The Lucille Foundation
Annual Report & Accounts
for the Year Ended 31 March 2024
Registered Charity Number.. 1179736
ANDERSON BARROWCLIFF
Chartered Accountants

The Lucille Foundati
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24
Page
Legal and Administrative Details
Report of the Trustees
Report of the Independent ALJditor
10-12
statement of Financial Activities
Balance Sheet
14
Statement of Cash Flows
Principal accounting policie5
16-17
Notes to the Accounts
18-21

The Lucille Foundati
mini
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24
TRUSTEES:
Alexander Alfred Charles de Carvalho
Charlene Lucille de Carvalho Heineken
Charles Andrew George de C£walho
Louisa Lucille Henrietta Brassey Ichairl
CHARITY REGISTRATION NUMBER:
1179736
REGISTERED OFFICE:
Greenwood Place Limiied
West Wing Somerset HoLJse
Strand
London
WC2R 1LA
WEBSITE:
https'.Illucillefoundation.org
AUDITOR:
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
ACCOUNTANTS:
Anderson Barrowcliff LLP
3 Kingf15her Court
Bowesfield Court
Stockton on Tees
TS18 3EX
BANKERS:
Citi Bank N.A, jersey Branch
PO Box 728
38 Esplanade, St Heller
jersey, Channel Islands
IE48ZT
GRANT ADMINISTRATORS
Greenwood Place Limited
Wesi Wing Somerset House
Strand
London
WC2R 1LA
SOLICITORS:
Bryan Cave Leighton Paisner LLP
Adelaide House
London Bridge
London
EC4R 9HA
Page 1

The Lucllle Foundatlon
The trustees present their statutory report together with the accounts of The Lucille Foundation Ithe"Foundation"
or'charity'l for the year to 31 March 2024.
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 charitls trust deed, applicable laws, accounting standards (United
Kingdom Generally Accepted Accounting Practice) and Accounting and Reporting by Charities.. Statement of
Recorllmended Practice 3pplicable to ch3ritie5 preparing their accounts in accordance with the Financial Reporting
Standard applicable in Ihe UK and Republic of Ireland IFRS 1021.
INTRODUCTION
The Found3tion 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-rllaking charitable trust. It funds organisations in the Global South
and the UK that promote community-led developmeni and fight poverty and environmental degradation.
MISSION
During the period 1 April 2023 to 31 M3rch 2024 the Lucille Found3tion Ithe Foundation) made and managed
grants to charitable organisations focused on finding and executing innovative soluiions 10 todals most pressing
issues.. povety and environmental degrzdation, with a geographic focus on Afric£ 2nd South Asia in addition to
some grant5 in other geographie5. The Foundation has three key objectives: to challenge inequality, restore
balance 10 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 15 a transparent and robust proce55 for decision-making and grant
management.
We maintain a relational Style of grant-making, which support5 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, grantee5 to understand how well the processes and system5
of the foundations managed by Greenwood Place were operating. Feedback was very encouraging. 72
respondents participated, representing 94 grantees overall, rating Greenwood Place at 9.5 or above lout of l 01 on
a range of questions relating to the manner in which Greenwood Place interacted with and supported grantees.
Specific feedback included..
There ore few portners who ore 05 condid, tspproochoble, helpful, colltsborotive, self-owore, ond deepty committed os
Greenwood Ploce.-
"Real time, care and thoughtgoes into understanding our work keeping up to date with it our contex¢ which
meuns there isgreut respect on both sides in any intert7ction.
"It is very helpful to knoLV questions ohe￿￿ of time ond c(F115 Wlth Greenwood Ploce ore ulwoy5 greot leorning
opportunities. Itfeels very colloborative tronsporent."
Grants are limited to twelve months and a proattive and timely process allows LJS to renew grants to organisations
wh05e 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 pr3Ctices will remain under review. By learning from our grant-holders and our own
grant-making experiences, we will continue to assess how we can operate most effectively as a Foundation to
support positive outcomes in the world.
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The Lucllle Foundatlon
OBJECTIVES AND ACTIVITIES IN THE YEAR
Actlvltles and spèclflc objectlvès
The stated objects of the charity are..
The prevention or relief of poverty by providing grants to charities, or other organisations working to
prevent or relieve poverty.
