Charity registration number 1154755
LADY GARDEN FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
LADY GARDEN FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Ms Jennifer Halpern Prince (Chair) |
|---|---|
| Dr John Butler | |
| Dr Tara Swart | |
| Baroness Helena Morrissey | |
| Ms Annalisa Jenkins | |
| Ms Jenniffer Emmanuel | |
| Ms Victoria Hornby | |
| Charity number | 1154755 |
| Registered office | 17 Gresse Street |
| 6 Evelyn Yard | |
| London | |
| United Kingdom | |
| W1T 1QL | |
| Independent examiner | Charlotte Toemaes Bsc FCA |
| Ellacotts LLP | |
| Countrywide House | |
| 23 West Bar | |
| Banbury | |
| Oxfordshire | |
| England | |
| OX16 9SA | |
| Bankers | C. Hoare & Co |
| 37 Fleet Street | |
| London | |
| EC4P 4DQ |
LADY GARDEN FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Statement of cash flows | 7 |
| Notes to the financial statements | 8 - 15 |
LADY GARDEN FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 JANUARY 2022
The Trustees present their report and accounts for the year ended 31 January 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with Lady Garden Foundation's constitution dated 25 September 2013, the Charities Act 2011 and “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)”.
Objectives and activities
The objects of the Foundation are to promote charitable causes which benefit women. The Trustees agreed that the first cause to be supported was the research work carried out by Dr Bannerjee at The Royal Marsden into gynaecological cancer. In September 2018 the charity's name was changed to The Lady Garden Foundation and this was duly registered with The Charities Commission.
In 2019 the Trustees agreed that the second cause to be supported was gynaecological cancer at The Royal Marsden. The funds raised for this cause will support a broad reaching number of projects at The Royal Marsden which seek to have a positive, and transformative impact, on women’s gynaecological cancer treatment.
In 2020, the Trustees further evolved the charity’s objectives to support gynaecological causes that extend and improve the gynaecological health of women nationwide.
Throughout the ongoing impact of the Covid pandemic during this eighth accounting period, the Trustees were delighted that the charity continued to thrive in its fundraising ventures, by quickly pivoting to creative, virtual fundraising activities. Whilst simultaneously distributing funds via the charity’s first ever scientific committee, chaired by Professor Larkin, to ensure that as the Foundation continued on its growth trajectory. Funding allocations by the scientific committee are measured against a targeted, science led criteria, for maximum impact.
The Foundation will allocate the funds raised during this eighth accounting period towards their second cause - gynaecological cancer at Royal Marsden Hospital, via this scientific committee.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission General Guidance on public benefit when reviewing the Foundation's aims and objectives and in planning future activities and setting donation policies for future years.
Structure and governance
Under the terms of the Constitution the power of appointing new charity trustees lies with the current Trustees. New Trustees must be appointed by a resolution passed at a properly convened meeting of the charity Trustees. Dr John Butler was re appointed as a Trustee and Dr Tara Swart was appointed as an additional trustee during this accounting period.
The Foundation retained its status as a registered member of the ICO and The Fundraising regulator during this accounting period. The Foundation also continued to invest in GDPR compliant automated software to ensure continued compliance during the Foundation's rapid growth.
At bi-monthly meetings the trustees agree on a broad strategy and areas of activity for the Foundation. This includes the consideration of grant making, reserves and risk management policies as well as performance and targets.
Achievements and performance
The Trustees are delighted by the continuing success of the Foundation over its eighth accounting period. The Foundation significantly exceeded its fundraising target and made its highest ever annual donation to Royal Marsden.
The Foundation continued to considerably raise the profit margin of its fundraising. The Trustees believe this can be attributed to a clear focus on financial targets and the increased strategic management of the Lady Garden Foundation brand.
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LADY GARDEN FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
In particular there have been a number of events that raised significant funds during the accounting period which included:
· Gucci Shopping Event
The Trustees would like to thank Gucci for their continuing support of the Foundation and Tamara Beckwith Veroni for creating, and managing, this ongoing partnership. This event raised £15,000.
· Virtual Challenge
Due to the ongoing restrictions from the Covid pandemic the Foundation hosted its annual fitness challenge online. The Trustees would like to thank all participants who generously generated sponsorship and are pleased to report that £133,277 was raised.
· Ladies Lunch
The Trustees would like to thank Josephine Daniels and Tamara Beckwith Veroni for hosting another successful annual lunch at Fortnum & Mason. The Foundation’s first major, in person fundraiser, post Covid restrictions, was a huge success and generated the highest funds to date from this much loved annual occasion. The Trustees are delighted to report that £186,010 was raised.
