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← Lightyear Foundation Ltd

2024-12-31-accounts

For year ended 31 December 2024

Charity Number 1150231 Company Number 08151118

LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

CONTENTS Pages
Trustees’ Report 1 – 13
Independent Examiner’s Report 14
Statement of Financial Activities 15
Balance Sheet 16
Notes forming part of Financial Statements 17 - 24

LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial Year Ended 31 December 2024

The Board of Trustees of the Charity, which also acts as the board of directors for company law purposes, submits their report and the financial statements for Lightyear Foundation for the period 1 January 2024 to 31 December 2024. The Board of Trustees confirms that the annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity’s governing document and the provisions of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition – October 2019) and with the Charities Act 2011.

Objectives

The Charity’s objects, as set out in its governing document, are: To advance education in science amongst schoolchildren and adults in the UK and abroad in such ways as the Trustees see fit, including by:

Statement of Public Benefit

The Charity Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties.

The Charity’s Activities

Lightyear Foundation breaks down the barriers to disabled people participating in Science, Technology, Engineering and Maths (STEM), opening up the exciting world of science for all regardless of ability or background.

Through targeted educational programmes, outreach, training, and consultancy, the Charity works with children, educators, and employers to inspire a new generation of disabled scientists, engineers, and innovators. The Charity delivers immersive STEM experiences, skills-based learning, and direct engagement with disabled role models, enabling young people to discover, explore, and thrive in STEM subjects and careers .

For STEM Education and Learning

Disabled and neurodivergent young people face significant challenges in accessing STEM education. Many experience inaccessible learning environments, a lack of adapted teaching resources, and few opportunities to see themselves represented in STEM fields. As a result, disabled students are less likely to engage with STEM subjects, leading to underrepresentation in STEM education and careers.

Lightyear Foundation delivers high-impact programmes designed to inspire, engage, and empower disabled and neurodivergent children and young people in STEM.

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LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

By providing these tailored and accessible learning opportunities, Lightyear Foundation supports students to build confidence, develop skills, and foster a long-term interest in STEM.

For the STEM Sector

Despite the increasing demand for skilled STEM professionals, disabled people remain significantly underrepresented in STEM careers. Research, engineering, and technology jobs are growing at double the rate of other occupations, with an estimated 1.8 million more STEM-qualified people needed in the UK by 2025.

However, structural barriers continue to exclude disabled individuals from STEM pathways.

Lightyear Foundation works directly with STEM organisations, employers, and educators to drive meaningful and lasting change by:

Through these initiatives, Lightyear Foundation ensures that the STEM sector recognises, values, and embraces the contributions of disabled individuals—not just as participants, but as innovators, leaders, and changemakers.

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LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Our Impact in 2024

Lightyear Foundation continues to break down barriers to STEM education and careers for disabled and neurodivergent young people. In 2024, the Charity delivered its largest programme of activities to date, reaching 909 disabled and neurodivergent children and young people through a range of targeted, inclusive STEM initiatives.

Many disabled children and young people either have no access to a STEM education or do not see themselves represented in the sector. This means that the STEM workforce is missing out on their talents and contributions. For children with complex disabilities, STEM also provides a unique way to develop key life skills such as problem-solving, resilience, and choice-making. Whether or not this leads to a career in STEM, engaging disabled young people in science, technology, engineering, and maths builds confidence, independence, and a sense of possibility.

At the same time, the STEM sector faces a significant skills gap, with research, engineering, and technology jobs growing at double the rate of other occupations.

Yet, disabled people remain severely underrepresented in STEM education and employment. Misperceptions about disability continue to limit disabled young people’s aspirations and opportunities, while also restricting the STEM sector from accessing diverse talent. Lightyear Foundation’s work addresses these challenges directly, ensuring that disabled young people have access to high-quality STEM experiences, while also supporting educators and employers to create inclusive learning and working environments.

In 2024, the Charity worked across six core programme areas:

1. Lightyear Labs and Lightning Labs

Lightyear Labs and Lightning Labs provide disabled students with opportunities to experiment, problem-solve, and explore scientific concepts in a fully accessible environment. Each session is designed to be engaging, interactive, and adapted to meet diverse needs, ensuring that all students can experience the excitement of STEM.

