REGISTERED COMPANY NUMBER: 04926563 (England and Wales) REGISTERED CHARITY NUMBER: 1101863
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
FOR THE LINDSAY FOUNDATION
Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU
THE LINDSAY FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
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Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 14
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THE LINDSAY FOUNDATION (REGISTERED NUMBER: 04926563)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The object of the charity is to provide financial support for charitable organisations or for charitable purposes as directed by the trustees. The foundation is particularly interested in funding smaller organisations that do not have the funds to advertise.
The majority of approaches for funding come from external organisations while a small minority come from friends and associates. The Lindsay Foundation has now identified several charities that will be supported long term which will reduce the amount of new approaches that are successful. In order to keep expenses to a minimum any work undertaken by the Trustees is not charged to the Foundation with the exception of work on the charity properties which is charged at a significantly reduced fee. Office space, equipment, telephone and stationery is currently provided free of charge by a Trustee.
The Foundation does not fundraise and holds investments in the form of residential properties which are let to generate income to be applied in furtherance of the charitable objects.
Public benefit
The trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
When an initial approach is made, enquiries are undertaken via either The Charity Commission or the internet to establish that it is a genuine charitable organisation.
Issues such as up to date accounts, income, expenditure and objectives are taken into consideration when deciding whether to award funding. The Trustees are keen to hear first hand from those involved in the organisation making the approach. The Foundation does not currently require the completion of an application form for funding.
All approaches to The Lindsay Foundation should be firstly by email :- (thelindsayfoundation@uwclub.net) where approaches can be sent direct. Emailed approaches should be sent for efficiency and ensuring receipt over a postal application. Organisations who are unsuccessful receive an email confirming this. As with last year there has been a marked increase in the number of approaches received within this year and when they are sent through the post it takes a considerable amount of time to process. Once again please send approaches via email.
The Foundation aims to support a wide range of issues and is particularly interested in funding smaller organisations that do not have the funds to advertise. In the year under review The Lindsay Foundation has again supported issues from Animals, Children, Family, Education, Rehabilitation, and Environment. Where possible the trustees visit charitable organisations to find out where the funds are used and to see how they are managed.
During 2023-24 the Foundation continued to support ongoing projects for Bylines Network, Lucy - Bulgaria, British Red Cross, Criminon, Campaign Whale, Plan International, Natutama Foundation, Prisoners of Conscience, Angels International, Building a Future and several animal rescue organisations
The charity has identified its main sponsors for the next 2-5 years so fewer new applications will be considered.
Investment performance
The charity's investment properties generated rental income of £35,000 (2023 - £33,000)
The value of the investment properties held at the year end was estimated by C A Morrow based on valuations supplied by local property professionals at £1,440,000 on an open market basis.
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THE LINDSAY FOUNDATION (REGISTERED NUMBER: 04926563)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024
FINANCIAL REVIEW
Financial position
At the year end the charity had net funds of £1,442,775 of which £1,440,000 related to the valuation of the investment property.
Income in the year amounted to £40,159 resulting in a net surplus of £21,528.
Investment policy and objectives
Three residential investment properties are held on a long term basis for the continuing benefit of the charitable company in the form of income and capital appreciation. The income received enables the charity to carry out its charitable activities. Following consultation with property professionals, the investment properties are revalued each year and are stated in the accounts at their estimated open market value.
Reserves policy
It is the foundation's aim to keep a bank reserve fund of no less than £10,000 in each year.
Expenditure has been kept to a minimum by all Trustees offering their services free or in the case of property expenses for a significant reduction in their usual charges.
FUTURE PLANS
The Trustees are keen to establish stronger links with the charities that are supported on a regular basis.
