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