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2021-12-31-accounts

Registered Charity No. 1182952

LSEG Foundation (formerly Refinitiv Charities) (a charitable incorporated organisation)

Report and Financial Statements Period ended 31 December 2021

Charity Number

1182952

Registered Charity No. 1182952

CONTENTS Page
Officers and Professional Advisers' Report 1
Trustees’ Report 2
Trustees’ Responsibilities Statement 5
Independent Auditors’ Report 6
Consolidated Statement of Financial Activities 9
Balance Sheet 10
Consolidated Cashflow Statement 11
Notes to the Financial Statements 12

Registered Charity No. 1182952

OFFICERS AND PROFESSIONAL ADVISERS’ REPORT

TRUSTEES AND OFFICERS

Matthew Thomas O’Shea (resigned on 18 March 2022) Rachel Hannah Moseley (resigned on 18 March 2022) Luke Manning (resigned on 18 March 2022) John Thomas Jones Lawrence David Simanowitz (resigned on 17 May 2022) Seema Soni Emma Miller (resigned 30 June 2021) Brigitte Trafford (appointed 01 March 2022) Jignesh Ramji (appointed 01 March 2022) John Mason (appointed 01 March 2022) Sabrina Bailey (appointed 01 March 2022) Denzil Jenkins (appointed 01 March 2022) Duminda Liyanwela (appointed 01 March 2022) Abha Thorat-Shah (appointed on 1 August 2022)

BANKERS

Citi Bank N.A. Canada Square, Canary Wharf, London E14 5LB, United Kingdom

SOLICITORS

Bateswells LLP 10 Queen Street Place, London, EC4R 1BE

AUDITOR

Peters Elworthy & Moore Salisbury House Station Road Cambridge CB1 2LA

REGISTERED OFFICE

10 Paternoster Square London EC4M 7LS United Kingdom

1

Registered Charity No. 1182952

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31 DECEMBER 2021

The Trustees present their annual report on the affairs of the Charity, together with the financial statements and auditor’s report for the period ended 31 December 2021.

The financial statements comply with current statutory requirements and the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective 1 January 2019. The Charity is a registered Charitable Incorporated Organisation ("the CIO") and governed by its constitution.

As used in this annual report, “Refinitiv” or “LSEG” refer to London Stock Exchange Group PLC and its subsidiary undertakings, including joint ventures and associates. The “Charity” refers to LSEG Foundation (formerly Refinitiv Charities) and the “Group” refers to LSEG Foundation (formerly Refinitiv Charities) and its subsidiary, TicketAid Limited.

Objectives and activities

The objectives of the Charity are to advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time by making grants for the public benefit. In setting the Charity’s objectives and planning its activities, the Trustees have once again considered the Charity Commission’s general guidance on public benefit. Funded and supported by LSEG, the LSEG Foundation (formerly Refinitiv Charities) helps people access economic opportunities and build a secure future with financial independence. Working with charity and NGO partners, it supports a range of programmes across the globe, which create opportunities for those in need to participate in education, employment and enterprise.

The Charity has a wholly owned subsidiary named TicketAid Limited which was incorporated and registered in England and Wales on 12 August 2019 and its registration number is 12150310. TicketAid is an online fundraising platform.

Achievements and performance

The Charity was able to receive donations amounting to £160,250 (31 December 2020: £1,084,882). And it was successful in making grants amounting to £75,834 (31 December 2020: £1,235,756) as disclosed in note 5 by taking appropriate actions.

The donations contributed during the year were mainly used for Disaster relief - £8,026.

Structure & Grant Making Strategy

Following LSEG’s acquisition of Refinitiv, 2021 activity focused on the re-structure of the Charity, while maintaining a reduced amount of funding aligned to employee-nominated partners.

The new grant-making strategy was announced in December 2021, in preparation for a new funding round in 2022, based on three pillars of activity:

In support of our central mission, the LSEG Foundation also partners with disaster relief and specialist charities during times of crisis, to help communities respond, adapt and recover.

To facilitate this activity, LSEG Foundation has a board of trustees, supported by a management team to run the dayto-day operations of the Charity. There are also employee-led regional charity committees and community action teams within LSEG to help identify charity partners and facilitate employee volunteering.

