The Lorana Sullivan UK Foundation
(A company Limited by Guarantee)
Trustees' Annual Report and Unaudited Accounts For the Year Ended 31 March 2025
(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 2025
Contents
Page:
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1 Legal and administrative information 2 - 8 Trustees' report
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9 Independent examiner's report 10 Statement of financial activities 11 Balance sheet
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12 - 19 Notes to the financial statements
The Lorana Sullivan UK Foundation
Legal and administrative information
Trustees Harry Friedberg Michael Gillard Maura McDermott Marilyn Ordover Richard Singer Vinnee Tong 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 Plc 1-3 Bishopsgate City of London London EC2N 3AQ Solicitors Ross Williams Victoria House 26 Tilehouse Street Hitchin Hertfordshire SG5 2DY
1
The Lorana Sullivan UK Foundation
Trustees' report for the year ended 31 March 2025
The Trustees are pleased to present their report and financial statements for the year ended 31 March 2025.
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 Practice, “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 that 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 finance.
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 the Lorana Sullivan Foundation Inc. was varied so that the bulk of the assets bequeathed to the American Foundation 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 United 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 reelected 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 and/or interest or participation in journalism and promoting the Charity’s aims.
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The Lorana Sullivan UK Foundation
Trustees' report for the year ended 31 March 2025 (continued)
Organisational structure (cont’d)
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 consulted, 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 property 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 inspections/surveys. 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 2024.
The Charity is permitted to delegate investment powers to a financial manager in accordance with clause 3(f) of the revised Memorandum. Decisions concerning 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 form 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 2024 annual CIJ investigative journalism summer conference ran over two days in July 2024 at its usual venue of Goldsmiths, University of London. The focus was on climate reporting, environmental investigations, explaining company accounts and source protection, There were forty-two speakers and trainers from eleven countries in Europe, Africa, Asia, Latin America and the USA. The conference sold out with 136 paying attendees, just under 80% from the UK. Financial support of £5,094 (2024: £6,406) was provided by the Charity. From 2025 the Charity has agreed to provide support of initially £10,000 a year for three years with the level of support to be reviewed at the end of each year.
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 Londonderry 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 has also provided funding. The Charity agreed to provide a further £40,000 support over three years from 2024.
Nine trainees chosen from seventy applicants participated in the 2024 bursary scheme..The year’s intake came mainly from cities in northern England together with Northern Ireland and the Republic of Ireland. They included three trainees with disabilities and for a second year representation from the Roma community.Training was provided both online and in-person. There was Charity funding of £13,000.
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The Lorana Sullivan UK Foundation
Trustees' report for the year ended 31 March 2025 (continued)
Review of current activities and achievements (cont’d)
A five-year 2019-2024 impact report was prepared for the Charity by CIJ on the Lyra McKee bursary training scheme. This showed fifty-one applicants had been chosen from a total of 318 applications. Forty-two trainees completed the course. While those trainees who graduated came mainly from English cities there was substantial representation from Scotland, Northern Ireland and the Republic of Ireland. About 50% of trainees who completed the course were by 2025 working in journalism at the BBC, ITV, Channel 4, the Times, Irish News, MailOnline and the Guardian plus regional media outlets. This compared favourably with the percentage of graduates from UK university journalism degree courses who obtained employment in the media within 18 months of graduation. From 2025 support for the bursary scheme also has been provided by the Press Council of Ireland.
It was agreed in 2019 to fund a series of CIJ regional conference/workshops to be held around the UK. These were subsequently held in Newcastle, Belfast and Glasgow. October 2024 saw a regional conference held again in Glasgow at the National Library of Scotland. The one-day conference consisted of a combination of talks and data workshops. Attendance was free and there were approximately 70 attendees. The Charity provided funding of £10,000.
The Charity agreed in 2024 to continue funding full scholarships for students enrolled in the MA course at the City University of New York Craig Newmark Graduate School of Journalism by providing a further $300,000 (£232,711) over three years from 2025. In March 2022 the Charity had signed an agreement with CUNY under which it agreed to provide $300,000 (£232,711) over three years to fund the Lorana Sullivan Scholarships. A final payment of $100,000 (£79,208) was made in April 2024. The first payment of $100,000 under the new grant was made in September 2025.
Two and more recently three full scholarships have been provided in each academic year since 2022-23, preference 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. To date nine Sullivan scholarships have been awarded to candidates from Bolivia, Canada, Georgia, Peru, the Philippines and the United States.
