Charity registration number.. 1038728 The Lofthouse Foundation Report of the Trustees and Financial Statements for the Year Ended 31 December 2024 Xeinadin Audit Ltd Statutory Auditors 17 St Peters Place Fleetwood Lancashire FY7 6E8
The Lofthouse Foundation Contents Reference and Administrative Details Trustees, Report 2to3 Independent Auditor's Report 4t06 Consolidated Statement of Financial Activities Consolidated Balance Sheet Charity Balance Sheet Consolidated Cash Flow Statement Iotoll Notes to the Accounts 12to21
The Lofthouse Foundation Reference and Administrative Details Charity name The Lofthouse Foundation Charity reglstration number 1038728 Principal office clo Lofthou5e of Fleetwood, Maritime Street, Fleetwood, Lancashire, FY7 7LP Trustees Mr DC Lofthouse Mrs LM Lofthouse Mr KM Ryan Auditors Xeinadin Audit Ltd, Statutory Auditors, 17 St Peters Place. Fleetwood. Lancashire, FY7 6EB Page I
The Lofthouse Foundation Report of the Trustees The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffective l January 20191. Ob Objertives and Aims The object of The Lofthouse Foundation is 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 facilities for the benefit of the public as are not provided from public funds. ectlves and Artlvltles Slgnificant ArtiVFtie5 The charity does not solicit applications for funding of projects. Where applications are made by individuals or organisations, they are a55e55ed 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. Achievernent and Perfornian¢e Fundraising Activitles During the current financial year, the Foundation received donations and legacies amounting to £112023 - £34.7151. Trading Subsidiary 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 L02enges. The company is operated as a separate entity but the directors are both trustees of the charity. Financial Review Reserves Policv There are no restrictions on the charity's power to invest. The investment strategy is set by the trustees, with an overall policy that is low risk. It is the policy of the charity to maintain unrestritted funds, which are the free reserves of the charity, at a level to provide sufficient investment income from which to cover unrestricted 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 plans 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 objects of the charity and other major clauses in the trust document. Whilst this review was is in progress the Trustees did not make any new grants. Page 2
The Lofthouse Foundation Report of the Trustees Continued.. Structure Governance and Mana ement Governing Document The Lofthouse Foundation I'the charity") was established under the terms of a declaration of trust dated 15 June 1994 as amended on 18 April 2023 as amended by resolution dated 8 November 2023. It 15 a charity regulated by the Charity Commissioners for England and Wales under number 1038728. Organisational Structure The original trustee5 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 activities in order to enable them to fulfil these responsibilities. The trustees meet throughout the year and have examined the major strategic, business and operational risks which the charity faces and confirm that SV5tems have been established to enable regular reportsto be produced so that the necessary steps can be taken to lessen these risks. Statement of Trustees Res onsibllities The trustee5 are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kin8dom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales. the Charities Act 2011, Charity (Accounts and Reports) Regulations 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 period. In preparing those financial statements. the trustees are required to-. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charity SORP; make jud8ements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures disc105ed and explained in the financial statements.. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in busines5. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity {Accounts and Reports) Regulations 2008 and the provisions 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 trustees on ......... 05 and signed on its behalf by D C Lofthouse- Trustee Page 3
The Lofthouse Foundation Report of The Independent Auditors Oplnlon We have audited the financial statements of The Lofthouse Foundation (the 'charity'l for the year ended 31 December 2024 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 accountin8 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statement5'. 