Financial Review
Reserves policy
The Foundation aims to maintain a minimum of £36,000 in available reserves. This money is held within restricted funds as its own fund to cover at least 3 months of expenditure in the event of a lack of funding. At the accounting date the Foundation has total reserves of £622,912, which is significantly above the reserves policy in anticipation of granting over half a million pounds to new research projects in the next accounting period, as well as providing funding for a pre doctoral research fellow at the Royal Marsden.
Funding to The Royal Marsden
During the accounting period, the Foundation was able to donate a further £425,716 to The Royal Marsden Cancer Charity. This makes a total of £1,675,496 over the last 7 years. The Foundation funded four new research projects and provided funding for two surgical cameras identified on the Royal Marsden’s ‘priority equipment list’ during this accounting period.
The four new research projects funded were:
Integration of genomic data into endometrial cancer reporting, led Dr Angela George Using AI to improve radiotherapy for cervical cancer patients, led by Dr Alexandra Taylor Predicting treatment benefit in low grade serous ovarian cancer, led by Dr Susanna Banerjee Blood test to detect cervical cancer relapse, led by Susan Lalondrelle
Risk Management
The Trustees regularly review the major risks to which the Foundation is exposed and take steps to mitigate these risks, particularly in the area of financial management.
Principal funding sources
The principal funding sources are voluntary donations together with monies raised by the various fundraising events as set out in our achievements and performance. The Trustees are delighted that a number of programmes have been put in place to raise money and raise awareness of gynaecological cancer in the future.
Consultant and other support
During the accounting period, the Foundation employed two full time employees, Alexandra Huxford as Brand Manager and Roisin Mennell as Brand Assistant. Part time consultant support was also provided from Jen Burner, on a part pro bono rate. Pro Bono Public Relations support and Office space was generously provided throughout the accounting period by Halpern. The Trustees are planning to maintain a similar structure for the next financial year and have budgeted accordingly.
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LADY GARDEN FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of Lady Garden Foundation and of the incoming resources and application of resources of Lady Garden Foundation for that year.
In preparing these accounts, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of Lady Garden Foundation and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of Lady Garden Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Independent Examiner, Charlotte Toemaes of Ellacotts LLP will be proposed for reappointment.
The Trustees' report was approved by the Board of Trustees.
..............................
Ms Jennifer Halpern Prince (Chair) Trustee
12/10/22 Dated: .........................
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LADY GARDEN FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF LADY GARDEN FOUNDATION
I report to the trustees on my examination of the accounts of Lady Garden Foundation for the year ended 31 January 2022, which are set out on pages 6 to 16.
Responsibilities and basis of report
As the trustees of Lady Garden Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of Lady Garden Foundation accounts carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since Lady Garden Foundation’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of Lady Garden Foundation as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Charlotte Toemaes BSc FCA Ellacotts LLP Chartered Accountants
Countrywide House 23 West Bar Banbury Oxfordshire OX16 9SA England
14/10/22 Dated: .........................
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LADY GARDEN FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income from: Donations and legacies 3 - 226,123 Other trading activities 4 - 471,458 Total income - 697,581 Expenditure on: Raising funds 6 - 119,814 Charitable activities Causes that benefit women 5 - 550,650 Total charitable expenditure - 550,650 Total expenditure - 670,464 Net income/(expenditure) for the year/ Net movement in funds - 27,117 Fund balances at 1 February 2021 166 595,629 Fund balances at 31 January 2022 166 622,746 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 226,123 - 156,746 471,458 - 261,434 697,581 - 418,180 119,814 - 129,967 550,650 - 332,224 550,650 - 332,224 670,464 - 462,191 27,117 - (44,011) 595,795 166 639,640 622,912 166 595,629 |
Total 2021 £ 156,746 261,434 418,180 129,967 332,224 332,224 462,191 (44,011) 639,806 595,795 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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LADY GARDEN FOUNDATION
BALANCE SHEET
AS AT 31 JANUARY 2022
| 2022 Notes £ Current assets Debtors 10 67,146 Cash at bank and in hand 570,551 637,697 Creditors: amounts falling due within one year 11 (14,785) Net current assets Income funds Restricted funds - general 12 Unrestricted funds The financial statements were approved by the Trustees on ......................... 12/10/22 |
£ 622,912 622,746 166 622,912 |
2021 £ 15,117 592,318 607,435 (11,640) |
£ 595,795 |
|---|---|---|---|
| 595,629 166 |
|||
| 595,795 | |||
.............................. Ms Jennifer Halpern Prince (Chair) Trustee
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LADY GARDEN FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2022
| 2022 Notes £ Cash flows from operating activities Cash absorbed by operations 14 Net cash used in investing activities Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2021 £ £ (21,767) - - (21,767) 592,318 570,551 |
£ (37,228) - - (37,228) 629,546 592,318 |
|---|---|---|
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LADY GARDEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
1.1 Accounting convention
These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. Lady Garden Foundation is a Public Benefit Entity as defined by FRS 102.
