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2023-03-31-accounts

The Lucille Foundation

Annual Report & Accounts for the Year Ended 31 March 2023

Registered Charity Number: 1179736

ANDERSON BARROWCLIFF LLP Chartered Accountants

The Lucille Foundation

Statement of Accounts

for the Year Ended 31 March 2023

Page
Legal and Administrative Details 1
Report of the Trustees 2 - 9
Report of the Independent Auditor 10 - 12
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Principal Accounting Policies 16 - 17
Notes to the Accounts 18 - 21

The Lucille Foundation

Legal and Administrative Details for the Year Ended 31 March 2023

TRUSTEES: Alexander Alfred Charles de Carvalho
Charlene Lucille de Carvalho-Heineken
Charles Andrew George de Carvalho
Louisa Lucille Henrietta Brassey (Chair)
CHARITY REGISTRATION NUMBER: 1179736
REGISTERED OFFICE: Greenwood Place Limited
West Wing Somerset House
Strand
London
WC2R 1LA
WEBSITE: https://lucillefoundation.org
AUDITOR: Buzzacott LLP
130 Wood Street
London
EC2V 6DL
ACCOUNTANTS: Anderson Barrowcliff LLP
3 Kingfisher Court
Bowesfield Court
Stockton on Tees
TS18 3EX
BANKERS: Citi Bank N.A, Jersey Branch
PO Box 728
38 Esplanade, St Helier
Jersey, Channel Islands
JE4 8ZT
GRANT ADMINISTRATORS Greenwood Place Limited
West Wing Somerset House
Strand
London
WC2R 1LA
SOLICITORS: Bryan Cave Leighton Paisner LLP
Adelaide House
London Bridge
London
EC4R 9HA

Page 1

The Lucille Foundation

Report of the Trustees

The trustees present their statutory report together with the accounts of The Lucille Foundation (the “Foundation” or “charity”) for the year to 31 March 2023.

The accounts have been prepared in accordance with the accounting policies set out on pages 16 to 17 of the attached accounts and comply with the charity’s trust deed, applicable laws, accounting standards (United Kingdom Generally Accepted Accounting Practice) 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).

INTRODUCTION

The Foundation was established by a trust deed dated 27 September 2017 and confirmation of registration with the Charity Commission was received on 30 August 2018 - Charity Registration Number 1179736.

The Lucille Foundation is an independent grant-making charitable trust. It funds organisations in the Global South and the UK that promote community-led development and fight poverty and environmental degradation.

MISSION

During the period 1 April 2022 to 31 March 2023 the Lucille Foundation (the Foundation) made and managed grants to charitable organisations focused on finding and executing innovative solutions to today’s most pressing issues: poverty and environmental degradation, with a geographic focus on Africa and South Asia in addition to some grants in other geographies. The Foundation has three key objectives: to challenge inequality, restore balance to the environment and help to build thriving communities.

The trustees work with Greenwood Place Limited (Greenwood Place) to fulfil the role of their executive team and have put in place what they believe is a transparent and robust process for decision-making and grant management.

We maintain a relational style of grant-making, which supports learning and knowledge exchange with our grant-holders and encourages openness and transparency with the goal of becoming more useful and impactful grant-makers.

Greenwood Place carried out a survey of all its clients’ grantees to understand how well the processes and systems of the foundations managed by Greenwood Place were operating. Feedback was very encouraging. 66 respondents participated, representing 90 grantees overall rating Greenwood Place at 9 or above (out of 10) on a range of questions relating to the manner in which Greenwood Place interacted with and supported grantees. Specific feedback included: “It is a relationship that feels supportive and collaborative. We are a stronger charity as a result of this relationship” , “There is always plenty of time and should I ever need longer, I would not be afraid to ask. The team are friendly, supportive and understanding” , “Your transparency about how you set up funding, unrestricted funding etc and don’t require endless reporting forms that are not customised or reasonable is incredibly respectful of our time and our ability to report on what is most important and specific to our work.”

Grants are limited to twelve months and a proactive and timely process allows us to renew grants to organisations whose work we feel is still making an outsized difference for people experiencing poverty and the planet. We have renewed funding for the majority of grants, while maintaining a proactive approach to identifying new potential grantees.

Our strategic priorities and practices will remain under review. By learning from our grant-holders and our own grantmaking experiences, we will continue to assess how we can operate most effectively as a Foundation to support positive outcomes in the world.

