Charity registratlon number 1045650 THE LYONS CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 THE LYONS CHARITABLE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr Jonathan Gibbon Mr Gareth Read Mr Robin Worby Mrs Sarah Eaves Charlty number 1046650 Prlnclpal address 51 Shirlock Road London NW32HR Independent examlner Mr J Saminaden FMAAT g Kennedy Avenue Enfield Middlesex EN34PA Bankers NaIl￿al Westminster Bank PIC Kingsland Branch 74 Kingsland High Street London E8 2QU Inve81mont managers Investec Wealth & Investment 30 Gresham Street London EC2V 7QN THE LYONS CHARITABLE TRUST CONTENTS Pago Trustees, report Independ8nl examlnefs report Slatemenl of fina￿tal activities Balanco sheet Notes to the financlal statements 6-14 THE LYONS CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Truslees present their annual rèport and financial statements for Ihe year ended 5Aprll 2024. The flnancial statements have been prepared in accordance with the accounting policie5 set out in note 1 to the financial statements and comply with the Charilys Dedaralion of Trust, the Charities Ad 2011 (amendèd 2022) and "Accounting and Reporting by Charities= Statement of Recommended Practi￿ applicable lo tharities preparing Iheir accounts in accordan￿ with Ihe Financial Reporiing Standard applicable in thè UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016) ObJectlve8 and actlvitle8 In planning our activities for the year, we kept In mind Ihe Chanty Commisslon's guidance on public benefit. The objecl of the Foundation is lo make grants lo organlsations focussing upon medical research, the homeless and education. The Trusl8es have decided Ihat the most effective method of applying the Foundalion's resources is to make distributions to known charitable organisations. The trustees have periodic discussions and meetings durlng which detsils ol grants awarded are reviewed in addlllon to the pro¢e88ing of new applications for funding. Achlevemonts and performance During th6 year the Foundation conferred fourteen granls tot41ing £73,000 (2023: £84.000). Flnanclal revlew The general policy of the Foundalion is for the capital fund to be maintained at a level that will general8 future incom8 sufficlenl to maintain a broadly constant level of financial support to its preferred benefi¢Éarles. The unr88tricled funds as at 5 Aprll 2024 were £2,330.528 (2023: £2.243,003). Th& Trust8es havè assessed the major risks to whlch the Foundation is exposed. and are satisfied that syslems are In place to mltlgale exposure to the major ri8ks. 8tru¢ture, governance and management The Charity is govemed by a Declaration of Twst dated 2 Marth 1995 and a Deed of Enlargement dated 24 D8cemb8r 2018. The Trustees who served durlng the year and up to the date of signature of the financial statemenls were: Mr Jonathan Glbbon Mr Garelh Read Mr Robin Worby Mrs Sarah Eaves THE LYONS CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 The Trustees are responsible for pieparing Ihe Trustees. Report and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards (United Klngdom Generally Accepted Accounting Practice). The law appllcable to charilies in England and Wales requires the Trustees to prepare financial slalemenls for each financial year which give a Irue and fair view of the slatè of affairs of the Charity and of the incoming resources and applicatlon of r8sourc8s of the Charity for that year. In preparlng Ihese financial statémènls, the Trustee8 are reqLired lo.. - select sullable accounting policles and then appty them consistently: observe the methods and principles in the Charities SORP: - make judgements and estimate8 Ihat are reasonable and pTud8nt; state whether applicable accounling standards have been followed, 8ubjed lo any mateiial departures dlsclosed and explained in the financlal statemenls; and prepare Ihe financlal 8t8tement8 on the going concem ba￿8 unless it is inapproprlat8 to presum8 that the charity w511 conllnue In operalion. The Trustees are responsible for keeplng sufficient accounting record5 that disclose with reasonable accuracy 8t any Ilmé Ihe financial position of the Charity and enable them to ensure that the financial s18temenls comply with th8 Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Irust deed. They are also responsible for safeguarding the assels of Ihe Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irr8gularilies. The Trustees, report was approved by Ihe Board ofTrustees. Mr Jonathan Gibb¢Jn Trustsg Date.. THE LYONS CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LYONS CHARITABLE TRUST I report to Ihg Trustees on my examination of the financial Statem￿1$ of The Lyons Charitable Trust (the Charily) for the year ended 5 April 2024. Responslbllltle8 and basls of report As the Trustees of the Charily you are responsible for the preparation of the financial statements In accordance with the requirements of the Charities Act 2011 (the 2011 Act). I repori in r8sped of my examination of the Charity's ffftancial slatsments carried out under Section 145 of trte 2011 Act. In carrying out my examination I have followed all the applicable Dirèciions given by th8 Charity Commission under section 145(5){b) of the 2011 Acl. Indepgndent 8xamlnerf8 8tatement Your atlenlion Is drawn to the fact that the tharily has prepared financial statements in accordanca with Accounting and Reporting by Charities preparing their accounts in acLord8nce with the Financlal Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102} in preference to the Accounting and Reportlng by Charilies: Statement of Recommended Practice Issued on 1 April 2005 which is referred to in th8 exlanl regulations but has now been withdrawn. l understand that thls has been done in order for financial statements lo provide a true and fair view In acGordance with Generally