Financial Review
During the year under review the Charity received income of £48,679 (2024: £47,311), mostly as investment income. Expenditure was £273,877 (2024: £89,668). Reserves at the year end were £2,013,094, £850,000 of this being designated (2024: £2,161,493, £850,000 designated).
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 adopt the going concern basis in preparing the financial statements.
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The Lorana Sullivan UK Foundation
Trustees' report for the year ended 31 March 2025 (continued)
Achievements and Performance
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 since 2001 by the Sullivan estate and the Charity under the original Sullivan scholarship programme to fund thirty-one 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 journalism school, thereby subsequently enhancing public knowledge and understanding of business and finance.
A 2013 agreement with Columbia University, regarding the Kluge Centennial Scholars Match project, provided for an endowed scholarship fund, the Lorana Sullivan Scholarship for Investigative Journalism, to be established in 2019 from the 2:1 matching of the Charity’s agreed donations of $1,232,250 (£965,655) under the original Sullivan scholarship scheme. The new Lorana Sullivan Scholarship for Investigative Journalism at Columbia University began in 2018-19. So far nineteen scholarships have been awarded, mostly to women journalists, from the UK, Canada, Egypt, Italy, North Macedonia, the Philippines, Taiwan, the United States, and Venezuela.
Funding of a new scholarship programme at the City University of New York 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 in April 2020 the Charity donated $100,000 (£80,000) to CUNY’s Future Journalist Fund $1 million (£805k) appeal to assist students in need of financial support. A further $50,000 (£36,066) was donated in February 2021. These donations enabled a minimum of eight students to graduate.
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 business journalism, 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 before the scheme ended in 2022.
The Charity and the Lorana Sullivan estate agreed in 2007 to donate £50,000 of core funding over three years to a new UK charity, the Centre for Investigative Journalism, involved in educational projects in the UK and has supporting journalism training and improvement projects in the UK and abroad. Further core funding was later provided.
Support since 2003 for what became the CIJ summer school/conference 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 Justice Network workshops on understanding company accounts and accessing international company data, the Charity provided £50,000 to support Finance Uncovered, a not-forprofit 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.
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The Lorana Sullivan UK Foundation
Trustees' report for the year ended 31 March 2025 (continued)
Achievements and Performance (cont’d)
Public understanding of company accounts has been further advanced 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
The Trustees expect to both continue and consider increasing support for the CIJ annual and regional conferences, the Lyra McKee bursary scheme and the Sullivan scholarships at CUNY The annual CIJ conference was held at Goldsmiths in June 2025 and a CIJ regional conference at the University of Cardiff in November 2025.
During 2026 the Charity will review the future of Markham’s Lodge and the current lease agreement which ends in February 2027.
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 transfer of 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 Stamford, 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 from the Sullivan estate. On 16 January 2015 the US Investments held in the name of the Lorana Sullivan Foundation Inc. were transferred to the Charity following completion of probate for the US estate of Lorana Sullivan. The value transferred was £1,527,900 ($2,266,901).
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-term funding crisis or a medium-term 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 £135,000 for 2025.
At the end of the year the balances of the funds were:
| Unrestricted General funds Unrestricted Designated funds Total reserves |
2025 £ 2024 £ 1,163,094 1,311,493 850,000 850,000 |
|---|---|
| 2,013,094 2,161,493 |
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Trustees' report for the year ended 31 March 2025 (continued)
The Lorana Sullivan UK Foundation
Reserves policy (cont’d)
The trustees can designate unrestricted funds 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 the purpose of company law, who served during the year and up until the signing of the accounts were:
Harry J Friedberg Michael Gillard Maura McDermott Marilyn Ordover Richard Singer Vinnee Tong (appointed on 3 April 2025)
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.
7
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The Lorana Sullivan UK Foundation
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LORANA SULLIVAN UK FOUNDATION FOR THE YEAR ENDED 31 MARCH 2025
I report to the charity’s Trustees on the accounts of the charity for the year ended 31 March 2025, which are set out on pages 10 to 19.
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 I am required to state to them in an independent examiner's 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 Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Charity 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:
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accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice 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.