To promote sustainable development for the benefit of the public through..
the relief of poverty and the improvement of the conditions of life in 50cially and economically
disadvantaged communities.,
the promotion of sustainable means of achieving economic growth and regenerztion,. and
the preservation, conservation and the protection of the environment and the prudent use of
resources, in particular where to do so contributes to the prevention 2nd relief of poverty.
To advance, promote or carry out such charitable purposes as the trustees in their absolute discretion
from time to time think fit anwihere in the world. 'Sustainable development, means'development which
meets the needs of the present without compromising the ability of future generations to meet their own
needs.,
The trustees operate a grant giving policy, providing funds for such charitable object or institution as the trustees
think fit.
Objertives and activities for the public benefit
The Foundation's sole acrivity is making grants to charitable organisations focused on finding and execLJting
innovative solutions to todays most pressing i55ues'. poverty and environrnental degradation. It does this with a
geographic focus on Africa and South Asia land increasingly in Souih Americal and makes granis 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. Where grants are made to non UK or US charities, additional care 15 taken
to ensure that organisations are operating within UK charitable purposes. The Foundation has three key strategic
objectives.. to challenge inequality, resiore balance to the environmeni and help to build Ihriving communities.
The Foundation's grantees operate within milestones agreed as Part of the grant agreement and report regularly
to the trustee5 On their progre$5.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general
guidznce on public benefit when reviewing the Foundation's zims and objectives, manzging the Foundation's
asset5 and considering applications for financial assistance.
Grant-making policy and aims
The Foundztion's prirn3ry areas of focus are Africa, South Asia (2nd 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 look5 for programmesthat have robust 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 living in poverty and our shared environment, and that we feel have the ability to achieve
significant results.
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The Lucllle Foundatlon
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 abiliry of
entrepreneurs to create high-impart, sustainable solutions to complex problems.
We support organisations in finding innovative solutions 10 todals most pressing issues.. poverty and
environmental degradation. The Foundation seeks to use its freedom and independence to fund newthinking and
experimentation, even when outcomes £re 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 organi5ations 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.
Achievement5 and performance
The Foundation made payments to charitable organisations totaling £4,452,000 (year ended 31 March 2023..
£4,797,073).
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 include5 24 grantee5 who received grants of between £1 00,000 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 relaiing 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 3 form31 annLJ21 report
on the progress of their work, with future payments dependent on the report being satisfactory.
Grants were made to the following organisations during the year=
Root Capital £200,000 to support core costs. Root Capital provides working capital and market
connection5 for Small and mid-sized agricultural businesses in Africa and Latin America.
Last Mile Health £150,000 over twelve months to support core costs. Last Mile Health develops and
manages trained community health workers who bring Iritical health services to remote communities.
Acumen £200,000 over Iwelve months to support core costs. Acumen invests in sustainable businesses
and promising leaders that are tackling poverty and the root causes of poverty.
CAMFED International- £150,000 to support core costs. CAMFED supports marginalised girls in Africa to
go to school and to succeed, and equips young women ICAMFED graduatesl to step up as leaders of
change.
Peek Vision £150,000 to support core costs. Peek Vision identifies people with eyesight problems and
connects them to local health workers, using smarrphone-based technology to gather data that enables
targeted, cost-effective treatment in low-income countries.
Kheyti - £150,000 to SUPPDrt core costs. Khesti helps smallholder farmers mitigate climate risk and
Increase agricultural income through their affordable"Greenhouse-in-a-8ox" which protects crops from
environmental risks and grows seven times more food, using 90% less water than open cultivation.
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The Lucllle Foundatlon
Achievements and performance (continued ...
Ashoka UK- £150,000 to support the international fellows programme. Ashoka is a global network that
supports 'changemakers' through their fellowship programme. These are social innovators who are
tackling some of the world's most pressing problems. There are 3,700 Ashoka Fellows in 92 countries
acr055 the world each given an unrestricted stipend and 5UPPOrt which includes coachin& leadership
development, training and lifelong membership of the Ashoka peer network.
Noora Health - £150,000 to support core costs. Noora Health trains family members and frontline
caregivers to 5UPPOrt patients to recover from a major medical event or to manage a chronic health
condition.