In 2024, Lightyear Foundation expanded its lab themes, introducing:

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LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

"We felt the Lightyear Lab was brilliant, the students enjoyed the activities and grew with confidence week by week. The host was brilliant in engaging and listening to the students and adapted to their pace." – Senior Assistant Head, Helen Allison School

2. Immersive Sensory Science

Disabled children lack opportunities for hands-on STEM experiences that are fully accessible and adapted to their needs. Immersive Sensory Science brings STEM to life through interactive storytelling, stunning visuals, and multi-sensory engagement, ensuring that young people can experience the wonder of science in a way that is meaningful and accessible to them.

"Our students (and staff!) are still buzzing following the fantastic day we had with Matt and Jason from Immersive Experiences and their Planetarium. We were all so impressed at how Matt had adapted his delivery for our SEND students, and it has made such a lasting impression on them – they’re still talking about it weeks later!" – Teacher

3. Work Inspiration Trips

Work Inspiration Trips provide disabled young people with a direct window into STEM careers, offering behind-the-scenes access to industry settings and hands-on experiences with STEM professionals. The programme is designed to raise aspirations and challenge stereotypes about disability in STEM workplaces.

In 2024, Lightyear Foundation partnered with leading STEM employers to deliver Work Inspiration Trips, including Malvern Panalytical, Science Creates, and university research labs. Students had the opportunity to engage in real-world STEM problem-solving, meet industry professionals, and experience first-hand the range of careers available to them.

"Thank you so much for organising this trip for us – it was amazing and we all really enjoyed ourselves. This was unlike anything we have done before and was really interesting to see how science plays such an important place in the world of work. The students said they really liked mixing different things together to make the gel pouches and were all quite of the opinion that single-use plastic was bad for the environment. Lots of great learning happened.” – Teacher

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LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4. SEND in STEM Network

The SEND in STEM Network continues to bring together leading science institutions, membership organisations, science centres, charities, government bodies, and private sector companies to break down barriers to inclusion in STEM.

Following a strategic review in 2024, the Network has been restructured to include:

5. Celebrating STEM Stories

Lightyear Foundation’s Celebrating STEM Stories ensures that disabled young people can see positive role models in STEM, providing inspiration and practical insights into careers in science, technology, engineering, and maths.

In 2024, the Charity partnered with the Night Sky Foundation to profile six disabled and neurodivergent scientists, while also supporting students at The Oaks Specialist College to produce a video project showcasing how assistive technology supports their learning and daily lives.

6. Young People’s Forum

In 2024, Lightyear Foundation took the first steps towards establishing a Young People’s Forum, a new initiative designed to ensure that disabled and neurodivergent young people have a direct role in shaping STEM accessibility. This forum will provide young people with opportunities to influence Lightyear Foundation’s work, ensuring that their lived experiences guide programme development, training, and advocacy.

A key initiative linked to this work is the Squar3Roots Podcast, a youth-led podcast where disabled and neurodivergent young people explore STEM topics, career pathways, and accessibility issues. The podcast features conversations with disabled scientists, engineers, and technology professionals, offering real-life perspectives on working in STEM. The first episodes explored:

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LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

“Hosting this podcast has been an incredible experience. It’s given me the confidence to speak up about my experiences in STEM and to hear from amazing people who are working to make science more inclusive.” – Young Podcast Host

Listeners can tune in to the Squar3Roots Podcast on Apple Podcasts, Spotify, and YouTube.

The Young People’s Forum is an important step in ensuring that disabled and neurodivergent young people are not just beneficiaries of Lightyear Foundation’s work but active participants in shaping its future.

2024 in Numbers

In 2024, Lightyear Foundation expanded its reach, delivering inclusive STEM experiences to more disabled and neurodivergent young people than ever before. The Charity’s work focused on removing barriers, increasing engagement, and empowering young people to see a future for themselves in STEM.

Engagement

Programme Delivery

Capacity Building & Training

Partnerships & Collaboration

Volunteering & Community Involvement

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LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Lightyear Foundation remains committed to ensuring that every disabled and neurodivergent young person has the opportunity to engage with STEM, develop essential skills, and see themselves as part of the future of science, technology, engineering, and maths.

Acknowledgements and principal funders

The Trustees extend their sincere thanks to all those who have supported Lightyear Foundation throughout 2024. The Charity’s work would not be possible without the generosity of our funders, the dedication of our staff and volunteers, and the commitment of our partners.

