Charity number- 1186253 THE LINDSELL FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2025
THE LINDSELL FOUNDATION CONTENTS Page Reference and administrative detai15 of the Charity. its Tru5tee5 and advisers Trusts¢$' report Indep8nd8nt 8xaminerfs rgport 10- 11 Statement of Ilnanclal actlvitie8 12 B¥lan¢• $h•èt 13 N¢t•$ to th• flnan¢lal stat*monts 14-20
THE LINDSELL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025 Trustees Henrietta M Lindselll Michael J Lindse112 Albert J Lindsell James B Anderson (resigned 10 November 20241 Kathryn A Buscall Paul D Vail lappoinled 14 March 2025} Sophie A Lindsell (apinted 1 Ocloter 2024) Trustee Chair 2 Investment Commrtiee Chair Charlty reglstered number 1186253 Prlnclpal offi¢• 51b Elizabelh Street London SW1W 9PP Accountants MA Partner5 LLP Chartered AcLx)untants 7 The Close Norwch Norfolk NR14DJ Bankers C. Hoare & Co. 37 Fleet Street Temple London EC4Y 18T Sollcltor8 Withersworldwide 20 Old Bailey London EC4M 7AN Pagè 1
THE LINDSELL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2025 The Trustees present iheir annual report together wlh Ihe financial statemenls of the Foundatson for the year 6 April 2024 to 5 April 2025. The Lindsell Foundation I'lhe Foundation'l is a UK based granl-making foundalion established by Michael and Henrietta Lindsell under the charitable law of England and Wales and govemed by a Trust Deed dated 7 November 2019. Obl•¢tlvo$ and a¢tlvltlos a. Policles and objectlves The Trustees have regard to the Charity Commission's guidance on publi¢ benefit in direcling the work of the Foundation and ensuring that the Foundalion complies wth Ihe Good Governance Code and thè provisions of the Charities Act 2011. b. Grant.maklng poll¢lo8 The Foundation only eonsiders grants lo UK registered charities specifically for the advancement of education. In the initial years of its existence. the Trustees aim lo form long-term partnerships with a limited number of ch8ri118s in the field of education lo further the Foun¢jatn,s purpose and focus. c. The Foundatlon's Purpose and Focus The Foundation seeks lo Inspire young wople of 811 abililles, living in dlsadvantsged srtualions to benefll from thg chan¢e of further edu¢atsonal opporttjnits'es. In doing $0 thg Foundation aims Io gnsurg that Ihgse individuals achieve the best they can either academicalty or otheTh¥ise along with tha appropriate soaal and personal development support. In order lo help give opportunitiès to children from disadvantaged circumstancès the Trustèès arè looking lo form long-lerm partnerships with specific e(1ucational focused charitsble trusts and found8tions. Therg are a number of principles that underpin the Twsle8s' Iws: to support children and young people right across th8 academic spectrum of ability and notjusl to concentrate on excellence.. to support multiple academic and other approache5 to finding the appropriate career path for a young person, whether that be via universities or spe(ialisl wlleges or apprenticeships,. to seek approaches which begin at an earty stage of life. and involve continuous and supportive interventions throughoul an individual's education., to seek sustainable solLrtions (academic, social and emotional learning) which are anchored into local communities, and rf possible. lo create a nelwork effecl lo share the best ideas across multiple locations; and where rx)ssible to prioritise sc21able solutions. The Foundation will where possible seek overfaps between the drfferent initialives it chooses to support. In order lo achieve this on a manageable basis and lo make maximum impact wlh the funds that are available each year, The Foundation may also target a specific geographic area to concentrate ils resources and impad but are not constricted by this commitment. Pagè 2
THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Objectives and activities Icontinuedl The Trustees wish lo work vnth charitable trusts and foundations that have relevant experience, a solid repulab'on, good rn8nagemenl with strong evidence of good govemance. financial prudenGe, and successful, mèasurablg oul¢omes. The Trustees would favour multi-year partnerships where the Foundation contribution has a strong sense of connection and identity with its SUP and involvement. d. Tho F¢undatlon'$ Curr¢nt Strat•gy The Foundatvjn's current strategy is deSIgr lo support children, parents and teachers and in doing so lo irnprove e(lucalional outcome5 for the children involved in their programme5. This year il was cenlred around the following areas.. A¢ademl¢, Soclal and P•r$onal Dovelopment IntoUnlversSty offers programmes of academic support after school for children from disadvantaged backgrounds to help them achieve their potential and improve life chances. The Lindsell Foundation support two cenlres, Norwich and Great Yarmouth. Communlty Engagement wlth Crlcket Chance