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2024-10-31-accounts

MAKE MY DAY BETTER LIMITED

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

Charity number: 1139533 (England & Wales) Company Number: 07276981 (England & Wales)

MAKE MY DAY BETTER LIMITED

A company limited by guarantee YEAR ENDED 31 OCTOBER 2024

LEGAL AND ADMINISTRATIVE INFORMATION

REGISTRATION

Company Number 07276981 Charity Number 1139533 (England & Wales) Chair Christine Burrowes John Phelps Registered Office Sandpiper House (and principal place of 37 Queen Elizabeth Street business) London SE1 2BT

DIRECTORS AND TRUSTEES

PRINCIPAL OFFICE

PROFESSIONAL ADVISORS

Auditors Crowe UK LLP
Medway Bridge House
1-8 Fairmeadow
Maidstone
Kent ME14 1JP
Solicitors MB Law
Studio 3
The Quays
Concordia Street
Leeds LS1 4ES
Primary Bankers Barclays Bank PLC
167 High Street
Bromley BR1 1NL

2 MAKE MY DAY BETTER LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024

The Trustees present their annual report (which includes a directors’ report as required by company law) and audited financial statements for the year ended 31 October 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts, and under the provisions of the Statement of Recommended Practice (SORP): Accounting and Reporting by Charities (SORP 2015).

STRUCTURE, GOVERNANCE, AND MANAGEMENT

Make My Day Better is a registered charity (number: 1139533) registered on 29 December 2010. The charity is constituted under Memorandum and Articles of Association incorporated on 8 June 2010 as amended by special resolution registered with Companies House on 23 November 2010. The charity is a company limited by guarantee incorporated in England & Wales (company number: 07276981). The charity was established with a gift from Lotus group companies as a way of ensuring proper oversight of the charitable donations that the Lotus group companies were already making, and all charitable donations are now made by Make My Day Better rather than by individual companies within the group.

The Memorandum and Articles of Association allow for a minimum of two Directors with no maximum number. There are currently two Directors and therefore, a quorum of two Directors is required at Directors’ meetings. Directors must retire at each AGM by rotation with those retiring being those longest in post. At the Directors’ meeting on 31.10.2024 John Phelps retired by rotation and was subsequently re-elected.

Trustees, to date, have been appointed from the Lotus group of companies and represent a range of experience and expertise from within the group. All Trustees also hold positions of responsibility within the group of companies. It is not the intention of the Trustees, at the present time, to look outside the Lotus group of companies for additional Trustees, but this is something that may be considered in the future.

Trustees have had appropriate training provided to them by their professional advisers who remain available to provide ongoing guidance and support to them and to ensure that the Trustees remain aware of ongoing responsibilities as required by law or by the Charity Commission.

All Trustees give of their time freely and no trustee remuneration was paid in the year. Where any conflict of interest would arise in grant making decisions, the affected Trustee would be expected to withdraw from any decision making.

Meetings are held approximately every quarter to determine broad strategy and forthcoming areas of activity for the charity, including grant making, investments, risk management, policies, and monitoring and evaluation.

The Trustees meet on a periodic basis and are able to resolve any issues arising. Day to day management of the charity, in terms of grant making, releasing funds, agreeing contracts, and monitoring/ evaluation of the grants given is carried out with the assistance of, and advice from, an outside consultant and a senior member of The Lotus Group staff, who is not a Trustee. Both have weekly contact with one or more of the Trustees. Any decisions requiring their input are resolved within that weekly communication.

RELATED PARTIES

The primary donor to Make My Day Better is the Lotus group of companies, with whom Make My Day Better has Trustees/ Directors in common. Each of the Trustees is a related party to Make My Day Better, being members of the entity's key management personnel. In addition, the Lotus group, and the companies within the group are related parties, being under common control, and having individuals who are able to exert significant influence in both Make My Day Better and the companies within the Lotus group.

RISK MANAGEMENT

The Trustees continually assess the risks to which the charity is exposed. Where appropriate, systems or procedures are in place to mitigate potential significant risks faced by the charity. The charity is in a position where it does not need to actively fundraise in order to maintain its income stream, whilst also ensuring that funding is in place before any grants to be made are agreed: this obviates the risk of income being insufficient to meet grant commitments.

