Registered number: 08140664 Charity number: 1148976
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report and financial statements For the year ended 30 November 2024
The Lord Mayor's Appeal
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 11 |
| Independent auditors' report on the financial statements | 12 - 16 |
| Consolidated statement of financial activities | 17 |
| Consolidated balance sheet | 18 |
| Charity balance sheet | 19 |
| Consolidated statement of cash flows | 20 |
| Notes to the financial statements | 21 - 37 |
The Lord Mayor's Appeal
(A company limited by guarantee)
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 30 November 2024
| Trustees | Alderman Timothy Hailes |
|---|---|
| Alderman Alastair King-Lord Mayor 2024/2025, Chair for 2023/24 appeal year | |
| Lidia Bozhevolnaya | |
| Alderwoman Dame Susan Langley (appointed 1 January 2024) | |
| Tangy Morgan (appointed 1 December 2023) | |
| Sir Edward Braham (appointed 6 January 2025) Chair from March 2025 onwards | |
| Company registered number 08140664 Charity registered number 1148976 Registered office The Mansion House Walbrook London EC4 8BH Chief executive officer Caroline Wright Independent auditors Kreston Reeves LLP Chartered Accountants Statutory Auditor 2nd Floor 168 Shoreditch High Street London E1 6RA Bankers Barclays Bank Plc 27 Soho Square London W1D 3QR |
Page 1
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report For the year ended 30 November 2024
The trustees present their report and accounts for the year ended 30 November 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with The Lord Mayor's Appeal's (TLMA) Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016) (effective 1 January 2019).
Our Strategy
The purpose of TLMA as a separately incorporated charitable company is to provide a permanent basis for each Lord Mayor of the City of London. This has enabled TLMA to broaden and encompass more than fundraising, for example by defining longer running themes in promoting philanthropy in the City of London and associated thought leadership topics, such as social inclusion and mental health.
The work of TLMA has been organised within four pillars: Inclusive, Healthy, Skilled and Fair. This strategy has helped to develop a model which focuses support and thereby improves impact on society and communities. As part of this strategy, the trustees of TLMA established an appeal programme to create ‘A Better City for All’. As well as net funds being raised for the chosen charities, this aims to highlight the impact sought by TLMA.
The USP for TLMA is its ability to convene business, experts and not-for-profits together to tackle issues, inspiring them and developing programmes to demonstrate impact that will enable the activity/intervention to become mainstream..
TLMA is focussed on enabling a movement of change to create A Better City for All through its thought leadership programmes and support of partner charities, and in so doing create a legacy for all those involved.
During 2024 TLMA delivered ground breaking programmes with three charity partners: National Numeracy, MQ Mental Health Research and The Duke of Edinburgh’s Award. It also continued running their four thought leadership programmes – Power of Inclusion - Inclusive pillar , This is Me - Healthy pillar, We Can Be - Skills pillar and City Giving Day - Fair pillar.
Public Benefit statement
The trustees have paid due regard to guidance issued by the Charity Commission in deciding TLMA’s activities. It has benefited the public, business and employees through its thought leadership programmes, Power of Inclusion and This is Me, We Can Be and the high profile City Giving Day, which draws attention to the philanthropy taking place in the City, as well as through its financial support and other support of this year’s benefitting charities. Accordingly, the trustees consider that they have fulfilled their obligation under the Charities Act 2011 in this respect.
The Board of Trustees determines the strategic direction of the charity. It also agrees all grants. Day to day operations are managed by the Chief Executive in close consultation with the Chairman, which during the 2024 appeal year was Alderman Alastair King.
Each appeal year has related planning costs, notably personnel and marketing. The charity has incurred these costs for the TLMA 2025 appeal year of the Mayoralty of Alderman Alastair King which commenced on 10 November 2024. These costs have been deferred in the accompanying financial statements in order to match income and expense, as well as being treated on a basis consistent with each year.
Trading Company
The Lord Mayor’s Appeal Trading Limited was registered on 1 December 2018 and is VAT registered. All trading income from events, membership/sponsorship (We Can Be) is through the trading company. Net profits from the trading company are covenanted to the charity annually.
Page 2
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
Our Key Achievements
TLMA is focussed on engaging in a strategic way with the corporate and business community which has enabled this community to support TLMA through donations over a three-year period, having more focus on impact and having more engagement with TLMA programmes. The way of working was to increase both regular giving and the scale of giving. The focus has been on creating collaborations with corporates and not-for-profits that tackle the issues of inclusion and mental health as well as a focus on increasing corporate and individual charitable activity and support within the City. TLMA organised three fundraising events during the year and benefitted from an event organised by a third party. All events are run through TLMA’s trading subsidiary. TLMA receives donations from most Livery companies every year and receives individual and corporate donations ad hoc each year.
Our programmes
This programme sits under our Inclusion pillar.
The Power of Inclusion series breaks down societal and workplace barriers, to help empower and educate organisations to create inclusive and diverse workplace cultures.
In 2024 the strategy for the Power of Inclusion continued to focus on Social Mobility.
Key Stats
-
New Change Starts Together video released in June 2024 - 547 views by Nov 30th
-
122 total attendance at the workshop series (across two events)
-
35 organisations attended a collaborative webinar with the This Is Me initiative
-
Senior leaders from 18 organisation joined together for an intimate discussion about their role in progressing social mobility in the City
-
3 Senior Leadership Forum meetings
Quote from Robin Creswell, Managing Director, Payden & Rygel and member of POI Senior Leadership
Forum - “The tangible positive measurable progress of “The Power of Inclusion” since it’s earliest days has been extraordinary. From “feeling our way” to events, round tables and a senior leadership forum now, attendees are clearly professional, committed and contributing demonstrable programmes and outcomes. In a space that some might say would defy clarity we are seeing clear thinking and positive practical developments that are research and data based without losing the “human scale” component”.
Quote from Jason Carboo, Early Careers Programme Manager, Financial Conduct Authority – “I had the pleasure of attending the Power of Inclusion event hosted by The Lord Mayor's Appeal at the prestigious Bloomberg building. (Breakfast was enticing!). Not only was the agenda stacked with amazing speakers but the room was full of like minded leaders keen to learn and engage with topics around social inclusion within DEI. ”
Page 3
The Lord Mayor's Appeal (A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
This programme sits under our Healthy pillar.
This is Me is a pioneering mental health programme, aiming to change attitudes and reduce stigma around mental health in the workplace.
This is Me is the mental health campaign that was a concept initiated by Barclays and has been led by The Lord Mayor’s Appeal for eight years.
This is Me aims to help create inclusive cultures within organisations so that employees feel they can be open and recognise and seek the support they need earlier before reaching crisis point. The campaign encourages organisations to share their employees’ lived experiences about mental health either via blogs, video or other mediums. Evidence shows that storytelling is one of the most powerful tools for behaviour change, with organisations that are sharing stories making accelerated progress compared to those that are not sharing stories. A new This is Me storytelling film was created in 2024. As well as the storytelling element of This is Me there is also the Green Ribbon Campaign and the Samaritans e-learning tool Wellbeing in the Workplace (this last tool was wound up during 2024).
Storytelling
-
75% felt managers were more likely to encourage staff to engage in mental health initiatives as a result of storytelling in their workplace
-
New This is Me storytelling video produced by the team with 484 views to date
-
Three episode podcast series agreed with FRP Advisory
-
One organisation won two awards for their This is Me Storytelling Campaign
Workshop attendees
-
450 event attendees across all regions
-
80% increase in confidence talking to employees about mental health as a result of working with This is Me
Green Ribbon
-
39 organisations purchased ribbons
-
12,190 Green Ribbons purchased in total
-
All time total 286,030
Wellbeing in the Workplace
-
52,000 people used the tool up until it was discontinued in late 2024
-
After completing the Wellbeing in the Workplace training, 93% participants said they felt more able to recognise emotional distress in others
The Hub
-
152 individuals across 141 organisations signed up for the Hub
-
130 resources downloads
" We recognised the importance of open dialogue around mental health, and This is Me was the perfect way to help us on our journey." Hani Kablawi, Head of International; BNY -
“There are two key elements of storytelling, one of which is hope. We don’t want to understate the pain of mental distress but #ThisIsMe offers people who are suffering, the ability to see that others have gone through it and recovered. Secondly, by sharing stories it helps to put mental health in the context of a wider person – ‘I am a lawyer, I’m a dad, I play football, oh, and I have schizophrenia’. Too often, when people say they have a diagnosis, they are then assumed just to be that diagnosis.” Richard Martin, Byrne Dean
“To me the Green Ribbon is symbolic of my organisations journey on mental health and wellbeing, and its as important to me now as it was back in 2018.” Alan Rankin, Diversity & Inclusion Lead, Sellafield
Page 4
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
“The Green Ribbon is a symbol of support for people who might be struggling and one of awareness for those who haven’t yet realised how important it is to prioritise their own mental health and how it is connected to their physical health and overall wellbeing.” Laura Sartin, Head of Health, Safety and Wellbeing UK, Aon
This programme sits under our Skills pillar.
We Can Be empowers young women to see the City as a viable career option, providing them with skills and confidence through exposure to participating businesses.
We Can Be is run through the trading subsidiary.
Through this unique day the aim is to help change the future for the next generation of young women, and the future for business by showing young women that the doors of the City are very much open to them and they can have the skills to do the job equally. The seventh We Can Be took place in February 2024. The morning session takes place at corporate workplaces with the afternoon session bringing all the young women and representatives of the businesses together at Guildhall.
Quotes
“Thank you for inviting us to be part of this. The opportunity and experience was very much appreciated by the students.” U Sookun, Ark EGA Academy
“The enthusiasm of the girls made my jet lag disappear! It was absolutely wonderful to see 280 girls in such a grand venue. I especially liked the simulation which gave the girls a fun, yet educational experience in portfolio investment.” Tangy M, TLMA Trustee
Students about the morning
“Getting to meet new people, that helped inspire me.”
“Learning about other people’s background and careers and listening to their advice” Students about the afternoon
“I love how welcoming everyone is and how the event looks like - very inspirational.” “Talking to new people and the challenge was amazing.”
Page 5
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
This programme sits under our Fair pillar.
City Giving Day is the one day in the year which enables businesses to come together to celebrate and showcase their charitable and volunteering achievements.
In a fair society everyone has the same opportunities, regardless of social class, age, disability, race, gender, sexual orientation or identity. As part of our commitment to create a fair society, City Giving Day is a unique day which unites business in the City and beyond by celebrating the positive impact they have for their charity partners and their local communities, through philanthropy and volunteering. In 2024 we have more companies registered that in the previous year and more activity taking place during the day.
“City Giving Day gives us an opportunity to spotlight the work of our Community Relations Committees and to engage staff around a fundraising event. It is traditionally part of our Sustainable September programme and now celebrated in multiple Euroclear locations.”
Alison Edwards, Communications Manager ESG, Euroclear
“A great way to thank employees for all of their philanthropic efforts throughout the year, engaging in fun activities whilst support our charity partners.”
Cressida Lane, Community Relations Lead, Janus Henderson Investors
“City Giving Day shines a spotlight on the fantastic fundraising and volunteering work that happens all year round, across all corners of the city and beyond. We’re proud to be corporate supporters and it’s always great to see so many of our people getting involved.”
Sally Yiallouros, Corporate Responsibility Lead, EY
“It's just an amazing opportunity to take a step back from the day job to think about the bigger difference that we can all make when we all come together.” Anthony Mazen, Lloyds Banking Group
“City Giving Day is a really important way to raise awareness for our charities of the year, and colleagues are very generous with their time and their money.”
Lydia Gadd, Bank of England
Page 6
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
Partner charities
TLMA's net funds supported three charities during 2024. National Numeracy, MQ Mental Health Research and The Royal Foundation's Homewards Programme.
Our partnership with National Numeracy funded their new initiative - ‘Every Londoner Counts’ - which helps improve employability and financial inclusion by supporting thousands of Londoners in greatest need to build confidence, skills and positive attitudes to basic numeracy through a network of 500 newly-trained Numeracy Champions.
Within the ‘Every Londoner Counts’ initiative National Numeracy recruit volunteer Numeracy Champions to mentor adults with low numeracy: building confidence, encouraging positive attitudes to maths, and introducing resources to improve Londoners’ skills.
The number of Numeracy Champions trained since the partnership began in January 2022 is 546. The total number of learners supported through National Numeracy’s Confidence with Numbers workshops since the beginning of the partnership in 2022 is 583.