The Foundation has identified several projects for funding for the next 2-5 years :- Crawley and Horsham Home-Start, Building a future for Peruvian Children, Natutama - Colombia, Criminon, Campaign Whale, LIFE formerly Castaway Lucy Bulgaria, Made in India, and ongoing projects for Angels International in Malawi. The Trustees are aware of the current refugee crisis and are keen to make future donations to those providing relief.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Foundation currently has two trustees who meet on a 6 monthly basis to discuss areas of activity and to sort through approaches for financial assistance. The day to day administration is carried out by Trustee and Company Secretary Miss C Morrow.
The charity is a company limited by guarantee. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
The charity's governing documents are its Memorandum and Articles of Association. The trustees, who are also the directors of the company, are elected by the members of the company.
Every member of the company undertakes to contribute to the assets of the company in the event of the same being wound up while he is a member, or, within one year after he ceases to be a member, for the payment of debts and liabilities of the company contracted before he ceases to be a member, and of the costs, charges and expenses of winding up for the adjustment of the rights of the contributories among themselves such amounts as may be required not exceeding ten pounds.
Recruitment and appointment of new trustees
On November 14th 2013 Miss Charlotte Morrow and Miss Alexandra Wallace Dunlop agreed the latter's role as Director and Trustee. There are no plans to recruit additional trustees.
Organisational structure
The Foundation currently has two trustees who meet on a 6 monthly basis to discuss areas of activity and to sort through approaches for financial assistance. The day to day administration is carried out by Trustee and Company Secretary Miss C Morrow. The majority of approaches for funding come from external organisations while a small minority come from friends and associates.The Lindsay Foundation has now identified several charities that will be supported long term which will reduce the amount of new approaches that are successful. In order to keep expenses to a minimum any work undertaken by the Trustees is not charged to the Foundation with the exception of work on the charity properties which is charged at a significantly reduced fee. Office space, equipment, telephone and stationery is currently provided free of charge by a Trustee.
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THE LINDSAY FOUNDATION (REGISTERED NUMBER: 04926563)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The only risks the Trustees consider is the destruction of the three investment properties which are valued at £1,440,000. Appropriate insurances are held by the charity to mitigate this risk.
Annual Landlord Safety checks are carried out at the properties by a registered engineer and smoke alarms have been installed. All properties are visited on an annual basis to ensure that any problems are dealt with before they could cause significant issue.
There have been no significant problems with the rental properties for the current financial year.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
04926563 (England and Wales)
Registered Charity number
1101863
Registered office
Southview Farmhouse Terra Amata Broadford Bridge Road West Chiltington West Sussex RH20 2LF
Trustees
Ms C A Morrow Consultant Miss A Wallace-Dunlop Business Consultant
Company Secretary
Ms C A Morrow
Independent Examiner
Jonathan Askew FCA Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU
The Lindsay Foundation was established in February 2004 to support a wide range of issues that were of interest to the Trustees and associates.
FUNDS HELD AS CUSTODIAN FOR OTHERS
The Foundation does not hold any funds on behalf of others.
