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2023-12-31-accounts

THE DAVID LEAN FOUNDATION

TRUSTEES’ REPORT AND CONSOLIDATED

FINANCIAL STATEMENTS

31 December 2023

THE DAVID LEAN FOUNDATION

CONTENTS

Report ofthe Trustees 1
Trustees’ Responsibilities in the Preparation ofthe Financial 5
statements
Independent Examination Report to the Trustees 6
Consolidated Statement ofFinancial Activities 8
Statement ofFinancial Activities 9
Consolidated Statement ofFinancial Position 10
Statement ofFinancial Position 11
Consolidated Statement ofCash Flows 12
Accounting Policies 13
Notes to the Financial Statements 17
Appendices 23

THE DAVID LEAN FOUNDATION

REPORT OF THE TRUSTEES

Legal Entity

Governing Instrument

Trustees

Independent Examiner

Bankers

Investment Managers

Legal Advisers

Registered Office

Charity

The David Lean Foundation

Deed of Trust 19 November 1997

Anthony Alan Reeves Sally Ruth Beard Max William Thowless-Reeves Jon Paul Moulton

RSM UK Tax and Accounting Limited 10" Floor, 103 Colmore Row Birmingham

Handelsbanken plc 1 Lakeside Festival Park Stoke on Trent

Sorbus Partners 41a Eastgate Street Stafford

Freeths LLP 80 Cumberland Place Mount Street Nottingham

The Bradshaws Codsall Staffordshire

1067074

Registered 23/12/1997

HMRC

EW70618

1

THE DAVID LEAN FOUNDATION

REPORT OF THE TRUSTEES

Trustees

The trustees have responsibility for the management of the Foundation. There is no minimum or maximum number of trustees prescribed by the trust deed. Where there is a requirement for new trustees, these would be identified and appointed by the remaining trustees. The trustees are responsible for the induction of any new trustee which involves awareness of a trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity.

The income of the Foundation depends upon the gift aid distribution from its trading subsidiary David Lean Films Limited which it derives its income from royalties received from Sir David Lean’s films. The Trustees are the only directors of the subsidiary.

All decisions of the Foundation are taken by all of the trustees. The trustees review, on a regular basis gift aid income, available funds and current and pending commitments to make grants that in principle fall within the grant policy.

Objectives and Activities

The objectives of the Foundation are:

In pursuance of the objectives the trustees have powers

2

THE DAVID LEAN FOUNDATION

REPORT OF THE TRUSTEES

Aims

The Foundation’s grants are awarded to other charitable institutions whose aims include those similar to those of the Foundation principally the National Film and Television School, the British Film Institute and the British Academy of Film and Television Arts.

The Foundation aims to achieve its objectives by both making grants and encouraging recipient organisations to improve their governance and performance. Recipients of grants from the Foundation are required, as a pre-condition of receiving the grant, to provide a report as to the use of the grant and the results.

The grant policy is not to make individual scholarship or other grants not related to the objectives of the Foundation.

Achievements

During 2023David Lean Films Ltd received royalties of £154,868 (2022: £213,968) from the films of David Lean.

The total outstanding commitments at the balance sheet date were £nil.

Since establishment the Foundation has made grants of £5,950,074 towards its objectives and at the end of the year had grant commitments of £nil.

Future Plans

The trustees intend to continue expending the charity’s incoming resources by making grants as reported under “Aims” above.

Public Benefit

The trustees comply with the duty in the Charities Act 2011 and have regard to guidance published by the Charity Commission as regards public benefit requirements by making grants to national charities.

3

THE DAVID LEAN FOUNDATION

REPORT OF THE TRUSTEES

Risks

The Foundation’s principal current and future source of unrestricted income is gift aid from the distributable profits of its trading subsidiary’s royalties from the films directed by Sir David Lean. The royalties are uncertain in amount and duration and depend upon the promotion of such films in all media.

The policy identifies the major risks to which the Foundation and its subsidiary is exposed to as reduction of royalty income, staffing requirements, trustee succession, failure of technology, premises and archives destruction. These risks have been reviewed and systems and procedures have been established to manage them and where necessary insurance is in place.

Financial Review

During the year the Foundation received a gift aid payment from its subsidiary of £64,109 (2022 £213,051).