Page 2

The Lucille Foundation

Report of the Trustees

OBJECTIVES AND ACTIVITIES IN THE YEAR

Activities and specific objectives

The stated objects of the charity are: -

The trustees operate a grant giving policy, providing funds for such charitable object or institution as the trustees think fit.

Objectives and activities for the public benefit

The Foundation’s sole activity is making grants to charitable organisations focused on finding and executing innovative solutions to today’s most pressing issues: poverty and environmental degradation. It does this with a geographic focus on Africa and South Asia (and increasingly in South America) and makes grants to organisations which are predominantly registered as charities or non-profit organisations in the UK or the US or which are clearly operating within UK charitable purposes. The Foundation has three key strategic objectives: to challenge inequality, restore balance to the environment and help to build thriving communities. The Foundation’s grantees operate within milestones agreed as part of the grant agreement and report regularly to the trustees on their progress.

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives, managing the Foundation’s assets and considering applications for financial assistance.

Grant-making policy and aims

The Foundation’s primary areas of focus are Africa and South Asia (and increasingly in South America). However, grants may also be made to support organisations addressing issues of poverty and environmental degradation elsewhere in the world.

The Foundation takes a proactive approach to identifying projects, leveraging Greenwood Place’s extensive network of funders, experts and partner charities, and is unable to consider unsolicited applications. The Foundation does not make grants to individuals.

The Foundation looks for programmes that have superb management and are ambitious to achieve lasting change. We seek programmes that start with listening to the people they support that recognise the interconnectedness of problems facing those facing extreme poverty and our shared environment, and that we feel have the ability to achieve significant results.

The Foundation seeks to use its freedom and independence to fund new thinking and experimentation, even when outcomes are uncertain.

Page 3

The Lucille Foundation

Report of the Trustees

How we work

We aim to be an active, engaged, long-term partner to organisations we support, backing them to execute the model of change they wish to achieve. We are entrepreneurial people and we believe in the ability of entrepreneurs to create high-impact, sustainable solutions to complex problems.

We support organisations in finding innovative solutions to today’s most pressing issues: poverty and environmental degradation. The Foundation seeks to use its freedom and independence to fund new thinking and experimentation, even when outcomes are uncertain. Our experience from grants made to date tells us that we can be particularly helpful in funding organisations and projects that are seeking to address complex systemic issues.

We provide unrestricted funding to organisations who have a strong vision for impact and scale and we strive to work with organisations where the impact of their work greatly outweighs the investment. We review our grant portfolio annually and renew support whenever we feel that our funding continues to be impactful.

Achievements and performance

The Foundation made payments to charitable organisations totalling £4,797,073 (year ended 31 March 2022: £4,092,305).

Over the year, the Foundation funded charitable organisations working primarily in Africa and in India, but also in other geographies. A full list of grants is set out below. Grant recipients come from a wide spectrum, but are all aligned with the Foundation’s strategic objectives outlined above.

The Foundation’s grants were all made for an initial twelve-month period. Where grants have been renewed, this renewal has been for a further twelve months. The Foundation’s core strategic portfolio focused on poverty and environmental degradation includes 27 grantees who received grants of between £50,000 to £200,000, with one exceptional grant of £1,000,000 made to Fauna & Flora International.

Within the current budget, the trustees aim to maintain a total grant portfolio of no more than 30 key grantees.

All grant holders agree clear milestones relating to the delivery and impact of their work as well as their own organisational strength. They are asked to take part in a six-month review and to produce a formal annual report on the progress of their work, with future payments dependent on the report being satisfactory.

Page 4

The Lucille Foundation

Report of the Trustees

Achievements and performance (continued …)

Page 5

The Lucille Foundation

Report of the Trustees

Achievements and performance (continued …)

Nia Tero Foundation - £200,000 over twelve months for Nia Tero to regrant to up to four Indigenous partners towards the protection and well-being of their ecosystems and communities. Nia Tero works through partnerships with Indigenous Peoples. Its place-based partnerships provide funds and technical support to give Indigenous partners the economic power and cultural independence to preserve their territory and livelihoods. It also works globally to raise awareness of Indigenous Peoples and promote policies to support them.

Fauna & Flora International (FFI) - £1,000,000 to support programmatic and core costs. FFI is the world’s oldest wildlife conservation organisation and focuses on the protection of threatened species and ecosystems. In addition to its well know work in species conservation, FFI is working increasingly on tackling climate change and supporting sustainable local livelihoods . The Foundation’s portfolio organisations continually innovate as they seek more effective ways to achieve their mission objectives. The work of a few of the Foundation’s charity partners is highlighted below.

