfil these
responsSbilities. The trustees meet throughout the year and have examined the major strategic, business and
operational risks which the charity faces and confirm that systems have been established to enable re8ular
reports to bè produced so that the necessary steps can be taken to lessen these risks.
Stat
of Tfustees Re
nsSbllltl
The trustees are responsible for preparing the Report of the Trustees and the financial statement5 in accordance
with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted A¢countin8
Practice) including Financial Reportin8 Stan¢Jard 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ireland"
The law applicable to charities in England and Wales, the Charlties Act 2011, Charity (Accounts and fteportsl
Regulation$ 2008 and the provisions of the trust deed 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 charity for that perlod. In
preparin8 those financial statements, the trustees are requlred to..
select sultable accountinB pollcies and then apply them conslstently;
observe the method5 and principles in the Charity SORP,.
make judgements and estlmates that are reasonable and prudent,.
State whether applicable accountlng standards have been followed, subject to any material departures
disclosed and explained in the financial statements,.
prepare the financial statements on the 8oin8 concern basls unless it is inappropriate to presume that the
charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at
any time the financial position of the charity and to enable them to ensure that the financial statements complv
with the Chorities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provislon5 Of the trust
deed. 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.
Approved by order of the board of trustee5 On .
%Lt
and signed on its behalf by
D C Lofthouse- Trustee
Page 3

The Lofthouse Foundation
Report of The Independent Audltors
Opinlon
We have audited the financial statement5 of The Lofthouse Foundation (the 'charity'l for the year ended
31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow
Statement and notes to the financial statements, including a summary of significant accounting policies. The
financial reporting framework that has been applied in their preparation is applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Procticel, including Financial Reporting
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,.
In our opinion the financial statements..
give a true and fair view of the state of the charity's affair5 a5 at 31 December 2023 and of its incoming
resources and application of resources. for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 Practice.
Including Financial Reportin8 Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland,; and
have been prepared In accordance with the requirements of the Charltles Act 2011.
Basls lor Oplnlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII ond applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audlt
of the financial statements section of our report. We are independent of the ¢harity in accordante with the
ethical requirements that are relevant to our audit of the financlal statements in the UK, including the FRC'S
Ethical Standard, and we have fulfilled our other ethical responslbilities In a¢¢ordance wlth these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a ba515 for our
opinion.
Concluslons Relatlng to Goln8 Concein
In audlting the financial statements, we have concluded that the trustees, use of the going concern basls of
accountin8 in the preparation of the financlal statements is approprlate.
Based on the work we have performed. we have not identifled any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a
80ing concern for a period of at least twelve months from when the financial statements are authorised for Issue.
Our respon51bilities and the responsibilities of the trustees with respect to 80in8 concern are described In the
relevant sections of thi5 report.
Other Infoirnatlon
The trustees are responsible for the other Information. The other Information comprises the information
included in the Annual Report, other than the financial statement5 and our Report of the Independent Auditors
thereon.
Our opinion on the financial Statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 4

