REGISTERED CHARITY NUMBER.. 1145325 Report ol the Trustees and Unaudited Financial Statement5 for the Year Ended 5 Aprll 2023 for Laura Kinsella Foundation GCSD Accountants Limited 701 Stonehouse Park Sperry Way Stonehouse Gloucestershire GLIO 3UT
Laura Kinsella Foundation Contents of the Financlal Statements for the Year Ended 5 AprS12023 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Cash Flow Statement Notes to the Cash Flow Statement Notes to the Flnancial Statements 9 to 16 Detailed Statement of Financial Attivitles 17 to 18
Laura Kinsella Foundatlon Report of the Trustees for the Year Ended S April 2023 The Trustees present their Annual Report and Financial Statements for the Charity for the year ended 5 April 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty number 1145325 Prfnclpal address Bates Wells & Braithwaite LLP 2-6 Cannon Street London, EC4M 6YH Trustees Mr S Kinsella MsAMSJollv Mr M J R Ditkson Mr T E Kinsella appointed 20 August 2022 Independent Examlner Matthew Rawles FCA GCSD Actountants Limited 701 Stonehouse Park Sperry Way Stonehouse Gloucestershire GLIO 3UT Legal Advlsors Bates Wells & Braithwaite Scandinavian House 2-6 Cannon Street London EC4M 6YH Registered Office address for appeals Bates Wells & Braithwaite Scandinavian House 2-6 Cannon Street London EC4M 6YH STRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The Charity 15 controlled by its governing deed dated 30 December 2011. Page I
Lauia Kinsella Foundation Report of the Trustees for the Year Ended 5 April 2023 STRucfuRE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees The Appointor Stephen Kinsella has the power of appointing new or additional Trsjstees dijring his lifetime. Indurtion and tralnlng of new trustees There are no fomal policies or procedures adopted *or the induction or training of Trustees. However, all current trustee5 are familiar with the Charity Commission guidance. Organisational and decision making structure The Trustees review applications for funding, investment performance, income levels and the financial statements. No fundraising is undertaken to support the work of the Charity, but has the right to accept donations. Risk management The Trustees have a duty to identify and review the risks to which the Chority is exposed and to ensure appiopriate controls are in place to provide a reasonable assurance against fraud and error. The Trustees have not identified any major risks apart from the financial markets volatility affecting investment performance and they will continue to monitor the adequacy of the system. OBJECTIVES AND ACTIVITIES Objectives and aims The Trustees hold the Trust Fund and its income upon trust to apply them for all objects which are regarded as exclusively charitable under the laws of England and Wales as Trustees from time to time think fit. There have been no chanEes to the Charity's objective5 during the year. Grant making policies During the year under review, the Trustees resolvèd to make donations in the total sum of £311,618. All donations are made without any implications or commitment to future donations. Only successful applications are notified in writing. ACHIEVEMENT AND PERFORMANCE Investment performance and pollcy The Trijstees review the investments and the risk strategy on a regular basis. The overall financial objective is to at least maintain the real value and to generate a sustainable income and return to fund annual grant making. The Trustees invested in listed stocks and shares during the year. FINANCIAL REVIEW Reserves policy The Trustees consider a balanced investment policy and distribute income on an annual basis and retain capital for the maintenance and growth of the Fund. Recently the income generated has not been sufficient to fund all grant making and the monies were applied from the gains of the sale of investment5. Page 2
