Charity number: 1186253
THE LINDSELL FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
THE LINDSELL FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 10 |
| Independent examiner's report | 11 - 12 |
| Statement of financial activities | 13 |
| Balance sheet | 14 |
| Notes to the financial statements | 15 - 21 |
THE LINDSELL FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
| Trustees | Henrietta M Lindsell1 |
|---|---|
| Michael J Lindsell2 | |
| Albert J Lindsell | |
| James B Anderson | |
| Kathryn A Buscall | |
| 1 Trustee Chair 2 Investment Committee Chair Charity registered number 1186253 Principal office 51b Elizabeth Street London SW1W 9PP Accountants MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ Bankers C. Hoare & Co. 37 Fleet Street Temple London EC4Y 1BT Solicitors Withersworldwide 20 Old Bailey London EC4M 7AN |
Page 1
THE LINDSELL FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report together with the financial statements of the Foundation for the year 6 April 2023 to 5 April 2024.
The Lindsell Foundation (‘the Foundation') is a UK based grant-making foundation established by Michael and Henrietta Lindsell under the charitable law of England and Wales and governed by a Trust Deed dated 7 November 2019.
Objectives and activities
a. Policies and objectives
The Trustees have regard to the Charity Commission's guidance on public benefit in directing the work of the Foundation and ensuring that the Foundation complies with the Good Governance Code and the provisions of the Charities Act 2011.
b. Grant-making policies
The Foundation only considers grants to UK registered charities specifically for the advancement of education. In the initial years of its existence, the Trustees aim to form long-term partnerships with a limited number of charities in the field of education to further the Foundation’s purpose and focus.
c. The Foundation's Purpose and Focus
The Foundation seeks to inspire young people of all abilities, living in disadvantaged situations to benefit from the chance of further educational opportunities. In doing so the Foundation aims to ensure that these individuals achieve the best they can either academically or otherwise along with the appropriate social and personal development support.
In order to help give opportunities to children from disadvantaged circumstances the Trustees are looking to form long-term partnerships with specific educational focused charitable trusts and foundations.
There are a number of principles that underpin the Trustees' focus:
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to support children and young people right across the academic spectrum of ability and not just to concentrate on excellence;
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to support multiple academic and other approaches to finding the appropriate career path for a young person, whether that be via universities or specialist colleges or apprenticeships;
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to seek approaches which begin at an early stage of life, and involve continuous and supportive interventions throughout an individual's education;
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to seek sustainable solutions (academic, social and emotional learning) which are anchored into local communities, and if possible, to create a network effect to share the best ideas across multiple locations; and
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where possible to prioritise scalable solutions.
The Foundation will where possible seek overlaps between the different initiatives it chooses to support. In order to achieve this on a manageable basis and to make maximum impact with the funds that are available each year, The Foundation may also target a specific geographic area to concentrate its resources and impact but are not constricted by this commitment.
Page 2
THE LINDSELL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Objectives and activities (continued)
The Trustees wish to work with charitable trusts and foundations that have relevant experience, a solid reputation, good management with strong evidence of good governance, financial prudence, and successful, measurable outcomes.
The Trustees would favour multi-year partnerships where the Foundation contribution has a strong sense of connection and identity with its support and involvement.
d. The Foundation's Current Strategy
The Foundation’s current strategy is designed to support children, parents and teachers and in doing so to improve educational outcomes for the children involved in their programmes. This year it was centered around the following areas:
Academic, Social and Personal Development
lntoUniversity Norwich
This centre opened in Autumn 2021 and offers programmes of academic support after school for children from disadvantaged backgrounds to help them achieve their potential and improve life chances.
The Foundation supported the first three years after which their commitment came to an end. This year the Foundation decided to support the next two years of the centre’s operation and the first award for this period was granted during the year.
IntoUniversity Great Yarmouth
Based on the success of the Norwich centre and the good working relationship that the Foundation has established with IntoUniversity, the Foundation has committed to support the new centre in Great Yarmouth for the first three years of its operation. The centre is in its second year having opened in March 2023.
