The Lorana Sullivan UK Foundation IA conyany Limited by Guarantee) Trustee5' Annual Report and Unaudited A¢¢ounts Fty the Year Ende(I 31 March 2021 (Company Registered No. 3821824) {Chanty Regj$trat￿ft No. 1078955 {England an¢J Walesll 2110112022 COMPANIES HOUSE #221 The Lorana Sullivan UK Foundation {Regtstered Company Number 38218241 (R•glster¢d Charity Nurnb•r 10789551 Fin•n¢lal Statements Year •nd•d 31 March 2021 Contents Page: Legal and'administrative infomiation Tnjstees. repcwl Independent examinerfs reFxxt Statement of firwiaal actiwt 10 Balance sheet 11- 16 Notes to the finanaal statements The Lorana Sullivan UK Foundation Legal and admlnistrativ• inforniation Trust••s Hary Friedberg Michael Gillard Melw Marckus Maura McDermott Marilyn Ordover Richard Sir SÈcrÈt Michael Gillard Charlty numb•r 1078955 Company number 3821824 Registered office Vtcicffia House 26 Tilehouse Street Hrtchin Herttor(Jshire SG5 2DY Independent Examiner Heather Wheelh(MJ5e BDO LLP Bridge*ater House Counterslip Bn'slol BS1 68X B•nkers HSBC PI¢ The Helicon 1 South P￿ce London Soli¢itors Ross w￿lIamS Vi¢toria House 26 filehouse Street Hitchin Hertfordshire The Lorana Sullivan UK Foundation . forthe year end￿ 31 l&Ych 2021 The Trustees are please(J to present their rep￿ finanual ststements for the year ended 31 March 2021. The financial statements have been prepa￿d in a¢¢ordan¢e wth the a¢u)unting policies set out in note 1 to the fjnancial statements and comply wrth thÈ Charitls Memorandum and Ar1ides of Assoaation. apFlicable law and the requirement of the Statement of Re¢cxnm¢n¢Jed Practice. -Accwnts"ry and ReportMvJ by ChaTlties- issued in January 2019. addr¥5s of the registsred office Vthia Hous¢..26 Tlehase Str¢et. Hitchin. H*lfordshire. SG5 2DY. Obje¢tiws of the ¢havity The Lorana Sullivan UK Foundation is a ccrfnpany limiled by guaranlee and a wt5tered charity govemed by the emor3ndum and Arts"cle5 of A5sociats"on. The t￿licieS adoptsd in furtherartt of these cojectives are to advance any charitable purpose as the Trustees in their absolute disCretic￿ see fit. The objectives dause of the Memorandum of Associatton was amended ￿ 14 September 2004 {Ihe revised Memorandum"). with the Charity Commisswjn's consent. to eTrsu￿ consislency with the objectives of the Lorana Sullivan Foundats'on Inc.. so thal it now reads.. Yo advance any charitable puryx)se recognised in English law that the Council of Management of the Charity in their absc4ute discretion think fit. including but not lirnited to the advancement of edvcatson at the Columbia Univewsity Graduate School of Joumalism lin the USA) and the relief of financlal need of wom•n $tLK1￿ng InveSt￿alIve and trMJsiness ioumalism by the provision of financial as5isian¢e including scholarships.. The Charity also looks lo support edutstion and Fmprovement of slandards in investigative jwmalism. particularfy in the ￿PortIng and understanding of business and finance. Publlc benellt The Trustees have given due Wnsiderati¢￿ to the Charity Commission's published guidance on the operation of the public benefit requirements. The Truslees are satisfied that Ihe Charitys obiecb.ves outlined above continue to meet and sats.sfy the pubk'c benefit test of the Charity Commissk)n. Oryanlsatlonal slThctsre The Trustees have general contrc4 management of the administration of the Charity. including, but wthout limitaiion, Ihe management. invesirnent and applution of the Charills fvnd5. The Trustees arè appointed in ccordance with the Aiticlès of Association of the Charity by the Trustees at a Board Meeting and there 15 no requirernent in the Artides for any ol the Trustees lo be US or UK residènls. Nèw Trusteès are appointed after setectson and nomination by existing Trustees on the basis of their kno%￿edge of andlor interest or participalion in joumalism and promotion of the CharitV5 aims_ Those Trustees vtho are ￿Sident in Ihe US are ￿nSulted on all decisions vthich affect tr*• investment or apF4ication of th8 Ch3ritls funds but are not necessarily consulted. sJnless required, on the day to day managernenl of the Charily and its proF*rty. Markham's Lodge. near Hitchin. Hèrtfordshire in England. Markham's Lojge, was first leased to Youth Wrth A Mission ￿rnited {YWAMI. a charity supported by Lorana Sullivan, on 10 February 2006 for a terni of 7 Jears and 9 days at a peppercem rant. This kase was renewed on the same terms in January 2014. after Ihe complelion of 5ub5tsntial improvements to the property, for a further seven years and nine days from 11 February 2013. After the future ol Markham's