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MAKE MY DAY BETTER LIMITED

OBJECTIVES AND ACTIVITIES

The objectives of the charity are:

The Charity carries out these objectives by:

PRINCIPAL FUNDING SOURCES

The principal funding source of the Charity is the Lotus group of companies, and employees thereof. Other than sponsorship for activities, the charity does not carry out direct fundraising with the public. No complaints were received in the current or preceding year in relation to fundraising.

GRANT MAKING POLICY

It is the desire of the Trustees to offer support through a variety of mechanisms, and to that end there are several different ways in which the Charity makes funding available:

Applicants for grants are required to submit a standard application explaining the benefit of their proposed activities, and enclosing budget proposals which are scrutinised for reasonableness and then built into contracts to ensure that deliverables under those contracts are clearly understood from the outset of the grants. Contracts also require appropriate financial and narrative reporting to ensure that suitable monitoring of grant funding can be carried out. When assessing grant applications, attention is paid to the level of support costs being sought, with preference given to those projects where 95% of the funding is direct spending on activities. The Trustees are also keen to support activities which can become self-sustaining in terms of income generation for ongoing provision of services within given communities. For smaller donations to individuals a letter of agreement is sent setting out the terms under which the money is made available.

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DELIVERY OF PUBLIC BENEFIT

The benefits of the Charity's work in the grants for the research and development in complementary and alternative medicines are the education of future researchers, the dissemination of research findings, the development of new therapies, and the funding of on-going research into such medicines, which may in time be used in treatment or alleviation of ill health. These benefits will potentially reach a wider public than the more targeted grants given to institutions, charities, and individuals for the alleviation or relief of poverty. However, in these grants too, public benefit can be demonstrated, particularly where activities carried out by grant recipients reach out to vulnerable or more marginalised groups, such as those with disabilities, or those excluded to date from certain activities such as education. In all cases when deciding the objectives of the charity, and determining that grants given meet those objectives, the Trustees have regard to the Charity Commission guidance on public benefit.

MONITORING ACHIEVEMENT

Monitoring and evaluation of grants is carried out using a risk-based approach to ensure that the limited resources available are focused on the highest risk grants, such as those where by nature of the activities, or for other reasons, the outputs or outcomes of the activities are not easily measured. Currently such monitoring is desk based and relies on the narrative and financial reporting produced by grant recipients which is then scrutinised and queries raised with grant recipients if necessary. All contracts include clauses for recovery of mismanaged funding, and if interim reporting were to show such mismanagement, Make My Day Better would have the right to terminate the contract if there was no other remedy. In prior years, on site evaluation work was carried out by a member of the Lotus group staff on a voluntary basis for Make My Day Better. This is an option that Make My Day Better would use again in the future to further their understanding of the funded projects, or if there were concerns about the use of funds. No such visits were carried out in 2023-24 nor were deemed necessary.

FINANCIAL REVIEW

The work of the Charity is dependent on its income from the Lotus group of companies, and therefore its financial performance, which is of course outside the control of the Charity. The strong financial performance of Lotus Group companies in the year 2023-24 has enabled a total contribution of £750,000 during the year and a continuing commitment from the three trading companies Lotus Travel Ltd, Lotus International Ltd and Lotus Leisure Ltd to provide further funding from each on as an as needed basis. As a result, there are no material uncertainties about the Charity’s ability to continue. The total current year spend on charitable activities of £955,159 (2022-23 - £565,579) was an increase on the previous year.

INVESTMENT POLICY AND PERFORMANCE

The only investments currently used by the charity are monies placed on Treasury Deposit (£nil at 31.10.24). Trustees have a low risk threshold for the Charity's funds and are content with the lower returns available here due to the correspondingly low level of risk. It will remain the policy of the Trustees to place monies on deposit in this manner, and these will be current asset investments (cash equivalents). Investments will not be made for speculation in vehicles where there is a risk of losing the capital invested.

RESERVES POLICY

Total reserves at 31 October 2024, all of which are unrestricted, were £235,129 (2023 - £442,059). Trustees aim to maintain minimum free reserves in unrestricted funds at a level which equates to the cash flow needs for six months, allowing other monies to placed on deposit. This ensures that sufficient funds are available to respond to grant applications and to cover support and governance costs.

