Charlty registraiion number 1098517 {Ewland •nd Wales) THE LYC FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 JULY 2024
THE LYC FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Trustees MrBM Haines ALan DrDYeh Charlty number 1098S17
THE LYC FOUNDATION CONTENTS Pate Trustees report Independent examiner'5 report Statement of flnancial activitie5 Statement ol financial poslyon Notes to the lirnan¢ial Statements 8-14
THE LYC FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY2024 The trustees present their annual report and financial statements for the year ended 31 July 2024. The financial Statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the chariiy's governin8 document. the Charitie5 Act 2011 and 'Accountin8 and Reporrn8 by Charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financlal Reportfng Standard applicable in the UK and Republic ol Ireland IFRS 1021" leffectrve l January 20191. Obkrtlves and artlvlttes EXHIBITIONS & RESEARCH Makln8 New Worlds.. Ll Yuan-chla and Frbend5, 11 November 2023-18 February 2024 https,'Ilwww.kettles¥ard.cam.ac.uklwhats.on/makln8.new.wtirlds-11.yu4n-chla-and-frlpDd "I can hardly thlnk of a rnore upllftlng show for the dyln8 days ol autumn than Maklng New Worlds at Kettl Yard in Cambrldgè. Everythlnq about It IS br*ht beauthil hopeful and as amlable as the subtltle su81Uts".- The Ob5ewver Exhiblyon Overvlew., Moklng New Worlds.. Ll Yuan-chlo & Frlends was a major group exhibldon held at Kettle's Yard IUniver51tv of CambrSd8el from 11 November 2023 10 18 February 2024. It was co-curated by Hammad Nasar (Paul Mellon Centrel, Sarah Victorla Turner (paul Mellon Centrel, and Amy Tobln (Kettle's Yard). and developed In partnership wth the Paul Mellon Cenire's 'London, Asla" project. The show centered on the ploneering vision ol Ll Yuan<hla11929-19941- a Chlnese-born artfst who settled in Brltaln - and the spirit of the LYC Museum & Art Gallery he founded the 1970s In Banks, Cumbria. Through Ll's emarnple, the exhibIon explored Idea15 of creatfvlty, play, communlty, and "worldmaking. outsldé thè £onHne5 01 the maln5trearn art world. Artists and Works.. At the core was L5 Yuan-chia's own art and eth05, surrounded by works ol hls Irlends. collaborators, and those Influenced by him. The roster ol ovèr 30 ard5t5 ranged from modernSst fl8ures to contemporary creators, Notable names Included Brldsh modernists such a5 Barbara Hepworth and Ben, Wlnilred, and te Nlcho150n, klnedc/ab5traci pioneers like Naum Gabo and Takls, conceptual arttsts includln8 David Medalla and Paul Nea8u, and land ardsts Ilke Andy Gold5worthy and David Nash. Many had been Involved wlth Ll's LYC Museum. The show a150 featured contribution5 by Della DerbyshSre (the electronlc music cornp05er who worked wlth Ll In 19761 and poets/arttsts like Dom Sylvester Houédard Iconcrete poetry). Contemporary ardsts le,g. Charwei Tsai, Grace Ndlritu. Betdna FunE, Aaron Tan) presented new works reflecttn8 on Ll's le8aCy. EyhSbltion HS8hli8hts and Themes.. The display was organized to echo Ll's "cosmic" philosophy and communal approach. For example, the entrante gallèry included Ll's whlte ponel works wSth movable magnettc dlscs- Interactlve minimalist p5etÈs that e5tabli5hed hi5 idea ol the'cosmlc point" la slngle dot a5 orl8in of all thSngsl. In a po@( touch. the exhibidon actually opened wlth a palnting by Winifred Nicholson, Romon Rotsd (Landscope with Two Houses19261. depicrfng the very road leadin8 to tl's future art barn In Banks. This nod to place and Irlendshlp set the rone.. -ot the heort of hls pracrice was Ll's bellel In rhe insepjrabilify of lift and friendship.~ as onè rÈviÈwer noted. The galleries then showcased a mlmture of L5's works and those of his circle. Li's own pieces ranged from early abstract ink painttngs to his later han¢%colored phottrpainting51e. Untitled, 19941. as well as calllgraphic scrolls and texllle works he giftèd to friends. These appeared alongside artsfacts of LYC activides- for Insiance, slmple wooden fjles with haiku poems and craft objects that exemplilied the LYC'S blend of hl8h an and everyday creattvlty,
