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2022-12-31-accounts

Trustees Report and Accounts for the year ended 31 December 2022

Company Limited by Guarantee

Registered charity number 1187460

Registered company number 11832452

Lively Minds Annual Report and Accounts

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Table of Contents

Officers and Professional Advisers ........................................................................................ 3 A Note from our Chair ............................................................................................................ 4 Trustees Annual Report ........................................................................................................ 5 Independent Auditor’s Report .............................................................................................. 14 Statement of Financial Activities (incorporating the income and expenditure account) ....... 19 Group Balance Sheet .......................................................................................................... 20 Parent Balance Sheet .......................................................................................................... 21 Group Statement of Cash Flows .......................................................................................... 22 Notes to the Accounts.......................................................................................................... 23

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Officers and Professional Advisers

Directors and Board of
Trustees Alison Hart (resigned 18thOctober 2022)
Remus Brett
Maame-Yaa Bempah (resigned 30thNovember 2022)
Suzanne Butah
Peter Ryan (Chair)
Olivia Hills (resigned 27thFebruary 2023)
Esther Akafia
Lydia Obaye
Gordon Carver
Erin Williamson (appointed 1stJanuary 2023)
Marie-Claude Warnotte (appointed 3rdMarch 2023)
Bradley Mulroney (appointed 15thMay 2023)
Company Secretary Lydia Obaye
Founder and CEO Alison Naftalin
Registered Company
Number		 11832452
Registered Charity Number 1187460
Address Lively Minds
6 Queen's Terrace
Totnes
TQ9 5JQ
Auditor BHP LLP
1st Floor, Mayesbrook House
Lawnswood Business Park
Leeds
LS16 6QY
Bankers HSBC plc
High Holborn Branch
London

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A Note from our Chair

It is my pleasure to introduce the 2022 Annual Report for Lively Minds.

We have continued to expand in both our core countries - Ghana and Uganda.

During the year, 47,600 rural parents have received Parenting Workshops, 176,500 preschoolers learnt through Play Schemes to become school – ready and 7,790 Government trainers have been trained to deliver the Lively Minds Programme.

The radio show created as a response to the Covid crisis, has an estimated audience of over 1 million people, and we have scheduled to undertake a randomised control trial in Uganda to obtain in depth evidence on the impact of the programme. We believe that radio has the potential to scale Lively Minds work in multiple countries.

Our partnerships with government remain strong, the Ghana Education Services (GES) has committed to scale the programme throughout the whole country and to ensure sustainability. In Uganda a task force was set up in the Mayuge district to develop plans to sustain the programme.

We are grateful for the support of new funders as well as to have retained the support from so many existing funders. We reached the final shortlist of 10 for the Lego Foundation’s – Build a World of Play Challenge – receiving a grant of $1million.

Alison Naftalin, our CEO and Founder, continues to be invited to various international Early Learning and Development conferences and we envisage that advocacy and encouragement for investment in the sector will be an increasing element of our work going forwards.

These accomplishments have been made possible by the charity’s continuing determination to listen to the communities we serve and to use the best possible methodology and processes to deliver the programme. They would not have been possible without the hard work and commitment of our staff.

We would like to thank our donors, supporters, partner organisations, staff, and Board members for their continued belief and support in our mission.

Above all we want to express our gratitude to the mothers and communities in the Lively Minds network. Our reach and impact has been made possible thanks to your resilience and determination.

PJW Ryan PJW Ryan (Oct 30, 2023 18:16 GMT)

Peter Ryan

30 October 2023

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Trustees Annual Report

The Trustees present the financial statements of the charity for the year ended 31 December 2022.

Legal status

Lively Minds is an independent charity, registered number 1187460, and company limited by guarantee, registered company number 11832452.

Our organisation, mission and scale

Our mission

Lively Minds works to get pre-school children in rural Ghana and Uganda to thrive.

Our scalable model involves training parents in deprived rural communities to run free educational Play Schemes where they teach their communities’ pre-schoolers using lowcost games and following a structured curriculum that has been proven to stimulate learning, improve wellbeing and encourage good hygiene. Parents are also given monthly parenting workshops and weekly radio broadcasts that teach them simple cost-free ways to provide better care for their children at home. The project is delivered sustainably through government. The project has been proven through robust evaluation to achieve its intended holistic outcomes of significantly improving child cognition, language, socio-emotional skills and health and parenting practices

We do not provide aid. We believe that people can only break the cycle of poverty if they are given the information, skills, and confidence to make changes themselves. Our solution is not complicated or expensive.