to Shlne offgrs children in Nortojk ihg oppcwiunity to play leam and devolop through playing cricket. Achlevement$ and perfomianc• a. R•vlow of the past year The Foundation has committed 10 8 clear stralegy described above and has made three material grants. Two have been award8d to IntaUnlv•rslty. one to thè Norw¢h centrè the final part of a two-year commitm8nt to support the fifth year ol its operation and tho other to the Groat Yamiou(h centrg as the last ol thr99 annual payments. We hope these grants will continue to provide material benefil lo those children attending the cenlres. Both grants have been lunded this year. The third grant has been awarded lo Chance to Shin• as tt)e first year of a iwo-year commitment lo support cricket in the community in Norfolk. IntoUnlv•rslty- Norwlch TLF paid £40,000 in 2020, 2021, and 2022 as part of Ihe original comrnitment. In 2023 and 2024 the Foundation paid £40,000 as a lurther annual donation. This initiative is fo¢used on a rounded education approa¢h building on the $tal& edu¢ation syslgm, in Cgnlres which are based in what are swially andlor economically disadvantaged areas across the UK. The lead funding partner for IntoUniversity- Norwich is the University of Easl Anglia IUEAI. The Inlouniversity centre in Norwich was opened in Autumn 2021. The aim has been to help children from the 8ge of 7 years onwards lunlil universrty or attaining empl¢)yTnenll to advance their academic lor olherwisel, personal dèvèlopment and ad)ieve their potentsl, wh8tÈver 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. Pagè 3
THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Achievements and perfomiance (continued) The focus is lo supplement and ennch the national system on offer. alongside the sch¢x)l and home environment. and also lo help open mindslimaginalion around different GhoiGe5 of higher education, including univèrsity and vocab'onal allematives, that may be available as well as ¢areer choices. 11 operates in Cgntres after the school day. There is also a focus on personal leadership development, real life work experience andlor internships with a follow-on mentoring buddy system at university or at work. IntoUnlv•rslty Norwl¢h has provrded regular up(181es 8nd impact portS. The cenlre's first thre& ye8rs were a success despite the disruptions ol ¢ovid tsrgÈls a¢hieved. The centre has built a relationship with many local schools in some of the more disadvantaged wards in Norwich. Over the last year over 1,500 PLJpils passed through the centre and in addition it has linked up with various local initiatives to offer schoolchildren a wider range ol interests, activities and options to broaden their educational experience. Their'Focus' weeks have been particularly popular where Intouniversity work5 Wlth a whole school class to concentrate on a themelsubject and the children 'graduate' al the end in a sperjally curated ceremony al the University of East Anglia. Intounlverslty. Grnat Yarmouth TLF paid £30,000 in 2022, £40,000 in 2023 and £50.000 in 2024. This inilialive, like the ongoing one in Norwich, is focused on a rounded education approach building on the slate education system, in centre5 which are in socially andlor economically disadvantsged areas across the UK. The lead funding partners for Inlouniversty Greal Yarmouth are the University of East Anglla IUEAI and Tdnily College Cambridgg. The Inlouniversity centre in Great Yarniouth was opened in September 2022. The aim has been to help children from the age of 7 years onwards (until university or attaining emplOentI lo advance their academic lor olherwisel, personal development and achieve their potential whatever that might be. In its first year the cenlrè $8w 880 slu(Jents pass through ils doors and in 2024 this h8d reached 1,300. Great Yamoulh, leven mor8 SO than NoM¢hl, exhibts Ihe educationally and economically disadvantaged riteria that Intouniversity assess in order to estsblish a centre. The ntre is based in the Market Place shopping centre in the heart of the town, which provides easy access for most of the schools that Intouniversity is targeting and also a convenient location lor parents and guardians to drop off and collect the children. The eenlre has had a successful first three years with enthusiastic backing from local schwls and has recorded pupil numbers that have exceeded initial tsrge15. The Trustees w511ed the centre in June 2023 to witness vibrant and positive engagement from the pupils. 