Support from The Lord Mayor’s Appeal in 2024 enabled National Numeracy to recruit further delivery partners to support Numeracy Champion work within London, empowering even more Londoners in need to get on better with numbers.
MQ Mental Health Research is the only UK charity that exclusively invests in mental health research. MQ works to create a world where mental illness is understood, effectively treated, and ultimately prevented. Our partnership with MQ is enabling has supported several new research programmes from the mental health impact of the cost-of-living crisis to the use of virtual reality in mental health therapies. In partnership with Oxford University, and the Wellcome Trust, we are supporting GALENOS, a Global Alliance for Living Evidence on anxiety, depression, and psychosis that aims to deliver ground-breaking understanding of the mechanisms involved in mental illness. This open resource should significantly speed up research prioritisation in mental health on a global scale. During 2024 we begun to support their Scholarship Programme.
Prince William and The Royal Foundation launched Homewards in 2023; a transformative five-year programme that aims to demonstrate that together, it’s possible to end homelessness – making it rare, brief and unrepeated. Homewards is initially working in partnership with six flagship locations across the UK, supporting them to form locally led coalitions, and providing them with the space, tools and expertise to show how this can be done. By demonstrating that homelessness is not inevitable, and is in fact a solvable issue, Homewards is kickstarting an inspiring movement in the UK, and further afield, to end homelessness for good. The Lord Mayor’s Appeal is supporting this work through funds, collaboration and connections.
Page 7
The Lord Mayor's Appeal (A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
Specifically, the 2024 Appeal will have raised a net surplus of £538,537. The total income was £1,765,423 less expenditure on raising funds of £709,570, charitable event and support expenditure of £435,684 and governance costs of £81,632.
The grants made by the Board of Trustees during the 2024 Appeal were:
TLMA 2024 National Numeracy £100,000 MQ Mental Health Research £100,000 The Royal Foundation (Homewards programme) £100,000
The final grants from 2024 have not yet been paid and payments from the discretionary 10% for 2024 have not yet been paid. The final grants will be made to the above charities during 2025 in respect of TLMA 2024.
| The final grants from 2023 were as follows: | |
|---|---|
| The Duke of Edinburgh’s Award | £111,331 |
| National Numeracy | £111,331 |
| MQ Mental Heath Research | £111,331 |
| Payments from the discretionary 10% for 2023 | were as follows: |
| St John’s Ambulance | £22,860 |
| Merchant Taylor’s Foundation | £22,860 |
| London Air Ambulance | £30,385 |
| The Sea Change Sailing Trust | £25,720 |
| The Classical Road Show | £ 5,000 |
| London Irish Centre Camden | £23,602 |
| Mansion House Scholarship Scheme | £15,000 |
Financial review
TLMA is a grant giving charity. It has continued to be based in Guildhall. As noted above, the funds raised for TLMA 2024 were £1,765,423 (2023: £2,921,974) and the expenditure incurred before grant payments were £709,570 (2023: £1,043,723) on raising funds, £435,684 (2023: £361,589) of charitable event and support costs and £81,632 (2023: £78,893) of governance costs resulting in net funds raised of approximately £538,537 (2023: £1,437,769).
The total grants payable per the accounts were £757,256 (2023: £1,744,038) of which £300,000 (2023: £960,000) was in relation to the 2024 Appeal year as detailed under ‘Our Key Achievements’ and in note 6 of the accounts. From TLMA 2024, a sum of £8,078 will be retained in accordance with the reserves policy and the balance of the reserves will be distributed during the subsequent financial year.
Reserves policy
It is presently the policy of TLMA to build up reserves (held in a separate account) to deal with the peaks of expenditure and troughs of income through retaining the lower of £25,000 or 1.5% of the net sum raised for each year. Following the 2024 Appeal reserves in the working capital fund will be £219,942.
As at the year end, TLMA's unrestricted reserves of £656,534 comprised of two elements: the header reserves as explained above of £219,949 (the movement in the reserves are shown in note 16 of the accounts) and unrestricted reserves of £436,585. The unrestricted reserves will be paid out as grants in the subsequent financial year. TLMA also had restricted funds at the year end of £Nil and these will be used in accordance with the instructions of the donors. The movements in the restricted reserves are shown in note 16 of the accounts.
Page 8
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
Principal risks and uncertainties
The charity has no long-term liabilities or other financial commitments. It has been able to obtain accommodation for the time being at no cost and accordingly has no future lease commitment.
The Corporate Partners Programme that was put in place in 2018 for the multi-year appeal enables ongoing giving from businesses and livery companies. The challenge for The Lord Mayor’s Appeal is to build up the Corporate Partnership and potentially open up other sources of funding. Following the more challenging fundraising climate experienced in 2024, and after the year end, the Board of Trustees resolved to review the strategy and operations of TLMA with a view to increasing income and overall impact, within the existing framework of ‘A Better City for All’. As part of that review, the Board of Trustees will also consider whether the Board of Trustees and other committees of the TLMA should be refreshed in any way.
Fundraising
TLMA is registered with the Fundraising Regulator and always remains committed to meeting best practice fundraising standards and adhering to the Code of Fundraising Practice and as such we follow all relevant guidelines and advice. Supporters and their needs are at the heart of our fundraising activities. To protect and maintain the high standards that we and the public expect, we ensure that professional fundraisers adhere to our policies and practices, with particular attention paid to vulnerable people.
The core of our fundraising strategy is delivered internally by our team of professional staff and from time to time we may work with external consultants, agencies and other professional fundraising services to complement our fundraising activity.
We comply with all data protection requirements under GDPR and PECR and will action any requests for no further contact we receive directly or through the Fundraising Preference Service.
Last year we received no complaints (2023: none) related to our fundraising activities directly to TLMA and no complaints via the Fundraising Regulator.
Plans for future periods
During 2025 TLMA is continuing with their work set out above with the initiatives, and corporate partners. We currently have 40 Corporate Partners signed up and our main focus is on new prospects and securing further corporate partners either for this year or to begin in 2026. During 2025 a strategic review is also taking place. It was agreed that in 2025 we would continue to support Homewards – A Royal Foundation Programme, and MQ Mental Health Research. A small % was also agreed be given to National Numeracy. Our partnership with both MQ Mental Health Research and National Numeracy will finish at the end of 2025.
Structure, governance and management
The Lord Mayor's Appeal (TLMA) is a company limited by guarantee and does not have any share capital. It was incorporated on 12 July 2012 and is governed by its Memorandum and Articles of Association as amended.
The governance of TLMA rests with the directors/trustees, the majority are Aldermen of the City of London (Aldermanic Directors) with the others being Non-Aldermanic Directors. Alderman Alastair King was Chair during TLMA 2024 year. Constitutionally the Board consists of the Lord Mayor of the City of London and not less than one other person appointed from time to time in accordance with the Articles, provided that, at any given time, the at least half of the directors must be Aldermanic Directors. Induction and training of trustees is determined on a case-by-case basis.
Page 9
The Lord Mayor's Appeal (A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
The trustees, who are also the directors for the purpose of company law, and who served throughout the year were:
| Lidia Bozhevolnaya | |
|---|---|
| Sir Edward Braham | Appointed Trustee January 2025 and appointed Chair March 2025 |
| Alderman TimothyHailes | |
| Professor Zainab Khan | Resigned March 2025 |
| Alderman Alastair King | Chair for 2023/2024 |
| Alderwoman Dame Susan Langley | Appointed January 2024. Interim Chair 2024/2025 |
| Alderman Sir Nicholas Lyons–Lord Mayor 2022-2023 | Resigned March 2025 |
| Alderman Professor Michael Mainelli – Lord Mayor 2023/2024 |
Resigned March 2025 |
| TangyMorgan | |
| Phoebe Stone | Resigned December 2024 |
| Vincent Thomas Keavney | Resigned December 2023 |
None of the trustees has any beneficial interest in the company. All the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
As previously explained, the governance of TLMA rests with the directors/trustees who hold meetings four times a year. The board of directors/trustees have delegated the day-to-day running of the charity to the Chief Executive (Caroline Wright).
The remuneration of the CEO is set by the Trustees and is benchmarked using Corporation of London benchmarking as well as research into the ‘going rate’ for similar roles in other similar organisations.
Page 10
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
Statement of Trustees' responsibilities
The Trustees, who are also the directors of The Lord Mayor's Appeal for the purpose of company law, 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any
-
material departures disclosed and explained in the financial statements;
-
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 adequate accounting records that are sufficient to show and explain the charity's transactions and 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.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
• as far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Kreston Reeves LLP, have indicated their willingness to continue in office and a tender process will commence ahead of the year ended 30 November 2025 audit.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Sir Edward Braham
Chair
Date:
Page 11
The Lord Mayor's Appeal
(A company limited by guarantee)
Consolidated Statement of financial activities (incorporating income and expenditure account) For the year ended 30 November 2024
| Note Income from: Donations and legacies 3 Other trading activities 4 Total income Expenditure on: Raising funds 5 Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 £ 11,540 - 11,540 - 11,540 11,540 - - - - |
Unrestricted funds 2024 £ 1,077,548 676,335 1,753,883 709,570 1,263,032 1,972,602 (218,719) 875,253 (218,719) 656,534 |
Total funds 2024 £ 1,089,088 676,335 1,765,423 709,570 1,274,572 1,984,142 (218,719) 875,253 (218,719) 656,534 |
As restated Total funds 2023 £ 1,135,209 1,786,765 2,921,974 1,043,723 2,184,520 3,228,243 (306,269) 1,181,522 (306,269) 875,253 |
|---|---|---|---|---|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 21 to 37 form part of these financial statements.
Page 17
The Lord Mayor's Appeal (A company limited by guarantee) Registered number: 08140664
Consolidated balance sheet As at 30 November 2024
| Note Fixed assets Tangible assets 12 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total net assets Charity funds Restricted funds 17 Unrestricted funds Designated funds 17 General funds 17 Total unrestricted funds 17 Total funds |
247,347 707,463 954,810 (298,276) 204,949 451,585 |
2024 £ - - 656,534 656,534 - 656,534 656,534 |
200,354 837,021 1,037,375 (162,122) 196,871 678,382 |
2023 £ - |
|---|---|---|---|---|
| - 875,253 |
||||
| 875,253 | ||||
| - 875,253 |
||||
| 875,253 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Sir Edward Braham Chair
Date:
The notes on pages 21 to 37 form part of these financial statements.
Page 18
The Lord Mayor's Appeal
(A company limited by guarantee) Registered number: 08140664
Charity balance sheet As at 30 November 2024
| Note Fixed assets Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 17 Unrestricted funds Designated funds 17 General funds 17 Total unrestricted funds 17 Total funds |
336,651 547,474 884,125 (227,592) 211,871 444,663 |
2024 £ 1 1 656,533 656,534 656,534 - 656,534 656,534 |
410,524 545,039 955,563 (80,311) 196,871 678,382 |
2023 £ 1 |
|---|---|---|---|---|
| 1 875,252 |
||||
| 875,253 | ||||
| 875,253 | ||||
| - 875,253 |
||||
| 875,253 |
The Charity's net movement in funds for the year was £(218,719) (2023 - £(306,269)).
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Sir Edward Braham
Date: 1st August 2025
The notes on pages 21 to 37 form part of these financial statements.
Page 19
The Lord Mayor's Appeal (A company limited by guarantee)
Consolidated statement of cash flows For the year ended 30 November 2024
| Note Cash flows from operating activities Net cash used in operating activities 19 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 20 |
2024 £ (129,558) (129,558) 837,021 707,463 |
2023 £ (246,423) (246,423) 1,083,444 837,021 |
|---|---|---|
The notes on pages 21 to 37 form part of these financial statements
Page 20
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
1. General information
The Lord Mayor's Appeal is a private company limited by guarantee incorporated in England and Wales. The registered office is The Mansion House, Walbrook, London, EC4 8BH.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Lord Mayor's Appeal meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.