Why we exist

The first six years of a child’s life are a vital time when they are developing the skills needed for future life. Yet over 250 million children worldwide – the majority of whom are located in rural communities in the global south – do not get the care and education to build these skills. This adverse start has knock-on effects throughout their lives. Research has shown they will be less likely to find gainful employment, and are at greater risk of early marriage, early parenthood and even criminality. Unfortunately, current approaches to this global crisis, which focus on the professional early year’s workforce, are not proving effective or affordable for lower middle income countries.

Our innovative solution

We know that as the majority of a pre-schooler’s life is spent at home, so the best way to help them develop, is to ensure their parents can provide nurturing care and learning opportunities. Unfortunately, parents in hard-to-reach and resource-poor rural communities

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commonly believe they cannot provide this care due to poverty or their own lack of education.

Our solution is simple. We believe parents are the sleeping giant. Our theory of change is that the critical barrier to ECCE in rural communities and the best lever for change is parents.

In each village, 30-40 mothers are enrolled on a group parenting course where they receive monthly parenting workshops. The workshops are designed to change mindsets, build confidence and teach simple ways to use cost-free resources to improve their parenting and provide better care and education at home.

The trained mothers take it in turns to run educational Play Schemes for all the preschoolers in their village. Working to a carefully designed structure and pedagogy, the children learn by playing in small groups with a variety of home-made educational games.

No additional workforce or expensive infrastructure is needed. The programme uses cheap, local materials, empowering the most uneducated and resource-poor to provide quality learning and care.

We are proud that our programme has been proven, through a rigorous randomised control trial, to result in a range of positive child development outcomes including improved cognitive skills and school readiness, improved socio-emotional skills, reduction in acute malnutrition and improved parental knowledge and practices.

Delivery model: working through government

All of this is implemented through local government systems. In Ghana, the programme is delivered through the state kindergarten system and in Uganda, through Village Health Teams.

We use a comprehensive training of trainer’s approach, which makes the programme scale-able within existing government structures.

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2022 Highlights

Programmatic achievements

Over the course of the year, we have had a major impact on children and their parents in Ghana and Eastern Uganda.

We are also delighted to report that the quality of delivery by our government partners has been consistently high.

Our partnerships with government are going strong. Ghana Education Service (“GES”) has committed to institutionalising and scaling the programme in Ghana. And, over the course of the year key developments included

In Uganda, Mayuge District established a Task Force to work with us to develop plans to sustain the programme. As a result, a new Memorandum of Understanding was developed, that supports government to become the “doer” and “funder” of the programme.

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Organisational development

We were sad to see many long-standing members of our Senior Management Team left us after a number of years. Our Head of Curriculum, Geoff King left in February, our COO Sheena Lahren stepped down in May, and our Head of Finance Clair Taylor left in June - all to go on to do exciting new ventures.

We are delighted to welcome in Max Townsend as our new COO, Eloise Cook as our new Director of Finance, and Abby Murphy, our content officer was promoted to the role of Curriculum Manager at the start of 2023. Also in the year we welcomed Elorm Haligah in to a new role Head of Ghana Partnerships.

In July we realised that our staff in Ghana and Uganda were struggling with the rapid inflation and cost of living increases. We therefore introduced a Living Wage approach to setting salaries, based on calculating a basket of essential needs and ensuring that our wage fully covered these and provided extra slack.

We are really proud of the monitoring dashboard that we rolled out over the course of the year. Government staff are tasked to submit field reports using a mobile app following each visit. This information is then pulled in to a dashboard and results are automatically visualised. We have been doing a lot of work with government partners to build their capacity to analyse this data and use it to make planning and project management decisions. This system has also strengthened our internal quality assurance processes and abilities to support the scale-up.

Fundraising

We are thrilled and grateful to have received support from new funders in 2022, and to have retained the support of so many existing donors. We have listed these donors in the accounts.

We applied for the LEGO Foundation Build a World of Play Challenge, and were selected to be finalists out of over 600 entries from around the world. Unfortunately we did not win the top prize of $30m however we were awarded with a generous donation of $1m.

Future plans

The focus of 2023 will see us focus ensuring all Districts and sub-counties are able to sustain the programme themselves, and that government is able to find a way to fund the programme in perpetuity.

We also aim to secure funding to conduct a randomised control trial of the radio programme in Uganda to get robust evidence on the impacts of the programme and its feasibility for scale.

In addition, we will develop our advocacy and systems-change strategy to influence the global ECD sector and ensure that more attention and investment is placed on supporting parents.

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Public benefit

When reviewing our aims and objectives and in planning our future activities, we have referred to the Charity Commission’s general guidance on Public Benefit and on running a charity (PB2),’ The Trustees’ focus has always been to measure how planned activities will contribute to the aims and objectives they have set.

Fundraising

The principle funding source of the charity is multi-year development grants restricted to either the Ghana or Uganda Project. In addition to this, we also fundraise for restricted and unrestricted income from philanthropic organisations.