The Trustees are responsible for declaring any potential conflict of interest with applicant entries, and in the instance where a conflict arises, the respective Trustee or Trustees will act in accordance with the Conflicts of Interest Policy and may exclude themselves from the decision-making of any application.

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Registered Charity No. 1182952

The day-to-day administration of grants and the process of handling of applications prior to, and following, consideration by the Board of Trustees is delegated to the management team and is operated in accordance with the Scheme of Delegated Duties to management document, which is approved by the Board of Trustees.

The appropriate care and due diligence are applied to all applicant entities in receipt of a grant, including any crossborder transaction guidance on restrictions or foreign currency payments where necessary.

Monitoring Achievement

Following an application and completed due diligence screening, grant recipients are required to complete and sign a grant agreement, outlining the scope of the grant and engagement expectations from LSEG Foundation, as well as provide an invoice and proof of bank account.

All charity partners are expected to provide impact measurements and updates throughout the term of the grant, with activity including but limited to:

A new, broader impact measurement framework is being developed in 2022.

This information is then fed back to the management team and Board of Trustees and included as part of their impact analysis by focus area and region.

Financial review

No fundraising activities are conducted by the Charity. It gave out grants amounting to £75,834 (31 December 2020: £1,235,756).

The funds received as donations by the Charity are in general classified unrestricted funds. The profits transferred from TicketAid Ltd are in general classified as restricted funds and can be used for specific purpose, however the donations received from LSEG are generally unrestricted donations and can be used for various purposes as deemed necessary by the Trustees.

The unrestricted fund is currently in deficit due to funding for year-end grant commitments not being received from Refinitiv before the year-end. The Trustees will eliminate this deficit by seeking donation funding from Refinitiv to settle the year-end grant commitments.

Reserves policy

The Charity holds reserves in order to accommodate unexpected falls in income and increases in expenditure.

It is the policy of the Charity to hold reserves (unrestricted funds less funds designated for particular purposes and tied up in fixed assets) at a level representing 12 months' support costs. This equates to a range of between £35,000 and £40,000.

At the year-end, unrestricted free reserves were negative £17,856, which is outside the target range. The target range will be achieved by seeking further donations from Refinitiv.

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Registered Charity No. 1182952

Risk review

A risk analysis was conducted by the LSEG Foundation working group during the re-structure of the Charity, with a risk register being set up in 2022 as part of the formal governance of the Charity, led by the management team with regular updates to the board.

Future plans

The Charity intends to continue its role as a grant-making entity and the board of trustees will hold quarterly meetings to oversee the day-to-day activity of the management team. All fundraising activity generated by TicketAid will continue to be transferred as profits to the Charity who will disburse these grants to the charities supported through the website.

Following the re-structure in 2021, the amount of funding and activity in 2022 will be significantly expanded in line with the new structure and governance outlined in this annual report.

Going concern

The Charity's activities, results and future are disclosed in the report. The Trustees have assessed the balance sheet and likely future cash flow plans of the Charity at the date of approving the financial statements. The Trustees have a reasonable expectation that the Charity has and will continue to have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Governance and Management

LSEG Foundation is a public benefit entity as defined by FRS 102. The Charity was registered on 11 April 2019 by Refinitiv Limited. Refinitiv Limited is the sole member of the Charity. There are currently nine Trustees. The Charity is a registered Charitable Incorporated Organisation - association (CIO) and the registered office address is given on page 1.

The Trustees of the Charity who served during the period covered by this report and the period up to it being signed are listed on page 1. The power to appoint new Trustees is held by Refinitiv Limited. Trustees are appointed for an initial three-year term and may subsequently be re-appointed for a maximum of two further terms counted consecutively or non-consecutively, after which they must retire from office and may not be reappointed.

The Board of Trustees have approved Terms of Reference and Schedule of Matters reserved for the Board of Trustees (the “Matters Reserved”) and a Statement of Delegated Duties for management (the “Delegated Duties”).

The Matters Reserved include the key principles and matters reserved to the Board of Trustees to enable the Trustees to effectively govern the LSEG Foundation by making decisions at a strategic level (rather than the detail of day-today management and administration). Under charity law, the legal starting point is that all decisions must be taken by the Board unless they are delegated.