2.2 Going concern
The Trustees have considered whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Page 21
The Lord Mayor's Appeal
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.5 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Plant and machinery - 33%
2.7 Investments
Investments in subsidiaries are valued at cost less provision for impairment.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 22
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
2. Accounting policies (continued)
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.11 Financial instruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Pensions
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 23
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
3. Income from donations and legacies
| Restricted funds 2024 Unrestricted funds 2024 £ £ Donations 11,540 1,077,548 Total 2023 as restated 58,753 1,076,456 4. Income from other trading activities Income from fundraising events Unrestricted funds 2024 £ Fundraising events 138,371 Total 2023 314,404 Income from non charitable trading activities Unrestricted funds 2024 £ Income from subsidiary - LMA Trading Limited 537,964 Total 2023 1,472,361 |
Total funds 2024 £ 1,089,088 1,135,209 Total funds 2024 £ 138,371 314,404 Total funds 2024 £ 537,964 1,472,361 |
As restated Total funds 2023 £ 1,135,209 |
|---|---|---|
| Total funds 2023 £ 314,404 |
||
| Total funds 2023 £ 1,472,361 |
||
Page 24
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
5. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted funds 2024 £ Consultancy 31,861 Support costs 52,472 Wages and salaries 317,520 Social security costs 35,260 Other pension costs 6,209 443,322 Total 2023 544,085 Other trading expenses Unrestricted funds 2024 £ Expenditure of subsidiary - LMA Trading Limited 266,248 Total 2023 499,638 6. Analysis of grants Grants to Institutions 2024 £ Grants payable 757,256 Total 2023 1,744,038 |
Total funds 2024 £ 31,861 52,472 317,520 35,260 6,209 443,322 544,085 Total funds 2024 £ 266,248 499,638 Total funds 2024 £ 757,256 1,744,038 |
Total funds 2023 £ 32,230 120,604 341,981 35,836 13,434 |
|---|---|---|
| 544,085 | ||
| Total funds 2023 £ 499,638 |
||
| Total funds 2023 £ 1,744,038 |
||
Page 25
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
6. Analysis of grants (continued)
The Group has made the following material grants to institutions during the year:
| Samaritans (2022 Appeal) Place2Be (2022 Appeal) The Duke of Edinburgh's Award (2022 Appeal) OnSide Youth Zones (2022 Appeal) National Numeracy (2022 Appeal) MQ Mental Health Research (2023 Appeal) The Duke of Edinburgh's Award (2023 Appeal) National Numeracy (2023 Appeal) MQ Mental Health Research (2024 Appeal) National Numeracy (2024 Appeal) The Royal Foundation (2024 Appeal) Other grants under £35,000 No grants were paid to individuals. |
2024 £ - - - - - 111,330 111,330 111,330 100,000 100,000 100,000 633,990 123,266 757,256 |
2023 £ 76,070 76,070 223,209 76,070 223,209 320,000 320,000 320,000 - - - |
|---|---|---|
| 1,634,628 109,410 |
||
| 1,744,038 | ||
All grant payments are made by TLMA (parent charity).
7. Analysis of expenditure on charitable activities
Summary by fund type
| City Giving Day Power of Inclusion This Is Me + Green Ribbon Grant and governance costs We Can Be Total 2023 as restated |
Restricted funds 2024 Unrestricted funds 2024 £ £ - 159,104 - 75,324 - 78,888 11,540 827,348 - 122,368 11,540 1,263,032 58,753 2,125,767 |
Total 2024 £ 159,104 75,324 78,888 838,888 122,368 1,274,572 2,184,520 |
As restated Total 2023 £ 121,902 71,333 41,440 1,822,931 126,914 |
|---|---|---|---|
| 2,184,520 | |||
Page 26
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
8. Analysis of expenditure by activities
| City Giving Day Power of Inclusion This Is Me + Green Ribbon Grant and governance costs We Can Be Total 2023 as restated |
Activities undertaken directly 2024 £ 159,104 75,324 78,888 - 122,368 435,684 361,589 |
Grant funding of activities 2024 £ - - - 757,256 - 757,256 1,744,038 |
Support costs 2024 £ - - - 81,632 - 81,632 78,893 |
Total funds 2024 £ 159,104 75,324 78,888 838,888 122,368 1,274,572 2,184,520 |
As restated Total funds 2023 £ 121,902 71,333 41,440 1,822,931 126,914 |
|---|---|---|---|---|---|
| 2,184,520 | |||||
Analysis of direct costs
| Staff costs Design costs Material costs Event costs Media costs Other Total 2023 as restated |
City Giving Day 2024 £ 67,927 49,112 7,696 34,314 - 55 159,104 121,902 |
Power of Inclusion 2024 £ 60,907 176 - 14,001 - 240 75,324 71,333 |
This Is Me + Green Ribbon 2024 £ 57,044 864 - 16,083 4,215 682 78,888 41,440 |
We Can Be 2024 £ 59,670 154 1,208 32,919 80 28,337 122,368 126,914 |
Total funds 2024 £ 245,548 50,306 8,904 97,317 4,295 29,314 435,684 361,589 |
As restated Total funds 2023 £ 199,425 11,289 7,254 112,990 1,149 29,482 |
|---|---|---|---|---|---|---|
| 361,589 | ||||||
Page 27
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Audit fees Office costs |
Total funds 2024 £ 20,706 60,926 81,632 |
As restated Total funds 2023 £ 20,100 58,793 |
|---|---|---|
| 78,893 |
| 9. | Auditors' remuneration | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Fees payable to the Charity's auditor in respect of: | |||
| Audit of the Charity's annual accounts | 8,350 | 8,100 | |
| Audit of the subsidiary's annual accounts | 7,100 | 6,900 | |
| All non-audit services not included above | 5,256 | 5,100 |
10. Staff costs
| Wages and salaries Social security costs Other pension costs |
Group 2024 £ 563,068 35,260 6,209 604,537 |
Group 2023 £ 541,406 35,836 13,434 590,676 |
Charity 2024 £ 563,068 35,260 6,209 604,537 |
Charity 2023 £ 541,406 35,836 13,434 |
|---|---|---|---|---|
| 590,676 |
Page 28
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
10. Staff costs (continued)
The average number of persons employed by the Charity during the year was as follows:
| CEO Office/Finance Manager Events Manager Programme Project Manager Programme/Appeal Officers Comms Manager |
Group 2024 No. 1 1 3 4 3 1 13 |
Group 2023 No. 1 1 3 3 3 1 |
|---|---|---|
| 12 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| Group | Group | |
|---|---|---|
| 2024 | 2023 | |
| No. | No. | |
| In the band £90,001 - £100,000 | - | 1 |
| In the band £100,001 - £110,000 | 1 | - |
Of the employees whose emoluments exceed £60,000, one (2023: one) had retirement benefits accruing under defined contribution pension schemes.
All the staff were directly employed by TLMA but the payroll service was provided free of charged by The City of London Corporation.
The key management personnel of TLMA are the trustees and the Chief Executive Officer. The total employee benefits of the key management personnel were £117,868 (2023: £112,282).
Page 29
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023: £Nil).
During the year ended 30 November 2024, no Trustee expenses have been incurred (2023 £Nil).
During the year, Trustees made personal donations of £Nil to the Charity (2023: £1,220). Related parties of the Trustees made donations of £250 to the Charity (2023: £13,359).
12. Tangible fixed assets
Group and Charity
| Cost or valuation At 1 December 2023 At 30 November 2024 Depreciation At 1 December 2023 At 30 November 2024 Net book value At 30 November 2024 At 30 November 2023 |
Plant and machinery £ 5,041 |
|---|---|
| 5,041 | |
| 5,041 | |
| 5,041 | |
| - | |
| - |
Page 30
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
13. Fixed asset investments
| Charity Cost or valuation At 1 December 2023 At 30 November 2024 Net book value At 30 November 2024 At 30 November 2023 |
Investments in subsidiary companies £ 1 |
|---|---|
| 1 | |
| 1 | |
| 1 |
14. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
Group 2024 £ 93,550 - 153,797 247,347 |
Group 2023 £ 55,905 50 144,399 200,354 |
Charity 2024 £ 30,950 - 305,701 336,651 |
Charity 2023 £ 34,175 - 376,349 410,524 |
|---|---|---|---|---|
Page 31
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
15. Creditors: Amounts falling due within one year
| Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income |
Group 2024 £ 68,177 - 15,951 48,874 165,274 298,276 |
Group 2023 £ 27,097 - 1,499 3,449 130,077 162,122 |
Charity 2024 £ 21,494 133,696 4,546 46,052 21,804 227,592 |
Charity 2023 £ 24,093 - - 3,449 52,769 |
|---|---|---|---|---|
| 80,311 |
Deferred income relates to funds received in relation to the 2024 Appeal which falls in the next mayoral year. Income of £134,700 has been deferred so that it is recognised in the appropriate mayoral fundraising year. The amount deferred in the prior year of £34,357 was released in the current year.
16. Prior year adjustments
A prior year adjustment of £86,435 has been recognised in relation to donated services that the charity had received. This has impacted both donation income and charitable expenditure by £86,435, which has also been restated in the funds, with a £Nil impact on the prior year deficit.
A prior year adjustment of £15,000 has also been recognised in relation to a payment that was incorrectly included in general funds. Therefore, the prior year transfer in to the working capital designated fund has been amended by £15,000 and a transfer out of general funds has decreased by £15,000 which has also been restated in the funds, with a £Nil impact on the prior year deficit.
Page 32
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
17. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 30 | ||||
| December | Transfers | November | |||
| 2023 | Income | Expenditure | in/out | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Designated funds | |||||
| Working capital | 196,871 | - | - | 8,078 | 204,949 |
The above designated funds have been set aside out of unrestricted funds by the trustees for a specific purpose - working capital to cover any future shortfall in funding.
General funds
| General funds | |||||
|---|---|---|---|---|---|
| General Funds Total Unrestricted funds Restricted funds Donations Total of funds |
678,382 875,253 - 875,253 |
1,753,883 1,753,883 11,540 1,765,423 |
(1,972,602) (1,972,602) (11,540) (1,984,142) |
(8,078) - - - |
451,585 |
| 656,534 | |||||
| - | |||||
| 656,534 |
The above restricted funds comprise balances of donations and grants which have been given to the charity for specific purposes.
Page 33
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Working capital General funds General Funds Total Unrestricted funds Restricted funds Donations Total of funds |
Balance at 1 December 2022 £ 190,304 991,218 1,181,522 - 1,181,522 |
As restated Income £ - 2,863,221 2,863,221 58,753 2,921,974 |
As restated Expenditure £ - (3,169,490) (3,169,490) (58,753) (3,228,243) |
As restated Transfers in/out £ 6,567 (6,567) - - - |
Balance at 30 November 2023 £ 196,871 |
|---|---|---|---|---|---|
| 678,382 | |||||
| 875,253 | |||||
| - | |||||
| 875,253 |
18. Analysis of net assets between funds Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Current assets 954,810 Creditors due within one year (298,276) Total 656,534 |
Total funds 2024 £ 954,810 (298,276) |
|---|---|
| 656,534 |
Page 34
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
18. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 1,037,375 (162,122) 875,253 |
Total funds 2023 £ 1,037,375 (162,122) |
|---|---|---|
| 875,253 |
19. Reconciliation of net movement in funds to net cash flow from operating activities
| Net expenditure for the period (as per Statement of Financial Activities) Adjustments for: Decrease/(increase) in debtors Increase in creditors (Decrease) in deferred income Net cash (used in) by operating activities |
Group 2024 £ (218,719) (46,993) 101,457 122,197 (42,058) |
Group 2023 £ (306,269) |
|---|---|---|
| 18,285 44,604 (3,043) |
||
| (246,423) |
20. Analysis of cash and cash equivalents
| Group | Group | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Cash in hand | 707,463 | 837,021 |
Page 35
The Lord Mayor's Appeal
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
21. Analysis of changes in net debt
| Cash at bank and in hand | At 1 December 2023 £ 837,021 837,021 |
Cash flows £ (129,558) (129,558) |
At 30 November 2024 £ 707,463 |
|---|---|---|---|
| 707,463 |
22. Contingent liabilities
As of year-end, the charity has a contingent liability of £238,537 in respect of committed grant expenditure for charity partners. This liability arises from grant commitments made to partner organisations, of which the amount that will be granted to these organisations is contingent on the funds raised in the 2024 Appeal.
Page 36
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
23. Related party transactions
Alderman Sir William Russell, Trustee until 7 December 2022, is also a Director of Place2Be. The charity paid grants during the year of £Nil to Place2Be (2023: £75,070).
Exemption from the requirement to disclose transaction between wholly owned group members has been taken in accordance with provisions in FRS8.
24. Controlling party
There is no ultimate controlling party.