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INDEPENDEKf EXAMINER'S REPORT TO THE TRUSTEES OF THE UNDSAY FOUNDATION Independent examlner's report to the trustees of The Lindsay Foundation ('the Company.) I report to the charity trustees on my examination of the accounts of the Company ft)r the year ended 31 October 2024. Responsibilities and basls of report As the charity's trustees of the Company (arKI also its dire¢ttors for the purposes of company law) you are responsible for the preparation of the accounts in accordan with the requlrements of the Companies Att 2006 (e 2006 ACV). Havlng satisned myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respett of my examination of your charity's accounts as carried out under Section 145 of the Charitie5 Act 2011 ('the 2011 Act,). In carying out my examlnatton I have followed the Direcknon5 given by the Charlty Comm155ion under Sectlon 145(5) (b) of the 2011 Act. Independent examlnerfs statement I have completed my examination. I confirm that no matters have come to my attentlon in connectlon with the examlnatlon giving me cause to belleve: accounting records were not kept in respect of the Company as requlred by Sectlon 386 of the 2006 Act. or the accounts do not accord with tho* records; or the accounts do not comply wlth the accounting requirements of StIon 396 of the 2006 Act other than any requlrement that the accounts glve a true and fair vlew which Is not a matter considered as part of an independent examinatton; or the accounts have not been prepared In accordantt with the methods and principles of the Statement of Recommended Practlce for accounting and reporting by charities (applicable to charitles preparlng their accounts In accordance with the Finanoal Reporting Stsndard applicable In the UK and Republlc of Ireland (FRS 102)). I have no concems and have come across no other matters In connectlon wlth the examlnatlon to whlch attentlon should be drawn In thls report in order to enable a proper understanding of the accounts to be reached. Jonath n Askew FCA Hartley Fowler LLP Chartered Accountants 4th Floor Tultion House 27-37 St George's Road Wimbledon London SW19 4EU 21 October 2025
THE LINDSAY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Investment income 4 Other income Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Charitable expenditure Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 Unrestricted funds £ 5,000 35,159 - 40,159 3,507 55,124 58,631 40,000 21,528 1,421,247 1,442,775 |
2023 Total funds £ - 33,241 160 33,401 2,664 42,473 45,137 60,000 48,264 1,372,983 1,421,247 |
|---|---|---|
The notes form part of these financial statements
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2024 fvrnts li 1.440.( I,4,[ 1433 io 1173 28? Cath at 30Y Amts falry (10,054) (9,) 21247 1,412,775 1,421,247 1,442.TJ5 L421,247 FUNDS, . 14 932,710 slo65 951,182 470,LW 1,421.247 Tor FUNDS 1,442,775 1,421,247 31 Iktciv 2024. kt 2[ K1 the &mal re9nf. on its iday trr. Its C A I•AThMT.
THE LINDSAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
1. STATUTORY INFORMATION
The Lindsay Foundation is a charitable company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found in the Report of the Trustees.
The financial information presented is for the year ended 31 October 2024 and 31 October 2023 and the presentation currency of the financial statements is the Pound Sterling (£).
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Preparation of the accounts on a going concern basis
The financial statements have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves, the financial position, future plans and the expected level of income and expenditure for 12 months from authorising these financial statements.There are no material uncertainties about the charity's ability to continue as a going concern.
Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Revaluation of investment properties.The charity carries its investment property at fair value with changes in fair value being recognised in the statement of financial activities.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to the fair value reserve.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. During the year there were no restricted funds.
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THE LINDSAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
2. ACCOUNTING POLICIES - continued
Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Debtors
Debtors are recognised at the settlement amount due. Prepayments are valued at the invoice amount prepaid.
Creditors
Creditors are recognised where 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. Creditors are recognised at their settlement value.
Financial instruments
The charitable company only has financial assets and financial 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.
3. DONATIONS AND LEGACIES
4.
5.
| Donations INVESTMENT INCOME Rents received Deposit account interest RAISING FUNDS Raising donations and legacies Support costs Investment management costs Property insurance Property repairs Aggregate amounts |
2024 £ 5,000 2024 £ 35,000 159 35,159 2024 £ 117 2024 £ 1,795 1,595 3,390 3,507 |
2023 £ - 2023 £ 33,000 241 33,241 2023 £ - 2023 £ 1,482 1,182 2,664 2,664 |
|---|---|---|
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THE LINDSAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
6. CHARITABLE ACTIVITIES COSTS
| Grant Support funding of costs (see activities note 7) £ £ Charitable expenditure 49,183 5,941 7. SUPPORT COSTS Governance Management Other costs £ £ £ Raising donations and legacies 117 - - Charitable expenditure 305 57 5,579 422 57 5,579 |
Totals £ 55,124 Totals £ 117 5,941 6,058 |
|---|---|
Included in Governance costs are Independent Examiner fees of £5,579 (2023 - £4,835).