ClientEarth had a big win when the UK’s largest sandbank, Dogger Bank, was awarded protection from bottom trawling. This is result of 3-4 years of work by ClientEarth and others to end the practice which was happening despite the area being labelled a Marine Protected Area. They also began a first-of-its-kind lawsuit against Shell’s Board of Directors personally for failing to move away from fossil fuels fast enough. In March 2023, they sent first-of-their-kind legal complaints to the French, German and UK governments for failing to tackle excessive pollution from diesel vehicles.

Canopy Planet was funded by Lucille Foundation for the first time in December 2022 and we were delighted to learn shortly after the financial year end that they had secured the Audacious Prize, a remarkable achievement for one of the smallest organisations in the Lucille Foundation portfolio. Canopy has worked with over 750 companies to develop supply chain solutions that protect Ancient and Endangered Forests and in 2022 saw a major milestone with one of their ‘Next Gen’ Innovation Partners building the world’s first textile recycling pulp mill in Sweden. The mill will use old textiles otherwise destined for landfill and will produce low-carbon, forestfree pulp into the viscose supply chain. Canopy has played a key role in building market demand for this new Next Gen product.

The trustees also retain a small “random acts of kindness” (RAOK) provision to enable smaller, largely one-off grants that may not be fully aligned with the core strategy. 7 RAOK grants were made during the year ranging from £5,000 to £45,000 per grant.

Page 6

The Lucille Foundation

Report of the Trustees

Key management

The trustees comprise the key management personnel of the charity in charge of directing and controlling the charity on a day-to-day basis. The day-to-day management and operation of the Foundation has been supported by an experienced team of grant-makers at Greenwood Place together with administrative and bookkeeping support provided by Anderson Barrowcliff LLP.

The Greenwood Place team has worked closely with the trustees in order to implement the Foundation’s strategic priorities and managed the grant-making process, the grants portfolio and relationships with grant holders. Where appropriate, advice is also taken from the charity’s auditor, legal and other professional advisors.

FINANCIAL REVIEW

Results for the year

A summary of the results for the period can be found on page 13 of this report and accounts.

During the year, total income amounted to £4,687,304 (year ended 31 March 2022: £1,399,439). Income from donations received amounted to £4,683,363 (year ended 31 March 2022: £1,399,431).

During the year, total expenditure amounted to £5,031,465 (year ended 31 March 2022: £4,261,460), which consisted of grants payable to institutions totalling £4,797,073 (year ended 31 March 2022: £4,092,305) and support costs comprising administration and governance costs totalling £234,392 (year ended 31 March 2022: £169,155).

This results in a net expenditure during the year of £344,161 (year ended 31 March 2022: £2,862,021).

Reserves policy and financial position

Reserves policy

The trustees' policy is to operate on the basis of having sufficient income to use towards meeting their charitable objects and to accord with their principal aims. The trustees are of the opinion that the charity’s funds at 31 March 2023 together with anticipated donations remain sufficient to enable them to continue this ongoing objective.

The charity has sufficient, but not excessive, funds to maintain its current level of charitable distributions.

Financial position

The balance sheet shows total funds of £322,938 (2022: £667,099). The unrestricted fund comprises amounts which ultimately are free reserves but which are held by the trustees. The size of the unrestricted fund sustains and supports the level of donations which the trustees wish to make over time. The trustees consider free reserves to be adequate but not excessive in the light of the charity’s reserves policy set out above.

GOVERNANCE, STRUCTURE AND MANAGEMENT

The charity is governed by a trust deed dated 27 September 2017. The charity is registered under the Charities Act 2011, Charity Registration Number 1179736.

Trustees

The names of the trustees who were in place on 31 March 2023 are set out as part of the legal and administrative details on page 1 of this annual report and accounts.

In addition to a full board meeting held four times a year, the trustees receive written portfolio updates from the executive team at Greenwood Place four times a year. They are also invited to relevant grantee events and invited to meet directly with grantee partners that are of particular interest to them.

Trustees are required to disclose all relevant interests and withdraw from decisions where a conflict of interest arises.

The power of appointing new trustees is vested in the trustees.

The trustees hold ultimate responsibility for the policies, activities and assets of the charity. The trustees agree the broad strategy of the Foundation, review and confirm policy decisions, review proposals, approve grants, assess and discuss grant-holder performance reports and discuss financial and investment issues and performance.