8ive a true and fair view of the state of the charity's affairs as at 31 December 2024 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 Accounting Practice. including Financial Reporting 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 Charities Act 2011. Ba$15 for Oplnlon We conducted our audit in accordance with Intern3tional Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtalned is sufficient and appropriate to provide a basis for our opinion. Conclusions Relatln8 to Going Concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condition5 that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant section5 of thi5 report. Other Informatlon The trustees are responsible for the other information. The other information comprises the information included in the Annual Report. other than the financial statements 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 Foundation Report of The Independent Auditors In connection with our audit of the financial statement5. our responsibility is to read the other information and, in doing so, consider whether the other information 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 material inconsistencies or apparent material misstatements, we are required to determine whether this give5 rise to a material misstatement in the financial statement5 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 Which we are Requlred to Report by Exception We have nothing to report in respect of the following matters where the Charitles (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion-. the information given in the Report of the Trustees is inconsistent in any material respert with the financial statements- or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, In preparing the financial Statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going 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 Responsibilities for the Audit of the Financlal Statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance 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 hi8h level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material mi55tatement when it exists. Misstatements 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 procedure5 are capable of detecting irregularities, 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. svch as the Charitie5 Act 2011. 21 Testing all transactions in the year to supporting documentation. including any journal entries made. PaEe 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 Reporting Council's website at www.frc.or8.uk/auditorsresponsibilities. This description 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 Charities (Accounts and Reports) ReEulations 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 opinions we have formed. Xeinadin Audit Limited Statutory Auditors 17 St Peters Place Fleetwood Lancashire FY7 6EB Date.... Page 6
The Lofthouse Foundation Consolidated Statement of Financial Activities For the Year Ended 31 December 2024 2024 2023 Total Funds Total Funds Note Incoming and Endowments From Donations and legacies Commercial trading activities Investments 34.715 66,489,863 1.073.641 1166,2691 67,431,950 64,849,343 1,700.187 {267,7841 66,281,747 Other items Total Resources expended Commercial trading activities Charitable activities 60,759,546 1.200 14,422 982,687 61,757.855 63.573,185 36 Governance costs Amortisation of goodwill Total 12,720 982,687 64,568,628 Other recognised gainslloses (Lossesllgains on investments Net movements in funds 4,523,892 2,863,322 Reconciliatlon of funds Total funds brought forward 107,984,773 105,121,451 Total funds carried forward 112,508.665 107,984,773 Plus Non-controlling Interest at Acqulsltlon Total Consolidated Funds 112.508.665 107,984.773 Movement attributed to Controlling party Non-controlling interest Total Movement in Funds 2,826.397 1,697,495 4,523.892 1,676,827 1.186.495 2,863,322 Page 7
The Lofthouse Foundation Consolidated Balance Sheet For the Year Ended 31 December 2024 2024 2023 Total Funds Total Funds Note Fixed Assets Intangible assets Tangible assets Investment5 7,995,305 47,416,055 8,983,217 49,785,535 io li Investment property Total 12 609,550 56,020,910 609,550 59,378,302 Current Assets Stock Debtors 13 11.761,525 6,872,175 20,000,000 29,023,211 67,656,911 10.562,048 7,740,757 11,000,000 30,015,330 59,318,135 14 Current investments Cash at bank Total 15 Creditors Amounts falling due within one year 16 15,094,034) 16.677.998) Net Current Assets 62,562,877 52,640,137 Total Assets Less Current Liabilities 118.583.787 112.018.439 Provision for Liabilities 17 16.075.122) 14,033,666) Net Assets 112,508,665 107,984.773 Total Unrestricted Funds 18 112,508.665 107,984,773 Attributed to Controlling party Non-controlling interest Total funds carried forward 80.966.112 31,542,553 112,508.665 78,139,715 29,845,058 107,984,773 Approved by order of the board of trustees on ....... .... .. -...-..-.. QQ)T5 and signed on its behalf by D C Lofthouse- Trustee Page 8
