Charity No. 1125024
Trustees’ Report & Annual Accounts
For the year ended 5 April 2024
The Lyndal Tree Foundation Contents
Contents
Page
| Trustees’ Report for the Year Ending 5th April 2024 ...................................................... 1 | Trustees’ Report for the Year Ending 5th April 2024 ...................................................... 1 |
|---|---|
| Introduction & Executive Summary ............................................................................................. 1 | |
| a) | Reference and Administrative Details of the Charity .......................................................... 2 |
| b) | Structure, Governance and Management ........................................................................... 3 |
| c) | Objectives & Activities ........................................................................................................ 4 |
| d) | Achievements & Performances .......................................................................................... 5 |
| e) | Financial Review ................................................................................................................ 8 |
| f) | Investment Policy & Review ............................................................................................... 8 |
| g) | Grantmaking Strategy ......................................................................................................... 9 |
| h) | Reserves Policy ................................................................................................................ 10 |
| i) | Plans for Future Periods ................................................................................................... 10 |
| j) | Trustee Remuneration ...................................................................................................... 11 |
| k) | Taxation ............................................................................................................................ 11 |
| Statement of Trustees’ Responsibilities ....................................................................... 12 | |
| Independent Examiner’s Report .................................................................................... 13 | |
| Statement of Financial Activities................................................................................... 14 | |
| Balance Sheet ................................................................................................................. 15 | |
| Notes to the Financial Statements ................................................................................ 16 | |
| 1 | Accounting policies ........................................................................................................... 16 |
| (a) | Basis of preparation of financial statements and assessment of going concern ............... 16 |
| (b) | Incoming resources - charitable activities ......................................................................... 16 |
| (c) | Expenditure and Liabilities ................................................................................................ 16 |
| (d) | Investments ...................................................................................................................... 17 |
| (e) | Debtors ............................................................................................................................. 17 |
| (f) | Financial instruments ........................................................................................................ 17 |
| (g) | Fund accounting ............................................................................................................... 17 |
| (h) | Critical accounting polic`ies and key sources of estimate uncertainty .............................. 17 |
| 2 | Investment income ........................................................................................................... 18 |
| 3 | Investment management costs ......................................................................................... 18 |
| 4 | Analysis of charitable expenditure .................................................................................... 18 |
| 5 | Net income/(expenditure) for the year .............................................................................. 19 |
| 6 | Investments ...................................................................................................................... 19 |
| 7 | Debtors ............................................................................................................................. 19 |
| 8 | Cash at bank and in hand ................................................................................................. 20 |
| 9 | Current liabilities ............................................................................................................... 20 |
| 10 | Analysis of funds .............................................................................................................. 20 |
| 11 | Related party transactions ................................................................................................ 21 |
| 12 | Financial instruments ........................................................................................................ 21 |
| 13 | Comparative Statement of Financial Activities ................................................................. 22 |
The Lyndal Tree Foundation Trustees’ Report For the Year Ended 5 April 2024
Trustees’ Report for the Year Ending 5[th] April 2024
Introduction & Executive Summary
When The Lyndal Tree Foundation was established in 2008, it was against the backdrop of a global financial crisis. As we reflect on our fifteenth anniversary, sadly the world is facing similarly challenging times, with conflicts in Ukraine, Sudan, and the Middle East.
Throughout these uncertain times, we remain dedicated to supporting organisations that make a difference in people’s lives. This year, our grants have benefited a wide range of causes, from medical research and respite care for individuals and families living with disabilities, to environmental initiatives and efforts to alleviate community hardship.
The total of £359,023 granted this year is our second-highest annual figure, driven in large part by our support for Alzheimer’s Research UK, which received the final instalment of three substantial grants toward their vital work to find a cure for dementia. While we are pleased to have contributed at this level, the Trustees recognise that such figures are exceptional and anticipate a return to more typical annual grant totals of around £100,000 in the coming years.
We would again like to thank Jonathan Wood, our accountant, John David and the team at Rathbone Greenbank, WYCAS and Coutts & Co for their work with us and we send our best wishes for the coming year.
The trustees present their report and the financial statements for the period ended 5 April 2024 which 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) (effective 1 January 2019) – Charities SORP (FRS 102) and the Charities Act 2011.
