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2023-03-31-accounts

The LankellyChase Foundation

Annual report and financial statements for the year ended 31 March 2023

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Table of Contents

Legal and administrative information ....................................................................... 3 Report of the Trustees ................................................................................................. 6 THE LEGAL REQUIREMENTS .................................................................................. 23 Review of grant activity ..................................................................................................... 26 Financial Report ................................................................................................................. 39 Independent auditor’s report to the members of The LankellyChase Foundation .................................................................................................................. 44 Statement of financial activities for the year ended 31 March 2023 ................... 48 Balance sheet as at 31 March 2023 .......................................................................... 49 Statement of cash flows for the year ended 31 March 2023 ................................ 50 Notes to the financial statements for the year ended 31 March 2023 ................. 51

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Statutory information

The LankellyChase Foundation (‘the Foundation’) is a charitable company limited by guarantee and is incorporated in the United Kingdom (no. 5309739). The registered office address is Greenworks, Dog & Duck Yard, Princeton Street, London WC1R 4BH.

Legal and administrative information

The Foundation is governed by its Memorandum and Articles of Association and registered as a charity (no. 1107583). The Directors of the Charitable Company are the Trustees of the charity for the purposes of charity law and throughout this report are referred to as ‘the Trustees’.

The following details are for the year ended 31 March 2023 and also include changes up to the date on which the accounts were signed.

Trustees Asif Afridi (R) Chair
Myron Rogers (I,R)
Amanda Hailes
Marai Larasi (I)
Darren Murinas (R)
Baljeet Sandhu (I)
Robin Tuddenham (I) Retired 28thJune 2023
Co-optees Andrea Marmolejo (I) Retired 9thFebruary 2023
Jeremy Rogers (I) Retired 9thFebruary 2023
(I) indicates members of the Investment Committee
(R) indicates member of the Resources and Risk Committee
Any individual Trustee has the right to attend any committee meeting.
Staff team Edel Brady-Jackson Administrator, Place Action Inquiry
Dominic Burke* Investment Director
Lisa Clarke Action Inquiry Manager
Jessica Cordingly* Director (on parental leave from 1
November 2021 to 31 August 2022)
Julian Corner* Chief Executive
Karen Crompton* Director (since 1 May 2023)
Renee Davis Communications Manager
Joe Doran Action Inquiry Manager
Oliver French Action Inquiry Manager
Carrina Gaffney Action Inquiry Manager
Rachael Gibbons Action Inquiry Manager
Ania Jeleniewska-Kaczmarczyk Head of Finance
Anita Kamya Finance Assistant

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Joan Kirungi Office and Admin Assistant Habiba Nabatu Director (since 1 May 2023) Jenny Oppenheimer Action Inquiry Manager Cathy Stancer Director (on placement from 19 September 2022 to 31st March 2024) Jyotsna Ram Action Inquiry Manager (started on 20 June 2022) Amirali Torabi Action Inquiry Manager (started on 4 July 2022 left on 20th September 2023) Clare Neville Interim Executive Assistant (started on 29 August 2022 left on 24 May 2023) Patty Silveira Interim Executive Assistant (started on 21 May 2023)

Key management Although in a small staff team every member is considered to be key, for the personnel purposes of the Statement of Recommended Practice (SORP 2015), those team members marked * have been designated as key management personnel.

Principal and Greenworks, Dog and Duck Yard registered office Princeton Street London WC1R 4BH Telephone 020 3747 9930 Website www.lankellychase.org.uk

Telephone Website

Company registration number 5309739 Country of registration England and Wales Country of incorporation United Kingdom Charity registration number 1107583

Auditor Sayer Vincent LLP Invicta House 108-114 Golden Lane London EC1Y 0TL Bankers The Royal Bank of Scotland Group 1[st] Floor, Houblon House 62-63 Threadneedle Street London EC2R 8HP

Lloyds TSB Bank plc Market Place, Didcot Oxfordshire OX11 7LQ

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Legal advisors Bates Wells 10 Queen Street Place London EC4R 1BE

Investment managers Cazenove Capital Management 12 Moorgate London EC2R 6DA

Baillie Gifford & Co Calton Square 1 Greenside Row, Edinburgh EH1 3AN

Impax Asset Management 7th Floor 30 Panton Street, London SW1Y 4AJ

Liontrust Asset Management plc 2 Savoy Court, London WC2R

Montanaro Asset Management Ltd 53 Threadneedle Street, London EC2R 8AR

Stewart Investors 23 St Andrew Square, Edinburgh EH2 1BB

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Report of the Trustees

Introduction

In our 2021-22 annual report, we noted that philanthropic institutions were finally feeling the heat of accountability. We welcomed the increased rigour and questioning this was bringing, while also pointing to deeper structural dysfunction that wouldn’t be resolved by increased accountability alone:

“Lankelly Chase continues to embody the contradiction of a powerful wealthy organisation striving for equity. There remains a degree of ‘power over’ others that is neither in the interests of justice nor of interconnection. Like every philanthropic institution, our money continually creates the risk of a ‘them and us’ detachment in our relationship with others that is the reverse of a systemic approach.”

Our concerns about this contradiction only increased in the following year, especially as we couldn’t see a way of resolving it within available models of institutional philanthropy. We began to see that moving to a healthier, more sustainable world required that we intentionally transition from a model that continually risks extraction, othering and harmful hierarchy. We laid the ground for this realisation in last year’s report:

“We need to reimagine how funding and resourcing roles can align more clearly with the values that characterise a healthier and more sustainable world. We mean here values such as mutuality, interdependence, community and care. Nineteenth century models of philanthropy and charity, based on colonial capitalism, will never help us to understand how good work should be resourced in this world. We need to connect with the narratives and belief systems suppressed by that paradigm, as well as with our community.”

These insights are not new to Lankelly Chase. They have always been central to the work of many of our grantees and yet have only been in the margins of the analysis upon which we have acted. While we have spent the last decade engaged in action inquiries explicitly intended to shift power and support moves towards justice and equity, it is only in the last three years that we have started properly to question whether the institutional system of philanthropy can ultimately be an effective vehicle for this work.

Several factors have led to this point:

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Greater accountability has pushed many philanthropic institutions, including Lankelly Chase, to improve their working practices, which has obviously been important and necessary. But if we rest on the hope that improvements alone will add up to a healthy resourcing system for social justice work in the UK, then we have not understood the gravity of our situation. Indeed we risk perpetuating the myth that institutional philanthropy can somehow be a cure for the harms caused by the very systems that shaped and sustain it.

This degree of contradiction is not defensible in an age of existential consequence and interlocking crises. Humanity urgently needs to make different choices and forge new pathways.

In June 2022, we reached the conclusion that the continuation of Lankelly Chase as a philanthropic institution was no longer a model that supported our mission. As Trustees of Lankelly Chase, we are assured by a decade of experimentation and learning that our institutional model is now an obstacle in pathways towards more mutual, interdependent and caring approaches.

This was obviously a difficult conclusion to reach. Lankelly Chase has been widely viewed as a force for good over its sixty plus year history. Many charities can point to pivotal grants from Lankelly Chase that have helped them pursue their own crucial missions. There is much of which we and our predecessors can be proud.

Ending the current institution of Lankelly Chase will undoubtedly be experienced as a loss by some. However, our clear intention is to open up collaborative spaces for much more aligned and effective alternatives to emerge that continue the legacy of our work in more effective ways.

In July 2023, we announced a five year process of working out alternative futures for our assets, including our capital, learning and the protective factors that come from being an endowed charitable foundation. This work needs to be much deeper and more nuanced than simply deciding how to reallocate our endowment. If the work is reduced to a ‘spend down’ strategy then it will have contributed little to addressing the contradictions that motivate this change. It will require us to work in deep collaboration with those whose work, struggle and vision have helped us see that alternative futures are both essential and possible.

With communities, we will develop a strategy for transitioning over the next five years from this current institutional funding model to alternatives that align accountability, ownership and investment much more closely with the communities and change we have aimed to serve.

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By the end of the five years, we expect ownership of our assets to have been wholly redistributed, as part of a wider process of change.

We intend to document this journey very carefully, as we know that many will be watching closely and hoping to learn lessons for their own contexts. We do not think that we can or should be trying to create any kind of blueprint or map, however many people have shared with us their struggles with their own organisational contradictions, and so the more we can learn for the benefit of the wider funding system, and not just ourselves, the more public benefit we can hopefully create.

As early steps in this process, we have:

As we transition, we will continue to support many of our current grantees whose work and insights have allowed us to understand the need to reimagine what resourcing should look like. This annual report sets out how the work of our action inquiries has been supporting brave, soulful people, organisations and networks in the current year, and our plans for continued support in the year ahead.

Our work has recently been organised into action inquiries, six of which have been thematic and five place-based, alongside our communications work. All have contributed profoundly to the decision we have made, and have allowed us to connect with and learn from an extraordinarily rich community of social justice leaders.

However the action inquiries have been quite siloed in the way they’ve been managed, and have created artificial boundaries within our work which have prevented us seeing the bigger whole. We are currently working out how to reorientate the work, networks and learning of these action inquiries towards the transition pathway. Many of our partners are engaged in deep transition work, and we want to ensure that we are acting in a way that fosters critical connection between them, rather than creating separation and competition.

Below we set out a brief summary of the work that has happened this year and of our plans for 2023-24.

Our Place-Based Action Inquiries

The place team has gone through a series of consequential and consecutive wide ranging processes over the past year, most notably the place associates had collectively decided, and were working out, what transitioning from their roles by April 2023 meant for the places

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and themselves while the team were undertaking a stock take of all the place work that was happening- where it might be leading, what that might look like and what that might take.

Even though the situation was at times confusing and unclear, the stock taking process was a useful tool that reinforced our view that though each place was different, there were many common themes. Those common themes are largely unchanged from the previous year though are now more nuanced, clear and purposeful. This has been supported by the spread of devolved decision making and core groups within each place. While not all places have mandated decision making over the allocation of resources in those localities, there is always an embedded group that discusses and directs activities in each place meaning that no decision affecting a place is made unilaterally within Lankelly Chase (though Lankelly team members are always involved).

At our recent place team/associates conversation it became clear there is a desire to spread the more meta conversations among a greater diversity of the people working in the places. Greater ownership of, and involvement in, the work and learning arising from the places is an explicitly stated need to move the work to the next level and will be addressed in part by the Place Networks stream which has been developed in collaboration with partners working in place over 2022/23 and is intentionally and explicitly about solidarity, a direct attempt to de-silo Lankelly’s current place work and centre it in anti-oppressive movement practice to create connections and a sustainable network infrastructure.

Our own internal learning support has shifted in kind. When our previous learning support contract ended we deliberately chose to work with Rivers Coaching. Rivers have a stance; they are intentionally and overtly liberatory in their view. They support and challenge the Place team to ensure anti-oppressive practice is embodied and embedded while providing individual coaching and brave spaces in which to explore the past, present and future. We began with a six month “getting to know you” phase which enabled us to co-create a meaningful working agreement that will see us through the next 18 months.

Place work is slow, iterative and deliberative and as such most grants in place have been to enable people to “stay in the work”. Alongside our designated “places”, we work with a number of other groups and organisations around the country who are also working in a “place based way” and they will become part of the wider place network in 2023/24.

Gateshead

The work in Gateshead over the past year has fallen broadly into two main streams that have flowed concurrently, often merging and sometimes diverging, that the team has been defining as “in here” and “out there”. Two mutually reinforcing concepts that are enabling the team to step into newly formed roles that are functional in exploring new ways to create and support systemic change (out there) while creating the cultural expressions and procedural mechanisms that structures community insights from marginalised people into financial decision-making (in here).