25. Principal subsidiaries
The following was a subsidiary undertaking of the Charity:
| Name | Company | Registered office or principal | Class of | Holding |
|---|---|---|---|---|
| number | place of business | shares | ||
| Lord Mayor's Appeal Trading | 11692137 | The Mansion House, London, | Ordinary | 100% |
| Limited | EC4N 8BH | |||
| Included in | ||||
| consolidation | ||||
| Yes |
The financial results of the subsidiary for the year were:
| Name | Income | Expenditure | Net assets / |
|---|---|---|---|
| £ | £ | (liabilities) | |
| £ | |||
| Lord Mayor's Appeal Trading Limited | 537,964 | (537,964) | 1 |
Page 37
Registered number: 08140664 Charity number: 1148976
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report and financial statements For the year ended 30 November 2024
The Lord Mayor's Appeal
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 11 |
| Independent auditors' report on the financial statements | 12 - 16 |
| Consolidated statement of financial activities | 17 |
| Consolidated balance sheet | 18 |
| Charity balance sheet | 19 |
| Consolidated statement of cash flows | 20 |
| Notes to the financial statements | 21 - 37 |
The Lord Mayor's Appeal
(A company limited by guarantee)
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 30 November 2024
| Trustees | Alderman Timothy Hailes |
|---|---|
| Alderman Alastair King-Lord Mayor 2024/2025, Chair for 2023/24 appeal year | |
| Lidia Bozhevolnaya | |
| Alderwoman Dame Susan Langley (appointed 1 January 2024) | |
| Tangy Morgan (appointed 1 December 2023) | |
| Sir Edward Braham (appointed 6 January 2025) Chair from March 2025 onwards | |
| Company registered number 08140664 Charity registered number 1148976 Registered office The Mansion House Walbrook London EC4 8BH Chief executive officer Caroline Wright Independent auditors Kreston Reeves LLP Chartered Accountants Statutory Auditor 2nd Floor 168 Shoreditch High Street London E1 6RA Bankers Barclays Bank Plc 27 Soho Square London W1D 3QR |
Page 1
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report For the year ended 30 November 2024
The trustees present their report and accounts for the year ended 30 November 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with The Lord Mayor's Appeal's (TLMA) Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016) (effective 1 January 2019).
Our Strategy
The purpose of TLMA as a separately incorporated charitable company is to provide a permanent basis for each Lord Mayor of the City of London. This has enabled TLMA to broaden and encompass more than fundraising, for example by defining longer running themes in promoting philanthropy in the City of London and associated thought leadership topics, such as social inclusion and mental health.
The work of TLMA has been organised within four pillars: Inclusive, Healthy, Skilled and Fair. This strategy has helped to develop a model which focuses support and thereby improves impact on society and communities. As part of this strategy, the trustees of TLMA established an appeal programme to create ‘A Better City for All’. As well as net funds being raised for the chosen charities, this aims to highlight the impact sought by TLMA.
The USP for TLMA is its ability to convene business, experts and not-for-profits together to tackle issues, inspiring them and developing programmes to demonstrate impact that will enable the activity/intervention to become mainstream..
TLMA is focussed on enabling a movement of change to create A Better City for All through its thought leadership programmes and support of partner charities, and in so doing create a legacy for all those involved.
During 2024 TLMA delivered ground breaking programmes with three charity partners: National Numeracy, MQ Mental Health Research and The Duke of Edinburgh’s Award. It also continued running their four thought leadership programmes – Power of Inclusion - Inclusive pillar , This is Me - Healthy pillar, We Can Be - Skills pillar and City Giving Day - Fair pillar.
Public Benefit statement
The trustees have paid due regard to guidance issued by the Charity Commission in deciding TLMA’s activities. It has benefited the public, business and employees through its thought leadership programmes, Power of Inclusion and This is Me, We Can Be and the high profile City Giving Day, which draws attention to the philanthropy taking place in the City, as well as through its financial support and other support of this year’s benefitting charities. Accordingly, the trustees consider that they have fulfilled their obligation under the Charities Act 2011 in this respect.
The Board of Trustees determines the strategic direction of the charity. It also agrees all grants. Day to day operations are managed by the Chief Executive in close consultation with the Chairman, which during the 2024 appeal year was Alderman Alastair King.
Each appeal year has related planning costs, notably personnel and marketing. The charity has incurred these costs for the TLMA 2025 appeal year of the Mayoralty of Alderman Alastair King which commenced on 10 November 2024. These costs have been deferred in the accompanying financial statements in order to match income and expense, as well as being treated on a basis consistent with each year.
Trading Company
The Lord Mayor’s Appeal Trading Limited was registered on 1 December 2018 and is VAT registered. All trading income from events, membership/sponsorship (We Can Be) is through the trading company. Net profits from the trading company are covenanted to the charity annually.
Page 2
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
Our Key Achievements
TLMA is focussed on engaging in a strategic way with the corporate and business community which has enabled this community to support TLMA through donations over a three-year period, having more focus on impact and having more engagement with TLMA programmes. The way of working was to increase both regular giving and the scale of giving. The focus has been on creating collaborations with corporates and not-for-profits that tackle the issues of inclusion and mental health as well as a focus on increasing corporate and individual charitable activity and support within the City. TLMA organised three fundraising events during the year and benefitted from an event organised by a third party. All events are run through TLMA’s trading subsidiary. TLMA receives donations from most Livery companies every year and receives individual and corporate donations ad hoc each year.
Our programmes
This programme sits under our Inclusion pillar.
The Power of Inclusion series breaks down societal and workplace barriers, to help empower and educate organisations to create inclusive and diverse workplace cultures.
In 2024 the strategy for the Power of Inclusion continued to focus on Social Mobility.
Key Stats
-
New Change Starts Together video released in June 2024 - 547 views by Nov 30th
-
122 total attendance at the workshop series (across two events)
-
35 organisations attended a collaborative webinar with the This Is Me initiative
-
Senior leaders from 18 organisation joined together for an intimate discussion about their role in progressing social mobility in the City
-
3 Senior Leadership Forum meetings
Quote from Robin Creswell, Managing Director, Payden & Rygel and member of POI Senior Leadership
Forum - “The tangible positive measurable progress of “The Power of Inclusion” since it’s earliest days has been extraordinary. From “feeling our way” to events, round tables and a senior leadership forum now, attendees are clearly professional, committed and contributing demonstrable programmes and outcomes. In a space that some might say would defy clarity we are seeing clear thinking and positive practical developments that are research and data based without losing the “human scale” component”.
Quote from Jason Carboo, Early Careers Programme Manager, Financial Conduct Authority – “I had the pleasure of attending the Power of Inclusion event hosted by The Lord Mayor's Appeal at the prestigious Bloomberg building. (Breakfast was enticing!). Not only was the agenda stacked with amazing speakers but the room was full of like minded leaders keen to learn and engage with topics around social inclusion within DEI. ”
Page 3
The Lord Mayor's Appeal (A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
This programme sits under our Healthy pillar.
This is Me is a pioneering mental health programme, aiming to change attitudes and reduce stigma around mental health in the workplace.
This is Me is the mental health campaign that was a concept initiated by Barclays and has been led by The Lord Mayor’s Appeal for eight years.
This is Me aims to help create inclusive cultures within organisations so that employees feel they can be open and recognise and seek the support they need earlier before reaching crisis point. The campaign encourages organisations to share their employees’ lived experiences about mental health either via blogs, video or other mediums. Evidence shows that storytelling is one of the most powerful tools for behaviour change, with organisations that are sharing stories making accelerated progress compared to those that are not sharing stories. A new This is Me storytelling film was created in 2024. As well as the storytelling element of This is Me there is also the Green Ribbon Campaign and the Samaritans e-learning tool Wellbeing in the Workplace (this last tool was wound up during 2024).
Storytelling
-
75% felt managers were more likely to encourage staff to engage in mental health initiatives as a result of storytelling in their workplace
-
New This is Me storytelling video produced by the team with 484 views to date
-
Three episode podcast series agreed with FRP Advisory
-
One organisation won two awards for their This is Me Storytelling Campaign
Workshop attendees
-
450 event attendees across all regions
-
80% increase in confidence talking to employees about mental health as a result of working with This is Me
Green Ribbon
-
39 organisations purchased ribbons
-
12,190 Green Ribbons purchased in total
-
All time total 286,030
Wellbeing in the Workplace
-
52,000 people used the tool up until it was discontinued in late 2024
-
After completing the Wellbeing in the Workplace training, 93% participants said they felt more able to recognise emotional distress in others
The Hub
-
152 individuals across 141 organisations signed up for the Hub
-
130 resources downloads
" We recognised the importance of open dialogue around mental health, and This is Me was the perfect way to help us on our journey." Hani Kablawi, Head of International; BNY -
“There are two key elements of storytelling, one of which is hope. We don’t want to understate the pain of mental distress but #ThisIsMe offers people who are suffering, the ability to see that others have gone through it and recovered. Secondly, by sharing stories it helps to put mental health in the context of a wider person – ‘I am a lawyer, I’m a dad, I play football, oh, and I have schizophrenia’. Too often, when people say they have a diagnosis, they are then assumed just to be that diagnosis.” Richard Martin, Byrne Dean
“To me the Green Ribbon is symbolic of my organisations journey on mental health and wellbeing, and its as important to me now as it was back in 2018.” Alan Rankin, Diversity & Inclusion Lead, Sellafield
Page 4
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
“The Green Ribbon is a symbol of support for people who might be struggling and one of awareness for those who haven’t yet realised how important it is to prioritise their own mental health and how it is connected to their physical health and overall wellbeing.” Laura Sartin, Head of Health, Safety and Wellbeing UK, Aon
This programme sits under our Skills pillar.
We Can Be empowers young women to see the City as a viable career option, providing them with skills and confidence through exposure to participating businesses.
We Can Be is run through the trading subsidiary.
Through this unique day the aim is to help change the future for the next generation of young women, and the future for business by showing young women that the doors of the City are very much open to them and they can have the skills to do the job equally. The seventh We Can Be took place in February 2024. The morning session takes place at corporate workplaces with the afternoon session bringing all the young women and representatives of the businesses together at Guildhall.
Quotes
“Thank you for inviting us to be part of this. The opportunity and experience was very much appreciated by the students.” U Sookun, Ark EGA Academy
“The enthusiasm of the girls made my jet lag disappear! It was absolutely wonderful to see 280 girls in such a grand venue. I especially liked the simulation which gave the girls a fun, yet educational experience in portfolio investment.” Tangy M, TLMA Trustee
Students about the morning
“Getting to meet new people, that helped inspire me.”
“Learning about other people’s background and careers and listening to their advice” Students about the afternoon
“I love how welcoming everyone is and how the event looks like - very inspirational.” “Talking to new people and the challenge was amazing.”
Page 5
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
This programme sits under our Fair pillar.
City Giving Day is the one day in the year which enables businesses to come together to celebrate and showcase their charitable and volunteering achievements.
In a fair society everyone has the same opportunities, regardless of social class, age, disability, race, gender, sexual orientation or identity. As part of our commitment to create a fair society, City Giving Day is a unique day which unites business in the City and beyond by celebrating the positive impact they have for their charity partners and their local communities, through philanthropy and volunteering. In 2024 we have more companies registered that in the previous year and more activity taking place during the day.
“City Giving Day gives us an opportunity to spotlight the work of our Community Relations Committees and to engage staff around a fundraising event. It is traditionally part of our Sustainable September programme and now celebrated in multiple Euroclear locations.”
Alison Edwards, Communications Manager ESG, Euroclear
“A great way to thank employees for all of their philanthropic efforts throughout the year, engaging in fun activities whilst support our charity partners.”
Cressida Lane, Community Relations Lead, Janus Henderson Investors
“City Giving Day shines a spotlight on the fantastic fundraising and volunteering work that happens all year round, across all corners of the city and beyond. We’re proud to be corporate supporters and it’s always great to see so many of our people getting involved.”
Sally Yiallouros, Corporate Responsibility Lead, EY
“It's just an amazing opportunity to take a step back from the day job to think about the bigger difference that we can all make when we all come together.” Anthony Mazen, Lloyds Banking Group
“City Giving Day is a really important way to raise awareness for our charities of the year, and colleagues are very generous with their time and their money.”
Lydia Gadd, Bank of England
Page 6
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
Partner charities
TLMA's net funds supported three charities during 2024. National Numeracy, MQ Mental Health Research and The Royal Foundation's Homewards Programme.
Our partnership with National Numeracy funded their new initiative - ‘Every Londoner Counts’ - which helps improve employability and financial inclusion by supporting thousands of Londoners in greatest need to build confidence, skills and positive attitudes to basic numeracy through a network of 500 newly-trained Numeracy Champions.
Within the ‘Every Londoner Counts’ initiative National Numeracy recruit volunteer Numeracy Champions to mentor adults with low numeracy: building confidence, encouraging positive attitudes to maths, and introducing resources to improve Londoners’ skills.