Achievements and performance
a. Review of the past year
The Foundation has committed to a clear strategy described above and have made two material grants. One grant has been awarded to IntoUniversity Norwich as part of this year’s two year commitment to support the fourth and fifth years of its operation and as part of an ongoing commitment and we have also awarded our second payment to the IntoUniversity centre in Great Yarmouth, the second of three annual payments. We hope these grants will continue to provide material benefit to those children and teachers involved. Both grants have been funded this year.
lntoUniversity - Norwich
£40,000 paid in 2020, 2021 and 2022. In addition £40,000 paid for 2023 as part of our recent ongoing commitment to Norwich with a further £40,000 committed by February 2025.
This initiative is focused around a rounded education approach building on the state education system, in what are socially and/or economically disadvantaged areas across the UK, in preparation for modern life and the workplace.
The lead funding partner for lntoUniversity - Norwich is the University of East Anglia (UEA).
Page 3
THE LINDSELL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Achievements and performance (continued)
The IntoUniversity centre in Norwich was opened in Autumn 2021, The aim has been to help children from the age of seven years onwards (until university or attaining employment) to advance their academic (or otherwise), personal development and achieve their potential whatever that might be.
Whilst the name implies a university focus the approach is very much on a ‘best career path’ fit that suits the young person concerned.
The focus is to supplement and enrich the national system on offer, alongside the school and home environment, and also to help open minds/imagination around different choices of higher education, including university and vocational alternatives, that may be available as well as career choices. It operates after the school day.
There is also a focus on personal leadership development, real life work experience and/or internships with a follow-on mentoring buddy system at university or at work.
IntoUniversity Norwich has provided us with regular updates and impact reports. The centre’s first three years have been a success despite the disruptions of covid with targets achieved. The centre has built a relationship with many local schools in some of the more disadvantaged wards in Norwich. In its first 3 years over 2,200 pupils passed through the centre and in addition it has linked up with various local initiatives to offer schoolchildren a wider range of interests, activities and options to broaden their educational experience. Their ‘Focus’ weeks have been particularly popular where IntoUniversity works with a school class to concentrate on a theme/subject and the children ‘graduate’ at the end in a specially curated ceremony at the University of East Anglia.
IntoUniversity - Great Yarmouth
£30,000 paid in 2022, £40,000 paid in 2023 and £50,000 due in 2024.
This initiative, like the ongoing one in Norwich, is focused around a rounded education approach building on the state education system, in what are socially and/or economically disadvantaged areas across the UK, in preparation for modern life and the workplace.
The lead funding partners for lntoUniversity Great Yarmouth are the University of East Anglia (UEA) and Trinity College Cambridge.
The IntoUniversity centre in Great Yarmouth was opened in September 2022. The aim has been to help children from the age of seven years onwards (until university or attaining employment) to advance their academic (or otherwise), personal development and achieve their potential whatever that might be. In its first year the centre saw 880 students pass through its doors.
Great Yarmouth, (even more so than Norwich), exhibits the educationally and economically disadvantaged criteria that IntoUniversity assess in order to establish a centre. The centre is based in the Market Place shopping centre in the town centre, which provides easy access for most of the schools that IntoUniversity is targeting and also a convenient location for parents and guardians to drop off and collect the children. The centre has had a successful first two years with enthusiastic backing from local schools and has recorded pupil numbers that have exceeded initial targets. The Trustees visited the centre in June 2023 to witness vibrant and positive engagement from the pupils. It is hoped that in its third year the centre will need to expand its connections with local businesses in order to provide for the mentoring of older pupils as they determine their further educational and career choices.
As IntoUniversity approaches its 22nd anniversary it is proud to have 39 centres in 22 towns in England and Scotland helping over 52,000 children in the last year . In addition there were 1890 volunteers and 372 partner schools. It has measured a 61% progression to higher education against 28% of children from similar backgrounds.
Page 4
THE LINDSELL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Achievements and performance (continued)
Whilst the name implies a university focus the approach is very much on a ‘best career path’ fit that suits the young person concerned.
The focus is to supplement and enrich the national system on offer, alongside the school and home environment, and also to help open minds/imagination around different choices of higher education, including university and vocational alternatives, that may be available as well as career choices. It operates after the school day.
There is also a focus on personal leadership development, real life work experience and/or internships with a follow-on mentoring buddy system at university or at work.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have adopted the going concern basis in preparing the financial statements.
b. Reserves policy
The Trustees approve grants for payment over one or more years. These are brought into the accounts when there is a commitment to pay.