The Lofthouse Foundatlon
Report of The Independent Auditors
In connectlon with our audit of the financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other infofmation is materially inconsistent with the financial statements or
our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify Such materlal
inconsistencies or apparent materlal mi55tatements, we are required to determine whether this gives rise to a
material mi55tatement in the financial statements themselves. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
Matters on Whlch we are Requlred to Report by Exceptlon
We have nothing to report in respert of the following matters where the Charities (Accounts and Reports)
Re8ulations 2008 requires us to report to you If, In our oplnion:
the information glven in the Report of the Trustees is Inconslstent In any material respert wlth the financlal
statements; or
sufficient accountlng records have not been kept,. or
the financial statements are not in agreement with the accountlng records and returns,. or
we have not recelved all the informatlon and explanatlon5 we require for our audit.
Responslbllltles of Trustees
As explained more fully In the Statement of Trustees, Responsibilities, the trustees are responsible for the
preparation ol the financial statement5 whlch glve a true and fair view, and for such Internal control as the
trustees determine is necessary to enable the preparatlon of flnan¢ial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financlal statements, the trustees are responsible for assesslng the charity's abllity to contlnue as
a going concern, di5¢1o5in8, as applicable, matters related to goin8 concern and usin8 the golng concern basis of
accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic
alternative but to do so.
Our Respon51bllltles for the Audlt of ihe Flnan¢lal Statements
We have been appointed as auditors under Section 144 of the Charitles Act 2011 and report In accordance with
the Act and relevant regulations made or having effect thereunder.
Our objectlves are to obtain reasonable assurante about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors
that includes our opinion. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audit
conducted in accordance wlth ISA5 IUKI will always detect a material misstatement when it exists. Mi55tatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
The extent to which our procedures are capable of detecting irre8ularitles, including fraud is detailed below..
11 Discussions with trustees, including consideration of known or suspected instances of non-compliance with
laws and regulation. This includes legislation that affects the running of the Foundation, such as the Charities Act
2011.
21 Testing all transactions in the year to supporting docLsmentation. includin8 anyiournal entrles made.
Page 5

The Lofthouse Foundation
Report of The Independent Auditors
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reportin8 Council's website at www.frc.org.uvauditorsre5ponsibillties. This descrlptlon forms part of our Report
of the Independent Auditors.
Use of our Report
This report is made solely to the charity's trustees, as a body, In accordance with Part 4 of the Charitles (Accounts
and Reportsl Regulations 2008. Our audit work has been undertaken so that we might state to the charity's
trustees those matters we are required to state to them In an auditors, report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and
the charity's trustees as a body, for our audit work, for this report. or for the oplnions we have formed.
Jones Harris Limited
Chartered Accountants
Statutory Audltors
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB
Page 6

The Lofthouse Foundation
Consolldated Statement of Flnan¢lal Actlvlties
For the Year Ended 31 December 2023
2023
2022
Total Funds
Total Funds
Note
Incoming and Endowments From
Donations and legacie5
Commercial trading activitles
Investments
34,715
66,489,863
1,073,641
1166.2691
67,431,950
44,274,893
33,641,384
37,734
486,828
78,440,839
Other items
Total
Resources expended
Commercial trading activitie5
Charitable activities
Governance costs
Amortisation of goodwill
Totsl
63,573,185
36
12,720
982,687
64,568,628
32,844,348
6.420
32,850,768
Other reco8nlsed 8aln$1105es
{Lossesl/gain5 on investments
18,576,468)
Net Movements In funds
2,863,322
37,013,603
Reconclllatlon of fvnd$
Total funds brought forward
105.121,451
39,874,211
Total funds carrled forward
107.984,773
76,887,814
Plus Non-Controllln8 Interest at Acqul$5tlon
Total Consolldated Funds
28,233,637
105,121,451
107,984,773
Movement attrlbuted to
Controlling party
Non-controllin8 interest
Total Movement In Funds
1,676,827
1,186,495
2,863,322
36,588.677
424,926
37,013,603
Page 7

The Lofthouse Foundation
Consolidated Balance Sheet
For the Year Ended 31 December 2023
2023
2022
Total Funds
Total Funds
Note
Flxed Assets
Intangible assets
Tangible a55ets
Investments
8,983,217
49,785,535
9,952,138
47,836,691
io
li
12
Investment propertv
Tolal
609,550
59,378,302
609,550
58,398,379
Current Assets
Stock
13
10,562,048
7,740,757
11,000,000
30,015,330
59,318,135
10.446,768
7,352,930
5,000.000
35,115,858
57,915,556
Debtors
14
15
Current investments
Cash at bank
Totsl
Credltors
Amounts fallln8 due withln one year
16
16,677,998)
17,398,225>
Net Current Assets
52,640,137
50.517,331
Total Assets Le$$ Current Llabllltles
112,018,439
108.915.710
Provlslon for LSabllltles
17
14,033,666)
13,794,259)
Net Assets
107,984,773
105.121,451
Total Unrestrl¢ted Funds
18
107,984,773
105,121,451
Attrlbuted to
Controlling partv
Non-controlling interest
Total funds carrled forwanl
78,139,715
29,845.058
107,984,773
76.462,888
28,658,563
IOS,121,451
Approved by order of the board of trustees on .
o)5
and signed on its behalf by
D C Lofthouse- Trustee
Page 8