L¢>Jge was reviewed by the Board. it was agreed Ihal the lease with YWAM should be renewed on Ihe same terms for a further terrn of 7 year5 and 9 day5 from 20 February 2020 under a lease dated 3 Augus12020. An agreed schedule of repairs was ¢ompleted as a condition of the new lease. The tenant reimburses the cost of buihlings insurance and is 8150 responsible fcff renewal, mainlenance and opaÈr ¢1 the propertyfr￿n the date crf the lease. The Lorana Sullivan UK Foundation TNstees' report forlh• ye•r end￿ 31 March 2021 (continued) Oryanisational stvucture (convd) A local agent inspects the pmperty wularfy and reports lo the Charity. The Charity also instructs a Surveyor lo cary out a sur¥ey so thal rnaintenan¢e and repair 15 addrèsstd on a regular basis. The tÈnant bears the cost of the inspe¢tionslsurveys. The lew is othernryse in fawty slandwd form. save that the ten￿)1 ca￿r￿t assign or othewse part VAth the lease. The Charity is pemiitied to delegate investment Fowers to a financial manager in accordance wth clause 31fj of the revise(l Memorandvm. Oecisions concerning the inve5trnentand appIl￿tion of the Chartys funds {among olher utiesl may be delegated to commiltees by the Truslees pursuant to Article 49{al of the Articles of Associab'on I"AJticles'l inserted by amendment on 26 May 2005. At ￿ same b.me variou5 Other amendments were made to the Articles, inclu(ling the ability to hold meetings of Ihe Tnjstees and committees by sulta￿e electronic means. It was decided at the Board. meeb.ng 0121 Oclober 2015. to form a comrnittee comprisÈ¢J of the enbre Board to deci¢Ye investment policy. As a resurt, any subsequent 8oard meeb"rvJ is deemed to be a meeting of the investment cornmittee. At the same Board meelirwJ it was also agreed to forn) a committee comprised of the entire Board to decide ￿ jOLJmalism related issues. Any subsequent Board meeting is a150 deemed to be 8 meelj.ng of that committee. The Trustees. mÈmbefS and directors of thè Company a￿ idenbcal. Revlew of activltles The late Lorana Sullivan made twg WilLs for her knierican and Erylish estates for which the major beneficiaries were a US ehariiy. the Lorana Sulliron Foundabon Inc.. and this UK charity, to be incr)rporated on her behalf respectively. By a Deed of Variation entered into on 9 March 2(KJ1 tmth Court approval. the bequest to thè Lorana Sullivan Foundation InG. vra$ varied to en5ur¢ that the bulk of the assets bequeathed to Ihe American Foundation benefil the UK Foundation. The Deed of Variatson was approved by the Surrogale's Court of Chemung County in Elmira, New York, USA. The US probatè was concluded in J8nuary 2015. wher￿ptsn the US assets held by the Administraloi were transferred inlo Ihe name of the UK Ftyjndation and ap￿led for its charitable purpose5 but conb.nue lo be held in the United states in compliance with the Decree of ihe Surrryjale's Court Unkn"l that transfer the US assets did not form part of the UK Foundats"(Jn's assets but the Tnjstees of the UK Fc*Jndab"on had gr¥en Iheir approval to the applicalton by the Administrator of some of those funds for 5perific cha￿talle purposes within the UK Foundation's Memorandum and Ajtrles. A final transfer frcyn the US estsle was made on 16 January 2015. The Charity inherited the sChola￿hIp prD3rammè 81 Cdumts'a Universbtys Graduate Schod of Joumalism in New York, begun in 2001 by the Sullivan estate in accordance wrth Lorana Sullivan's wi5he5 8$ a former alumna of the School. A maximum of two full scholarships werè awarded every ￿al. m¢ye recently for the MA business and finance course. The scholarship programme ended with the awarding of a final three scholarships lo Candidates from the Unbted States for the 2018-2019 academic ypar. In association wth the Sullivan estale, the Charity agreed lo fvnd, an inib.al five years. the Lorana Sullivan annual memorial lecture series. on topi¢al subj.ects rdevant to both business and inve$tigab"ve jgumalism, to be held at Columbia University. The inaugural lecture was held in October 2014. Speakers included Stephen Cdl. Dean of the Columbia Graduate SchLY>I of Joumalism, Bethany McLean of Vanity Fair. Di8na Henriques of the New York Times and Tim O'Brien. author ol Trump Nat￿n. Funding for ihe lecture series has now ended. Due lo the Covid-19 pandemic the annual CIJ inve5bgative j¢yJmalism summer 5thoollconference took ￿ace entirely online over six days in July 2020 via ZoNn and the CIJ YouTube channel. Though scaled down, the programme cornprised seven free talks ￿￿S five paid-for training Courses w0¥￿ed by 20 speaker5 and