THE LYC FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Several sections highli8hted Li's influèncè on others. One area focused on land art experirnent5 at LYC.. early works by a youn8 Andy Goldsworthy- documented in photographs where he tOS5ed gathered sticks into the air like "dark fireworks a8alnSt a pale 5ky' nd Davld Nash's rustic sculptures and even a stuined-gloss panel Nash Made, which the curators rediscovered and hung in a window at Kettle's Yard. Another section offered an homa8e to Delia Derbyshire.. her ambient electronic sound5, rernlxed wlth field recordSn85 from present-day Banks, played In the gallery, Ilterally brlnglng the LYC'S environment Into the exhibltton space. Throughout, Li's"splrlÈ ol genèrosity and curiosity" and thè °open-hettrted" ethos of the LYC prevalled. As the exhibition text explained, "there wos no hier(rrthy ot Bonks- roo rug workshops went on olonoside hlgh-*nd tortctptijolism. chlldren's print-muking beside reffi'ned ob5troct70n". This utopian mix was conveyed by displayln8. for example, Shelagh Wakely's fra8ile Ilay and resSn vessels on a low shelf levokln8 her 1970s LYC installadonl nexi to Li's own painted draft-excluder canvases. The tille Making New Worlds thus referred both to Ll's cosmlc Ima8lnatton and the new soclal world he built at the LYC- a -beouttlully reollsed Utopio generotedfrom olmost nothlng.- Sn thè words of onÈ blo88er. Crltlcal Receptlon and Commentary Moking New Wt)rlds was met with stron8 acclaim in the art press, praised lor its warmth and historic importance. The Observer (Guardianl review by Laura Curnmin8 called it -briqht, beouttful. hopeful and as ¢7mioble 05 the subtitle 5uoqe5t5", noting how conviviality and friendship shine throu8h the exhibitr'on. Cummin8 gave the show 4 stars, emphasizin8 that -our understonding of 20th-century 8ritish art is oll the richerfor it~ The Guardlan feature èrtlcle by Nicholas Wroe hi8hli8hted the Sl8nificance ol this bein8 L4's first major exhibidon in the UK, Inally 8lvin8 due reco8nltlon to an afdst who had lon8 been "forgotten" by mainstream narradve5. Wroe'5 piece, titled "There 5 t7 story of rociuli5ed exclusion., di5CU53es how Li was influential in hi5 time yet -struqqled to ottuin broader recognition" and how this show -shines rhe light on his leqocy" The cvrators, extensive effort5 in unearthin8 scattered works and archives (even flndln8 that old Davld Nash 8lass piece for the displayl were applauded as a 'pallent redlscovery~ ol Li's contributions. Studlo Internatlonal's rev5ew Iby Beth Willlarn50nl Ilkewi5e lauded the exhlbltron's celebratory lone.. "Conviviullty ond friendship shine throuqh this group show exploring the work5 of Li YuaTrchlo und that of the artistfriend5 he Showed at hls LYC... PIu5.' contemporory ortists reflect on his legacy." The revlewer observed that the exhibIOll,$ very structure- be8inning wlth Wlnllred Nlcholson's Roman Rood - deftly Illustrated Ll's belief In art as Inseparable from life and frlendshSp. Stud50 International noted the curatorlal 5ucces5 In connectlng past and present.. it showed Li as a connector ol people and Ideas, wlth contemporary pieces effecuvely "mirrorlng Li'5 idea~ of a un5versal polnt Ilor Instance, Andy Gold5WOrthy's photographlc 5erle5 How to Moke o Block Hole w05 jUXtUP05ed to embody Li's concept of the dot/hole a5 0 center of consciou5ne5s1. eeyond officlal revlews, Maklng New Worlds also 8enerated rhou8htful commentary on blogs and soclal medla, The Cambridge Critique blog described the show 35 "an unusual, innovative... rnanife5to of a l...1 Utopla" born from Li'5 imagination. It pralsed how LI'S-LYC" model- an arY5t-run farmhouse mu5eurn welcomlng all- wa5 presented as"a paradlgm for the way society could treat the arts" glvlng arfsts -space, 1Sght and somewhere to flourish" On In5ta8ram, visitors and pathclpatfn8 ardsts shared hl8hllghts.' Iof example, posts showcased Grace Ndiritu's contrlbutions and encouraged audiences to catch the show before it closed. Kettle's Yard's own social media featured short vldeos and .5 Thin85 About Makln8 New Worlds" posts that explained Li'5 Ideas Isuch a5 hi5 fascination with the cosmic point and interactwe artl in ac£es3ible term5. Overall, the response on arts forums was that Maklng New Worlds was both historlcally slgnlffcant and joyously en8a8ing, bringlng overdue attenon to U Yuan-chla's Influendal yet under-recognlzed role In Brltlsh art
