The Lorana Sullivan UK Foundation
(A company Limited by Guarantee)
Trustees. Annual Report and Unaudited Accounts
For the Year Ended
31 March 2024
(Company Registered No. 03821824)
(Charity Registration No. 1078955 (England and Wales))

The Lorana Sullivan UK Foundation
(Registered Company Number 03821824)
(Registered Charity Number 1078955)
Contents
Year ended 31 March 2024
Contents
Page:
Legal and administrative infom)ation
Trustees, report
Independent examiner's report
Statement of financial activities
10
Balance sheet
11- 18 Notes to the financial statements

The Lorana Sullivan UK Foundation
Legal and administrative infonnation
Trustees
Harry Friedberg
Michael Gillard
Maura McDermott
Marilyn Ordover
Richard Singer
Secretary
Michael Gillard
Charity number
1078955
Company number
03821824
Registered office
Victoria House
26 Tilehouse Street
Hitchin
Hertfordshire
SG5 2DY
Independent Examiner
BDO LLP
Level 12 Thames Tower
Station Road
Reading
RG1 1LX
Bankers
HSBC UK Bank PIC
1-3 Bishopsgate
City of London
London
EC2N 3AQ
Solicitors
Ross Williams
Victoria House
26 Tilehouse Street
Hitchin
Hertfordshire
SG5 2DY

The Lorana Sullivan UK Foundation
Trustees. report
for the year ended 31 March 2024
The Trustees are pleased to present their report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the
financial statements and comply with the Charity's Memorandum and Articles of Association, applicable law and
the requirement of the Statement of Recommended Practi￿, "Accounting and Reporting by Charities" issued in
January 2019.
The address of the registered office is Victoria House, 26 Tilehouse Street. Hitchin, Hertfordshire, SG5 2DY.
Objects of the charity
The Lorana Sullivan UK Foundation is a company limited by guarantee and a registered charity governed by the
Memorandum and Articles of Association. The policies adopted in furtherance of these objects are to advance any
charitable purpose as the Trustees in their absolute discretion see fit.
The objects clause of the Memorandum of Association was amended on 14 September 2004 ("the revised
Memorandum"), with the Charity Commission's consent, to ensure consistency with the objects of the Lorana
Sullivan Foundation Inc., so that it now reads- -To advance any charitable purpose recognised in English law Ihat
the Council of Management of the Charity in their absolute discretion think fit. including but not limited to the
advancement of education at the Columbia University Graduate School of Journalism (in the USA) and the relief
of financial need of women studying investigative and business journalism by the provision of financial assistance
including scholarships".
The Charity also looks to support education and improvement of standards in investigative journalism, particularly
in the reporting and understanding of business and finan￿.
Public benefit
The Trustees have given due consideration to the Charity Commission's published guidance on the operation of
the public benefit requirements. The Trustees are satisfied that the Charity's objects outlined above continue to
meet and satisfy the public benefit test of the Charity Commission.
Organisational structure
The late Lorana Sullivan made two Wills for her American and English estates for which the major beneficiaries
were a US charity, the Lorana Sullivan Foundation Inc.. and this UK charity, to be incorporated on her behalf
respectively. By a Deed of Variation entered into on 9 March 2001 with Court approval, the bequest to Ihe Lorana
Sullivan Foundation Inc. was varied so that the bulk of the assets bequeathed to the American Foundalion benefit
the UK Foundation.
The Deed of Variation was approved by the Surrogate's Court of Chemung County in Elmira, New York, USA. The
US probate was concluded in January 2015, whereupon the US assets held by the Administrator were transferred
into the name of the UK Foundation and applied for its charitable purposes but continue to be held in the Uniled
States in compliance with the Decree of the Surrogate's Court. Until that transfer the US assets did not form part
of the UK Foundation's assets but the Trustees of the UK Foundation had given their approval to the application
by the Administrator of some of those funds for specific charitable purposes within the UK Foundation's
Memorandum and Articles. A final transfer from the US estate was made on 16 January 2015.
The Trustees have general control and management of the administration of the Charity, including, but without
limitation, the management, investment and application of the Charity's funds. The Trustees are appointed and re-
elected in accordance with the Articles of Association ("Articles-) of the Charity by the Trustees at a Board Meeting.
There is no requirement in the Articles for any of the Trustees to be US or UK residents. New Trustees are
appointed after selection and nomination by existing Trustees on the basis of knowledge of andlor interest or
participation in joumalism and promoting the Charity's aims.