At the balance sheet date the Foundation (charity only) had total unrestricted net funds of £637,382 (2022: £729,434) represented by £172,974 cash and creditors of £4,662 (2022: £5,875) debtors of £4,212 (2022:£nil). The Foundation has investments of £464,858 including an investment in its subsidiary David Lean Films Limited of £100,575.

On consolidation at the balance sheet date, the Foundation and David Lean Films Limited (the group) had total net funds of £878,699 (2022: £924,399) represented by £487,843 of fixed assets, £387,764 of cash less accruals of £10,462 and debtors of £13,554.

Reserves Policy

The reserves policy is that the unrestricted income reserves of the charity should represent six months investment income. At the year end this would require a minimum income reserve of £35,000 (2022:£110,000). The unrestricted reserves of the charity are £239,149 (2022:£346,235).

4

THE DAVID LEAN FOUNDATION

REPORT OF THE TRUSTEES

Statement of Trustees Responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England 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 of the charity for that period.

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

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 1993, the requirements of the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

A ed byfu .e Trustees on m; “ SRBeard Trustee

21 J une 2024 and signed

MW Thowless-Reeves Trustee Trustee

5

THE DAVID LEAN FOUNDATION

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

I report to the charity trustees on my examination of the consolidated financial statements of The David Lean Foundation (‘the charity’) and it’s subsidiary undertaking for the year ended 31 December 2023, which are set out on pages 5 to 24.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the consolidated financial statements of the group in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’) and you have chosen to prepare consolidated financial statements for the group. You are satisfied that the accounts of both the charity and the group are not required by charity law to be audited and have chosen instead to have an independent examination.

I report in respect of my examination of the consolidated financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the consolidated financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act and, with respect to it’s subsidiaries, were not kept as required by section 386 of the Companies Act 2006; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

6

THE DA YID LEAN FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Signed:

Name: Paul Oxtoby

Name of applicable listed body: Association of Chartered Certified Accountants

Relevant professional qualification or membership of professional body: Chartered Cert(fied Accountant

ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED

Chartered Accountants 103 Colmore Row Birmingham West Midlands B3 3AG Date: 10 July 2024

7

THE DAVID LEAN FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023

2023 2022
Note Unrestricted
Funds		 Endowment
Fund		 Total
Funds		 Total
Funds
3 3 £ 2
Income
Royalties receivable 154,868 154,868 213,968
Investment income 11,009 740 11,749 8,626
Total income 165,877 740 166,617 222,594
Expenditure on :
Raising funds la 62,575 - 62,575 63,812
Expenditure on Charitable Activities 164,035 3,303 167,338 34,099
Total Expenditure 226,610 3,303 229,913 97,911
‘
Net gains/(losses) on investments 17,596 17,596 (14,327)
Netmovementinfunds 9 (60,733) 15,033 (45,700) 110.356
Reconciliation offunds
Fund balances 1 January2023 541,199 383,200 924,399 814,043
Fundbalances31December2023 480,466 398,233 878,699 924,399

8

THE DAVID LEAN FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023

2023 2025 2023 2022
Unrestricted Endowment Total Total
Note Funds Funds Funds Funds
£ £ £ £
Income
GiftAid donations 1b 64,109 64,109 213,051
Investment income 5,080 740 5,820 6,913
Total income 69,189 740 69,929 219,964
Expenditure
Expenditure on Charitable activities 2 176,274 3,303 179,577 46,339
Total Expenditure 176,274 3,303 179,577 46,339
Net gains on investments 17,596 17,596 (14,327)
Net movement in funds (107,085) 15,033 (92,052) 159,298
Reconciliation offunds
Fund balances 1 January 2023 346,234 383,200 729,434 570,136
Fundbalances31December 2023 239,149 398,233 637,382 729,434

The incoming resources and resources expended derive from continuing operations. All gains and losses are included within the Statement of Financial Activities for the year.