THE LYC FOUNDATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JUIY2024 Other Exhiblfjons In 2023-24 Outside of Cambridge, Li Yuan-chia's work also appeared in other contexts during 202>2024. reflecdng a broader re5urgellce of interest In his art. Notsb1y, at the Taipei Dangdai art fair Imay 20241. London's Richard Saltoun Gallery presented dedScated duo exhlbition at their booth, featuring L5 Yuan-chla alongside Austrian artist Grets khodl. Titled -cumbrian Cosmopolitanisms~ I spiritl, thls curated display was -Insplred by the [Kertle's YordJ exhibition 'Mokino New Worlds'- and delved 5nto Ll's muldlacered praCce as both atfjst and organiLer. It hlghllghted Ll's profound Influence on Internaonal ar5C networks- notably his friendship wlth Schodl, whom he had exh5bited at the LYC in the 19705. On view were examples of Li, work across mèdia Ifrom his abstract ink drawlngs to a kinetic Hanging Disk sculpture frorn the 196051 alongside Schodl's text- based canvases. By placing these two 1929-born artist5 together, the presentation underscored Li's global reach.. he wa5 "one of Toiwons earliest pioneer5 of absrrort and conceptual orr" known for blending Eastern and Western art vocabularies. The Talpel showln8. in a contemporary art lalr sethng, demonstrated that Ll Yuan-chia's art 15 now rnarket-relevant and Internadonally celebrated, not just a hlstorlcal footnote. Back In the UK, Ll's work has been findln8 Its way Into major publlc collecdons and dlsplays. In February 2024, the fate In Brltain acqulred a group of ten of Li Yuan-chia's ink-on-papèr works lor Its pèrmanent collection (thesè are thought to be small bstract-cosmic point" Studies from the 19SOs-60sl. Thls acquislrfon- occurring just a5 Moking New Worlds was closln8- Was signlficant InsdtuYonal endorsement of LS'S lrnportance. It slgnSAe5 that nadonal museums are acttvely seekln8 Qut hls work, cernenting his legacy In the Brifjsh art canon. IFor context, a set of ten Cosmic Poinr works by Ll haé appeared at auction In 2017, Indlcadn8 ihe exlstence of such sultes., by 2024 Tate had managed to secure a comparable set, elther through purchase or donadon.l Around the same Me, Tate Modern opened a sprin8 2024 CollecOn display tle 'Palndn8 wlth Whltè.. which Included Urttltled t.1954-61 by Li Yu8n-chia- a mlnlmallst pa5nting using only thè tolour white, exemplllylng Ll as. in Tate's words, a "visuol philosopher" concerned with humanlty's place In the ctssmos. 8y incorporating LS'S work into its themadc exhlblfjons, Tate has publScly recognized him a5 "one of the m05t importunt Chlnese urtlsts of the 20th century," and a unique brldge between Aslan modern art and Brlttsh postwar art. Flnanclal revlew FINANCIAL I INCOME Eslite Gallery In Talpei vislted the opening the exhibldon and met wlth the treasurer thereafterln London and have taken on In a commerclal endeavour to contribute to the flnèncial health of the Foundation. Despite their contrlbution In early 2024 they have yet to commence acquirin8 works from the Foundation las 0131 July 20241 but the Foundation remains open to thelr prop05a15 while usin8 the proposal to determine th95e work5 which Should stay as core parts of the LYC Foundation £ollection. This ha5 been done not only with the Trustees Diana Yeh and 8ruce Haines, but in conjunctlon with professiona15 Outside the Foundatton who are close to the work, in pardcular Hammad Nassar and Lesley Ma. The Foundation continued its conversations and met wlth Lesley Ma. Curator at New York Metropolitan Museum ol Art to continue dixusslons re8ardln8 placin8 works ol Li into collections in the US and in particular at the Met. A pair of larger work5 are reserved lor their future consideration. Tate Gallery concluded their acquisition ol 10 ink work5 for their collection, with their contribution of £25,000 in early 2024 presenting a si8nilicant donaon in terms of LYC discount on Poten34 market value of the works but ensurin8 the museum has sufficient WDrk5 to make a display. 80th partie5 are very happy with the outcorne. Royaltie5 ft)r use of images under the Foundation's copyright continued a5 a valuable source vf incorne to the Foundation. They are managed by the non-profit organisation DACS. with whom the FoundatiorTr is registered. The Foundation must conknnue to direct enquiries to DACS so that source of iniome continues year on year. The Trustees must ensure that enquiries to use ima£es of the Foundation are directed to DACS in order for this source ol revenue to be maximised. An objective of establishing a fund for the thnancial support ol arknsts land writers. poets. researchers perhapsl reman5 one of the fundamental aims of the Foundation. However the unpredictable nature of Sales means that regular contributions to artists have to be balanced against the fixed land largestl costs the Foundation have in storing and conserving li's work. its website and administrative duties. The latter have been kept to a minimum in 2023-24.