11 is hopeij that in its fourth year the ¢enlre will expand ils ¢onne¢lions with local businesses in order to provide for the mentoring of older pupils as they delemiine their furthèr educational and career choices. As Intouniversity approaches its 23rd anniversary it is proud to have established 45 centres in 28 towns in England and Scotland helping over 56,lJ)O children in the last year. Their goal is lo expand lo 50 cenlres by 2027. There is also a fo¢us on personal leadership development. real life work experien andlor intemships with a follow-on mentoring buddy sleM at university or at work. Al of our financial commitments to Intouniversity have now ended. Having helped set up Intouniversity in Norwich and in Great Yamioulh for an Inal three year peric%J and hawng supported Norwich for a further two years we believe that the ¢xntres are well estsblished and operab.ng successfully. There is encouraging lake up of students and the Cent leaders have established good relationships wth local schools and businesses. Th& Lindsell Foundation wish trj explore other avenues for grant giving either locally or nats'onally to increase its bandwidth of support. Pagè 4
THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Achievements and perfomiance (continued) Chance to Shine in Norfolk £26,556 paid in 2024. In December 2024 the Lindsell Foundation entered into an agreement to support Chance to Shine in Norfolk for two years with two annual donations of £26,556 pa. Ch8nctr lo Shine is a n81ion81 charily founded 20 ar$ ago thal aims lo give all children the opportunity lo play. learn and develop through ¢ri¢k8t. The ¢harity believès that cricket Can help to develop thè personal, social and physical skills of Children and people. Since its estsblishment 7.3 million children have benefited from the harity s programmes. Chance to Shine supported around 626.000 n9 people last year with a 50150 gender splf( and 74'k corning from an ethnically diverse background. The charity works primarily with Cricket Clubs and also has a prograrnme of stre81 cricket which runs daily Ihrovghoul the year. Last year they worked with 4,278 stsle primaries and 1,893 schools that have a higher proportion Ih8n most of free sthool meals. The cricket clubs the charity 8ngag8s wth ar8 generally wthin walking distance of th8 schools and 91 % of th8m are based in the most deprived areas ol England. There are 274 street dubs with Kings Ln and Norwich starting ones last year. 8,000 children in Norfolk benefited from parts'cjpatsng in the charity's programmes last year. There has been a high proportion of children special educatlonal needs particlpallng, whlch Is good lo see especially amongst Ihg girls. Chance lo Shine in Norfolk has exceeded ils largets and its cnaches are keen to locus on lrfe skills as well as passion for cricket. The main other donors for Chance lo Shine are Sport England and the English Cricket Board I'EC8'1. Flnanclal r•vl•w a. Going ¢on¢•m After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they have adopted the going concern basis in Preparing the financial statements. Pagè 5
THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 b. Reserves policy Thè Trustéès approvè grants for payment over one or more years. These are brought into thg a¢UnIS 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 Foundab'on'5 capital. Accordingly. the Trustees take Ihe view that all available funds should be seen as one., they havè therefore adopted a Statement of Financial Activities that merges all resources. The Investment Policy makes provision for sufficignl cash resources lo me81 commitsnenls as Ihoy fall due. The Trustees are satisfied that the tolalty and composilion of ihe Foundation's resources are sufficient for this purpose. c. Investment powers. pollcy and perforniance The Investment Committee is chaired by Michael Lindsell. He has the delegated authority from the Trustees In respect of the day lo day management of the Foundation's investments. The Trustees do not envisage, given thè level of expertise of the Chair of ihe Inv8stmenl Committee, that il wll be necessary lo engage an exlemal Snvestmenl manager. The rol8 of the Investment Commilt88 IS to forniulate and impl8m8nt the Invastment Policy, monitor investmanl performance and report to the Truslees on a regular basis Or investments have been undertaken. Thè Trusteès need to generate funds availablè for granl-making while preserving the rèal value of thè Foundation's nel financial assets over the long4em. The invgslment objg¢tive of the Foundation's investment portfdio is lo maximise long-lerm total returns with a minimum objective lo maintain the real purchasing power of Sterting capilal. The invesiment policy of the Foundation. adopted by Ihe Trustees on 12 December 2021, is to invesl in equities, bonds, funds, cash and other financial investments globally wth no limitation on the markets and sectors in which investments may be made, although there may be a bias towart19 Slerfing assets consistent with a Sterlin9 dtsminaled investment objective. The Foundation aims to maintain sufficient cash resources to allow for the annual funding of grants. Currently £183,16S is retained in the Foundation's ojrrent and deposit accounts at C. Hoare and Co. for these purposes. The Foundation expects to invest in a nCentrated portfolio of securities with the number of investments not exceeding fifteen companies. In addition to its existing bank account * C. Hoare & Co.. the Foundation has a Fund and Share account at Hargreaves Lansdown IHLI. 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 ils cash and invesimenls. 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 2025 the portfolio consisted of investments in eleven ¢ompani&s valued at £1,326.459. In addition HL maintains a sh balance of £3,906 which derived from dividends, gilt interest and interest in¢ome less additional investments made throughoul the ar. Pagè 6
THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 The eleven investments indude p)sitions in Unilever, Walt Disney. Heineken Holdings, PayPal, Hargreaves Lansdown, TKO, Nintendo {ADRI. Diageo. London Stock Exchar)ge. RELX and Mondelez. All are judged to be durable business franchises, which eam high returns on capitsl and should endure and prosper for many years in the future. The ability of these companies lo increase sales and profits ahead of the prevailing rale of UK inflation ovar thè long-lem 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 incLJme payTnents of £21,254 during the year to 5 April 2025. The Foundation received an 8ddib.onal donabon in March 2025 that was retained in the Foundation's current account at C Hoare & Co. The valu8 of the portfolio at 5 April 2025 was £1.330,365. which represented a 22.99/0 gain from its valu8 of £1,082,559 on 5 April 2024 and 9.2% annualised gain from the initial investment of £1,000,000 on 31 December 2021. As a comparison the annualised increase in inflation. as measured by the UK CPI index, was 5.4.19 from 31 December 2021 and 2.4% from 5 April 2024. d. Prlnclpal rlsks and unc8rtainti•s The Trustees are SponSible for monitoring the risks lacing the Foundation and ensuring 8dequale steps lo manage them. The Foundation has 8 risk management policy that is kept under continuous review and formally updalgd once a year. The Trustees rgcognise thal iherg arg thro9 principal risks lo managg. Financial The Trustees have identiffied the risk Irom the reduction in Ihe value of its investments or from the incomè Ihereon through severe market circumstances or inappropriate allocation of investments obliging the Foundation to reduce the sum av8ilable for grants. This is mitigated by 8n investment policy that plans lo allocate the majority of the Foundation's capitsl lo a limited number ol well-established companies for the long-lgrm buttressed by retsining suificienl res*rves ol cash to meel all lutyre grant obligab'on$. Operelional The Trustees consiijer that the Founijalion's operalions are low nsk. The Foundation does not enter into contracts to deliver charitsble purposes and il has no employees. Operational risks in terms of granl-making, fraudulent applications or potèntial misuse ol funds by a grant beneficiary are risks that the Trustaes mitigate by restricting grants to well-funded charitses that are registered with the Charity Commission for England and Wales. When awarding grants Ihe Foundation draws up a contract with the partnering bodies signed by both parties. Conllicls of Inler8sI As the majority of the Trustees are connected persons there is a risk arising from conflicts of interest. The Foundalion has a detailed policy regarding conflicts of interest. Grants can only be awarded after a thorough assessmenl and review against a standard Foundaiion checklisl of crileria and final approval by all Trustees. The Trustees maintain a conflicts of interest register that is reviewed annually. Pagè 7
THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 e. Financial review Thè Foundab'on's incomè for th& period. excluding thè donation of £100,000 plus thè associated tax credit of £25,000, was £21,254 from dividends paid by the companies and interest InMe from fixed inlerest investments held in the investment portfolio and £4,024 cash balances at C. Hoare & Co and Hargreaves Lansdown. In the period under review the Trustees paid grants totaling £116.556. The Trustees made a further commilrnenl of £26,556 to Chance to Shine in 2025. The granis that Trustg9s approve on a conditional basis may be payable over several years.. accordingly such grants do not appear in full in the Stslement 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 granl-making activity and have used this measure ol their activity within this Trustees. Report. The Trustees anticipate that the nalure of granl-making in the period under review will be maintained for the foreseeable future. As a proportion ol grants paid, adminislrabon and goveman¢e costs werg 2.4%. Structure, gov•rnanc• and manag•mont a. Constltutlon The Llndsell Foundation is a registered charity, nLJmber 1186253, and is conslltuled