The Delegated Duties sets out which management decisions, committee decisions, and financial decisions are delegated, to whom, and on what terms.

The Charity does not have any directly employed management and does not pay any remuneration or fees to either management or Trustees. There is a Framework Agreement, which governs the relationship and working arrangements between LSEG plc and the Foundation and covers matters including funding and provision of resources.

The Trustees’ Report was approved by the Board of Trustees on 28 Oct 2022, and signed on its behalf by:

Brigette Trafford

Trustee

4

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, 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 them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. 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.

Registered Charity No. 1182952

INDEPENDENT AUDITORS’ REPORT

Opinion

We have audited the financial statements of LSEG Foundation (the 'parent charity') and its subsidiary (the 'group') for the year ended 31 December 2021, which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. 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 UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements 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 Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements 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 other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to

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Registered Charity No. 1182952

INDEPENDENT AUDITORS’ REPORT

determine whether this gives rise to a material misstatement in the financial statements themselves. 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent 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 Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 financial statements.

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:

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:

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Registered Charity No. 1182952

INDEPENDENT AUDITORS’ REPORT

including documentation of any instances of non-compliance;

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

To address the risk of fraud through management bias and override of controls, we:

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 Auditors' 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Peters Elworthy & Moore

Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 28 October 2022

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Registered Charity No. 1182952

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including Consolidated income and expenditure account) Year ended 31 December 2021

Note
INCOME FROM:
Donations
4
Other trading activities
3
TOTAL INCOME
EXPENDITURE ON:
Charitable activities:
5
Raising Funds
TOTAL EXPENDITURE
Net
Income/(Expenditure)
Net Movement in
Funds
RECONCILIATION
OF FUNDS:
Total funds brought
forward
Net movements in
funds for the year
Total funds carried
forward		 Unrestricted
funds
Restricted
funds
1 January
2021 to 31
December
2021
As restated
Unrestricted
funds
As restated
Restricted
funds
As restated
1 April
2020 to 31
December
2020
£
£
£
£
£
£
96,242
-
96,242
1,058,440
-
1,058,440
-
64,008
64,008
-
26,442
26,442
96,242
64,008
160,250
1,058,440
26,442
1,084,882
50,341
67,949
118,290
1,262,540
22,087
1,284,627
-
857
857 - 714
714
50,341
68,806
119,147
1,262,540
22,801
1,285,341
45,901
(4,798)
41,103
(204,100)
3,641
(200,459)
45,901
(4,798)
41,103
(204,100)
3,641
(200,459)
(63,757)
36,407 (27,350)
140,343
32,766
173,109
45,901
(4,798)
41,103
(204,100)
3,641
(200,459)
(17,856)
31,609
13,753
(63,757)
36,407
(27,350)

There were no other recognised gains or losses other than those listed above and the net (expenditure)/income for the period. All income and expenditure derives from continuing activities.

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Registered Charity No. 1182952

BALANCE SHEET As at 31 December 2021

Note
Fixed Assets
Investments
8
Current Assets
Debtors
9
Cash at bank and in hand
Current Liabilities
Creditors: amounts falling
due within one year
10
Net current
assets/(liabilities)
Net Assets/(Liabilities)
Funds
Unrestricted funds:
General Funds
Restricted Funds:
General Funds
Total Funds		 Group
Charity
Group
Charity
31 December
2021
£
31 December
2021
£
As restated 31
December 2020
£
As restated 31
December 2020
£
- 1
-
1
-
6,003
-
71
43,389
37,386
124,535
124,464
(29,636)
(29,637)
(151,885)
(151,886)
13,753
13,752
(27,350)
(27,351)
13,753
13,753
(27,350)
(27,350)
(17,856)
(17,856)
(63,757)
(63,757)
31,609
31,609
36,407
36,407
13,753
13,753
(27,350)
(27,350)

These financial statements of LSEG Foundation registered number 1182952 were approved by the Board of Trustees and authorised for issue on 28 Oct 2022. They were signed on its behalf by:

Brigitte Trafford Trustee

10

Registered Charity No. 1182952

CONSOLIDATED CASHFLOW STATEMENT Period ended 31 December 2021

Net income for the period
Operating cash flow before movement in working capital
(Increase)/decrease in Debtors
Increase/(decrease) in Creditors
Net Cash Inflow/(Outflow) from operating activities
Cash flows from investing activities
Cash flows from financing activities
Net (Decrease)/Increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at the end of the period
Reconciliation to cash at bank and in hand:
Cash at bank and in hand
Cash and cash equivalents		 1 January 2021 to
31 December 2021
£
As restated
1 April 2020 to
31 December 2020
£
41,103
(200,459)
41,103
(200,459)
-
12,319
(122,249)
141,885
(81,146)
(46,255)
-
-
-
-
(81,146)
(46,255)
124,535
170,790
43,389
124,535
43,389
124,535
43,389
124,535

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Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2021

1. ACCOUNTING POLICIES

Charitable status

LSEG Foundation is a public benefit entity as defined by FRS 102. The Charity was registered on 11 April 2019 by Refinitiv Limited. There are currently nine Trustees. The Charity is a Charitable Incorporated Organisation registered in England and Wales and the registered office address is given on page 1.

Basis of accounting

The financial statements are prepared under the historical cost convention, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), effective 1 January 2019.

During 2020, the Charity had changed its reporting period end date from March to December of the calendar year. The period for the purpose of the financial statements presented is January 2021 to December 2021 with the comparative period being April 2020 to December 2020. The period change was performed to align the reporting period with the LSEG group reporting period and the financial statements (including the related notes) are not entirely comparable.

The principal accounting policies are set out below:

Basis of consolidation

The consolidated financial statements comprise LSEG Foundation and its wholly-owned subsidiary undertaking, TicketAid Limited. The summarised profit and loss account for the subsidiary is shown in note 3. The results of the subsidiary are consolidated on a line-by-line basis.

Preparation of financial statements - going concern basis

The Group's activities, results and future are disclosed in the Trustees' Annual Report. The Trustees have assessed the balance sheet and likely future cash flows of the Charity at the date of approving the financial statements. The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

The Trustees, therefore, consider that the going concern assumption is an appropriate basis on which to prepare these financial statements.

Income

Income is recognised when the Group and Charity have entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Donations from Refinitiv are recognised when received. Gift aid donations from the subsidiary undertaking are accrued for at each year-end in accordance with the deed of covenant dated October 2019.

Gift aid income from HMRC is recognised when received.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Expenditure on raising funds includes the costs incurred in generating voluntary and fund raising income.

Expenditure on charitable activities includes support costs being those functions that assist the work of the Charity but do not directly undertake charitable or fundraising activities. Support costs include back office costs, finance, personnel and governance costs which support the Charity’s activities.

Grants are included in the statement of financial activities when approved by the Trustees and communicated to the beneficiaries. If a grant is awarded that is dependent on certain conditions being met, it is treated as expenditure and a liability of the Charity if those conditions fall outside of the control of the Charity.

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Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2021

Donated services

Donated services are recognised on the basis of the value of the gift to the Charity, which is the amount the Charity would have been willing to pay to obtain facilities or services of equivalent economic benefit on the open market.

Administration services are provided by LSEG free of charge and their details are as follows:

Particulars 31st December
2021
£		 31st December
2020
£
Legal fees 12,945 5,000
Support costs 5,000 9,000
Prior period audit fee - 10,000
Audit fee 24,000 20,000

Fund accounting

Restricted funds are funds subject to specific restrictions imposed by the funding authorities and donors. These funds are not available for the Trustees to apply at their discretion. The purpose and use of the restricted fund are set out in the notes to the financial statements. The Charity has no designated funds during the year.

Taxation

The Charity is a registered charity and has no liability to corporation tax on its charitable activities under the Corporation Tax Act 2010 (chapters 2 and 3 of part (ii), section 466 onwards) or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes.

Investments

The investment in subsidiary undertakings is measured at cost less impairment.

Financial instruments

The Charity and Group only have financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Cash at bank and cash in hand includes cash and bank balances. Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Trade debtors are recognised at the settlement amount due after any trade discount offered.

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group’s accounting policies, which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.

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Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2021

3. NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARY

The result of the Charity’s trading activities through its subsidiary undertaking are detailed below, the subsidiary’s taxable profits are generally donated to the Charity annually.