The Lorana Sullivan UK Foundation
Trustees. report
for the year ended 31 March 2024 (continued)
Organisational structure (convdj
Those Trustees who are resident in the US are consulted on all decisions which affect the investment or application
of the Charity's funds but are not necessarily consutted. unless required, on the day to day management of the
Charity and its property, Markham's Lodge, near Hitchin, Hertfordshire in England.
Markham's Lodge, was first leased to Youth With A Mission Limited (YWAM), a charity supported by Lorana
Sullivan. on 10 February 2006 for a term of 7 years and 9 days at a peppercorn rent. This lease was renewed on
the same terms in January 2014. after the completion of substantial improvements to the property. for a further
seven years and nine days from 11 February 2013. After the future of Markham's Lodge was reviewed by the
Trustees, it was agreed that the lease with YWAM should be renewed on the same terms for a further term of 7
years and 9 days from 20 February 2020 under a lease dated 3 August 2020. An agreed schedule of repairs was
completed as a condition of the new lease. The tenant reimburses the cost of buildings insurance and is also
responsible for renewal, maintenance and repair of the property from the date of the lease.
A local agent inspects the propety regularly and reports to the Charity. The Charity also instructs a surveyor to
carry out a survey so that maintenance and repair is addressed on a regular basis. The tenant bears the cost of
the inspectionslsurveys. The lease is otherwise in fairly standard form, save that the tenant cannot assign or
otherwise part with the lease. The property. independently valued on a regular basis, was last valued in 2019 and
will be valued for the purposes of the Charity's next report and accounts.
The Charity is permitted to delegate investment powers to a financial manager in accordance with clause 3(f) of
the revised Memorandum. Decisions Con￿rning the investment and application of the Charity's funds (amongst
other duties) may be delegated to committees by the Trustees pursuant to Article 49(a) of the Articles inserted by
amendment on 26 May 2005. At the same time various other amendments were made to the Articles, including the
ability to hold meetings of the Trustees and committees by suitable electronic means.
It was decided by the Trustees. meeting on 21 October 2015. to fomi a committee of the entire Board to decide
investment policy. As a result. any subsequent Board meeting is deemed to be a meeting of the investment
committee. At the same Board meeting it was also agreed to form a committee of the entire Board to decide on
journalism related issues. Any subsequent Board meeting is also deemed to be a meeting of that committee.
The Trustees, members and directors of the company are identical.
Review of current activities and achievements
The Charity continued its long standing support of the Centre for Investigative Journalism, a UK charity. The 2023
annual CIJ investigative journalism summer conference ran over days in June 2023 at its usual venue of
Goldsmiths, University of London. The focus was on climate reporting. environmental investigations and source
protection, There were 53 speakers and trainers from 14 countries (including from Australia. Nepal Ukraine,and
several African countries) and 133 paying attendees. just under 800/0 from the UK. Financial support of £6,406
(£888 - 2023) was provided by the Charity.
During 2019 the Charity agreed to fund for an initial three-year period a bursary training scheme, at an annual cost
of £10,000, in memory of Lyra McKee, the journalist killed in Londondery in April 2019. The scheme is designed
to provide training for young, would-be journalists from minority and disadvantaged communities in the UK and
Ireland, including by attending the annual CIJ conference in London. The McKee family subsequently agreed to
provide funding for a fourth year.
Eleven candidates - from 47 applicants - attended the 2019 CIJ conference with the help of the bursary scheme.
The scheme was another casualty of Covid-19. being suspended for 2020. However, outreach events were held in
Belfast and Hull to increase the number of future applicants. These events were attended by more than 200 people.
During 2021 eleven candidates were chosen from 70 applicants. seven completed the revised course.