trainers. The￿ w85 a total audience of 500, induding frcmn Ghana, Russia. India, Canada, USA, Mexico, and Argentina, vAth 130 attending th• online paid-for tra￿Ing courses. Nofinancial report requi￿￿ from the Charity. The Lorana Sullivan UK Foundation for the year ended 31 March 2021 (eonlinued) Review of •¢tivitiÈs (¢¢JntJd) During 2019 the Charity agreed to fund a txjrsary training scheme in memory of LyTa McKee, Ihe joumalist killetl in Londonderry in April 2019_ The funding is for an inr(ial Ihree-year peric¥J. at an annual cost of £10.000.. The scheme is designed to pfovide training for young. *￿Ul￿-be ioumalists from minority and otherw7se di58dvantaged comrnunilies in the UK and Ireland, including attendance at the annual CIJ conferencè in London. The McKee family subsequenlly agreed to [￿￿11e funding for a fourth year. Eleven ￿ndIdates.- from 47 applicants- attended the 2019 CIJ conference with Ihe hdp of Ihe bursary scheme. The scheme was another casualty of Covid-19, being suspended for2020. However, during the year outreach events were held in Belfasl and Hull to increase the number of fvture applicants. More than 200 attended these events. It was also agreed in 2019 to fund a series of CIJ regional conferencelworkshops to ￿ hèld around the UK. The first such one4ay event was held at Newcasue Unive￿[LY in November 2019. Students and academics made up the majority of arojnd 80 attendees. Funding of £10.000 was Frfovided by the Charity. The pan(JemiG prevented any similar evw)t during the year. In 2018 the Charity agreed to fund annual Lorana Sullivan Fellowships at ProPulAica. the New York-ba5ed non-profit publisherspecialising in invesb"gats"vejoumalism. cosb.ng a total of 5115.000 each year for an initial three- year period beginning 1 August 2018. The fellowships a￿ awarded by ProPublica to PTornising young joumalists lo improve reportirKJ on trMJsiness ssjbjects. The Charity considers this funding to be in keeping wth tha puty1￿ Inte￿St purpose of promoting and improving invesligative business jownalism. especsally for women and minorities. The fellowship programme was re￿ewe(l and approved for a second ye8r in May 2019.The programme was further rewewed duriThJ the yearand rewsed to one annual fellowship of $75.000 with effect from April 2021.To date five fellow5hip5 have been awarded. The Charity has been considering the funding of a new scholarship programme atthe City University of New York's Craig Newmattt Graduate Scho)l of Joumalism. Hthvevw. in wew of the impact of the Covid-19 pandemic on the bility of CUNY sludenls to wxplete thwr stu(lies. the Charity deaded to postpone that decision and instead support CUNY'S $1 million Fuiure Joumalisl Fund appeal lo assi%t students in need offinanckgl support. The Charity donated $100,000 in April 2020. That donation was matched by other donors. CUNY confirmed that. as a result of the success ol the appeal. all 98 members of the J-school class of 2020 graduated and none were forced lo leave for financial reasons. A further $SO.000 wa5 donated in February 2021. The appèal ensLbred that 88 members of the J-schod class of 2021 were able to gra(luate. Financial Revi•w During the year under rewew the Charity received income of £37.2CQ1£53,3001. mosvy in the form of investment Income. Expenditure amtAJnted to £187.2141£134.9941. Reserves at the year end were £2.239,9761£2,109,7641. A 2013 agreement wilh Cc4umt4a Universrty. regarding the Kluge Cenlennial Scholar5 Match projed, provided for an endowed Scholarship fund. the Lrxana Sullivan Sthdar5hip for Inv¢sb"gatr¥e Joumalism. to be established from the 2..1 malching of the CharitVs"agreed dOnati￿S of $1,232,250 by 2019 under the ryiginal Sullivan scholarship scheme. The Charity received o￿TirMa110n that $2.464.$00 in matching funds had been received by 30 June 2020 wrth which to provide the new Sullivan schdarships. beginning in the 2018-19 academic yEar_ The full amount due to be donated by the Charity lo CrAurnkJ"a by 30 Junè 2019 under Ihe original 2001 Sullivan scholarship prc4Jramme was accounted for in the 2017 accounts. Consequently the charilable expenditure in the previous year'5 ac¢ounts doe5 not include the final Columbia 5thokgrship pa￿ent of $191.442. made in July 2019. After making appropriate enquirie5. the Trustee5 have a reasonable eXPeCtat￿n thal thè Charity has adequate resources to contsnue in operational existence fu the foreseeaL4e f￿U￿. This includes considefalion of the irnpact of Covid-19. Incomè from Investments tradth"onally varies from year to year but has not, tts