Turnover
Cost of sales
Net operating profit
Gift aid distribution to the Charity
Retained in Subsidiary
Debtors
Cash at bank and in hand
Creditors
Called-up equity share capital		 1 January 2021 to
31 December 2021
£
1 April 2020 to 31
December 2020
£
62,265
26,442
(998)
(1,208)
61,267
25,234
(61,267)
(25,234)
-
-
31 December 2021
£
31 December 2020
£
1
1
6,003
71
(6,003)
(71)
(1)
(1)

4. ANALYSIS OF INCOME FROM DONATIONS

Donations from group
entities
Donation from subsidiary
Gift Aid Income thereon
Donated services		 62,265
1,743		 1 January 2021 to
31 December 2021
£
54,297


64,008
41,945		 26,442
-		 As Restated
1 April 2020 to 31
December 2020
£
1,014,440

26,442
44,000
160,250 1,084,882

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Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2021

5. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Grants to
institutions
COVID-19
Relief support
Disaster Relief
Holiday giving
Project Grant
Support grants to
existing
charitable
organisations
and projects
Restricted
Grant
FX
Bank Charges
Legal fees
Audit fees
Support services		 Unrestricted
Grants £
-
8,026
-
-
-
-
69
301
12,945
24,000
5,000
50,341		 Restricted
Grants £
-
-
-
-
-
67,808
(174)
315
-
-
-
67,949		 1 January
2021 to 31
December
2021 £
-
8,026
-
-
-
67,808
(105)
616
12,945
24,000
5,000
118,290		 As restated
Unrestricted
Grants £
677,341
75,320
266,778
136,389
58,336
-
13,957
419
5,000
20,000
9,000
1,262,540		 As
Restated
Restricted
Grants £
-
-
-
-
-
21,592
146
349
-
-
-
22,087		 As
restated
1 April
2020 to 31
December
2020 £
677,341
75,320
266,778
136,389
58,336
21,592
14,103
768
5,000
20,000
9,000
1,284,627

Grants to institutions

rants to institutions
2021 2020
Action Medical Research for Children -
 3,704
Afrika Tikkun -
 3,795
Armenian General Benevolent Union -
 37,081
Age International -
 39,959
AidHub -
 22,249
Akshaya Patra Foundation -
 14,818
Alzheimers Association -
 14,818
Amigos dos Bem -
 14,818
Brighter Children -
 5,000
Cancer Research Institute -
 14,818
International Rescue Committee 647
 79,974
Just a Drop -
 55,822
Maiden City Football Club -
 3,987
Médecins sans Frontières -
 80,016
Children's Cancer Center Lebanon -
 37,765
Covenant House -
 44,497

15

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2021

CRISIS -
 14,818
Education Africa -
 7,578
EnAble -
 71,989
Feeding America -
 14,818
FLAG -
 14,818
GOCC -
 14,818
Great Ormond Street Hospital 14,609
 38,078
Hands On Manila -
 14,818
Honeypot Children's Charity -
 5,000
I Can -
 42,310
Kolisi Foundation -
 3,795
Lawrence House -
 3,708
Lazarus Rising -
 5,000
Lebanon Reforestation Initiative 8,026
 18,541
Let's Get Ready -
 19,092
LifeLines -
 23,821
MIND -
 14,818
Polaris Project -
 1,138
Prostate Cancer UK 556
 38,184
Sevalaya -
 18,541
St George Hospital -
 37,889
Technological University Dublin Foundation -
 3,818
Urban Synergy -
 38,184
U-Turn -
 3,970
WaterAid 385
 76,156
Willow International -
 5,000
Women's Aid -
 56,621
WWF 275
 43,824
Thomson Reuters Foundation 75,778
Youth for Seva -
 18,945
WNY Heroes 1,500
 -
Defy Ventures Inc 2,482
 -
Grace Institute of NY 750
 -
Ladles of Love 105
 -
UNICEF 31,923
 -
Albert Kennedy Trust 1,218
 -
NSW 2,227
 -
Médecins Sans Frontières 61
 -
Greenhouse Sports 105
 -
Just A Drop 425
 -
New Horizon Youth Centre 69
 -
YUAF 150
 -
AgeUK 1,531
 -
AgeUK Camden 150
 -
Music Venue Trust 478
 -
DKMS 58
 -
Worldwide Butterflies 891
 -
Viva Con Agua 1,071
 -
St. Lawrence Hospice Association 15
 -
Spires 150
 -
Young Urban Arts Foundation 188
 -
The Spires Centre 188
 -
Prevent Breast Cancer 120
 -

16

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2021

Suzy Lamplugh Trust
MacMillanCancer Support
Other		 1,330
-
4,150
-
-
16,766
75,834
1,235,756

6. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL

The Charity does not have any directly employed management and does not pay any remuneration or fees to either management or any of the Trustees.