When necessary, the trustees seek training, advice, and support from professional advisors, including legal advisors and auditors. The Foundation does not hold an investment portfolio but receives donations throughout the year to cover an agreed budget for grant making and operational costs.

Page 7

The Lucille Foundation

Report of the Trustees

Statement of trustees ’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity at the year-end and of its income and expenditure during the year. In preparing accounts giving a true and fair view, the trustees are required to: -

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations 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.

The trustees are ultimately responsible for the policies, activities and assets of the charity. They review the developments with regard to the charity, its grant giving activities and make any important decisions. When necessary, the trustees seek advice and support from the charity's professional advisers including solicitors and accountants. The day-to-day management of the charity's activities, and the implementation of policies, is delegated to the management team at Somerset House, London.

Risk management

The trustees have a range of experience across the business, investment and charity sectors. Additional relevant expertise and internal control is maintained by delegating responsibilities and performance measurement. Procedures and policies are kept under regular review.

The trustees conduct regular reviews of the major risks to which the charity is exposed. Risks are formally documented and categorised as financial, governance and compliance, operational, reputational and grant-making. Probability and potential impact are assessed for each risk. This enables the trustees to judge whether and where additional controls need to be implemented.

All risks have clear mitigating actions and responsibilities assigned. To mitigate grant making-risk as an example, there are clear and transparent due diligence procedures which include the take up of references, analysis of grantees’ impact, ambition, finances and areas of risk. The executive team at Greenwood Place conducts research and due diligence on potential grant recipients which includes a review of the organisation’s finances and operations and multiple meetings - via telephone or in-person - to discuss the aims and objectives. Trustees review and approve all funding proposals and recipients are asked to submit clear milestones as part of their grant agreements. All grant recipients have a formal 6- month check-in with the executive team as well as submitting an annual progress report, including both successes and challenges, and informal discussions take place throughout the year. Any requests made by grant-holders to amend the grant terms mid-course are discussed and approved by the trustees.

Having assessed the major risks to which the charity is exposed, the trustees believe that by ensuring controls exist over key financial and grant-making systems which are subject to regular monitoring, including periodic reviews of performance against benchmarks, they have established effective systems to mitigate those risks.

Page 8

The Lucille Foundation

Report of the Trustees

PLANS FOR THE FUTURE

The trustees aim to continue their support of entrepreneurial, impact focused organisations aligned with their mission of backing community agency and sustainable solutions to poverty and environmental issues into the future. In the year ahead, the trustees will look to add new grantees to the Foundation’s portfolio and explore ways of connecting grantees together for learning and networking opportunities.

Louisa Lucille Henrietta Brassey

………………………………………………….

Signed on behalf of the trustees:

Approved by the trustees on:

July 10th 2023

…………………………………….

Page 9

The Lucille foundation

Independent Auditor’s Report to the Trustees of the Lucille Foundation

Opinion

We have audited the accounts of The Lucille Foundation (‘the charity’) for the year to 31 March 2023, which the comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:-

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Page 10

The Lucille Foundation

Independent Auditor’s Report to the Trustees of the Lucille Foundation

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:-

We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:-

Page 11

The Lucille Foundation

Independent Auditor’s Report to the Trustees of the Lucille Foundation

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:-

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

We did not identify any irregularities, including fraud.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011 and with regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

12th September 2023

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 12

The Lucille Foundation

Statement of Financial Statements

for the Year Ended 31 March 2023

Notes
Income from:
Donations and legacies
1
Interest receivable
2
Total income
Expenditure on:
Charitable activities
Promoting and enhancing charitable work
3
Total expenditure
Net (expenditure)/income and net movement in funds
Reconciliation of funds
Total funds brought forward at 1 April 2022
Total funds carried forward at 31 March 2023		 2023
£
4,683,363
3,941
4,687,304
5,031,465
5,031,465
(344,161)
667,099
322,938		 2022
£
1,399,431
8
1,399,439
4,261,460
4,261,460
(2,862,021)
3,529,120
667,099

All income and expenditure relates to unrestricted funds.

All of the charity’s activities derived from continuing operations during the above two financial periods.

All recognised gains and losses are included in the above statement of financial activities.

Page 13

The Lucille Foundation

Balance Sheet

for the Year Ended 31 March 2023

Notes
Current assets
Debtors
9
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within
one year
10
Net current assets
Total net assets
Funds and reserves
Unrestricted funds
Total funds
Approved by the trustees and signed on their behalf by:		 2023
2022
£
£
£
-
51,000
337,581
674,339
337,581
725,339
(14,643)
(58,240)
322,938
322,938
322,938
322,938
………………………………………………………
Louisa Lucille Henrietta Brassey
£
667,099
667,099
667,099
667,099

July 10th 2023 Approved by the trustees on: ……………………………………………….