THE LYC FOUNDATION TRUSTEES REPORT ICONTINUED) FOR THE YEAR ENDED 31 JULY2024 Structurè. go¥ernantÈ and man•gement Governin8 document The charliy is controlled by tts governing document, a deed of trust constitutes an unincorporated charity. The 8overnln8 document is to be amended in light of the search for new trustees and in order to safe 8uard the interests of the Foundation. Recrultment and appolntment ol new trustees, Two new Trustee5 are being proposed.. Dr Katie HS11 and Cal Yuan. Appolntment of trustees Is 8ulded by the 8overnln8 document. Thls 1$ to bé amended in order for appolntment and removal of trustees to be made more stral8htforward. For the Present, Bruce Haines wlll mana8e the Foundadon's admlni5tratlve need5, Dlana Yeh rernains Chalr and we are acttvely lookln8 for new rrusiees, in parfcular ardsts Interested in the work. but also legal and in5tttuYonal lart related) experdse. Such a 8roup may become 'frlends' ol the Foundayon instead ol full trustees. Proposals are in the plpellne for meedn8s In 2025 to be8ln the process of renewal of Interest In the work of the Foundadon In prornotln8 the work ol U. The trusiees who sefved durin8 thè year and up to the date of $58nature of the flnanclal sratements were,, Mr 8 M Ha5nes ALan DrDYeh REFERENCE AND ADMINISTRATIVE OETAILS Regi.ste.red Charlty numbey 1098517 Prlnclpal address 1/0 Mr Bruce Halnes 47 Bradley Road London SE19 3NT Accountants Grunber8 & Co Llmited Chartered Accountant5 5 Technology Park Colindeep Lane Collndale London NW9 68X The Trustees report wa5 approved by the Board 0¢ Trustees. Mr8M Haines Trustee 24 May 2025
THE LYC FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LYC FOUNDATION I report to the trustees on my examination of the financial statements of The LYC Foundation (the charityl for the year ended 31 July 2024. Responslbilitles and ba51s of report As the trustees of the charlty you are responsible for the pparaon of the ffnanclal statements in accordance with the requirements of the Charlues Act 2011. I reporr in respect of my examlnthon of the charlty's financial statement5 carrled out under secyon 145 of the Charities Act 2011. In carrying out my examSnatton I have followed the Directions Biven by the Charlty Commlssion under secknon 14515llbl of the Charldes Acr 2011. Independent examlner's $tstement Youf attenOn is drawn to the fact that the charlty has prepared the financlal ststements in accordance with the relevant version of the Statement of Recommended Pracdce appllcable to charlde5 preparing thelr financial statements in accordance with the Financlal Reporfjng Standard applicable In the LIK and Republic ol Ireland IFRS 1021 in preference to the Accountfng and Reporting by Charldes.. Statement of Recommended Prarttce Issued on l April 2005 which is referred to in the extant re8uladons but has now bèèn wlthdrawn. l nderStand that this has been done in order lor the flnancial statements to provide a truè and fair vlèw lft accordance wlth UK Generally Accepied Accoundn8 Practtce. I have completed my eXamInaOn. l £onflrm that no matter5 have come to my attentlon ConnecOn wlth the exam5nadon 8ivln8 me cause io belleve that in any materlal respect.. ccounttn8 records were not kept in respect ol the charity a5 requlred by Secon 130 of the Charides Act 2011. the financlal statements do not accord wlth those records,, or the financlal statements do not comply wlth the applicable requlrements concernlng the form and content of flnanclal 5tatement5 set out In the Charldes IAccounts and Reports) Regulatlons 2008 other than any requSreMt that the A Thancial 5tatement5 8lve a true ènd fair vSew, whlch 15 not a matter con51dered as part of an Independent examination. I have no concern5 and have come acr055 no other matters in connecdon wlth the examlnation to whS¢h attentton shoulé be drawn In th5s report In order to enable a proper understandln8 of the hnanclal statements to be rexhed. Grunberg & Co Limited Sanjay Parrnar ACA S Teihnology Park Colindeep Lane Col¢ndale London NW9 6BX United Kingdom 27 May 2025