There has been an expansion of the core team in Gateshead which has in turned necessitated an identity and a name. The core team is now called the Gateshead Community Bridgebuilders (GCB).

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The group has continued its work on long standing pieces such as the community led systems inquiry that has iterated and grown over two and a half years and the inquiry into participatory grantmaking at a neighbourhood level. Involvement in these projects has spread whilst the newer members of the GCB have been able to understand their origins and how they feed into the work that the group will be collectively undertaking in the coming year.

Significant investment has been put into the “in here” stream over 2022/23. Attempting to break down the gap between “the people making funding decisions” and “marginalised people doing the work” has meant constantly working on culture, practice and mindsets. We have undertaken two facilitated money workshops to help better understand how our personal feelings towards money could impede better working as resource holders. In turn, “out there” has nascent focuses on language justice, education exclusion, accessibility and community connections.

Our associates in Gateshead will transition to a new role of learning support which, while the work deepens on those specific areas, will enable a greater view of how the “out there” work is connected and mutually supporting and how the “in here” work can form the structural and cultural bedrock to allow it to sustain. Another key role for the learning support will be to spread and communicate both streams of work to a wider range of interested parties.

Oxford

The Oxford core team has established three lines of inquiry (though with significant overlap); human systems, meaningful measurement and building and sharing power. The lines of inquiry were officially ‘launched’ at Oxford’s Marmalade festival in 2022, and invited public service officials, community-based organisations and partners, as well as residents connected to the work, to explore findings. The Marmalade festival will take place in April 2023 again this year, continuing the demonstration of the work that has taken place in the network over the past 12 months.

The overall purpose of the 2022-23 phase was to deepen existing relationships, expand to new communities including more liberatory groups and establish presence on a hyper-local level. This has been successful through a number of locally-led collaborative processes, in particular a pivotal moment for the Oxford partners was the delivery of ‘Systems Changers’ with the Parent Power group based in Blackbird Leys. The space was essential in allowing for deeper discussions of inequality, systems-change actors and conversations about power. Following the Systems Change programme, there was a call from participants to be trained in community organizing, citing this method as a positive addition to the focus on systems change. In March/April 2023 there is a process of onboarding for community organisers, who have been recruited through the Systems Change programme and articulated a passion to deliver deep and meaningful organizing in Blackbird Leys.

Over the next year, the team have expressed the need to continue to build momentum around the three lines of inquiry, and to allow the content and direction to be shaped by the energy of the partners. The team have reflected, that when the energy hasn’t been followed based on the experience of the partners, the work hasn’t totally championed the idea to change the narrative of Blackbird Leys. However, when it has, there have been fruitful conversations and strategies on how to build momentum around topics such as the school to

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prison pipeline. It is important therefore, to considerably support and resource the inquiries, allowing space for new narratives to emerge. The work in 23-24 will considerably strengthen the structure of the overall Marmalade core team, particularly with the three community organisers joining and positively influencing the make-up and influence of the group.

Greater Manchester

The last year has been both exhausting and exciting in Greater Manchester. We have been even more committed to our solidarity funding approach in a city with so much inequity. We have continued to prioritise the liberation of resources to working-class women and young people of colour, but not exclusively in communities, organisations, and networks that challenge injustice and create the conditions for healthier systems to emerge.

Over the last year, we naively thought we would be a fully functioning, self-organising community. Instead, we are a community surviving burnout and physical and mental ill health alongside many moments of joy, care, respect, and celebration. Love for each other and the community is a thread that binds us together.

Related to this, one of the highlights from this last year was the Dreamweaver’s gathering. We held a four-day gathering and invited our 'fellow dreamers and weavers, colleagues and collaborators, friends and family' to celebrate and witness each other. We created a space where the community could dream up a future rooted in equity, justice, and liberation.

The event was vibrant, creative, joyful, inspirational, appreciative, and full of love and laughter. It became clear that gatherings like this are nourishing and vital as they weave together all the threads between us which counter that feeling of being alone in the fight for justice and liberation.

One of the intentional aims for the gathering was to start paying attention to the threads of work that partners have energy for and to weave them into our plan for the year. The energy for self and community organising, food sovereignty, land and housing justice, economic justice and a continued need for healing spaces were all abundant. In turn, we have organised the work in GM around inquiries or communities of practice.

We have started in earnest to support a Food sovereignty Inquiry. At the Dreamweaver’s gathering, Victoria Holden and Rose Ssali from Grassroots and Sawn held a workshop dreaming into 'In 2050 in a liberated Manchester, we all have an acre of land - what does this look and feel like?' This work has tapped into something incredibly pertinent. There are now up to 40 grassroots community groups organising hyper-local food networks and doing a lot of work exploring community asset transfers and the development of a network of community land trusts.

There has also been a lot of momentum around our collective Economic Justice work. Through the new relationships we made via the Spaces fund in 2021, we have distributed follow-on funding to 30 grassroots community groups, charities, and art collectives. This has been essential for their survival – giving them the time and space to breathe and go deeper into organising and community building. Interestingly, the ripple effects of the original Spaces fund inspired the Greater Manchester Combined Authority to ask if we would match fund

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another version of Spaces. The community said yes to this proposition and is designing the second version of participatory grant-making in GM.

Continuing our solidarity funding approach, we have agreed multi-year grants with Mama Health Partnership and SAWN, including capital costs for a building purchase. Rekindle moved into their new school, and all of these partners, Northern Heart and Soul and GM Tenants Union will be coming together to explore housing and racial justice next year.

Finally, a Universal Living Income demonstrator group includes Mama Health, Northern Heart and Soul, Middleton Co-operative, New Economics Foundation and Our Agency. This grouping is now connected with UBI Lab Manchester, and is gaining traction at an everincreasing pace.

The other important activity from the last year is that we have finally launched a learning programme with the Institute for Development Studies. 18 people from within the GM Systems Changers community are being trained to become systemic and participatory action researchers. This means that instead of learning being outsourced, this group can become the community's learning partner and teach others in their own networks. We all know that we have many learning skills between us, but we need to hold systematic processes to ensure we capture emerging learning as it happens. The ecosystem will be much healthier, and we hope this group will become a community of practice that can go on and apply for more learning tender opportunities.

The following year will focus on these aims:-

  1. To create spaces where the community reimagines the infrastructure required to support our individual and collective 'path to liberation' (to use the phrase of Rivers Coaching)

  2. To transform ourselves into a self-organising community

  3. To resource the healing of each other and the communities we support and belong to.

  4. To learn alongside and from each other and spread this learning

York

The York MCN network continues to operate as a gathering place for people thinking and acting differently about local responses to ‘multiple complex needs’. As well as a shared space for connecting and learning, the network has also acted as an incubation hub for specific workstreams, experiments and collaborations, which this year has included potentially ground-breaking work on the interaction between ‘payment for involvement’ and the benefits system. Members of the network have also been taking steps to reform and reframe its governance, operations, and decision making models, and to bring more people and voices into roles of leadership and responsibility. The network has been working through conversations and debates about the boundaries – both useful and limiting – of the ‘multiple needs’ definition which dictates the policy, commissioning and service provision in York (and elsewhere), continuing to ask the ever-present question of ‘who’s missing?’

The ’Deciding Together’ participatory grantmaking experiment distributed over £200,000 to 20 groups in the local community. This proved to be a popular and successful demonstrator of participatory principles in action, and modelled the involvement of marginalised voices in

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decision making and resourcing. Work has continued to spread and embed these principles across York.

The Together With Young People collective has built up a range of youth-led activities, networking events and creative outputs, opening up a space for new thinking and collaboration on issues affecting disadvantaged children and young people in the city. TWYP has also aimed to model and live its core values through collective and transparent budget management on a shared funding platform (Open Collective) and emphasising the leadership of young people.

LIFE, a group of people with lived experience of marginalisation and exclusion, have continued to develop their skills and leadership. They’ve contributed their energy and insights to various local initiatives, including independent research on the local homelessness resettlement pathway, and a book of graphic design, photography and creative writing which explores and challenges the language and stereotyping surrounding the issue of homelessness.

The existing initiatives have been funded on an ‘interdependent’ basis – sharing various elements in common including people, interests, values, principles and behaviours – but up to this point have been operationally independent. This year they’ve done some regathering to consider what a shared, locally owned governance and resourcing model might look like which can span the whole range of work, and which can hold an overarching strategy covering the next iteration(s) of the work funded so far. This will also mean moving on from Lankelly Chase holding a primary resourcing and decision making role – so over the next year, considerable energy and focus will be dedicated to continuing this devolved decision making journey and installing locally accountable governance processes to determine how resources are held, used and distributed in York.

Barking & Dagenham

Work in Barking and Dagenham has continued to focus on building networks of participatory activity, collective learning and community-led decision making. This year there has been a major focus on groundwork and induction for a local coordination team, dubbed the ‘Disruptive Explorers’, who will hold overall strategic and decision-making responsibility for the next phase of Lankelly Chase investment in the Borough. This has included an Art of Hosting-led learning process and workshops to identify shared priorities and platforms, as well as discussions of what the group does not want to be and do – i.e. represent ‘business as usual’ in reflecting the existing power dynamics and resource flows in the Borough. A foundational decision the group has made has been to choose BD Giving to hold funds on its behalf for the next year (rather than staying in and being periodically released from Lankelly Chase), given its local base and the innovative work on its endowment and investment strategy.

BD Giving has also launched the ‘Grow Fund’ as a major participatory grantmaking exercise and invested in its digital inclusion capacity with LCF funds. Kingsley Hall have also continued to host a linked group of community actors and activists to learn and develop skills around participation and inclusion, including grantmaking, decision making and conflict resolution.

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We have also been working towards the transition of the directly contracted Lankelly Chase ‘Associate’, who has nurtured the work to date, and the end of that particular role; this will be followed in the next phase by the handing over and distribution of ‘weaving’ and ‘coordination’ roles more widely across the work and the people involved, according to the priorities and decisions of local colleagues.

This activity and trajectory is continuing into the year ahead with a sense of transition, devolution and stepping into new responsibilities, and an overall reframing away from ‘Lankelly Chase funded activities’ towards locally stewarded resources and initiatives.

Local Motion

LocalMotion was created in 2020 as a collective endeavour of six funders (City Bridge Trust, Esmée Fairbairn Foundation, Lankelly Chase Foundation, Lloyds Bank Foundation, Paul Hamlyn Foundation (PHF), Tudor Trust) who decided a new path was needed to tackle the causes of deep-rooted structural injustices facing people in towns and cities across the UK.

This year has seen us move deeper into the development stage of the work, collaborating across ‘core groups’ in each of the six places - Carmarthen, Enfield, Lincoln, Middlesbrough, Oldham, and Torbay. Two overarching aims drive the work:

Over the course of the year there have been several Place visits which have highlighted the work each core group has been doing to reach out to community members and

organisations, understanding how best to build on what is already there, revealing what and who is missing from the work and testing new ways of working. These visits have also provided an opportunity to share the challenges in the work and build solidarity across places in facing these.

The work in many ways mirrors our own with our partners in Places elsewhere - each place has its own starting point in the journey of change, the main difference (addition) being the collaboration across funders and the potential opportunity to influence and be influenced on how best to build healthy funding systems for social justice.

It is an ambitious programme, and the Director of Coordination role (Kathleen Kelly) has been crucial in being able to hold and build the infrastructure across the work. Several key strands have been developed - such as governance support, the introduction of a skills academy, a communications strategy and learning framework, with Lankelly’s own learning and partnerships feeding into this work.

The collaboration has meant that insights can be quickly highlighted and elevated so that both internal and external expertise can and has been drawn on. The impact of the training, broadening of perspectives across the work is evidenced in a subtle shift in how conversations have been held in communities and with whom. In a recent trip to Torbay we heard and witnessed how power was being disrupted by young people and heard a subtle shift to more systemic conversations, which highlighted the interdependencies across place

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actors and the desire to move to a more abundant approach in the work around food poverty.