Support costs, included in the above, are as follows:
Management
| Management | ||||
|---|---|---|---|---|
| Postage and stationery Relocation costs Administration costs |
Raising donations and legacies £ 117 - - |
Charitable expenditure £ - - 305 |
2024 Total activities £ 117 - 305 |
2023 Total activities £ 570 300 516 |
| 117 | 305 | 422 | 1,386 | |
| Other Bank charges |
2024 Charitable expenditure £ 57 |
2023 Total activities £ 50 |
||
| Governance costs Independent examiner fees |
2024 Charitable expenditure £ 5,579 |
2023 Total activities £ 4,835 |
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THE LINDSAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023.
9. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Trustees - unpaid No employees received emoluments in excess of £60,000. 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Investment income Other income Total EXPENDITURE ON Raising funds Charitable activities Charitable expenditure Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 2023 2 2 Unrestricted funds £ 33,241 160 33,401 2,664 42,473 45,137 60,000 48,264 1,372,983 1,421,247 |
|---|---|
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THE LINDSAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
11. INVESTMENT PROPERTY
| FAIR VALUE At 1 November 2023 Revaluation At 31 October 2024 NET BOOK VALUE At 31 October 2024 At 31 October 2023 |
£ 1,400,000 40,000 1,440,000 1,440,000 1,400,000 |
|---|---|
The directors' intention is to hold the properties on a long-term basis for the continuing benefit of the charitable company in the form of income and capital appreciation. The properties are let and the income derived enables the charity to carry out its charitable purposes.
C A Morrow, a trustee and director of the charity valued the three properties held at 31 October 2024 at £1,440,000 (2023 - £1,400,000) on an open market basis using valuations obtained from local property professionals.
Fair value at 31 October 2024 is represented by:
| Fair value at 31 October 2024 is represented by: | |
|---|---|
| Valuation in 2012 Valuation in 2013 Valuation in 2014 Valuation in 2015 Valuation in 2018 Valuation in 2022 Valuation in 2023 Valuation in 2024 Cost |
£ 143,367 71,698 50,000 50,000 10,000 85,000 60,000 40,000 929,935 |
| 1,440,000 |
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments |
2024 £ 1,189 1,244 2,433 |
2023 £ 1,000 1,173 2,173 |
|---|---|---|
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THE LINDSAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
| 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accrued expenses 14. MOVEMENT IN FUNDS Unrestricted funds General fund Fair value reserve TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 40,159 Fair value reserve - 40,159 TOTAL FUNDS 40,159 Comparatives for movement in funds Unrestricted funds General fund Fair value reserve TOTAL FUNDS |
At 1/11/23 £ 951,182 470,065 1,421,247 1,421,247 Resources expended £ (58,631) - (58,631) (58,631) At 1/11/22 £ 962,918 410,065 1,372,983 1,372,983 |
2024 £ 1,000 9,054 10,054 Net movement in funds £ (18,472) 40,000 21,528 21,528 Gains and losses £ - 40,000 40,000 40,000 Net movement in funds £ (11,736) 60,000 48,264 48,264 |
2023 £ 1,268 8,035 9,303 At 31/10/24 £ 932,710 510,065 1,442,775 1,442,775 Movement in funds £ (18,472) 40,000 21,528 21,528 At 31/10/23 £ 951,182 470,065 1,421,247 1,421,247 |
|---|---|---|---|
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THE LINDSAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Fair value reserve |
Incoming Resources resources expended £ £ 33,401 (45,137) - - |
Gains and losses £ - 60,000 |
Movement in funds £ (11,736) 60,000 |
|---|---|---|---|
| 33,401 (45,137) |
60,000 | 48,264 | |
| TOTAL FUNDS | 33,401 (45,137) |
60,000 | 48,264 |
15. RELATED PARTY DISCLOSURES
At the balance sheet date a trustee owed the charity £190 (2023 owed a trustee - £268).
During the year a trustee made a donation to the charity of £5,000.
16. COMPANY LIMITED BY GUARANTEE
The charity is a company limited by guarantee. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
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