The number of Numeracy Champions trained since the partnership began in January 2022 is 546. The total number of learners supported through National Numeracy’s Confidence with Numbers workshops since the beginning of the partnership in 2022 is 583.
Support from The Lord Mayor’s Appeal in 2024 enabled National Numeracy to recruit further delivery partners to support Numeracy Champion work within London, empowering even more Londoners in need to get on better with numbers.
MQ Mental Health Research is the only UK charity that exclusively invests in mental health research. MQ works to create a world where mental illness is understood, effectively treated, and ultimately prevented. Our partnership with MQ is enabling has supported several new research programmes from the mental health impact of the cost-of-living crisis to the use of virtual reality in mental health therapies. In partnership with Oxford University, and the Wellcome Trust, we are supporting GALENOS, a Global Alliance for Living Evidence on anxiety, depression, and psychosis that aims to deliver ground-breaking understanding of the mechanisms involved in mental illness. This open resource should significantly speed up research prioritisation in mental health on a global scale. During 2024 we begun to support their Scholarship Programme.
Prince William and The Royal Foundation launched Homewards in 2023; a transformative five-year programme that aims to demonstrate that together, it’s possible to end homelessness – making it rare, brief and unrepeated. Homewards is initially working in partnership with six flagship locations across the UK, supporting them to form locally led coalitions, and providing them with the space, tools and expertise to show how this can be done. By demonstrating that homelessness is not inevitable, and is in fact a solvable issue, Homewards is kickstarting an inspiring movement in the UK, and further afield, to end homelessness for good. The Lord Mayor’s Appeal is supporting this work through funds, collaboration and connections.
Page 7
The Lord Mayor's Appeal (A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
Specifically, the 2024 Appeal will have raised a net surplus of £538,537. The total income was £1,765,423 less expenditure on raising funds of £709,570, charitable event and support expenditure of £435,684 and governance costs of £81,632.
The grants made by the Board of Trustees during the 2024 Appeal were:
TLMA 2024 National Numeracy £100,000 MQ Mental Health Research £100,000 The Royal Foundation (Homewards programme) £100,000
The final grants from 2024 have not yet been paid and payments from the discretionary 10% for 2024 have not yet been paid. The final grants will be made to the above charities during 2025 in respect of TLMA 2024.
| The final grants from 2023 were as follows: | |
|---|---|
| The Duke of Edinburgh’s Award | £111,331 |
| National Numeracy | £111,331 |
| MQ Mental Heath Research | £111,331 |
| Payments from the discretionary 10% for 2023 | were as follows: |
| St John’s Ambulance | £22,860 |
| Merchant Taylor’s Foundation | £22,860 |
| London Air Ambulance | £30,385 |
| The Sea Change Sailing Trust | £25,720 |
| The Classical Road Show | £ 5,000 |
| London Irish Centre Camden | £23,602 |
| Mansion House Scholarship Scheme | £15,000 |
Financial review
TLMA is a grant giving charity. It has continued to be based in Guildhall. As noted above, the funds raised for TLMA 2024 were £1,765,423 (2023: £2,921,974) and the expenditure incurred before grant payments were £709,570 (2023: £1,043,723) on raising funds, £435,684 (2023: £361,589) of charitable event and support costs and £81,632 (2023: £78,893) of governance costs resulting in net funds raised of approximately £538,537 (2023: £1,437,769).
The total grants payable per the accounts were £757,256 (2023: £1,744,038) of which £300,000 (2023: £960,000) was in relation to the 2024 Appeal year as detailed under ‘Our Key Achievements’ and in note 6 of the accounts. From TLMA 2024, a sum of £8,078 will be retained in accordance with the reserves policy and the balance of the reserves will be distributed during the subsequent financial year.
Reserves policy
It is presently the policy of TLMA to build up reserves (held in a separate account) to deal with the peaks of expenditure and troughs of income through retaining the lower of £25,000 or 1.5% of the net sum raised for each year. Following the 2024 Appeal reserves in the working capital fund will be £219,942.
As at the year end, TLMA's unrestricted reserves of £656,534 comprised of two elements: the header reserves as explained above of £219,949 (the movement in the reserves are shown in note 16 of the accounts) and unrestricted reserves of £436,585. The unrestricted reserves will be paid out as grants in the subsequent financial year. TLMA also had restricted funds at the year end of £Nil and these will be used in accordance with the instructions of the donors. The movements in the restricted reserves are shown in note 16 of the accounts.
Page 8
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
Principal risks and uncertainties
The charity has no long-term liabilities or other financial commitments. It has been able to obtain accommodation for the time being at no cost and accordingly has no future lease commitment.
The Corporate Partners Programme that was put in place in 2018 for the multi-year appeal enables ongoing giving from businesses and livery companies. The challenge for The Lord Mayor’s Appeal is to build up the Corporate Partnership and potentially open up other sources of funding. Following the more challenging fundraising climate experienced in 2024, and after the year end, the Board of Trustees resolved to review the strategy and operations of TLMA with a view to increasing income and overall impact, within the existing framework of ‘A Better City for All’. As part of that review, the Board of Trustees will also consider whether the Board of Trustees and other committees of the TLMA should be refreshed in any way.
Fundraising
TLMA is registered with the Fundraising Regulator and always remains committed to meeting best practice fundraising standards and adhering to the Code of Fundraising Practice and as such we follow all relevant guidelines and advice. Supporters and their needs are at the heart of our fundraising activities. To protect and maintain the high standards that we and the public expect, we ensure that professional fundraisers adhere to our policies and practices, with particular attention paid to vulnerable people.
The core of our fundraising strategy is delivered internally by our team of professional staff and from time to time we may work with external consultants, agencies and other professional fundraising services to complement our fundraising activity.
We comply with all data protection requirements under GDPR and PECR and will action any requests for no further contact we receive directly or through the Fundraising Preference Service.
Last year we received no complaints (2023: none) related to our fundraising activities directly to TLMA and no complaints via the Fundraising Regulator.
Plans for future periods
During 2025 TLMA is continuing with their work set out above with the initiatives, and corporate partners. We currently have 40 Corporate Partners signed up and our main focus is on new prospects and securing further corporate partners either for this year or to begin in 2026. During 2025 a strategic review is also taking place. It was agreed that in 2025 we would continue to support Homewards – A Royal Foundation Programme, and MQ Mental Health Research. A small % was also agreed be given to National Numeracy. Our partnership with both MQ Mental Health Research and National Numeracy will finish at the end of 2025.
Structure, governance and management
The Lord Mayor's Appeal (TLMA) is a company limited by guarantee and does not have any share capital. It was incorporated on 12 July 2012 and is governed by its Memorandum and Articles of Association as amended.
The governance of TLMA rests with the directors/trustees, the majority are Aldermen of the City of London (Aldermanic Directors) with the others being Non-Aldermanic Directors. Alderman Alastair King was Chair during TLMA 2024 year. Constitutionally the Board consists of the Lord Mayor of the City of London and not less than one other person appointed from time to time in accordance with the Articles, provided that, at any given time, the at least half of the directors must be Aldermanic Directors. Induction and training of trustees is determined on a case-by-case basis.
Page 9
The Lord Mayor's Appeal (A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
The trustees, who are also the directors for the purpose of company law, and who served throughout the year were:
| Lidia Bozhevolnaya | |
|---|---|
| Sir Edward Braham | Appointed Trustee January 2025 and appointed Chair March 2025 |
| Alderman TimothyHailes | |
| Professor Zainab Khan | Resigned March 2025 |
| Alderman Alastair King | Chair for 2023/2024 |
| Alderwoman Dame Susan Langley | Appointed January 2024. Interim Chair 2024/2025 |
| Alderman Sir Nicholas Lyons–Lord Mayor 2022-2023 | Resigned March 2025 |
| Alderman Professor Michael Mainelli – Lord Mayor 2023/2024 |
Resigned March 2025 |
| TangyMorgan | |
| Phoebe Stone | Resigned December 2024 |
| Vincent Thomas Keavney | Resigned December 2023 |
None of the trustees has any beneficial interest in the company. All the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
As previously explained, the governance of TLMA rests with the directors/trustees who hold meetings four times a year. The board of directors/trustees have delegated the day-to-day running of the charity to the Chief Executive (Caroline Wright).
The remuneration of the CEO is set by the Trustees and is benchmarked using Corporation of London benchmarking as well as research into the ‘going rate’ for similar roles in other similar organisations.
Page 10
The Lord Mayor's Appeal
(A company limited by guarantee)
Trustees' report (continued) For the year ended 30 November 2024
Statement of Trustees' responsibilities
The Trustees, who are also the directors of The Lord Mayor's Appeal for the purpose of company law, 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any
-
material departures disclosed and explained in the financial statements;
-
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 adequate accounting records that are sufficient to show and explain the charity's transactions and 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.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
• as far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Kreston Reeves LLP, have indicated their willingness to continue in office and a tender process will commence ahead of the year ended 30 November 2025 audit.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Sir Edward Braham
Chair
Date:
Page 11
The Lord Mayor's Appeal
(A company limited by guarantee)
Consolidated Statement of financial activities (incorporating income and expenditure account) For the year ended 30 November 2024
| Note Income from: Donations and legacies 3 Other trading activities 4 Total income Expenditure on: Raising funds 5 Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 £ 11,540 - 11,540 - 11,540 11,540 - - - - |
Unrestricted funds 2024 £ 1,077,548 676,335 1,753,883 709,570 1,263,032 1,972,602 (218,719) 875,253 (218,719) 656,534 |
Total funds 2024 £ 1,089,088 676,335 1,765,423 709,570 1,274,572 1,984,142 (218,719) 875,253 (218,719) 656,534 |
As restated Total funds 2023 £ 1,135,209 1,786,765 2,921,974 1,043,723 2,184,520 3,228,243 (306,269) 1,181,522 (306,269) 875,253 |
|---|---|---|---|---|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 21 to 37 form part of these financial statements.
Page 17
The Lord Mayor's Appeal (A company limited by guarantee) Registered number: 08140664
Consolidated balance sheet As at 30 November 2024
| Note Fixed assets Tangible assets 12 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total net assets Charity funds Restricted funds 17 Unrestricted funds Designated funds 17 General funds 17 Total unrestricted funds 17 Total funds |
247,347 707,463 954,810 (298,276) 204,949 451,585 |
2024 £ - - 656,534 656,534 - 656,534 656,534 |
200,354 837,021 1,037,375 (162,122) 196,871 678,382 |
2023 £ - |
|---|---|---|---|---|
| - 875,253 |
||||
| 875,253 | ||||
| - 875,253 |
||||
| 875,253 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Sir Edward Braham Chair
Date:
The notes on pages 21 to 37 form part of these financial statements.
Page 18
The Lord Mayor's Appeal
(A company limited by guarantee) Registered number: 08140664
Charity balance sheet As at 30 November 2024
| Note Fixed assets Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 17 Unrestricted funds Designated funds 17 General funds 17 Total unrestricted funds 17 Total funds |
336,651 547,474 884,125 (227,592) 211,871 444,663 |
2024 £ 1 1 656,533 656,534 656,534 - 656,534 656,534 |
410,524 545,039 955,563 (80,311) 196,871 678,382 |
2023 £ 1 |
|---|---|---|---|---|
| 1 875,252 |
||||
| 875,253 | ||||
| 875,253 | ||||
| - 875,253 |
||||
| 875,253 |
The Charity's net movement in funds for the year was £(218,719) (2023 - £(306,269)).
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Sir Edward Braham
Date: 1st August 2025
The notes on pages 21 to 37 form part of these financial statements.
Page 19
The Lord Mayor's Appeal (A company limited by guarantee)
Consolidated statement of cash flows For the year ended 30 November 2024
| Note Cash flows from operating activities Net cash used in operating activities 19 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 20 |
2024 £ (129,558) (129,558) 837,021 707,463 |
2023 £ (246,423) (246,423) 1,083,444 837,021 |
|---|---|---|
The notes on pages 21 to 37 form part of these financial statements
Page 20
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
1. General information
The Lord Mayor's Appeal is a private company limited by guarantee incorporated in England and Wales. The registered office is The Mansion House, Walbrook, London, EC4 8BH.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Lord Mayor's Appeal meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.