What will happen next year?

Corra Foundation

Lankelly Chase’s long-standing relationship with the Corra Foundation’s Place work (Getting alongside communities) has continued to deepen this year through collaboration and funding of a Systems Changers approach in Kilwinning (North Ayshire). The learning has been gathered over the course of the last 2 years and will continue into 2024, with early feedback from individual ‘Systems Changers’ describing how impactful they have found the programme both personally and as a staff member, volunteer, activist.

Due to the positive impact, the programme of work is due to be extended into a second area in West Dunbartonshire. Lankelly has continued to inform thinking around the design of the new programme by linking local leads in Scotland to Lankelly Place Associates / leads and facilitators to share learning including most recent changers programmes in Oxford.

We have also shared thinking around the need to broaden the ‘content’ of the toolbox or grounding in thinking that helps to inform and shape the change work in place (and beyond) as it has moved towards a more justice and liberatory lens.

As we move into next year, we will continue to deepen our relationship through reciprocal shared learning and strategic analysis of what moves us towards a healthy resourcing system for social justice work.

Our Thematic Action Inquiries

Resourcing Social Movements

When existing social and political structures are unable or unwilling to come up with alternatives, social movements become the drivers of change. Social movements come about when playing by the rules has proven to be ineffective again and again. Social movements aim to change the rules of the game (or even the game) rather than claim a position within the game. They are not about access to the table of power or representation around the table but constructing new rooms.

In 2022/23, Jenny Oppenheimer who pioneered resourcing social movements within Lankelly Chase took a well-deserved career break. Jo Ram and Ali Torabi were given the task of holding the work and relationships. Together with movements activists and existing

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partners they put together the Solidarity Plan - which took the work beyond action inquiry. The Solidarity plan identified three key priorities:

One of the key insights of the year was that a lot of conversations in the UK funding sector can often treat the UK as a metaphorical island, somehow disconnected from global trends and forces. Even those of us with ‘homes’ beyond British borders can often fall into the habit of seeing the problem and the solution through thoroughly British lenses.

We know historically movements have been most successful when ideas, tactics, strategies have crossed pollinated beyond imagined or imposed borders. So in all solidarity work we always kept an eye on how we could strengthen international solidarity in and between movements.

In the Azadi (freedom) plan for 2023/24, the movements collective will go beyond borders to bring movements’ practice of internationalism to British philanthropy.

Investment

Our action inquiry into Investments uses three interconnected toolkits: capital allocation (our own investments), distribution (grant-making), and stewardship (how we show up, as an asset owner, in ways which influence the wider systems of financial capital).

The five-year strategy outlined in the introduction to this Annual Report provides a bolder, more assertive stance from which to identify and shape opportunities for intervention within systems of investment and capital stewardship. Our continuing priorities for this inquiry heading in to 2023-24 are:

  1. Improve material conditions through tangible reforms within the dominant systems of investment and finance. Interventions should reflect our increasingly critical appraisal of the limits of - indeed, complicity in - dominant responsible, ESG, or sustainable investing discourse and practices.

  2. Disrupt and destabilise the power of financial capital. This is a necessary condition for the realisation of our strategic vision of just social and ecological relations.

  3. Developing and resourcing democratic and accountable models of capital stewardship, as critical infrastructure supporting our strategic vision.

Our highlights from the past 12 months reflect these three work strands, which often overlap in practice. Within the first, for example, we seed-funded the Ethnicity Pay Gap, a collaborative multi-year campaign strategy initiated by ShareAction, Runnymede Trust, and

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several other partners, which seeks to remove racialised pay disparities in listed UK companies.

In the second and third, we funded the Good Ancestor Movement to support the design and deployment of regenerative and reparative models of capital stewardship and participated in the development of a “progressive advisor network”. Combining disruptive interventions in the flawed ‘ESG’ industry with rigorous efforts to redirect investment onto sustainable and just pathways, our grant partner r3.0 continued to engage with sustainability standard-setting processes. These processes typically focus on the financial materiality of so-called “sustainability factors” for private capital owners, rather than attempting to align capital stewardship with democratic and scientific pathways for socio-ecological sustainability.

We also seed-funded a project by the think-tank Common Wealth to critically examine the flaws of the capitalised pension system - including its role in driving inequality, financialisation, and extractive growth - and develop viable proposals for alternative models.

In the year ahead, we will focus on building movement-directed and accountable capital stewardship strategies alongside the Resourcing Social Movements action inquiry and our wider network.

Knowledge

As referenced in last year’s annual report, ‘the basis on which knowledge is generated, legitimised and used is fundamental to our work’. This was true when Lankelly Chase was focused on a (reasonably) clearly defined set of issues such as ‘severe and multiple disadvantage’ and is equally, if not more, true as our work moves onto bigger and broader conceptions of justice and equity.

Over the last year we have continued to support and work alongside the group of seven partners first convened through an open funding call in 2021. We have renewed funding for their work to enable the formation of a more deliberate and co-led collective or community of practice exploring and modelling themes of knowledge justice. The work has different shades and flavours, covering such apparently disparate themes as Afrofuturist research practices, power dynamics and neuroscience, community voice and power, lived experience of the criminal justice system, and indigenous language and rights in the UK. It also combines academic, creative, artistic and activist backgrounds and skills. However, we and the group have been keen to move on from this inquiry as a ‘set of projects’, or examples of how and why to approach the concept of knowledge differently and under different frameworks and assumptions (although it is that too), and towards a more coherent and cohesive vision of what a shared intervention might be.

We have been helping the group to strengthen the links between and across each other’s work, including through shared budget management covering the costs of collaboration, especially with a geographically dispersed group (spanning England, Scotland and Northern Ireland). We have also convened residential/symposium events for the group focused on sharing insights, experiences and learning from their work in a mutually supportive and inquisitive environment. The group has also begun to collect examples of their work and what has inspired their thinking, with a view to establishing an archive or library of communicable products/outputs.

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As well as this small community of practice, we have agreed a major core funding partnership with Whose Knowledge? a global campaign to centre the knowledge and thinking of marginalised communities, particularly online. The development (and budget) of this relationship has been shared with the Narratives inquiry, which is another demonstration of the links between ‘knowledge’ and the rest of our work.

Over the next year, the group will be sharpening and articulating their sense of shared intent; building a communications strategy/approach to share their work and outlook; exploring and developing a devolved resourcing role (i.e. holding a budget to seek and support other work which exposes, disrupts and reimagines knowledge practices); and making links with other networks both within and outside Lankelly Chase, including through the merging of the previous knowledge, governance and practices inquiries into a shared ‘alternative realities’ theme.

Practices

Our practices action inquiry is an invitation to be intentional about the practices we choose to do in order to transform the way we show up in the world, so that we can transition to a world rooted in equity and justice.

We paused on the activities in the action inquiry once the transition pathway decision was made in June 2022. However, there is learning that will serve our work over the coming years. This starts by articulating the context we are in, as detailed in the introductory paragraph to the annual report.

Intentional practice, sitting under the field of knowledges, is acting and being that recognises and lives a different reality. At its basic level, knowledge is about exploring the nature of the knowable or the nature of reality (ontological ) and how we know what we say we know, what constitutes acceptable, valid and legitimate knowledge ( epistemological ). However, it is difficult to approach knowledge directly, so practices is a way to enable an ontological shift.

To shape this ontological shift, towards justice and a different way of relating to ourselves each other and beyond human, we are learning to work less in the first column and more in the second column, while being careful of not falling in the dualities even as they are laid out below.

Decontextualised Contextualise
Yes but Yes and/and/and……..
Oppositional pairs Complementary pairs
Universalism Pluriverse
Objective + outside of Subjective + part of
One way change happens Plurality of how change happens
Prioritising cognitive reality over other domains Working with cognitive, relational, spiritual
and affective realities

We have identified some of the practices that might support us to do the above.

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The LankellyChase Foundation

We have to yet agree what this learning means for the transition pathway, although it might point to our intentional practices around:

Narratives

The Narratives action inquiry is a direct challenge to dominant Western ways of knowing. Through a solidarity funding approach, we have been distributing resources to support people, practices and infrastructure that acknowledge our entanglement and interdependence with each other and our more-than-human kin.

The action inquiry is embedded in what John Heron and Peter Reason call 'Extended Epistemology.' It is part of our commitment to legitimatising how humans produce knowledge 'beyond the boundaries of abstracted, intellectual thought alone.' More specifically, this action inquiry focuses on 'Presentational Knowing' or, as Tyson Yunkaporta calls it, the 'dreaming mind.' These are yet-to-be-fully-formed ideas shared through language, poetry, song, music, dance, movement, drama, visual arts etc. They all tell stories and contribute to narratives that define how we turn up in a world that is fit for our times.

Over the last year, this solidarity funding approach has seen us distributing grants to individual practitioners, artistic communities and infrastructure bodies working at the intersections of class, climate, gender and racial justice.

Kumari Arts, O N C A, Global Arts Northwest, and Community Arts North West have core and commissioning grants to commission artists in their networks. Katy Rubin has taken Theatre of The Oppressed on a UK tour and trained over 100 people in the method. At its heart, this approach challenges hierarchy and power, and its impact on commissioning structures in Greater Manchester with the GM Jokers is significant.

We have also continued to invest in partnerships with organisations and networks exploring a news and media infrastructure rooted in justice, equity, collaboration and healing. We have foundational relationships with Bureau Local, Inclusive Journalism Wales, the Independent Media Association, Heard, People's Newsroom, and the Regenerative Journalism Community of Practice. Another highlight has been the News and Media community of

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The LankellyChase Foundation

practice designing and implementing an 'equitable funding model', which we hope to spread across the sector.

Finally, it has been crucial that we form partnerships with pioneering global, movementsupporting feminist collectives who acknowledge our entanglement and interdependence with each other and our more-than-human kin. Culture Hack Labs, Whose Knowledge? Stories for Systems Change from the Collective Impact Lab and Spaceship Earth recognise the magnitude of our planetary crises. They are all developing processes and methodologies that support the emergence of an ontological shift that acknowledges - among many things - our entanglement and interdependence with each other, especially the Global Majority and our more-than-human kin.

Governance

The first part of the year was focused on the continuation of the exploration into traditional governance: who makes decisions on what and how, through grants to the Beyond the Rules collective, Research for Action (exploring democratic participation in local authorities), Centric (community research into “street governance”) and the process of transitioning the Transformational Governance group into a collaboration that was willing and able to hold the funds to resource the next stage, via Huddlecraft as a fiscal host.

During this period, the culmination of two pieces of work were realised that had heavy Lankelly Chase involvement. Grantmaking Beyond the Rules and Funding Governance for Systemic Transformation. These pieces, though different in tone and content, were thematically similar in that they both exposed that it was impossible to disentangle the action of grant-making from the complexities of finance, and all of the issues that come with it. These reports complemented Lankelly’s own thinking around what it takes to fundamentally shift the resourcing of social justice work.

As much as grant-making does not exist in a vacuum, it became clear that some of the action inquiries were artificially scaling vertically in silos rather than horizontally. So the second half of the year, aided by a greater trust in interconnectedness, saw grants from the governance budget line spread more into a cross cutting space, mostly about looking at “money” differently. Further resources were allocated to UBI Lab Network. We supported Wards Corner to organise around a community asset transfer. We supported the international Bioregional summit and became the first supporter of the Indigenous Commons- an international group of indigenous leaders looking at what it would take if the world’s bioregions were governed using pre-colonial practices.

Next year there will, pending approval, be only two “governance specific” pieces of work continuing- namely Research for Action’s deepened exploration into what democracy and participation looks like in a disenfranchised and polarised society and the culmination of the learning cohorts in the Transformational Governance group.