The Lorana Sullivan UK Foundation
Trustees. report
for the year ended 31 March 2024 (continued)
Review of current activities and achievements (cont'd)
In 2022 the bursary scheme operated a hybrid fomiat between May and September 2022 with nine bi-weekly online
mentoring sessions provided by two experienced joumalists combined with three training sessions atthe CIJ annual
conference. Ten candidates, predominantly women, were selected out of 50 applicants from across the UK. Only
one dropped out compared with four in 2021.The class of 2022 included Black, Asian and disabled candidates.
The Charity provided additional funding of £3.000 to cover increased costs of attending the London conference.
In 2023 the bursary scheme again operated on the hybrid format plus attendance at the CIJ annual conference.
Ten bursaries were awarded from seventy applicants with eight candidates completing the course. The bursaries
were awarded to candidates from Northern Ireland. the Republic of Ireland, Scotland and across England. They
included two from the GypsylRoma community. The Charity provided funding of £10.000 while further support was
provided by the McKee family.
It was agreed in 2019 to fund a series of CIJ regional conferencelworkshops to be held around the UK. The first
such one-day event was held at Newcastle University in November 2019. The attendance of around 80 was mainly
from students and academics. The Charity provided funding of £10,000. The pandemic prevented any similar event
during 2020 but a second regional Conferen￿ was held as part of the Imagine Belfast Festival in March 2022 with
financial support of £10,000 from the Charity. Attendance was just under 50 and comprised mainly local journalists,
investigators and interested members of the public. A third regional conference was held al Kelvin Hall, Glasgow
in October 2023 in partnership with the National Library of Scotland. Admission was free but unfortunately the
expected attendance was halved to around 50 as a result of storm Babel. The Charity provided funding of £10,000
for the event.
Funding of a new scholarship programme at the City University of New York's Craig Newmark Graduate School of
Journalism was postponed until 2022 due to the impact of the Covid-19 pandemic on the ability of CUNY students
to complete their studies. Instead the Charity donated to CUNY'S Future Journalist Fund $1 million {£805k) appeal
to assist students in need offinancial support. The Charity donated $100,000 (£80,600) in April 2020. That donation
was matched by other donors. CUNY confimied that, as a result of the success of the appeal, all 98 members of
the J-school class of 2020 graduated and none were forced to leave for financial reasons. A further $50,000
(£36,066) was donated in February 2021. The appeal ensured that 88 members of the J-school class of 2021 were
able to graduate.
In March 2022 the Charity signed an agreement wrth CUNY under which it agreed to provide $300,000 (£227.736)
over three years to fund the Lorana Sullivan Scholarship. Two full scholarships for students enrolled in the MA in
Journalism course have been provided in each academic year from 2022-23. Preferen￿ being given to advancing
the participation of under-represented individuals in business and financial investigative reporting. The Trustees
consider a list of candidates from which CUNY makes a final selection. The scholarship scheme was reviewed by
the Trustees during the year and it was decided to consider further funding in 2024. An initial $100,000 (£75,912)
paymentwas made in March 2022 and a second payment of $100,000 (£82,830) in JanuarylFebruary 2023. A third
payment of $100,000 (£79,208) was made in April 2024. Six Sullivan scholarships have been awarded to
candidates from Georgia, Canada. Bolivia. the United States. Peru and the Philippines.
Financial Review
During the year under review the Charity re￿iVed income of £47.311 (2023.. £46.551). mostly as investment
income. Expenditure was £89,668 (2023: £59,620). Reserves at the year end were £2,161,493. £850,000 of this
being designated (2023: £2,064,213, £850.000 designated).