Page 14

The Lucille Foundation

Statement of Cash Flows

for the Year Ended 31 March 2023

2023 2022
Notes £ £
Cash flows from operating activities:
Net cash (used in)/provided by operating activities A (336,758) (2,866,433)
Change in cash and cash equivalents in the year (336,758) (2,866,433)
Cash and cash equivalents at 1 April 2022 B 674,339 3,540,772
Cash and cash equivalents at 31 March 2023 B 337,581 674,339
Notes to the statement of cash flows for the year to 31 March 2023
A Reconciliation of net income and net movement in funds to net cash (used in)/provided by operating
activities
Year to Year to
31 March 31 March
2023 2022
£ £
Net income and net movement in funds (as per the statement of
financial activities) (344,161) (2,862,021)
Adjustments for:
(Increase)/decrease in debtors 51,000 (51,000)
Increase/(decrease) in creditors (43,597) 46,588
Net cash (used in)/provided by operating activities (336,758) (2,866,433)
B Analysis of net debt i.e. cash and cash equivalents
2023 2022
£ £
Total cash and cash equivalents:cash at bank and in hand 337,581 674,339

Page 15

The Lucille Foundation

Principal Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 March 2023, with comparative information given in respect to the year ended 31 March 2022.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued in October 2019 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The principal item in the accounts where a judgement or an estimate has been made is in respect to estimating future income and expenditure flows to enable the trustees to assess the charity’s financial position and going concern (see below).

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The charity’s income and expenditure is unlikely to be impacted significantly by the aftermath of the Covid-19 pandemic or by the impact of the current macro-economic and geopolitical environment as income consists entirely of trustee donations. The charity’s main activity is to provide grants. Therefore, it is able to exercise a significant degree of control over its expenditure. The trustees will continue to keep both income and expenditure under review.

The trustees have concluded that there are no 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 are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Income recognition

Income is recognised in the year in which the charity has entitlement to the income, the amount of income can be measured reliably, and it is probable that the income will be received.

Donations are recognised when the charity has confirmation of both the amount and the settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that the donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either the conditions are fully met, or the fulfilment of these conditions are wholly within the control of the charity, and it is probable that these conditions will be fulfilled in the reporting period.

All other income is recognised to the extent that it is probable that the economic benefit will flow to the charity and the revenue can be measured reliably. It is measured at fair value and is accounted for on an accruals basis.

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The Lucille Foundation

Principal Accounting Policies

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligations can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs.

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. Grants approved but not paid at the end of the financial year are accrued for. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the notes to the accounts.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of administration services.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect of its compliance with regulation and good practice.

Support costs and governance costs are apportioned directly to the one charitable activity.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash in bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

Creditors and provisions

Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.

Fund accounting

The unrestricted fund represents funds available for the general charitable purposes of the charity which may be applied at the discretion of the trustees.

Page 17

The Lucille Foundation

Notes to the Accounts for the Year Ended 31 March 2022

1

DONATIONS AND LEGACIES

1 DONATIONS AND LEGACIES
2023 2022
£ £
Total Donations 4,683,363 1,399,431
Following the year end, the Lucille Foundation has received a donation of £3,093,700 to fund the charity’s
agreed expenditure budget, including grant making activities, for the year ending 31 March 2024.
2 INTEREST RECEIVABLE

3

Total Bank Interest
PROMOTING AND ENHANCING CHARITABLE WORK
Grants payable to institutions (note 4)
Grant and other administrative costs (note 5)
Governance costs (note 6)
Total		 2023
£
3,941
2023
£
4,797,073
230,054
4,338
5,031,465		 2022
£
8
2022
£
4,092,305
165,315
3,840
4,261,460

