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Charity number: 1084280
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THE LAKE FOUNDATION CHARITABLE TRUST
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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THE LAKE FOUNDATION CHARITABLE TRUST
CONTENTS
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| Reference and administrative details | I |
| Trustees report | 2-3 |
| IndependentExaminer’sreport | 4 |
| Statement offinancial activities | 5 |
| Balancesheet | 6 |
| Notestothefinancialstatements | 7-8 |
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Page 1
THE LAKE FOUNDATION CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
G M Sumner T Sumner Charles Russell Speechlys Trustees (UK) Ltd
Charity Registered Number
1084280
Principal Office 35 Endell Street London WC2H 9BA
Independent Examiners
P Berry, FCCA, MAAT Paul Howley & Co Ltd Chartered Certified Accountants 42 Pitt Street Barnsley South Yorkshire $70 IBB
Bankers
Coutts & Co. 440 Strand London WC2R 0QS
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Page 2 THE LAKE FOUNDATION CHARITABLE TRUST
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their annual report together with the financial statements of The Lake Foundation Charitable Trust (“the charity”) for the year ended 5 April 2025. The financial statements are prepared in accordance with the Charities SORP (FRS 102) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice. The charity is a Public Benefit Entity as defined by FRS 102.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Settlors established the charity on 12 October 2000 and it is governed by its deed. On 28 December 2000 the charity became a registered charity (number 1084280) with the Charity Commission.
The Trustees who have served during the year and since the year end are:
GM Sumner
T Sumner
Charles Russell Speechlys Trustees (UK) Ltd
New trustees may be appointed at any time by the settlors during their lifetime. Trustees are appointed by a resolution of a meeting of the Trustees and a memorandum declaring the appointment is signed as a deed. There is no training procedure for Trustees.
The day-to-day management is exercised by the Trustees themselves.
OBJECTIVES AND ACTIVITIES 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.
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ACHIEVEMENTS AND PERFORMANCE
During the year, the Trustees continued researching worthy causes. The charity donated £246,121 to charitable causes, as listed in note 3.
PLANS FOR FUTURE PERIODS
The Trustees intend to continue identifying charitable causes and provide funding in accordance with the charity’s objectives.
FINANCIAL REVIEW AND INVESTMENT POLICY
During the year under review, incoming resources were £287,500 (2024: £87,500), donations were made to charitable causes amounting to £246,121 (2024: £70,103) and the charity incurred governance and sundry costs of £541 (2024: £621) resulting in a net surplus of £40,838 (2024: £16,776).
The Trustees may apply any money to be invested in the purchase of shares, stocks, funds, securities, land and buildings etc., as they deem fit.
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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 the near future.
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THE LAKE FOUNDATION CHARITABLE TRUST REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 5 APRIL 2025
PUBLIC BENEFIT
The Trustees have considered the Charity Commission’s guidance on public benefit and consider the charity is compliant with the requirements, The charity’s activities clearly relate to its legal purpose of applying its income for the benefit of exclusively charitable objects and purposes in any part of the world, as the Trustees deem fit. The activities undertaken and achievements described enable the reader to assess the contribution made by these activities towards furthering the charity’s purpose. Specific confirmation is also provided RISKthat Trustees received MANAGEMENT no remuneration or benefits for their contribution to the charity. The Trustees have examined the major strategic, business and operational risks that the charity faces and confirm that systems have been established to enable regular reports to be produced and reviewed to lessen these risks,
RELATED PARTIES
During the year the Settlors, G M Sumner and T Sumner donated £230,000 (2024: £70,000) to the charity. The charity donated £246,121 ($300,000) to the Rainforest Fund, a charitable foundation in which the Settlors are Co-Founders and Board members.
STATEMENT OF TRUSTEES RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial . statements. The Trustees are required to:
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¢ Select suitable accounting policies and then apply them consistently; « Observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102);
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¢ Make judgements and estimates that are reasonable and prudent;
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¢ State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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e Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business,
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure 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 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.
Approved by the Trustees and signed on their behalf by:
Dated: ...... September 2025 T Sumner Trustee
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THE LAKE FOUNDATION CHARITABLE TRUST
REPORT OF THE INDEPENDENT EXAMINERS
T report to the Trustees on my examination of the financial statements of The Lake Foundation Charitable Trust (the charity) for the year ended 5 April 2025.
Responsibilities and basis of report
As Trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’). l report in respect ofmy examination of the charity’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1, accounting records were not kept in respect of the charity as required by section 130 of the Act; 2. the financial statements do not accord with those records; or 3. the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view which ts not a matter considered as part of an independent examination.
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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 ofthe financial statements to be reached.