Beyond the Rules will hopefully continue but its focus will shift from solely governance to a pluralistic and multi-faceted approach to resourcing and governing social justice. We should be working with WEvolution, looking at the governance of small groups of women and how using and viewing money- namely micro financing- works in practice. We’ll also be looking at Blueprint 0: what is a regenerative and distributed economy? Allied to this, we will be

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supporting both the Democratic Ownership summit and the UBI summit to understand our role in these economic movement spaces.

Governance may be the process that allows other processes to work well, but this year has shown it cannot be viewed, and supported, as a standalone pillar of social change. It may be central to how a group operates, but so is everything else.

Nurturing Alternative Realities

Although the separate lenses of our thematic action inquiries have helped us to cluster thinking and action in manageable ways, they have also detracted from a sense of a whole and haven’t made sense to those we have funded, who view themselves as part of a much more interconnected world. We have recently taken the decision to merge the Knowledge, Narratives, Practices and Governance action inquiries under the working title Nurturing Alternative Realities. In the year ahead, rather than cultivating lots of new relationships, we hope to extend an invitation to existing partners to find ways of strengthening the connective tissue between us to support the Transition Pathways that many of them and we are on.

Communications

From February 2022 until April 2022, we ran the place-based series called Common Ground. Via our website, it was a space for our partners in Gateshead, York, Greater Manchester and Barking and Dagenham to share their experiences and learning. Each place had their own content week (events, blogs, twitter takeovers, photo series’), and we had Common Ground co-created publications which explored the themes of power, participation and perspective across the five places. These were co-written by the Lankelly team, our partners and our learning partner Northumbria University.

In June 2022, we supported the work of the GM Systems changers Dreamweavers gathering. As listed on the GM Systems changers website, it was: “a [four day] gathering where we could celebrate all the work that unites us as we challenge injustice. A gathering where we could weave together the work already being done to heal, re-imagine and renew systems so that all people can live with dignity and opportunity in supportive communities.”

Via Lankelly’s Instagram account, we used the stories feature to candidly capture the highlights from across the four days.

We have continued to carry out the work of our racial justice series through film and podcast. All are still in production, and we are looking forward to hearing them online, and seeing them on screens of all sizes over the year and beyond.

We funded Untelevised to create a podcast series around the themes of language and linking it with topics surrounding social justice such as ‘socialism, capitalism, institutionalised racism.

We have funded Story Compound to create a film called Aslyum Queens , which looks at the injustices African and Caribbean women face when seeking asylum in the UK. We have also funded Black Curatorial, to produce and film The Sinking and Living Island , a documentary of the environmental impact colonisation has had in the Caribbean. With a particular focus on Barbados, as the first plantocracy in the transatlantic slave trade. The film will spotlight

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Bajan voices and include contributions from the Prime Minister Mia Motley as well as local farmers and journalists.

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THE LEGAL REQUIREMENTS

The objects of the Foundation

The Foundation’s objects are to promote any charitable purposes under the law of England and Wales. The Trustees define the policies that underpin the Foundation’s programmes and have agreed the following vision and mission statement. We want our values to communicate our passion and inform our everyday relationships, belief systems and attitudes across the delivery of our work.

Our vision is of world healed by justice, equity and inclusion, where all people can live with dignity and opportunity in supportive communities.

Our belief is this can only be achieved if we fully embrace the interdependent nature of our existence.

Our mission is not one we can undertake alone. We work with partners to change systems of injustice and oppression that result in the mental distress, violence and destitution experienced by people subject to marginalisation in the UK.

Our role is to resource activity where people can come together to explore what it means to reveal, question and dismantle systems that perpetuate disadvantage, or to explore how to heal, reimagine and renew systems so that all people can live with dignity and opportunity in supportive communities.

Values

Determined: real change takes tenacity, kindness and commitment. We work with humility and the knowledge that there are no simple answers.

Open: we want to build relationships based on shared humanity, kinship and respect. We are always open to new ideas and evidence and we share whatever we learn for the benefit of everyone.

Reflective: we want to find out what really works. We challenge assumptions and we use feedback as a powerful tool for learning.

History

The LankellyChase Foundation is the amalgamation of two grant-making trusts, the Lankelly Foundation and the Chase Charity.

The Chase Charity was established on 18 May 1962 and the Lankelly Foundation on 18 March 1968. On 9 December 2004, the two Trustee bodies amalgamated the trusts and the new LankellyChase Foundation was incorporated.

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The LankellyChase Foundation

Structure, governance and management

The Board of Trustees administers the Foundation. The Board appoints Trustees who then serve for four years, after which they may be re-appointed to serve one further term of up to four years. In exceptional circumstances a Trustee may, if agreed unanimously by the Board, be asked to serve an additional four-year term. The Chair is appointed by the Trustees and serves for a maximum of two three-year terms.

Periodically the Board reviews the range of skills among Trustees and may recruit new Trustees to fill any gaps in the skillset of the Board. New Trustees have historically been recruited through external competition, a process that may be complimented or superseded by the use of the Foundation’s networks to identify individuals who may not be reached by more traditional methods. In addition to making appointments based on the skills, values and connections deemed necessary by the Board, new Trustees may be recruited to bring challenge and alternative perspectives. This ensures the Board and the method of governance continues to evolve.

The full Trustee Board currently meets three times a year to manage the Foundation (“business meetings”), and three times a year for strategic work (“strategic meetings”). This is in addition to whole team and Board strategic away days. The day-to-day administration continues to be delegated to the Chief Executive who is supported in this by the wider staff team.

The Board of Trustees currently has two sub-committees (both of which meet three times a year, between two to four weeks before the full Board convenes for business meetings). They are:

Risk management

The Trustees are responsible for establishing and monitoring Lankelly Chase’s internal control systems. The risk register is presented for review to the Resources and Risk Committee annually, with risk updates provided to Committee members on an ongoing basis. The risk register is made available to all Trustees upon request, and the Resources and Risk Committee may recommend that the Board reviews the register at any point. The Trustees approach to risk is to manage rather than eliminate, and view risks as opportunities to be taken as well. Currently, Trustees are satisfied that the system of internal controls in place is adequate, and these internal controls are reviewed as part of the day-to-day management processes within the Foundation.

The risk register is a live document which is held collectively by the staff team and reviewed regularly, and many of the risks identified remain live within the work. There is also a strong understanding at Executive and Board-level that much of the work we are engaged in might involve more risk than other funders would be comfortable with. However, we have management processes in place to manage those risks where possible, and we consider both success and failure to be crucial parts of the change journey.

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The LankellyChase Foundation

The Trustees have held that the principle risk to Lankelly Chase is that it does not fulfil its core mission of changing systems of injustice and oppression, and this is what led to our decision not to continue as a legacy institution of capitalist philanthropy. We are currently identifying the new strategic and operational risks that face us as we determine the alternative futures for our assets. These risks will continue to be managed as per the process above.

Public benefit requirement

The Trustees aim to meet their public benefit responsibilities, as laid out in Section 17 of the Charities Act 2011, by using the Foundation’s resources to support agencies that seek to enable some of the most disadvantaged people in our society to lead full and independent lives.

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The LankellyChase Foundation

Review of grant activity

Portfolio Teams – teams predominantly made up of Lankelly Chase colleagues with expertise across the organisation – were the primary method by which grant proposals were discussed and agreed in the year 2022-23. The Executive Committee as a formal meeting place remains effectively dissolved, although the entity and mandate remain to provide delegated authority to Portfolio Teams.

The mandate for Portfolio Teams is as below:

Each team will reflect the diversity of roles and experiences of the Organisation – and will include both internal and external facing Lankelly Chase roles. The teams may include third party participants. The quorum is three members as approved by Resources and Risk Committee on 29[th] September 2021. The budget is delegated to the Portfolio Team by the Board following a formal request from the Portfolio Team. Third party participants may be allocated voting rights on financial allocation – provided there is no conflict of interest e.g. awarding that participant money. The ability of the third party to hold voting rights will be decided by the Executive Committee. As with the Executive Committee, Portfolio Teams will flag to Trustees if the grants are deemed to be political and/or unusual in nature of risk e.g. controversial.

Devolved decision-making in Place

Decision making has been devolved to local ‘Coordination Teams’ (also known as ‘core teams’) in two of the places where Lankelly Chase works in a deep and sustained way – Greater Manchester and Gateshead. The process we are using is as follows:

The ‘How’ Team

The ‘How’ team is working to a different mandate, as approved by Trustees, which further devolves decision-making to allow for this to be more nimble and autonomous, whilst maintaining scrutiny, fairness and accountability. It covers the following:

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At the end of the financial year the decision was taken to dissolve the How Portfolio Team and we are in the process of approving new mandates for teams to take distinct work forward.

Organisation Strategic area Description Grant
amount(£)
Association of Community
Organisations for Reform Now
Ltd (ACORN)		 Networks Inflation uplift 9,000
ADIRA Mental Health and
Wellbeing Services CIC		 Comms internal Inflation Uplift £1,725 plus an
additional amount of £2,000 to cover
the increase costs of theproject.		 3,725
African and Caribbean Women’s
Centre(AFRICAB)		 Greater
Manchester		 Core Funding to further their work in
Greater Manchester		 20,000
African Families in the UK
(AFIUK)CIC		 Oxford Inflation uplift 1,125
AFS Catalyst Ltd Governance Inflation uplift 2,670
Age UK Gateshead Limited Gateshead Inflation uplift 4,744
Age UK Gateshead Limited Gateshead To cover counsellingcosts 1,380
Age UK Gateshead Limited Gateshead Additional funds to cover salary 6,974
Age UK Gateshead Limited Gateshead Bridge Builder role - additional
fundingto cover salary		 18,252
Age UK Gateshead Limited Gateshead To cover extendingsalary 10,889
Alleyne& CIC Knowledge Core costs plus residential planned
in Belfast		 60,000
Alliance Publishing Trust Comms internal Continued comms support to run the
magazine		 15,000
An Untold Story Place - other Inflation uplift 2,625
Anne Mathews Trust Core Skills Additional grant to cover: cost of
living increase £12,750; support to
grassroots organisations serving
people from refugee and asylum
seeking backgrounds £15,000 and
building international solidarity
£10,000.		 37,750
Anti Raids new grant via
Migrants Organise Ltd		 Networks To fund Anti Raids Network's
national in person network gathering
and pay for translation and printing
costs to update legal Know Your
Rights cards in 29 languages.		 6,000
Article 12 In Scotland Core Skills To recruit and support young people
who will be involved in ‘This Land’
project.		 18,000
Arts at the Old Fire Station Place learning
and comms		 Towards cost of producing the
Oxford Instalment of the Common
Ground Comms series		 1,620
Arts at the Old Fire Station Oxford Inflation uplift 22,500

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The LankellyChase Foundation