The Trustees meet these commitments out of income but when there is insufficient income, they will do so from the Foundation’s capital. Accordingly, the Trustees take the view that all available funds should be seen as one; they have therefore adopted a Statement of Financial Activities that merges all resources.
The Investment Policy makes provision for sufficient cash resources to meet commitments as they fall due.
The Trustees are satisfied that the totality and composition of the Foundation's resources are sufficient for this purpose.
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THE LINDSELL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
c. Investment powers, policy and performance
The Investment Committee is chaired by Michael Lindsell. He has the delegated authority from the Trustees in respect of the day to day management of the Foundation‘s investments. The Trustees do not envisage, given the level of expertise of the Chair of the Investment Committee, that it will be necessary to engage an external investment manager.
The role of the Investment Committee is to formulate and implement the Investment Policy, monitor investment performance and report to the Trustees on a regular basis once investments have been undertaken.
The Trustees need to generate funds available for grant-making while preserving the real value of the Foundation's net financial assets over the long-term.
The investment objective of the Foundation’s investment portfolio is to maximise long-term total returns with a minimum objective to maintain the real purchasing power of Sterling capital.
The investment policy of the Foundation, adopted by the Trustees on 12 December 2021, is to invest in equities, bonds, funds, cash and other financial investments globally with no limitation on the markets and sectors in which investments may be made, although there may be a bias towards Sterling assets consistent with a Sterling dominated investment objective.
The Foundation aims to maintain sufficient cash resources to allow for the annual funding of grants. Currently £173,372 is retained in the Foundation’s current and deposit accounts at C. Hoare and Co. for these purposes.
The Foundation expects to invest in a concentrated portfolio of securities with the number of investments not exceeding fifteen companies.
In addition to its existing bank account at C. Hoare & Co., the Foundation has a Fund and Share account at Hargreaves Lansdown (HL). HL holds its securities in its nominee name for the Foundation’s benefit, provides dealing services, exchanges currency, and receives all income and dividends arising from its cash and investments. HL charges transaction fees for this custody and dealing service.
The account with HL was opened in November 2021. The initial investments were purchased from January 2022. As at 5 April 2024 the portfolio consisted of investments in eleven companies valued at £1,079,588 together with an investment in a short-term gilt that expires in late April 2024 with a value of £127,816. In addition HL maintains a cash balance of £2,970 which derived from dividends, gilt interest and interest income less additional investments made throughout the year.
The eleven investments include positions in Unilever, Walt Disney, Heineken Holdings, PayPal, Hargreaves Lansdown, TKO, Nintendo (ADR), Diageo, London Stock Exchange, RELX and Mondelez. All are judged to be durable business franchises, which earn high returns on capital and should endure and prosper for many years in the future. The ability of these companies to increase sales and profits ahead of the prevailing rate of UK inflation over the long-term should be instrumental in helping to preserve and grow the purchasing power of the Foundation’s assets.
The portfolio at HL received dividend, gilt interest and interest income payments of £27,702 during the year to 5 April 2023.
The Foundation received an additional donation in March 2024 that was retained in the Foundation’s current account at C Hoare & Co.
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THE LINDSELL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
The value of the portfolio, aside from the investment in the gilt, at 5 April 2024 was £1,082,558, which represented a 2.6% gain from its value of £1,055,567 on 5 April 2023 and a 3.6% annualised gain from the initial portfolio value of £1,000,000 on 31 December 2021. As a comparison the annualised increase in inflation, as measured by the UK CPI index, was 6.6% from 31 December 2021 and 3.2% from 5 April 2023.
d. Principal risks and uncertainties
The Trustees are responsible for monitoring the risks facing the Foundation and ensuring adequate steps to manage them. The Foundation has a risk management policy that is kept under continuous review and formally updated once a year. The Trustees recognise that there are three principal risks to manage.
Financial
The Trustees have identified the risk from the reduction in the value of its investments or from the income thereon through severe market circumstances or inappropriate allocation of investments obliging the Foundation to reduce the sum available for grants. This is mitigated by an investment policy that plans to allocate the majority of the Foundation’s capital to a limited number of well-established companies for the long-term buttressed by retaining sufficient reserves of cash to meet all future grant obligations.