Laura Kinsella Foundation Report of the Trustees for the Year Ended 5 April 2023 FINANCIAL REVIEW Review of the activitles The total income generated was £33,278 12022.. £26,873), the total expenditure was £337,192 12022.. £272,191) with £311,61812022.. £246,958) being committed to charitable donations and £32,07112022.. £26,627) to other costs as well as the exchange rate profits in the sum of £6.497 in respect of the foreign accounts and investments resulted in net outgoing resources of £303,91412022.. £245,318). Going concern The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reasons, they continue to adopt Boing concern basis in preparing the financial statement5. PUBLIC BENEFIT The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust'5 aims and objectNes and in planning future activities and setting donations to be made in the following year. Trustees believe all the donations made are for the benefit of the public. TRUSTEES. RESPONSIBILITY STATEMENT The trustees are responsible for preparing the Report of the Trustees and the financial statements in ccordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Account5 and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for eath 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently; obseNe the methods and principles in the Charity SORP,. make judgements and estimates that are reasonable and prudent,. 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 accountlng COrdS which disc105e with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity IAccounts 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. Appro byor of the board of trustees on I r.-JL and signed on its behalf by: 5 Kinsella - Trustee Page 3
Independent Examinerfs Report to the Trustee5 of Laura Kinsella Foundation Independent examiner's report to the trustees of Laura Kln5ella Foundation I report to the charity trustees on my examinètion of the accounts of Laura Kinsella Foundation Ithe Trustl for the year ended 5 April 2023. Responsibilitie5 and basis of report As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Trust'5 accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 14515llbl of the Art. 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.. accounting records were not kept in respect of the Trust 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 Charities (Accounts and Reportsl Regulations 2(KJ8 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. Matthew Rawles FCA GCSO Accountants Limited 7015tonehouse Park Sperry Way Stonehouse Gloucestershire GL103UT Date.. Page 4
Laura Kinsella Foundation ststement of Financial Activities for the Year Ended 5 April 2023 2023 2022 Unrestricted Unrestricted fund funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 445 Investment income 33,278 26,428 Total 33,278 26,873 EXPENDITURE Total expenditure 337,192 272,191 Total 337,192 272,191 Net gains/llosse51 on investments 1158,8881 166,652 14ET INCOME/IEXPENDITURE} 1462,8021 178,6661 RECONCILIATION OF FUNDS Total funds brought forward 2.908,720 2,987,386 TOTAL FUNDS CARRIED FORWARD 2,445,918 2,908,720 The notes form part of these financial statements Page 5
Laura Kin5ella Foundatlon Balance Sheet 5 April 2023 2023 Unrestricted fund 2022 Total funds Notes FIXED ASSETS Investments 2.297,858 2,549,580 CURRENT ASSETS Debtors Cash at bank 50,025 101,245 50,025 314,460 151,270 364,485 CREDITORS Amounts falling due within one year io 13,2101 15,3451 NET CURRENT ASSErs 148,060 359,140 TOTAL ASSEfs LESS CURRENT LIABILITIES 2.445,918 2,908,720 NET ASSETS 2,445.918 2,908,720 FUNDS Unrestricted funds li 2,445,918 2,908.720 TOTAL FUNDS 2.445,918 2,908,720 The Ina cial tatements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by.. S Kinsella Trustee The notes form part of these financial statements Page 6
Laura Klnsella Foundation Cash Flow Statement for the Year Ended 5 April 2023 2023 2022 Notes Cash flows from operating artivities Cash Benerated from operations 1312,2471 1266.7521 Net cash used in operating activities 1312,2471 1266,7521 Cash flows from investing activitles Purchase of fixed asset investments Sale of fixed asset investments Interest received 1932,9831 1,025,818 6,197 1769,7111 1,085,587 9,686 Net cash provided by investing activities 99,032 325,562 Change in tash and cash equivalents In the reporting period Cash and cash equivalents at the beginnin8 of the reporting period 1213,2151 58,810 314,460 255,650 Cash and cash equfvalents at the end of the reporting period 101,245 314,460 The notes form part of these financial statements Page 7