The Lorana Sullivan UK Foundation
Trustees. report
for the year ended 31 March 2024 (continued)
Going Concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate
resources to continue in operational existence and has sufficient funds to manage itself for the foreseeable future.
The Charity s US portfolio is designed to provide funding for its activities in the UK and US with investments sold
as and when required to meet either grants or operational costs. The principal item of expenditure is grants for
educational scholarships and other educational events. Each project is subject to application and, on each
occasion, the Trustees can decide whether to make the grant and decide the amount, taking account of their
assessment of the importance of the project and the financial situation of the Charity. Even if the Charity received
no further Income (which the Trustees regard as most unlikely). the Charity can sustain a comparable level of
activity for the next two years at least. For this reason, the Trustees continue to adopl the going concern basis in
preparing the financial statements.
Achievements and Perforniance
The Charity inherited the scholarship programme at Columbia University's Graduate School of Journalism in New
York, begun in 2001 by the Sullivan estate in accordance with Lorana Sullivan's wishes as a former alumnus of the
school. A maximum of two full scholarships were awarded every year, more recently for the MA business and
finance course. The scholarship programme ended with the awarding of a final three scholarships to candidates
from the United States for the 2018-2019 academic year.
By July 2019 $2,210,000 {£1.769,656) had been donated Sin￿ 2001 by the Sullivan estate and the Charity under
the original Sullivan scholarship programme to fund 31 full scholarships at Columbia University. These were
awarded to journalists from the UK, Ireland, Canada, China, Denmark, Israel, Norway and the United States. The
scholarship provided an opportunity. which otherwise would have been impossible, for promising journalists,
predominantly women, to study at the premier joumalism school. thereby subsequently enhancing public
knowledge and understanding of business and finance.
A 2013 agreement with Columbia Universty, regarding the Kluge Centennial Scholars Match project. provided for
an endowed scholarship fund. the Lorana Sullivan Scholarship for Investigative Journalism, to be established from
the 2=1 matching of the Charity's agreed donations of $1,232.250 {£965,655) by 2019 under the original Sullivan
scholarship scheme. The Charity received confirmation that $2,464,500 (£1,969,678) in matching funds had been
received by 30 June 2020 with which to provide the new Sullivan scholarships, beginning in the 2018-19 academic
year. The full amount due to be donated by the Charity to Columbia by 30 June 2019 under the original 2001
Sullivan scholarship programme was accounted for in the 2017 accounts.
As a result of the Kluge Centennial Scholars Match project. these donations also enabled the creation, with a more
than $2 million (£1,500,296) endowment. of the new Lorana Sullivan Scholarship for Investigative Journalism at
Columbia University beginning in 2018-19. So far 17 scholarships have been awarded, mostly to women journalists,
from the UK, North Macedonia, Canada. Egypt. the Philippines, the United States and Venezuela.
In association with the Sullivan estate. the Charity agreed to fund. for an initial five years, the Lorana Sullivan
annual memorial lecture series, on topical subjects relevant to both business and investigative journalism, to be
held at Columbia University. The inaugural lecture was held in October 2014. Speakers included Stephen Coll,
Dean of the Columbia Graduate School of Journalism, Bethany McLean of Vanity Fair, Diana Henriques of the
New York Times and Tim O'Brien, author of Trump Nation. Funding for the lecture series has ended.
In 2018 the Charity agreed to fund two annual Lorana Sullivan Fellowships at ProPublica, the New York-based
non-profit publisher specialising in investigative journalism, costing a total of $115,000 {£89,342) each year for an
initial three-year period beginning in August 2018. The fellowships were awarded by ProPublica to two promising
young journalists to improve reporting on business subjects. The Charity considered this funding to be in keeping
with the public interest purpose of promoting and improving investigative businessjournalism, especially for women
and minorities. The fellowship programme was reviewed and approved for a second year in May 2019.The
programme was further reviewed in 2020 and revised to one annual fellowship of $75,000 (£54,211 } with effect
from April 2021. Five fellowships were awarded. ProPublica did not seek payment of the previously approved
$75,000 cost of the 2022 fellowship. It was subsequently decided by the Charity not to continue with the ProPublica
fellowship programme.

The Lorana Sullivan UK Foundation
Trustees. report
for the year ended 31 March 2024 (continued)
Achievements and Perfonnance (cont'd)
The Charity and the Lorana Sullivan eslate agreed in 2007 to donate £50,000 of core funding over three years to
a new UK charity, the Centre for Investigative Journalism. which is involved in educational projects in the UK and
has supported journalism training and improvement projects in the UK, other European countries, South Africa and
Brazil. Further core funding of £18.799 and £18.714 was donated in 2011 and 2013.
Support for the CIJ summer schoollconference since 2003 has made possible affordable and extensive training for
4500 journalists, students, researchers. academics. trade unions and non-governmental organisations. primarily
from the UK but also from 35 countries - ranging from Azerbaijan to Yemen. Bursaries funded by the Charity
enabled attendance by journalists from the Roma community in the UK and Central Europe.
Following on from its past support for CIJ and Tax Justi￿ Ne￿orkworkShOpS on understanding company accounts
and accessing international company data, the Charity provided £50,000 to support Finance Uncovered, a not-for-
profit organisation which aims to enhance public understanding and exposure of international corporate tax
avoidance, offshore money flows and corruption by local politicians and government officials. This funding covered
the cost of bursaries for some 20 journalists from eastern and central Europe, the Middle East, Africa, Asia and
Latin America to attend two "Follow the Money workshops in London during 2017.
Public understanding of company accounts has been further adVan￿d through funding by the Charity for The
Investigative Journalist's Guide to Company Accounts. Written by forensic accountant Raj Bairoliya, some 2000
copies of this unique handbook have been distributed. First published in 2014. a second. updated edition was
published in 2018.
Future plans
Following a review during the year it was decided to extend funding for the Sullivan scholarships at City University
of New York's Craig Newmark Graduate School of Journalism for a further three years from 2025 at a total cost of
$300,000 {£224.308). It was also decided following a review to alter the basis of support for the Centre for
Investigative Journalism annual conference from funding any costs exceeding event revenue to a grant of £10,000
a year for three years from 2025 with the level of funding to be reviewed annually. The 2024 CIJ conference
programme took place at Goldsmiths, University of London in July 2024 with support from the Charity. Funding for
the Lyra McKee bursary programme has been extended and increased to a total of £40,000 covering the period
from 2024 to 2026. A progress report on the bursary scheme is to be prepared by CIJ for the Charity in early 2025.
Funding was agreed for a second CIJ regional Conferen￿ held in Glasgow in September 2024.
When possible, the Charity plans to continue supporting the provision of courses and seminars to improve general
understanding of company accounts and to consider supporting the publication of further CIJ handbooks.
An online digital archive of more than 200 newspaper articles by Lorana Sullivan, published between 1968 and
1994, is to be made available to assist in the understanding, researching and teaching of business history.
Investment powers
The Trustees, following the transferof US assets from the Sullivan estate and the subsequent closure of the Lorana
Sullivan Foundation Inc., make decisions on investments which they are empowered to do by the Articles of the
Charity and under the power delegated by the Trustees to the investment committee of the whole Board, in
accordance with their powers in the Articles and the Board decision of 21 October 2015. The Charity's US assets
are held in a portFolio of investments managed by Advisors Capital Management of Stsmford, Connecticut, USA.
In January 2008 $700.000 (£355.353) was transferred to the Charity as a charitable distribution from the US estate.
In October 2008 $410.000 (£240.230} was transferred to the Charity as a second charitable distribution from the
US estate. This was managed on the same basis as the balance of the US funds. The remaining US assets have
only formed part of the Charity's assets since the transfer frorn the Sullivan estate. On 16 January 2015 the US
Investments held in the name of the Lorana Sullivan Foundation Inc. were transferred to the Charily following
completion of probate for the US estate of Lorana Sullivan. The value transferred was £1,527,900 ($2,266,901).

