Chv•rity number: 1084280 THE LAKE FOUNDATION CHARTTABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR EIYDED S APRIL 2014 THE LIIKE FOUNJ)ATION CHAIUTABLE TRUST CONTENTS Page Reference alld administrative details Trustees report Ind¢p¢nd¢nt Examiner's report Statement of financial activities Balance sh￿t Notes to the financial statements Page I THE LAKE FOUNDATION CHAiUTABLE TRUST REFERENCE AND ADMIMSTRATIVE DETAIIS Trustees G M Suinner T Sumnei. Charles Russell Speechlys Tnjstees (UK) Ltd Charlty Reglstered Number 1084280 Prlnclpal Offlce 35 Endell Street London WC2H 9BA Independent ExAminers P Berry, FCCA, MAAT Paul Howley & Co Ltd Chai'tered Certified A¢¢ountants 42 Pitt Stitet Barnsley Soiith Yorkshire S70 IBB Bankers Coutls & Co. 440 Strand London WC2R OQS Page 2 THE LAKE FOUNDATION CHARITABLE TRUST REPORT OF THE TRUSTFES FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their amiual itport together with the financial statements of The Lake Foundation Charitable Trust ("the charity'j for the year ended 5 April 2024. The fitlancial statenients are prepared in accordance with the Charilies SORP (FRS 102) applicable to charKti¢s preparing their financial staten]ents Èn accordance with the Financial Rep)rting Standayds applicable Èn the UK and Republic of ILrland and the Ch￿'itIeS Act 201 l and UK Generally A¢cepted Practice. The ¢harity is a Public Benefit Entity as defined by FRS 102. STRUCTURE, GOVERNANCE AND MAIYAGEMENT The Settlors established the charity on 12 Oclober 2000 and it is governed by its decd. On 28 December 2000 the charRty became a registered charity (number 1084280) with the Charity Commission. The Trustees who have served during the year and since ihe year end are". M Sumner T Sumner Charles Russell Spee¢hly8 Tn￿e¢S (UK) Ltd New trustees may be appointed at any time by the settlors diiring their lifctime. Trustees al'e appointed by a resolution of a meeting of ihe Trustees and a memorandum declering the appointment is signed as a deed. Thei'e is no training procedui'e for Trustees. The day-to-day rnanagement is exerci8ed by Ihe Trustees th¢mselves. OBJECTIVES AND A￿1VITIEs FOR THE PUBLIC BENEFIT The objectives of the charity are to apply the income, and all such part or parts of the capital, for the benefit of exclusively charitable objects and purposes in any part of the world, as the Trustees deem fit. ACHIEVEMENTS AND PERFORMAIYCE During the year, the Tivstees continued researching worthy Causes. The charity donated £70,103 to various causes, as listed in notc 3. PLANS FOR FUTURE PERIODS Thc Ti'ustees intend to continue identifying charitable causes and provide funding in accordanc¢ with the charity's objectives. FINANCIAL REVIEW AND INVESTMENT POLICY Dw'ing the year under review, incoming resources were £87,500 (2023: nil), donations were made to Ch￿'￿table Causes amounting to £70,103 (2023.. £50,000) and the charity incurred governance and sundry costs of £621 {2023: £560) r&￿Iting in a net surplus of £16,776 (2023: deficit of £50,560). The Trustees may apply any money to be invested in the purchase of share4 stocks, funds, securities, land and buildings etc., as they deem fit. POLICY ON RESERVES It is the policy of the charity to maintain unrestricted funds to cover anticipated donations as well as management and administration Costs of the charity that will be incurred in th¢ near futEU'e. Page 3 THE LAKE FOUNDATION CHARITABLE TRUST REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 5 APRIL 2024 PUBLIC BENEFrr The Trustees have considered the Charity Con]mission's guidance on public benefit and consider the chai.ity is compliant with the requirements. The charity's activities clearly relate to its legal purpose of applying its income foi the benefit of exclusively charitable objects and purpos&s in anv part of th¢ world, &8 the Trustees deem fit. The activities und￿taken and achievements descrfibed enable the itader lo assess the contribution made by these activities towards furthering the charity's purpose. Specific confirmation is also provided that Trustees received no remuneration or benefits for their contribution to th¢ ch￿71Y. RISK MANAGEMENT The Trustees have exainined the major strategic, business and operational risks that the charity faces and confirm that sysiems have been established to enable regular reports to be produced and Teviewed to lessen these i'isks. RELATED PARTICI S There were no transactions with related parties throughout either the current or pirvious year. STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees are responsible for preparing the Truslees. Report and the financial statements in accordance willi applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pi'actice). The law applicable to Gharitics in England & Wales requires the Trustees to Plrpair financial statements for each financial year which give a lrne and fair view of the state of affairs of the charity and of the incoming resoui'ces and application of resources of the charity for that period. In preparing these financial statements. The Trustees are required to: Select suÉlable accounling policies and thet) apply thcin consistently; Observe the methods and pi-inciples in Accounting and Reporting by Charities: Stateinent of Recommended Practice applicable lo charities preparing theii. financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis unless it IS inappropriate to presume that the charity will continue in business. The TMstees are responsible for keeping proper accounting records that disclose with reasonuble ac¢ui'acy at any time the fmancial position of the chaiity and enable them to ¢n8UiE that the financial statements comply with the Charities Act 2011, the applicable Charity {Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also i'esponsible for safeguarding thc assets of the charity and hence