Educate Glrls- £150,000 to 5UPPOrt core costs. Educate Girls mobilise5 communities to ensure acce55 to
quality education for girls, getting out-of-school girls into education and providing support that keep5
them there.
Foundation for Ecological Securlty IFES1- £150,000 to support core costs. Foundation for Ecological
Security restores damaged common land in rural India by helping communities secure land rights and
then restore and manage that land effectively.
Spark Microgrant5 - £150,000 to 5UPPOrt core costs. Spark Microgrants provides communities facing
extreme poverty wilh a village-based approach to economic and civic development thai works by building
strong decision making processes and supporting collective action at village level.
y Agro Farm5 - £150,000 to support core costs. myAgro operates a mobile layaway savings model that
enables farmers to invest in quality seed, fertiliser, tools and trainings, and to increase harvest and
Income.
mothers2mothers IUKI Limited - £150,000 to support core costs. mothers2mothers works to eliminate
paediatric AIDS and prevent new HIV infections via a network of trained and employed HIV+ mothers.
Village Enterprise- £150,000 to support core costs. Village Enterprise corllbats poverty in rural Africa by
supporting people living in extreme poverty to launch and run businesses.
Zayohub - £100,000 to 5UPPOrt core costs. ZayoHub builds physical 'hubs' and provides the associated
infrastructure and support to enable last mile communiiies in Zambia to access solar energy, transporL
education, livelihood opporrunities, financial services and more.
ClientEarth - £150,000 to support core cost5. ClientEarth uses the power of the law to combat climate
change and pollution, secure peoples, environmental rights and protect and restore habitats, wildlife and
natural resources.
Greenwave - £150,000 to support core costs. Greenwave's model of Regenerative Ocean Farming
restores marine environments, supports local livelihoods and mitigates climate change.
Coral Vita £100,000 to support core costs. Coral Vita use5 high-tech, landba5ed coral farm5 to grow
climate change resilient, genetically diverse corals and plant them back into degraded reef sites. Their
coral reef restoration efforts aim to educate local people and tourists on the importance of coral reefs.
Blue Venture5
£150,000 over twelve months to support core costs. Blue Ventures helps coastal
communities to establish locally-managed marine areas that improve catch and increase incomes whilst
also conserving coast21 ecosystems.
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The Lucllle Foundatlon
Achievements and performance (continued ...
WildAid Marine- £100,000 over twelve month5 to 5UPPOrt core c05t5. WildAid Marine work5 to irrTrprove
the effectiveness of existing Marine Protected Areas IMPAS) focusing on enforcement. They work with
partners helping them to independently manage the MPAS over the longterm.
Legado- £150,000 over twelve months to support core c05t5. Legado works with Indigenous Peoples and
Local Communities IIPLCI helping them build the capacity to design and implement social and
environmental projects of their choosing. They call this approach Thriving Futures, and focus work on
area5 important for biodiversity.
Canopy Planet - £1 00,000 over twelve months to support core costs. Canopy Planet works with industry
partners in the fashion, packaging, and publishing 5ector5 to eliminate 50urcing from irreplaceable fore5t5
and find alternative solutions that support conservation.
Northern Rangelands Trust - £150,000 over twelve months to support core costs. NRT develops and
supports community conservancies, which are created to support the management of community-owned
land for the benefit of livelihoods.
Fauna & Flora International {FFII- £1,000,000 to support programmatic and core costs. FFI is the world's
oldesi wildlife conSer￿allOn organisation and focuses on the proiection of threatened species and
ecosystems. In addition to its well know work in species consetvation, FFI is working increasingly on
tackling climate change and supporting sustzinzble 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.