The Lofthou5e Foundation Charity Balance Sheet For the Year Ended 31 December 2024 2024 2023 Total Funds Total Funds Note Fixed Assets Tangible assets Investments io 163,411 76.774.468 76,937,879 163,410 76,774.468 76,937.878 li Total Current Assets Debtors Cash at bank Total 14 271,193 7.459.446 7,730,639 188,956 7.236.364 7.425.320 Credltors Amounts falling due within one year 19,000) 19,6001 Net Current Assets 7.721.639 7.415.720 Totsl Assets Le55 Current Liabilities 84.659,518 84.353,598 Net Assets 84,659.518 84.353,598 Total Unrestricted Funds 18 84,659,518 84,353,598 Approved by order of the board of trustees on 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 2024 2024 2023 Note Cash Flow From Operating Activlties Cash generated from operation5 Tax paid Net Cash From Operating Artivltles 8,183,489 1801,4781 7,382,011 5,328,617 5,328,617 Cash Flow From Investin8 Activitie5 Purchase of intangible assets Purchase of fixed assets Sale of intangible fixed asset5 Sale of fixed assets 120,6891 11,013,9031 137,289} 15,268.7521 122 21,000 1.700,185 686,593 9,348 1.073,641 14,222,930) Interest received Net Cash From Investing Activities Cash Flow From Financin8 Artlvltles Current asset investment (9.000,0001 15001 16,000,000) 11.0001 Dividend paid Share issue Introduced by directors Withdrawn by directors Net Cash From Financing Artivitles 900 161,1231 19,060,723) 1,000 1206,2151 {6,206,2151 Change in cash and cash equivalents 1992,1191 15,100,528) Net cash on acquisition Total Increasel(Decreasel in Cash BalaTrce 1992,1191 5,100,528) Cash brought forward 30,015,330 35,115,858 Cash at Year End 29,023,211 30,015,330 Page 10
The Lofthouse Foundation Notes to the Consolidated Cash Flow Statement For the Year Ended 31 December 2024 2024 2023 Net Income From Lofthouse of Fleetwood Ltd Net Income from The Lofthouse Foundation 7,022,556 305,920 4,676,882 210,915 Adjustments for: Depreciation Loss on sale of fixed assets 3,342,219 46.080 11,700,187) 3,073.304 260,649 11.073,6411 Investment income Non cash le8acy Ilncreasel/decrea5e in stock Ilncreasel/decrease in debtors Increase/ldecre35el In creditors 11,199,477) 1,088.745 {722.367} 1115.280) 1387,827} 11,316,385} Cash Generated from Operations 8,183,489 5.328,617 Page 11
The Lofthouse Foundation Notes to the Accounts l. Accounting Policles Basis of Preparation The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting 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, as modified by the revaluation of certain assets. Goin8 Concern The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparin8 the annual financial statements. Basis of Consolidatlon The consolidated financial statements include the financial statements of the Charity and its subsidiary undertaking made up to 31 December 2024. A subsidiary is an entity that is controlled by the Charity. The results of subsidiary undertakings are included in the consolidated statement of financial activities from the date that control commences until the date that control ceases. Control is established when the Charity has the power to govern the operating and financial policies of an entity so as to obtain benefits from it's activities. From 12 May 2022 the Charity was considered to control Lofthouse of Fleetwood Limited and consequently the gross 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 received and the amount can be measured reliably. Turnover in the company represents sales of medlcated confectionery, net of VAT and trade discounts which are recognised when the goods are physically despatched to the customer. Expenditure Liabilities are recognised 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 directlv attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Intangible Assets Trademarks are amortised on a strai8ht line basis over the period from their acquisition to the date of their expiry. They are stated at cost less accumulated amortisation and accumulated impairment losses. Goodwill is recogni5ed under the purchase method on consolidation. Goodwill is the difference between the fair value of the consideration given at acquisition and the fair value of the parent's interest in the net assets of Lofthouse of Fleetwood Ltd at 12 May 2022. Goodwill is bein8 amortised over a period of 10 years in line with the FRS 102 recommended limit where reasonable estimate cannot be made. Page 12
The Lofthouse Foundation Notes to the Accounts l. Accounting Policies Continued... Tangible Fixed Assets Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes cost dirertly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible assets 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 carrying values of tangible assets are reviewed for impairment when events or chan8es 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 life. Freehold property Assets under construction 15 to 50 years Plant and machinery Fixtures and fittings Motor vehicles 5% on cost 2 to 5 years 5t0 Ioyears Land is not depreciated, nor is the freehold property owned by the charity itself because the trustees believe the value is in excess of its historic cost. Investment Property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value 15 shown in the Statement of Financial Activities. Stocks Stock is valued at the lower of cost or net realisable value. Finished goods are valued using the standard costin8 method which incorporates and element of overheads and labour into the final cost of the finished goods. When stocks are sold. 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 any reversal of any write-down of stocks is recognised as a reduction in the amount of stock5 recognised as an expense in the period in which the reversal occurs. Taxation The charity is exempt from tax on its charitable artivities. Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Financial Activities, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Deferred Tax Deferred tax is recognised in respect of all timlng 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 financial statements. Page 13