Acc8pt8d Accounting Praclice effective for reporting periods beginning on or after 1 January 2015. I have completed my examlnalion. I confirm that no matters hav8 come to my attenllon In connection with the examlnation giving me cause to believe thal in any materi81 respect.. a￿ount5ng records were not kept in respect of the Charity a8 required by 8ectbon 130 of Iha 2011 Act-, or Ihe financial statements do not accord with those records,. or Ihe financial statements do not comply with the applicable Tequiremenls concerning the fomi and conlenl of accounts sel out in the Charities (Accounts and Reports) Re9ulalion8 2008 other than any requlrement that the accounts give a true and fair view which is nol a malter considered as part of an Independent examinallon. I have no conc8rns and have come acAOS8 no other matters in connection with the examination to which altenllon should be drawn in this report in order lo enable a proper understandlng of the financial statements to b8 reached. MrJSa aden FMAAT 9 Kennedy Avenue Enfield Middles8X EN3 4PA ID THE LYONS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unr08trlcted Unrestricted funds funds 2024 2023 Notes Income from: Investments 61,578 52.138 Totsl Income 61,578 52,138 Expèndlture on: Raising funds Charilable activities 20,459 78,291 20,163 88.5BS Total exp8ndlture 98,750 108,748 Net gainsl(losses) on investments 124,697 (182,635) Net Incomel{expendlture) and movement In fund8 87,525 (239.245) Reconcillatlon of funds: Fund balances at 6 Aprll 2023 2,243,003 2,482,248 Fund balances at 5 Aprll 2024 2.330,528 2,243,003 The statement of financial activities includes all gains and losses recognised in the yéar. All income and expenditure derlve from continuing activities. THE LYONS CHARITABLE TRUST BALANCE SHEET AS AT5APRIL 2024 2024 2023 Notes Fixed assets Investments 2.308,632 2,229,050 Current assets Cash al bank and in hand Cash with Investmenl managers 23,990 7,958 17,007 7,224 31.948 24,231 Credltors: amounts falllng due wlthln one year 12 (10,052) (10,278) Net current a68ets 21,896 13,953 Total a88ets le88 Curronl Ilabllltles 2,330,528 2,243,003 In¢ome funds Unrestricted funds 2.330,528 2,243,003 2,330,528 2,243,003 The financial slatèm8nts were approved by the Truslees on .. r Jonathan Gibbon Tru8tse THE LYONS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 A¢countlng pollcle8 Charlty Informatlon The Lyons Charitable Trust is an unincorporated chariiy whose princlpal address is 51 Shlrlock Road, London. NW3 2HR. 1.1 Aceountlng conventlon Th8 financial statements have been prépared wi accordance with th8 Charity's Declaration of Trust, the Charities Acl 2011 and °AcGounting and Reporting by Charities- Statement of Recommended Practice applicable lo charities preparing their accounls In accordantr with the Financial Reporling Standard 8ppl¢cable Sn the UK and Republic of Ireland (FRS 102)" (as amended for accountlng periods commencing from 1 January 2016). The Chariiy is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities applylng FRS 102 Update Bullelin 1 not to prepare a Slatement of Cash Flows. The finan¢lal statements have departed from the Charities (Acrounts arKI Reports) Regulations 2008 only lo Ihe extent required to provide a Irue and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Slatement of Recomm8nded Pr8dice which is referred to in the Regulatlons but whith has since been withdrawn. The Ilnancial slatemenls are prepared In sletlirvJ. vthich Is the functional currency of the Charity. Monetary 8mount8 In thes8 financlal statements are rounded to th8 nearest £. The financial stalement8 have been prepared under the historical cost convention, modified to indude fixed asset Investments at falr value. The prlncipal aco)unting policies adopt8d are set txjt below. 1.2 Golng Concern At Ihe time of approving thè financial slalemenls. th8 Truste88 have a rea80nable expedation Ihal the Charlty has adequ8te resources to continue in operational existence for the foreseeable future. Thus the Tw8lee5 continue to adopt the going concern ba￿8 of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted lunds are available for use al the discretion of Ihe Trustee8 in furtheranc8 of thelr charitable objectives unless the funds have been designated for other purposes. 1.4 Income Income Is recognised when the Charity is legally enlitted lo it after any performanc6 conditions havè been mel, the amounls can bé measured reliably. and il is probable that income will be received. Cash donations are recognised on receipt. Olher donations are recognised once Ihe Charily has been notified of the donation, unless perf0m￿nCe conditions require deferral of the amounl. Income tax recoverable in relation lo donations re￿iVed under Gift Aid or deeds of covenant is recognised at Ihe time of Ihe donation. Legacies aro recognised on receipt or otherwise If Ihe Charlty has been nOtif￿d of an impanding distribution, the amount is known, and receipt is expected. If the amount Is not known, the legacy is treated as a contingent assel. THE LYONS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles (Contlnuedl All gains and losses are taken to the Slatemenl of Finanaal Activlties as they arise. Realised gains and105ses on inveslments are calculated as the difference bètween sales pr¢Jceeds and their opening carrying value or thair purchase value if acquired subsequent lo the first day of Ihe financial year. Unrealised gains and1085es are calculated as the difference between the fair valuè at the year end and th8ir carrying value. Realised and unrealis8d investment gains and losses are combined in the Statement of Financial Activities. 1.5 Expendlture Resources expended are included in the Statement of Financial Aclivities on an accruals basis, indusive of any VAT which cannot be recovered. They we re