Kindest regards to you all,
Lynda Duttine Chair of the Lyndal Tree Foundation
Page 1
The Lyndal Tree Foundation Trustees’ Report For the Year Ended 5 April 2024
a) Reference and Administrative Details of the Charity
Name The Lyndal Tree Foundation Charity Number 1125024 Trustees Lynda Duttine (Chair) Sue Fidler Jennifer Brodie Steve Duttine Address PO Box 330 Ilkley LS29 1GD Accountant Jonathan Wood Independent Examiner Simon Bostrom FCIE WYCAS West Yorkshire Community Accounting Service 34 Lupton St, Leeds LS10 2QW Bankers Coutts & Co 440 Strand, London WC2R 0QS Investment Managers Rathbone Greenbank Investments 10 Queens Square Bristol BS1 4NT
Page 2
The Lyndal Tree Foundation Trustees’ Report (Continued) For the Year Ended 5 April 2024
b) Structure, Governance and Management
As of 5 April 2024, there have been no changes to the Foundation’s Structure, Governance and Management from that set up in year one apart from the change in investment managers which was concluded towards the end of the 2015-16 financial year, the retirement of a Trustee, Antony Duttine and the change of bankers to Coutts & Co following the transfer of the Adam & Co business.
Registration and Governing Document
The Lyndal Tree Foundation was established and registered with the Charities Commission in the summer of 2008 (13 May 2008 as amended 26 June 2008).
The Trust deed dated 13 May 2008, as amended 26 June 2008, stipulates the following:
“The trustees shall hold the capital and income of the trust fund upon trust to pay and apply the income, and all or such parts of the capital, at such times, in such manner and subject to such restrictions (if any) as the trustees think fit, for such charitable purposes for the benefit of the public as the trustees in their absolute discretion determine.”
Trustee Recruitment, Induction and Training
The Foundation is run by four trustees who undertake various roles in the organisation on a voluntary basis. There are no current plans to recruit any new trustees and there are no formal processes of induction of training of trustees at this time.
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The Foundation’s Trustees meet on a bi-annual basis with a minimum presence of three trustees required to define a trustees’ meeting.
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• The Trust Deed stipulates there must be agreement between at least three trustees to approve decisions.
Lynda Duttine remains in the position of Chair of the Trustees, and has held this position since the launch of the Foundation. There are currently no plans to review this.
Steven Duttine continues to act as treasurer. He is the principal liaison for Coutts & Co bank, Jonathan Wood, Rathbones, and the independent examiners.
The broad roles of the individual Trustees have remained largely unchanged; Lynda Duttine, Sue Fidler and Jennifer Brodie continue to deal mainly with the Foundation’s grant making and visits, whilst Steven Duttine works more with the Foundation’s financial organisation.
The Trustees take a particular interest in keeping in contact and visiting with charities (particularly those where the intention is to provide support more regularly than one-off grants). The visits are made at the discretion of the trustees and no expenses are sought from the Foundation.
Page 3
The Lyndal Tree Foundation Trustees’ Report (Continued) For the Year Ended 5 April 2024
Statement of Public Benefit
The Trustees of The Lyndal Tree Foundation confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties. The objectives and related activities set out in section (c) demonstrate this in more detail.
Organisational Relationships
The Lyndal Tree Foundation has engaged these organisations.
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Jonathan Wood is the Foundation’s accountant.
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Coutts & Co remain the Foundation’s bank.
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Simon Bostrom FCIE from WYCAS is the Foundation’s independent examiner.
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Rathbone Greenbank manages the Foundation investments.
Risk Management
The Trustees currently consider the primary risk to the Foundation lies in its investment portfolio’s performance.
The Foundation’s capital has exposure to equity markets, both in the UK and overseas. Therefore, the portfolio manager’s performance alongside wider economic factors such as the performance of the markets and currency exchange rates, will impact the value of the Foundation’s investments. Since the capital’s growth and income is the primary source of the Foundation’s granting budget, these factors will have a bearing on the budget of the Foundation. This risk is present in both the short and long term.
To try and mitigate the risks raised by this, a number of steps have been taken:
• To reduce the short-term influence of the markets, the trustees try to hold reasonable cash reserves, in order that grants intended for short term aren’t directly reliant on the current interest and capital growth produced.
