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2022-12-31-accounts

CORPORATE Registered Charity No. 1182952

LSEG Foundation

(a charitable incorporated organisation)

Report and Financial Statements Period ended 31 December 2022

Charity Number

1182952

CORPORATE 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 10
Balance Sheet 11
Consolidated Cashflow Statement 12
Notes to the Financial Statements 13

CORPORATE 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 (resigned on 16 December 2022) Brigitte Trafford (appointed 01 March 2022) Jignesh Ramji (appointed 01 March 2022 and resigned on 01 August 2023) John Mason (appointed 01 March 2022 and resigned on 05 July 2023) Sabrina Bailey (appointed 01 March 2022 and resigned on 03 July 2023) Denzil Jenkins (appointed 01 March 2022 and resigned on 08 February 2023) Duminda Liyanwela (appointed 01 March 2022) Abha Thorat-Shah (appointed on 01 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

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Registered Charity No. 1182952

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022

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 2022.

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 and the “Group” refers to LSEG Foundation 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 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. During the year, the directors took the decision to close TicketAid’s website to future donations. Once all donations have been distributed to LSEG Foundation, the Company will become dormant.

Achievements and performance

The Charity was able to receive donations amounting to £3,851,852 (31 December 2021: £160,250). And it was successful in making grants amounting to £3,191,405 (31 December 2021: £75,834) as disclosed in note 5 by taking appropriate actions.

The donations contributed during the year were mainly used for supporting grants to existing charitable organisations and projects - £2,946,818 (Note 5).

Structure & Grant Making Strategy

Activity in 2022, focused 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. A scorecard approach to regional grant decision-making was implemented in 2022 and has been expanded further in 2023.

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 Impact

Following an application and finalised due diligence (KYC) 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/donation request letter and proof of bank account.

All charity partners are expected to provide impact updates during the term of the grant.

A new, broader impact measurement framework has been developed in 2023 with annual impact questionnaires to be completed and/or partner interviews conducted.

This information is 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 £3,191,405 (31 December 2021: £75,834).

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 surplus due to funds for year-end grant commitments not being allocated before the year-end. The Trustees will carry forward this surplus and allocate to future 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 £40,000 and £45,000.

At the year-end, unrestricted free reserves were positive £577,487, which is expected to fall back within target range following future funding rounds.

Risk review

A risk register was set up in 2023 as part of the formal governance of the Charity, led by the management team. The risk register sets out the principal risks of the Charity and the mitigations/controls in place to manage these risks in alignment with the wider LSEG Enterprise Risk Management Framework. The board of trustees regularly reviews the principal risks to the Charity in the areas of strategy; operational resilience; people and culture; regulatory, compliance and legal; and financial.

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Registered Charity No. 1182952

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. Fundraising activity if any 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. During the year, the directors took the decision to close TicketAid’s website to future donations. Once all donations have been distributed to LSEG Foundation, the Company will become dormant.

Following the re-structure in 2021, the amount of funding and activity in 2022 is 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 four Trustees with an appointment process underway to expand the Board. 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 September 2023, and signed on its behalf by:

Brigitte Trafford

Trustee

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CORPORATE

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.

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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 2022, which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated cashflow statement 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,

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Registered Charity No. 1182952

INDEPENDENT AUDITORS’ REPORT

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 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

the financial statements or the operations of the charity, including the Charities Act 2011 and taxation legislation;

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:

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

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.

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Registered Charity No. 1182952

INDEPENDENT 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: 10 October 2023

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CORPORATE Registered Charity No. 1182952

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Including Consolidated income and expenditure account) Year ended 31 December 2022

Note
INCOME FROM:
Donations
4
Other trading activities
4
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
2022
Unrestricted
funds
Restricted
funds
2021
£
£
£
£
£
£
3,707,342
-
3,707,342
96,242
-
96,242
-
144,510
144,510
-
64,008
64,008
3,707,342
144,510
3,851,852
96,242
64,008
160,250
3,111,999
125,713
3,237,712
50,341
67,949
118,290
-
5,859
5,859
-
857
857
3,111,999
131,572
3,243,571
50,341
68,806
119,147
595,343
12,938
608,281
45,901
(4,798)
41,103
595,343
12,938
608,281
45,901
(4,798)
41,103
(17,856)
31,609
13,753
(63,757)
36,407
(27,350)
595,343
12,938
608,281
45,901
(4,798)
41,103
577,487
44,547
622,034
(17,856)
31,609
13,753

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

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CORPORATE Registered Charity No. 1182952