Funders and Supporters

The Charity is deeply grateful to the organisations, trusts, and individuals whose financial support has enabled us to continue delivering transformative STEM opportunities for disabled and neurodivergent young people. Special thanks go to:

We also extend our thanks to corporate partners, individual donors, and community supporters whose generosity has contributed to our success.

Our Partners

Lightyear Foundation is proud to work alongside schools, multi-academy trusts, STEM organisations, science centres, and industry partners to ensure that STEM is inclusive for all. We also thank the 479 members of the SEND in STEM Network, whose engagement is driving meaningful change in the sector.

The Trustees are grateful to everyone who has contributed to the Charity’s work this year. Your support ensures that disabled and neurodivergent young people can access and thrive in STEM.

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LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Plans for 2025

In 2025, Lightyear Foundation will begin implementing its new Strategic Plan (2025–2030), which sets out a bold vision for ensuring disabled and neurodivergent young people have meaningful opportunities to engage with and thrive in STEM. The Charity’s work will continue to focus on delivering high-impact STEM programmes, strengthening inclusive communities, and influencing national policy and practice.

A major focus for the year will be the launch of STEM Futures, an ambitious new initiative funded by the Avantor Foundation, aimed at transforming STEM education in UK special schools. Alongside this, Lightyear Foundation will continue to expand and refine its existing programmes, ensuring that more disabled and neurodivergent young people can engage with high-quality STEM experiences.

Strategic Priorities for 2025

The Charity’s Strategic Plan (2025–2030) will guide its activities in five key areas:

To support the implementation of our new Strategic Plan, Lightyear Foundation will transition key freelance roles into permanent positions, ensuring greater stability, continuity, and long-term sustainability. The Charity will also expand project management and administration capacity, strengthening internal infrastructure to support programme delivery, partnerships, and operational growth.

Continuing and Expanding Existing Programmes

In addition to launching new initiatives, Lightyear Foundation will continue to deliver and expand its core programmes, ensuring disabled and neurodivergent young people have sustained opportunities to explore, engage with, and thrive in STEM:

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LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

These programmes will be scaled and refined to reach more schools, students, and educators, ensuring broader impact across the UK.

STEM Futures: Transforming STEM Education in Special Schools

STEM Futures, running from January 2025 to January 2026, is designed to embed science specialists in special schools, develop inclusive STEM learning activities, and create a framework for long-term improvements in STEM education for disabled and neurodivergent students.

The Charity will work closely with up to nine special schools across the UK, recruiting STEM specialists to support the design and delivery of engaging, accessible learning experiences. A Community of Practice will be established to enable participating schools to share insights and best practices, while an evaluation framework will ensure the project generates robust evidence on effective approaches to STEM education for disabled young people.

Lightyear Foundation will also explore opportunities to engage STEM employers, industry professionals, and volunteers, further strengthening connections between education and employment.

Looking Ahead

As Lightyear Foundation moves into 2025, the Charity remains committed to removing barriers to STEM, supporting educators, and ensuring disabled young people can see themselves in STEM education and careers. The implementation of the Strategic Plan (2025– 2030) and the STEM Futures project will be key milestones in furthering this mission, while the continuation and expansion of the Charity’s existing programmes will ensure sustained impact for young people, educators, and the wider STEM sector.

Financial review

Results for the year

The Charity received income of £230,327 (2023 - £158,622) and incurred expenditure of £127,190 (2023 - £71,743) resulting in net income of £103,137 (2023 - £86,879) for the year, of which a surplus of £16,476 was attributable to unrestricted funds and a surplus of £86,661 to restricted funds. The totals funds at 31 December 2024 of £268,400 was made up of £88,110 in unrestricted funds and £180,290 in restricted funds.

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LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Reserves policy

The Trustees have agreed a reserves policy that ensures the Charity can continue to operate effectively and meet its commitments in the event of unforeseen circumstances. The reserves policy is designed to:

The Trustees have set a target level of free reserves equivalent to five months of core operating costs, which has been calculated at £52,996. As of 31 December 2024, the Charity’s free reserves stood at £88,110, exceeding this target level. The Trustees have determined that, in early 2025, the proportion of reserves above the target level will be used to implement organisational changes arising from the new Strategic Plan 2025-2030. This planned investment will support the Charity’s long-term sustainability and enhance its capacity to deliver on its mission.

Reserves may be accessed, with the agreement of the Trustees, to provide working capital for new areas of work, strategic development, or emergency requirements.

The reserves policy is reviewed annually to ensure that it remains appropriate for the Charity’s financial position and strategic priorities.