• The trustees are also prepared for the Foundation’s capital to fluctuate. By separating the investment income from capital growth, the trustees have the option to continue making donations from income even if the Foundation makes a net loss.
c) Objectives & Activities
During the 2023-2024 reporting period, the objectives were:
Objective 1:
Retain capital surplus to one million pounds + CPI from founding date (2008)
Related Activities:
The Trustees have continued to increase the target reserve level in line with inflation (CPI) this brings the reserve level to £1,583,440. At the close of this reporting period, the balance of the Foundation is £1,930,271.
Page 4
The Lyndal Tree Foundation Trustees’ Report (Continued) For the Year Ended 5 April 2024
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£2,500,000.50
£2,000,000.50
£1,500,000.50
£1,000,000.50
£500,000.50
£0.50
Foundation's Assets Reserve Policy (CPI Adjusted)
----- End of picture text -----
The Foundation’s assets now sit at 37% above the reserve level, this compares to 23% last year.
Objective 2:
Make grants amounting to >5% of the Foundation’s reserve level based on the 5[th] April 2024 figure, for grant making taking place between 5[th] April 2023 – 5[th] April 2024 this required a figure surplus to £79,172.04.
Related Activities:
The total gifted this year was £359,023 and is over the 5% minimum threshold.
Objective 3:
Make grants to environmental charities of >20% (total amount granted rather than number of charities supported) for the reporting period.
Related Activities:
Grants totalling £29,000 were made to environmental organisations, this accounts to only 8.07% of the amount granted and as such is below the target. This was in part due to larger than usual grants being made this year. If measured against the 5% of the reserve level minimum grant-making target, this figure would have represented 36% of the total.
d) Achievements & Performances
The activities prioritised for 2023/24 that have been achieved include:
- Retain capital surplus to one million pounds + CPI from founding date.
Page 5
The Lyndal Tree Foundation Trustees’ Report (Continued) For the Year Ended 5 April 2024
- Make grants amounting to >5% of the Foundation’s reserve level based on the 5[th] April 2023 figure.
Objectives relating to the next reporting year are discussed in ‘Plans for future periods’ under section (i).
Charitable Donations
The Foundation continues to support a wide range of organisations - thirteen received grants over the course of the year. The amount granted increased this year from £241,000 to £359,023 – these grants take the total grants made to date to £2,174,031.
==> picture [431 x 221] intentionally omitted <==
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£500,000 £2,500,000
£450,000
£400,000 £2,000,000
£350,000
£300,000 £1,500,000
£250,000
£200,000 £1,000,000
£150,000
£100,000 £500,000
£50,000
£- £-
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Cumulative Grants Made Grants Made
----- End of picture text -----
The organisations supported this year were all registered in the UK. The donations require, and received, the approval of three or more board members. Most of the organisations supported made written requests to the Foundation for consideration, others were approached by the Trustees and encouraged to submit a written request for consideration. In other cases, particularly with larger national charities, where good information is available on their structure and function, no written request has been sought.
Page 6
The Lyndal Tree Foundation Trustees’ Report (Continued) For the Year Ended 5 April 2024
The recipients of grants in 2023/24 reporting period were:
Alzheimer’s Research UK
The UK's leading Alzheimer's research charity aiming to find a cure for dementia.
Beacon
Beacon was set up to address the needs of the many asylum seekers in the Bradford District. The different projects offer practical support and strive to raise awareness of the issues surrounding asylum.
The Beamsley Project
Based in the Yorkshire Dales, the Beamsley Project provides specially designed holiday accommodation for people with disabilities and their carers.
Cancer Support Yorkshire
Cancer Support Yorkshire has centres in Bradford & Skipton and provides practical and emotional support to those affected by a cancer diagnosis
CHAS yes
CHAS offers family support service for babies, children and young people with lifeshortening conditions. This includes palliative care, family respite and support – through hospices, homecare services and hospital presence.
Lifelites
Lifelites provides specialist technology for children in children's hospices across the British Isles.
Leuchie House
Located near Edinburgh, Scotland, Leuchie House is dedicated to providing caring respite breaks for people and their families living with long term conditions.
Marine Conservation Society
The Marine Conservation Society is a UK based not-for-profit organization working with businesses, governments and communities to clean and protect oceans.
Motivation
Motivation is a global disability charity and social enterprise that provides wheelchairs and services to disabled people in developing countries.
Perth & Kinross Association of Voluntary Services – PKAVS
PKAVS supports unpaid carers, people recovering from mental illness and minority communities, and works to strengthen the voluntary sector.