FUTURE PLANNING

This is the fourteenth period of activity for Make My Day Better, which was registered as a charity in 2010. The reserves carried forward into 2024-5 are considered adequate and a further funding commitment from Lotus Group companies is available to be drawn down as required and is more than adequate to cover recent annual levels of grant making. The Lotus Group companies contributed a further £750,000 in November 2024.

Future grant commitments are disclosed in note 8.

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MAKE MY DAY BETTER LIMITED

GOING CONCERN

The Trustees have reviewed the Charity’s financial position and future plans as well as the principal financial risks. They remain satisfied that the Charity has sufficient resources to continue operating for the next 12 months due to the level of free reserves held in cash and future funding commitments made by the Lotus group which will allow it to meet its operating costs as they fall due for at least 12 months from the date these accounts are signed along with the commitments made in respect of grants as detailed in note 8.

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees (who are also directors of Make My Day Better for the purposes of company law) are responsible for preparing the trustees’ report (incorporating the directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting standards, including financial reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 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 maintaining proper accounting records which 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.

In so far as the trustees are aware:

AUDITORS

Crowe U.K. LLP will be proposed for reappointment in accordance with section 485 of the Companies Act 2006

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MAKE MY DAY BETTER LIMITED FOR THE YEAR ENDED 31 OCTOBER 2024

Opinion

We have audited the financial statements of Make My Day Better Ltd (the “charitable company”) for the year ended 31 October 2024 which comprise the Statement of Financial Activities, the Statement of Comprehensive Income, the Statement of Financial Position and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 Financial Reporting Council’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 charitable company’s ability to continue as a going concern for a period of at least twelve months from the date 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.

Other information

The other information comprises the information included in the 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 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.

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Opinion 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:

Responsibilities of the trustees

As explained more fully in the Trustees’ Responsibilities Statement (set out on page 6), 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 they 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 is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and SORP 2015.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included:

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MAKE MY DAY BETTER LIMITED

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located 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 its members, as a body, for our audit work, for this report, or for the opinions that we have formed.

MATTHEW HOWARD (Senior Statutory Auditor)

For and on behalf of Crowe U.K. LLP

Statutory Auditor Medway Bridge House 1-8 Fairmeadow Maidstone Kent ME14 1JP

Dated: 5 February 2025

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MAKE MY DAY BETTER LIMITED

MAKE MY DAY BETTER

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 OCTOBER 2024

Note
Incoming resources
1
Donations
Total incoming resources
Resources expended
Raising funds - events
1
Charitable activities – grant making
4
Governance and support costs
1, 3, 5
Total resources expended
Net (outgoing) / incoming resources, net (expenditure) /
income for the year, and net movement in funds
Balances brought forward at 1 November 2023
Balances carried forward at 31 October 2024		 2024
2023
£
£
756,127
750,000
756,127
750,000
134
216
955,159
565,579
7,764
8,143
963,057
573,938
(206,930)
176,062
442,059
265,997
235,129
442,059

All funds are unrestricted income funds.

THE STATEMENT OF FINANCIAL ACTIVITIES INCLUDES ALL GAINS AND LOSSES RECOGNISED IN THE YEAR. .

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MAKE MY DAY BETTER

STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 OCTOBER 2024

Note
Turnover
Cost of sales
Gross surplus/(deficit)
Charitable activities
Governance and support costs
Operating (deficit) / surplus
Other interest receivable and similar income
(Deficit) / surplus before taxation
Tax on (deficit) / surplus
(Deficit) / surplus for the financial year and total
comprehensive income
All the activities of the company are from continuing operations.		 2024
2023
£
£
756,127
750,000
(134)
(216)
755,993
749,784
(955,159)
(565,579)
(7,764)
(8,143)
(206,930)
176,062
-
-
(206,930)
176,062
-
-
(206,930)
176,062