The Trustees remain committed to maintaining a sustainable level of reserves while ensuring that funds are effectively deployed to breaking down barriers to STEM for disabled and neurodivergent young people.

Donated goods and services

The charity is very grateful for all the pro bono support it receives but is unable to put a financial value on it.

Reference and administrative details

Charity registration number: 1150231 Date of registration: 18th Dec 2012 Company registration number: 08151118 Date of incorporation: 20th July 2012 Address: Lightyear Foundation, 12 Anson Drive, York, YO10 4LH Website: www.lightyearfoundation.org Bankers: Lloyds Bank plc, 120 Lewisham High Street, Lewisham, London. SE13 6JG Insurers: Zurich (to 15 November 2024), Hiscox (from 15 November 2024) Independent examiner: Camilla Frost Trustees:

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LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees who served the Charity during the period were as follows:

Dr Camila Devis-Rozental Clive Gilbert Kirshen Govender (Treasurer) Nathan Macabuag (resigned 4 March 2024) Dr Camilla Pang Dr Josie Rawes (Chair to 4 March 2024) Peter Roberts (Chair from 4 March 2024) Lucy Williams

Structure, governance and management

Governing document

Lightyear Foundation is governed by its Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Organisational structure

The Trustees are responsible for decisions regarding the strategy and development of the Charity, and other high-level decisions. Day to day running of the Charity is delegated to the CEO of Lightyear Foundation plus a team of freelance professionals.

Recruitment and appointment of new Trustees

Lightyear Foundation is governed by a Board of Trustees, who are responsible for setting the Charity’s strategic direction, ensuring good governance, and overseeing financial and operational management. Trustees are appointed in accordance with the Charity’s Articles of Association and are subject to a formal recruitment, selection, and induction process.

Regular Trustee skills audits are conducted to ensure that the Board maintains a broad and balanced mix of skills, experience, and lived expertise. New Trustees are recruited either to replace outgoing members or to bring additional expertise in key areas aligned with the Charity’s strategic priorities. All new Trustees undergo a comprehensive induction process, which includes an overview of the Charity’s governance, strategy, and financial management, as well as training in safeguarding, equity, diversity, and inclusion.

A new recruitment round for Trustees will commence in Spring 2025, ensuring that the Board continues to reflect the skills, experience, and perspectives necessary to support the successful implementation of the Strategic Plan (2025–2030).

Staff and Associates

The staff and associates who supported the Charity during the period were as follows:

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LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Our Team and Volunteers

The Trustees would like to thank our staff, sessional workers, and volunteers for their dedication and commitment to delivering high-quality, inclusive STEM experiences. Their passion and expertise are at the heart of Lightyear Foundation’s impact. The Trustees would also like to extend a welcome those who have joined the team as we embark on an ambitious new phase of growth and impact.

Risk management

The Trustees regularly review the risks facing Lightyear Foundation and take appropriate steps to mitigate potential threats to the Charity’s operations, finances, governance, and reputation. The Charity maintains a risk register, which is reviewed and updated periodically to ensure that risks are identified, assessed, and managed effectively.

Key areas of risk management in 2024 included:

The Charity has also embedded risk management into its strategic planning processes, ensuring that potential challenges are identified early and that mitigation strategies are in place to support the successful delivery of the Strategic Plan (2025–2030). The Trustees are committed to ongoing risk monitoring and proactive risk management, ensuring that Lightyear Foundation remains a stable, sustainable, and high-impact organisation.

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LIGHTYEAR FOUNDATION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of the Responsibilities of the Trustee Directors

The Trustees (who are also directors of Lightyear Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The company has taken advantage of the small companies’ exemption in preparing the report above.

So far as each of the Trustees is aware at the time the report is approved:

Approved by the Board and signed on its behalf by:

Peter Roberts, Chair of Trustees

Date: 3 March 2025

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LIGHTYEAR FOUNDATION LIMITED

REPORT OF THE INDEPENDENT EXAMINER

FOR THE YEAR ENDED 31 DECEMBER 2024

I report to the Charity trustees on my examination of the accounts of Lightyear Foundation Limited for the year ended 31 December 2024 as set out on pages 15 to 24.