Yorkshire Air Ambulance
Yorkshire Air Ambulance is an independent Air Ambulance charity, providing a lifesaving rapid response emergency service to 5 million people across Yorkshire.
Yorkshire Dales Millenium Trust
The Yorkshire Dales Millenium Trust helps to look after some of the most spectacular and precious landscapes in England.
Page 7
The Lyndal Tree Foundation Trustees’ Report (Continued) For the Year Ended 5 April 2024
World land trust
It raises money to buy and then protect environmentally-threatened land in Africa, Asia, and Central and South America.
e) Financial Review
The Lyndal Tree Foundation is a grant-making Foundation. These grants are primarily funded by interest produced from capital held. As of 5 April 2024, the Foundation’s assets total £1,930,271, increasing by £29,067 from 5 April 2023. Unrealised gains amounted to £13,780.
The Foundation’s capital has arisen through significant donations the Foundation received in its first years alongside Gift Aid, interest, investment growth and donations since. Combined, these have seen an increase in the Foundation’s funds from establishment.
The Trustees do not solicit donations but acknowledge the prospect of further contributions; the Foundation’s long term strategy continues to be one of selfsustenance. Further small to medium capital donations would be expected to result in an increase in grants in the short and medium term, whereas larger donations may cause a review of the base level of capital we hold.
f) Investment Policy & Review
The Investment Mandate given to Rathbones stipulates the following:
Mandate
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The aim of the portfolio is to grow assets ahead of inflation.
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The investment period is >10 years
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There is no fixed target for income, the portfolio is managed under a total return mandate.
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The portfolio is benchmarked to the WMA Growth Index.
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Through risk profile questionnaires, Rathbones have classified the Foundation as having a medium risk profile which they define as:
A medium risk portfolio will aim over time to achieve returns above the rate of inflation and should reflect the majority of the fluctuation in value of major equity markets. A medium risk portfolio will differ from a lower risk portfolio by being less diversified by asset classes and /or having greater exposure to equities, which may include shares in smaller and medium-sized companies and/or emerging markets. A medium risk portfolio would be suitable for investors with a medium time horizon and capacity to accept a temporary or, rarely, permanent capital loss.
Holdings
- The investment portfolio is made up of 70% – 80% equity.
Page 8
The Lyndal Tree Foundation Trustees’ Report (Continued) For the Year Ended 5 April 2024
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The portfolio is managed on a predominantly segregated basis with the majority of UK exposure held in direct equity investments, with managed funds giving exposure to global markets and specialist sectors.
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The portfolio has exposure to various industrial sectors and geographical regions.
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A ‘B account’ includes a holding of WHEB Sustainability Fund. This is held on a non-discretionary basis.
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All income is paid out to the Foundation’s account at Coutts & Co.
Restrictions & Positive Screening
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The portfolio includes negative screening which prohibits investments in companies that derive more than 10% of their income from either tobacco or defence.
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There is a positive bias for ethically focused holdings such as sustainability or environmental engaged funds.
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Stocks are also benchmarked against peers to allow best practices to be acknowledged. This would allow holdings of company which demonstrated sector leading approaches in a potentially negative industry. e.g. an airline which proactively seeks to reduce carbon emissions.
g) Grantmaking Strategy
The Foundation makes grants in two ways; providing one-off grants, and through regular support. If providing regular support, the Trustees will review the grant after an agreed period of time. The regular payments made so far have been agreed to be made on an annual or monthly basis and have generally committed to no longer than three years of funding before review.
Page 9
The Lyndal Tree Foundation Trustees’ Report (Continued) For the Year Ended 5 April 2024
h) Reserves Policy
It was initially the expectation of the Trustees that the capital of the Foundation should generally remain above £1,000,000. Contributions combined with good investment returns has seen the Foundation’s holdings increase to £1,931,021. There was no mandate in place for the Foundation to grow, but Trustees feel it appropriate to approximately factor in inflation (with data sourced on CPI from Office National Statistics UK[1] ). This has been applied to the initial £1,000,000 from inception which means that figure in real terms £1,000,000 in 2008 is equivalent to £1,583,441 today.