9

THE DA YID LEAN FOUNDATION

CONSOLIDATED ST A TEMENT OF FINANCIAL POSITION As at 31 December 2023

CONSOLIDATEDST A TEMENT OF FINANCIAL POSITION
As at 31 December 2023		 ST A TEMENT OF FINANCIAL POSITION
As at 31 December 2023		 ST A TEMENT OF FINANCIAL POSITION ST A TEMENT OF FINANCIAL POSITION ST A TEMENT OF FINANCIAL POSITION
Note 2023 2022
£ £
Fixed Assets
Film tights 3 123,560 135,800
Investments 4 364.283 342,075
487,843 477,875
Current assets
Cash at bank and in hand 5 387,764 460,909
Debtors 13,554
Total cun-ent assets
Creditors:amounts falling		 401,318 460,909
due within one year 6 (10,462) (14.385)
Net current assets 390,856 446.524
Total assets less current liabilities 878,699 924,399
Represented by
Chaiitable funds:
Permanent Endowment
Unrestricted funds		 9
9		 398,233
480,466		 383,200
541,199
Total charity funds 9 878,699 924,399
These financial statements were approved by the trustees and authorised
Q
8
for issue on 21
June		 These financial statements were approved by the trustees and authorised
L
M W Thowless-Reeves		 JP Moulton
Trustee Trustee

Registered number 1067074

10

21 June

THE DAVID LEAN FOUNDATION

CONSOLIDATED STATEMENT OF CASH FLOWS

at 31 December 2023

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |CASH FLOWS|FROM|OPERATING|ACTIVITIES:| |Net|income|for the|reporting|period|(45,700)|110,356| |Investment|(gains)/losses|(17,596)|14,327| |(Decrease)increase|in|creditors|(3,923)|(44,815)| |(Increase)|in|debtors|(13,554)|-| |Investment|income|received|(166,617)|(222,594)| |Amortisation|12,240|12,240| |NET INCOME USED|IN OPERATING|ACTIVITIES|(235,150)|(130,486)| |CASH|FLOWS|FROM|INVESTING|ACTIVITIES:| |Investment|income|received|5,080|6,822| |Interest|received|6,669|1,804| |Royalties|received|154,868|213,968| |166,617|222,594| |Proceeds|from|sale|of investments|229,168|121,939| |Purchase|of investments|(233,780)|(135,947)| |NET CASH USED|IN|INVESTING ACTIVITIES|(4,612)|(14,008)| |(DECREASE)/INCREASE|IN CASH AND CASH|EQUIVALENTS| |IN THE REPORTING|PERIOD|(73,145)|78,100| |Cash|and|cash|equivalents|at|the|beginning|of the|reporting period|460,909|382,809| |CASH AND|CASH EQUIVALENTS|AT THE END| |OF|THE REPORTING|PERIOD|387,764|460,909|

----- End of picture text -----

12

THE DAVID LEAN FOUNDATION

ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Foundation’s financial statements.

Basis of Preparation

The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The principal accounting policies adopted in the preparation of the accounting policies are set out below.

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

The Charity has taken advantage of the provisions in the SORP for Charities applying FRS102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Basis of Consolidation

The consolidated financial statements comprise the Foundation and its trading subsidiary David Lean Films Limited (the Group). The summarised profit and loss account of David Lean Films Limited is recorded in note 1.

Going Concern

The Trustees have reviewed the incoming resources and expenditure of the Foundation and believe that there are adequate resources which will enable the Foundation to meet its liabilities for at least one year from the date the financial statements are signed. For this reason the trustees have adopted the going concern basis in preparing the financial statements.

Funds Structure

The Foundation has a single permanent endowment, which required the Trustees to invest the capital in perpetuity, the income from which is wholly unrestricted. The endowment funds are used to support charities whose objects and activities are similar to those of the charity described in the Trustees’ Report on page 1.

General accumulated funds are unrestricted funds available to the Foundation for its general purposes and include funds committed by the charity for grants.

13

THE DAVID LEAN FOUNDATION

ACCOUNTING POLICIES

Incoming Resources

Income is recognised when received. No funds have been received which are restricted.

Resources expended

Expenditure is charged inclusive of irrecoverable value added tax. Direct charitable expenditure (grants payable) comprises those payments directly incurred in pursuance of the Foundation’s charitable activities.

Grant Making Policies

The grant making policy is explained in the Trustees report and is effected by regular contact with the recipient national UK charities. Applications from other charities and organisations if received, are treated on an individual basis consistent with the adopted policy of the Foundation.

Investments and Intangible Assets

The Film rights are classified as intangible assets. The directors of the trading subsidiary reconsidered the useful economic life of the film rights at 1 January 2014, and asa result it was resolved that the then remaining useful life was 20 years.

The investments relate to the trading subsidiary and have been impaired in line with the life of the film rights.