Responsibilities and basis of report

As the Charity’s trustees of the company (who are also directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

Having satisfied myself that the accounts of the company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Charity’s accounts as carried out under section 145 of the Charities Act 2011. In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention which give me cause to believe that:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Date: March 2025

Name: Camilla Frost

Address: 61 Wellington Street, Stretford, Manchester, M32 9AD

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LIGHTYEAR FOUNDATION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Income from:
Grants and donations
2
Trading income
Total income
Expenditure on:
Raising funds
3
Charitable activities
4,5,6
Total expenditure
NET INCOME/
9
(EXPENDITURE) FOR THE YEAR
Transfers between the funds
Net movement in the funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
12
FORWARD		 Unrestricted
funds
£
24 405
2 204
26 609
184
9 949
10 133
16 476
-
16 476
71 634
88 110		 Restricted
funds
£
203 718
-
203 718
-
117 057
117 057
86 661
-
86 661
93 629
180 290		 31.12.2024
31.12.2023
Total funds
Total funds
£
£
228 123
157 472
2 204
1 150
230 327
158 622
184
344
127 006
71 399
127 190
71 743
103 137
86 879
-
-
103 137
86 879
165 263
78 384
268 400
165 263

The Charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the Charity are classed as continuing.

The comparative funds are detailed in Note 13. The notes on pages 17 to 24 form part of these financial statements.

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LIGHTYEAR FOUNDATION LIMITED

BALANCE SHEET AS AT 31 DECEMBER 2024

31.12.2024 31.12.2023
Unrestricted Restricted Total funds Total funds
funds funds
Notes £ £ £ £
CURRENT ASSETS
Debtors 10 537 1 000 1 537 -
Cash at bank 88 159 179 290 267 449 165 648
88 696 180 290 268 986 165 648
CREDITORS
Amounts falling due within one
year 11 (586) - (586) (385)
NET CURRENT ASSETS 88 110 180 290 268 400 165 263
NET ASSETS 88 110 180 290 268 400 165 263
FUNDS 12
Unrestricted funds 88 110 71 634
Restricted funds 180 290 93 629
TOTAL FUNDS 268 400 165 263

The financial statements were approved by the Board of Trustees on 3 March 2025 and were signed on its behalf by:

…...........................

Peter Roberts

The notes on pages 17 to 24 form part of these financial statements.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

LIGHTYEAR FOUNDATION LIMITED

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention, with items recognised at cost or transaction value. The Financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), FRS 102 and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern due to accumulated reserves, and there are no significant current or longer-term liabilities, and the organisation has significant net assets and reserves.

No changes to accounting estimates have occurred and no material prior year errors have been identified in the reporting period.

Income

All income is included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Grants and donations are included in income when they are received, except for significant one-off grants and donations, received after the year end but promised before the year end.

Gift aid receivable is included in income when there is a valid declaration from the donor. Any gift aid recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor has specified otherwise.

Legacies are included when the charity is advised by the personal representative of an estate that the payment will be made, or property transferred and the amount can be quantified.

Donated services and facilities are included in the SoFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably. Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading in the SoFA.

The value of any volunteer help received is not included in the accounts but is described in the Trustees' Annual Report.

There has been no offsetting of assets and liabilities or income and expenses.

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LIGHTYEAR FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Support costs include central functions and have been allocated to activity costs categories on a basis consistent with the use of the resources.

Expenditure includes attributable VAT which cannot be recovered.

No material item of deferred income has been included in the accounts.

Taxation

The charity is exempt from tax on its charitable activities.

Cash at bank and in hand

Cash at bank 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.

Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees.

Restricted funds can only be used for the particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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LIGHTYEAR FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

2. GRANTS AND DONATIONS

Unrestricted Restricted 31.12.2024 31.12.2023
funds funds Total Total
£ £ £ £
Grants - unrestricted 23 613 - 23 613 45 386
Grants - restricted
- Lightyear Labs - 19 437 19 437 19 090
- Core Costs - 71 529 71 529 76 073
- SEN in STEM - 1 500 1 500 1 000
- Role Models - 7 200 7 200 -
- Immersive Sensory Science - 8 900 8 900 4 255
- Work Inspiration Trips - 3 400 3 400 6 250
- Community Projects - 10 500 10 500 -
- Signs for Science - 11 000 11 000 -
- STEM Futures - 70 252 70 252 -
Donations 669 - 669 5 118
Gift aid 123 - 123 300
24 405 203 718 228 123 157 472
3. RAISING FUNDS
Unrestricted Restricted 31.12.2024 31.12.2023
funds funds Total Total
£ £ £ £
Fundraising costs 180 - 180 255
Donation website charges 4 - 4 89
184 - 184 344

All raising funds expenditure was from unrestricted funds totalling £344 in 2023.