THE LYC FOUNDATION STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2024 Unrestrlctsd fvnds 2024 Unresirkned funds 2023 Income from., Donattons and lega¢le5 Charltable actfvlt(es 12,5¢JO 31,233 1,429 Tot•1 Income 43,733 1,429 Expendlture on., Charitable actlvittes 19,169 57,862 Tot•1 expendltu 19,169 57,862 Net Incomellexpendlture) Ind Mfflent In fvnds 24,564 156,4331 Reconclllitlon of fund$'. Fund balances at l Au8USt 2023 28.541 84,974 Fund b•14nc•s at 31 July 2024 53,105 28,541 The statement of Hnan¢lal a¢ttvlYes Includes all galns and losses reco8nlsed In the year. All IKome anil expendlture derlve from conttnulng Ktivie$.
THE LYC FOUNDATION STATEMENT OF FINANCIAL POSITION AS AT31 JULY2024 2014 2023 Flxed ossetS Intan8ible assets Tan8ible assets io 28.601 28.601 28,602 28,602 Current assets Debtors Cash at bank and In hand li 635 30,549 6,564 31,184 16,6811 6,S64 16,6251 Cr*dltoN: amounts fallln8 due wfthln one 12 N•t ¢urrent aSs•tsllll•blllttesl 24,S03 1611 Total a$sets less ¢urfent Ilablllde> 53,105 28,541 The lunds olthe ch•rlty Unrestrlcted funds 13 53,105 28,541 53,105 28,541 The ftnanclal ststements were approved by the trustees on 24 May 2025 Mr B M Halnes Trustee
THE LYC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Ac¢ountln8 poll¢les Charlty Inlormatlon The LYC Foundatton Is a an unlncorporated charity. 1.1 A¢countlnK ¢onventk*n The flnancial Statements have been prepared In accordance with the charity's governlng document. the charleS Att 2011, FRS 102 'The Flnanclal Reportin8 Standard applicable In the UK and Republic of Ireland" I'FRS 102,1 and the Charilles SORP 'Accoundn8 and Reporting by Charitles.. Statemenr ol Recommended Practice applicable ro charldes preparSng thelr accounts in accordance wlrh Ihe Flnanclal ReporTh8 Standard applicable In rhe UK and Republlc of Ireland IFRS 1021" leffecdve l January 20191. The charlty Is a Publlc Bèneht Entity as delined by FRS 102. The charlty has taken advaniage ol the provisions in the SORP for ¢harlttes not to prepare a Staternent of Cash Flows. The flnanclal statements are prepared In sterlSr& which Is the fun¢Yonal currency of the charlty. Monetary amount5 In these flnan¢ial statements are roundeil to the nearest £. 1.2 Golni concem At the me ol approving the financlal 5taternents, the trustees have a reasonable exptation thzt the charity ha5 adequate re50urce5 to continue in operational existence lor the foreseeable future. Thu5 the trustees conne to adopt the going concern basis of èccounting in preparing the financial statements. 1.3 Ch¥rStsble funds Unresirlcted funds are avallable for use at the dIsCreOn ol the trustees In furtherance of thelrcharltable Objecve5. 1.4 Income Income Is recognised when the charlty is legalty entltled to It aftèr any performance condIOn5 have been met. the amounts can be measured reliably, and 5t is probablÈ that intome wlll be received. Cash dOnaon$ are recognlsed on recelpt. Other donations are reco8nlsed once thè charity has been nodled of the donation, unless performance condldons require deferral of the amount. Income tax recoverable in relation to dOnaonS recelved under Glft Aid or deed5 of covenant 15 recogni5ed at the time of the donation. 1.5 Expendlture Expenditure is reco8nlsed once there is a legal or constructlve Obl18aOn to transfer economic befit to a third party, is probable thai a transfer ol economlc benefits will bè required in settlement. and the amount ol the obligation can be measured reliably. Expenditure 15 classified by artlvity. The costs ol each activlty are made up of the total of dirExt costs and shared costs, Sncludln8 support costs involved in undertakin8 each activity. Direct costs artributable to a single a(VitY are allocated directly to rhat activity. Shared costs which contribute tts rnore than one activity and support Costs which are not attributable to a single activity are apportioned between those activifjes on a basis consistent with the use of resources. Central staff costs are allocated on the basis ol trme spent, and depreciation char8es are allocated on the poon of the a5se¢'5 Use. Grants offered subject to conditions whlch have been met at the year end date are noted a5 a commtmeTht but not aeerued as expenditure.