under a Trust deed. b. Methods of appolntmont or 01oCtlon ol Trustees The management of the Charity is the spOnSIbl1ty of the Trustees who are ele¢igd and ¢o-oplgd undgr the terms of the Trust deed. The tem) for a Twstee Inon-lamilyl has been set for a fixed five year term. with the possibility to agree an extension. c. Organisational $tru¢tur• ond de¢isionamaking poli¢••s The Foundation is governed by a Board ol Truslees. The Trustees are responsible for the management ol the Foundation and hold regular meetings to consider individual Trustee initiated research undertaken lo identify suitable can¢Jidales for grants. In addition, the Trustees consider applications made by charities that have 8ppro8¢hed the Foundation through its website or by other means. The Found8tion is run day lo day by the Chairman. The Foundation has no employees. Plans for future periods The Trustees are investigatiThJ additional partnerships and hope to make further progress in awarding grants in the coming year. Pagè 8
THE LINDSELL FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 ststement of Tru$tees' responslblllll The Trustees are responsible for preparing the Trustees, report and the financial slalemenls in accordance with applicable law and Uniled Kingdom Accountsng Stan¢Jards (United kn'ngdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of ils incoming resources and application of resources, induding rts irKome and expenditure, for that period. In preparing these financial slalemenls, the Tru51ees are required lo." select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charitses SORP IFRS 102}', make judgments and accounting estimates that are reasonable and prudent., stsle whether applicable UK A¢Unn9 Standards IFRS 1021 have been followed, subject to any matèrial departures disclosed and explained In the finanual statements., prepare the financial siatemenls on the going concem basis unless it is inappropriate lo presume that the Charity will continue in business. Thè Trustees are responsible for keeping adequate accountyng records that are sufficient to show and explain the Charity's transactions and disdose with reasonable auracY at any lime the financial p0511ion of the Charity and enable them to ensure that the finanaal statements comply wth the Charities Act 2011, the Charity (Accounts and Reports) Regvlalions 2008 and the provisions of the Trust deed. They are a150 responsible for safeguarding the assets of the Charity and hence lor tsking reasonable steps for the prevention and detection of Iraud and other irre9ularilies. Approved by order of the members of the board of Trustees and signed on their behalf by.. Henrletta M Llnds•ll Dale.. 2.ID.2S Page 9
THE LINDSELL FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025 Independent examinerfs report to the Trustees of The Lindsell Foundation I'the Charity'l I report to the charity Trustees on my examinatitM of the aOunts of th8 Charity for the year ende(15 April 2025. Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparation ol the accounts in a¢¢ordance with the requirements of the Charities Act 2011 1.the 2011 Act'l. I report in respect of my examination of the Chariws accounts carried ovl under secb'on 145 of the 2011 Act and in carrying out my examination I have followed Ihe applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Indopondont •x*mlnerfs statemont Your attention is drawn to the fact that the Charity has prepared the accounts in accordancè wtih Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing th8ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the exlanl regulalions bul has been withdrawn. l 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 lor reports'ng penods beginning on or after 1 January 2015. I have completed my ex8minalion. I confimi that no matters have come lo my 8ttention in connection with the examination giving me causo lo believe that in any material rospect.. accounting records were not kept in respect of the Charity as requiod by section 130 of the 2011 Act.. or the accounts do not accord wilh those records; or the accounts do not comply wlh the applicable requirements conceming the fomi and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair. view which is not a matter considered as part of an independent examination. I have no concems and have C¢)me across no other matters in nnectn wlh the examination lo which attention Should be drawn in this rep¢)rt in OT(ler to enable a proper understanding of the accounts lo be reached. Pagè 10
THE LINDSELL FOUNDATION INDEPENDENT EXAMINER'S REPORT {CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 This report is made solely to the Charitys Trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2LNJ8. My work has been undertaken so that I might state to the Charitys Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest exlenl pemiitted by law. I do not accept or assume responsibility to anyone other than the Charity and the Chariws Truslees as a body, lor my work or lor this report. Signed.. Dated. 2 October 2025 Frank Shippam Bsc FCA DChA MA Partners LLP 7 The Close Norwich Norfolk NR14DJ PagÈ11
