THE LADY R FOUNDATION {Reglslered Charlty Number: 1130636) TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE LADY R FOUNDATION TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS CONTENTS Page Annual Report of th8 Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-11 Page I THE LADY R FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees submit their report and independently examined financial statements of The Lady R Foundation ("the Foundation. or °the charity") for the year ended 31 Deeember 2024. These have been prepared in accordance wsth the accounting policies set out on pages 8 and 9 and comply with the charity's trust deed and applicable law. REFERENCE AND ADMINISTRATIVE DETAILS The Lady R Foundation, regislered charity number 1130536, is based and administered in tt)e Uniled Kingdom. The reglslered address is 20 Cursitor Street, London, EC4A 1 LT. The names of the Trustees who served during the year and continue to serve at the date of the report's approval are.. The Dowager Viscountess Roihermere (Chair) Mr Richard Fitzalan Howard Patrons: Professor Lord Reès of Ludlow The Earl Waldegrave Accountants: Rawlinson & Hunter LLP E￿hth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ Independent Examiner: Christopher Hawley FCA Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ Prlnclpal Bankers: HSBC Privale Bank 78 Sl James'5 Street, London, SW1A 1JB Solicitors: Macfarlanes 20 Cursitor Street, London, EC4A 1 LT STRUCTURE, GOVERNANCE AND MANAGEMENT The Lady R Foundation was eslablished by a Declaration of Trust dated 29 June 2009 and was registered as a charity on 14 July 2009. 11 is an unincorporated charitable trust governed by the proper law of England and Walas. The management of the charity is conducted solely by the Trustees. The Trustees, investment powers are unrestricted. There is to be a minimum oflwo Trustees at any one time. Page 2 THE LADY R FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENf (continued) Induction and Training Should new Trustees be appointed an induction process would be carried out. Other Trustee training is undertaken as and when appropriate. All Trustees are kept informed at meetings of their duties and obligations under the law in addition to their proper conduct. Trustees, Responsibilities Statement The Truslees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and Unitèd Kingdom A¢counling Standards (United Kingdom Generally Attcepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial period which give g true and fair view of the slate of aff8irs of the charity and of the incoming resour￿$ and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., obsetve the methods and prinCip￿S in the Charities SORP 2019 {FRS 102)., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements- and prepare the financial stalemenls on a going concern basis unless tt is inappropriate to presume that the charity will continue in operalion. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time Ihe financial position of the charity and enable them to ensure that the financial slatements comply wilh the Charities Acl 2011. and where applicable. the Charities Act 2022, the Chafity (Accounts and Reports) Regulations 2008 and the piovisions of the trust deed. They are also responsible for safeguarding the assels of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Truslees are responsible for the maintenance and integrity of the charity and the financial information included on the foundation's website. Internal Controls The Trustees have overall responsibility for ensuring that the charity has appropriate systems of internal controls and for keeping accounting records which disclose with reasonable a¢¢uracy the financial position of the charity and which enable them to ensure that the financial statemenls follow best practice and all applicable law regulation and guidance. The Trustees are also responsible for safeguarding Ihe assels of the charity and h8nce for taking reasonable steps towards the prevention and detsction of fraud. The system of internal controls is designed to provide reasonable, but not absolute, assurance againsl material misstatement or loss. Page 3 THE LADY R FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Rlsk Management A risk assessment has been undertaken which comprises.. an annual review of the risks thè charity may face- the establishment of systems and procedures to mitigate those risks., and the implementation of Pro￿dureS designed to minimise any potential impact on the charity should those risks materialise. This continuing process will identify risk areas lo which the charity is vulnerable and highlighl any ne￿$sary Safeguards Ihat will need to be put in place. No major risks were identified al the dale of these financial statements. The Truslees have signed fit and proper declarations in line with HMRC guidance. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The charity's objectNes and principal activities are as follows.. to identify Ihe forgotten, the overlooked and stigmatised in today's society- to give a voice to those who have no voice, through lack of education, opportunity, illness, or having been ostracised in their Community.. and aims to highlight their difficulties and bring comfort and relief through its concerts and other activities. Grant Making Policy The trust deed states that the Truslees shall, at Iheir discretion, pay or apply the income and capital of the fund in promoting the charity's objectives as they see fft. Statement of Publlc Benefit The Trustees are aware of the Charity Commission guidance on Public Benefit and confim that they have complied with the duty ir) Section 4 of the Charities Act 2011 to have due regard to it. They consider the that information which follows in this annual report about the trust's aims. activities and achievements in the areas of interest that the trust supports. demon5tTates the benefit to Its beneficiaries and through them lo the public. ACHIEVEMENTS AND PERFORMANCE The Trustees are pleased that the achievements and performarnee of the charity, as set out below, demonstrate concrele progress in delivering public benefit. Charltable Activities Charitable activities in the year. including direct charitable expendfture, support and governance costs, total £42,962 {2023 £41,296}. All grants made are in line with Ihe Trustees, grant making policy as prescribed under Section 3 of this report "Objectives and Activities for the Public Benefrt" Support and governance costs amounted to £14,38512023- £16,119) Page 4 THE LADY R FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (continued) During the year the Foundation provided a grants to Veterans Aid, The Royal Drawing School, World Doctors Orchestra , Bishal Karki (Nepal Medical) and Working Hands. All grants made are in line with the Trustees, grant-making policy as prescribed under section 3 of this report. FINANCIAL REVIEW In¢omlng Resources & Resources Expended Incoming resources totalled £32,602 for the year to 31 December 2024 12023 - £12,605} and comprised voluntary donations {and gift aid thereon) and bank interest. Expenditure totalled £42,962 (2023 - £41,296) all of which was deemed as charitable activity. There are no future commilments provided for within the financial statements wth the Truslees considering options for the nexl long term project for the foundalion to support. ReseThes Pollcy The financial statements have been prepared on a going concem basis as the Trustees believe that no material uncertainties exist. The current uncertainty in the global economy, including cost Inflating factors. have increased financial pressure on charities. The Trustees have considered. the level of funds held, the expected level and security of income and the committed expenditure for twelve months from the date of signing of these financial statements. The Trustees are satisfied the forecast income are sufficient to cover all of the budgeted expenditure to be able lo continue as 8 going concern. The Trustees therefore consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate. During this period donations paid out or accrued by the Truslees exceeded those re￿1Ve￿ by the foundation. This has resulted in a negative fund balance and donations will be soughl in futuie years to rectify this position. The Trustees, continuing airn is to make arrangements to secure required funding to support Ihe foundation. PLANS FOR THE FUTURE The Trustees do not currently propose to deviate from the current objectives and activities of the foundation as detailed in section 3 of this report. Approved by Ihe Truslees and signed on their behalf by.. 31110125 R FJl,i.a%Uw. ard IC)ct31:202$ 15..42..25 GMT) Richard Fitzalan Howard Date Pa98 5 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LADY R FOUNDATION I r8POrt on the charity trustees on my examinalion of th8 accounts of The Lady R Foundation ltthe charit￿) for Ihe year ended 31 December 2024, which comprise thé Statement of Financial Activities, Balance Sheet and the mlated notes as set out on pages 6 to 11. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Ad 2011 {'the Ad,). I report in respect of my examination of the charty's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Dir8Ctions given by the Charity Commission under section 145{5}{b) of the Act. Independent examinerfs 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: accounting records were not kept in respect of the Charity as required by section 130 of the Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Chanties (Accounts and Reports> Regulations 2008 other Ihan any r8quirement 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 wnnection 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. 31110125 Christopher John Hawley FCA Chartered Accountant and Independent Examiner Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ Date Page 6 THE LADY R FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Total 2024 Total 2023 Page Income from: Donations {r)ote 2} Investments 32,500 102 12,500 105 Total income 32,602 12,605 Expendlture on: Charitable activities (note 3) 9110 42,962 41,296 Total expendtture: 42,962 41,296 Net incorne before other recogni5ed losses (10,360) (28,691) other losses (30) Net movement in funds: (10,360) {28,721) Reconciliation of funds: Total funds brought forward at 1 January 2024 (44,248) (15,527) Total funds carried forward at 31 December 2024 £(54,608) £(44,248) There are no recognised gains or lossés othèr than those includéd in the statement of financial activities. All incoming resour￿$ and resources expended derive from continuing aclivitl8S. The notes on pages 8 to 11 form part of the financial statements Page 7 THE LADY R FOUNDATION BALANCE SHEEr AT 31 DECEMBER 2024 Page 2024 2023 Current assets: Debtor (note 4) Cash at bank (note 5) 10 10 1,250 11,695 9,256 Total current assets 12,945 g,256 Llablllties: Creditors - amount falling due within one year (note 6) (12,330) {9,600) Net current assets 615 (344) Creditors - amounls falling due outside one year (note 7) (55,223) (43,904} Totsl net liabilitles £ (54,608) £ (44,248} The funds of the charty: Unrestricted funds (54,608> {44,248} £ (54.608} £ {44,248) The Financial Statements were approved and authorised for issue by the trustees and were signed below by.. 31110125 Date Richard Frtzalan Howard The notes on pages 8 to 11 form part of the financial statements Page 8 THE LADY R FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of Preparation of Financial Statements The Lady R Foundation {"the Foundation" or "the Charity.). registered charity number 1130536, is based and administered in the United Kingdom. The registered address is 20 Cursitor Street. London, EC4A 1 LT. The nature of the Trust's operations and principal activrties are set out in the Trustees, Annual Report. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise slated. The ffinancial statements have been prepared in accordance with Accounting and Reporting by Charities-. Slalement of Recommended Practice applicable lo 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 United Kingdom and Republic of Ireland {FRS 102), the Charrties Act 2011 and where applicable, the Charities Act 2022, and UK Generally Accepted Accounting Practice. The Foundab'on constitutes a public benefrt entity as defined by Charities SORP FRS 102. Status of funds During the period all funds held were unrestricted. Unrestricted funds are expenfjable at the trustees discretion. {a} Income recognition Interest from deposrt accounts are included as and when re￿iVed only. All incoming resources are included in the SOFA when the Foundation is entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary donations include donations under Gift Aid with the associated tax credits included when receivable. Interest from deposit accounts are included when received. {b} Expendlture re¢ognltlon All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation committing the Trustee lo the expenditure. Charitable activities include governan￿ costs made during the period and are expended through the SOFA when the offer is conveyed lo the recipient. Governance costs are cost5 relating to the general running of the Trust. as opposed to the management functions inherent in generatlng funds. Ic) Taxation The charity is not subject to any taxes on its charitable activities but does suffer irrecoverable VAT on any purchases or provided services as they arise. Page 9 THE LADY R FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AccouTrifiNG POLICIES {continuedl (dl Foreign curren¢y Assets and liabilities denominatéd in foreign GurrenGies are translated at the rate of exchange ruling at the Balance Sheet date. Transactions denominated in foreign currencles are converted at the rate of exchange ruling at the date of the Iransaction. All translation dIfferen￿S are taken to the Statement of Financial Activities as they arise and shown as other gainsl(losses). (el Going concern At 31 December 2024 the charity had net liabilities of £54,608 (2023: £44,248). The trustees have received written confirmation from The Dowager Visoounless Rothermerè that the loan will not be alled for at least 12 months from approval of these financial statements and that support will continue as required. Having considered forecast cash flows and funding. the trustees believe the going COn￿rn basis remains appropriate and no material uncertainl￿S exist. Page 2024 2023 INCOME FROM DONATIONS Other donations Gift Aid reclaim 26,000 6,500 10,000 2,500 Total income from donations £ 32,500 £ 12,500 CHARITABLE ACTIVITIES The following costs were incurred during the year.'_ Grants awarded.. Working Hands Royal Drawing School Veterans Aid World Doclors Orchestra Bishal Karki (Nepal Medical} Royal Philharmonic Orchestra Wallace Collection Paralympics GB 10,400 10,000 5,000 2,000 1,177 10,000 1,177 1,000 3,000 10,000 Total Grants award8d 28.577 25.177 staff costs Governance cosls Bank Charges 11,319 2.730 336 11.319 4.800 Total charitable activities £ 42,962 £ 41.296 Page10 THE LADY R FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2024 2023 CHARITABLE ACTIVITIES (continued) Governance costs can be further apportioned a5 follows- Accountancy fees Independent examiner's fees 1,530 1,200 3.600 1,200 £ 2,730 £ 4,800 Included within Staff costs are Gross salary payments of £10,000 (2023.. £10,000), social securty cosls of £1,066 (2023. £1,066) and pension contributions of £253 (2023- £253}. No employee received total employee benefsts of more than £60,000 (2023 number of employees throughout the period was 1 {2023- 1) nil). The average The trustees have decided to meet all governan￿ and support cosls from unrestricted funds. DEBTOR Gfft re¢laim 1,250 CASH AT BANK HSBC London - GBP Account Coutts & Co Account Korean Exchange Bank IKRW 554,950) 11,181 514 5,930 2,990 336 11,695 £ 9,256 Page 11 THE LADY R FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page 2024 2023 CREDITORS- amounts falling due withln one year Accountancy fees Independent Examinerfs fees 11,130 1,200 9.600 12,330 9,600 CREDITORS- amounts falling due In more than one year Loans from The Dowager Viscountess Rothemiere 55,223 43,904 The loans from The Dowager Viscountess Rothermere are interest free and have no repayment terms. The Dowager Viscountess Rothermere has confimed that she would not request repayment of the £55,223 for at least one year after the approval of these financial statements. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS During the year the charity had no Connected party donations but received additional loans from a trustee in the amount £11,319 12023.. £16,119). As at 31 De￿rnber 2024 the outstanding loan balance totalled £55,223 (2023.. £43,904). No trustee received remuneration or expenses in the year (2023.. nil).