The Lorana Sullivan UK Foundation
Trustees. report
for the year ended 31 March 2024 (continued)
Reserves policy
The Board has agreed a policy to retain sufficient funds in reserves to meet immediate expenses to provide flexibility
and resilience to cover any short-tem funding crisis or a medium-temi recession.
Following the transfer of the assets of the Sullivan estate in the United States, the Charity has adequate assets to
serve its charitable mission for a reasonable number of years, given the amount of the original fund. The US
portfolio ensures that funds are readily available to meet the Charity's expected expenditure in the UK or the US
for the next 12 months which is approximately budgeted at £120.000 for 2025.
At the end of the year the balances of the funds were:
2024
2023
Unrestricted General funds
Unrestricted Designated funds
Total reserves
1.311,493
850,000
2.161,494
1,214,213
850,000
2,064,213
The trustees can designate unrestricted fijnds for a specific purpose where suitable to isolate funds from the
General fund and ensure they are not used through normal operations. Where the trustees believe there is a future
obligation to meet using funds held in the General fund. the trustees can agree to recognise a Designated fund and
transfer assets from the General fund to the Designated fund.
The trustees have a designated reserve. called the investment property fund and revaluation fund. This represents
the assets which are retained to ensure income generation.
Trustees
The Trustees, who are also the directors for Ihe purpose of company law, who served during the year were:
Harry J Friedberg
Michael Gillard
Maura McDermott
Marilyn Ordover
Richard Singer
None of the Trustees have any beneficial interest in the Charity- All the Trustees are members of the Charity and
guarantee to contribute £1 in the event of a winding up.
Risk factors
The Trustees have assessed the major risks to which the Charity is exposed, mainly from any future adverse
movements on the US stock market. The Trustees are satisfied that policies are in place to mitigate exposure to
any such risks.
Related charities
A related charity in the United States, known as the Lorana Sullivan Foundation Inc.. was closed following the
conclusion of the probate of the Sullivan estate and the transfer of its assets to the Charity. The report of the
directors has been prepared in accordance with the special provisions relating to companies subject to the small
companies regime within Part 15 of the Companies Act 2006.
On behalf of the Board of Trustees
M Gillard
Trustee
Date
ic
i¥
The notes on pages 11 to 18 fom) part of these accounts.

The Lorana Sullivan UK Foundation
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LORANA SULLIVAN UK FOUNDATION
FOR THE YEAR ENDED 31 MARCH 2024
I report to the charity's Trustees on the accounts of the company for the year ended 31 March 2024, which are set
out on pages 9 to 18.
This report is made solely to the charity's trustees, as a body, in accordance with Regulation 31 of the Charities
(Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's
trustees those matters l am required to state to them in an independent examinerfs report and for no other purpose.
To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's
trustees as a body, for my work. for this report. or for the statement I have made.
Responsibilities and basis for report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are
responsible for the preparation of the accounts in accordan￿ with the requirements of the Companies Act 2006
('the 2006 Act.).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006
Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts
as carried out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have
followed the Directions given by the Charity Commission under section 145{5) (b} of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the
examination giving me cause to believe-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act.,
or
2. the accounts do not accord with those records. or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than
any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an
independent examination- or
4. the accounts have not been prepared in accordan￿ with the methods and principles of the Statement of
Recommended Practi￿ for accounting and reporting by charities applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102)
I have no concerns and have come across no other matters in connection with the examination to which attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
D￿uS￿jned by..
eattl'éFTh¥élhouse ACA
BDO LLP
Level 12 Thames Tower
Station Road
Reading
RG1 1LX
Date 19 December 2024