2.2 Going concern
The Trustees have considered whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Page 21
The Lord Mayor's Appeal
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.5 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Plant and machinery - 33%
2.7 Investments
Investments in subsidiaries are valued at cost less provision for impairment.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 22
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
2. Accounting policies (continued)
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.11 Financial instruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Pensions
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 23
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
3. Income from donations and legacies
| Restricted funds 2024 Unrestricted funds 2024 £ £ Donations 11,540 1,077,548 Total 2023 as restated 58,753 1,076,456 4. Income from other trading activities Income from fundraising events Unrestricted funds 2024 £ Fundraising events 138,371 Total 2023 314,404 Income from non charitable trading activities Unrestricted funds 2024 £ Income from subsidiary - LMA Trading Limited 537,964 Total 2023 1,472,361 |
Total funds 2024 £ 1,089,088 1,135,209 Total funds 2024 £ 138,371 314,404 Total funds 2024 £ 537,964 1,472,361 |
As restated Total funds 2023 £ 1,135,209 |
|---|---|---|
| Total funds 2023 £ 314,404 |
||
| Total funds 2023 £ 1,472,361 |
||
Page 24
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
5. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted funds 2024 £ Consultancy 31,861 Support costs 52,472 Wages and salaries 317,520 Social security costs 35,260 Other pension costs 6,209 443,322 Total 2023 544,085 Other trading expenses Unrestricted funds 2024 £ Expenditure of subsidiary - LMA Trading Limited 266,248 Total 2023 499,638 6. Analysis of grants Grants to Institutions 2024 £ Grants payable 757,256 Total 2023 1,744,038 |
Total funds 2024 £ 31,861 52,472 317,520 35,260 6,209 443,322 544,085 Total funds 2024 £ 266,248 499,638 Total funds 2024 £ 757,256 1,744,038 |
Total funds 2023 £ 32,230 120,604 341,981 35,836 13,434 |
|---|---|---|
| 544,085 | ||
| Total funds 2023 £ 499,638 |
||
| Total funds 2023 £ 1,744,038 |
||
Page 25
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
6. Analysis of grants (continued)
The Group has made the following material grants to institutions during the year:
| Samaritans (2022 Appeal) Place2Be (2022 Appeal) The Duke of Edinburgh's Award (2022 Appeal) OnSide Youth Zones (2022 Appeal) National Numeracy (2022 Appeal) MQ Mental Health Research (2023 Appeal) The Duke of Edinburgh's Award (2023 Appeal) National Numeracy (2023 Appeal) MQ Mental Health Research (2024 Appeal) National Numeracy (2024 Appeal) The Royal Foundation (2024 Appeal) Other grants under £35,000 No grants were paid to individuals. |
2024 £ - - - - - 111,330 111,330 111,330 100,000 100,000 100,000 633,990 123,266 757,256 |
2023 £ 76,070 76,070 223,209 76,070 223,209 320,000 320,000 320,000 - - - |
|---|---|---|
| 1,634,628 109,410 |
||
| 1,744,038 | ||
All grant payments are made by TLMA (parent charity).
7. Analysis of expenditure on charitable activities
Summary by fund type
| City Giving Day Power of Inclusion This Is Me + Green Ribbon Grant and governance costs We Can Be Total 2023 as restated |
Restricted funds 2024 Unrestricted funds 2024 £ £ - 159,104 - 75,324 - 78,888 11,540 827,348 - 122,368 11,540 1,263,032 58,753 2,125,767 |
Total 2024 £ 159,104 75,324 78,888 838,888 122,368 1,274,572 2,184,520 |
As restated Total 2023 £ 121,902 71,333 41,440 1,822,931 126,914 |
|---|---|---|---|
| 2,184,520 | |||
Page 26
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
8. Analysis of expenditure by activities
| City Giving Day Power of Inclusion This Is Me + Green Ribbon Grant and governance costs We Can Be Total 2023 as restated |
Activities undertaken directly 2024 £ 159,104 75,324 78,888 - 122,368 435,684 361,589 |
Grant funding of activities 2024 £ - - - 757,256 - 757,256 1,744,038 |
Support costs 2024 £ - - - 81,632 - 81,632 78,893 |
Total funds 2024 £ 159,104 75,324 78,888 838,888 122,368 1,274,572 2,184,520 |
As restated Total funds 2023 £ 121,902 71,333 41,440 1,822,931 126,914 |
|---|---|---|---|---|---|
| 2,184,520 | |||||
Analysis of direct costs
| Staff costs Design costs Material costs Event costs Media costs Other Total 2023 as restated |
City Giving Day 2024 £ 67,927 49,112 7,696 34,314 - 55 159,104 121,902 |
Power of Inclusion 2024 £ 60,907 176 - 14,001 - 240 75,324 71,333 |
This Is Me + Green Ribbon 2024 £ 57,044 864 - 16,083 4,215 682 78,888 41,440 |
We Can Be 2024 £ 59,670 154 1,208 32,919 80 28,337 122,368 126,914 |
Total funds 2024 £ 245,548 50,306 8,904 97,317 4,295 29,314 435,684 361,589 |
As restated Total funds 2023 £ 199,425 11,289 7,254 112,990 1,149 29,482 |
|---|---|---|---|---|---|---|
| 361,589 | ||||||
Page 27
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Audit fees Office costs |
Total funds 2024 £ 20,706 60,926 81,632 |
As restated Total funds 2023 £ 20,100 58,793 |
|---|---|---|
| 78,893 |
| 9. | Auditors' remuneration | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Fees payable to the Charity's auditor in respect of: | |||
| Audit of the Charity's annual accounts | 8,350 | 8,100 | |
| Audit of the subsidiary's annual accounts | 7,100 | 6,900 | |
| All non-audit services not included above | 5,256 | 5,100 |
10. Staff costs
| Wages and salaries Social security costs Other pension costs |
Group 2024 £ 563,068 35,260 6,209 604,537 |
Group 2023 £ 541,406 35,836 13,434 590,676 |
Charity 2024 £ 563,068 35,260 6,209 604,537 |
Charity 2023 £ 541,406 35,836 13,434 |
|---|---|---|---|---|
| 590,676 |
Page 28
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
10. Staff costs (continued)
The average number of persons employed by the Charity during the year was as follows:
| CEO Office/Finance Manager Events Manager Programme Project Manager Programme/Appeal Officers Comms Manager |
Group 2024 No. 1 1 3 4 3 1 13 |
Group 2023 No. 1 1 3 3 3 1 |
|---|---|---|
| 12 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| Group | Group | |
|---|---|---|
| 2024 | 2023 | |
| No. | No. | |
| In the band £90,001 - £100,000 | - | 1 |
| In the band £100,001 - £110,000 | 1 | - |
Of the employees whose emoluments exceed £60,000, one (2023: one) had retirement benefits accruing under defined contribution pension schemes.
All the staff were directly employed by TLMA but the payroll service was provided free of charged by The City of London Corporation.
The key management personnel of TLMA are the trustees and the Chief Executive Officer. The total employee benefits of the key management personnel were £117,868 (2023: £112,282).
Page 29
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023: £Nil).
During the year ended 30 November 2024, no Trustee expenses have been incurred (2023 £Nil).
During the year, Trustees made personal donations of £Nil to the Charity (2023: £1,220). Related parties of the Trustees made donations of £250 to the Charity (2023: £13,359).
12. Tangible fixed assets
Group and Charity
| Cost or valuation At 1 December 2023 At 30 November 2024 Depreciation At 1 December 2023 At 30 November 2024 Net book value At 30 November 2024 At 30 November 2023 |
Plant and machinery £ 5,041 |
|---|---|
| 5,041 | |
| 5,041 | |
| 5,041 | |
| - | |
| - |
Page 30
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
13. Fixed asset investments
| Charity Cost or valuation At 1 December 2023 At 30 November 2024 Net book value At 30 November 2024 At 30 November 2023 |
Investments in subsidiary companies £ 1 |
|---|---|
| 1 | |
| 1 | |
| 1 |
14. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
Group 2024 £ 93,550 - 153,797 247,347 |
Group 2023 £ 55,905 50 144,399 200,354 |
Charity 2024 £ 30,950 - 305,701 336,651 |
Charity 2023 £ 34,175 - 376,349 410,524 |
|---|---|---|---|---|
Page 31
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
15. Creditors: Amounts falling due within one year
| Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income |
Group 2024 £ 68,177 - 15,951 48,874 165,274 298,276 |
Group 2023 £ 27,097 - 1,499 3,449 130,077 162,122 |
Charity 2024 £ 21,494 133,696 4,546 46,052 21,804 227,592 |
Charity 2023 £ 24,093 - - 3,449 52,769 |
|---|---|---|---|---|
| 80,311 |
Deferred income relates to funds received in relation to the 2024 Appeal which falls in the next mayoral year. Income of £134,700 has been deferred so that it is recognised in the appropriate mayoral fundraising year. The amount deferred in the prior year of £34,357 was released in the current year.
16. Prior year adjustments
A prior year adjustment of £86,435 has been recognised in relation to donated services that the charity had received. This has impacted both donation income and charitable expenditure by £86,435, which has also been restated in the funds, with a £Nil impact on the prior year deficit.
A prior year adjustment of £15,000 has also been recognised in relation to a payment that was incorrectly included in general funds. Therefore, the prior year transfer in to the working capital designated fund has been amended by £15,000 and a transfer out of general funds has decreased by £15,000 which has also been restated in the funds, with a £Nil impact on the prior year deficit.
Page 32
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
17. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 30 | ||||
| December | Transfers | November | |||
| 2023 | Income | Expenditure | in/out | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Designated funds | |||||
| Working capital | 196,871 | - | - | 8,078 | 204,949 |
The above designated funds have been set aside out of unrestricted funds by the trustees for a specific purpose - working capital to cover any future shortfall in funding.
General funds
| General funds | |||||
|---|---|---|---|---|---|
| General Funds Total Unrestricted funds Restricted funds Donations Total of funds |
678,382 875,253 - 875,253 |
1,753,883 1,753,883 11,540 1,765,423 |
(1,972,602) (1,972,602) (11,540) (1,984,142) |
(8,078) - - - |
451,585 |
| 656,534 | |||||
| - | |||||
| 656,534 |
The above restricted funds comprise balances of donations and grants which have been given to the charity for specific purposes.
Page 33
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Working capital General funds General Funds Total Unrestricted funds Restricted funds Donations Total of funds |
Balance at 1 December 2022 £ 190,304 991,218 1,181,522 - 1,181,522 |
As restated Income £ - 2,863,221 2,863,221 58,753 2,921,974 |
As restated Expenditure £ - (3,169,490) (3,169,490) (58,753) (3,228,243) |
As restated Transfers in/out £ 6,567 (6,567) - - - |
Balance at 30 November 2023 £ 196,871 |
|---|---|---|---|---|---|
| 678,382 | |||||
| 875,253 | |||||
| - | |||||
| 875,253 |
18. Analysis of net assets between funds Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Current assets 954,810 Creditors due within one year (298,276) Total 656,534 |
Total funds 2024 £ 954,810 (298,276) |
|---|---|
| 656,534 |
Page 34
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
18. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 1,037,375 (162,122) 875,253 |
Total funds 2023 £ 1,037,375 (162,122) |
|---|---|---|
| 875,253 |
19. Reconciliation of net movement in funds to net cash flow from operating activities
| Net expenditure for the period (as per Statement of Financial Activities) Adjustments for: Decrease/(increase) in debtors Increase in creditors (Decrease) in deferred income Net cash (used in) by operating activities |
Group 2024 £ (218,719) (46,993) 101,457 122,197 (42,058) |
Group 2023 £ (306,269) |
|---|---|---|
| 18,285 44,604 (3,043) |
||
| (246,423) |
20. Analysis of cash and cash equivalents
| Group | Group | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Cash in hand | 707,463 | 837,021 |
Page 35
The Lord Mayor's Appeal
(A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
21. Analysis of changes in net debt
| Cash at bank and in hand | At 1 December 2023 £ 837,021 837,021 |
Cash flows £ (129,558) (129,558) |
At 30 November 2024 £ 707,463 |
|---|---|---|---|
| 707,463 |
22. Contingent liabilities
As of year-end, the charity has a contingent liability of £238,537 in respect of committed grant expenditure for charity partners. This liability arises from grant commitments made to partner organisations, of which the amount that will be granted to these organisations is contingent on the funds raised in the 2024 Appeal.
Page 36
The Lord Mayor's Appeal (A company limited by guarantee)
Notes to the financial statements For the year ended 30 November 2024
23. Related party transactions
Alderman Sir William Russell, Trustee until 7 December 2022, is also a Director of Place2Be. The charity paid grants during the year of £Nil to Place2Be (2023: £75,070).
Exemption from the requirement to disclose transaction between wholly owned group members has been taken in accordance with provisions in FRS8.
24. Controlling party
There is no ultimate controlling party.