The Lofthouse Foundation
Charlty Balance Sheet
For ihe Year Ended 310ecember 2023
Z023
2022
Total Funds
Total Funds
Note
Flxed Assets
Tangible assets
Investments
Total
io
163,410
76.774,468
76,937,878
163,410
76,774,468
76.937,878
li
Current Assets
Debtors
Cash at bank
Total
14
188,956
7,236,364
7,425,320
250
7,210,555
7,210,805
Credho
Amounts falling due within one year
19.600)
16,0001
Net Current Assels
7,415,720
7,204,805
Total Assets Less Current Llabllltles
84,353,598
84,142,683
Net Assets
84,353,598
84,142,683
Totsl Unrestrlrted Funds
18
84,353,598
84,142,683
Approved by Order of the board of trustees on .
05
102(4
and signed on Its behalf by
D C Lofthouse - Trustee
Page 9

The Lofthouse Foundation
Consolidated Cash Flow Statement
For the Year Ended 31 December 2023
2023
2022
Note
Cash Flow From Operatln8 A¢tlvltles
Cash generated from operations
Tax paid
Net Cash From Operatlnz Actl¥ltles
5,328,617
7,584,904
990,222
8,575,126
5,328,617
Cash Flow From Investlng Act5vltles
Purchase of intangible assets
Purchase of fixed assets
Sale of intangible fixed assets
Sale of fixed assets
Interest received
137,2891
15.268,7521
122
125,7471
1629,241}
9,348
1,073,641
14,222,930)
17,069
59,112
1578,8071
Net Cash From Inve$tlng Artlvltles
Cash Flow From Flnanclng Actlvltles
Current asset investment
Dividend paid
Share issue
Introduced by directors
Wlthdrawn by directors
Nel Cash From Flnancln8 A¢tlvltles
16,000,000)
11,ocoi
15,LM)O,O¢)01
12,0001
iioi
1.000
1206,2151
16,206,215)
1147,0371
15,147,0471
Change In cash and cash equivalents
15,100,528)
2,849,272
Net cash on acquisition
32.130,253
Total Increasel{Decrease) lfi C45h Balance
15,11)0.5281
34,979,525
Cash brought forward
35,115,858
136,333
Cash at Year End
30.015,330
35,115.858
Page 10

The Lofthouse Foundatlon
Notes to the Conwlidated Cash Flow Statement
For the Year Ended 31 December 2023
2023
2022
Net Income From Lofthouse of Fleetwood Ltd
Net Income from The Lofthouse Foundatlon
4.676,882
210,915
2.308,999
44,268,472
Adjustments for:
Depreciation
Loss on sale of fixed assets
Investment income
Non cash legacv
(Increaselldecrease in stock
(Increaselldecrea5e in debtors
Increaselldecreasel in creditors
3,073,304
260,649
11.073,6411
3.193,586
14,443
159,1121
137,200,000)
12,017,181>
13,473,1301
548,827
1115,2801
1387,8271
11,316.3851
Cash Generated Irom Operatlons
5,328,617
7,584,904
Page 11

