Registered company number: 03724612 Registered charity Number: 1074429 Leeds Building Society Charitable Foundation Trustees Annual Report and Financial Statements for the year ended 31 December 2023 Doc ID- 6115a8c4a509823ac5962a2eaf57b31 la04bcc9f
Leeds Building Society Charitable Foundation Reference and administrative information Company number 03724612 Charity number 1074429 Registered office 26 Sovereign Street, Leeds, LSI 4BJ Trustees Trustees who served during the year and up to the date of this report were as follows: Alison Scowen Carla Marshall Christopher Bell Dominic Charkin Emma Woods-Bolger Gary Hetherington Nicola Glover Susan Moreland Timothy Steere (appointed 28 June 20231 (chair) (appointed 28 June 2023} (resigned 23 March 2023) Trustees are also directors under company law. Secretary Imogen Graham Bankers Leeds Building Society, 26 Sovereign Street, Leeds, LSI 4BJ Independent examiner Kate Adderley CA, Third Sector Accountancy Limited, Holyoake House, Hanover Street, Manchester M60 OAS Doc ID: 6115a8c4a5098238c5962a2eaf57b311 a04bcc9f
Leeds Building Society Charitable Foundation Trustees, annual report for the year ended 31 December 2023 The Trustees, who are also the Directors of Leed5 Building Society Charitable Foundation for the purpose of company law, present their Annual Report together with the Financial Statements for the year ended 31 December 2023. Included within thetrustees, report is the directors, report as required by company law. Reference and administrative information set out on page I forms part of this report. The Financial statements comply with the Charities Act 2022, the Companies Act 2006 and Statement of Recommended Practice "Accounting and Reporting by Charities SORP 2019" applicable to charities prepa ring their accounts in accordance with the Financial Reporting Standard applicable in the U K and Republic of Ireland IFRS 1021. Leeds Building Society Charitable Foundation 1.the Foundation") qualifies as a small company in accordance with s382131 of the Companies Act 2006 and this report has been prepared in accordance with the provisions applicable to companies entitled to the small companies, exemption, which includes an exemption from preparing a Strategic Report. For the year ended 31 December 2023, the Foundation was entitled to exemption from audit under Chapter 3, Section 144 of the Charities Act 2011. In accordance with Section 145 of the Charities Act 2011 the Trustees have elected for the Financial Statements to be examined by an independent examiner. Structure, Governance and Management Governing Document The Foundation is a charitable company limited by guarantee, incorporated and registered as a charity on 26 February 1999. The Foundation was established under a Memorandum and Articles of Association which established the objects and powers of the Foundation. It was established, pursuant to a Framework Agreement between the Foundation and Leeds Building Society ("the Society"). The Society is considered to be the Foundation's only related party and it is complementary to and supporhve of the Foundation's objectives. Appointment of Trustees The Articles of Association statethat the number of Trustees shall be not more than nine, and no more than three may be Directors, officers or employees of the Society. Any such appointment is made by notice in writing signed on behalf of the Society and takes effect when the notice is lodged at the office of the Foundation or produced at any meeting of the Board of Trustees. Each of the remainingTrustees, who must not be connected to the Society, may be proposed by the other Trustees and appointed by resolution passed at a meeting of the Board subject to approval by the Society. The Trustees are the Directors of the Foundation. There is no formal Trustee training in place, however the Trustees took part in a strategy day in 2023. On the strategy day, the Trustees received formal training on the legal duties of a trustee from Addleshaw Goddard and an introduction to homelessness training from Homeless Link. The Trustees have committed to another strategy day in 2024. One or more of the Trustees and the Secretary attended training and meetings hosted by the Yorkshire Funders Forum and feedback any current matters to the other Trustees via the Trustee meetings. The Trustees did not receive any remuneration or any other benefits from the Foundation during the current or prior year. One Trustee was reimbursed for travel expenses during the year at a cost of £9. Doc ID- 6115a8c4a509823ac5962a2eaf57b311804bccgf