| Period (Apr-Apr) | CPI (ONS) | CPI Adjusted Reserve Level | ||
| £1,000,000 | ||||
| 2008-2009 | 2.3% | £1,023,000 | ||
| 2009-2010 | 3.7% | £1,060,851 | ||
| 2010-2012 | 4.5% | £1,108,589 | ||
| 2011-2012 | 3.0% | £1,141,847 | ||
| 2012-2014 | 2.4% | £1,169,251 | ||
| 2013-2014 | 1.8% | £1,190,298 | ||
| 2014-2015 | -0.1% | £1,189,108 | ||
| 2015-2016 | 0.3% | £1,192,675 | ||
| 2016-2017 | 2.7% | £1,224,877 | ||
| 2017-2018 | 2.2% | £1,251,824 | ||
| 2018-2019 | 2.0% | £1,275,861 | ||
| 2019-2020 | 0.8% | £1,287,075 | ||
| 2020-2021 | 1.5% | £1,306,382 | ||
| 2021-2022 | 9.0% | £1,423,956 | ||
| 2022-2023 | 8.7% | £1,547,840 | ||
| 2023-2024 | 2.3% | £1,583,441 | ||
i) Plans for Future Periods
For the upcoming reporting period April 2024 to April 2025, the Trustees of The Lyndal Tree Foundation see the following objectives as priorities:
1. Retain capital surplus to one million pounds + CPI from founding date.
1 Source: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/october2022
Page 10
The Lyndal Tree Foundation Trustees’ Report (Continued) For the Year Ended 5 April 2024
2. Make grants amounting to >5% of the Foundation’s reserve level based on the 5[th] April 2024 figure, for grant making taking place between 5[th] April 2024 – 5[th] April 2025 this will be a figure surplus to £79,172.
j) Trustee Remuneration
No trustee has received any remuneration during this year. Trustee expenses also amounted to £nil.
No trustee had any personal interest in any contract or transaction entered into by the Foundation. The Trustees note that Lynda Duttine also sits as a trustee of The Beamsley Project, a charity supported by The Lyndal Tree Foundation. She receives no remuneration for this role at The Beamsley Project and has no commercial interest in the organisation. Lynda, nor the other Trustees of The Lyndal Tree, considers that there is any conflict of interest between these roles.
Charges for all financial institutions, including auditors and accountants, are paid for by the Foundation, as is the cost of the PO Box. Visits are made at the discretion of the Trustees and no expenses are sought from the Foundation. All other costs are personally covered by the Trustees.
k)
Taxation
As a charity, The Lyndal Tree Foundation is exempt from tax on income and gains falling with section 505 of the 1998 Taxes Act and Section 256 of the Taxation of Chargeable Gains Act of 1992.
Page 11
The Lyndal Tree Foundation Trustees’ Report (Continued) For the Year Ended 5 April 2024
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on its behalf:
STEVEN DUTTINE
Steven Duttine Trustee
28 January 2025
Date:
Page 12
The Lyndal Tree Foundation Independent Examiner’s Report For the Year Ended 5 April 2024
Independent Examiner’s Report
I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2024, which are set out on pages 14 to 22.
Responsibilities and basis of report
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Simon Bostrom
Date:
28 January 2025
West Yorkshire Community Accounting Service Stringer House 34 Lupton Street Leeds LS10 2QW
Page 13
The Lyndal Tree Foundation Statement of Financial Activities For the Year Ended 5 April 2024
Statement of Financial Activities
| Income and endowments Note Donations: Gifts of expendable endowment Investment income 2 Total Income Expenditure Cost of raising funds: Investment management costs 3 Expenditure on charitable activities 4 Total expenditure Gain/(Loss) on currency transactions Net gains/(losses) on investments 6 Net (expenditure)/income Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 10 |
Unrestricted Funds Endowment Funds Total Funds Total Funds 2024 £ 2024 £ 2024 £ 2023 £ - 325,720 326,470 187,500 31,006 - 31,006 30,267 |
|---|---|
| 31,006 325,720 356,726 217,767 |
|
| - 10,974 10,974 11,593 360,823 - 360,823 241,271 |
|
| 360,823 10,974 371,797 252,864 |
|
| - 553 553 30 - 43,585 43,585 (197,150) |
|
| (329,817)) 358,884 29,067 (232,217) 329,817 (329,817) - - |
|
| - 29,067 29,067 (232,217) |
|
| - 1,901,204 1,901,204 2,133,421 |
|
| - 1,930,271 1,930,271 1,901,204 |
The Statement of Financial Activities includes all gains and losses recognised in the year. All amounts relate to continuing operations.