Impairment of Fixed Assets

At each reporting end date, the Foundation reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cashgenerating unit) prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

14

THE DAVID LEAN FOUNDATION

ACCOUNTING POLICIES

Heritage assets

The Foundation holds a collection of the screenplays and title documents to all of the films directed by Sir David Lean together with photographs, awards, correspondence anda library of books. The Foundation has also deposited on loan other archival material with the British Film Institute National Archive.

Both collections are available for research purposes and have significant intrinsic value relating to the films of David Lean. There is no material cost attributable to these collections and conventional valuation techniques would be inappropriate, so as a result no value is included in the financial statements. As a consequence these collections are deemed to fall within the definition of heritage assets. Expenditure required to accommodate and preserve the collections is recognised in the SOFA when it is incurred.

Foreign Currencies

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the statement of financial activities.

Taxation

The Foundation is recognised as a charity by HM Inland Revenue [EW70618]. It is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or Section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

15

THE DAVID LEAN FOUNDATION

ACCOUNTING POLICIES

Financial instruments

The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial assets are recognised in the statement of financial position when the Foundation becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including endowment investments, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Foundation after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities are initially measured at transaction price. The Foundation only has basic financial liabilities.

16

THE DAVID LEAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

la. Income Group: Net income from trading activities and subsidiary

The Foundation has a wholly owned trading subsidiary, David Lean Films Limited (Subsidiary), which collects film royalties, administers its own funds and makes gift aid distribution to the Foundation.

David Lean Films Limited is incorporated in the UK. It transfers its distributable profits by gift aid to the Foundation. A summary of its trading results for the year is shown below.

Financial statements for the subsidiary are filed with the Registrar of Companies.

2023 2022
£ £
Profit and Loss Account
Turnover—Royalties 154,868 213,968
Cost ofSales (45.335) (46,572)
Gross Profit 109,533 167,396
Administration expenses (5,000) (5,000)
Amortisation ofIntangibles (12,240) (12,240)
Operating profit 92,293 150,156
Interest receivable 5,929 1,713
Profit on Ordinary
Activities Before Taxation 98,222 151,869
Tax on Profit on Ordinary Activities - -
Profit for the Financial Year 98,222 151,869
Total equity/assets
ofthe subsidiary 98,222 151,869

17

THE DAVID LEAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For 12months to 31 December 2023

1b. Income charity: Donations

2023 2022
i £
GiftAid distribution from Subsidiary - unrestricted 64,109 213,051
Total Donations 64,109 213,051
2. Resources expended
Analysis ofGrants £ £
Grants committed at 31 December 2022 -
Grant reductions/adjustments
Grants committed in2023 133,700
Grants paid in2023
New grants paid in 2023 (133,313)
Totalgrantscommittedat31December2023 388

Details of grants paid and committed are listed in appendix 1.

The Trustees have not received any remuneration from and have not been reimbursed by the Foundation for any expenses in the year, and there are no employees.

Total unrestricted consolidated charitable costs of £164,035 (2022: £30,908) include £133,700 grants payable (2022: (£39,265) and support costs of £30,722 (2022: £38,642).

The Foundation’s unrestricted charitable cost of £176,274 (2022: £43,148) includes £133,700 grants payable (2022: (£39,265) and support costs of £42,962 (2022: £50,882).

Restricted administration and support costs included in charitable activities costs total £3,503 (2022: £3,191).

The amount payable for the independent examination is £6,200 (2022: audit £9,550) and for tax fees £2,800 (2022: £4,560).

18

THE DAVID LEAN FOUNDATION

NOTE TO THE FINANCIAL STATEMENTS

For 12 months to 31 December 2023

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |3.|Intangible|Fixed|Assets| |Group|Film|Rights| |£| |Cost|at beginning|and|end|of year|482,365| |Amortisation| |At beginning|of year|346,565| |Charge|for|12|months|to|31|December 2022|12,240| |To|31|December|2023|358,805| |Net book|value| |At|31|December 2023|123,560| |At|31|December 2022|135,800| |4|Fixed|asset|investments| |Equities| |3| |At beginning|of year|342,075| |Gains|17,596| |Additions|233,780| |Disposals|at|carrying|value|(229,168)| |At|end|of year|31|December|2023|364,283|

----- End of picture text -----

19

THE DAVID LEAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

4a Investment in subsidiary

The Foundation owns the entire issued ordinary share capital of David Lean Films Limited, (registered numbered 3429283) a company incorporated in England and Wales.