Operational
The Trustees consider that the Foundation's operations are low risk. The Foundation does not enter into contracts to deliver charitable purposes and it has no employees. Operational risks in terms of grant-making, fraudulent applications or potential misuse of funds by a grant beneficiary are risks that the Trustees mitigate by restricting grants to well-funded charities that are registered with the Charity Commission for England and Wales. When awarding grants the Foundation draws up a contract with the partnering bodies signed by both parties.
Conflicts of Interest
As the majority of the Trustees are connected persons there is a risk arising from conflicts of interest. The Foundation has a detailed policy regarding conflicts of interest. Grants can only be awarded after a thorough assessment and review against a standard Foundation checklist of criteria and final approval by all Trustees. The Trustees maintain a conflicts of interest register that is reviewed annually.
Page 7
THE LINDSELL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
e. Financial review
The Foundation's income for the period, excluding the donation of £100,000 plus the associated tax credit of £25,000, was £25,643 from dividends paid by the companies and interest from the gilt held in the investment portfolio and £2,059 of interest income from cash balances at C. Hoare & Co and Hargreaves Lansdown..
In the period under review the Trustees paid grants totaling £80,000. The Trustees made further future commitments relating to the IntoUniversity Great Yarmouth.
The grants that Trustees approve on a conditional basis may be payable over several years; accordingly such grants do not appear in full in the Statement of Financial Activities in the year in which they are awarded.
Trustees regard the level of grants actually paid during the year as a more helpful measure of grant-making activity and have used this measure of their activity within this Trustees' Report.
The Trustees anticipate that the nature of grant-making in the period under review will be maintained for the foreseeable future.
As a proportion of grants paid, administration and governance costs were 3.4%.
Page 8
THE LINDSELL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Structure, governance and management
a. Constitution
The Lindsell Foundation is a registered charity, number 1186253, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The term for a Trustee (non-family) has been set for a fixed five year term, with the possibility to agree an extension.
c. Organisational structure and decision-making policies
The Foundation is governed by a Board of Trustees. The Trustees are responsible for the management of the Foundation and hold regular meetings to consider individual Trustee initiated research undertaken to identify suitable candidates for grants. In addition, the Trustees consider applications made by charities that have approached the Foundation through its website or by other means. The Foundation is run day to day by the Chairman. The Foundation has no employees.
Plans for future periods
Aside from IntoUniversity Norwich and Great Yarmouth the Trustees are investigating additional partnerships and hope to make further progress in awarding grants in the coming year.
Page 9
THE LINDSELL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
----- Start of picture text -----
Michael J Lindsell
Date: 19 August 2024
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Page 10
THE LINDSELL FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024
Independent examiner's report to the Trustees of The Lindsell Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the 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.
I understand that 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.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Page 11
THE LINDSELL FOUNDATION
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 20 August 2024
Frank Shippam BSc FCA DChA
MA Partners LLP 7 The Close Norwich Norfolk NR1 4DJ
Page 12
THE LINDSELL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 6 Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 125,000 27,702 152,702 82,681 82,681 70,021 4,873 74,894 1,307,473 74,894 1,382,367 |
Total funds 2024 £ 125,000 27,702 152,702 82,681 82,681 70,021 4,873 74,894 1,307,473 74,894 1,382,367 |
Total funds 2023 £ 125,000 18,911 |
|---|---|---|---|
| 143,911 | |||
| 74,984 | |||
| 74,984 | |||
| 68,927 25,189 |
|||
| 94,116 | |||
| 1,213,357 94,116 |
|||
| 1,307,473 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 15 to 21 form part of these financial statements.
Page 13
THE LINDSELL FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2024
| Note Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds 12 Total funds |
- 176,349 176,349 (1,386) |
2024 £ 1,207,404 1,207,404 174,963 1,382,367 1,382,367 1,382,367 1,382,367 |
25,000 124,630 149,630 (1,200) |
2023 £ 1,159,043 |
|---|---|---|---|---|
| 1,159,043 148,430 |
||||
| 1,307,473 | ||||
| 1,307,473 | ||||
| 1,307,473 | ||||
| 1,307,473 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Michael J Lindsell
Date: 19 August 2024
The notes on pages 15 to 21 form part of these financial statements.