date, been adversely affected by the pandemic. The Charity has sufficient funds to manage itserr I￿the foreseeable future. The principal item of expendittjre is grants fry educational scholarships olher educational events. Eath project is subject to applicati￿ and. on each occasKJn. the Trustees can decide whether to make Ihe grant and its amount, laking account of Ihe¢r assessment of the irnFmYtan￿ of the prqecl and the financial siluation of the Charity. Even if the Charity received no further Income (which the Trustees ￿gard as most unlikely). the Charily can sustain a comparable level of actsvity for the next years ai a minimurn. thi5 rea5￿. the Truslees ￿tinUe lo adopt the going concern basis in preparing the finanoal ststements. The Lorana Sullivan UK Foundation Tw$tees' repryt for the yeav ended 31 March 2021 (conbnued) Achievements and Perf•rniane• By July 2019 $2.210,000 had been donated since 2001 by the Sullivan estate and the Charity under the original Sullivan scholarship programme to fund 31 full schdar5hips al Colum￿3 Universrty. These We￿ awarded to joumalisls from the UK. Ireland. Canada, China, Denmark. Israel, Norway and the Uniled States. Tr scho18rship provided an opportunity, which otherwise would have been impossible. for promising joumalisis. predominantly women, lo study at the prem*r joumalism schcol. thereby subsequenlty enhancing public knovAedge and understanding of business aThJ finance. These donats'ons also enabled the creat¢on, wth a rnLYe than $2 million endowment. of the new Lorana Sullivan Schd8rship for Inve$tigab"ve Joumalism at COlum￿a Univetsrty beginning in 2018.19. So far 12 scholarships have been awarded. moslly to women ioumalists. Ircwn Ihe UK. Cw)ada, Egypt. the Philippines and the United Ststes. Support fc* the CIJ summw ￿h{¥ll &n¢e 2LK13 has madg possknle affordabje and exlensive Iraining lor more than 2000 joumalis15, Students, researcheTS, academics. trade unions and non*¢)vemmentsl organisation$, primarily from thè UK but also induding 35 u)untries from Azerbaijan to Yemen. Bursaries funded by the Charity enabled attendance by joumalists from the R￿Da communty in the UK arKI Central Eufope. Fdlowing on frorn its past Sup[￿ for CIJ and Tax Justice Net￿rk *tJrkshops f(Kused cm understanding company accounts and accessing internab.onal company data, Ihe Charily provided £50.000 to support Finance Uncovered, a not-for-profit organisation 4thich aims to enhance pU￿•C understsnding and exposure of international corporate tax avoidaneè. offshorè rnoney flows and corrupb.on by Ic¢al pdib"cians and govèmmènt officials. This funding covered the cost of t￿TsarieS for some 20 joumalists from eastem and central Europe, the MTrddle East, Africa. Asia and Labn AmÈricA ta attend tvrt) -Follthv the Monef Vthrykshops in London durin9 2017. No furlher fLmding has been pmvttled. Public understanding of company accc¥Jnts has been further advanced through the Charity5 fvnding for The Invesfy"galive Joumalists Gu￿e to Company Accounts. Wrthen by forens￿ accountant Raj Bairoliya. some 1000 copies of thi$ unique haftdt<￿k have been distritsjted. First published in 2014. a second. updated edrtion VRS published In 2018. Futwe plans A scholarship programme at Cily University of New York's Craig Newmark Graduate School of Joumalism remains under discussion with CUNY. Mean￿lIe, the Charity has provided fvrfher assistsnce lo CUNY'S Future Joumalist Fund appeal to assist students during the conlinuing Cwd-19 crisis. Further donatsons to the Ctntré for Investigative Joumalism are reviewed bythe Charity on an annual basis as well as its support for the investigative sumrner schoolltt)nfeTence. The 2021 CIJ pmgramme #gain took place online due to the pandèmic support frtyn the Chaniy. The lomial far the 2022 event has to be decided. Support 1$ expected to ￿￿tinue for the CIJ regional conferences On￿ Cowd-19 restr￿￿)￿5 are removed. . Support will also continue for the LyTa •A¢Kee bursary wogramme. During 2021 the ￿heme was rev¢sed to indude an additional online mentoring elemenL A second year of the scheme. conducted ents.rely online. look pla¢* during 2021 with support from the Charity. A third year of the bursary scheme will be funded in 2022. 