Arts at the Old Fire Station Oxford Inflation uplift 975
Arts at the Old Fire Station Oxford Storytelling support for community
organisations.		 16,125
Arts at the Old Fire Station Oxford To support comms work related to
annual Marmalade Festival and the
year-round activity.		 21,500
Arts at the Old Fire Station Oxford To continue to part fund the role of
Creative and Engagement and
LearningCoordinator.		 10,750
Arts at the Old Fire Station Oxford Continuation of funding to contract a
freelancer to lead the Clear Signal
inquiry.		 32,250
Axiom News via Opus
Independents Limited		 Comms strategic Training sessions for Generative
Journalism		 5,000
Barking & Dagenham Giving Barking &
Dagenham		 Toward the creation of an online
community platform for resident
engagement.		 35,000
Barking & Dagenham Giving Barking &
Dagenham		 BD Giving will hold this as banker
for the Disruptive Explorers		 265,000
Barking & Dagenham Giving Investments To obtain legal advice on
participatory granting governance.		 10,041
Bensham Grove Community
Centre		 Gateshead Inflation uplift 5,467
Bensham Grove Community
Centre		 Gateshead To support one of the current Bridge
Builder roles.		 14,196
Beyond the Rules via Dark
Matter Laboratories Limited		 Governance Funding to support the work of
Beyond the Rules for oneyear		 127,680
Beyond the Rules via Dark
Matter Laboratories Limited		 Governance Additional funding to support the
work of Beyond the Rules		 16,658
Beyond the Rules via Dark
Matter Laboratories Limited		 Governance Inflation uplift 10,825
Bioregional Learning Centre CIC Governance To support the organisation of the
international Bioregional Summit.		 10,000
Birmingham SEMH Pathfinder
via Lumen Christi Catholic Multi
AcademyCompany		 Place - other To support Pathfinder's work 150,000
Birmingham SEMH Pathfinder
via Lumen Christi Catholic Multi
AcademyCompany		 Place - other To support with holding a staff
retreat		 10,000
Black Curatorial Ltd Comms internal To fund documentary “The Sinking
and Living Island” - environmental
impact colonization has had in the
Caribbean.		 63,275
Black Equity Organisation (BEO) Trustee
Discretionary		 Core funding 500,000
Black Equity Organisation (BEO) Trustee
Discretionary		 Inflation Uplift 37,600
Black Protest Legal Support via
The Article 11 Trust		 Networks Core funding 115,600
Breathe via New Economy
Organisers Network(NEON)		 Networks Inflation uplift 7,500
Breathe via New Economy
Organisers Network (NEON)		 Networks Funding to support
training/workshop sessions on
community organising/climate
justice		 7,500

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Breathe via New Economy
Organisers Network (NEON)		 Networks Funding to enable participation in
the What Moves Movements’
inquiry.		 2,560
Breen Centre Knowledge To continue their work on
knowledgejustice.		 60,000
Breen Centre Knowledge Costs of hosting and convening a
Knowledge residential in Belfast		 7,500
Centre for Knowledge Equity CIC Knowledge To work alongside other funded
partners convened around the
theme of knowledgejustice		 30,000
Centre for Knowledge EquityCIC Networks Inflation uplift 13,125
Centre For Welfare Reform
Limited		 Governance Inflation uplift 10,500
Centric Community Research
Limited		 Governance Funding to support the work of
Centric in governance research for
oneyear		 20,000
Centric Community Research
Limited		 Governance Inflation uplift 1,500
Circles Cooperative Core Skills Work to continue the socio-technical
system.		 70,000
Civic Square Birmingham CIC Comms strategic Core funding 345,000
Civic Square Birmingham CIC Place learning
and comms		 Site visits & sharing learning for
legal work on landpurchase		 50,000
Climate Justice Coalition via
War on Want		 Networks Fund mobilisation activities across
the UK for demanding climate
justice at COP27		 50,000
Climate Tipping Point Ltd via
Climate 2025		 Networks Upskilling movements and
grassroots groups with tech and
digital skills, free tools and digital
securitytraining.		 70,000
Climate Tipping Point Ltd via
Climate 2025		 Networks Core funding 80,000
Climate Tipping Point Ltd via
Climate 2025		 Networks Funding to enable participation in
the What Moves Movements’
inquiry.		 2,560
Climate Tipping Point Ltd via
Climate 2025		 Networks Core funding 60,000
Coffee Afrik CIC Core Skills A research trip to deep dive into the
practices of Doughnut Economics
and CommunityWealth Building.		 7,000
Collaborate Out Loud CIC Greater
Manchester		 Funding to resource the Policy
Makers Inquiry.		 70,000
Collective Change Lab How learning and
comms		 To write up the learnings and turn
them into shareable content about
Systems Storytelling.		 35,000
Collective Impact AgencyCIC Place - other Inflation uplift 7,290
Community Organisers Ltd Place - other Digital organising- PT role for 6
months		 8,000
Community Resources for
Change		 Barking
and
Dagenham		 To take forward the ‘Social
Infrastructure’ work in B&D and to
organize and collaborate with
different local partners on the
themes of debt and social isolation.		 20,000
Connecting Wisdom Ltd Greater
Manchester		 The purpose is to design, support
and hold space for learning
emerging out of Spaces 2,
participatory grant making.		 25,000

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The LankellyChase Foundation

Conyach Advocacy &
Engagement		 Knowledge To fund expenses incurred in the
Nawken Knowledgeproject		 2,700
Cooperation Town Ltd Core Skills To support Cooperation House
project.		 50,000
Culture Hack Labs via New
World Foundation		 Comms strategic Core funding and a learning
programme.		 255,000
Data collection for border
abolition		 Networks Collecting and visualising localised
data, to demonstrate where and how
public authorities are informing on
local migrants and collaborating with
immigration raids.		 76,620
Debt for Climate via Climate
2025 Ltd		 Core Skills To fund communications work. 10,000
Decolonising Economics via The
Social Change Nest CIC		 Core Skills Towards a strategy for care and
liberation by starting with
establishing a community of practise
and visualising an economic
democracy.		 275,000
Democratic SocietyLimited Governance Core funding. 162,030
Democratic SocietyLimited Governance Inflation uplift 12,150
DisCO Governance Support to work together with
communities in the UK and learn
through radical listening in order to
co-design and enact anti-capitalist,
feminist and decolonial economies
and the unique technologies needed
to make them happen.		 50,000
E.Eseonu Limited Knowledge To use anti-colonial and Afrofuturist
research methods to co-produce
knowledge about racial inequalities
alongside Black young people; to
explore opportunities to influence
policy with these insights; to share
and connect with others working in
field(s)of knowledge andjustice.		 50,650
Embrace the Mess via Public
Interest Research Centre(PIRC)		 Networks Pilot Community Organising course
in 2023.		 25,000
Emergence Network via Science
and Nonduality		 Core Skills To fund a space where people can
relate to problems differently and
avoid falling into ‘solutionisms’; a
space to un-problem the problems
and lean in with curiosity and stay
with the trouble.		 47,770
Expert Citizens CIC Place – other Inflation uplift 27,655
Expert link Place - other Inflation uplift 3,750
FairShare Educational
Foundation(T/A ShareAction)		 Investments Ethnicity pay gap campaign. 150,000
FairShare Educational
Foundation(T/A ShareAction)		 Investments Core funding. 150,000
Food Sovereignty via Social
Change Nest		 Greater
Manchester		 To fund the inquiry around food
sovreignty.		 50,290
Friends Provident Foundation Networks To sign up to the Index of
Foundation Diversity, Transparency
and Accountability.		 5,000
Gateshead Foodbank Gateshead To continue to fund LZ hours for
coordination and support in the GCT
work for a 6 monthsperiod.		 10,088

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Gateshead Foodbank Gateshead To continue to fund LZ role with the
GCT for coordination and support
for 18 monthsperiod.		 42,787
Gateshead Visible Ethnic
Minorities Support Group		 Gateshead Inflation uplift. 2,540
Gateshead Visible Ethnic
Minorities Support Group		 Gateshead To cover extension of role to cover
bridgebuilder support and CT
participation.		 6,400
Gateshead Visible Ethnic
Minorities Support Group		 Gateshead 6-month pilot of English language
sessions as part of the Bridgebuilder
Role.		 5,000
Geeks for Social Change Ltd Greater
Manchester		 Inflation uplift. 4,500
Geeks for Social Change Ltd Greater
Manchester		 Continuing to develop PlaceCal
roadmap, which will be piloted for
the networkprogramme.		 140,000
GM Coalition of Disabled People Greater
Manchester		 Core funding. 20,000
GM Spaces Follow on Fund Greater
Manchester		 Further follow-on funding/breathing
spacegrant.		 120,000
GM Spaces Follow-on Fund Greater
Manchester		 Inflation uplift. 87,750
GM Spaces Fund 2 Greater
Manchester		 To support the hold the facilitation of
the participatory grant making
process.		 25,000
Good Organisation (Social
Ventures)CIC		 York Inflation uplift. 4,875
Grapevine (Coventry and
Warwickshire)Ltd		 Networks Inflation uplift. 9,000
Grapevine (Coventry and
Warwickshire) Ltd		 Place - other To fund 50% of a full-time Team
Leader over two years for
Grapevine’s new organisational
structure.		 48,901
Growing Rights Instead of
PovertyPart via RAPAR		 Core Skills To continue the knowledge creation
and movement building programme.		 25,800
Hackney Council for Voluntary
Service		 Governance Reversal of 2019-20 grant
previously part cancelled.		 12,500
Healing Justice London CIC Various Towards ‘Rehearsing Freedoms’
programme.		 350,000
HealingJustice London CIC Networks Inflation uplift. 16,000
Heard Organisation Limited Comms strategic Funding to provide on-line training
for strategic communications and
narrative change work.		 155,147
Heart of Hastings CLT Limited Place – other Core funding. 205,000
Hologram via Open Collective
Europe		 Core Skills Fund the development of The
Hologram: feminist, peer-to-peer
support.		 50,000
Huddlecraft CIC Governance To receive and hold the funds for
the Transformational Governance
group- including making payments
to members and the learningcohort.		 148,251
IDS Learning Programme Greater
Manchester		 To fund community groups to
participate 18 months learning
journey to be Systemic Action
Learning practitioners.		 172,500
Illuminate Core Skills Funding to support the network
developed byIlluminate.		 40,000

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The LankellyChase Foundation

Imkaan Networks Funding to enable participation in
the What Moves Movements’
inquiry.		 2,560
Inclusive Journalism Cymru CIC Comms strategic Core funding. 35,000
Inclusive Journalism Cymru CIC Comms strategic Core funding. 140,000
Indigenous Commons via NEO
PhilanthropyInc.		 Governance To fund pre-launch planning and
development.		 24,165
Institute of Development Studies
(IDS)		 Greater
Manchester		 To support holding 18 months
learning process in Greater
Manchester.		 74,000
Jericho Road Project Place learning
and comms		 Site visits & supporting women in
Greater Manchester on housing
justice.		 20,000
Jigsaw Recovery Project CIC Gateshead Cover the cost of the Peer Enabler
Role.		 40,372
Jigsaw RecoveryProject CIC Gateshead Inflation uplift. 1,700
Joseph Rowntree Foundation Governance To support JRF with costs for in
person meeting.		 1,000
Journalism Award Comms strategic News & Media follow on funding. 270,000
Kakuma refugee camp via
Imkaan		 Networks 38,339
Katy Rubin Comms strategic To support the coordination and
facilitation of 4 Legislative Theatre
trainings around the UK thisyear.		 12,500
Kauma Foundation CIC Comms strategic To fund development of the artist
network which is made up of people
intentionally marginalised by
systems of oppression.		 30,000
Kids of Colour CIC Greater
Manchester		 20,000
Kingsley Hall Church &
CommunityCentre		 Barking and
Dagenham		 Inflation uplift. 3,101
Kingsley Hall Church &
CommunityCentre		 Barking and
Dagenham		 Inflation uplift. 1,800
Kingsley Hall Church &
Community Centre		 Barking and
Dagenham		 Funding to conclude a learning cycle
for the Working Group on
participatorymethods.		 17,000
Labour for a Green New Deal Networks Worker-Climate conferences and
seminars to support workers and
unions in using industrial action to
achieve climate-worker demands
and ajust transition.		 50,000
Leeds GATE Place - other Inflation uplift. 9,150
LivingRent Governance Inflation uplift. 9,000
London Renters Union Limited Governance Inflation uplift. 4,650
London Renters Union Limited Place learning
and comms		 Core funding. 120,000
Love & Power Networks To fund research into mass-based
membership/people-funded
movements to support the
understanding and growth of
movement infrastructure in the UK.		 10,000
Mama Health and Poverty
Partnership (MHaPP)CIC		 Greater
Manchester		 Core funding. 300,000
Mama Health and Poverty
Partnership (MHaPP)CIC		 Core Skills Greater Manchester Living Income
exploratorywork		 30,000