The Lorana Sullivan UK Foundation
Statement of financial activities
(Incorporating the income and expenditure account)
for the year ended 31 March 2024
Unrestricted
2024
Unrestricted
2023
Note
Income from:
Investment income
46,117
45,724
Other income
1,194
827
Total
47,311
46,551
Expenditure on:
Raising funds
14,297
15,741
Charitable activities
75,371
43,879
Total
89,668
59,620
Net Gainl(Loss) on investments
170,696
(111,961)
Net incomel(expenditure)
128,339
(125,030)
Other recognised (losses) I gains
Foreign exchange {losses)Igains
(31,059)
88,550
Net movement in funds
97,280
(36,480)
Fund balances at 1 April 2023
2,064,213
2,100,693
Fund balances at 31 March 2024
2,161,493
2,064,213
The statement of financial activities also complies with the requirements for an income and expenditure account
under the Companies Act 2006.
All amounts relate to continued activities.
The notes on pages 11 to 18 fom) part of these accounts.

The Lorana Sullivan UK Foundation
Registered Number 03821824
Balance sheet
as at 31 March 2024
Note
2024
2024
2023
2023
Fixed assets
Investment property
Investments
850.000
1,434.027
850.000
1,300,190
2.284,027
2,150,190
Current assets
Cash at bank and in hand
3,488
1,303
Creditors:
Amounts falling due within one
year
(99.022)
(87.280)
Net current liabilities
(95,534)
(85,977)
Total assets less current
2,188,493
2,064,213
Creditors:
Amounts falling due after more
than one year
11
(27,000)
Net assets
2,161,493
2,064,213
Unrestricted funds
Revaluation fund
Designated investment property
fund
General reserve
13
13
500.000
350,000
500,000
350,000
13
1,311.493
1,214,213
Funds
2.161,493
2,064,213
The Trustees consider that the Charity is entl￿ed to exemption from the requirement to have an audit under the
provisions of section 477 of the Companies Act 2006 {"the Act") and members have not required the Charity
to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with
respect to accounting records and for preparing financial statements.
M Gillard
Trustee
The notes on pages 11 to 18 fonn part of these accounts.
10

The Lorana Sullivan UK Foundation
Notes to the accounts
for the year ended 31 March 2024
General inforniation
The Lorana Sullivan UK Foundation is a private limited company incorporated in England and Wales under
the Companies Act 2006 and Charities Act2011. It is a charitable company limited by guarantee. The address
of the registered office is Victoria House. 26 Tilehouse Street. Hitchin, Hertfordshire, SG5 2DY.
The functional and presentational currency of the charitable company is pound sterling (£) and the figures in
the financial statements are founded to the nearest £1.
Accounting policies
The principal accounting policies adopted. judgements and sources of estimation or Un￿rtaintY in the
preparation of the financial statements are as follows=
(a) Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost
convention. The accounts (financial statements) have been prepared in accordance with the Stalement
of Recommended Practice.. "Accounting and Reporting by Charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland" (The
Charities SORP 2nd Edition), the Financial Reporting Standard applicable in the United Kingdom and
Republic of Ireland (FRS 102). the Companies Act 2006 and the Charities Act 2011.
(b) Going Goncern
The Trustees confirm that at the time of approving the financial statements, there are no material
uncertainties regarding the Charity's ability to continue in operational existence for the foreseeable future.
In arriving at this conclusion. the Trustees have taken account of current and anticipated financial
Performan￿ in the current economic conditions and its reserves position.
The Charity has sufficient funds to manage itself for the foreseeable future. The principal item of
expenditure is grants for the conduct of scholarships. Each project is subject to a formal application and,
on each occasion, the Trustees decide whether to make the grant and its amount, taking account of the
financial situation of the Charity. The Trustees consider that the Charity can sustain a comparable level of
activity for the next two years at least. For this reason. there are no material uncertainties regarding the
Charity's ability to continue in operational existence for the foreseeable future. The Trustees continue to
adopt the going concern basis in preparing the financial statements.
In November 2024 the Charity had approximately £6.536 of cash available. The trustees confirm that the
charity is able to meet the liabilities as they fall due for at least until the end of 2024 from its other assets.
(c) Income
All incoming resources are included in the SOFA when the Charity is legally entitled to the income and
the amount can be quantified with reasonable accuracy. Dividend and interest income are recognised
when receivable.