11 Is expected to continue SUp￿rt in 2022 for the revised PrOPu￿1ca fellowship scheme. When pOs￿￿e the Charity plans to continue supporting the prowsion of courses and serninars lo improve general understsnding of company accounts and lo thnsider sUP￿)rtIng Ihe publution of further CIJ handbooks. An online digital archrve of more than 2tKJ newspaper wlides by Lorana Sullivan. wblished between 1968 and 1994, 15 expected lo be made availatAe during 2022 to asyst in the understsnding. ￿searChing and teaching of busine55 trustory. The Lorana Sullivan UK Foundation for the year ended 31 March 2021 (¢onrfnuedJ Investnmnt pow•r* The TrLtslees. f(Alowing the Iransler of US as5els from the Sullivan estale and the subsequent dosure of Ihe Lorana Sullivan Foundation In¢.. make deci￿On5 on investments whith they are empowered to do by the AJ1i¢le$ of Assc¢iation ofthe Charty arK5 under the power delegaled by the Trustees lo the investrnent committee of the entire Board, in a¢¢ordan¢e with Iheir k>)wers in the Articles of As%)cialion and the Board decisK* of 21 October 2015. The Charity's US assets are held in a FK)rtfolio of invèstments managÈd by Advisors Capital Management of Stamford. Connecticut. USA. In January 2008 $700,¢J)O was transferred to the Charity a5 a tharitable th"stribution fnjm the US estate. In October 2008 $410.000 was transferred to the Charity as a sewrKI tharitsble distributi¢￿ from the US esiate. This was managed on the same basis as the balance of the US funds. The remaining US assets have only formed part of the Charitys assets since the transfer from Ihe Sullivan estate. On 16 January 2015 the US Investmenis held in the name of the Lorana Sullivan Foundation Inc. were transferred to the Charity followng completion of probate for the US estate of Lorana Sullivan. The value transferred was £1.527.900 {$2,266,901). Resetves poll Th8 8oard has agreed a Oicyto relain sUffi¢ientfW￿￿s in re5eryesto meet immedi*e exponses lo provit1e f18xibillty and resilienGe to cover any shryt-lerrn funding crisis or a medium-lerm recess10n. Following the transfèr of the assets of the Sullivan Èslate in thè Untted Statès. the Charity has adequate assets to seNe its charitable mission for a reasonablè number of giveft the amount of the original fund. The US portfolio ensures that fund5 are readily availaNe to meet the Charily's ex￿eted expendilure in the UK or the US for the next 12 months. This is currenlly budget￿ at £115.¢￿0 lof the year to 31 Marth 2022. At the end of the 2021 financial ￿ar. £2.239.976 (2020: £2.109.7641 VAS held as unresth'cied funds. Tru95tees The Truslees. who are also the directors for the wrpose of company law. ¥kno served during the year were.. Harry J Friedberg Michael Gillard Melvyn Marckus Maura McDermott Manlyn Ordover Richard Singer None of the Truslees have any beneficial Inte￿St in the Charity. PJI the Trusiees are members of the Charity and guarantee lo contribute È1 in the event of a wnding up. Risk factOV9 The Trustees have asse55ed Ihe rnaior rislKS lo the Charity i% exposed, irKknding from the CovTrd-19 pandemic as set ￿t in the Charities SORP Committee's advice dated 23 k4arch 2020. As the Charily does not fundra¢se ant1 h8s no employee5. other than ihe Trustees. or volunteers they are satisfied that any Covid-19 impact wll be restricted lo the possible delay in its charilable operations and any Fotential short-term implications fer the investment portfdio from futuffj adverse reactions on the US stock market. The Tru$tees are satisfied that policies are in pLice to mitigate exposufe to any such risks. The Lorana Sullivan UK Foundation suL4ed ttsthe srTrall tornpani85 regvne 15 Cgnw"e5 Ac¢ 21>%. Oa* LV The Lorana Sullivan UK Foundation INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LORANA SULLIVAM UK FOUNDATION FOR THE YEAR ENDED 31 MARCH 2021 I report lo the charity's Trust￿ on the of crynpany for Ihe year ended 31 March 2021, vknich are sel oul on pages 9 to 16. Tlis report is made solely lo the charitvs tru51ees. as a tKdy. in accordance Regulab"on 31 of the Charilies {knounts and Repx>rts) Regulalions 2008. My wryk has IKen Ur￿ertaken $0 that I might stste to the charitys trustees Ihose matters l am required to state to them in an independenl exarninerfs rep(¥t and lor no other purpose. To the fullest extent permitted by law. I nol a￿ept vr assume ￿$[￿$1b111fy to anyone other than the charity's trustees as a body. for rny work. for this Tepcrt or for the statement I have made. Responsibilities and basis IOT rewt As ihe charitys trustees of the Company land also ils director5 the purwses of Company lawl you are rèsponsiblè for the p￿para￿On of the accounts in accordance wth the requirements of the Companie5 Act 20C6 I'the 2006 Acl'l. HavThJ satisfied mysell Ihat the accounts of the Company are ￿ul￿d to tye audited under Part 16 of the 2006 Act and are eligible for independent examination, I rewt in respect of my examination ol your charity's accounts as carried oul vnder section 145 of the Charitie5 Aci 2011 {'the 2011 Act.). In carrying oul my examination I have folhjwed the Directions given by the Charity Cc¥nmission under section 145{51 (b) of the 2011 A¢1. Independent ex￿l￿eT'S statement I have completed my examinalion. I confirm thal no matters have cxxne to my attention in connection with the examination giving me cause to believe- accounting records not kept in respe￿ of Ihe Company as requi￿￿ by section 386 of the 2006 Act.. 2. the accoun15 do not acoyd vnth those records: ty . 