WildAid Marine won the 2023 Earthshot Prize in the Revive Our Oceans category. They currently work
within 95 Marine Protected Areas IMPAS) and coastal fisheries in 'critical ocean hc>tspots" in low-income
countries where MPA'S ineffectiveness is due to lack of resources. They partner with local government
entities and/or NGOS to build capacity so that local partners can independently manage the MPAS over
the long-term. Their Marine Protection System trackerf measures the change in system effectiveness
most recent results suggest that 8396 of MPAS in which they worked improved their score.
myAgro doubled their reach to 200.000 smallholder farmers in 2023, increasing their income and
agricultural yield through a mobile savings platform. Farmers purchase inputs in small increments and
myAgro delivers high quality seed, fertiliser, tree seedlings, or poultry combined with agricultur21 training
to support their food security and resilience to climate shocks. On average, myAgro farmers see a 50-
100% increase in yield per hectare and a $100-$200 net increase in farming income per year. 2023 also
saw the expansion of their work into Cote d'lvoire, the use of the myAgro Connect App for distributing
ernergency aid in Mali and the scaling of their pilots to support farmers in becoming clirnate change
M2m Imothers2mothersl launched their expznsion into Nigeria, Africa's most populous nation, with the
largest HIV epidernic in West and Central Africa and a rnother-to-child transmission of HIV rate of 25%.
mothers2mothers Im2ml employs women living with HIV across 10 African countries as paid, professional
Community Health Workers called Mentor Mothers who work within health facilities and door-to-door.
They have achieved virtual elirnination of mother-to-child tran5mi55ion of HIV amongtheir client5 for nine
consecutive years and provided ~15m people with essential health services and he31th education since
2001. m2m's initial focus was on eliminating mother-to-child transmission of HIV. They are now expanding
their scope to deliver integrated primary health services to entire families and tackle non-communicable
di5ea5es that disproportionately affect people living with HIV.
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The Lucllle Foundatlon
Achievements and performance (continued ...
Spark MlcroGrants signed a Memorandum of Understanding with the Government of Malawi to
implement their Facilitated Collective Action Proce55 IFCAPI in rural communitie5 across the country.
Spark Microgrants was founded in 2010 to prove that community-driven development can be done at
scale to sustainably improve the lives of those living in rural poverty. Spark's Facilitated Collective Action
Process IFCAPI is a vill£ge planning plus microgr£nt model that builds the socizl 2nd economic power of
families living in poverty to drive local change through collective decision making and community-driven
development. Since 2010, Spark has partnered with over 700 communities across six countries to launch
projects Impacting more than 500,000 people. From baseline to end-line their Intervention eads to z
doubling of meals consumed from one to two or more per day and an 80% increase in household assets
after one year.
The trustees also retzin 2 small "random acts of kindness" IRAOKI provision to enable smaller, largely one-off
grants that may not be fully aligned with the core strategy. 11 RAOK grants were made during the year ranging
from £4,000 to £20,000 per grant.
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 have worked closelywith the trustees in orderto implement the Foundation's strategic
prioritie5 and managed the grant-making proce55, the grant5 Portfolio and relationship5 Wlth grant holder5. Where
appropriate, advice is also taken from the charitls auditor, legal and other professional advisors.
FINANCIAL REVIEW
Results for the year
A 5urnmary of the results for the period can be found on page 13 of this report and accounts.
During the year, total income amounted to £5,367,403 (year ended 31 March 2023.. £4,687,304). Income from
donations received £mounted to £5,360,700 lyear ended 31 March 2023.. £4,683,363).
During the year, total expenditure amounted to £4,707,481 (year ended 31 March 2023.. £5,031,465), which
consisted of grants payable to institutions totalling £4,452,000 (year ended 31 March 2023.. £4,797,073) and
support costs comprising administration and governance costs totalling £255,481 lye3r ended 31 March 2023:
£234,392).
This results in a net surplus during the year of £659,922 lyezr ended 31 March 2023 net expenditure of.. £344,161).
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 charitzble
objects and to accord with their principal aim5. The trustees are of the opinion that the charitsls funds at 31 March
2024 together with anticipated donations remain sufficient to enable them to continue this ongoing objective.
The charity has sufficient, but not excessive, fund5 to maintsin its current level of charitable distributions.
FITnunciulposition
The balance sheet shows total funds of £982,86012023'. £322,938). The unrestrirted fund comprises amounts
which ultimately are free reserve5 but which are held by the trustees. The Size of the unrestricted fund 5U5tain5
and supports the level of donations which the trustees wish to make over time. The trustees considerfree reserves
to be adequate but not excessive in the light of the charl￿S reserves policy set out above.