Page 18

The Lucille Foundation

Notes to the Accounts for the Year Ended 31 March 2023

4 GRANTS PAYABLE TO INSTITUTIONS

Grants payable to institutions during the year comprised the following:-

Acumen
Ashoka UK
Baobab
Big Change Charitable Trust
Blue Dragon Childrens Foundation
Blue Ventures
CAMFED International
ClientEarth
Canopy Plant Society
Coral Vita
Corporacion el Colegio
Dutch Masters Foundation
Educate Girls
Fauna & Flora International (FFI)
Foundation for Ecological Security (FES)
GreenWave
Kheyti
The Kids Network
Last Mile Health
Legado Inc
Live Happy
mothers2mothers (UK) Limited
MyAgro Farms
Nia Tero Foundation
Noora Health
Northern Rangelands Trust
Nuru International
Peek Vision Foundation
GlobalGiving Ukraine Crisis Relief Fund
RAOK Re:Wild
Root Capital
Spark MicroGrants
StrongMinds
Village Enterprise
War Child UK
Water & Sanitation for the Urban Poor (WSUP)
The Wave Project
WildAid Marine
Yunus Social Business
Zayohub Foundation
Total		 2023
£
200,000
150,000
-
-
10,000
150,000
150,000
150,000
100,000
100,000
6,073
5,000
150,000
1,000,000
150,000
150,000
100,000
45,000
150,000
100,000
5,000
150,000
150,000
200,000
150,000
150,000
100,000
150,000
-
-
200,000
150,000
-
150,000
16,000
-
10,000
100,000
150,000
100,000
4,797,073		 2022
£
200,000
150,000
5,000
8,450
-
150,000
150,000
150,000
-
100,000
-
-
150,000
1,000,000
150,000
100,000
100,000
-
150,000
-
-
150,000
150,000
-
150,000
-
50,000
150,000
15,000
3,855
200,000
150,000
100,000
150,000
10,000
-
-
50,000
150,000
50,000
4,092,305

At 31 March 2023, the charity had no grant commitments in respect to grants awarded but payable only on the fulfilment of certain conditions (31 March 2022 – none).

Page 19

The Lucille Foundation

Notes to the Accounts for the Year Ended 31 March 2023

5 GRANT AND OTHER ADMINISTRATIVE COSTS

6

Print, postage, stationery and office supplies
Grant and foundation administration
Financial administration
Provision of strategic philanthropy services
Trustee training
Travel
Total
GOVERNANCE COSTS
Statutory audit fee		 2023
£
-
12,000
8,251
192,000
6,600
11,203
230,054
2023
£
4,338		 2022
£
80
15,858
5,377
144,000
-
-
165,315
2022
£
3,840

7 STAFF COSTS AND TRUSTEES’ REMUNERATION

The charity employed no staff during the year (2022 - none)

No trustee received any remuneration in respect of their services during the year (2022 - none)

No trustees were reimbursed for expenditure incurred in the performance of their duties during the year (2022 - none)

Key Management personnel

The key management personnel of the charity in charge of directing and controlling the charity comprise the trustees.

The total remuneration (including taxable benefits but excluding employer’s pension contributions) of the key management personnel for the year was £nil (31 March 2022 - £nil).

8 TAXATION

The Lucille Foundation is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities as they fall within the various exemptions available to registered charities.

9
DEBTORS
Prepayments
10
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Provision of strategic philanthropy services
Grant and foundation administration
Financial administration
Statutory audit fee
Other creditors		 2023
£
-
2023
£
-
-
5,485
4,158
5,000
14,643		 2022
£
51,000
2022
£
48,000
3,000
3,460
3,780
-
58,240

Page 20

The Lucille Foundation

Notes to the Accounts for the Year Ended 31 March 2023

11 RELATED PARTY TRANSACTIONS

During the year to 31 March 2023, the trustees donated £4,683,363 to the charity (2022 - £1,399,431).

One of the trustees is a director of Greenwood Place Limited (Company Registration Number 10579996), a company appointed by the trustees to implement the charity’s strategic priorities and manage the grant-making process, the grants portfolio and relationships with grant holders. During the year to 31 March 2023, the charity paid £221,803 (2022: £144,000) to Greenwood Place Limited.

During the year to 31 March 2023, the charity made a donation of £150,000 (2022: £150,000) to the Peek Vision Foundation. A Director of Greenwood Place Limited, an organisation which manages the grant giving process for the charity is a trustee for Peek Vision Foundation.

During the year to 31 March 2023, the charity made a donation of £200,000 (2022: £200,000) to Acumen. A Director of Greenwood Place Limited, an organisation which manages the grant giving process for the charity, is on the Advisory Board of Acumen.

During the year to 31 March 2023, the charity made a donation of £1,000,000 (2022: £1,000,000) to Fauna & Flora & International. Charlene Lucille de Carvalho Heineken is a non executive Vice President of this charity.

There were no other related party transactions in the year to 31 March 2023 (2022 - none).

Page 21