P Berry, FCCA, MAAT Paul Howley & Co Ltd Chartered Certified Accountants 42 Pitt Street Barnsley $70 1BB
Dated: ...... September 2025
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THE LAKE FOUNDATION CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEARENDED 5 APRIL 2025
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|Unrestricted|Endowment|Total|Total|
|Funds|Funds|Funds|Funds|
|2025|2025|2025|2024|
|Note|&|£|£|£|
|INCOME|
|Income|from|generated|funds|
|Settlor donations|230,000|-|230,000|70,000|
|Other|income|2|57,500|-|57,500|17,500|
|Total Income|287,500|-|287,500|87,500|
|EXPENDITURE|
|Charitable|activities|3|246,121|-|246,121|70,103|
|Governance|costs|3|
|Independent|540|-|540|576|
|examination|fee|
|Bank|charges|1|-|1|45|
|Total Resources|Expended|246,662|-|246,662|70,724|
|Net|expenditure / movement|in|
|funds|40,838|-|40,838|16,776|
|Reconciliation|of funds|
|Balance at 6 April|2024|28,882|100|28,982|12,206|
|Balance at 5|April 2025|69,720|100|69,820|28,982|
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The annexed notesform part ofthesefinancial statements
THE LAKE FOUNDATION CHARITABLE TRUST
BALANCE SHEET AT 5 APRIL 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| CURRENT ASSETS | |||
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| Debtors | 6 | 57,500 | 17,500 |
| Cash atbankand in hand | 12,860 | 12,022 | |
| 70,360 | 29,522 | ||
| CREDITORS: Amounts fallingduewithin oneyear | 7 | (540) | (540) |
| NETCURRENTASSETS | 69,820 | 28,982 | |
| TOTALASSETSLESSTOTALLIABILITIES FINANCEDBY: UNRESTRICTED FUNDS Endowmentfunds Unrestricted funds |
— 69,820 100 69,720 |
OO 28,982 100 28,882 |
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| TOTALFUNDSATYEAREND | 69,820 | 28,982 | |
| ——_ | —_— | ||
| Note: Allfindsare unrestricted | |||
| Thefinancial statementswereapprovedbytheTrusteeson behalfby: |
on ...... September2025andsignedontheir | ||
| .SO ne aes T Sumner |
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| Trustee |
Registered Charity Number: 1084280
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The annexed notes form part ofthese financial statements
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THE LAKE FOUNDATION CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
- ACCOUNTING POLICIES Ll Basis of preparation of the financial statements ; The financial statements have been prepared under the historical cost convention and 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 United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015, The Lake Foundation Charitable Trust meets the definition of a public benefit entity under FRS 102.
Having considered future planned activities and the resources available to the charity, the Trustees are satisfied that the financial statements should continue to be prepared on the going concern basis. 1.2 Income
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Voluntary income and other incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income, receipt is probable, and the amount can be quantified with reasonable accuracy
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1.3 Resources expended Expenditure is included on an accruals basis as each liability is incurred. Resources expended include attributable VAT which cannot be recovered.
Governance costs comprise costs of running the charity in connection with the charity’s compliance and statutory requirements.
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14 Cash Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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15 Creditors, provisions and liabilities
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Creditors and provisions are recognized when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
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Liabilities are recognized as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure.
2. OTHER INCOMING RESOURCES
| OTHER INCOMING RESOURCESINCOMING RESOURCESRESOURCES | ||
|---|---|---|
| 2025 | 2024 | |
| ; | £ | £ |
| Gift aid on voluntary income | 57,500 | 17,500 |
| Interest | - | - |
| 57,500 | 17,500 |
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- TOTAL RESOURCES EXPENDED
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THE LAKE FOUNDATION CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2025
| . | . | 2025 | 2024 | |
|---|---|---|---|---|
| £ | £ | |||
| Charitabledonations | 246,121 | 70,103 | ||
| Governance costs | 540 | 576 | ||
| Bankcharges | 1 | 45 | ||
| 246,662 | 70,724 | |||
| Charitabledonations: | ||||
| RainforestFoundation | 246,121 | - | ||
| Intermission Youth | - | 50,000 | ||
| HungerWars Maher |
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2,000 8,103 |
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| Palestine Red Society | - | 10,000 | ||
| TRUSTEES | 246,121 | 70,103 |
- 246,121 70,103 TRUSTEES None of the Trustees received any remuneration or had expenses reimbursed during the current or preceding year.
5. EMPLOYEES
There were no employees during the current or preceding year.
6.
| DEBTORS | 2025 | 2024 |
|---|---|---|
| Accrued Income—GiftAid | £ 57,500 —___ 57,500 |
£ 17,500 — 17,500 |
| CREDITORS: Amounts falling duewithinoneyear. | ||
| 2025 | 2024 | |
| £ | £ | |
| Trade creditors and accruals | 540 | 540 |
| 540 | 540 |
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CREDITORS: Amounts falling due within one year.
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FUNDS
Unrestricted funds comprise those funds free to use in accordance with the charitable objects.
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