No Trustees received reimbursed expenses during the current or previous period.

7. AUDITOR’S REMUNERATION

The fee payable to the Charity’s auditor for the audit of the Charity’s annual financial statements is £12,000 (31 December 2020: £10,000) and for the audit of the Charity’s subsidiary is £12,000 (31 December 2020: £10,000) and are paid by LSEG.

8. FIXED ASSET INVESTMENTS

Investment in
subsidiary
companies
At 31 December 2021 1

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Company
number		 Holding Included in
consolidation
TicketAid Limited 12150310 100% Yes
The financial results of the subsidiary for the year
were:
Income Expenditure Profit/(loss) Net assets
£ £ £ £
TicketAid Limited 62,265 998 61,267 1

17

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2021

**9. ** DEBTORS
Group:
31 December
31 December
2021 2020
£ £
Amounts falling due within one year:
Debtor: Amount due from fellow group undertakings - -
- -
Charity:
31 December
31 December
2021 2020
£ £
Amounts falling due within one year:
Debtor: Amount due from Subsidiary 6,003 71
6,003 71
10. CREDITORS
Group:
As restated
31 December 31 December
2021 2020
£ £
Amounts falling due within one year:
Grant commitments (29,636) (151,885)
(29,636) (151,885)
Charity:
As restated
31 December 31 December
2021 2020
£ £
Amounts falling due within one year:
Grant commitments (29,636) (151,885)
Creditor: Amount due to subsidiary (1) (1)
(29,637) (151,886)

18

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2021

11. MOVEMENTS ON FUNDS

Group:

Unrestricted funds
General fund
Unrestricted fund total
Restricted fund
General fund
Restricted fund total
Total Group funds
Charity:
Unrestricted funds
General fund
Unrestricted fund total
Restricted fund
General fund
Restricted fund total
Total Charity funds
Restricted Funds:		 As at 1
January
2021 £
(63,757)
(63,757)
36,407
36,407
(27,350)
As at 1
January
2021 £
(63,757)
(63,757)
36,407
36,407
(27,350)		 Income
£
96,242
Expenditure
(including
taxation) £
(50,341)
(50,341)
(68,806)
(68,806)
(119,147)
Expenditure
(including
taxation) £
(50,341)
(50,341)
(67,808)
(67,808)
(118,149)		 As at 31
December
2021 £
(17,856)
(17,856)
31,609
31,609
13,753
As at 31
December
2021 £
(17,856)
96,242
64,008
64,008
160,250
Income
£
96,242
96,242
63,010
63,010
159,252
(17,856)
31,609
31,609
13,753

Restricted funds are to be held and disbursed as per instruction from TicketAid Limited for the charities that the funds have been raised for.

19

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2021

Group:

Unrestricted funds
General fund
Unrestricted fund total
Restricted fund
General fund
Restricted fund total
Total Group funds
Charity:
Unrestricted funds
General fund
Unrestricted fund total
Restricted fund
General fund
Restricted fund total
Total Charity funds		 As at 1 April
2020 £
140,343
140,343
32,766
32,766
173,109
As at 1 April
2020 £
140,343
140,343
32,766
32,766
173,109		 Income
£
1,058,440
As restated
Expenditure
(including
taxation) £
(1,262,540)
(1,262,540)
(22,801)
(22,801)
(1,285,341)
As restated
Expenditure
(including
taxation) £
(1,262,540)
(1,262,540)
(21,593)
(21,593)
(1,284,133)		 As
restated
As at 31
December
2020 £
(63,757)
(63,757)
36,407
36,407
(27,350)
As restated
As at 31
December
2020 £
(63,757)
1,058,440
26,442
26,442
1,084,882
Income
£
1,058,440
1,058,440
25,234
25,234
1,083,674
(63,757)
36,407
36,407
(27,350)