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The Lucllle Foundatlon
GOVERNANCE. STRUCTURE AND MANAGEMENT
The chèrity is governed by 2 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 2024 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 yezr, the trustees receive written porrfolio updates from the
executive team at Greenwood Place four times a year. They are 3150 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 doe5 not hold an investment portfolio but receive5 donations throughout
the year to cover an agreed budget for grant making and operational costs.
statement of trustee> responslbllitles
The trustees are responsible for preparing the trustee5' report and account5 in accordance with applicable law
and Uniied Kingdom Accounting Siandards (Uniied Kingdom Generally Accepted Accouniing Practice).
Charity law requires the trustee5 to prepare accounts for each financ131 year which give a true and fair view of the
State of affairs of the charity at the year-end 3nd of its income and expenditure during the year. In preparing
accounts giving a true and fair view, Ihe Irustees are required to..
select suitable accounting policies and then apply them consistently,
observe the methods and principles in Accounting and Reporting by Charities.. Statement of
Recommended Practice zpplic3ble to charities preparing their 3ccounts In accordante with Financial
Reporting Stand3rd 102 IFRS 1021.,
make judgements and estimates that are reasonable and prudent.,
state whether applicable United Kingdom Accounting Standards have been followed, subject to any
material departures disclosed and explained in the accounts,. and
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 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.
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The Lucllle Foundatlon
Statement of truxee¥ respon$lbllltles lcontlnued .
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 frorn the charity'5 profe$5i0nal advisers including solicitors and
account3nts. The day-to-day management of the ch3rity'5 activities, and the implementation of policies, is
delegated to the management team at Greenwood Place.
Rlsk management
The trustees have a range of experience acr05S the business, investment and charity 5ector5. Additional relevant
experiise 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, operation31, reputational and grant-
making. Prob3bility and potential impact are £s%e5sed for each risk. This enables the trustee5 to judge whether
and where additional controls need to be irllplemented.
All risks have clear mitigating actions and responsibilities assigned. To mitigète the risk of making grants that are
not in line with the Foundation'5 objectives, 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 execuiive
team at Greenwood Place conducts research and due diligence on potential grant recipients which includes 3
review of the organisation's fin£nces 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 recipienis 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 discussion5 take place throughout the year. Any reque5t5 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 rnonitorin& including periodic
reviews of performance against benchmarks, they have established effective systems to mitigate those risks.
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 late 2023, Trustees discussed and approved a strategy for the next three years which will build on existing
work to date. This includes..
A doubling of annual grant-giving from circa £5m to £1 Om
The introduction of larger grant sizes alongside the existing £1 OOk- £200k per grantee
Growing the overall portfolio to a maximum of 40 grants
Thematic rebalancing within the community portfolio - specifically by adding more partners in the education
space in 2024-25
Increasing the proportion of work in South-East Asia, where the Foundation currently has minimal footprint
Growth in the environmental portfolio
Louisa Brassey
Signed on behalf of the trustees
Approved by the trustees on..
10 July 2024
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The Lucllle foundatlon
Opinion
We have audited the accounts of The Lucille Foundation I'the charitsll for the year to 31 March 2024, which the
comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal
accounting policies and the notes tothe 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, Iunited Kingdom
Gener£lly Accepted Accounting Prarticel.
In our opinion, the accounts'.-
give a true and fairview of the State of the chariW5 affairs as at 31 March 2024 and of the charitJ15 incorne
and expenditure for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IUKII and applicable
law. Our responsibilities under those standzrds 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 3ccord2nce with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a ba515 for our opinion.
Conclusions relating to going concern
In audltingthe accounts. we have concluded that the trustees. use of the golng concern basls of accountlng
In the preparatlon of the account$ Is approprlate.
Based on the work we have performed. we have not Identifled any material uncertalntles relating to
evènts or conditions that. individually or collectively. may cast significant doubt on thè ¢harity'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 responslbllltles and the responslbllltles of the trustees wlth respect to golng concern are descrlbed In
the relevant sections of this report.