[Ss Anderson Sarah Anderson FCCA BDO LLP Level 12 Thames Tower Station Road Reading RG1 1LX Date
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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The Lorana Sullivan UK Foundation
Statement of financial activities (Incorporating the income and expenditure account) for the year ended 31 March 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| Note | 2025 | 2024 | |
| £ | £ | ||
| Income from: | |||
| Investment income | 4 | 47,534 | 46,117 |
| Other income | 5 | 1,145 | 1,194 |
| __ | __ | ||
| Total | 48,679 | 47,311 | |
| __ | __ | ||
| Expenditure on: | |||
| Raising funds | 15,200 | 14,297 | |
| Charitable activities | 258,677 | 75,371 | |
| __ | __ | ||
| Total | 6 | 273,877 | 89,668 |
| Net Gain on investments | 9 | 107,277 | 170,696 |
| __ | __ | ||
| Net (expenditure)/income | (117,921) | 128,339 | |
| Other recognised (losses) | |||
| Foreign exchange (losses) | (30,478) | (31,059) | |
| __ | __ | ||
| Net movement in funds | (148,399) | 97,280 | |
| Fund balances at 1 April 2024 | 2,161,493 | 2,064,213 | |
| __ | __ | ||
| Fund balances at 31 March 2025 | 13 | 2,013,094 __ |
2,161,493 __ |
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 12 to 19 form part of these accounts.
10
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The Lorana Sullivan UK Foundation
Notes to the accounts for the year ended 31 March 2025
1 General information
The Lorana Sullivan UK Foundation is a private limited company incorporated in England and Wales under the Companies Act 2006 and Charities Act 2011. 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.
2 Accounting policies
The principal accounting policies adopted, judgements and sources of estimation or uncertainty 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 as modified by the revaluation of listed investments and investment property at fair value. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: “Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland” (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 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 adopt the going concern basis in preparing the financial statements.
(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.
12
The Lorana Sullivan UK Foundation
Notes to the accounts for the year ended 31 March 2025 (continued)
2 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.
Designated funds are as follows:
Property and revaluation fund
An amount equal to the carrying value of the investment properties, restricted to 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 fulfil their charitable objectives.
- (f) Investment property
Investment property is carried at fair value which is determined 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 necessary for any difference 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 the 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 without 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.
(j) 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.
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The Lorana Sullivan UK Foundation
Notes to the accounts for the year ended 31 March 2025 (continued)
2 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 transaction 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.
3 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.
The valuation of the investment property is reviewed 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. The fair value of the investment properties of the charitable company have been provided to management by an independent valuation expert, McNeill Lowe & Palmer, Chartered Surveyors, at the reporting date.
4 Investment income
| Dividends receivable Interest receivable |
2025 £ 22,816 24,718 __ 47,534 |
2024 £ 22,905 23,212 __ 46,117 |
|---|---|---|
All investment income in the current and prior year was unrestricted.
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The Lorana Sullivan UK Foundation
Notes to the accounts for the year ended 31 March 2025 (continued)
| 5 Other income Reimbursement of insurance and other costs Interest All other income in the current and prior year was unrestricted. 6 Total expenditure Raising funds (see below) Charitable expenditure (see below) Costs relating to raising funds comprise: Insurance_– property_ Investment management fees Costs relating to charitable expenditure comprise: Grant awards: Centre for Investigative Journalism - for projects Craig Newmark Graduate School of Journalism – for scholarships Other costs: Exchange rate differences relating to the CIJ grants Archive costs Surveyor fees Insurance –directors & officers Total direct costs Support costs: Independent examiner fees Accountancy fees Tax withheld Bank charges Total charitable expenditure |
2025 £ 1,049 96 __ 1,145 _ 2025 £ 15,200 258,677 __ 273,877 _ 1,049 14,151 __ 15,200 __ 2025 £ 15,682 232,711 (850) 407 960 990 __ 249,900 4,596 3,890 218 73 __ 258,677 |
2024 £ 1,161 33 __ 1,194 _ 2024 £ 14,297 75,371 __ 89,668 _ 927 13,370 __ 14,297 __ 2024 £ 69,406 (1,758) 389 - 982 __ 69,019 3,306 2,738 230 78 __ 75,371 |
|
|---|---|---|---|
All expenditure in the current and prior year was unrestricted.
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Notes to the accounts for the year ended 31 March 2025 (continued)
The Lorana Sullivan UK Foundation
7 Employees
The charity does not employ any staff. During the year there were 6 Trustees (2024 – 5). None of the Trustees received any remuneration for their services (2024 - £Nil).
8 iInvestment property
£
Valuation: At 1 April 2024 at fair value 850,000 __ At 31 March 2025 850,000 __
Investment property 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 recent 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 difference as at 31 March 2025 between the carrying amount of the property and its fair value.