THE LYC FOUNDATION NOTESTO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY2024 Accoundng pollcle5 (Connued) 1.6 Intanglble fixed assets other than ioodwlll Intan8ible assets acqulred separately from a business are recognised at Cost and are subsequently measured at cost le55 accumulated amordsatlon and accurnulated Impairment losses. Intangible assèts aC4uired on buslness combinattons are recognised sèparately from goodwill at the acqulslYon date where it is probable that the expetted future econornli benefits that are attrlbutablè to the asser will flow to the enfjty nd the fair value ol the a55et can be measured reliably., the intangible 3ssÈt arlses from contractual or other legal rSghts', and the Sntan8lble asset is separable from the entY. Amordsaon is recognised so as to wr5te off the cost or valuation of assets less thelr resldual values over thelr uselul live5 on the followlng bases.. Webslte Fully depreciated 1.7 T4n8lble fixed ajgets Tan8ible ftxed assets are inldally measured at cost and subsequently measured at cost or valuation, net of depreclayon and any lrnpalrment1055es. Depreclatton Is reco8nlsed so as to wrlte off the cost or valuatlon of assets less thelr resldual values over thelr useful Ilve5 on the following bases.. Works of Arts Not deprecSated The 8aln or loss arlsln8 on the dlsposal of an asset is determlned as the dlfference between the sale proceeds and the carryin8 value ol the asset, and is reco8nised In the statement of h"nancial acttvldes. 1.8 Impalrment of flxed assets At each reportin8 end date, the charlty reviews the carrylng èmounts ol Its tang5ble and Intan8lble assets to determine whether there is any indication that those as5et5 have suffered an impairment loss. 11 any such indtatlon exlsts, the recoverable arnount of the a5set1s estimated in order to fletermine the extent ol the irnpairment Ios5 lif anyl. 1.9 Cash and c•$h equlvalants Cash and cash equivalents include cash in hand. dep051ts held at call with bank5, Other 5hort-term Ilquld investments with original maturldes of three month5 or le55. and bank overdrafts. Bank overdrafts are shown withln borrowlngs In 1.10 Fininci31 instruments The charity has elected to apply the provlslon5 of Secdon 11 'Baslc FSnanclal In5trument< and SecYon 12 '0ther Financial Insirumenis Issues. of FRS 102 to all of its financial Instruments. Financial instruments are recogn5sed in thè tharlty'5 balancè sheet when the charity becomes party to the contractual provisions of the Snstrument. FinancSal assets and Ilablllttes are offset, wlth the net amounts presented In the flnat)clal statements, when there is a legally enforteable right to set off the recognised amounts and there Is an Intentfjon to settle on a net basls or to realise the asset and settle the liability simultaneously.