Other Informatlon
The trustees are responsible for the other information. The other information comprises the information included
in the Annual Report and Accounts, other than Ihe accounis and our auditorfs report thereon. Our opinion on the
accounts does not cover the other information and, except to the extent otherwise explicitly stated in our reporL
we do not express any form of assurznte 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 £ccounts or our knowledge obtained in
the audit or othe￿ise appears to be materially rllisstated. If we identify such material inconsistencies or apparent
material misstatemenis, we are required to deiermine 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 materi31 misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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The Lucllle Foundatlon
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 201 I requires
us to report to you If, In our opinion..
the inforrnation given in the trustees, report is incon5iStent in any material respect with the accounts,. or
sufficient accounting records have noi been kept., or
the accounts are not in agreement with the accounting records and returns,. or
we have not received 311 the information and explanations we require for our audit.
Responsibilities of the trustees
As explzined more fully in the trustees, responsibilities statement set out in the trustees, repor¢ the trustees are
responsible for the preparation of the account5 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 account5, the trustees are responsible for assessing the charitls 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 50.
Auditotrs responsibilities for the audit of the accounts
Our objectives are to obtain reasonzble assurance about whether the accounts as 3 whole are free from material
misstatement, whether due to fraud or error, and to issue an auditorfs 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 IUKI will always detect 3 material misstatement when it exists. Misstatements can arise from fraud or
error and are considered rnaterial 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 re5pon5ibilities, outlined above, to detect material mi55tatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of deteciing irregulariiies, including fraud, is
detailed below.
How the (Judit w(ys considered cap(Fble of detecting irregul(Frities includingfr(Jud
Our approach to identifying and assessing the risks of material misstatement in respect of irregLJlarities, including
fraud and non-compliance with laws and regulations, was a5 follows'.-
The engagement partner ensured that the engagement team collettively had the appropriate
competenie, c3pabilities and skills to identify or recognise non-compliance with 3pplitable 13WS 3nd
regulation5',
We identified the laws and regulations applicable to the charity through discussions with trustees and
from our knowledge 2nd experience of the chzrity sector.,
We focused on specific laws and regulations which we considered may have a direct material effect on
the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011
and Accounting and Reporting by Charities: Statement of Recornmended Practice 3pplicable to charities
preparing their accounts in accord3nce with the Financi31 Reporting Standard applicable to the United
Kingdom and Republic of Ireland IFRS 1021 leffective 1 january 20191,. and
We assessed the extent of compliance with the laws and regulations Identified above through making
enquirie5 of trustees and review of minutes of trustees, meetings.
We assessed the susceptibility of the charitJKs accounts to material misstatement, including obtaining an
understanding of how fraud might occur, by:"
Making enquiries of trustees as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud,. and
Page11

The Lucllle Foundatlon
Auditotrs responsibilitie5 for the audit of the accounts (Continued..)
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulation5.
To address the risk of fraud through management bias and override of controls, we..
Performed analytical procedures to identify any unusual or unexpected relationships-,
Tested and reviewed journal entries to identify unusual transartions.,
Tested the authorisation of expenditure,.
Assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias,. and
Investigated the rationzle behind significant or unusual transartions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedure5
which included, but were not limited to'.-
Agreeing accounts disclosures to underlying supporting documentation..
Reading the minutes of meetings of trLJStees,' and
Enquiring of as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the le55 likely it is that we would become aware of non-compliance.
Auditing standards also limit Ihe audii procedures required 10 ideniify non-compliance wilh laws and regulations
to enquiry of the trLJStees 2nd other management and the inspection of regulatory 2nd leg31 correspondence, if
any.
Material misstatemenis that arise due to fraud can be harder 10 deteci than those thai arise from error as they
may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the accounis is located on the Financial Reporting
Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our auditors report.
Use of our report
This report is made solely to the charitls trustees, as a body, in accordance with seciion 145 of the Charities Act
2011 and with regulations made under Section 154 of that Act. OLJr audit work has been undertaken so that we
might state to the charitjls trustees those matters we are required to %t3te to them in an auditor's report 2nd 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 ch3ritJls 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
18 July 2024
Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page12

The Lucllle Foundatlon
for the Year Ended 31 March 2024
2024
2023
Notes
Income from:
Donations and legacies
Interest receivable
5.360.700
6.703
4,683,363
3,941
Total income
5,367.403
4,687,304
Expenditure on:
Charitable activitie5
Promoting and enhancing charitable work
4.707.481
5,031,465
Total èxpendlture
4.707.481
5,031,465
Net incomel{expenditurel and net movement in funds
659.922
1344,1611
Reconciliation of funds
Total funds brought forward at 1 April 2023
322.938
667,099
Total funds carried forward at 31 March 2024
982.860
322.938
All income and expenditure relates to unrestricted funds.