4. CHARITABLE ACTIVITIES - CURRENT YEAR

Charitable activities (see Note 5)
Support and governance costs (see Note 6)
CHARITABLE ACTIVITIES - PRIOR YEAR
Charitable activities (see Note 5)
Support and governance costs (see Note 6)		 Direct
costs
£
510
9 439
9 949
Direct
costs
£
3 965
14 742
18 707		 Project

costs
£
117 057
-
117 057
Project

costs
£
52 692
-
52 692		 31.12.2024
Total
£
117 567
9 439
127 006
31.12.2023
Total
£
56 657
14 742
71 399

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LIGHTYEAR FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

5. CHARITABLE ACTIVITIES - CURRENT YEAR

6. Unrestricted
funds
£
Direct costs
Website and marketing
477
Project costs
- Lightyear Labs
33
- Core Costs
-
- Role Models
-
- Immersive Sensory Science
-
- Work Inspiration Trips
-
- Signs for Science
-
510
CHARITABLE ACTIVITIES - PREVIOUS YEAR
Unrestricted
funds
£
Direct costs
Website and marketing
473
Charity Awards costs
713
Project costs
- Lightyear Labs
259
- Core Costs
-
- SEN in STEM
-
- Role Models
- Immersive Sensory Science
2 520
- Work Inspiration Trips
-
3 965
SUPPORT AND GOVERNANCE COSTS
Unrestricted
funds
£
Support costs
Operations team - freelance
1 350
DBS checks
500
Training and development
1 402
Recruitment
-
Travelling and hotels
2 318
Printing, postage and stationery
541
Subscriptions
172
Sundry
133
Bank charges
64
Bookkeeping and accounts
1 035
7 515
Governance
Insurance
325
Impact report design
790
Strategy and policy reports
740
Companies House fee
34
Data protection registration fee
35
1 924
Total support and governance
9 439		 Restricted
funds
£
-
21 582
77 267
5 870
8 934
3 186
218
117 057
Restricted
funds
£
-
-
10 463
26 677
1 000
10 105
662
3 785
52 692
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 31.12.2024
Total
£
477
21 615
77 267
5 870
8 934
3 186
218
117 567
31.12.2023
Total
£
473
713
10 722
26 677
1 000
10 105
3 182
3 785
56 657
31.12.2024
Total
£
1 350
500
1 402
-
2 318
541
172
133
64
1 035
7 515
325
790
740
34
35
1 924
9 439		 31.12.2023
Total
£
10 835
552
172
299
320
92
216
122
32
800
13 440
524
730
-
13
35
1 302
14 742

20

LIGHTYEAR FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

6. SUPPORT AND GOVERNANCE COSTS (CONTINUED)

Support and governance expenditure from unrestricted funds totalled £14,742 in 2023.

7. STAFF COSTS AND NUMBERS - CURRENT YEAR

Unrestricted
funds
£
Gross salaries and wages
-
Freelance staff
- Charitable activities - projects
-
- Management and governance
1 510
1 510
Total staff costs
1 510
STAFF COSTS AND NUMBERS - PRIOR YEAR
Unrestricted
funds
£
Gross salaries and wages
-
Freelance staff
- Charitable activities - projects
5 630
- Management and governance
5 205
10 835
Total staff costs
10 835		 Restricted
funds
£
-
31 024
66 319
97 343
97 343
Restricted
funds
£
-
16 535
29 708
46 243
46 243		 31.12.2024
Total
£
-
31 024
67 829
98 853
98 853
31.12.2023
Total
£
-
22 165
34 913
57 078
57 078		 31.12.2023
Total
£
-
22 165
34 913
57 078
57 078

There were no members of staff employed during 2024 (2023 None).

No members of staff received staff benefits (excluding employer pension costs) for the year of more than £60,000.

The remuneration of the key management personnel (2024, 3 people) amounted to £40,300 (2023, 2 people, £34,912).

21

LIGHTYEAR FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

8. TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES

Trustees' remuneration and benefits

There were no Trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were Trustees' expenses paid to one Trustees of £149 for travel and hotel expenses for the year ended 31 December 2024 (2023 - Nil).

Trustees' donations

No Trustees made donations in the year (2023 Nil).