BALANCE SHEET

As at 31 December 2022

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
11
Restricted Funds:
General Funds
11
Total Funds
11		 Group
Charity
As restated
Group
As restated
Charity
31 December
2022
£
31 December
2022
£
31 December
2021
£
31 December
2021
£
-
1
-
1
166,354
168,177
726,060
732,063
2,463,916
2,462,093
43,389
37,386
(2,008,236)
(2,008,237)
(755,696)
(755,697)
622,034
622,033
13,753
13,752
622,034
622,034
13,753
13,753
577,487
577,487
(17,856)
(17,856)
44,547
44,547
31,609
31,609
622,034
622,034
13,753
13,753

These financial statements of LSEG Foundation registered number 1182952 were approved by the Board of Trustees and authorised for issue on 28 September 2023. They were signed on its behalf by:

Brigitte Trafford Trustee

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CORPORATE Registered Charity No. 1182952

CONSOLIDATED CASHFLOW STATEMENT

Year ended 31 December 2022

Net income for the year
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 the year
Cash and cash equivalents at the end of the year
Reconciliation to cash at bank and in hand:
Cash at bank and in hand
Cash and cash equivalents		 2022
£
Restated
2021
£
608,281
41,103
608,281
41,103
559,706
(726,060)
1,252,540
603,811
2,420,527
(81,146)
-
-
-
-
2,420,527
(81,146)
43,389
124,535
2,463,916
43,389
2,463,916
43,389
2,463,916
43,389

12

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

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 four 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.

The period for the purpose of the financial statements presented is January 2022 to December 2022 with the comparative period being January 2021 to December 2021.

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.

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 Year ended 31 December 2022

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
2022
£		 31st December
2021
£
Legal fees 16,131 12,945
Support costs 4,000 5,000

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 Year ended 31 December 2022

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		 2022
£
2021
£
128,419
62,265
(6,984)
(998)
121,435
61,267
(121,435)
(61,267)
-
-
2022
£
2021
£
1
1
1,823
6,003
(1,823)
(6,003)
(1)
(1)

4. ANALYSIS OF INCOME FROM DONATIONS

Donations from group
entities
Donation from subsidiary
Gift Aid Income thereon
Donated services		 128,419
16,091		 2022
£
3,687,211
144,510
20,131		 62,265
1,743		 2021
£
78,297

64,008
17,945
3,851,852 160,250

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Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

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
Bank Interest
Legal fees
Audit fees
Support services		 Unrestricted
Grants £
-
120,000
-
-
2,946,817
-
(3,245)
296
16,131
28,000
4,000
3,111,999		 Restricted
Grants £
-
-
-
-
-
124,588
(75)
1,195
5
-
-
-
125,713		 2022 £
-
120,000
-
-
2,946,817
124,588
(3,320)
1,491
5
16,131
28,000
4,000
3,237,712		 Unrestricted
Grants £
-
8,026
-
-
-
-
69
301
-
12,945
24,000
5,000
50,341		 Restricted
Grants £
-
-
-
-
-
67,808
(174)
315
-
-
-
-
67,949		 2021 £
-
8,026
-
-
-
67,808
(105)
616
-
12,945
24,000
5,000
118,290

Grants to institutions

rants to institutions
Name 2022 2021
9Miles £ 40,000 -
AFPL Japan £ 10,000 -
America Scores (NY Scores) £ 15,000 -
Amigos Dos Bem £ 20,000 -
Asociatia FDP Protagonisti In Educatie £ 40,000 -
Asociatia The Social Incubator £ 20,000 -
Association For Community Support And Humanitarian Aid £ 10,000 -
Association Paradis D'Enfants £ 5,000 -
Autistica £ 20,000 -
Barnardos Australia £ 196 -
Blind In Business £ 20,000 -
Bowery Mission £ 20,000 -
Breakthrough New York £ 20,000 -
Bridging Lanka Guarantee Limited £ 20,000 -

16

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

Brighter Children Inc £ 25,000 -
Centre For Entrepreneurs £ 600 -
Centre For Financial Capability £ 20,000 -
CFD Public Fund Account (Community First Development £ 20,000 -
Childrens Attention Home Inc £ 5,000 -
City Harvest, Inc. £ 2,333 -
Concrete Safari £ 20,000 -
Covenant House £ 50,000 -
Cree Ton Avenir £ 40,000 -
Day One £ 25,000 -
Direct Relief £ 519 -
Downs Syndrome Assoc Ltd (RC 1061474) £ 45,697 -
Dr Thomas Baird £ 300 -
Everfree £ 20,000 -
Foundation Semillitas De Dios £ 5,000 -
Generation Uk £ 32,000 -
Girls Incorporated Of New York City £ 20,000 -
Girls Who Code £ 250,000 -
Grace Institute Of New York Inc £ 25,000 £ 750
Great Ormond Street Hospital (GOSH) £ 1,071 £ 14,609
Gynaecology Cancer Research Fund £ 370 -
IFRS Foundation £ 350,000 -
Inspire Pto £ 1,983 -
International Institute Of Rural Reconstruction (IIRR) £ 20,000 -
International Rescue Committee UK (IRC) £ 213,011 £ 647
Just A Drop £ 135 £ 425
Juvenile Diabetes Research Foundation (JDRF) £ 872 -
Kuching Autistic Association £ 30,000 -
Launch It Uk £ 20,000 -
Lawrence House £ 20,000 -
Leonard Cheshire Disability £ 70,000 -
Let's Get Ready £ 20,000 -
Lindenfeld Association £ 20,000 -
London Music Fund £ 10,000 -
Luminary Bakery £ 20,000 -
Man And Boy (RC 1153633) £ 10,000 -
Medecins Sans Frontieres UK £ 32,130 £ 61
Medecins Sans Frontieres USA Inc £ 404 -