Laura Kinsella Foundation Notes to the Cash Flow Statement for the Year Ended 5 April 2023 RECONCILIATION OF EXPENDITURE TO NET CASH FLOW FROM OPERATING AcfiviTIES 2023 2022 Net expenditure for the reporting period las per the Statement of Financial Activities) Adjustments for: Losses/lgainl on investments and reorganisations Interest received Increase /ldecreasel in creditors Increase in debtors 1462,8021 178,6661 158,888 16,1971 12,1361 1166,6521 19,6861 552 112,3001 Net cash used in operations 1312,2471 1266,7521 ANALYSIS OF CHANGES IN NET FUNDS At 6.4.22 Cash flow At 5.4.23 Net cash Cash at bank 314,460 1213,2151 101,245 Total 314,460 1213,2151 101,245 The notes fomi part of these financial statement5 Page 8
Laura Kinsella Foundation Notes to the Financial Statements for the Ye?r Ended 5 April 2023 ACCOUNTING POLICIES Basi5 of preparlng the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of Certain assets. Income All income is recognised in the Statement of Financial Activities once the charity ha5 entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expen(liture is accounted for on an accruals basis and has been classified under headings that aggreBate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocaled to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Charitable activlties The charity undertakes its charitable activities through grant making and awarded grants to a number of individuals and institutions in furtherance of its charitable activities. Governance costs Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory examination and legal fees together with an apportionment of overhead and support costs. Allocation and apportionment of costs All sijpport costs have been allocated to charitable activities. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Page 9 continued...
Laura Kinsella Foundation Notes to the Financial Statements- continued for the Year Ended 5 April 2023 ACCOUNTING POUCIES - continued Fund accountlng All funds are unrestricted funds. DONATION5 AND LEGACIES 2023 2022 Donations 445 445 INVESTMENT INCOME 2023 2022 UK Dividends Foreign Dividends Foreign deposit interest Fixed interest 10,932 16,149 4,335 1.862 9,300 7,442 6.055 3,631 33,278 26,428 GRANTS PAYABLE 2023 2022 Grants to institutions Grants to individuals 306,193 5,425 230,224 16,734 311,618 246,958 Page 10 continued...
Laura Klnsella Foundatlon Notes to the Financial Statement5 - continued for the Year Ended 5 April 2023 SUPPORT co¥rs Governance costs Other Totals Investment management costs Other resources expended 18,296 3,787 18,296 7,313 3,526 3,526 22.083 25.609 Support costs, included in the above, are as follows.. 2023 2022 Investment management costs Other resources expended Total activities Total activities Sundries Administration support fees IT support costs Investment management fees Legal fees Accountancy fees 3,316 3,316 2,617 295 208 20,438 210 210 18.296 301 3,486 18,296 301 3,486 3,065 18,296 7,313 25,609 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022. Tru5tees' expenses The sum of £3,316 in respect of various expenses related to charitable activities on behalf of the Charity were incurred by Trustees. Page 11 continL¢ed...
Laura Klnsella Foundation Notes to the Financial Statements - continued for the Year Ended 5 Aprll 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacie5 445 Investment income 26.428 Total 26,873 EXPENDITURE ON Charftable artivities 272.191 Total 272,191 Net gains/llossesl on investments 166,652 NET INCOMEIIEXPENDITURE) 178,6661 RECONCILIATION OF FUNDS Total funds brought forward 2,987,386 TOTAL FUNDS CARRIED FORWARD 2,908,720 Page 12 continued...
laura Kinsella Foundation Notes to the Finantial Statements- continued for the Year Ended 5 April 2023 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 6 April 2022 Additions Disposals Revaluations 2,549,580 932,983 11.104,2831 180,4221 At 5 April 2023 2,297,858 NET BOOK VALUE At 5 April 2023 2,297,858 At 5 April 2022 2,549.580 There were no investment assets outside the UK. C05t at 5 April 2023 is represented by total cost of £1,996,785.83. DEBTORS 2023 2022 Amounts falling due within one year.. Other debtors 25 25 Arnounts falling due after more than one year.. United Authors loan Subscription Rooms loan 30,OCX) 20,000 30,000 20.000 Aggregate amounts 50,025 50,025 Page 13 continued...