25. Principal subsidiaries
The following was a subsidiary undertaking of the Charity:
| Name | Company | Registered office or principal | Class of | Holding |
|---|---|---|---|---|
| number | place of business | shares | ||
| Lord Mayor's Appeal Trading | 11692137 | The Mansion House, London, | Ordinary | 100% |
| Limited | EC4N 8BH | |||
| Included in | ||||
| consolidation | ||||
| Yes |
The financial results of the subsidiary for the year were:
| Name | Income | Expenditure | Net assets / |
|---|---|---|---|
| £ | £ | (liabilities) | |
| £ | |||
| Lord Mayor's Appeal Trading Limited | 537,964 | (537,964) | 1 |
Page 37
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited Key Audit Findings For the year ended 30 November 2024
Our values
Our values define who we are and how we do things at Kreston Reeves. They reflect our attitudes and behaviours and represent a promise of quality, personal service and commitment to our clients, communities and colleagues.
Collectively and individually we aim to:
Our awards
We are regularly recognised and shortlisted in prestigious national, regional and industry awards. As well as receiving award recognition ourselves, it’s important to us to help recognise and award the successes and growth stories of other businesses. We regularly support and sponsor awards such as Kent MegaGrowth and Sussex Top50.
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
Index
| Page no | ||
|---|---|---|
| 1. | Introduction and audit summary | 1 |
| 2. | Audit report | 3 |
| 3. | Key audit matters | 3 |
| 4. | Data analytics | 4 |
| 5. | Taxation | 8 |
| 6. | Misstatements encountered during the audit | 9 |
| 7. | The accounting and internal control systems | 10 |
| 8. | Qualitative aspects of the Charity’s accounting practices | 11 |
| and financial reporting | ||
| 9. | Other matters relevant to the audit | 12 |
| Appendices | ||
| Appendix I | - Other matters required by International |
14 |
| Standards on Auditing to be communicated to | ||
| you | ||
| Appendix II | - Summary of audit adjustments |
15 |
| Appendix III | - Summary of unadjusted misstatements |
16 |
| Appendix IV | - Summary of recommendations regarding the |
17 |
| accounting and internal control system |
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
1. Introduction and audit summary
The purpose of this report is to bring to your attention our findings from the recent audit carried out on The Lord Mayor’s Appeal and The Lord Mayor’s Appeal Trading Limited. We appreciate that you will already be aware of the majority of the matters contained in this report through earlier discussions you will have had with the audit team, but we hope that you will find this report a useful summary of those discussions.
We would like to take this opportunity to thank James Anderson, Caroline Wright and the rest of your accounts team for the assistance they have provided to us during the course of our audit.
Our audit has given us a unique opportunity to understand your activities and processes. We have used this opportunity to provide you a service that is of real positive benefit to you.
During the course of our audit work this year we have performed the following tasks which we hope that you will have found to have been of benefit.
-
We have assisted you with the preparation of the charity’s financial statements and the trustees’ annual report, ensuring that they comply with all statutory requirements and with accounting standards, including the Statement of Recommended Practice “Accounting and Reporting by Charities”. In doing so we have ensured that the Charity has taken advantage of any accounting exemptions available to it so as to avoid any unnecessary over-disclosure of the Charity’s affairs that are not required to be published in publicly available financial statements.
-
In order to be able to assist you with the preparation of the Charity’s financial statements we have highlighted to you misstatements in the accounting records discovered by our audit work, and worked with you to ensure that where material these have been corrected. Further information related to misstatements discovered during our audit are set out in Section 6 of this report and supporting Appendices II and III.
-
We have reviewed the accounting policies that you have selected to ensure that they are meeting best practice in accounting for the sector in which the charity operates.
-
We have advised you of planned changes in legislation that may be of relevance to you in order that you may prepare for their implementation. These are detailed at Section 8 of this report.
-
We have considered whether the charity’s activities could result in any liability to taxation, and suggested ways by which this potential liability could be avoided. For further details see Section 5 of this report.
-
We have reviewed the Charity’s systems of accounting and internal control systems and made recommendations where these can be improved. These are detailed at Section 7 of this report.
1
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
- We have considered the Charity’s governance and compliance with elements of charity and company law, suggesting improvements that could be made. These are detailed at Section 8 of this report.
Should you have any questions regarding any of the issues raised in this report please contact Lucy Hammond as the partner responsible for the audit of the charity, or any other member of the audit team, who will be happy to provide further explanations as required.
Kreston Reeves LLP
Statutory Auditor Chartered Accountants
July 2025
2
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
2. Audit reports
We can confirm that our audit has not revealed any matters which will require modifications to our audit reports. Thus, at this stage we expect that an unqualified audit opinion will be issued.
3. Key audit matters
Key audit matters are those matters that, in our professional judgement, were of greatest significance in our audit of the financial statements. These include the significant risks of potential material misstatement that we identified during our planning of the audit and had the greatest impact on our overall audit strategy, which we advised you of in the Audit Plan issued to you prior to the commencement of our work.
We can now report to you how our audit addressed these areas of significant risk and the conclusions we formed.
• Revenue recognition
The risk of material misstatement in revenue recognition.
We performed substantive testing procedures on material income streams and performed analytical procedures to consider whether movements of income were within our expectations. No issues were identified.
• Related party transactions
The risk of misstatement in the accounts due to undisclosed related party transactions.
We reviewed the completed Related Party Questionnaires and publicly available information, such as Companies House and Charity Commission, for potential related parties. The finance system and invoices were then reviewed for potential related party transactions. We identified an issue whereby additional related party relationships on Companies House/ Charity Commission that were not disclosed within RPQs. See more detailed in Appendix IV.
• Accounting estimates
The risk of material misstatement in accounting estimates
Any material accounting estimates were tested. All estimates were at least reviewed for reasonableness. No issues were identified.
• Management override of controls
The risk of material misstatement due to management override of controls.
We reviewed journal entries made and had discussions with management. No issues were identified.
3
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
4. Data analytics
As previously communicated, we have used data analytics software to support our audit. Data analytics compliments our traditional audit methodology with a comprehensive, risk risk-based approach which through the power of computer assisted techniques examines 100% of the data population.
This risk-based approach is driven by a number of control points and it is the weighting of these control points that determines the assessed risk of a transaction. As detailed in our Audit Plan, this is an area where management can have valuable input to identify potentially high-risk transactions. We have used our knowledge of the charity and the data analytics software to tailor the control points which has produced the following risk-based analysis.
Lord Mayor’s Appeal
Overview
The charity’s dataset has been analysed into the following risk categories:
The above graph shows the total number of transactions analysed by risk category. Majority of transactions are low risk, making up 95.1% of total entries, with the remaining scored at medium risk. There are no high risk transactions identified within the data set for the charity.
In 2023, the majority of transactions were also low risk, making up 92.5% of total entries, with the remaining scored at medium risk. Again, there were no high risk transactions identified within the data set for the charity.
4
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
The above graph shows the total number of transactions per month analysed by risk category. In line with the above, there are no high risk transactions and minimal medium risk transactions, with spikes in the number of transactions in November 2024 due to month end procedures.
Transaction review
Following this analysis, a number of journals were selected for further scrutiny. This included the top twenty medium risk transactions as there were no high risk transactions.
Review of these journals did not highlight any inappropriate transactions, and all were found to be within the normal and expected course of business based on our knowledge of the company’s operations, systems and the sector in which it operates.
A significant number of the transactions reviewed included trade debtors, income and sales. The assessment of these as medium risk corroborates with our testing of these areas.
5
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
Lord Mayor’s Appeal Trading Limited
Overview
The companies data set has been analysed into the following risk categories.
The above graph shows the total number of transactions analysed by risk category. Majority of transactions are low risk, making up 99.1% of total entries, with the remaining scored at medium risk. There are no high risk transactions identified within the data set.
In 2023, the majority of transactions were also low risk, making up 96.5% of total entries, with the remaining scored at medium risk. Again, there were no high risk transactions identified within the data set for the charity.
The above graph shows the total number of transactions per month analysed by risk category. In line with the above, there are no high risk transactions and minimal medium risk transactions, with spikes in the number of transactions in June 2024 in preparation of events such as the abseil challenge, the Bavarian Ball and the Sheriff’s Ball.
Transaction review
Following this analysis, a number of journals were selected for further scrutiny. This included the top twenty medium risk transactions as there were no high-risk transactions.
6
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
Review of these journals did not highlight any inappropriate transactions, and all were found to be within the normal and expected course of business based on our knowledge of the company’s operations, systems and the sector in which it operates.
A significant number of the transactions reviewed included sales, creditors and cost of sales. The assessment of these as medium risk corroborates with our testing of these areas.
Summary
The use of data analytics has aided us with our analysis of both the Lord Mayor’s Appeal and the Lord Mayor’s Appeal Trading Limited accounting entries throughout the year.
7
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
5. Taxation
As part of our audit, we have considered the charity’s exposure to taxation based upon the activities it undertakes and its various sources of income. We have concluded that the charity has no corporation tax liability for the year.
Subsidiary company
In calculating the required tax provision to be reflected in the financial statements of the charity’s trading subsidiary The Lord Mayor’s Appeal Trading Limited, it has been assumed that a distribution will be paid to the charity of £187,295 which will ensure that no liability to corporation tax arises, provided that this donation is paid over within 9 months of the year end.
The conclusions reached and the tax provisions have been made based upon the information provided to us during the course of audit. Following the approval of the financial statements we will provide you with the Charity’s and the subsidiary company’s corporation tax returns for your approval and confirm the details of any tax liability for the year, which may differ from that shown above.
8
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
6. Misstatements encountered during the audit
We are required to inform you of any significant misstatements within the financial statements presented for audit that have been discovered during the course of our audit. No significant misstatements have been noted, however two adjustments have been made as a result of our audit work and the financial statements have been adjusted accordingly.
These included the following:
-
We had to record the accrual of the donated profit from Lord Mayor’s Trading Limited to The Lord Mayor’s Appeal. There was no impact on the group deficit, but of course this reduced the profit achieved by Lord Mayor’s Trading Limited to £Nil.
-
We had to adjust for material gifts in kind in 2024 and 2023, as per the schedule provided to us.
-
We had to include a prior year adjustment for the correction of working capital position, as per managements request.
A full summary of adjustments made to the charity’s results during the course of the audit, including a reconciliation between your management information and the financial statements, can be found within Appendix II.
You should review these adjustments in order to satisfy yourselves that they have been properly made. Confirmation that you have done so should be communicated to us within the letter of representation.
In addition, a number of unadjusted misstatements were discovered during the course of our audit.
Unadjusted misstatements discovered but which have not been adjusted for include the following:
-
Additional accrual not recognised in relation to the Impact Reception catering
-
Pension creditor not recognised for outstanding pension at year end
A full summary of the significant unadjusted misstatements discovered during the course of our audit and their potential impact on the financial statements can be found within Appendix III. This does not include any misstatements discovered during the course of the audit which we consider to be trivial in nature.
9
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
7. The accounting and internal control systems
We can confirm that we have found the charity’s accounting and internal control systems to be appropriate to the charity’s needs based upon the nature and complexity of your activities and the need for any systems to be cost effective. No matters have come to our attention during our audit to suggest that any serious error has arisen with these systems during the accounting period under review. Thus, we believe that the systems can be relied upon to produce financial statements that show a true and fair view.
There are, however, a number of suggestions that we have made regarding the accounting and internal control systems, and these are set out in Appendix IV.
Please note that the purpose of the audit was to enable us to express an opinion on the financial statements. Our audit did include consideration of internal control relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in such circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls. The matters being reported to you are limited to those deficiencies that we have identified during our audit, which was conducted on a test basis, and that we have concluded are of sufficient importance to merit being reported to you, but this does not represent a comprehensive statement of all weaknesses which may exist in the accounting and internal control systems or of all improvements which may be made. We can only address those matters which have come to our attention as a result of the audit procedures which we have performed.
10
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings
For the year ended 30 November 2024
8. Qualitative aspects of the charity’s accounting practices and financial reporting
As part of our audit we have considered and reviewed the Charity’s accounting policies with UK Generally Accepted Accounting Practice, including the Statement of Recommended Practice Accounting and Reporting by Charities (“the SORP”), and we have not encountered any material departures. In our opinion the accounting policies selected are appropriate to the circumstances of the charity.
Future accounting changes
FRS 102 is subject to a periodic review at least every five years, and the latest periodic review was completed in March 2024. The FRC has published amendments to FRS 102, which details a number of changes and amendments focused on updating accounting requirements to reflect changes in International Financial Reporting Standards (‘IFRS’), particularly with respect to revenue and leases.