The historical cost of the investment property is £350,000 (2024 - £350,000).
9 Investments
| Equities - US quoted Cash deposits |
Value at Foreign Value at 31 March exchange Purchases Disposals Revaluation 31 March 2024 movements at cost at Market value gain 2025 £ £ £ £ £ £ 1,419,248 (29,466) 462,999 (557,717) 107,277 1,402,341 14,779 (364) 605,252 (599,411) - 20,256 __ _ _ _ _ __ 1,434,027 (29,830) 1,068,251 (1,157,128) 107,277 1,422,597 |
|---|---|
Fidelity Limited, a company registered in the United States of America, provides brokerage and custody services.
The historical cost of the investments (including cash deposits) at 31 March 2025 was £1,080,186 (2024 - £1,075,316).
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The Lorana Sullivan UK Foundation
Notes to the accounts for the year ended 31 March 2025 (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:
| Listed investments 11 Creditors Amounts falling due within one year Other creditors and accruals Grants payable Amounts due to related parties Amounts falling due after more than one year Grants payable Total creditors Analysis of grant commitments Amounts committed to the Craig Newmark Graduate School of Journalism to establish the Lorana Sullivan Foundation Scholarship B/F 1 April 2024 Committed during year Foreign exchange adjustment on balance Paid during year C/F 31 March 2025 |
2025 £ 1,402,341 _ 1,402,341 _ 2025 £ 7,687 168,141 814 __ 176,642 91,570 __ 268,212 __ 2025 £ 79,208 232,711 (850) (78,358) __ 232,711 |
2024 £ 1,419,248 _ 1,419,248 _ 2024 £ 6,000 92,208 814 __ 99,022 27,000 _ 126,022 _ 2024 £ 80,966 - (1,758) - __ 79,208 |
|---|---|---|
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The Lorana Sullivan UK Foundation
Notes to the accounts for the year ended 31 March 2025 (continued)
| 11 Creditors (cont’d) Analysis of grant commitments Amounts committed to CIJ to establish the Lyra McKee Bursary Scheme B/F 1 April 2024 Committed during year Paid during year C/F 31 March 2025 Grants payable Within one year In more than one but not more than 2 years |
2025 £ 40,000 - (13,000) _ 27,000 _ 2025 £ 168,141 91,570 __ 259,711 |
2024 £ - 40,000 - _ 40,000 _ 2024 £ 119,208 - _ 119,208 |
|
|---|---|---|---|
| _ |
12 Designated funds
The Trustees have designated funds to represent the carrying value of investment 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 2024 £ Revaluation fund 500,000 Property reserve 350,000 General reserve 1,311,493 _ 2,161,493 _ Balance at 1 April 2023 £ Revaluation fund 500,000 Property reserve 350,000 General reserve 1,214,213 __ 2,064,213 |
Income Expenditure £ £ - - - - 48,679 (273,877) _ _ 48,679 (273,877) _ _ Income Expenditure £ £ - - - - 47,311 (89,668) _ _ 47,311 (89,668) |
Balance at 31 March Gains 2025 £ £ - 500,000 - 350,000 76,799 1,163,094 _ _ 76,799 2,013,094 _ _ Balance at 31 March Gains 2024 £ £ - 500,000 - 350,000 139,637 1,311,493 _ _ 139,637 2,161,493 |
|---|---|---|
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The Lorana Sullivan UK Foundation
Notes to the accounts for the year ended 31 March 2025 (continued)
14 Analysis of net assets between funds
| General Designated Funds Funds £ £ Fixed assets 1,422,597 850,000 Current assets 8,709 - Creditors (268,212) - _ _ 1,163,094 850,000 _ _ General Designated Funds Funds £ £ Fixed assets 1,434,027 850,000 Current assets 3,488 - Creditors (126,022) - _ _ 1,311,493 850,000 |
Total 2025 £ 2,272,597 8,709 (268,212) _ 2,013,094 _ Total 2024 £ 2,284,027 3,488 (126,022) __ 2,161,493 |
|---|---|
15 Related party transactions
At the year-end £814 (2024: £814) was owed by the charity to Mr M Gillard, a trustee of the charity, for expenses incurred.
During the year the charity re-imbursed Mr H Friedberg, a trustee of the charity, £588 (2024: £Nil) for expenses incurred on behalf of the charity.
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