THE LINDSELL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Nots Income from.. Donations and legacies Investments 125.000 25.278 125.000 25.278 125,000 27. 702 Total Income 150,278 150,278 152, 702 ExndItur0 on: Charitable adivities 119,314 119.314 82,681 Total •xpendltur• 119.314 119.314 82,681 Net Sncome before net galns on Investments Nel gains on investments 30,964 98,639 30.964 98.639 70,021 4,873 N•t movoment In funds 129,603 129.603 74,894 R•eonelllatlon of funds: Total funds brought forward Nel movement in funds 1,382,367 129.603 1,382.367 129,603 1,307,473 74,894 Total funds carrf•d forward 1,511.970 1.511.970 1,382,367 The Statement of financial activities indudes all gains and losses recognised in the year. The notes on pages 14 10 20 lofm part ol these financial statements. Pagè 12
THE LINDSELL FOUNDATION BALANCE SHEET AS AT S APRIL 2025 2025 2024 Note Investments 1,326.459 1,20T.404 1,326.459 1,207,404 Current assets Cash at bank and in hand 187.071 176,349 187,071 1T6,349 Curr*nt Ilabllltles Creditors.. amounts falling due within one year 10 11.5601 (1,386) Net current assets 185.S11 174,963 Total a880ts 1988 current Ilabllltl 1,511,970 1.382,36T Total net assets 1,511,970 1.382.367 Charty funds UnTe51ricted funds 1.511.970 1,382.367 Total funds 1,511,970 1.382,367 The financial stalemenls were approve(l and authorised for iSSLbe by the Trustees and signed on their behalf by.. Heniletta M Lindsell Date.. 2.10.25 The noles on pages 14 to 20 fom part ofthe5e finanual stalements. Page 13
THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Gènèral Inforniatlon The Lindsell Foundation is an unincorporated charity regislered wth the Charity Commission for England and Wales. Accountlng policlès 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and R8poth'n9 by Chariti8s". Stalemenl ol Recommendèd Practice applicable to charities preparing their a¢counts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of IrelarKI {FRS 1021 and the Charities Act 2011. The finanaal stslemenls have been ppared lo give a Inje and fairf vlew and have departed from the Charities (Accovnis and Reports) Regulations 2008 only to the exlenl required lo provide a 'true and lair, vigw. This departure has involved following Ihe Charilies SORP IFRS 1021 PLJblished in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practs'ce effeclive 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 8re inits'ally recognise(J al historical cost OT transaction value unless otherwise staled in the relevant accounting policy. 2.2 In¢om8 All income is recognised once the Charity has entrfement to the incorne, il is probable that the income will be received and the amount ol income receivable can be measured reliably. Income tax recoverable in relation lo (kjnab'ons receive(l under Gift Aid or deeds of covenant is recognised al the time of the (lonation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.3 Expenditure Expen(Jilure is cOgnised once Ihere is a legal or ¢onstw¢live obligation to transfer e¢onomi¢ 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 inojrred on 1cl1Y undertaking the activities which further the Chariws objectives, a5 well as any asswiated 5UPPOrt st5. Grants payablè are charged in the year when the offér is madè excèpt in thosè ¢a$8s whèrè thè offèr is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as commitment, but nol accrued as expendilure. All expenditure is inclusive of irre(¥)verable VAT. Pagè 14
THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Accounting policies {continuedl 2.4 Int•re$t r•¢•lvabl• Interest on funds held on deposil is induded when r1vable and the amount can be measured reliably by Ihe Charity. this is normally upon notificabon 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 re¢o9nised 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 il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLos5esl on inveslmenls, in the Slalemenl of ffinancial activities. 2.6 Cash at bank and In hand Cash at bank and in hand includes $h and short-tem) highly liquid inv8stm8nts with a short maturity of three months or less from the date of acquisit or opening of the deposit or similar account. 