3. the accounts do not GomFAy with acGounts"ng requirements d seclion 396 of the 2006 Acl other than any requ*ement that the accounts give a 'true and fair view wthich is not a malter ￿n5Ndered as part of an indeperKlent examination" or 4. the accounts have not been ￿pared in accordance wilh the methods and prrnryples of the Stslemenl of Recommended Practice for accountir4J and re￿tsng by chanties [ap￿l￿ble to charili¢s preparing their accounts in accordance wth the Finanual Rep￿￿ng StarKlard applicable in thÈ UK and Republic of Ireland IFRS 10211. I have no concerns and havè come aexoss no othÈr matters in connectK)n *iih the examination to which attenlion should be drawn in this ￿port in order to enable a Proper understsnding of the accounts lo be reached. DA15PEI)7504515J Heather Wheelhouse, ACA BDO LLP Bristol Uniled lQngd(yn Date 19 January 2022 The Lorana Sullivan UK Foundation Statement of financial activ•ties {Incorporating the income and expenditure xeount) lor the year ended 31 March 2021 Unrestricted 2021 Unrestricted 2020 Note Income from: Investmenl incLxne 36.130 49.723 Other inccwne 1.070 3.577 Total 37.200 53,300 Exp•ndltur• on: Rai￿n9 funds 14.550 21.826 Charitable acti¥￿eS 172.664 113,168 Total 187,214 134,994 Gainl(Lossl on investments 407,690 196.6751 Net Gainl(LossI on revaluation of investment PTOF*rty 175,000) Nel incomellexpenditure) 257.676 (253.369) Other re¢ognised yinslllosses) Forelgn exchange (k)ssygain (127.464) 67.103 Net movement in funds 130,212 1186,2661 Fund balances al 1 April 2020 2.109,764 2.296.030 Fund balanc•s at 31 March 2021 2,239,976 2,109,764 The ststemenl of finan¢ial aCtiV￿e$ also Complies th the requ1￿ments for an in¢ome and expendilure account ynder the Companies Act 2006. Al amounts relate to continued athvIt￿S. The notes ￿ pages 11 to 16 fomi part of these accounls The Lorana Sullivan UK Foundation as at 31 Ilarrh 2021 2020 10 1.447.420 11 2249 Credrtovs: Arnwnts wthin (•e 12 1*.693J (3.028) Nelcurth assets 157.4441 (￿) 1239.976 2.lQ9.764 ii(rJ,764 UnvE5trrct¢d fwids 14 lJft9.976 1,259,764 I￿.97$ 2.109.764 pro￿s￿￿)S of Sti￿n 4r1 of the C￿￿pa*S ALI 2(t6 Affj rn￿be￿ hatE not requwed Ihe Chwity resped lo ￿Urth9 rewrts 8TrJ prepWiryffi￿rQal ststerneftis. iothe smal ¢(ryanies regthe LK aNITA*reswJrtedon its fjthaiiby.. Giha Tt* ￿leS ￿ page5 11 to 161¢mi K•rt OItt￿ acaxmts 10 The Lorana Sullivan UK Foundation Notes to the accounts for the year ended 31 March 2021 General information The Lcfana Sullivan UK Foundation is a tyivate limiled wnpany in¢￿￿ted in Englanil and Wales under the Companies Act. It is a company limrted by guarantee. The address of Ihe registered office is Victoria House. 26 Tilehouse Street. Hitchin. Hertf¢ydshire. SG5 2DY. The financi￿ slatements are prep￿ed in p￿IK1 slerfing (£1 and the fwJures are rou*Jed to the nearest £1. counting pollcies The principal accounting poliues adopted. judgements and sources of eslimaiion or uncertainty in the eparation of the financial slaternents are as follows= (8) 8asis of preparation The fft7artcial slaternents have been preparèd in aCCOTdance with the Accounling and Reporting by Charf(ies. Staiemenl of Recommended Practice applicable to charities preparing thèir account in accordance ￿th the Financial Reporling Stsndard apF4icable in the UK and Republic of Ireland IFRS 1021 effective January 20191- ICharib"es Sorp FRS 1021 the Financial Reporling Stsndard applicable in Ihe UK and ReputrJi¢ of Irdand {FRS 1021 and the Cwpanies kt 2006. The Charity is a company limited by guarantee. The members ol the Charlty are Ihe Tnjstees named on page 2. In the event ol the Charity being wound up, the liability in respect of the gu8r8nle8 is limited to £1 per member of the Charity. (bj Going concem The Trustees cty)fim that at Ihe time of apwbvng Ihe financial statements. there a￿ no materTal uncertainties regarding the CharIt￿S abilityto conts'nue in operab.onal existence for the foreseeablè futurè. In arri￿n9 at Ihis