Leeds Building Society Charitable Foundation Trustees, annual report for the year ended 31 December 2023 Organisationol Structure The Board of Trustees administer the Foundation. To facilitate effective operations the Trustees have delegated authority, within terms of delegation approved by the Trustees, for operational matters to the Company Secretary. Risk Monagement The Trustees have examined the major strategic business and operational risks which the Foundation faces and confirm that processes have been established to enable the necessary steps to be taken to reduce the impact of those risks. The key risks are the financial risk or misappropriation of funds, the operational risk of inappropriate donations being made, and the reputational risk of donations being made to a charitythat does not meetthe grant making criteria. TheTrustees monitorthese risks closely and consider the controls in place to mitigate the risks to be appropriate. Following detailed due diligence procedures, the Trustees review all funding applications and confirm they are compliant with the Foundation's grant making criteria. The Trustees then approve the payment of charitable donations depending on the strength of the application and how closely it aligns to the Foundation's purpose; to support people in need of a safe and secure home, taking into account the funds available. Going concern The activities of the Foundation are dependent upon the future level of funding received. In March 2023, the Foundation received an annual donation of £300,000 from the Society. The Foundation also received a donation of £1,671 on behalf of members of the Society who voted in the Society's AGM. A donation of £40,255 from the 'Your Interest in Theirs, members scheme was also received. The Foundation does not have any overhead costs, as all overheads costs are met by the Society as in- kind donation. The Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence forthe 12 months from the date of signingthe financial statements. Thus they have adopted the going concern basis of accounting in preparing the Trustees, Report and Financial Statements. Objectives and activities The Foundation's income is utilised for the purposes of achieving the objectives for which the Foundation was established as set out in the Foundation's Memorandum and Articles of Association "to promote such purposes being exclusively charitable according to the law of Engla nd and Wales as the Directors {"Trustees"} of the Foundation shall from time to time determine and therefore the objects meet public benefit requirements." Doc ID.. 6115a8c4a509823ac5962a2eaf57b311a04bcc9f
Leeds Building Society Charitable Foundation Trustees, annual report for the year ended 31 December 2023 Since 2022, the Foundation has adopted the purpose 'to support people in need of a safe and secure home, and has adopted a grant making strategy under this purpose. The Trustees identified six criteria themes that applications need to align under purpose; sustainability, health, financial stress, accessibility, education and advi, and security and refuge. In November 2023, the Trustees revised these criteria themes following training from Homeless Link. The revised criteria themes are: health and wellbeing support for those experiencing homelessness, quality and adequacy of housing, financial stress, and security and refuge. The Foundation's grant making strategy is divided into large and small grant schemes. The small grant programme is for UK-registered charities with a turnover of under £1,000,000. The small grants range between £250 to £1,000 for capital expenditure relating to practical items and equipment for charities that meet the purpose. The large grant programme is a minimum grant of £25,OOOto a maximum of £IOO,000 split across one, two or three years. The large grants fund core, project and/or capital costs for new or existing work by a UK-registered charity. The Trustees decided to take a location-based approach to large grants, accepting applications from organisations based in or delivering work in Yorkshire and/or the North East of England to align with the Society's head office and contact centre locations. To manage demand, in November 2023 the Trustees decided to narrow the large grant criteria. From November 2023, the Foundation will now only accept applications from UK registered charities with a turnover of £5,000,000 or less. Organisations must also be based in Yorkshire and/or the North East. The Trustees meet four times a year to consider requests for funding in March, June, September and November. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. Achievements and performance For the year under review, small grants totaling £44,969 were awarded to 43 registered charities. Large grants of £306,720 were awarded to 12 charities. In March 2023, the Foundation's Chair Gary Hetherington resigned after nine years on the Board. In November 2023, Carla Marshall, an existingtrustee of sixyears, was appointed as Chair. Emma Woods- Bolger was appointed Vice Chair. Financial review There was a total income of £391,74612022: £242,679) and a total expenditure of £398,448 {2022: £203,035) resulting in a deficit forthe financial year of £6.702 {2022: net surplus of £39,644). Doc ID: 6115a8c4a509823ac5962a2eaf57b311 a04bcc9f
