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
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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
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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.
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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."
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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).
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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.
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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
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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
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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.
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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