THE LYC FOUNDATION NOTES TO THE FINANCIAL STATEMENT5 ICONTINUED) FOR THE YEAR ENDED 31 JULY2024 Accoundn8 pollcles IContInu) Basic linancial asset5, which include debtors and cash and bank balances, are initially measured * transaction price includin8 transaction costs and are subsequently carried at amortised cost usin8 the effective interest method unle5$ the arran8ement ionsrtures a financin6 transaction, where rhe transaction Is measured at rhe presert value of the future receipts discounted at a market rate of interest. Flnancial assets classlfled as receivable thIn one year are not amoftlsed. oskllnonclolmubllliles Basic financial liabillde5. 5ncludlng credltors and bank loans are Inltlally recognlsed at tran5actlon prlce unless the arrangement constitutes a Ilnancin8 transacOn, where the debt instrurnent Is measured at the presert value of the fthure payments dlscounted at a markèt rate of Interest. Flnanclal Ilabllldes classlfled as payable wlthln one year are not amorttsed. Dèbt instruments are subsequently carrled at amortb5ed cost, using the effecyve interest rate method. Trade credltors are obllgations to pay lor 8oods or servlces that have been acqulred In the ordlnary course of operatfon5 Irom suppllers. Amounis payable are classlfled as current Ilabllldes il payment Is due wlthln one year or less. If not, Ihev are presented as non-current Ilablllfjes. Trade credltors are recognlsed Inltlalty at transacfjon pce and subseouentlv measured at amortlsed cost uslng the effècttve Interest method. Dere¢oonltlon offinJn¢lalllobllltles Financial liabilitie5 are dereco8nised when the charlty'5 contractual obll8adons explre or are dlschar8ed cr cancelled. The cost ol any unused holiday entitlement is reco6nlsed In the period whlch the employee's services are received. Terminatton benefits are reco8nised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefit5. Income from don•tlons •nd l•i•cl•s UnT•strl¢tqd lunds 2024 Unrestrkted lund> 2023 Donadons and 8ifts 12.SC¥J
THE LYC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY2024 Income fiom charitable activities Unrestrlcted lund5 2014 Unrertricted fundg 2023 Charitsble Incom• Sale ol goods Other Income 29.572 1.661 1.429 31,233 1,429 Expendltufe on charitsbl• actl¥ltS•s Totsl 2024 Total 2023 Dlrett torts Sundrv Stora8e rent EXhibIon curaror & administradon 181 13.S08 93 122 15,967 39.027 13,782 55.116 Shafe of Support and rn9m¢e ¢ost$ l*e note 51 Support Governance 1,417 3,970 346 2,400 19,169 57.862 Analyslj byfvnd Unrestrlcted funds 19,169 57,862 Support Costs allocated to acdvltles Total 2024 Totsl 2023 Computer consumables Travel & accommodation Governancp 1,381 36 3.970 337 2,400 5,387 2,746
THE LYC FOUNDATION NOTES TO THE FINANCIAL STATEMENT5 (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Support C05tg ¥lloc¥ted to actlvltle5 Icontlnuedl 2024 2023 Go¥ernanc• costs comprlse: Le8al and profes51onal Debt colle¢¢ion & documents 3,716 254 2,400 3,970 2,400 Trustees Curator and adminlstrayon costs of £9312023.. £20,276) were pa5d to the trusteès. Emplo¢% The average monthly number ol employees durlng the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneratfon was more than £60,IXKI. T•x•tlon The charlty Is exempt Irom taXaOn on Its avItIeS betaU5e all Its Incomers applled for charltable purposès. Intanglble Hxed ass•ts Websl¢• Cost At l August 2023 and 31 July 2024 3,OL Amorlsaibon and Impalrment At I Au8U5t 2023 and 31 July 2024 2,999 Carryln8 amount At 31 July 2024 At 31 July 2023
THE LYC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 10 TanKible fixed #sjtts Cost At l August 2023 28,601 At 31 July 2024 28,601 C•rrylni amount At 31 july 2024 28,601 At 31 July 2023 28,601 li Debtors 1024 2023 Amounts14111n8 due wlthln one year: Prepayments and ac¢rued income 635 Credltors: •mounts falllni due wlthln on• ye•r 2024 2013 Other taxatlon and soclal securlty Accrua15 and deferred Income 325 6.356 325 6.300 6.681 6,625 Unrestrlcted fvnds The unrestricted funds ol the char5ty comprSse the unexpended balances of donadons and grants whlch are not subject to specihc conditlons by donors and 8rantors as to how they may be used. These include de518nated lunds which have been set aslde out of unrestritted funds by the trusteès for specific purposes. At l Augus¢ 2023 In¢omln8 rnsour¢es Re50urce$ At 31 July 1024 pended General fund5 28,541 43,733 119,1691 53,105
THE LYC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JULY2024 13 Llnrestrlthd lunds Icontlnuedl Prwb0j year. At l AlUSt 2022 Incomlnl resources Resources At 31 July 1023 expended General funds 84,974 1,429 157.8621 28,541 14 Rèlated party tran54dlon5 There were no dlsclosable related party transacOn$ ¢Jurlng thè year12023- NIII.