All of the chariws activities derived from continuing operations during the above two financial period5.
All recognised gains and losses are included in the above ststement of financi31 activities.
P3ge13

The Lucllle Foundatlon
for the Year Ended 31 March 2024
2024
2023
Notes
Current assets
Cash at bank and in hand
995.153
337,581
Llabllltles
Creditors.. amounts falling due within
one year
112.2931
114,6431
Net current assets
982.860
322,938
Total net assets
982.860
322,938
Funds and reserves
Unrestricted funds
982.860
322,938
Total funds
982.860
322,938
Approved by the trustees and signed on their behalf by..
Louisa Brassey
Approved by the trustees on..
10 July 2024
Page 14

The Lucllle Foundatlon
for the Year Ended 31 March 2024
2024
2023
Notès
Cash flows from operating artivities-
Net cash provided byllused inl operating activities
657.572
1336,7581
Change in cash and cash equivalents in the year
657.572
1336,7581
Cash and cash equivalents at 1 April 2023
337.581
674,339
Cash and cash equlvalents at 31 March 2024
995.153
337,581
Notes to the statement of cash flows for the year to 31 March 2024
Reconciliation of net income and net movement in fund5 to net cash provided by operating
activities
Year to
31 March
2024
Year to
31 March
2023
Net Income and net movement In funds las per the
Statement of financial activitie51
659,922
1344,1611
Adjustments for:
Ilncrea5el/decrea5e in debtor5
Increase/ldecreasel in creditors
51,000
143,5971
{2.3501
Net cash provlded byl{u$ed Inl operatlng a¢tlvltles
657.572
1336,7581
Analysis of cash and cash equivalents
2024
2023
Total cash and cash equivalents: cash at bank and in hand
995.153
337,581
Page15

The Lucllle Foundatlon
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 2024, with comparative information given in respect
to the year ended 31 March 2023.
The accounts have been prepared under the historical cost convention with items recognised at cost ortransaction
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 Charitie5'. 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 1021 issued in October
2019 the Finznci31 Reporting Standard 3ppliczble in the UK and Republic of Ireland IFRS 1021 and the Charities Act
2011.
The charity constitutes 3 public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
Crltlcal accountlng estlmates and areas of Judgement
Preparation of the accounts requires the trustees to make significantjudgements 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 flow5 to enable thetrustee5 to a55e55 charivs financial posltion and going concern
Isee below).
Assessment of golng concern
The trustee5 have a55e55ed 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 ai leasi one year from Ihe date of
approval of these accounts.
The chariws income and expenditure is unlikely to be impacted significantly by the impact of the current macro-
economic and geopolitical environment as income consists entirely of trustee donations. The charitls main activity
is to provide grants. Therefore, it is able to exercise a significant degree of control over its expenditure. The
trustee5 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 ch3rity to continue £s 3 going toncern. The trustees are of the opinion that
the charity will have sufficient resources to meet its liabilitie5 as they fall due.
Income recognition
Income is reiogni5ed 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 dzte. 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 ba515.
Page16

The Lucllle Foundatlon
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 p£rty, it is probable that a transfer of economic benefits will be required in
settlernent and the amount of the obligation5 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 relzted conditions. Grants approved but not paid at the end of the finzncial yezr are accrued for. Grants where
the beneficiary has not been informed or ha5 to meet certain condition5 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 5UPPOrt 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 regulztion and good practice.
Support costs and governance costs are apportioned directly to the one charitable activity.
Cash in bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have 3
maturity of less than three months frorll 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
Creditor5 and provi510ns 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
setilement 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 fund5 available for the general charitable purposes of the charity which may be
applied at the discretion of the trustees.