The Lofthouse Foundatlon
Notes to the Accounts
l. Accounting Policies
Basls of Preparatlon
The financial statements of the charity* which 15 a public beneflt entity under FRS 102, have been prepared in
accordance with the Charities SORP IFRS 1021 'Accounting and Reportin8 by Charilies.. Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal
Reporting Standard applicable in the UK and Aepublic of Ireland IFRS 1021 leffettive l January 20191,, Financial
Reporting Standard 102 'The Financial Reportin8 Standard applicable in the UK and Republic of Ireland, and the
Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the
exception of Investments which are included at market value, a5 modified by the revaluation of certain assets.
Goln8 Con¢em
The Trustee5 have a reasonable expertation that the Charity has adequate resources to contlnue in operational
existence for the foreseeable future. Thus they contlnue to adopt the 80in8 ¢oncern basis of accounting in
prepafin8 the annual financial statements.
B•s15 of Consolldatlon
The con501idated financial statements In¢lude the financial statements of the Charity and Its subsldiary
undertakln8 made up to 31 December 2023. A subsidlory Is an entlty that is controlled by the Charlty. The result5
of subsidiary undertakings ore included in the consolldated statement of flnancial attivitles from the date that
control commences until the date that control ceases. Control Ss established when the Charity ha5 the power to
govern the operating and financlal policles of an entity so as to obtain benefits from it's activitles. From 12 Mav
2022 the Charity was considered to control Lofthouse of Fleetwood Limited and consequently the Bross income
and expenditure from operations are presented on the Statement of Financial Activities from this date.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it
Is probable that the income will be reteived and the amount can be measured reliably. Turnover in the company
represents sales of medicated confectionery, net of VAT and trade dlscounts which are recognised when the
goods are physically despatched to the customer.
Expendlture
Liabilitie5 are recognlsed as expenditure as soon as there is a legal or constructive obligation committing the
charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and
the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and
has been classified under headings that aggregate all cost related to the category. Where costs cannot be
directly attributed to partlcular headings they have been allocated to activities on a basis consistent with the use
of resources.
Inlanglble Assets
Trademarks are amortised on a stralght line basis over the perlod from their acquisition to the date of their
expiry. They are stated at cost le55 accumulated amortisation and accumulated impairment1055es.
Goodwill is recognised under the purchase meihod on consolldatlon. Goodwill is the dlfference between the falr
value of the consideration given at acquisStion and the fair value of the parent's interest in the net asset5 of
Lofthouse of Fleetwood Ltd at 12 May 2022.
Goodwill is being amortise(J over a period of 10 years in line with the FRS 102 recommended limit where a
reasonable estimate tannot be made.
Page 12

The Lofthouse Foundation
Notes to the Account5
l. AccountSn8 Policies Contlnued...
Tan8lble Fixed Assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment105ses. Such cost
includes cost directly attributable to making the asset capable of operating as intended. Depreciation 15 provided
on all tangible asset5 at rates calculated to write off the cost. less estimated residual value, of each asset on a
systematic basis over Its expected useful life. The carrylng values of tangible assets are revlewed for impairment
when events or changes in circumstances indicate the carrying value may not be recoverable.
Depreciation Is provided at the following annual rates in order to write off each asset over its estimated useful
Ilfe.
- Freehold property
- Asset5 under construction
Plant and machinery
Fixtures and fittin85
Motor vehicles
15 10 50 years
S% on cost
2 to 5 year5
5 to 10 years
Land Is not depreciated, nor is the freehold property owned by the charity itself because the trustees belleve the
value is in excess of its historlc cost.
Investment Propertv
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arlsing from changes in
fair value is shown in the Statement of Financial Activities.
Stocks
Stotk Is valued at the lower of cost or net realisable value. Finished Boods are valued using the standard costln8
method whlch Incorporates and element of overheads and labour Into the final cost of the finished goods.
When stocks are 501d, the carrying amount of those Stocks is recognised as an expense in the period in which the
related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of
Stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of anv
reversal of any write-down of stocks is re¢o8nised as a reduction in the amount of Stocks reco8nised as an
expense in the period in which the reversal occurs.
Taxatlon
The chority is exempt from tax on its charitable actlvities.
Taxation for the year comprises current and deferred tax. Tax is recoEnlsed In the Statement of Financlal
Activities, except to the extent that it ielates to items recognised in other comprehensive income or directly in
equity.
Delerred Tax
Deferred tax is recognised in respert of all tlming differences that have originated but not reversed at the balance
sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments In periods different from
those in which they are recognised in the financièl statements.
Page 13