The notes on pages 16 to 22 form part of these accounts
Page 14
The Lyndal Tree Foundation Balance Sheet As At 5 April 2024
Balance Sheet
| Note Fixed assets Investments 6 Total fixed assets Current assets Debtors 7 Cash at bank and in hand 8 Total current assets Current liabilities 9 Net current assets Net assets Funds of the charity Unrestricted general fund 10 Expendable endowment fund 10 Total charity funds |
2024 £ 2023 £ 1,550,030 1,802,511 |
|---|---|
| 1,550,030 1,802,511 102,500 37,500 279,211 61,913 |
|
| 381,711 99,413 (1,470) (720) |
|
| 380,991 98,693 |
|
| 1,930,271 1,901,204 |
|
| - - 1,930,271 1,901,204 |
|
| 1,930,271 1,901,204 |
The notes on pages 16 to 22 form part of these accounts.
The financial statements were approved and authorised by the Trustees on …
Signed on behalf of the board of Trustees
STEVEN DUTTINE .
Steven Duttine Trustee
Page 15
The Lyndal Tree Foundation Notes to the Accounts For the Year Ended 5 April 2024
Notes to the Financial Statements
1 Accounting policies
(a) Basis of preparation of financial statements and assessment of going concern
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
(b) Incoming resources - charitable activities
Recognition of incoming resources
These are included in the Statement of Financial Activities (SOFA) when:
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the Charity becomes entitled to the resources;
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it is probable that the resources will be received;
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any performance condition attached to the item(s) have been met; and
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the monetary value can be measured with sufficient reliability.
Tax reclaims on donations and gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Investment Income
This is included in the accounts when receivable and can be measured reliably.
Investment gains and losses
This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
(c) Expenditure and Liabilities
Liability recognition
Liabilities are recognised once there is a legal or constructive obligation committing the Charity to pay out resources, it is probably that settlement will be required and the amount of the obligation can be measured reliably.
Grants payable without performance conditions
These are recognised when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the Charity.
Page 16
The Lyndal Tree Foundation Notes to the Accounts For the Year Ended 5 April 2024
Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Costs of raising funds
The costs of generating funds consist of investment management costs and certain legal fees.
Charitable activities
Costs of charitable activities include grants made, governance costs and related support costs.
(d) Investments
Investments quoted on a recognised stock exchange are valued at mid-market value at the year end. Other investment assets are included as Trustees’ best estimate of market value. Unrealised and realised gains and losses are shown net in the statement of financial activities.
(e) 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.
(f) Financial instruments
The trust 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.
(g) Fund accounting
The general fund comprises free reserves for use in the day to day operation of the Charity.
The expendable endowment fund has been invested to generate income which is spent for the purpose of the Charity as and when the Trustees see fit.
(h) Critical accounting policies and key sources of estimate uncertainty
In the application of the company’s accounting policies, the Trustees are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, on in the period of the revision and future periods where the revision affects both current and future periods.
There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
Page 17
The Lyndal Tree Foundation Notes to the Accounts For the Year Ended 5 April 24
| 2 Investment income Dividend income Bank interest 3 Investment management costs Investment management fees |
2024 £ 2023 £ 29,094 29,880 1,912 407 |
|---|---|
| 31,006 30,267 |
|
| 2024 £ 2023 £ |
|
| 10,974 11,593 |
4 Analysis of charitable expenditure
The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities.
| Funded from unrestricted funds: Medical research International (adults and Children) Health and social welfare of adults Health and social welfare of children Health and social welfare of Adults and children Relief of Sickness and Injury Environmental Administrative Governance costs – |
Grants to institutions £ Support £ Total 2024 £ Total 2023 £ 269.023 - 269,023 150,000 10,000 - 10,000 10,000 - - - - 5,000 - 5,000 12,000 41,000 - 41,000 47,000 5,000 - 5,000 5,000 29,000 29,000 17,000 - 330 330 301 - 1,470 1,470 ((30)) |
|---|---|
| 359,023 1,800 360,823 241,271 |
| Recipients of institutional grants Alzheimer’s research Beacon Beamsley Project Cancer Support Yorkshire CHAS Lifelites Leuchie House Marine Conservation Motivation PKAVS World Land Trust Yorkshire Dales Millennium Trust Yorkshire Air Ambulance |
2024 £ 269,023 3,000 10,000 8,000 5,000 5,000 5,000 12,000 10,000 10,000 12,000 5,000 5,000 |
|---|---|
| 359,023 |
Page 18
The Lyndal Tree Foundation Notes to the Accounts For the Year Ended 5 April 2024
5 Net income/(expenditure) for the year
Is stated after charging:
| Independent examination fees - WYCAS Accounts administration fees 6 Investments Market value at 6 April 2023 Add: Additions to investments at cost Less: disposals at carrying value Realised gain/(loss) Net gain/(loss) on revaluation Market value at 5 April 2024 Investments at fair value comprised: Equities Fixed interest securities Infrastructure funds Property funds Total |
2024 2023 £ £ 720 720 750 0 1,470 720 2024 £ 2023 £ 1,802,511 2,028,648 195,622 181,810 (492,210) (210,827) 29,804 1,542 14,303 (198,662) |
|
|---|---|---|
| 1,550,030 1,802,511 |
||
| 2024 £ 2023 £ 1,178,896 1,358,430 306,162 332,669 53,094 98,724 11,878 12,688 |
||
| 1,550,030 1,802,511 |
All investments are carried at their fair value and are listed on a recognised stock exchange or held in common investment funds, open ended investment companies, unit trusts or other collective investment schemes.