11 MAKE MY DAY BETTER LIMITED

MAKE MY DAY BETTER

STATEMENT OF FINANCIAL POSITION

as at 31 OCTOBER 2024

Total funds Total funds
Note 2024 2023
£ £
Current assets
Cash at bank and in hand 242,649 449,409
Total current assets 242,649 449,409
Creditors falling due within one year 7 (7,520) (7,350)
Net current assets 235,129 442,059
Total assets less current liabilities 235,129 442,059
Net assets 235,129 442,059
The funds of the charity 1
Unrestricted income funds 235,129 442,059
Total charity funds 235,129 442,059

12 MAKE MY DAY BETTER LIMITED

MAKE MY DAY BETTER

STATEMENT OF CASH FLOWS

for the year ended 31 OCTOBER 2024

2024 2023
Note
Cash flow from operating activities £ £
Net cash (used in)/provided by operating activities 9 (206,760) 176,712
Change in cash and cash equivalents in the reporting (206,760) 176,712
period
Cash and cash equivalents at the beginning of the 449,409 272,697
reporting period
Cash and cash equivalents at the end of the reporting 242,649 449,409
period

The notes on pages 14 to 18 form an integral part of these accounts

13 MAKE MY DAY BETTER LIMITED

NOTES TO THE ACCOUNTS OF MAKE MY DAY BETTER

1. ACCOUNTING POLICIES

i. Basis of accounting

The financial statements are prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities SORP 2015 (FRS 102) and applicable UK Accounting Standards and Companies Act 2006. They are prepared under the historical cost convention, with the exception that investments are included at market value.

Accounting standards require the Trustees to consider the appropriateness of the going concern assumption when preparing the financial statements. The Trustees confirm that the going concern basis remains appropriate for the reasons outlined in the Trustees’ Report.

ii. Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or fulfillment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.

iii. Resources expended

All expenditure is accounted for on an accruals basis and has been classified under aggregated headings that collate all costs relating to that expenditure category. Thus bank charges for fund transfers are recorded as a cost of that grant. No support costs are allocated to charitable activities. Liabilities are recognised in expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure.

Grants payable are payments to third parties in the furtherance of the charitable objectives of Make My Day Better. Grants, where multiple tranches of the grants are due, are accounted for when the recipient has a reasonable expectation that they will receive this grant, and the trustees have agreed to pay the grant without condition. In most instances conditions do attach to grants, and as such payments are recognised as expenditure according to tranches already disbursed.

Grants are recognised as contingent liabilities (as appropriate) where a degree of uncertainty attaches to entitlement to the grant, timing of the grant, or amount payable.

iv. Support costs, governance costs and costs of raising funds

The cost of raising funds comprises: investment management fees, which are reflected in the interest rate received on bank deposits; and the cost of maintaining structures for receipt of public donations for events, for example fees payable to Just Giving. Whilst none were payable in the current year, this would also include necessary legal fees. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include all costs related to statutory audit and legal fees.

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v. Contingent liabilities

In accordance with the SORP, a contingent liability is disclosed for those grants where the possible obligation arising from past events will only be confirmed by the occurrence of one or more uncertain future events.

vi. Fund accounting

In the current year, all amounts are recognised as income and expenditure of unrestricted funding and, therefore, no additional funds are recognised in the current year. Where necessary, any monies deemed as such would be presented in the accounts as restricted or designated funds.

vii. Memorandum of Association: limitation of liability

Under the terms of the Memorandum of Association, should the company be wound up, and in the event of a deficiency of assets, each member undertakes to contribute not more than £10 for the payment of the company’s liabilities.

viii. Financial Instruments

2. RELATED PARTY TRANSACTIONS AND TRUSTEES’ REMUNERATION

The primary donor to Make My Day Better Ltd is the Lotus group of companies, with whom Make My Day Better Ltd has Trustees/ Directors in common. Each of the Trustees is a related party to Make My Day Better Ltd, being members of the entity's key management personnel. In addition, the Lotus group and the companies within the group are related parties, being under common control, and having individuals who are able to exert significant influence in both Make My Day Better Ltd and the companies within the Lotus group.

In the current year £750,000 (2022-23 - £750,000) was received from the Lotus group of companies. In the current year, there were no payments made directly from the Lotus group of companies to Make My Day Better Ltd beneficiaries.