The Lofthouse Foundation
Notes to the Accounts
l. Accounting Poll¢les Contlnued...
Research and Development
Expenditure on research and development is written off in the year in which it is incurred.
Forelin Cuffencles
A55ets and liabilities in foreign currencies are translated into sterlin8 at the rates of exchange ruling at the
balance sheet date. Transactions In foreign currencies are translated into sterling at the rate of exchan8e rulin8
at the period end. Exchange differences are taken into account in arrivlng at the operatlng result.
Penslon Costs and Other Post-Retlrement Beneflts
The company operates defined contribution scheme5 in respect of its directors and employees. The assets of the
schemes are held separately from those of the company In independently administered funds. The pension cost
charge represents contribution5 payable by the company to the directors. fund and payments to individual
pension plan5 Of employees.
Provlslons for Llabllltles
Provisions are retO8nised where there is a legal or construct5ve obligation to transfer economic benefits as
result of a past event and it 15 probable that an outflow of economic benefits will be required to settle the
obligation. Where the Company expe¢t5 some or all of a provision to be reimbursed. the reimbursement is only
recognised as a separate asset if recovery is vlrtually certaln.
Fund accountln8
Unrestricted funds can be used in a¢¢ordance with the charitable objectives at the discretion of the trustees,
there are currently no restrlcted funds.
2. Crftlcal Ac¢ountln8 Judgements and Key Sources of Estlmatlon Untertalnty
In the application of the company's accounting policie5, the directors are required to make judgements,
estlmate5 and assumptions about the carrying amount of assets and liabilities that are not readily apparent from
other sources. The estimates and assumptions are based on historical experience and other factors that are
conslileied to be relevant. Actual results may dlffer from these estimates.
The estimate5 and underlying assumptions are reviewed on an ongoin8 basis. Revisions to accounting estimates
are retognised in the period in which the estimate is revised if the revision affect5 only that period or in the
period of the revision and future periods if the revision affects both current and future periods.
Page 14

The Lofthouse Foundation
Notes to the Accounts
2. Crltltal Ac¢ountln8 Judgements Ind Key Sources of EstimatSon Uncertalnty Contlnued...
Crltlcal Jud8ernents in applylng the Company's ac¢ountin8 pollcies and key source ol estlmatlon uncertalnty
The following are the key sources of estimation uncertainty that the directors have assessed as bein8 applicable to
the entity and that have the most Sl8nificant effect on the amounts recognised in the financial statements. It is
deemed that there are no critical accounting jud8ement5.
Flxed Assets
Accountin8 for fixed assets involve5 the use of estimates for lal the useful live of the assets over which they are to
be depreciated, and Ibl the existence and any amount of impairment.
Fixed assets are depreciated over their estimated useful lives. When the company estimates useful lives, various
factors are considered including expected technology obsolescence and the expected usage of the asset. The
company regularly reviews these assets useful lives. their future economic utilization and the physical condition of
the assets concerned.
The carrying value of the asset5 15 assessed periodically to determlne whether there are any indl¢ations of any
Impairment of the value beyond the depreciatlon charge. If this is the case, an impairment charBe is taken against
the carrying value of the assets and charged to profit and loss account. The impairment of fixed assets requires
management jud8ement in determinlng the amounts to be Impaired, In particular, judgement is used when
assessing the future ¢ash flows.
Investment Property
The fair value, £609,55012022.. £609.5501, of the investment property has been arrived at on the basis of the
directors valuation carried out on 31st December 2023. The valuation was made on an open market value basls by
reference to market evidence of transaction prices for similar properties.
Stock
Sto¢k provisions are provlded where It is considered that the amount realisable is considered to be less than it5
carryin8 amount. The provisions are made uslng mana8ement's best estimate for recoverable amounts.
3. Donatlons, Le8acles and Turnover and Other Income
2023
2022
Income from Legacies
Income from Donations
Sales of Goods
Interest Recelved
Forelgn Exchange Gains
Sundry Income
34.715 44,274,893
66,489,863 33,641,384
1.073.641
37,734
1269.4541
460.600
103,185
26,228
67,431,950 78,440,839
Page 15