20

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2021

12. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS

Unrestricted
funds
£
Current assets
11,780
Current liabilities
(29,636)
At 31 December 2021
(17,856)		 Restricted
funds
£
31,609
-
31,609		 Total
£
43,389
(29,636)
13,753
Unrestricted
funds
£
Current assets
88,128
Current liabilities
(151,885)
At 31 December 2020
(63,757)		 Restricted
funds
£
36,407
-
36,407		 As
restated
Total
£
124,535
(151,885)
(27,350)

13. RELATED PARTY TRANSACTIONS

No Trustees have received payment for professional or other services supplied to the Charity during the current or previous period.

Total donations received from the Trustees during the period is £197 (31 December 2020: £162).

Total donation received from the subsidiary undertaking during the period was £61,267 (31 December 2020: £25,234). At the year-end, the balance due from the subsidiary undertaking was £6,003 (31 December 2020: £71). Donations received from group entities during the year amounted to £96,242 (31 December 2020: £1,058,440) which includes donated services as mentioned in the below table. During the current and previous financial periods, no balance was due to or from Refinitiv Limited.

Administration services are provided by LSEG free of charge and their details are as follows:

Particulars 31st December
2021
£		 31st December
2020
£
Legal fees 12,945 5,000
Support costs 5,000 9,000
Prior period audit fee - 10,000
Audit fee 24,000 20,000

There are no other related party transactions to disclose.

21

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2021

14. PRIOR YEAR ADJUSTMENT

The Charity has discovered that grants authorised at a board meeting of Refinitiv Charities in December 2020, but not actually paid until 2021 have been recognised as grants in 2021. In accordance with the Charities SORP, grants should be recognised on the date they are communicated, not when they are paid.

Accordingly, the Charity has decided that the disclosure in the financial statements of grants relating to the 2020 financial year should be re-stated to include the £151,885 of grants approved in December 2020.

This has the following effect on the consolidated statement of financial activities and consolidated balance sheet of the Foundation:

Consolidated statement of financial activities

As reported for the Prior year adjustment Restated for the period
period to 31 December ended 31 December
2020 2020
£ £ £
Total income 1,084,882 - 1,084,882
Charitable activities (1,132,742) (151,885) (1,284,627)
Raising Funds (714) - (714)
Net expenditure (48,574) (151,885) (200,459)

Consolidated balance sheet

As reported as at 31 Prior year adjustment Restated as at 31
December 2020 December 2020
£ £ £
Total assets 124,535 - 124,535
Current liabilities - (151,885) (151,885)
Net assets 124,535 (151,885) (27,350)
Total funds 124,535 (151,885) (27,350)

22

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Period ended 31 December 2021

15. PARENT AND ULTIMATE PARENT UNDERTAKING

As at 31 December 2021, the Charity's ultimate parent company and the parent that headed the largest group of entities for which consolidated financial statements were prepared was London Stock Exchange Group plc (LSEG), a public company incorporated and domiciled in England and Wales. LSEG is a leading global financial markets infrastructure and data provider. LSEG exercises control by virtue of owning 100% of the issued share capital. A copy of LSEG’s consolidated financial statements can be obtained from London Stock Exchange Group plc, 10 Paternoster Square, London, EC4M 7LS.

The immediate parent is Refinitiv Limited, a private limited company by share capital incorporated in the United Kingdom and registered in England and Wales. Refinitiv Limited is a provider of critical news, information, and analytics, enabling transactions and connecting communities of trading, investment, financial, and corporate professionals. In the event the Charity is wound up, Refinitiv Limited is liable to contribute to the assets of the Charity such amount (but not more than £1) as may be required for payment of the debts and liabilities of the Charity. Refinitiv Limited exercises control over the Charity by virtue of its power to appoint Trustees and specify their terms of office. The decisions which must be made by Refinitiv Limited are to amend the constitution of the Charity, amalgamate the Charity with, or transfer its undertaking to, one or more other charitable incorporated organisation, or wind up the Charity. A copy of Refinitiv Limited’s consolidated financial statements can be obtained from Refinitiv Limited, Five Canada Square, Canary Wharf, London, E14 5AQ.

23