The Lorana Sullivan UK Foundation
Notes to the accounts
for the year ended 31 March 2024 (continued)
Accounting policies (continued)
(d) Expenditure
All expenditure is accounted for on an accruals basis and has been classified under heading that
aggregate all costs related to the category. Where costs cannot be directly attributed to particular
headings they have been allocated to activities on a basis consistent with use of the resources.
Support costs are allocated to expenditure on a fair and consistent basis, ensuring that all such costs are
accurately recorded and reported in the charity's financial statements.
(e) Reserves
Reserves are unrestricted funds generated for the objects of the charity without further specified purpose
and are available as general funds.
Designaled funds are as follows:
Property and revaluation fund
An amount equal to the carrying value of the investment properties, restricted lo a level to ensure general
funds are not negative, in order to allow for the ongoing generation of income to enable the charity to
continue to make their donations and fuffil their charitable objectives.
(fj Investment property
Investment propety is carried atfairvalue which is detennined annually by the trustees based on a report
from external valuers done periodically and derived from current market indices and trends for residential
property, adjusted if ne￿SSary for any drfference in the nature, location or condition of the specific asset.
No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities.
(g) Investments
Fixed asset investments are a form of basic financial instrument and are initially recognised at their
transaction value and subsequently measured at their fair value as at the balance sheet date using Ihe
closing quoted bid market value at the close of business on the balance sheet date. The Statement of
Financial Activities includes the net gains and losses arising on revaluations and disposals throughout
the year.
(h) Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable withoul penalty on
notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more
than three months from the date of acquisition and that are readily convertible to known amounts of cash
with insignificant risk of change in value.
(i) Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank
loans, are measured initially at fair value. net of transaction costs. and are measured subsequently at
amortised cost using effective interest method.
O) Financial instruments
The charity only has financial assets and 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.
12

The Lorana Sullivan UK Foundation
Notes to the accounts
for the year ended 31 March 2024 (continued)
Accounting policies (continued)
(k) Foreign currency translation
Functional and presentation currency
The charity's functional and presentational currency is GBP.
Foreign currency transactions are translated into the functional currency using the spot exchange rates
at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary
items measured at historical cost are translated using the exchange rate at the date of the Iransaction
and non-monetary items measured at fair value are measured using the exchange rate when fair value
was determined.
(l) Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or
section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its
charitable objects.
(m) Operating leases, the charity as lessor
Operating leases with the charitable company as lessor have been agreed at a peppercorn rent and no
income is recognised in respect of these.
Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the trust's accounting policies, the Trustees are required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and
other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
periods.
Investment properties are valued annually using methodology based on figures available publicly relating
to the changes in market value of property but there is an inevitable degree of judgement involved in that
each property is unique and value can only ultimately be reliably tested in the market itself.
Investment income
2024
2023
Dividends receivable
Interest receivable
22,905
23,212
25,228
20,496
46,117
45,724
All investment income in the current and prior year was unrestricted.
13

The Lorana Sullivan UK Foundation
Notes to the accounts
for the year ended 31 March 2024 (continued)
Other income
2024
2023
Reimbursement of insurance and other costs
Interest
1,161
33
814
13
1,194
827
All other income in the current and prior year was unrestricted.
Total expenditure
2024
2023
Raising funds (see below)
Charitable expenditure (see below)
14.297
75.371
15,741
43,879
89.668
59,620
Costs relating to raising funds comprise:
Insurance
Investment management fees
927
13.370
1,777
13,964
14,297
15,741
Costs relating to charitable expenditure comprise:
2024
2023
Donations:
Centre for Investigative Journalism - Payments for projects
Other costs:
Exchange rate dIfferen￿S relating to the CIJ grants
Archive costs
Legal fees
Insurance
69.406
23,889
(1,758)
389
13,120
366
444
982
Total direct costs
69,019
37,819
Support costs..
Independent examiner fees
Accountancy fees
Tax withheld
Bank charges
3.306
2.738
230
78
3,250
2,301
388
121
Total charitable expenditure
75.371
43,879
All expenditure in the current and prior year was unrestricted.
14