Page 14
THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. General information
The Lindsell Foundation is an unincorporated charity registered with the Charity Commission for England and Wales.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Lindsell Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
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THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Financial instruments
The Charity only has 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
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THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Donations | 125,000 | 125,000 | 125,000 |
4. Investment income
| Unrestricted funds 2024 £ Interest 2,059 Listed investments 25,643 27,702 |
Total funds 2024 £ 2,059 25,643 27,702 |
Total funds 2023 £ 692 18,219 |
|---|---|---|
| 18,911 |
5. Analysis of grants
| Grants Total 2023 |
Grants to Institutions 2024 £ 80,000 70,000 |
Total funds 2024 £ 80,000 70,000 |
Total funds 2023 £ 70,000 |
|---|---|---|---|
During the year grants were payable to IntoUniversity, £40,000 ( 2023 - £70,000 ) to support the learning centre in Great Yarmouth and £40,000 ( 2023 - £nil ) to support learning centre in Norwich. Further details are provided in the Trustees Report.
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THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
6. Analysis of expenditure by activities
| Direct costs Total 2023 |
Grant funding of activities 2024 £ 80,000 70,000 |
Support costs 2024 £ 2,681 4,984 |
Total funds 2024 £ 82,681 74,984 |
Total funds 2023 £ 74,984 |
|---|---|---|---|---|
Analysis of support costs
7.
| Activities 2024 £ Bank charges 5 Accountancy 1,506 Design 720 Administration 450 2,681 Independent examiner's remuneration Fees payable to the Foundation's independent examiner for the independent examination of the Foundation's annual accounts Fees payable to the Charity's independent examiner in respect of: Taxation compliance services All other services not included above |
Total funds 2024 £ 5 1,506 720 450 2,681 2024 £ 550 252 584 |
Total funds 2023 £ 4 1,200 3,540 240 |
|---|---|---|
| 4,984 | ||
| 2023 £ 500 240 460 |
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THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
| 8. | Trustees' remuneration and expenses | |||
|---|---|---|---|---|
| During the year, no Trustees received any remuneration or other benefits_(2023 - £NIL)_. | ||||
| During the year ended 5 April 2024, no Trustee expenses have been incurred_(2023 - £NIL)_. | ||||
| 9. | Fixed asset investments | |||
| Listed | ||||
| investments | ||||
| £ | ||||
| Cost or valuation | ||||
| At 6 April 2023 | 1,159,043 | |||
| Additions | 43,488 | |||
| Revaluations | 4,873 | |||
| At 5 April 2024 | 1,207,404 | |||
| Net book value | ||||
| At 5 April 2024 | 1,207,404 | |||
| At 5 April 2023 | 1,159,043 | |||
| 10. | Debtors | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Due within one year | ||||
| Prepayments and accrued income | - | 25,000 | ||
| - | 25,000 | |||
| 11. | Creditors: Amounts falling due within | one year | ||
| 2024 | 2023 | |||
| £ | £ | |||
| Accruals and deferred income | 1,386 | 1,200 |
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THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
12. Statement of funds
Statement of funds - current year
| Balance at 6 | Gains/ | Balance at 5 | |||
|---|---|---|---|---|---|
| April 2023 | Income | Expenditure | (Losses) | April 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 1,307,473 | 152,702 | (82,681) | 4,873 | 1,382,367 |
| Statement of funds - prior | year | ||||
| Balance at | Gains/ | Balance at | |||
| 1 April 2022 | Income | Expenditure | (Losses) | 5 April 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 1,213,357 | 143,911 | (74,984) | 25,189 | 1,307,473 |
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Fixed asset investments 1,207,404 Current assets 176,349 Creditors due within one year (1,386) Total 1,382,367 |
Total funds 2024 £ 1,207,404 176,349 (1,386 |
|---|---|
| 1,382,367 |
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THE LINDSELL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 1,159,043 149,630 (1,200) 1,307,473 |
Total funds 2023 £ 1,159,043 149,630 (1,200) 1,307,473 |
|---|---|---|
14. Grant commitments
The Trustees have approved future conditional grant payments of £90,000 over the next two years to be funded from existing reserves.
15. Related party transactions
The Foundation has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Foundation at 5 April 2024.
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