Page17

DONATIONSAND LEGACIES
2024
2023
Total Donations
5.360.700
4,683,363
INTEREST RECEIVABLE
2024
2023
Total Bank Interest
6.703
3,941
PROMOTING AND ENHANCING CHARITABLE WORK
2024
2023
Grants payable to institutions (note 41
Grant and other administr3tive costs (note 51
Governance costs (note 61
4.452.000
249.418
6.063
4,797,073
230.054
4,338
Total
4.707.481
5,031,465
Page18

The Lucllle Foundatlon
GRANTS PAYABLE TO INSTITUTIONS
Grants payzble to institutions during the year comprised the following'.-
2024
2023
Acumen Fund
Ashoka UK
Baobzb Centre for Young
Better lives foundation
Blue Dragon Childrens Foundation
Blue Ventures Conservation
Borne Foundation
CAMFED International
ClientEarth
Canopy Plant Society
Coral Vita
Corporacion el Colegio
Doorstep Library
Dutch Masters Foundation
Educate Girls
Fauna & Flora International IFFII
Foundation for Ecological Security IFESI
Greenwave
Kheyti
Huracan Foundation
The Kids Network
Last Mile Health
Legado Inc
Live Happy
mother52mothers (UK) Limited
MyAgro Farms
Nia Tero Foundation
Noora Health
Northern Rangelands Trust
Nuru International
OCD Foundation
Peek Vision Foundation
Projett Seagr3SS
Root Capital
Save the Med
Sp£rk MicroGr2nts
Village Enterprise Fund
Surfers against Sewerage
War Child UK
The Wave Projett
WildAid Marine
Yunus Social Business
Z3yohub Foundation
200.000
150.000
5.000
200,000
150,000
10,000
150,000
150.000
18.000
150.000
150.000
100.000
100.000
150,000
150,000
100,000
100,000
6,073
5.000
5.000
150.01)0
1.000.000
150.000
150.OIJO
150.000
5.000
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
150.000
150.000
150.000
150.000
150.000
20.000
150.000
10,000
200.000
15.000
150.000
150.000
10.000
150,000
200,000
150,000
150,000
16,000
10,000
100,000
150,000
100,000
5.000
100.000
100.000
Total
4.452.000
4,797,073
At 31 March 2024, the charity had no grant commitments in respect to grants awarded but payable only
on the fulfilment of certain conditions131 March 2023- none).
Page19

The Lucllle Foundatlon
GRANT AND OTHERADMINISTRATIVE COSTS
2024
2023
Registration Fee for conference
Grant and foundation administration
Financial £dministration
Provision of strategic philanthropy services
Trustee training
Travel
4.581
12.000
8.063
210.000
12,000
8,251
192,000
6,600
11,203
14.774
Total
249.418
230,054
GOVERNANCE COSTS
2024
2023
Statutory audit fee
4,338
STAFF COSTS AND TRUSTEES. REMUNERATION
The charity employed no staff dLJring the year12023- none)
No trustee received any remuneration in respect of their services during the year12023 - none)
No trustees were reimbursed for expenditure incurred in the performance of their duties during the year
12023 - 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 t3X3ble benefits but excluding employerfs pension contributions) of the
key management personnel for the year wa5 £nil131 March 2023- £nill.
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 activiiies as they fall within the various exempiions
available to registered charities.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Financial administration
Statutory audit fee
Other creditor
5,485
4,158
5,000
5.670
783
12.293
14,643
Page 20

The Lucllle Foundatlon
10
RELATED PARTY TRANSACTIONS
During the year to 31 March 2024, the trustees donated £5.360,700 to the charity12023 - £4,683,363).
One of the trustees is a director of Greenwood Place Limited (Company Registration Number 105799961,
a company appointed bythe trustees to implement the charitls strategic priorities and manage the grant-
making process, the grants portfolio and rel£tionships with grant holders. During the year to 31 March
2024, the charity paid £241,35512023.' £221,803) to Greenwood Place Limited.
During the year to 31 March 2024, the charity made a donztion of £150,00012023'. £150,000) to the Peek
Vision Foundation. A Director of Greenwood Place Limited, an organisation which manages the grant
giving process for the charities is a trustee for Peek Vision Foundation.
During the year to 31 March 2024, the chzrity made a donation of £200,00012023'. £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 2024, the charity made a donation of £1,000,00012023.. £1,000,000) to Faun
& 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 202412023 none).
Page 21