The Lofthouse Foundation Notes to the Accounts l. Accountln8 Policies Contlnued... Research and Development Expenditure on research and development is written off in the year in which it is incurred. Forel8n Currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchan8e ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the period end. Exchange differences are taken into account in arriving at the operatin8 result. Pension Costs and Other Post-Retirement Benefits The company operates defined contribution scheme5 in respect of its dirertors and employees. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the directors, fund and payments to individual pension plans of employees. Provisions h)f Liabilities Provisions are recognised where there is a legal or constructive obligation to transfer economic benefits as 3 result of a p3St event and it is probable that an oufflow of economic benefits will be required to settle the obligation. Where the company expects some or all of a provision to be reimbursed, the reimbursement is only recognised as a separate asset if recovery is virtually certain. Fund accountin Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees, there are currently no restricted funds. 2. Critical Accounting Judgemenls and Key Sources of Estimation Uncertainty In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of a55ets and liabilities that are not readily apparent from other sources. The estimates and 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 on8oing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects 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 Note5 to the Accounts 2. Critical Accountln£ Judgements and Key Sources of Estlmatlon Uncertainty Continued... Crltlcal judgements in applying the Company's accounting policles and key source of estimation uncertainty The following are the key sources of estimation uncertainty that the directors have assessed as being applicable to the entity and that have the most significant effect on the amounts recognised in the financial statements. It is deemed that there are no critical accounting judgements. Flxed Assets Accounting for fixed assets involves the use of estimates for (al the useful live of the asset5 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 live5, various factors are considered including experted technology obsolescence and the expected usage of the asset. The company regularly review5 these assets useful lives, their future economic utilization and the physical condition of the assets concerned. The carrying value of the assets is assessed periodically to determine whether there are any indications of any impairment of the value beyond the depreciation charge. If this is the case. an impairment charge is taken against the carrying value of the assets and charged to profit and1055 account. The impairment of fixed asset5 requires management judgement in determining the amounts to be impaired, in particular. judgement is used when ssessing the future cash flows. Investment Property The fair value, £609,55012023'. £609.5501, of the investment property has been arrived at on the basis of the directors valuation carried out on 31st December 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Stock Stock provisions are provided where it is considered that the amount realisable is considered to be less than it5 carryin8 amount. The provisions are made using management's best estimate for recoverable amounts. 3. Donations, Legacies and Turnover and Other Income 2024 2023 Income from Legacies Income from Donations Sales of Goods Interest Received Foreign Exchange Gains Sundry Income 34,715 64,849,343 66,489,863 1.700,187 1,073,641 1659,8631 1269,4541 392.079 103,185 66,281,747 67,431,950 Page 15
The Lofthouse Foundation Notes to the Accounts 4. Expenditure on Commercial Trading Artivities 2024 2023 Cost of Sales Direct Staff Costs 32,487,863 36,216,851 8.670.023 8,651,250 1,970,820 2,268,187 3.159.647 2,940,867 5,358,632 5.374.869 325.373 327,696 25.784 27,185 5,063,244 4.240.038 668,465 706,493 165.607 192,181 25,915 26,181 130.873 79,071 686.645 1.063,966 1,821,397 1,047.218 500 I,wo 46,080 260.649 4,678 5.683 88,000 88,000 60,000 55,800 60.759.546 63.573,185 Direct Utilities Direct Depreciation Commission Distribution Costs Distribution Depreciation Administration Staff Costs Administration Costs Administration Utilities Administration Amortisation Administration Depreciation Legal & Professional Taxation Dividends Profit/lLoss} on Sale of Tangible Fixed Assets Bank Charges Auditors Remuneration Auditors Remuneration Non Audit Work 5. Expenditure on Charitsble Artivities 2024 2023 Sundries Website costs 36 1.200 1,200 36 6. Governance Costs 2024 2023 Auditors Remuneration Auditors Remuneration Non Audit Work Accounts, Legal & Professional 1,500 7,500 5,422 14,422 1,500 11,220 12,720 Page 16