Leeds Building Society Charitable Foundation Trustees, annual report for the year ended 31 December 2023 Reserves Policy It is the policy of the Foundation to maintain unrestricted funds, which are the free reserves of the Foundation at a level that provides sufficient funds to respond to emergency applications for grants which arise from time to time along with cover for management, administration or support costs should they not be funded by the Society. There is no further policy with regards to reserves. At 31 December 2023 the unrestricted funds were £75.98512022: £82,687). Plans for future periods The Trustees will continue the strategic approach to the Foundation's grant making, in line with its purpose 'to support people in need of a safe and secure home,. The Board have agreed meeting dates in 2024 for March, June. September and November. A strategic away day has been agreed for September as part of the Tnjstees, continued commitment to training and best practice. Statement of responsibilities of the trustees The trustees (who are also directors of Leeds Building Society Charitable Foundation for the purposes of company lawl are responsible for preparing the trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fairview of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing these financial statements. the trustees are required to: Select suitable accounting policies and then apply them con515tently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whetherapplicable UKAccounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed 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 operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Doc ID- 6115a8c4a509823ac5962a2eaf57b311 a04bcc9f
Leeds Building Society Charitable Foundation Trustees, annual report for the year ended 31 December 2023 2610612024 The trustees, annual report has been approved by the trustees on ................................. and signed on their behalf by: Carla Marshall Chair of Trustees ID: 6115a8c4a509823ac596282eaf57b311a04bcc9f
Independent Examiner's Report to the trustees of Leeds Building Society Charitable Foundation I report on the accounts of the charity for the year ended 31 December 2023 set out on pages 8 to 18. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 20111"the Charities Act") and that an independent examination is needed. The charity's gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants of Scotland. It is my responsibility to: examine the accounts under section 145 of the Charities Act, to follow the procedures laid down in the general Directions given by the Charity Commission (under section 14515}(bl of the Charities Act, and to state whether particular matters have come to my attention. Basis of independent examinerfs statement My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fairf view and the report is limited to those matters set out in the statement below. Independent examiner's Statement In connection with my examination, no matter has come to my attention: l. which gives me reasonable cause to believe that, in any material respect, the requirements: to keep accounting records in accordance with section 130 of the Charities Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met,. or 2. to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. AA-U 2610612024 Kate Adderley CA Third Sector Accountancy Limited Holyoake House Hanover Street Manchester M60 OAS Doc ID= 6115a8cAa5098238c5962a2eaf57b311 a04bcc9f
Leeds Building Society Charitable Foundation Statement of Financial Activities including Income and Expenditure account for the year ended 31 December 2023 2023 2022 Note Income from.. Donations and legacies Investments 388,670 3,076 241,949 730 Total income 391,746 242,679 Expenditure on.. Charitable activities 398,448 203,035 Total expenditure 398,448 203,035 Net income/{expenditurel for the year 16,702) 39,644 Reconciliation of funds Total funds brought forward 82,687 43,043 Total funds carried forward 75,985 82,687 All funds are unrestricted. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Doc ID.. 6115a8c4a509823ac5962a2eaf57b311 a04bcc9f
Leeds Building Society Charitable Foundation Company number 3724612 Balance sheet as at 31 December 2023 Note 2023 2022 Current assets Debtors Cash at bank and in hand io 40,255 225.249 42,438 172,173 Total current assets 265,504 214,611 Liabillties Creditors.. amounts falling due in less than one year li 1189,5191 (131,924) Net assets 75,985 82,687 The funds of the charity: Unrestricted income funds 12 75,985 82,687 Total charity funds 75,985 82,687 For the year ended 31 December 2023 the Foundation was entitled to exemption from audit under Chapter 3, Section 144 of the Charities Act 2011. In accordance with Section 145 of the Charities Act 2011 the Trustees have elected for the Financial Statements to be examined by an independent examiner. For the year in question, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006, The director5 acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts 3re prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to member5 of the company. The notes on pages 10 to 18 form part of these accounts. Approved by the trustees on 2610612024 and signed on their behalf by.. oJAall Carla Marshall Ichairl Timothy Steere (Trusteel Doc ID- 6115a8c4a509823ac596282eaf57b311 a04bcc9f