32

The LankellyChase Foundation

Many to Many Grantmaking via
Opus Independents		 Governance To fund an experiment in multilateral
fundingagreements.		 122,000
May Day Rooms via The Fourth
GroupLtd		 Networks To support the production of a video
series.		 21,900
Media Resources Co-operative
Ltd		 Comms strategic Core funding. 25,000
Middleton Co-operatingLimited Various Core funding. 100,000
National Survivor User Network
(NSUN)		 Knowledge To continue the work on knowledge
justice; and join a collective inquiry
of others undertaking and learning
from work in this field.		 61,000
New Economics Foundation Core Skills Greater Manchester Living Income
exploratorywork		 221,725
New Economy Organisers
Network (NEON)		 Networks Funding to enable participation in
the What Moves Movements’
inquiry.		 2,560
New Economy Organisers
Network (NEON)		 Comms strategic To support US Collaboration trip
which will strengthen networks
between US-UK new economy
actors.		 15,000
New Economy Organisers
Network(NEON)		 Networks Inflation uplift. 8,250
New Economy Organisers
Network(NEON)		 Networks Inflation uplift. 4,500
New Economy Organisers
Network (NEON)		 Networks In collaboration, NEON and the TUC
will support workers to develop
ambitious decarbonisation plans for
their industries.		 50,000
New Northern Weave via Social
Change Nest		 Core Skills Funding to self-organise the group. 30,000
News and Media Cohort via
Social Change Nest		 How learning and
comms		 To support experimenting with
devolved decision making.		 35,000
No Borders MCR Greater
Manchester		 Core funding 20,000
North East Young Dads & Lads
Project CIO		 Costs to employ Peer Enabler on
the System Barriers Inquiry.		 32,878
North East Young Dads & Lads
Project CIO		 Gateshead Inflation uplift. 1,700
Northern Heart and Soul CIC Core Skills To support cover costs for the 12-
month development phase to
explore the possibility of Living
Income work in Greater Manchester.		 25,000
Northern Heart and Soul CIC Comms internal Budget for media training in Wigan
with young people with Media Cubs
& True Level Media.		 15,000
Northern Soul Consultancy Ltd Greater
Manchester		 To cover the preliminary costings for
leasing the building for Rekindle
School.		 10,000
On Road Media Comms strategic Inflation uplift. 3,737
ONCA Various To fund a creative artistic network
for core costs and commissioned
pieces of work which is at the
intersection of racial, gender,
climate and classjustice.		 150,000
OnCommons How learning and
comms		 Inflation uplift (5,625 Euros) 5,037

33

The LankellyChase Foundation

OnCommons Governance To support post Blueprint activation
(to follow threads that have arisen
from the current r3.0 blueprint work);
10,000 Euros.		 8,662
OnCommons Investments To engage with sustainability
standard-setting process and
develop 'Transcending ESG'
campaign(20,000 Euros)		 16,947
OnCommons Investments Core funding (225,000 Euros) 197,020
Opus Independents Governance Inflation uplift. 10,500
Opus Independents Comms internal To support the series of capacity
building conferences for activist and
campaign organisations.		 14,700
Opus Independents Governance To support in the production of a
feasibilitystudyfor UBI Lab NI.		 15,000
Opus Independents Comms strategic A four-month research and
development project to design a
sustainable future for The People’s
Newsroom.		 38,250
Othering & Belonging Institute Core Skills To create a network of leaders to
counter the far-right threat in Europe
and US and increasingly in other
parts of the world.		 50,000
Our Agency CIC Greater
Manchester		 Core funding. 120,000
OwnershipFutures Ltd Various Project on UKpension system. 49,000
Oxford Hub Oxford Inflation uplift. 8,100
Oxford Hub Oxford To contribute towards the cost of
training for colleagues at the Oxford
Hub.		 4,800
Oxford Hub Oxford To fund the systems changers. 25,050
Oxford Hub Oxford Recruit and employ 3 Systems
Changers Participants as
CommunityOrganisers.		 80,000
Participatory Grantmaking
Community		 Governance Contribution towards London
gathering.		 1,000
Platform London Various Inflation uplift 2,250
Platform London Various Preparatory work for UK Community
FEASTproject.		 50,000
PovertyTruth Network Networks Inflation uplift. 9,000
Prism the Gift Fund (Future
Foundations)		 Core Skills Core funding. 10,000
Prison Reform Trust Knowledge To continue the work on knowledge
justice and join a collective inquiry of
others workingin this field.		 60,000
Project Tallawah via Imkaan Networks Core funding. 385,000
Public Interest News Foundation
(PINF)		 Comms strategic To support cover conference costs. 7,500
Public Law Project How cross cutting Core funding. 309,000
Public Law Project Place – other Inflation uplift. 23,175
Racial Justice Network Networks Core funding. 100,000
Racial Justice Network Networks Funding to enable participation in
the What Moves Movements’
inquiry.		 2,560
RadHR Networks Core funding. 19,675
RadHR Networks Inflation uplift. 1,500

34

The LankellyChase Foundation

RadHR Networks Creating a radical HR online
communityandprovidingresources.		 20,000
RadHR Networks Funding to enable participation in
the What Moves Movements’
inquiry.		 2,560
Radical Ecology CIC Networks Towards Black Atlantic Innovation
Network.		 40,000
Recovery College Collective Gateshead Cover the cost of the Peer Enabler
Role.		 32,878
Recrear Comms internal Funding to enable 10 movement
partners to engage in the research
and learningwork with Recrear.		 35,000
Refugee and Asylum
Participatory Action Research
(RAPAR)		 Core Skills RAPAR & Growing Rights Instead of
Poverty Partnership (GRIIP)
partnership.		 20,000
Refugee and Asylum
Participatory Action Research
(RAPAR)		 Greater
Manchester		 To continue funding for the Hub Set. 76,243
Research4Action Governance To undertake an action research
project into democratising
governance in local authorities.		 46,275
Resist and Renew via Platform
London		 Networks Movement focussed training and
facilitation collective.		 25,000
Resourcing Racial Justice via
ThirtyPercyFoundation		 Networks Core funding. 10,000
Right Way Up Core Skills To re-imagined what the sector
might look like and how to proceed
with the nextphase of theproject.		 10,700
Rivers Coaching Core Skills To explore and develop the
intentional practices around path to
liberation.		 60,000
Rooted Innovation Ltd Core Skills To support Rooted Innovation
Limited with funds towards The Joy
Circles Project.		 50,000
Royal Institute of International
Affairs		 Investments Fostering a community of practice
for building actionable knowledge
over the system intervention points
that will shift the UK investment
system towards socially beneficial
investments.		 50,628
Shamshad Khan Core Skills To support people doing social
justice work in Greater Manchester.		 20,000
Sheba Arts CIC Greater
Manchester		 Core funding. 40,000
Sistern via The Centre for
Innovation in Voluntary Action		 Networks To support movements and radical
organizations that are not currently
served well bycorporate law firms.		 108,620
Social Change Nest Networks For re-granting to grassroots
campaign.		 50,000
Social Change Nest York Inflation uplift. 9,903
Social Change Nest York To support the process of designing
a payment for involvement policy in
York.		 1,300
SolidarityHull CIC Core Skills Core funding. 10,000
SolidarityHull CIC How cross cutting Core funding. 14,700
Sound DeliveryMedia Comms strategic Inflation uplift. 3,375

35

The LankellyChase Foundation

Sound Delivery Media Comms strategic To support hire an Operations
Manager.		 45,000
SpaceshipDot Earth Comms internal Core fundingand bursaries. 35,000
St Chad's Community Project Gateshead To cover the cost of the Peer
Enabler Role.		 43,004
StichtingSystemic Justice Networks Core funding (50,000 Euros). 42,000
Stichting Systemic Justice Networks To fund research project -accessing
current barriers to funding for
movements and collectives (10,585
Euros).		 8,922
Stir to Action How cross cutting Core funding. 50,000
Stir to Action Comms internal Core funding. 7,500
Stir to Action Comms internal Core funding. 6,000
Stir to Action Place learning
and comms		 Core funding. 50,000
Story Compound Comms internal Funding to produce a short
documentary.		 23,000
Support and Action for Women
Network(SAWN)		 Greater
Manchester		 Core funding. 25,650
Support and Action for Women
Network(SAWN)		 Greater
Manchester		 Core funding. 150,000
Support and Action for Women
Network(SAWN)		 Greater
Manchester		 Capital cost grant. 160,000
Support and Action for Women
Network(SAWN)		 Greater
Manchester		 Inflation uplift. 2,250
Support and Action for Women
Network(SAWN)		 Greater
Manchester		 Funding for Internal Storyteller. 15,000
Taiwo Ogunyinka via Social
Change Nest		 Core Skills To engage in a collective inquiry into
the possibility of transforming racial
justice movements, through an
examination of the interpersonal
challenges of organising and
community-building.		 10,700
Tax Justice UK Networks Funding to enable participation in
the What Moves Movements’
inquiry.		 2,560
Teams Medical Practice Gateshead To reimburse Teams Medical
Practice for some employment cost
they incurred during the course of
the place-based Teams and
Dunstan inquiry.		 2,950
Ten Years Time How cross cutting Core funding. 75,000
Tenants Union UK Greater
Manchester		 Core funding. 20,000
The Article 11 Trust Networks Project funding for a small
regranting programme to support
grassroots groups defend the right
toprotest.		 150,000
The AdvocacyAcademy Networks Core funding. 50,000
The ComfreyProject Gateshead Inflation uplift. 7,482
The Comfrey Project Gateshead Cover the cost of the Peer Enabler
Role.		 32,878
The Fourth Group Ltd t/a School
of Social Justice		 Networks To support the production of a video
series.		 97,600
The Good Ancestor Movement Investments To support development of non-
extractive investment models for		 50,000

36

The LankellyChase Foundation

solidarity and social movement
'economy'.
The Media Trust Comms internal Resource development to
disseminate learnings from your
Intersectional Reporting Programme
to charities.		 7,000
The Shareholder Commons Investments Inflation uplift. 8,250
The Ubele Initiative Networks Core funding. 50,000
The Ubele Initiative Networks Funding to support extra time spent
on scoping anti-racist infrastructure
Harakatiproject.		 7,000
The Ubele Initiative Core Skills To support the work of The Ubele
Initiative practices in
transformational systemic change.		 16,000
The World Transformed Networks To support TWT ahead of the
annual festival 2023.		 25,000
Transmit Enterprise CIC Gateshead Inflation uplift. 4,724
Transmit Enterprise CIC Gateshead To allow 6xCommunity
Bridgebuilders in Gateshead to have
easier access to funds required to
fulfil their roles.		 15,500
Transmit Enterprise CIC Gateshead To fund an 18 month extension to
RG’ contract.		 66,500
Transmit Enterprise CIC Gateshead Topping up the existing
Bridgebuilder pot of funds currently
held and administrated by Transmit
Enterprise.		 922
TRC via New World Foundation Trustee
Discretionary		 Supporting the publication of TRC
book on post-capitalist philanthropy
(150,000 USD)		 135,747
Two Ridings Community
Foundation		 York Inflation uplift. 3,920
UBI Lab Manchester via Opus
Independents Ltd		 Core Skills Greater Manchester Living Income
exploratorywork		 31,260
Unlimited Potential Greater
Manchester		 Inflation uplift. 7,500
Untelevised (Filmanthropy CIC) Comms internal To fund a podcast series around the
themes of language and linking it
with topics surroundingsocialjustice		 10,000
Verdade Consulting Ltd Knowledge To create imaginative media content
which helps to explore questions of
truth, knowledge and justice in
societal responses to social harm
and marginalisation.		 60,500
War on Want Networks Inflation uplift. 25,500
War on Want Networks To fund a cross- movement
relationship building, learning and
strategizingspace in London.		 150,000
War on Want Networks Funding to enable participation in
the What Moves Movements’
inquiry.		 2,560
Wards Corner CBS Governance Support the "Tottenham Model" of
community- led urban regeneration.		 50,000
Whose Knowledge via Sanmathi
Ltd		 Various Core funding. 600,000
WOC Azadi Collective via Social
Change Agency		 Core Skills To fund transformative space for
WOC to come together and work in		 157,625