for taking re￿onable steps for the prevention and detection of fi7ud or other irregularities. Approved by th¢ Trust¢¢8 and signed on their behalf by.. Dated:7.1 , July 2024 T Sumner Trustee Page 4 THE LAKE FOUM)ATION CHARITABLE TRUST REPORT OF THE tNDEPEIYDENT EXAMINERS I report to the Trustees on my examination of the fu)ancial statements of The Lake Foundation Cbaritable Trust (the ¢harity) foi the year ended 5 April 2024. Responsibilitie5 and basls of report As T￿SteeS of the charity, yoii are responsible for the preparation of th¢ financi81 sfatements in accordance with the requirements of the Charities Act 2011 ('th¢ Act,). I repoi't in respect of iny examination of the charity's financial statements carried out undei. section 145 of the 2011 Act and An carrying out my examination I have followcd all th¢ applicable Directions giv¢n by the Charity Conllnission under section 145(5)(b) of the ACL Independent examiner's stfitement I liave completed my examination. I confirm that no material matters have come to my allention in conneclioll WAth the examination giving me cause to believe thal in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act. or the financial statements do not accord with those records; or the financial statements do not oomply with the applicable requiiEmeiits concerning the forni and conlcnt of financial statem¢nl8 s¢1 out in lh¢ Chorities (Accounts and Reports) Regulations 2008 othei. than any requir¢inenl that the financial statements give a tI￿e and fair view which is not a matter Conside￿d as part of gn independenl examination. I have no concerns and have rorne across no other matters in connection with the examination to wliieh attention should be drawn in this report in order to enable 8 pi'oper understanding of the financial stalcin¢nls to be reacl)ed. P Berryg FCCA, MAAT Paul Howley & Co Ltd Chartei'ed Certified Accountants 42 Pitt Street Barnsley S70 IBB Dnted: 7. 1 July 2024 Page 5 THE LAKE FOUNDATION CHARrrABLE TRUST STATEMENf OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestrlcted Funds 2024 ElldoiYmeNt Funds 2024 Total Funds 2024 Tot*1 Funds 2023 Note INCOME Incoine from generated funds Donations Other income 70,000 17.500 70,000 17.500 Tot&1 Income 87,5(Kl 87,500 EXPENDITURE Charitable activities Govemance costs Independent examination fee Bank charges 70,103 70,I03 50,000 576 576 558 45 45 Total Resources Exponded 70,724 70,724 50,560 Net expendlture I movement in fund6 16,776 16.776 (50,560) Reconclltation of fund8 Balance at 6 April 2023 12,106 12,206 62,766 Balance at 5 April 2024 28.882 100 28,982 12,206 The annexed nolesformpurl ofih4sefinancial statemenls Page 6 THE LAKE FOUNDATJON CHARITABLE TRUST BALANCE SHEET AT 5 APRIL 2024 2024 2023 Iyote CURRENT ASSETS Debtors Cash at bank and in hand 17,500 12.022 12.709 29.522 12,709 CREDITORS: An￿u￿t$ falling due within one year (540) (503) NET CURREwf ASSETS 28,982 12,206 TOTAL ASSETS LESS TOTAL LIABILITIES 28.982 12,206 FINANCED BY: UNRESTRICTED FUNDS Endowment fimds Unrestricted funds 100 28.882 12,106 TOTAL fiUNDS AT YEAR END 28.982 12,206 Nole.. Allfiinds are Unr￿1r1e[ed The financial statement8 were approved by the Tru8t¢es on ?..[. July 2024 and si8ned on tbeir behalf by: T Sumner Trustee Reglstered Charlty Number: 1084280 The ann￿ed￿01&yfor￿ part ofihesefmanciol stafemenls Page 7 THE LAKE FOUNDATION CILIRITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLlCtEs Basls of preparation of the fmancial st2tements The financial statements have been prepared under the historical cost convention and in accordance with the Slat¢ment of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as It applies from l January 2015. The Lake Foundation Charitable Trust meets the definition of a public benefit entity under FRS 102. Having considered future planned aclivities and the r￿urCeS available to ihe chaTlty, the Tn￿le&S are satisfied that the financial slatements should continue to be pi'epared on the going concern basis. Income Voluntary incom¢ and other incoming resources are illcluded in the Statement of Financial Activities when the charity is entitled to the income, receipt is probable, and the amount Can be quantified wilh reasonable accuracy Resources expended Expenditure is included on an accruals basis as each liability is incurred. Resources expended include attributable VAT which cannot be r¢¢overed. Governance costs comprise costs of running the charity in connection with the charity's Compliance and statutory requirements. Cash Cash is represented by cash in hand and deposits with financial institutions rcpayable without penalty on notice of not more than 24 hours. Credltors? provlslons and liAbllltles Creditors and provisions are reco8nized when the charity has a pres¢nt obligation resulting from past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or ¢stimated reliably. Liabilities are recognized as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. OTHER INCOMING RESOURCES 2024 2023 Gift aid on voluntary incon Interest 17,500 Page 8 THE LAKE FOUNDATION CHARITABLE TRUST NOTES TO THE FINANCIAL sTAT￿mP.￿[s (eontlnued) FOR THE YEAR kNDED 5 APRII. 2024 TOTAL RESOURCES EXPENDED 2024 2023 Charitable donation5 Governance costs Bank charges 70,103 576 45 50,000 558 Charitable donations: Intermission Youth Hunger Wars Maher Palestine Red Society 50,000 2,000 8,103 i 0,000 50,000 50,000 TRUSTEES None of the Trustees ree¢ived any remuneralion or had expenses reimbwsed during thc cui'rent or preceding year. EMPLOYEES There were no employees during the cutrent or preceding year. DEBTORS 2024 2023 Accrued Income- Gift Aid 17,500 CREDrroRS: Amounts falling diie withih one year. 2024 2023 Trade creditors and acci'uals 540 504 540 504 FUNDS Unrestricted funds compris¢ those funds that the Tn￿teeS are free to use in accordance with the charitable obje¢ts.