Leeds Building Society Charitable Foundation Notes to the accounts for the year ended 31 December 2023 Accounting policies The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. a Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparinE their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued in October 2019 - (Charities SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Leeds Building Society Charitable Foundation meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £ sterling. b Judgments and estimates Key judgments and estimates which the trustees have made which have a significant effect on the accounts include: Accounting estimates for the valuation of donated services. More detail is Eiven in notes Ildl, 5and8. When to recognise grant liabilities. More detail is Eiven in notes Ilgl and 14. c Preparation of the accounts on a going concern basis The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. d Income Income from grants and donations is recognised when the charity has entitlement to the funds, anv performance conditions attached to the item{sl of income have been met, it is probable that the income will be received and the amount can be measured reliably. All donations and legacies are from the Society and its members. Investment income represents income receivable from short term deposits. io Doc ID: 6115a8c4a509823ac5962a2eaf57b311 a04bcc9f
Leeds Building Society Charitable Foundation Notes to the accounts for the year ended 31 December 2023 (continued) e Donated services and facilities Donated professional services and donated facilities are recoenised a5 income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP {FRS 1021, general volunteer time is not recognised,. refer to the trustees, annual report for more information about their contribution. On receipt, donated profession31 services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market. a correspondin8 amount is then recognised in expenditure in the period of receipt. f Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the Bank. Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided 3t their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charitWs work or for specific projects being undertaken by the charity. The charity has no restricted funds. h Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to 3 third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Grant expenditure represents donations to registered charities approved by the Trustees and is recognised when communicated to the recipient in line with the SORP. Where there are annual reviews upon which future grants are conditional. these future payments are not recognised as a liability until all conditions are met. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with 3 short maturity of three months or less from the date of acquisition 01 opening of the deposit or similar account. li Doc ID: 6115a8c4a509823ac5962a2e8f57b311 a04bcc9f
Leeds Building Society Charitable Foundation Notes to the accounts for the year ended 31 December 2023 (continued) j Creditors and provisions Creditors and provisions are recogni5ed where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recoEnised at their settlement amount. k Financlal instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Legal status of the charity The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office address is disclosed on page l. 12 Doc ID= 6115a8c4a509823ac5962a2eaf57b311a04bcc9f
Leeds Building Society Charitable Foundation Notes to the accounts for the year ended 31 December 2023 Icontinuedl Income from donations and legacies 2023 2022 Donations Donations in kind 341,951 46,719 241,949 Total 341,951 241,949 Investment income All of the charity's investment income arises from money held in interest bearing deposit accounts. All investment income is unrestricted. 13 Doc ID: 611588c4a509823ac5962a2e8f57b311 a04bcc9f