37

The LankellyChase Foundation

solidarity to heal and liberate
ourselves from patriarchy, white
supremacyand colonialism.
Women’s CommunityMatters Place – other Inflation uplift. 3,750
Women’s Community Matters Barrow To pay for staff time to enable
continue in roles to co-ordinate the
work alongside a plethora of third
sector and statutory partners, and
families in the community.		 100,000
Women's Environmental
Network		 Comms internal To support with Comms work. 10,000
Women's Environmental
Network		 How learning and
comms		 Core funding. 50,000
Women's Environmental
Network		 Comms strategic To fund a strategic overview for the
nextphase of the work.		 10,000
Women's Environmental
Network		 Greater
Manchester		 Inflation uplift. 2,250
Wythenshawe Network via
Caritas Diocese of Shrewsbury		 Greater
Manchester		 Engaging a more diverse group of
SEND people and organisations to
work on researching gaps in
provisions, develop a localised
SEND support system, training and
raisingawareness.		 20,000
York Council for Voluntary
Service		 York Inflation uplift. 6,820
Young Womens Outreach
Project		 Gateshead To cover the employment cost of the
Peer Enabler roles to work on the
System Barriers Inquiry over an 18
monthsperiod.		 52,130
Total: 13,299,334

38

The LankellyChase Foundation

Financial Report

The Trustees authorised a total budget (excluding investment management and social investment fees) for 2022-23 of £17,937k made up of:

There was also a budget of £36.5k for capital expenditure.

Total expenditure, excluding investment management fees was £15,631k. This was made up of:

Income

Total income during the year was £815k (2022: £2,415k).

Total investment income has declined from £2,415k to £815k, the largest part of this being income from listed investments which fell from £2,415k to £790k. The majority of our listed equity holdings are now held through accumulation shares in pooled funds, where previously we had greater, direct exposure to income-bearing holdings. Social investment income was £Nil which was in line with expectations (2022: £Nil). Other interest income has increased from £0.8k to £36k due to increases in interest rates.

Voluntary income, in the form of a donation from Northwood trust was received on 3[rd] April 2023 at £14k which with tax relief made a total income of £25k (2022: £Nil). Both, donation and tax relief has been accounted for on an accrual basis.

Fundraising practice

Lankelly Chase Foundation does not derive any income from fundraising. Lankelly Chase Foundation does not engage in public fundraising and does not use professional fundraisers or commercial participators. The Foundation nevertheless observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance of these regulations and codes and the Foundation received no complaints relating to its fundraising practice.

Spending policy

Trustees and staff regularly review progress against the Foundation’s strategic aims and a workplan is developed by the staff team (plus external partners with regards to place-based work).

39

The LankellyChase Foundation

The budgeting process for 2022-23 was a collective one, with the entire staff team encouraged to contribute to the programmatic budget, as well as some of the budgets in places. Portfolio Teams developed budgets and work plans for the year ahead which were approved by the Board.

It is our vision and mission that are the main determinants of each year’s expenditure.

Investment strategy

The purpose of our investments is to enable us to fulfil our mission, which is to help to change systems that perpetuate severe and multiple disadvantage.

Our current investment objectives are:

In last year’s Annual Report, we reported the transition of our endowment to a new investment philosophy centred around mission-alignment. This involved an evolution of the policies and processes through which we steward the endowment and led us to invest our capital with a new set of investment managers.

The strategic reorientation discussed in the introduction to this Annual Report represents an intentional disjuncture with many of the beliefs and assumptions which underpin our current approach to investment. It states that:

“We have pursued ‘sustainable’ investment strategies in order to maintain our income in ways that don’t contravene our mission. We nonetheless remain active players in an extractive approach to investment, the impact of which on people, land and nature worldwide is impossible to account for. We would not award grants to organisations on the same basis. We want to explore radical and viable alternatives in collaboration with others.

From 2023/24 we are starting a five year process of working out alternative futures for our assets, including our capital, learning and the protective factors that come from being an endowed charitable foundation.”

Investment management

Our assets are currently invested in the following strategies, largely comprising pooled public market funds with diversified investment styles and objectives.

40

The LankellyChase Foundation

Performance

The Foundation's investment portfolio produced a financial return of negative 4.6% during the year, compared to a negative return of 0.5% in the preceding year. After cash withdrawals, this saw the value of invested assets decrease from £137.7m at 31st March 2022 to £129.4m at 31st March 2023.

One of the key factors influencing financial performance was the negative impact that inflation and interest rate rises have had on growth-oriented “sustainability” strategies such as those held in our portfolio.

Social investments

Social investments are not an active part of the investment strategy, and no new social investments were made in the year to 31 March 2023. Following further repayments of capital during the year, legacy social investments at 31 March 2023 totalled £895,201 (2022: £910,261).

Reserves policy

As the Foundation’s endowment is expendable, it is all available for use at the discretion of the trustees in furtherance of the charitable objects of the Foundation.

Trustees consider it prudent to have short-term access to cash equal to approximately twelve months’ projected expenditure.

Remuneration policy

The overall goal of the Foundation’s remuneration policy is to ensure that staff members are remunerated fairly and in a way that ensures that the Foundation attracts and retains the right skills to have the greatest impact in delivering our charitable objectives.

Lankelly Chase aims to maintain a competitive and fair salary structure which is clearly defined and communicated to all employees with procedures that are applied consistently in a nondiscriminatory manner. The Foundation benchmarks salaries against an appropriate comparative sector/set of organisations. Benchmarked bands are agreed for each post and set by the Resources and Risk Committee. A Pay Committee comprising the senior management team approves individual salary changes up to and including Director roles. The

41

The LankellyChase Foundation

Deputy Chief Executive salary is approved by Resources and Risk and the CEO salary by the Board.

Lankelly Chase is a living wage employer and commits to paying at least the London Living Wage to all employees, including interns.

Lankelly Chase offers an Enhanced Parental Leave policy offering all new parents the same opportunity to take paid leave, regardless of gender, sexual orientation or how they became a parent (whether through birth, adoption, parental responsibility or surrogacy). This has been made available after passing probation, rather than the original requirement of 12 months of service and reflects a commitment to living the values of the Foundation.

The Foundation does not currently pay remuneration to Trustees or Co-optees.

Statement of responsibilities of the Trustees

The Trustees (who are also Directors of Lankelly Chase Foundation for the purposes of company law) are responsible for preparing the report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. As far as the Trustees are aware:

42

The LankellyChase Foundation

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The report of the Trustees has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the Trustees on 27 September 2023 and signed on their behalf by

Asif Afridi Chair of Trustees

43

The LankellyChase Foundation

Independent auditor’s report to the members of The LankellyChase Foundation

Opinion

We have audited the financial statements of The LankellyChase Foundation (the ‘charitable company’) for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The LankellyChase Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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The LankellyChase Foundation

Other information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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The LankellyChase Foundation

Responsibilities of Trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

46

The LankellyChase Foundation

financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Orchard (Senior statutory auditor)

Date: 14 December 2023

for and on behalf of Sayer Vincent LLP, Statutory Auditor

Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

47

The LankellyChase Foundation

Statement of financial activities for the year ended 31 March 2023

Note
Income from:		 2023
£		 2022
£
Investments
2
Donations		 790,012
25,455		 2,415,243
-
Total incoming resources 815,467 2,415,243
94,079
15,630,896
Expenditure on:
Investment management fees		 780,691
Charitable activities
3		 13,301,304
Net expenditure before net (losses)/gains on
investments
Total expenditure
Net (losses) on investments		 15,724,975
(14,909,508)
(7,203,261)		 14,081,995
(11,666,752)
(2,570,923)
Net movement in funds
4
Reconciliation of funds:
Total funds brought forward at 1 April
Total funds carried forward at 31 March		 (22,112,769)
143,858,587
121,745,818
(14,237,675)
158,096,262
143,858,587

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 16 to the financial statements.

All income and expenditure was unrestricted in both periods.

48

The LankellyChase Foundation

Balance sheet as at 31 March 2023

Note
Fixed assets
Tangible assets
10
Investments		 £ £
£
41,885
2023		 £
47,159
2022
Managed funds
11
Social investments
12		 129,368,788
895,201		 137,702,053
910,261
Current assets
Debtors
13
106,517
Cash at bank and in hand
2,765,917
2,872,434
Liabilities
Creditors: amounts falling
due within one year
14
(9,275,111)
Net current (liabilities)/assets
Total assets less current liabilities		 106,517
2,765,917		 130,305,874
58,452
14,682,229
14,740,681
(6,045,206)
(6,402,677)
123,903,197		 138,659,472
8,695,475
2,872,434
(9,275,111)
147,354,947
Creditors: amounts falling
due after one year
15		 (2,157,379) (3,496,360)
Total net assets
The funds of the charity		 121,745,818 143,858,587
Unrestricted funds
16		 121,745,818
143,858,587
121,745,818
143,858,587

The financial statements were approved by the Board of Trustees and authorised for issue on 27 September 2023 and are signed on its behalf by:

Asif Afridi Chair of Trustees

Company registration number 5309739

49

The LankellyChase Foundation

Statement of cash flows for the year ended 31 March 2023

Note
Cash flows from operating activities
Net income/(expenditure) for the reporting
period
As per the statement of financial activities
Depreciation charges
Losses/(gains) on investments
Dividends and interest from investments
Decrease/(Increase) in debtors
Decrease in creditors
Net cash used in operating activities
Cash flows from investing activities:
Dividends and interest from investments		 £
£
£
£
(22,112,769)
(14,237,675)
20,609
15,154
7,203,261
2,570,924
(790,012)
(2,415,243)
(48,065)
52,536
1,890,925
2,082,831
(13,836,052)
(11,931,474)
790,012
2,415,243
2023
2022		 £
£
£
£
(22,112,769)
(14,237,675)
20,609
15,154
7,203,261
2,570,924
(790,012)
(2,415,243)
(48,065)
52,536
1,890,925
2,082,831
(13,836,052)
(11,931,474)
790,012
2,415,243
2023
2022		 £
£
£
£
(22,112,769)
(14,237,675)
20,609
15,154
7,203,261
2,570,924
(790,012)
(2,415,243)
(48,065)
52,536
1,890,925
2,082,831
(13,836,052)
(11,931,474)
790,012
2,415,243
2023
2022
Purchase of fixed assets (15,335) (34,889)
Movement on cash within investments
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Return or impaiments of social investments		 15,060
195,838
9,379,394
(8,445,229)		 52,022
6,331,593
179,233,483
(169,082,280)
1,919,740		 18,915,172
Change in cash and cash equivalents in the year (11,916,312) 6,983,698
Cash and cash equivalents brought forward at 1 April 14,682,229 7,698,531
Cash and cash equivalents carried forward at 31
March		 2,765,917 14,682,229

50

The LankellyChase Foundation

Notes to the financial statements for the year ended 31 March 2023

1. Accounting Policies

Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

Going concern

Whilst acknowledging the current volatility in the markets the Trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income

Investment income is accounted for when received by the Foundation or its agents. Social investment interest income is recognised when receivable on an accruals basis. Other income is accounted for when the amount receivable can be identified with reasonable certainty. In practical terms this is generally the date of receipt.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity heading: expenditure on charitable activities which includes the costs of programme activities and grantmaking undertaken to further the purposes of the charity and their associated support costs.