conclusion, the Trustee5 have tsken a¢¢ount of cJJrrent and anticipaled finanual perfomiance in the Gurrent eccmcmic condrtions and its ￿seryes posilion. This indudes ¢onsidèration of the impacl of COVIt%19. Investment income has not yet been adversely affected by COVIO-19. The Charity has suffiaent fund5 to marwe itself lor Ihe foreseeable future. The principal item of eX￿n￿lture is grants for the conduct of scholarships. Each project is subjecl lo a formal application and, on each occasion. the Trustees decide whether to make the grant and its amount. taking account of the financral siluabon of the Charty. The Tnjstees consider that the Chartty can sustain comparable level of acts'wty forthe nexl two years at least. For thi5 reason, the Tru51ees contsnue to adopt Ihe going concern basis in preparing the finarttsal slatements. In October 2021 the Charity had approxim*ely £4.835 of eash available. Thè trustees have prepared a stress test and this ¢onfims that shoukfj no further income be received. because of the asse15 in the US FK)rtfolio, the charity is able to meet tts liabilrties as they fall duÈ at a minimum until the ènd of 2022. (c) Incorne AJI incomin9 ￿￿mIrceS are 1ndl￿ed in the SOFA the Charity is legally entitled to the incorne and the amount can ￿ quanlified %wth reasonable accuracy. Grfts in kind a￿ Inchjded at the value to Ihe Charty ththere this can be quantir￿d and a third party IS . teariTrJ Ihe tosi. 11 The Lorana Sullivan UK Foundation Notes to the acc¢)unts for th• y•ar ￿ded 31 March 2D21 (continued) Accounting policies fconfr'nued) fdj Expenditur9 AJI expendrture Is ac¢cwnted for on an accruals basis and has been da55if*d under heading thal gregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocaled lo acts'vits'e5 on a basis consistent with use of the re50ur¢es. Governance costs are those incurred in connection 7Mlh Govemance of the Charty and compliance constitubonal and stalutory requirements. (e) Reserves ReseNes are unrestrthd funds generated for the objects of the charity withoutfurther specified pUr￿Se and are avaitsble as general funds. (O Inveslmenl pmperty Investment property 1$ carried at f•K value detemiined annually by the tnjstees. taking in to account any external valuations. and derived from DJI￿nt market indices and trends for commercial office property. adjusted rf necessary for any dffierence in the nature. ILKab"on ty Condition ol the specific asset. No deprecIats'c￿ is provided. Changes in fair value are recognised in Ihe Statement of F￿nanCIal Activities. Every few years the walue of the pryerty is determined by an independent valuer. (g) Investments Fixed asset investments are a form of basic financial instrurnent and are initially reccsnised at their transaction value and subsequently rnea5ured at thetrr fair value as at the balance sheet date using the dosing quoted bid fflarkel value at the dose of IMJsiness on the balance sheet date. The Slatement of Financial Activities includes the net gains and losses arising on ￿valUatIOnS and disposals throughout the year. (h) Cash and cash eouwalents Cash is represented bycash in hand and dekK¥sits ￿ financia5 insts"tub"ons ￿pa￿a￿e without penalty on )bce of not more than 24 hLWfS. Cash equivalents are highly IHJuid investments that mature in no mo than three rnonths Ircmn the date of acquisiliw and that are readily c￿Ver￿"bIe to known amounts of cash with inswntficant risk of change in value. (i) Creditors Short-tem creditors are measured at the transac11¢￿ price. Other financial liabilities. indudry bank loan5, are measured initsally at fair value. net of tran5aGb"on ry)sts. and are measured subsequently at aM￿LSed cost using effects've interest method. ? Financial instwmenls The charity only has finanual assets and liabilities of a kind that qualify as basic financial instruments. Basic finanaal instruments are inib.ally recognisèd at transactK)n value and subsequently measured al their setuement value. 