Leeds Building Society Charitable Foundation Notes to the accounts for the year ended 31 December 2023 (continued) Analysis of expenditure on charitable activities All grants were made to institutions. not individuals. 2023 2023 2022 2022 Grants payable Small Large Smoll Large Disadvantage Illness Poverty Social inclusion Mental or physical disability Homelessness Caring responsibilities Education / advice Security / refuge Health Accessibility Financia I stress Sustainability 21,377 2,000 4,078 3,185 17,301 4,950 2,627 3,567 4,674 4, 732 1,120 11,765} 5.200 18,020 5,200 3,(K)O 12,549 48,181 136.205 50,CQO 45,106 59,485 72,334 27,333 Total grants payable 43,204 306,720 69,611 131,924 2023 2022 Support costs Governance costs- independent exam, accounts Staff costs Computer software and IT costs Training Office costs 3.600 32,352 6.210 3.079 1.344 1,363 576 1,500 Events Membership Total support costs 48,524 1,500 Total expenditure {grants payable and support costs) 398,448 203,035 All expenditure is unrestricted. Support costs were paid on the Fountation's behalf by the Society as follows.. £3,600 accounts and independent exam fee,. £6,210 for the grant management system,. £1,750 for training- £1,194 for office costs (printing 3nd postagel,. £1,363 for events; and £250 for membership fees. Staff time donated was estimated at £32,352 for the year. 14 Doc ID.. 6115a8c4a509823ac5962a2eaf57b311a04bcc9f
Leeds Building Society Charitable Foundation Notes to the accounts for the year ended 31 December 2023 {continuedl Net ir)come/lexpenditurel for the year This is stated after charging/lcreditingl: 2023 2022 Accountancy fees (funded by the Society} Independent examiner's fee (funded by the Society) 1,500 1.500 1.500 Staff costs The average number of staff employed during the period was nil12022: nill, and no recharges have been made by the Society for the service of its employees. Administration services are provided by the Society free of charge and an estimate of the value of the donated services has been calculated in 2023 and included in the accounts. Since all administration services are provided by the Society. there are no key management personnel beyond the Trustees and therefore no disclosure of key management personnel remuneration is given. Trustee remuneration and expenses, and related party transactions Neither the management committee nor any persons connected with them received any remuneration during the year (2022.. £nill. One trustee received reimbursed travel expenses during the year of £912022: £nill. During the year, the Foundation received donations of £3(K),00012022: £186,868) trom the Society. The charity also received £40,25512022- £42,438) from the Society's Your Interest in Theirs, scheme, being donations from the Society's members. AGM incentive schemes and survey donations of £1,696 were also received12022- £3,317), these were donations from the Society under a membership votin8 scheme. The society paid for various support costs on the Foundation's behalf and provided staff support for free. The total value has been estimated at £46.719 this year12022.. £1.5001. Aside from the above. no trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity. including guarantees. during the year12022= nill. Corporation tax The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity. 15 Doc ID- 6115a8c4a509823ac5962a2eaf57b311a04bcc9f
Leeds Building Society Charitable Foundation Notes to the accounts for the year ended 31 December 2023 {continuedl 10 Debtors 2023 2022 Accrued income 40,255 42,438 40,255 42,438 11 Creditors: amounts falling due within one year 2023 2022 Grants payable 189,519 131,924 189.519 131,924 16 Doc ID: 6115a8c4a5098238c5962a2eaf57b311a04bcc9f
Leeds Building Society Charitable Foundation Notes to the accounts for the year ended 31 December 2023 Icontinuedl 12 Analysis of movement in unrestricted funds Balance at I January 2023 Asat31 December 2023 Income Expenditure Transfers General fund Designated fund 82,687 391,746 1398,4481 111,5881 11.588 64,397 11,588 82,687 391,746 1398,448} 75,985 Comparative period Balonce at l January 2022 Asat31 December 2022 Income Expenditure Tronsfers Generalfund 43.043 242,679 (203,035) 82,687 43,043 242,679 (203.035) 82,687 Name of unrestricted fund Description, nature and purposes of the fund General fund The free reserves after allowing for any designated funds Designated fund Funds set aside for small grants agreed by the committee, but not yet communicated to applicants 17 Doc ID- 6115a8c4a509823ac5962a2eaf57b311a04bcc9f
Leeds Building Society Charitable Foundation Notes to the accounts for the year ended 31 December 2023 {continuedl 13 Analysis of net assets between funds General fund Designated funds Total 2023 Net current assets/lliabilitiesl 64,397 11,588 75,985 Total 64,397 11.588 75.985 Comparative period General fund Designoted funds Total 2022 Net current assets/{liobilities) 82,687 82,687 Total 82.687 82,687 14 Contingent liability The charity recognises a contingent liability of £170.614 in the accounts in 2023. This relates to large grants payable in 2024 and 2025, subject to grantees complyinB with certain conditions. Compliance with the conditions is not within the charity's control. 18 Doc ID: 6115a8eAa5098238c5962a2eaf57b311804bcc9f