The Lofthouse Foundation
Notes to the Accounts
4. Expendlture on Commerclal Trading Act5¥llles
2023
2022
Cost of Sales
Direct Staff Costs
Direct Utilities
36,216,851 17,365,395
8,651,250
5.465,877
2.268,187
1,317,146
2,940,867
1,962,437
5.374,869
2,764,366
327,696
271.899
27,185
18,912
4.240,038
2,491,885
706,493
404,577
192,181
117,274
26,181
IS,232
79,071
42,065
1,063,966
372,945
1,047.218
150,364
Dlrect Depreclation
Commlssion
Dlstrlbution Costs
Distribution Depreciation
Administration Staff Costs
Administration Costs
Administration Utilities
Administration Amortisation
Administration Depreciation
Legal & Professlonal
Taxation
Dlvldends
ProfitllLoss1 on Sale of Tangible Fixed Assets
Bank Charges
Auditors Remuneration
Auditors Remuneration Non Audit Work
260,649
19,2201
5,683
3,229
88,000
51,925
55,800
36,040
63,573,185 32,844.348
5. Éxpendlture on Charltable Actlvltl¢$
2023
2022
Sundries
36
36
6. Governance Costs
2023
2022
Auditors Remuneration
Auditors Remuneration Non Audit Work
12,720
6,￿0
420
12,720
6,420
Page 16

The Lofthouse Foundatlon
Notes to the Accounts
7. Trustees Rernuneration and Beneflts
There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year
ended 31 December 2022.
There were no trustees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 December
2022.
8. Employees and Olrectors
The average number of employees during the year was as follows..
2023
2022
Productlon Staff
Office and Management
27S
272
59
58
330
334
Directors remuneration:
2023
2022
Directors remuneration
ioo,(NJo
100,000
109,541
109,541
9. Int•nglble Flxed Assets
Consolldated Balance Sheet
Goodwill Trademarks
Total
Cost
At l January 2023
Addltlon5
Disposals
Reclassification
At 310ecember 2023
9,826,867
140,503
9,967,370
37,289
37,289
134,3101
134,3101
2,780
2,780
146,262 9.973,129
9,826,867
Amort15atlon
At l January 2023
Charge for Year
Elimination on Disposal
At 31 December 2023
15,232
26,183
134.1901
7.225
15,232
I,CQ8,870
134,1901
989,912
982,687
982,687
Net Book Value
At 31 December 2023
8,844,180
139,037
8,983,217
At 31 De¢ember 2022
9,826,867
125,271
9,952,138
Page 17