17

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

MIND £ 811 -
Mirai Kodomo Foundation £ 20,000 -
Move £ 20,000 -
Music Venue Trust £ 75 £ 478
National September 11 Memorial £ 26 -
Parikrma Humanity Foundation £ 17,950 -
Power Of Nutrition £ 20,000 -
Prevent Breast Cancer £ 31 -
Prison Advice And Care Trust (PACT) £ 20,000 -
Pro Mujer Inc £ 20,000 -
Project Red Ribbon Care Management £ 133 -
Pulse Foundation £ 20,000 -
Rainforest Trust UK £ 519 -
Right Moves for Youth £ 10,000 -
Rock Hill Schools Education Foundation £ 20,000 -
Room To Read £ 250,000 -
Royal Shakespeare Company £ 15,000 -
Sarvodaya USA £ 10,000 -
Sayes Mentoring £ 20,000 -
Scaleup Institute £ 20,000 -
Seneca Street Community Development £ 20,000 -
Share The Care £ 9,000 -
Shilpa Sayura Foundation £ 47,000 -
Skills Builder £ 250,000 -
Sos Children'S Villages £ 10,000 -
Standard Chartered Foundation £ 20,000 -
Sunbeam Childrens Foundation £ 20,000 -
Sunnyfield £ 6,500 -
The Centre for Entrepreneurs £ 25,000 -
The Hospital for Special Surgery Fund Inc £ 8,236 -
The Lord Mayors Appeal £ 25,000 -
The Princes' Trust £ 7,056 -
The Pyjama Foundation £ 20,000 -
The Spires Centre £ 656 £ 189
The Talent Tap £ 40,000 -
The UK Committee For UNICEF £ 1,278 -
Trust For the Americas £ 20,000 -
United Way Romania £ 20,000 -

18

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

U-turn £ 10,000 -
Virlanie Foundation Inc £ 8,637 -
Wigs For Heroes £ 10,516 -
Without Borders £ 13,500 -
WNY Heroes £ 8,000 £ 1,500
Women’S World Banking £ 250,000 -
Womens Development Centre £ 20,000 -
Women'S Foundation £ 30,000 -
Wood Green £ 20,000 -
WWF UK £ 163 £ 275
X-Forces £ 25,000 -
Yayasan Ekosistim Nusantara Berkelanjutan (EcoNusa) £ 20,000 -
Yes Futures £ 15,000 -
Youth For Seva £ 19,697 -
Lebanon Reforestation Initiative - £ 8,026
Prostate Cancer UK - £ 556
WaterAid - £ 385
Defy Ventures Inc - £ 2,482
Ladles of Love - £ 105
UNICEFF - £ 31,923
Albert Kennedy Trust - £ 1,218
NSW - £ 2,227
Greenhouse Sports - £ 105
New Horizon Youth Centre - £ 69
YUAF - £ 150
AgeUK - £ 1,531
AgeUK Camden - £ 150
DKMS - £ 58
Worldwide Butterflies - £ 891
Viva Con Agua - £ 1,071
St. Lawrence Hospice Association - £ 15
Spires - £ 150
Young Urban Arts Foundation - £ 188
Prevent Breast Cancer - £ 120
Suzy Lamplugh Trust - £ 1,330
MacMillanCancer Support - £ 4,150
Total £ 3,191,405 £ 75,834

19

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

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 £15,000 (2021: £12,000) and for the audit of the Charity’s subsidiary is £13,000 (2021: £12,000) and are reimbursed by LSEG plc.