12 The Lorana Sullivan UK Foundation Notes to the accounts forthe ￿ar ended 31 March 2021 (eontlnu•d) (kj Foreign ¢unvn¢y lonslab£)n Funct￿landPTesenI4Ix)n ctmrency The chwtys fvnctional and kyesentalional ciyrency is GBP. Foreign Currency transactions ￿ tran￿ated into the funclional ¢urrency using the spot exchange rates at the dates of the transactions. Al each period end Ir*ei￿ currency monetary items are translated usiry the closing late. Non-monetary items measured at historical cost a￿ translaled usirwJ thÈ Èxchange rale at Ihe d8tÈ of the transactson and non-monetary rtems measured at fair value are measured using the •xchange rate when fair value was detemiined Judg¢ments In applylng acuwntong polldes and key sources of estimat•on uncertalnty In the applicatKJn of the trusfs accoJntirrfJ poli(ye& the Trustees are required to make judgements. estimates and assumpti￿$ aboul the carryng amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assoc¢aled assumptions are based on historical experience and olher faclor5 thal are consi¢Jered to be relevant. Aclu81 results may differ from these estimates. The estimates and undedyng assumplNyts are ￿vieWell an ongoing basis. Rwsions to accounting estimates are recognised in the period in *thich the estimate is rewsed il ihe revision affects only that period. or in the penod of the rewsion and future pen¢)ts rf the revision affects both current and future periods. Investment properties we ¥￿Ve0 annually using methcx1olcgy based ￿ ￿ureS available publicty relatsng to the changes in market value of pryerty bul there is an inewtable degree of judgement involved in Ihat e8eh propety is unique and value can onty ultimately be reliably tested in the market itself. Inv•stm•nt income 2021 2020 Dividends receNable 36,130 49.723 Oth•r Incom• 2021 2020 Reimbursemenl of insurance and other costs Inleresl 1.069 3,572 1.070 3.577 13 The Lorana Sullivan UK Foundation Not•s to the accounts forthe year ended 31 March 2021 (¢onrfnuedJ T•tal expendltur• 2020 Raising fvnds (see below) Charitable expenditure 14550 172.664 21.826 113,168 187,214 134,994 Costs relaling to raisiThJ tunds ccvnprise: Insurance Investmenf management fees Survt 1.662 11888 1,726 17.536 2.564 14.550 21.826 Cosls ￿lating to charilable expeTrjrtu￿ compiise.. Dorwtions: Centre for Investigative Joumalism - LyTa M¢Kee invesbgabve joumalism training bursary - Newcasue University event - Confe￿nce fx(Khu - Handbook rewnts Craig Newmark School Pro Publica Fellowships Write back of Columlya University pledge Archive costs Legal lees 10.000 10,000 1,720 2.694 108.719 54.375 92,305 18,0651 300 9CQ 300 5.288 168.682 109.854 Support costs.. Independent èx8minÈrfe•s Accountancy fees Tax withhekj Bank charges 2.028 1.800 78 76 1.754 1.500 172.664 113,168 Truste¢s None of the Trustees received reimtr*Jrsement for expenses12020- £NI). 14 The Lorana Sullivan UK Foundation . Notes to the accounts for Ih¢ yur ended 31 Ilarch 2021 (continuedj Employ•es The charity does nol ern￿oy any staff. During the year there were 6 Truslees12020- 6). None of th¥ Trustee5 received any remuneral￿n ILY Iheir semces {2020- £Nill Investment proporty Cost or valuation.. At 1 April 2020 at fair va Impaimient charge for the ye 850.OLKI At 31 March 2021 850,000 investm8nt prwerty vrds Trralued by an Inde￿n￿nI valuer in 31 Marth 2020. At 31 March 2021 the twstees detefmined the value to be unchanged. A seven year lease vras signed in August 2020 and runs to Febn￿ry 2027. 10 Investments Value at Foreign 31 March exchang• 2020 movements Value at 31 March 2021 Purchases at cost Disposals at Cost Revaluation gain5 Equib"e5- US quoted 1.209,847 1122.5461 497.570 {376.5951 212.016 1.420.292 Cash deposits 50.413 (5.1071 {626,5801 27.128 1.260.260 {127,6531 1.105.972 {1.W3.1751 212.016 1.447,420 Fidelity Lmnited. a compary rn9iStered in ihe United States of America. wovMl•s brokerage and rJJstody services. The hi$lorical cost of the *we$tments (induding ¢a$h deposits) at 31 Mar¢h 2021 was £1.110.121 12020 - £1,082.7701. 11 C•sh and ¢a$h equivalents 21120 Cash and ￿$h equivalents 2.249 2.532 15 The Lorana Sullivan UK Foundation Notes to the accounts for the ￿or ¢nd•d 31 Marth 2021 (Gontinued) 12 Cr•dito 2021 2020 Amounls falling du• wlthln on• y¢•r Oiher credilors and accnbals $9.693 3.028 13 Dèslgnat•d funds The Trustees have designated a fund to represent the Carr￿n9 walue of investment property. This comprises 40 elements. the original deemed cosl (the probate Value of the property when originally.giftÈd) Ènd thÈ increase or decrease in vahje as a result cl revalualion. 14 Funds Balance at 1 April 2020 Transfew bth¥een funds Balance at 31 march 2021 Incomlng Resources Rèsourc•s Expended Property reserve General reserve 850,000 1.259.764 850.000 1,389,976 37.200 93.012 2.109.764 37.200 93.012 2,239.976 8•lance at 1 April 2019 Transfer between fvnds Balance at 31 March 2020 In¢omiTrg Resources Resources Expended Property reserve General reserve 925.LX#) 1.371.030 175.0001 (164.5661 850.000 1.259.764 53.300 2.296.030 53.300 (239.5661 2.109.764 15 Related party transactions During the year there have been no related paty transactions Mthhch require disckjsure. 16