Laura Klnsella Foundatlon Notes to the Financial Statements- continued for the Year Ended 5 April 2023 io. CREDITORS: AMOUNTS FALLING DUE INITHIN ONE YEAR 2023 2022 Other creditors 3,210 5,345 ii. MOVEMENT IN FUNDS Net movement in funds At 5.4.23 At 6.4.22 Unrestritted funds General fund 2,908,720 1462,8021 2,445,918 TOTAL FUNDS 2,908,720 1462,8021 2,445,918 Net movement in fund5. included in the above a as follow5.. Incoming resources Resources expended Gains and losses Movement in funds Unre5trirted funds General fvnd 33,278 1337,1921 1158,8881 1462,8021 TOTAL FUNDS 33,278 1337,1921 1158,8881 1462,8021 Comparatives for movement in funds Net movement in funds At 5.4.22 At 6.4.21 Unrestricted funds General fund 2,987,386 178,6661 2,908,720 TOTAL FUNDS 2,987,386 178,6661 2,908,720 Page 14 continued...
Laura Kin5ella Foundation Notes to the Financial Statements- continued for the Year Ended 5 April 2023 ii. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows.. Incoming resources Resource5 expended Gains and Movement losses n funds Unrestrlcted fvnds General fund 26,873 1272,1911 166,652 178,6661 TOTAL FUNDS 26,873 1272,1911 166,652 178,6661 A current year 12 months and prior year 12 months combined position is as follows: Net movemer¢t in funds At 5.4.23 At 6.4.2021 Unrestrirted funds Ger¢eral fund 2,987,386 1541,4681 2,445,918 TOTAL FUNDS 2,987,386 1541,4681 2,445,918 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movernent in funds Unrestricted funds General fund 60,151 1609,3831 7,764 1541.4681 TOTAL FUNDS 60,151 1609,3831 7,764 1541,4681 Page 15 continued.
Laura Klnsella Foundation Notes to the Financial Statements - continued for the Year Ended 5 April 2023 12. RELATEO PARTY DISCLOSURES The total sum of £45.435 was donated during the year to Clean Up The Internet a not for profit company of which the trustee Mr S Kinsella is a co-founder. Mr S Kinsella is also a co-founder and deputy chair of Law for Change and REPRIEVE respectively, organisations supported by the Charity. The amounts donated were £50,000 and £20,000 respectively. Page 16
laura Kinsella Foundation Detalled Statement of Financial Activities for the Year Ended 5 Aprll 2023 2023 2022 INCOME AND ENDOWMENTS Donations and legacies Donations 445 445 Investment income UK Dividends Foreign Dividends Foreign deposit interest Fixed interest 10,932 16,149 4.335 1,862 9,300 7,442 6,055 3,631 33,278 26,428 Total incomlng resources 33,278 26,873 EXPENDITURE Charitable artlvities Grants to institutions Grants to individuals 306,193 5,425 230,224 16,734 311,618 Finance Bank charges 246,958 Other Subscriptions Meetings expenses 866 5,593 6,459 Support costs Other Sundries IT Support fees Administration support fees 3,316 210 2,617 208 295 3,526 3,120 Governance costs Investment management fees Carried forward 18.296 18,296 20,438 20,438 This page does not form part of the statutory financial statements Page 17
Laura Klnsella Foundation Detailed Statement of Flnancial Activities for the Year Ended 5 April 2023 2023 2022 Governance c05ts Brought fOard Legal fees Accountancy fees 18,296 301 3,486 20,438 3.066 22,083 23,504 (Profit) / Loss exchange rates 16,497} 11,3941 Total resources expended 337,192 272,191 Net expenditure before gains and losses 1303,914} 1245,3181 Realised recognised gains and losses Realised gains/llossesl on fixed asset investments 238.431 23,609 Net expendlture 165,4831 1221,7091 This page does not form part of the statutory financial statements Page 18