Charitable activities are those costs relating to the programme activities of the Foundation and include grants, governance and support costs. Grants are generally payable in instalments over a number of years. The full amount of the grant however is accounted for in the year in which the decision is made rather than the year in which payment is made. These grants fall due for payment when all conditions have been met. These conditions will vary according to the purpose and period of the grant.

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The LankellyChase Foundation

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Investment managers' fees are grossed up for any rebates received.

Governance costs are the costs associated with the strategic direction of the organisation and with meeting regulatory responsibilities.

Support costs are those related to all the other activities of the organisation and are apportioned on the basis set out in note 4.

Allocation of support costs

Resources expended are allocated to the activity where the cost relates directly to that activity. However, the cost of the overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the basis of the proportion of staff time attributable to each activity.

Operating lease commitments

Rental charges are charged on a straight line basis over the term of the lease.

Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Leasehold improvements over the remaining life of the lease Office furniture and equipment 25% per annum

Investments

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 market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be included in unrestricted reserves in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities (SOFA). The Foundation does not acquire put options, derivatives or other complex financial instruments.

Social investments

Social investments are carried at fair value or impaired cost where it is not practicable to recognise at fair value. Such investments are subject to regular review and any impairment is charged to the SOFA. Investment valuations are not enhanced to more than original cost.

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The LankellyChase Foundation

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash 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.

Creditors and provisions

Creditors and provisions 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The Foundation 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Pension costs

Contributions by the Foundation to the personal, money purchase, pension schemes held in the names of the individual employees are recognised in the year in which they are payable.

Funds

As the Foundation’s endowment is expendable, unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable objects of the Foundation. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors.

2. Income from investments

2. Income from investments
2023
2022
£
£
Listed investments
Interest on cash held as part of the investment portfolio
Bank interest
Social investment income		 754,126
2,306,135
-
108,377
35,886
756
-
(25)
Total investment income 790,012
2,415,243

53

The LankellyChase Foundation

3. Expenditure on charitable activities

For 2022-23 we continued a thematic approach where Portfolio Teams looked after a particular area of the Foundation’s work. The budget was set up in this way and so expenditure for the statutory accounts has followed the same approach, as set out below.

Programme-related costs
Strategic areas:
Who
Place
Comms
How
Other		 2023
£
1,058,347
4,227,975
278,452
8,437,515
3,845		 2022
£
3,539,625
4,250,647
27,593
3,917,917
121,886
14,006,134 11,857,668
Governance costs (note 5)
Support costs (note 6)		 104,335
1,520,427		 44,829
1,398,807
15,630,896 13,301,304

4. Net income/(expenditure) for the year

This is stated after charging/(crediting):

2023
2022
£
£
Depreciation 20,609
15,154
Operating lease rentals
Property
Other
Auditor's remuneration (excluding VAT):
Audit
VAT on audit cost		 87,172
87,004
10,530
10,126
14,500
12,600
2,900
2,520

54

The LankellyChase Foundation

5. Governance costs

Legal expenses
Auditor's remuneration		 2023
2022
£
£
13
-
17,400
15,120
Membership of PRI 1,049
1,049
Trustee expenses 9,053
-
Trustee training -
2,092
Trustee meeting costs
Governance review
Other governance related administration expenses		 6,439
1,934
69,841
23,950
540
684
104,335
44,829

6. Support costs

The key elements of support costs are set out below:

Staff costs (note 7)
Recruitment costs
HR-related costs
Premises costs including utilities and repairs
Legal and professional costs
Travel, subsistence and hosting of events
Training and conferences
Subscriptions and memberships
Telephone, postage, stationery and printing
Website and IT costs
Bank charges
Sundries
Depreciation		 2023
£
1,238,379
-
10,616
104,770
27,355
21,510
27,548
17,636
19,781
22,882
1,452		 2022
£
1,114,623
19,260
24,200
103,219
24,730
10,308
28,157
16,811
14,661
20,899
1,136
7,890 5,649
20,609 15,154
1,520,427 1,398,807

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The LankellyChase Foundation

7. Analysis of staff costs, Trustee expenses and the cost of key management personnel

Staff costs were as follows:

Salaries
Social security costs
Employer contribution to defined contribution pension
schemes
Temporary staff
Other forms of employee benefits		 2023
2022
£
£
995,306
910,941
107,100
87,042
103,888
93,101
28,022
19,380
4,063
4,160
1,238,379
1,114,624

The following number of employees received benefits in excess of £60,000 (excluding employer pension costs and employer National Insurance contributions) during the year between:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£110,001 - £120,000		 2023
2022
No.
No.
1
1
1
2
1
-
1
1

The total employee benefits including employer pension contributions and employer National Insurance contributions of the key management personnel were £410,803 (2022: £483,846).

The Chief Executive received a gross salary after salary sacrifice with employer pension contributions in the following band: £130,001 - £140,000 (2022: £130,001 - £140,000).

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The LankellyChase Foundation

The key management personnel (including the Chief Executive) received salary payments (gross salaries after sacrifice) plus employer pension contributions and other benefits in the following bands.

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£130,001-£140,000
Total		 2023
2022
No.
No.
0.9
0.9
0.9
0.9
-
2.0
1.0
-
1.0
1.0
3.8
4.8

Trustees' expenses represent the payment or reimbursement of travel and subsistence costs totalling £9,053 (2022: £1,131). 7 Trustees incurred expenses (2022:3) relating to attendance at meetings of the Trustees.

The Foundation’s Trustees were not paid nor received any other benefits from employment with the Foundation in the year (2022: £nil).

8. Staff numbers

The average monthly number of employees (head count based on number of staff employed) during the year was 18.7 (2022: 16.1).

9. Related party transactions

One of the members of the current Board took on a project that extended well beyond the day to day voluntary responsibilities of a Trustee role, and required the specific expertise. As a result, one of the Trustee has been contracted as an associate and paid for. This payment was agreed and approved by the members of the Board in advance.

The consultants and their fees paid in 2023 is listed in the table below and totalled £7,200 (2022: £1,000):

Marai Larasi
Baljeet Sandhu		 31 Mar 2023 31 Mar 2022
£
£
7,200
-
-
1,000
7,200
1,000

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The LankellyChase Foundation

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

10. Tangible assets

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value at 31 March 2023
Net book value at 31 March 2022		 Leasehold
improvements
£
144,620		 Furniture &
equipment
£
134,508		 Total
£
279,128
- 15,335 15,335
144,620
140,658
2,972
143,630
990
3,962		 149,843
91,311
17,637
108,948
40,895
43,197		 294,463
231,969
20,609
252,578
41,885
47,159

All assets are used for charitable purposes.

11. Investments – managed funds

Investments comprise:

Investments comprise:
2023
2022
£
£
Listed investments 127,277,526
135,414,953
Cash held as part of the investment portfolio
Total market value		 2,091,262
2,287,100
129,368,788
137,702,053

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The LankellyChase Foundation

Fair value at 1 April
Additions at cost
Disposal proceeds
Net (loss) on change in fair value
Fair value at 31 March
Cash balances
Total Market Value		 2023
2022
£
£		 2023
2022
£
£
135,414,953
8,445,229
(9,379,394)
(7,203,261)		 148,137,079
169,082,280
(179,233,483)
(2,570,923)
127,277,526
135,414,953
2,091,262
2,287,100
129,368,788
137,702,053

12. Investments – social investments

The movement in social investments held by the Foundation during the year ended 31 March 2023 and the previous year are shown in the two tables below:

Year end 31 March 2022
Big Issue Invest
Charity Bank
Social Justice and Human Rights Centre
Resonance Real Lettings Property Fund		 At 1 April 2022
Purchases in year/
(return of capital)
Impairment
At 31 March 2023
£
£
£
£
6,310
(3,067)
(3,243)
-
200,000
-
-
200,000
500,000
-
-
500,000
203,950
(8,749)
-
195,201
910,261
(11,816.39)
(3,243.03)
895,201

During the course of the year the fund in which Big Issue Invest hold the investment was liquidated. Consequently, the investment was fully impaired. The remaining funds were paid to the foundation in December 2022. At the year-end, the Foundation had committed to no further social investments (2022: £nil) to be made in the following year.

Year end 31 March 2022
Big Issue Invest
Charity Bank
Social Justice and Human Rights Centre
Resonance Real Lettings Property Fund		 At 1 April 2021
Purchases in year/
(return of capital)
£
£
52,041
(45,731)
200,000
-
500,000
-
210,242
(8,158)
962,283
(53,889)		 Impairment
reversal
At 31 March 2022
£
£
-
6,310
-
200,000
-
500,000
1,867
203,950
1,867
910,261

59

The LankellyChase Foundation

13. Debtors

Other debtors
Prepayments
Accrued income		 2023
2022
£
£
11,458
61
81,059
58,391
14,000
-
106,517
58,452

14. Creditors: amounts falling due within one year

Trade creditors
Grants payable within one year
Taxation and social security
Other creditors
Accruals		 2023
2022
£
£
139,227
86,238
8,981,309
5,772,191
37,544
29,114
-
9,613
117,031
148,050
9,275,111
6,045,206

60

The LankellyChase Foundation

Reconciliation of movement in grants creditors

2023 2022
£ £
At 1 April 2022
Grants falling due within one year
Grants falling due after more than one year
Total grants creditor
Grant adjustments
New grants awarded in year
Grants paid in year
At 31 March 2023
At 31 March 2023
Grants payable within one year
Grants payable after more than one year
Total grants creditor		 5,772,191
3,496,360		 5,464,684
1,525,677
9,268,551
13,800
13,299,334
(11,442,998)		 6,990,361
(92,129)
11,044,899
(8,674,580)
11,138,688 9,268,551
8,981,309
2,157,379		 5,772,191
3,496,360
11,138,688 9,268,551

15. Creditors: amounts falling due after one year

15. Creditors: amounts falling due after one year
2023
2022
£
£
Grants payable (all payable in 2-5 years) 2,157,379
3,496,360
2,157,379
3,496,360

16. Movement in funds

As the Foundation’s endowment is expendable, there is no distinction between the endowment and unrestricted reserves. These funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation.

Current year

Current year
At 1 April 2022
£		 Incoming
resources &
gains
£		 Outgoing
resources &
losses
£		 At 31 March
2023
£
Unrestricted funds 143,858,587 (6,387,795) (15,724,974) 121,745,818
Total funds 143,858,587 (6,387,795) (15,724,974) 121,745,818

All income and expenditure in the year related to unrestricted funds.

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The LankellyChase Foundation

Prior year

At 1 April 2021
£		 Incoming
resources &
gains
£		 Outgoing
resources &
losses
£		 At 31 March
2022
£
Unrestricted and total funds 158,096,262 (155,680) (14,081,995) 143,858,587
Total funds 158,096,262 (155,680) (14,081,995) 143,858,587

17. Operating lease commitments

The Foundation’s total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

2023
2022
2023
2022
£
£
£
£
Other assets
Land and buildings		 2023
2022
2023
2022
£
£
£
£
Other assets
Land and buildings		 2023
2022
2023
2022
£
£
£
£
Other assets
Land and buildings
Less than one year
One to five years		 36,322
-		 87,172
9,897
36,322
10,997		 6,483
6,176
36,322 123,494
20,895
12,658

18. Legal status of the charity

The Foundation is a charitable company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

62