The key changes are:
-
A new Section 23 Revenue, based on IFRS 15 Revenue from Contracts with Customers and its five-step model for revenue recognition
-
A new Section 20 Leases , based on IFRS 16 Leases which brings most leases onto the balance sheet
-
Greater clarity for small entities in the UK applying Section 1A regarding which disclosures need to be provided in order to give a true and fair view
The effective date of these changes is for accounting periods beginning on or after 1 January 2026, with early adoption permissible.
Future changes – Charities SORP 2026
The Exposure Draft Statement of Recommended Practice 2026: Accounting and Reporting by Charities (the Exposure Draft SORP) was issued on 28 March 2025 and incorporates the above changes to FRS 102 as well as updates on a number of other areas.
Following the release of the Exposure Draft SORP, the Charities SORP-making body are seeking feedback through a 12 week consultation period ending on 20 June 2025 as set out in the Invitation To Comment - SORP. They have also issued a summary-of-key-changes-tomodules which sets out the nature of proposed changes to each SORP module.
The Charities SORP-making body expect that the final SORP 2026 will be published by Autumn 2025 and be effective for accounting periods beginning on or after 1 January 2026.
These amendments represent significant change, and they will need to be considered in advance of their application. We will be happy to discuss these with you and the potential impact on your financial statements.
11
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
9. Other matters relevant to the audit
- Charity Trustees Key governance responsibilities
We recently hosted a webinar for Trustees which covered the following key areas:
-
Trustee Board – skills and diversity
-
6 main duties of a Trustee
-
Meetings and decision making
-
Conflicts of interest
-
Managing risks
-
Making changes to your governing document
-
• Reporting to the Charity Commission
-
Environmental and Social Responsibility
You can watch the recording of our webinar here.
Our latest news and insights for the charity sector are updated regularly on our website here.
If you would like to receive our bi-annual newsletters and invites to charity future events, please subscribe here.
Charities Act 2022
The updated Charities Act continues to be implemented. The first tranche of changes came into force on 14 June 2023, which included updates to the following guidance:
-
Selling, leasing or otherwise disposing of charity land
-
Using permanent endowment
-
Charity names
The most recent changes came into force on 7 March 2024 and included updates to the following guidance:
-
Making changes to governing documents
-
Selling, leasing or otherwise disposing of charity land - additional provisions
-
Charity mergers
-
Other provisions that have enabled the Commission to authorise a trustee to receive payment for work completed for a charity where it decides it would be inequitable for a trustee not to be paid and for the Commission to confirm defective or potentially defective trustee appointments
Updated Charity Commission guidance
The Charity Commission has recently published updated guidance on the following areas which is designed to be more concise and easier to navigate:
- CC8 Internal financial controls for charities: protect your charity from fraud and loss
12
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
-
CC12 Improving your charity’s finances - no change to the underlying policy but it has been made more user friendly by splitting the guidance into 3 sections: Improving your charity’s finances - what to do if your charity is in financial difficulty; What to do if your charitable company or CIO is insolvent or at risk of insolvency and What to do if your unincorporated charity is insolvent or at risk of insolvency.
-
CC27 Decision-making for charity trustees – no change to the seven principles
-
CC48 Charity meetings - now includes guidance on virtual/hybrid meetings
In addition, they have produced a series of 5 minute guides for Trustees (Support for charity trustees) which you may find useful. These guides are designed to improve Trustees knowledge and understanding of their duties and of charity governance. They include topics such as managing finances, decision-making, conflicts of interest, safeguarding and reporting.
The Charity Commission is planning to release updated guidance on the following areas in 2025:
-
CC30 Finding new trustees
-
CC11 Trustee payments and expenses
Workers Protection Act 2023
Employers will now have a duty of care to protect their staff from harassment by other employees, customers, suppliers, contractors and other third parties. The Equality and Human Rights Commission will be able to take enforcement action if an organisation is deemed not to comply with the new duty.
Worker Protection (Amendment of Equality Act 2010) Act 2023
13
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
Appendix I – Other matters required by International Standards on Auditing to be communicated to you
Audit report – further information
Our audit report contains details of the scope of the audit of the financial statements conducted in accordance with legislative requirements and International Standards on Auditing. Further information on the scope of the audit is set out on the website of the Financial Reporting Council and can be found using the following link:
https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-andethics/auditors-responsibilities-for-the-audit/
The original audit report will be signed by Lucy , being the Senior Statutory Auditor for this assignment, for and on behalf of Kreston Reeves LLP. The financial statements incorporating the original audit report should be retained with the Charity’s other permanent documents. Copies of the financial statements that require a signed audit report, including for filing with the Charities Commission and Companies House, will be signed as Kreston Reeves LLP as the statutory auditor.
Our audit report has been drafted in accordance with International Standards on Auditing and the latest guidance from the Financial Reporting Council and our Institute. This involves the inclusion of a paragraph which clarifies what our responsibilities as auditors are. It does not affect our responsibilities to the charity or yourselves, nor does it mean we would be unwilling to accept responsibility to any third parties, providing that our specific agreement to do so is obtained beforehand.
Independence
We can confirm that we have re-evaluated our firm’s independence in connection with the audit and can confirm that we are not aware of any factors affecting our independence or objectivity and thus our ability to continue to act as auditor of the charity.
Letter of representation
Before we can complete our audit we require from you a letter of representation on your headed notepaper. A draft version of such a letter accompanies this Memorandum. The letter will provide us with additional evidence in areas where we have relied upon representations from staff members during the audit. We suggest that this letter is signed by a representative member of the Board of Trustees and that you make your own enquiries of staff to verify that you support the representations that have been made.
Liability
This report has been drafted solely to report to you as trustees matters in relation to our audit. It has not been drafted with any third parties in mind and thus must not be disclosed to a third party, or quoted or referred to, without our written consent. We do not accept responsibility to any third party in respect of our audit or this report.
14
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
Appendix II - Summary of audit adjustments
’ – The Lord Mayor s Appeal single entity
| Debit Credit |
||
|---|---|---|
| Surplus/ (deficit) | ||
| Deficit per financial statements before adjustments | (405,993.00) | |
| Accrued income (SOFP) | 187,295.00 | |
| Donations (SOFA) | (187,295.00) | |
| Accrual for profit transfer from subsidiary | 187,295.00 | |
| Expenditure (SOFA) | 21.00 | |
| General funds (SOFP) | (21.00) | |
| Agreeing unrestricted funds bfwd | (21.00) | |
| Expenditure (SOFA) | 89,570.00 | |
| Donations (SOFA) | (89,570.00) | |
| Accounting for material pro bono donations in 2024 | - | |
| Expenditure (SOFA) | 86,435.00 | |
| Donations (SOFA) | (86,435.00) | |
| Accounting for material pro bono donations in 2023 | - | |
| Working capital (SOFA) | 15,000.00 | |
| General funds (SOFA) | (15,000.00) | - |
| Correction of classification of | working capital in 2023 as | |
| requested by client | ||
| Actual deficit per the financial statements | (218,719.00) |
The Lord Mayor’s Appeal Trading Limited
| Profit/ | ||
|---|---|---|
| Debit | Credit | |
| (loss) | ||
| Profit per financial statements before adjustments | 187,295.00 | |
| Charity donations (SOFA) 187,295.00 |
||
| Accruals (SOFP) | (187,295.00) | |
| Accrual for profit transfer to parent | (187,295.00) | |
| Actual profit per the financial statements | - |
For further details of the significant adjustments that have been made to the financial statements during the audit see Section 6.
15
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
Appendix III - Summary of unadjusted misstatements
’ – The Lord Mayor s Appeal single entity
NB none to note for The Lord Mayor’s Appeal Trading Limited
For greater details of the significant unadjusted misstatements discovered during the audit see Section 6.
We would request that you review these misstatements and consider amending the financial statements accordingly. If you decide not to amend the financial statements then your reasons for doing so should be communicated to us within the letter of representation.
16
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
Appendix IV – Summary of recommendations regarding the accounting and internal control system
In order to assist management in using this report, we categorise our recommendations according to their level of importance:
Importance 1 Major issues for the attention of senior management/potential significant implications for the charity Importance 2 Other recommendations to be dealt with Importance 3 Minor points representing best practice
Ommission of immaterial accounting entries
Nature of problem
It was identified that two accounting entries had been missed at year end, being:
-
The pension creditor of £4,098
-
Impact reception accrual of £6,264
Potential consequences
This omission means that the liabilities within the financial statements are understated, and the net surplus overstated.
Recommendation for corrective action
Ensure going forward that year end reviews are in place to ensure all liabilities are recognised timely and accurately.
Management response
* Detail ***
Prior year adjusting journals not posted by client
Nature of problem
Opening balance journals at the beginning of this financial year. This omission means that the financial statements do not accurately reflect the opening balances of assets, liabilities, and funds.
Potential consequences
Further audit adjustments had to be made in order to correct the position of the accounts and disclosures and led to additional time to the audit process.
Recommendation for corrective action
17
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
Ensure that the audit adjustments detailed to you within this Key Audit Findings are promptly posted by you within QuickBooks
Management response
* Detail ***
Additional related party relationships on Companies House/ Charity Commission not disclosed within RPQ’s
Nature of problem
During our audit, we identified additional related party relationships listed on Companies House and the Charity Commission that were not disclosed in the related party questionnaires completed by trustees and KMP.
Potential consequences
There is a risk that there are potential unidentified related parties due to non-disclosure. Furthermore, differences in disclosures can create confusion as to what the correct related parties are and therefore there may be unidentified related party transactions/ balances in the year.
Recommendation for corrective action
Ensure that our related party questionnaires are reviewed and updated accurately to ensure that they are reflected of the detail on Companies House and Charity Commission.
Management response
* Detail ***
Gifts in kind
Nature of problem
During our audit testing, the head of finance kindly provided a schedule of gifts in kind that the charity had received during the year in the form of donated services, however the value of these had not been recognised in the financial statements previously. Due to being provided a schedule this year, we could conclude that this was material and thus we adjusted for this within the accounts, in line with the provided information.
In addition, we were provided with an estimate of gifts in kind for 2023 and thus we adjusted for this within the accounts, in line with the provided information, as a prior year adjustment.
18
The Lord Mayor’s Appeal + The Lord Mayor’s Appeal Trading Limited
Key Audit Findings For the year ended 30 November 2024
Potential consequences
Per the Charities Statement of Recommended Practice, donations should include gifts in kind and donated services. As such, income and expenditure should be included in the financial statements.
Recommendation for corrective action
We recommend that you continue to monitor the level of gifts in kind and update the schedule yearly to ensure we report this appropriately.
Management response
* Detail ***
19
London
2[nd] Floor 168 Shoreditch High Street London E1 6RA
+44 (0)20 7382 1820
Canterbury
37 St Margaret’s Street Canterbury Kent CT1 2TU +44 (0)1227 768231
Brighton
Plus X Innovation Hub Lewes Road Brighton BN2 4GL
+44 (0)1273 811000
Chichester
9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ
+44 (0)1243 787627
Chatham Maritime
2[nd] Floor, Maritime Place Quayside Chatham Maritime Chatham ME4 4QZ +44 (0)1634 899800
Horsham
Springfield House Springfield Road Horsham West Sussex RH12 2RG
+44 (0)1403 253282
Discovery Park
Innovation House Ramsgate Road Sandwich, Kent CT13 9ND +44 (0)1304 249476
Website: www.krestonreeves.com Email: enquiries@krestonreeves.com
This document is private and confidential. It may also be privileged or otherwise protected by work product immunity or other legal rules. If you are not the intended recipient please notify Kreston Reeves. You should not copy or use it for any purpose or disclose its contents to any other person. To do so may be unlawful.
Kreston Reeves LLP (registered number OC328775) is registered to carry on audit work and is regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Kreston Reeves Private Client LLP (OC342713) is licenced by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of noncontentious probate in England and Wales and regulated for a range of investment business activities. A list of members' names is available at our registered office and details of the licensing bodies for our insolvency practitioners can be found at our website. Kreston Reeves LLP is a member of Kreston Global, which is the trading name of Kreston International, a global network of accounting firms, each of which is a separate independent legal entity and as such has no liability for the acts or omissions of any other member firm. Kreston International is a company registered in England (No: 3453194) and limited by guarantee. Kreston International Limited provides no services to clients and has no liability for the acts or omissions of any member firm. Registered office: 7 Bell Yard, London, WC2A 2JR.