The Lofthouse Foundatlon
Notes to the Accounts
10. Tanglble Flxed Assets
Consolldated Balance Sheet
Freehold Assets Under
Property Construction
Plant and Fixtures and
Machinery
Fittings
Motor
Vehicles
Total
Cost
At l January 2023
Addltions
Disposals
Reclassifications
At 31 December 2023
15,484,185
4,747,293
5,108,090
29,331,385
24,240
12.446,4351
198,378
27,107,568
256,347
136,422
188,9281
40,895
49,860,105
5,268,752
12,53S,3631
12.7811
40,895 52,590,713
1201,1591
9,654,224
15,484,185
303,841
Depr•cSatSon
At l January 2023
Char8e for Year
Eliminalion on Dlsposal
At 31 December 2023
271,685
361,169
1,653,508
2,581,212
12,176,433)
2,058,287
97,851
102,524
188,9281
111,447
370 2,023.414
2,220
3,047,125
12,265,361>
2,805,178
632,854
2,590
Nèt Book Value
At 31 December 2023
14,851,331
9,654.224
2S,049,281
192,394
38,305 49.785,535
At 31 December 2022
15,212,500
4,747,293
27,677,877
158.496
40,525 47,836,691
Ch•rlty Balanfe Sheet
Freehold
Property
Total
COSQ
At l January 2023
Additions
Reclasslflcation5
At 31 December 2023
163.410
163,410
163,410
163AIO
Depreclallon
Charge for Year
Net Book Value
At 31 December 2023
163,410
163,410
At 31 Oecember 2022
163,410
163,410
11. Investments
Prior to the 12 May 2022, the investment represented the fair value of the Foundation's investment in share5 of Lofthouse of
Fleetwood Limited. the amount being £39,574,468. In the Charity individual balance sheet to 31 December 2022 this became
£76,774,468 as the Charity received additional shares. In the Consolidated Balance Sheet the fair value of the investment is
removed on consolidation.
Page 18

The Lofthouse Foundatlon
Notes to the A¢counts
12. Investment Property
Consolldated Balance Sheel
Falr Value
Brought forward
609.550
At 31 December 2023
609.550
Net 8oak Value
At 31 December 2023
609,550
At 31 December 2022
609,550
13. Stock
Consolldated Balance Sheet
2023
2022
Raw Materia15
Finished Goods
7,900,388 8,738,229
2,661,660
1.708,539
10,562.048 10,446,768
14. Oebtors
Consolidated B•lance Sheet
2023
2022
Trade Debtors
Other Debtors
6.571,482 6,108,555
495.866
808,954
673,409
435,421
7,740.757
7,352,930
Prepayments
The chaTlty balance sheet contains £188.956 of interest which is accrued as at 31 December 2023.
15. Current Investments
Current investment5 of £ll,fyJO,00012022 - £5,000,(KJOl in the Consolidated Balance Sheet represent short time
dep051ts held with the Bank.
Page 19

The Lofthouse Foundation
Notes to the Accounts
16. Creditois
Consolidated Balance Sheet
2023
2022
Trade Creditors
Taxation and Social Securitv
Other Creditors
3,978,661
1.085,738
1,613,599
6,677,998
5,618,185
266,591
1,513,449
7,398,225
17. Provlslon for Llabllltles
Consolldated Balan¢e Sheet
2023
2022
Deferred Tax
4,033,666
3,794,259
18. Movement In Funds
Consolldated Balance Sheet
Net
Movement At 31112123
At 111123
Unrestrlrted Fund$
General Fund
105,121,4SI
105,121,451
2,863.322 107.984,773
2,863,322 107,984,773
Total Funds
Net Movement In funds Is as follow5..
Incoming
Resources
Resources
Expended
Investment
Revaluation
Total
Movement
Unrestrl¢ted Funds
General Fund
Total Fund5
67,431,950 164,568,628)
67,431,950 164,568,6281
2,863.322
2,863,322
Total Funds are attributed as follows..
Controlling party
Non-controllin8 interest
Total funds carrled forward
78,139,715
29,845,058
107,984,773
Page 20

The Lofthouse Foundation
Notes to the Accounts
18. Movement In Funds Contlnued...
Charity Balance Sheet
Net
Movement At 31112123
At 111123
Unrestilcted Funds
General Fund
Total Funds
84,142,683
84,142,683
210,915 84,3S3,598
210,915 84,353,598
Net Movement in funds Is as follows..
Incomin8
Resource5
Resources
Expended
Total
Movement
Unrestrlrted Funds
General Fund
Total Funds
223,671
223,671
112,7561
112.7561
210,915
210,915
19. Related Party Dlsclosures
On 12 May 2022, the Foundation became the majorlty parent of Lofthou5e of Fleetwood Llmlted with a 67.4%
shareholding. The Directors of the company are both Trustees of the Foundation. Durln8 the year there were no
transactions between the two entities.
Page 21