The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The accounts are prepared in sterling, which is the functional currency of Lady Garden Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the accounts, the trustees have a reasonable expectation that Lady Garden Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
Unrestricted general funds are funds that can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds are funds which are to be used in accordance with the specific requirements set by the donor.
1.4 Incoming resources
Grants/sponsorship/donations are recognised in incoming resources in the period in which they are receivable, except as follows:
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when donors specify that grants/donations given to the charity must be used in future accounting periods, the income is deferred until those periods.
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when donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the preconditions for use are met.
Donations of goods for resale are included in incoming resources at the sale value, once sold.
Investment income is recognised on a receivable basis.
Voluntary income is received by way of donations and gifts is included in incoming resources when receivable. The value of services provided by volunteers has not been included.
1.5 Resources expended
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LADY GARDEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
(Continued)
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 are allocated on the portion of the asset’s use.
Charitable expenditure in the form of donations payable is accounted for as and when approved by the Trustees. All other expenditure is included within the accounting period which it is incurred.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.
1.6 Cash and cash in hand
Cash at bank and in hand includes deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.7 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Lady Garden Foundation is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of Lady Garden Foundation’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The Trustees do not believe there to be any estimates or judgements which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
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LADY GARDEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
3 Donations and legacies
| Restricted | Restricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 86,935 | 29,397 |
| Gift aid receipts | 21,599 | 9,760 |
| Donated goods and services | 117,589 | 117,589 |
| 226,123 | 156,746 |
- 4 Other trading activities
| Restricted | Restricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2022 | 2021 | |
| £ | £ | |
| Fortnum & Mason Ladies Lunch | 212,425 | - |
| Lady Garden Run | 135,690 | 19,974 |
| General fundraising | 22,157 | 80,427 |
| Gynae Cancer Awareness Month Partnership | 57,173 | - |
| Cult Beauty Partnership | 20,000 | 60,000 |
| GiveMe5 | 9,013 | 13,753 |
| Gucci Shopping Morning | 15,000 | 32,280 |
| Winter Appeal | - | 55,000 |
| Other trading activities | 471,458 | 261,434 |
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LADY GARDEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
5 Charitable activities
| Causes that | Causes that |
|
|---|---|---|
| benefit | benefit |
|
| women | women | |
| 2022 | 2021 | |
| £ | £ | |
| Donations to The Royal Marsden | 425,716 | 207,421 |
| Donated services from Jenny Halpern Prince | 100,000 | 100,000 |
| Donated office space | 17,589 | 17,589 |
| 543,305 | 325,010 | |
| Share of support costs (see note 9) | 7,095 | 6,974 |
| Share of governance costs (see note 9) | 250 | 240 |
| 550,650 | 332,224 |
6 Raising funds
| Restricted | Restricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2022 | 2021 | |
| £ | £ | |
| Fundraising and publicity | ||
| Brand design, website and advertising costs | 3,018 | 3,493 |
| Fortnum & Mason ladies lunch costs | 26,415 | - |
| GiveMe5 | 156 | - |
| General fundraising | 8,407 | 23,975 |
| VAT irrecoverable | - | 6,245 |
| Lady Garden Run | 2,413 | 6,976 |
| Consultancy fees | - | 8,226 |
| Staff Costs | 50,024 | 52,194 |
| Support & governance costs | 29,381 | 28,858 |
| Fundraising and publicity | 119,814 | 129,967 |
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from Lady Garden Foundation during the year.