8. FIXED ASSET INVESTMENTS

Investment in
subsidiary
companies
At 31 December 2022 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 128,419 6,984 121,435 1

20

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

9. DEBTORS
10.
CREDITORS
Group:
Amounts falling due within one year:
Grant commitments
Creditor: Audit fee accrual
Deferred Income
Charity:
Amounts falling due within one year:
Grant commitments
Creditor: Audit fee accrual
Deferred Income
Creditor: Amount due to subsidiary

Group:
Amounts falling due within one year:
Debtor: Amount due from fellow group undertakings
Charity:
Amounts falling due within one year:
Debtor: Amount due from Subsidiary
Amounts due from fellow group undertakings		 2022
£
(1,956,236)
(52,000)
-
(2,008,236)
2022
£
(1,956,236)
(52,000)
-
(1)
(2,008,237)
2022
£

166,354
166,354
2022
£


1,823
166,354
168,177		 Restated
2021
£
(29,636)
(24,000)
(702,060)
(755,696)
Restated
2021
£
(29,636)
(24,000)
(702,060)
(1)
(755,697)
Restated
2021
£
726,060
726,060
Restated
2021
£
6,003
726,060
732,063





21

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

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
2022 £
(17,856)
(17,856)
31,609
31,609
13,753
As at 1
January
2022 £
(17,856)
(17,856)
31,609
31,609
13,753		 Income
£
3,707,342
Expenditure
(including
taxation) £
3,111,999
3,111,999
131,572
131,572
3,243,571
Expenditure
(including
taxation) £
3,111,999
3,111,999
124,588
124,588
3,236,587		 As at 31
December
2022 £
577,487
577,487
44,547
44,547
622,034
As at 31
December
2022 £
577,487
3,707,342
144,510
144,510
3,851,852
Income
£
3,707,342
3,707,342
137,526
137,526
3,844,868
577,487
44,547
44,547
622,034

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

22

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

Group:

Unrestricted funds
General fund
Unrestricted fund total
Restricted fund
General fund
Restricted fund total
Total Group funds
harity:
Unrestricted funds
General fund
Unrestricted fund total
Restricted fund
General fund
Restricted fund total
Total Charity 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

Charity:

23

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

12. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS

Unrestricted
funds
£
Current assets
2,585,723
Current liabilities
(2,008,236)
At 31 December 2022
577,487		 Restricted
funds
£
44,547
-
44,547		 Total
£
2,630,270
(2,008,236)
622,034
Restated
Unrestricted
funds
£
Current assets
737,840
Current liabilities
(755,696)
At 31 December 2021
(17,856)		 Restricted
funds
£
31,609
-
31,609		 Restated
Total
£
769,449
(755,696)
13,753

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 £870 (2021: £197).

Total donation received from the subsidiary undertaking during the period was £121,435 (2021: £61,267). At the year-end, the balance due from the subsidiary undertaking was £1,823 (2021: £6,003). Donations received from group entities during the year amounted to £3,707,342 (2021: £96,242) which includes donated services as mentioned in the below table. During the current and previous financial periods, a balance of £166,354 (2021: £NIL) was due from LSEG group entities.

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

Particulars 2022
£		 2021
£
Legal fees 16,131 12,945
Support costs 4,000 5,000

There are no other related party transactions to disclose.

24

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

14. PRIOR YEAR ADJUSTMENT

The Charity has discovered that donations relating to FY2022, amounting to £702,060, were invoiced during FY2021 but were not received until FY2022. The Charity has correctly recognised the donation income in FY2022. However, as the invoices were dated during FY2021, the amounts should be recognised on the balance sheet as at 31-12-2021 as Debtors (representing the cash to be received in 2022) and Deferred Income within Creditors.

The charity has also changed its presentation of audit fee accrual of £24,000 on the financials. Audit fees are no longer paid by the Group on behalf of the Charity but are rather reimbursed by the Group and paid by the Charity on its account. Thus, the Charity has presented the audit fee accrual as creditor as the amounts are payable to auditor and recognised the corresponding reimbursement of such fees as debtor as balance receivable from the Group.

Accordingly, the Charity has restated its balance sheet to recognise these amounts as at 31.12.2021. There is no impact on income and expenses for 2021 and no change to the net assets of the Foundation.

Consolidated Balance Sheet

As reported for 2021 Prior year adjustment Restated for 2021
£ £ £
Current Assets
Debtors - 726,060 726,060
Cash at bank and in hand 43,389 - 43,389
Current Liabilities
Creditors (29,636) (726,060) (755,696)
Net current assets 13,753 - 13,753
Charity balance sheet
As reported for 2021 Prior year adjustment Restated for 2021
£ £ £
Investments 1 0 1
Current Assets
Debtors 6,003 726,060 732,063
Cash at bank and in hand 37,386 - 37,386
Current Liabilities
Creditors (29,637) (726,060) (755,697)
Net current assets 13,753 - 13,753

25

Registered Charity No. 1182952

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022

15. PARENT AND ULTIMATE PARENT UNDERTAKING

As at 31 December 2022, the Charity's ultimate parent company and the parent that headed the largest group of entities for which consolidated financial statements were prepared was 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.

26