The Lofthouse Foundation Notes to the Accounts 7. Trustees Remuneration and Benefits There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor forthe year ended 31 December 2023. There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. . Employees and Dirertors The average number of employees during the year was as follows.. 2024 2023 Produrtion Staff 256 275 Office and Management 63 59 319 334 Directors remuneration., 2024 2023 Directors remuneration 342,625 342.625 ioo.o(JJ ioo,o 9. Intangible Fixed Assets Consolidated Balance Sheet Goodwill Trademarks Tota5 Cost At l January 2024 Addltions 9,826.867 146,262 20,689 122,2841 9,973,129 20,689 122.2841 Disposals Reclassification At 31 December 2024 9,826,867 144,667 9.971,534 Amortisation At l January 2024 Char8e for Year Elimination on Disposal At 31 December 2024 982,687 982,687 7,225 25,914 122,2841 10.855 989.912 1,008,601 122,2841 1,976,229 1,965,374 Net Book Value At 31 December 2024 7,861,493 133,812 7.995,305 At 31 December 2023 8.844,180 139,037 8,983,217 Page 17
The Lofthouse Foundation Notes to the Account5 10. Tangible Flxed Assets Consolidated Balan¢e Sheet Freehold Assets Under Property Construction Plant and Fixtures and Machinery Fittings Motor Vehicles Total Cost At l January 2024 Additions 15,484.185 10,513 162.2021 1,049.776 110,296,847) 16,482,272 9,654,224 642,623 27,107,568 122,959 1123,9951 9,227,350 36.333,882 303,841 237,808 152,0641 19,721 509,306 40,895 52,590,713 1.013,903 1238,2611 Disposals Reclassifications At 31 December 2024 40,895 53,366,355 Depreciation At l January 2024 Charge for Year Elimination on Disposal At 31 December 2024 632.854 360,146 135,5591 957,441 2.058,287 2,806,899 183,5581 4,781,628 111.447 147,038 152,0641 206,421 2,590 2,220 2,805,178 3,316,303 1171,1811 5,950,300 4,810 Net Book Value At 31 December 2024 15,524,831 31,552,254 302,885 36,085 47,416.055 At 31 December 2023 14,851,331 9,654,224 2S,049,281 192,394 38,305 49,785.535 Charity Balance Sheet Freehold Property Total Cost At l January 2024 Additions 163,410 163,410 Reclassifications At 31 December 2024 163,411 163,411 Depreclation Charge for Year Net Book Value At 31 December 2024 163,411 163,411 At 31 December 2023 163,410 163,410 11. lfive5tmentS Prior to the 12 May 2022, the investment represented the fair value of the Foundation's investment in shares of Lofthouse of Fleetwood Limited, the amount being £39.574,468. In the Charity individual balance sheet to 310ecember 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 Foundation Notes to the Accounts 12. Investment Prnpertv Consolidated Balance Sheet Fair Value Brought forward 609,550 At 31 December 2024 609,550 Net Book Value At 31 December 2024 609,550 At 31 December 2023 609,550 13. Stock Consolldated Balance Sheet 2024 2023 Raw Materials Finished Goods 8,483.096 7,900,388 3,278,429 2,661,660 11.761,525 10,S62,048 14. Debtor5 Consolidated Balance Sheet 2024 2023 Trade Debtors 5,694.394 6.571,482 204,639 495.866 220.163 752,979 673,409 6,872,175 7,740,757 Other Debtors Tax Prepayments The charity balance sheet contains £271,193 of interest which is accrued as at 31 December 2024. 15. Current Investments Current investments of £20,000.00012023- £11,000,000) in the Con501idated Balance Sheet represent short time deposits held with the Bank. Page 19
The Lofthouse Foundation Notes to the Accounts 16. Creditors Consolidated Balance Sheet 2024 2023 Trade Creditors Taxation and Social Securitv Other Creditors 3,151.334 289,431 1,653,269 5,1)94.034 3.978,661 1,085,738 1,613,599 6,677,998 17. Provision for Liabilities Consolldated Balance Sheet 2024 2023 Deferred Tax 6,075,122 4,033,666 18. Movement in Funds Consolidated Balance Sheet Net Movement At 31112124 At 111124 Unrestrlcted Funds General Fund Total Funds 107.984,773 107,984,773 4,523,892 112,508.665 4,523,892 112,508,665 Net Movement in funds is as follows: Incoming Resources Resources Expended Investment Revaluation Total Movernent Unrestricted Funds General Fund Total Fund5 66,281,747 66,281,747 161,757,855) {61,757,8551 4,523,892 4.523,892 Total Funds are attributed as follows: Controlling party Non-controlling interest Total funds carrled forward 80,966.112 31,542.553 112,508,665 Page 20
The Lofthouse Foundation Notes to the Accounts 18. Movement in Funds Continued... Charity Balance Sheet Net Movement At 31112/24 At 111124 Unrestrlcted Funds General Fund Total Funds 84,353,598 84,353,598 305,920 84,659.518 305,920 84,659.518 Net Movement in funds is as follows: Incoming Resources Resources Expended Total Movement Unrestricted Funds General Fund Total Funds 321,542 321,542 115,6221 115.6221 305,920 305.920 19. Related Party Dlsclosures On 12 May 2022, the Foundation became the majority parent of Lofthouse of Fleetwood Limited with a 67.4% shareholding. The Dirertors of the company are both Trustees of the Foundation. During the year there were no transactions between the two entities. Page 21