2.7 Llabllltl•B and provlslons Llabililies a recognise(I when the Is 8n obllg81ion al the Balance sheet dale as a sU11 of a past gvenl, il is probable that a Iransfer of economic benefit will be QUIred in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Chanty anticipates it will pay lo settle the debt or the amount il has received as advanced payments for the goods or services it rnust provide. Provisions are measure¢J al the best estimate of Ihe 8mounts required lo settle the obligation. Where the effect of the lime value of money is malerial, the provision is based on the present value of those amounts, discounted at the pre-lax discount rate that reflects the risks specific to thè liability. Th8 unwinding of the discount is recognised in the Stalement of finanoal activities as a finan¢e cost. 2.8 Financial instruments The Charity only has financial assets and financial liabilitie5 of a kind knal qualify 85 basic financial instruments. Basi¢ financial instruments a initially COgniSed al Iransa¢lion value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amorbsed cost usin9 the effeclive interesl meihod. 2.9 Fund accountlng General fund5 are unre5trictsd funds whith are available for use al the diretIOn of the Trustees in furthÈr8ncè of the general obj8ctives of the Charity and which have not baan d8signatad for othar purposes. Investment income, gains arKI losses are allcKaled to the appropriate fund. Pagè 15
THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Incomè from donatlons and l•gacl•s Unrestricted funds 2025 Total funds 2025 Total funds 2024 Donations 125.000 125,000 125,000 Investment Income Unr•$trl¢t*d funds 2025 Totsl funds 2025 Tol81 ftjnds 2024 Interest Li818d investments 4.024 21.254 4,024 21,254 2,059 25,643 25,278 2S,278 27, 702 Analy81s of grants Grant$ to Instltutlons 2025 Totsl fund8 2025 Total fijnds 2024 Grants 116.556 116,556 80,000 Total 2024 80,000 80,000 During the year grants were payable lo Inlouniversrty. £50,00012024 - £40.0001 lo support the leaming entre in Great Yarmouth and £40,00012024- £40.0001 lo support leaming ¢entre in Norwi¢h. A grant of £26,5{2024 - £ni4 was also payable lo Chance to Shine. Further details are provided in the Trustees Retx)rt. Pagè 16
THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Analysls of èxp•ndltur• by aetlvltl•s Grant funding of activltles 2025 Support Costs 2025 Total funds 2025 Total funds 2024 Direct costs 116,556 2,758 119,314 82,681 Total 2024 80.000 2,681 82,687 Analy$l$ of support ¢osts Tot41 funds 2025 Total funds 2024 Actlvltl•s 2025 Bank charge5 Accountancy Design Adminislralion 1,614 720 420 1.614 720 420 1,506 720 450 2.758 2,758 2,681 Independent examlnerfs remuneratlon 2025 2024 Fees payable io (he Foundation's independent examiner for the independent examination of the Foundation's annual accounts Ftres payable to the Charitys independent examiner in respo¢t of.. Taxation cornplian services All other services not induded above 600 550 276 252 738 Pagè 17
THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Trusté•s' r•mun•ratlon and •xp•ns•s During the year, no Trustees received any remuneration or other benefits (2024- £NIL). During the year ended 5 April 2025. no Trustee expenses have been incurred (2024 - £NIL). Flx•d assèt Inv•stm•nts Llsted Investments Cost or valuation Al 6 April 2024 Additions Disposals Revaluations 1.207,404 282,416 1254.8601 91,499 At 5 April 2025 1,326,459 Net book valuo At S April 2025 1,326,459 Al 5 April 2024 1,207,404 In addition to ihe revaluation gains rted above of £91,499, the Foundation made realised gains on disposals of £7,140 lo give net gains on investments of £98,639 for ihe year. 10. Creditors: Amounts falling due within one year 2025 2024 Accruals and deferred income 1,560 1,386 Pagè 18
THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 11. Stat•m•nt of funds Statement of funds- cufrent year Balance at 6 Aprll 2024 Gainsl Balance at 5 IL065e51 Aprll 2025 Income Expendlture Unrestricted funds General Funds 1,382,367 150,278 1119,3141 98,639 1.511.970 Statement of fund5- prlor year Balance at l Apnl 2023 Gainpj 881ance al (Lossos) 5 April 2024 Incomg ExpendilufF Unrestrlcted funds General Funds- all funds 1.307.473 152.702 (82,681) 4,873 1,382,367 12. Analy8ls of n•t ass•ts tween funds Analysls of net a$$•t$ b•tw¢tn funds- current year Unre$trlcted funds 2025 Total funds 2025 Fixed asset investments Current assgls Creditors due within one year 1,326,459 187,071 11,5601 1.326,459 187,071 11.560} Totsl 1,511,970 1.511.970 Pagè 19
THE LINDSELL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 12. Analysls of n•t asséts b•twè•n funds {contlnu•d) Analysis of net assets between funds- prior year Unresliicled funds 2024 Total funds 2024 Fixed asset investments Current assets Creditors du8 within one ye8r 1,207,404 176,349 (1,386) 1,207,404 176,349 (1,3861 Totsl 1,382,367 1,382,367 13. Grant commltments The Trustees have approved fulure con¢Jilional grdnt payments of £26.S66 in th8 next accounting year, lo be funded from existing reserves. 14. Related party transactlons The Foundation has not entered into any related party transaction during the year, nor are there any outstandin9 balances owing belween related p8rlies 8nd the Foundab'on al S April 2025. Pagè 20