9. NET INCOME/(EXPENDITURE)

This is stated after charging:

This is stated after charging:
31.12.2024 31.12.2023
£ £
Independent examiner's fee - -

No fees have been paid to the Independent Examiner for her review (2023 - £NIL) and she has not provided any other assurance or advisory services.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.2024
£
Grant income
1 000
Local Giving
12
Trading income debtor
525
1 537
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.2024
£
Accruals
586		 31.12.2023
£
-
-
-
-
31.12.2023
£
385

22

LIGHTYEAR FOUNDATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

12. MOVEMENT IN FUNDS - CURRENT YEAR

At 1.1.2024
£
Unrestricted funds
General fund
71 634
Restricted funds
Lightyear Labs
13 426
Core Costs
71 233
SEN in STEM
-
Role Models
-
Immersive Sensory Science
4 255
Work Inspiration Trips
4 715
Community Projects
-
Signs for Science
-
STEM Futures
-
93 629
TOTAL FUNDS
165 263
MOVEMENT IN FUNDS - PRIOR YEAR
At 1.1.2023
£
Unrestricted funds
General fund
38 731
Restricted funds
Lightyear Labs
4 799
Core Costs
21 837
SEN in STEM
-
Role Models
10 105
Immersive Sensory Science
662
Work Inspiration Trips
2 250
39 653
TOTAL FUNDS
78 384		 Income Expenditure
£
£
26 609
(10 133)
19 437
(21 582)
71 529
(77 267)
1 500
-
7 200
(5 870)
8 900
(8 934)
3 400
(3 186)
10 500
-
11 000
(218)
70 252
-
203 718
(117 057)
230 327
(127 190)
Income Expenditure
£
£
51 954
(19 051)
19 090
(10 463)
76 073
(26 677)
1 000
(1 000)
-
(10 105)
4 255
(662)
6 250
(3 785)
106 668
(52 692)
158 622
(71 743)		 At
Transfers 31.12.2024
£
£
-
88 110
-
11 281
-
65 495
-
1 500
-
1 330
-
4 221
-
4 929
-
10 500
-
10 782
-
70 252
-
180 290
-
268 400
At
Transfers
31.12.2023
£
£
-
71 634
-
13 426
-
71 233
-
-
-
-
-
4 255
-
4 715
-
93 629
-
165 263		 At
Transfers 31.12.2024
£
£
-
88 110
-
11 281
-
65 495
-
1 500
-
1 330
-
4 221
-
4 929
-
10 500
-
10 782
-
70 252
-
180 290
-
268 400
At
Transfers
31.12.2023
£
£
-
71 634
-
13 426
-
71 233
-
-
-
-
-
4 255
-
4 715
-
93 629
-
165 263
13 426
71 233
-
-
4 255
4 715
93 629
165 263

General fund

The general fund is used for the administration costs of the charity.

Lightyear Labs

These funds provide virtual science workshops for disabled children.

Core costs

This funding covers core costs relating to developing the charity's future programmes.

SEN in STEM

This fund covers training and hosting inclusivity events in the STEM sector.

23

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024

LIGHTYEAR FOUNDATION LIMITED

12. MOVEMENT IN FUNDS (CONTINUED)

Role Models

This funding covers linking children with disabled professionals in STEM industries to inspire them to consider the industry as a career option.

Immersive Sensory Science

This fund is to offer accessible and interactive STEM experiences for disabled children to create a multi-sensory experience to STEM learning.

Work Inspiration Trips

This fund facilitates days where young adults and children can visit a STEM workplace to encourage them to explore the STEM industries as a career.

Community Projects

This fund will support a Young Peoples Council project to engage young people in STEM subjects.

Signs for Science

This fund is for a project combining resource development in British Sign language and Makaton.

STEM Futures

This fund will support the launch of the STEM Futures initiative aimed at transforming STEM education in Special schools.

13. PRIOR YEAR FUND COMPARATIVES

Income from:
Grants and donations
Other
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
NET INCOME/
(EXPENDITURE) FOR THE YEAR
Net movement in the funds
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
50 804
1 150
51 954
344
18 707
19 051
32 903
32 903
38 731
71 634		 Restricted
funds
£
106 668
-
106 668
-
52 692
52 692
53 976
53 976
39 653
93 629		 31.12.2023
Total funds
£
157 472
1 150
158 622
344
71 399
71 743
86 879
86 879
78 384
165 263

24