£
Cost atbeginning and end ofyear 474,065
Impairment
At thebeginning ofyear 361,250
Charge for the year 12,240
At end ofyear 373,490
Net book value
At 31 December 2023 100,575
At31December2022 112,815

The financial information of the subsidiary undertaking David Lean Films Limited for the year ended 31 December 2023 is shown in note la.

5. Cash at bank

Cash at bank
Group Foundation
2023 2022 2023 2022
E £ 3 £
Current 353,539 419,508 138,749 239,019
Endowment 34,225 41,401 34,225 41,401
387,764 460,909 172,974 280,420

All current cash forms part of unrestricted funds of which £nil (2022: £nil) is committed to grants within one year.

20

THE DAVID LEAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

6. Creditors: amounts falling due within one year

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Group|Foundation| |2023|2022|2023|2022| |£|£|£|£| |Accruals|10,462|14,385|4,662|5,875| |10,462|14,385|4,662|5,875| |7.|Financial|instruments| |2023|2022| |£|£| |Carrying|amount|of financial|assets:| |Equity|instruments|at|fair value|364,283|442,075|

----- End of picture text -----

8. Analysis of charitable funds

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Brought|Carried| |forward|Income|Expenditure|Gains/losses|forward| |£|£|£|£|£| |Endowment|383,200|740|(3,303)|17,596|398,233| |Unrestricted|Funds|541,199|165,877|(226,610)|-|475,966| |924,399|166,617|(229,913)|17,596|878,699|

----- End of picture text -----

21

THE DAVID LEAN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

9. Analysis of net assets between funds

Investments Cash at Creditors Debtors Net assets
bank
£ i a £ £
Endowment 364,283 34,225 (275) 398,233
Unrestricted 123,560 353,539 (10,187) 13,554 480,466
At31December2023 487,843 387,764 (10,462) 13,554 878,699

10. Unrestricted funds

The Foundation’s principal source of income is royalties rights from three of the major films directed by Sir David Lean. These royalties and of other rights Sir David Lean films are uncertain in amount and duration and depend (inter alia) upon their promotion.

11. Commitments

When the Trustees have resolved to make a charitable grant and have communicated this decision to the recipient the amount committed is then treated as a creditor. No grants have been awarded subject to such conditionally that would require them not to be treated as a creditor.

12. Related Party Transactions

The Foundation receiveda gift aid distribution from its subsidiary David Lean Films Ltd of£64,109 (2022: £213,051).

S R Beard, a trustee of the Foundation and director of David Lean Films Ltd, is a director and the principal shareholder of Peter Smith (Farms) Ltd a company which, during the year received from the Foundation £47,148 (2022:£55,771) for providing office, accounting and administration services to the Foundation and David Lean Films Ltd. The amount outstanding at the year-end was £nil (2022 £nil).

The total remuneration of the Trustees of the Foundation and the directors of David Lean Films Ltd was £nil (2022: £nil).

Mr A A Reeves, a director of the David Lean Films Ltd, is entitled to a commission on the royalties received from “A Passage to India” and in 2022 received £81 (2022 £172).

MW Thowless-Reeves a trustee of the Foundation is the senior partner and designated member of Sorbus Partners LLP, who act as investment managers to the Foundation. He is also a son of AA Reeves, a trustee of the Foundation. During the year the Foundation was charged £3,303 (2022: £3,191) for investment manager fees for managing the investment portfolio on behalf of the Foundation.

22,

THE DAVID LEAN FOUNDATION

APPENDIX 1

31 December 2023

Grants and commitments 2023
Grants paid Future commitments
£ £
British Film Institute/Trust 77,000 -
National Film& Television School 30,000 -
British Academy of Film and televisionArts 20,000 -
Royal Academy ofArts 4,200 -
The Art Fund 2113 -
Total 133,313 -

The total grants made since the establishment of the Foundation in 1997 was £5.95m.

23

THE DAVID LEAN FOUNDATION

APPENDIX 2

31 December 2023

Grants
£
1998-2000 195,369
2001-2005 1,572,269
2006-2010 1,649,064
2011-2015 1,187,389
2016-2020 1,082,821
2021-2023 263,162
5,950,074
Commitments ~
5,950,074

24