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LADY GARDEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
8 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Number | Number | |||||
| 2 | 1 | |||||
| Employment costs | 2022 | 2021 | ||||
| £ | £ | |||||
| Wages and salaries | 61,750 | 66,821 | ||||
| Social security costs | 779 | 478 | ||||
| 62,529 | 67,299 | |||||
| There were no employees | whose annual | remuneration was more than | £60,000. | |||
| Support costs | ||||||
| Support | Governance | 2022Support costs | Governance | 2021 | ||
| costs | costs | costs | ||||
| £ | £ | £ | £ | £ | £ | |
| Staff costs | 12,505 | - | 12,505 | 15,105 | - | 15,105 |
| Accountancy Fees | 10,410 | - | 10,410 | 9,950 | - | 9,950 |
| Bank, credit card and | ||||||
| Just giving processing | ||||||
| charges | 2,743 | - | 2,743 | 3,319 | - | 3,319 |
| Other administration | ||||||
| costs | 3,163 | - | 3,163 | 4,346 | - | 4,346 |
| Legal and professional | ||||||
| fees | 5,860 | - | 5,860 | 900 | - | 900 |
| Pensions costs | 795 | - | 795 | 1,252 | - | 1,252 |
| Independent examiner | ||||||
| fees | - | 1,250 | 1,250 | - | 1,200 | 1,200 |
| 35,476 | 1,250 | 36,726 | 34,872 | 1,200 | 36,072 | |
| Analysed between | ||||||
| Fundraising | 28,381 | 1,000 | 29,381 | 27,898 | 960 | 28,858 |
| Charitable activities | 7,095 | 250 | 7,345 | 6,974 | 240 | 7,214 |
| 35,476 | 1,250 | 36,726 | 34,872 | 1,200 | 36,072 |
9 Support costs
Governance costs includes payments to the independent examiners of £1,250 (2021- £1,200) for independent examination fees.
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LADY GARDEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
| 10 Debtors Amounts falling due within one year: Trade debtors VAT recoverable Other debtors Prepayments and accrued income |
2022 £ 44,500 5,489 6,397 10,760 67,146 |
2021 £ 15,117 - - - |
|---|---|---|
| 15,117 |
11 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2022 £ - 13,224 311 1,250 14,785 |
2021 £ 1,854 1,239 7,297 1,250 |
| 11,640 |
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LADY GARDEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
12 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Balance at 1 February 2020 r £ Royal Marsden Fund - General Fund 639,640 Contingency Fund - 639,640 |
Movement in funds Incoming esources Resources expended Transfers Balance at 1 February 2021 r £ £ £ £ - (207,421) 655,749 448,328 418,180 (254,770) (691,749) 111,301 - - 36,000 36,000 418,180 (462,191) - 595,629 |
Movement in funds Incoming esources Resources expended Transfers Balance at 31 January 2022 £ £ £ £ - (425,716) 237,023 259,635 697,581 (244,748) (237,023) 327,111 - - - 36,000 697,581 (670,464) - 622,746 |
Movement in funds Incoming esources Resources expended Transfers Balance at 31 January 2022 £ £ £ £ - (425,716) 237,023 259,635 697,581 (244,748) (237,023) 327,111 - - - 36,000 697,581 (670,464) - 622,746 |
|---|---|---|---|
| 622,746 |
Royal Marsden Fund
The Royal Marsden funds comprise of amounts allocated to support gynaecological cancer at the Royal Marsden. The funds allocated for this cause will support a broad reaching number of projects at the Royal Marsden which seek to have a positive and transformative impact on women's gynaecological cancer treatment. The fund was set up during the year to set aside amounts raised from the General Restricted Fund.
General Fund
This fund recognises all the day to day income resources and resources expended during the year. This fund is restricted to supporting causes set out in the Trustees Report under objectives and activities.
Contingency Fund
The purpose of this fund is to ensure the Foundation maintains a minimum of £36,000 in available reserves to cover at least 3 months of expenditure in the event of a lack of funding.
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LADY GARDEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
| 13 Analysis of net assets between funds Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 31 January 2022 are represented by: Current assets/(liabilities) 622,912 - 622,912 - 14 Cash generated from operations Surplus/(deficit) for the year Movements in working capital: (Increase) in debtors Increase in creditors Cash absorbed by operations |
Total Unrestricted funds 2022 2021 £ £ 622,912 166 622,912 166 |
Restricted funds 2021 £ 595,629 595,629 2022 £ 27,117 (52,029) 3,145 (21,767) |
Total 2021 £ 595,795 595,795 2021 £ (44,011) (1,134) 7,917 (37,228) |
|---|---|---|---|
15 Related party transactions
There were no related party transactions during the year (2021 - none), other than the donated office space in London and the services of Jenny Halpern Prince acting as a CEO. As this was a donation, no money was exchanged and therefore the total amount was accounted for in note 3, Donations and Legacies, and note 7, Charitable expenditure.
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