No emoluments were received by the Trustees of Make My Day Better Ltd in the current year (2022-23 – £nil). No expenses were reimbursed to Trustees in the year (2022-23 – £ nil).

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3. ALLOCATION OF SUPPORT COSTS AND OVERHEADS

The breakdown of overhead and support costs and the split in allocation between governance and charitable activity is shown in the following table:

Cost type
Allocation basis		 Governance
And support
£
Charitable
activities
£
Total
2024
£
Total
2023
£
Consultancy and
accountancy fees
Work performed
Statutory audit fees
Work performed
Fees and charges
Timing of charge
Bank charges and fees
Timing of charge
2,600
-
2,600
2,550
4,920
-
4,920 5,400
157
-
157
135
87
-
87
58
7,764
-
7,764
8,143

A decision has been taken (as explained in Note 1 to the accounts) that overhead costs that do not directly support charitable activities will not be allocated to charitable activity expenditure.

Expenditure is shown inclusive of irrecoverable VAT.

4. ANALYSIS OF CHARITABLE EXPENDITURE

The charity undertakes its charitable activities through grant making and awarded grants to a number of charities, educational institutions and individuals in furtherance of its charitable objects:

Grant
Funded
Activity
£
Support
Costs
(as Note 3)
£
Total 2024
£
Total 2023
£		 Grant
Funded
Activity
£
Support
Costs
(as Note 3)
£
Total 2024
£
Total 2023
£
Poverty alleviation
Global
12,000
12,000
12,000
UK region
7,280
-
7,280
1,000
Africa region
10,000
-
10,000
12,000
Education
UK region
816,893
-
816,893
468,637
Africa region
5,597
-
5,597
13,262
Health
Global
40,000
-
40,000
34,000
UK region
50,082
-
50,082
24,680
Africa region
13,307
-
13,307
-
955,159
-
955,159
565,579
Analysis of grants
Total 2024
£
Institutions in receipt of material grants (over £50,000)
-
Education UK – The New School
463,000
-
Education UK – Dollywood Foundation UK
336,493
Other grants to Institutions
155,666
955,159		 12,000
12,000
12,000
7,280
-
7,280
1,000
10,000
-
10,000
12,000
816,893
-
816,893
468,637
5,597
-
5,597
13,262
40,000
-
40,000
34,000
50,082
-
50,082
24,680
13,307
-
13,307
-
955,159
-
955,159
565,579
Total 2024
£
463,000
336,493
155,666
955,159

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5. ANALYSIS OF GOVERNANCE COSTS

2024
£
2023
£
Consultancy and accountancy fees
Statutory audit fees (see Note 6)
Statutory non audit fees		 2,600
2,550
4,920
5,400
-
-
7,520
7,950

6. AUDITORS’ REMUNERATION

The auditor’s remuneration, excluding VAT, constituted an audit fee of £4,100 (2022-23 - £3,900, net of an underprovision of £600). No additional fees were paid to the auditors in 2023-24 for non-audit services (2022-23 - £nil). As at the year end, the audit fee is recognised as an accrual, not yet having been billed by 31 October 2024 (see Note 7).

7. ANALYSIS OF CURRENT LIABILITIES

2024
£
2023
£
Accruals
Accountancy fees
Accruals
Statutory audit fee		 2,600
2,550
4,920
4,800
7,520
7,350

8. COMMITMENTS AND CONTINGENT LIABILITIES

As at 31 October 2024, the following grant awards were considered by the Trustees. These grants are not recognised as liabilities as payment is based on future performance obligations and as such the grants do not meet the criteria of a liability in accordance with the SORP 2015. All such grants are noted here as being committed to:

Grant recipient Within 12
months
After 12
months
Amount
2024 (£)
Amount
2023 (£)
The New School
Dollywood Foundation UK		 1,000,000
940,000
1,940,000
2,400,000
450,000
-
450,000
300,000
1,450,000
940,000
2,390,000
2,700,000

The reserves of the charity and the anticipated cash flow are sufficient to meet these commitments as they fall due.

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9. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2024
£
2023
£
Net (expenditure)/income for the year
Adjustments for:
Increase/in creditors
Net cash (used in)/provided by operating activities		 (206,930)
176,062
170
650
(206,760)
176,712

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