The Lorana Sullivan UK Foundation
Notes to the accounts
for the year ended 31 March 2024 (continued)
7 Employees
The charity does not employ any staff. During the year there were 5 Trustees (2023 - 6). None of the
Trustees received any remuneration for their services (2023 - £Nil)
ilnvestment property
Valuation:
At 1 April 2023 at fair value
850,000
At 31 March 2024
850,000
Investment propety is included in the statement of financial position at open market value, as permitted by
regulations made under the Companies Act 2006 and in accordance with FRS 102. Revaluations are made
with sufficient regularity to ensure that the carrying amount is not significantly different from its fair value.
The most re￿nt valuation was carried out as at 12 November 2024 by McNeill Lowe & Palmer, Chartered
Surveyors. The property was valued on the basis that there is a sitting tenant. The tenant is responsible for
maintenance and repairs.
A seven year lease was signed in August 2020 and runs to February 2027 for peppercorn rent.
The Trustees do not consider there to be a material differen￿ as at 31 March 2024 between the carrying
amount of the property and its fair value.
The historical cost of the investment property is £350.000 {2023 - £350,000).
Investments
Value at
Foreign
31 March
exchange
2023 movements
Value at
31 March
2024
Purchases
at cost
Disposals
at Market
value
Revaluation
gain
Equities
US quoted
1,234,545
(28,424)
429,896
(387,466)
170.696
1,419,248
Cash
deposits
65,645
(1.046)
433,583
(483,403)
14,779
1,300.190
(29.470)
863.479
(870,869)
170,696
1.434,027
Fidelity Limited. a company registered in the United Ststes of America. provides brokerage and custody
services.
The historical cost of the investments (including cash deposits) at 31 March 2024 was £1,075,316 (2023 -
£1,080,670).
15

The Lorana Sullivan UK Foundation
Notes to the accounts
for the year ended 31 March 2024 (continued)
10 Financial Instruments
The carrying amount of the charitable company's financial assets measured at fair value through statement of
financial activities are summarised below-
2024
2023
Listed investments
1.419,248
1,234,545
1,419,248
1,234,545
11 Creditors
2024
2023
Amounts falling due within one year
Other creditors and accruals
Grants payable
Amounts due to related parties
6,000
92,208
814
5,500
80,966
814
99,022
87,280
Amounts falling due after more than one year
Grants payable
27,000
Total creditors
126,022
87,280
Analysis of grant commitments
2024
2023
Amounts committed to the Craig Newmark Graduate School of
Journalism to establish the Lorana Sullivan Foundation Scholarship
BIF 1 April 2023
80,966
149,362
Committed during year
Foreign exchange adjustment on balance
Paid during year
(1,758)
12,570
(80.966)
CIF 31 March 2024
79,208
80,966
16

The Lorana Sullivan UK Foundation
Notes to the accounts
for the year ended 31 March 2024 (continued)
11
Creditors {cont'd)
Analysis of grant commitments
2024
2023
Amounts committed to CIJ to establish the Lyra McKee Bursary
Scheme
BIF 1 April 2023
Committed during year
40,000
CIF 31 March 2024
40,000
12 Designated funds
The Trustees have designated funds lo represent the carrying value of investrnent property. This comprises
two elements: the original deemed cost (the probate value of the property when originally gifted) and the
increase or decrease in value as a result of revaluation.
13 Funds
Balance at
1 April
2023
Transfer
between
funds
Balance at
31 March
2024
Income
Expenditure
Revaluation fund
Propety reserve
General reserve
500,000
350,000
1.214.213
500,000
350,000
1,311.493
218.007
(120.727)
2,064.213
218.007
(120.727)
2.161,493
Balance at
1 April
2022
Transfer
between
funds
Balance at
31 March
2023
Income
Expenditure
Revaluation fund
Property reserve
General reserve
500,000
350,000
1,250.693
500,000
350,000
1,214,213
135,101
(171.581)
2,100,693
135,101
(171,581)
2,064,213
17

The Lorana Sullivan UK Foundation
Notes to the accounts
for the year ended 31 March 2024 (continued)
14 Analysis of net assets between funds
General
Funds
Designated
Funds
Total
2024
Fixed assets
Current assets
Creditors
1.434,027
3,488
(126.022)
850.000
2.284.027
3.488
(126,022)
1,311.493
850,000
2.161,493
General
Funds
Designated
Funds
Total
2023
Fixed assets
Current assets
Creditors
1.300,190
1,303
(87,280)
850.000
2.150,190
1,303
(87.280)
1,214,213
850.000
2.064,213
15 Related party transactions
During the year Mr M Gillard, a trustee of the charity paid £Nil (2023.. £Nil) to the charity. At the year-end £814
(2023: £814) was owed by the charity to Mr M Gillard for expenses incurred.
18