7 Debtors
| 7 Debtors |
|
|---|---|
| Tax repayment due - Gift aid |
2024 £ 2023 - 102,500 37,500 |
| 102,500 37,500 |
Page 19
The Lyndal Tree Foundation Notes to the Accounts For the Year Ended 5 April 2024
| Cash at bank and in hand Coutts & Co current account Rathbones accounts |
2024 £ 2023 £ 75,276 45,834 203,935 16,079 |
|---|---|
| 279,211 61,913 |
8 Cash at bank and in hand
| Current liabilities Accruals |
2024 £ 2023 £ |
|---|---|
| 1,470 720 |
9 Current liabilities
10 Analysis of funds
| Analysis of unrestricted funds At 5 April 2023 Incoming resources Outgoing resources Other gains and losses Fund transfers At 5 April 2024 |
General fund £ Expendable endowment fund £ Total Funds 2024 £ - 1,901,204 1,901,204 31,006 325,720 356,726 (360,823) (10,974) (371,797) - 44,138 44,138 329,817 (329,817) - |
|---|---|
| - 1,930,271 1,930,271 |
The General fund comprises free reserves for use in the day to day operation of the Charity.
The expendable endowment fund has been invested to generate income which is spent for the purpose of the Charity as and when the Trustees see fit. During the year the trustees transferred £328,317 from the expendable endowment fund to the general fund (2023: £211,004 transferred from the expendable endowment fund to the general fund) in line with the reserves policy of the foundation.
Analysis of net assets between funds
| Fixed assets Current assets Less current liabilities Total |
General fund £ Expendable endowment fund £ Total funds £ - 1,550,030 1,550,030 - 381,711 381,711 - (1,4700) (1,470) |
|---|---|
| - 1,930,271 1,930,271 |
Page 20
The Lyndal Tree Foundation Notes to the Accounts For the Year Ended 5 April 2024
11 Related party transactions
Donations amounting to £325,720 (including gift aid) were made in the year by Mrs L Duttine a trustee. (2023: £150,000).
None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity, nor have any trustees’ expenses been incurred.
12 Financial instruments
| Financial assets at fair value Total financial assets Financial liabilities |
2024 £ 2023 £ 1,550,030 1,802,511 |
|---|---|
| 1,550,030 1,802,511 |
|
| 1,470 720 |
Page 21
The Lyndal Tree Foundation Notes to the Accounts For the Year Ended 5 April 2024
13 Comparative Statement of Financial Activities
| Income and endowments Donations: Gifts of expendable endowment Investment income Total Income Expenditure Cost of raising funds: Investment management costs Expenditure on charitable activities Total expenditure Gain on currency transactions Net (loss) on investments Net (expenditure)/income Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds Endowment Funds Total Funds 2023 £ 2023 £ 2023 £ - 187,500 187,500 30,267 - 30,267 |
|---|---|
| 30,267 187,500 217,767 |
|
| - 11,593 11,593 241,271 - 241,271 |
|
| 241,271 11,593 252,864 |
|
| 30 30 - (197,150) (197,150) |
|
| (211,004) (21,213) (232,217) 211,004 (211,004) - |
|
| - (232,217) (232,217) |
|
| - 2,133421 2,133,421 |
|
| - 1,901,204 1,901,204 |
Page 22