Going forward our fundraising strategy is to continue this blend of funding sources to balance risk and give some flexibility in how funds are spent. The charity’s policy is to have funds secured to cover the following 12 months of planned activity and this policy was met for the period.

Structure, governance and management

Lively Minds is managed by a Board of Trustees appointed on a three-year basis. The Trustees during the year and currently are as noted on Page 1. All our Trustees give their time on a voluntary basis and are passionate advocates of the charity’s work. Some of them have been involved in staff coaching, interviewing and management training and many of them have visited our Play Schemes in either Uganda or Ghana or both to meet staff and local officials and most importantly, to visit local communities and see our Play Schemes in action.

The Board meets face-to-face or virtually not less than four times a year with intervening meetings as the need arise. The Board has two committees to support their work - Finance, Audit and Risk, and Remuneration. The skills, experience and commitment of our Board of Trustees are regularly reviewed. Where there are gaps, potential new trustees are invited to an informal interview with the Chairman and other trustees and to attend a Board Meeting as an observer before a formal appointment is made.

Risk management

The trustees continually assess the major risks to which the charity is exposed. The principal risks identified are:

Cash flow risk is mitigated by monthly reviews of the funding pipeline and cash flow forecast for the following fifteen months. Programme quality is carefully tracked through

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real-time monitoring systems, KPI’s and evaluations and a significant amount of management time is now focussed on enabling government to sustain the programme in the long term.

Our risk register is reviewed regularly not less than once every twelve months by the Finance and Audit committee and annually at the annual general meeting.

Pay policy for senior staff

All staff are paid in accordance with a salary scale which is reviewed each year and approved by the Board.

The global salaries at Lively Minds were benchmarked in the autumn of 2022. Benchmarking data was collected through a leading charity benchmarking provider in the UK and also Charity Job salaries data. Additional benchmarking was also collected with similar comparator organisations.

The global salaries at Lively Minds operate on a banding structure which is consistent with our approach for salaries in Ghana and Uganda. Staff start at the entry level or performance level depending on the assessment of the role. Salary increases are performance based. New starters have an opportunity to receive a salary increase after passing probation if they meet performance expectations. Performance reviews happen three times a year with two opportunities for a salary review.

Financial review

Income and Expenditure

The total income for the year was £3,573,394 and the total expenditure was £2,875,949, giving a surplus for the year of £697,445 and year end reserves of £2,503,042.

Income in the year increased from the prior year due to the award of several new grants during the period. They were a combination of one year and multi-year agreements for both restricted and unrestricted funding.

Expenditure in the year was below budget due to a combination of the significant depreciation of the Ghana Cedi against the Pound during the year, vacancies at the global level which were filled during the year and savings generated on planned IT and systems development. However, costs were significantly higher than the prior year due to further roll-out of the programme to nine further sub-counties in Uganda Mayuge District, and 18 districts across Northern Ghana.

Reserves remain high at the year end, due to a significant increase in donor funding recognised upfront or received upfront towards the end of the current year.

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Free Reserves

The trustees’ policy on income reserves is to maintain sufficient reserves for the charity to continue to meet its ongoing commitments, which in the current financial year means restricted and unrestricted reserves of not less than four months’ running costs, with unrestricted reserves making up 30% of this target. This currently equates to £1,730,000, with £519,000 unrestricted reserves. During the financial year ending December 2022, total reserves were £2,503,042, with unrestricted reserves including designated reserves being £1,289,669. When fixed assets totalling £112,188 are deducted, this leaves available free reserves of £1,177,481. This is in line with our reserves policy.

Grants Received in Year

Lively Minds are grateful for the support during the year of the following:

Charity’s Accounts

The Trustees present their report and the audited group consolidated financial statements of the charity for the year ended 31 December 2022, incorporating Lively Minds Ghana (registered NGO number DSW 6759) and Lively Minds Uganda (registered NGO number 13025). The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

Statement of Trustees’ Responsibilities

The trustees (who are also directors of Lively Minds for the purposes of company law) 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).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company

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and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Disclosure of information to the auditors

We, the Trustees of the charity who held office at the date of approval of these financial statements as set out above each confirm, so far as we are aware, that:

In approving the Trustees Annual Report, we also approve the Directors Report included therein, in our capacity as charity Trustees.

On behalf of the Trustees

PJW Ryan PJW Ryan (Oct 30, 2023 18:16 GMT)

...............................................................

Name: Peter Ryan

Position: Chairman

Date: 30 October 2023

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Independent Auditor’s Report to the Members and Trustees of Lively Minds

Opinion

We have audited the financial statements of Lively Minds (the ‘parent charitable company’) and its subsidiaries (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 statement of cash flows and notes to the financial statements, including 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).

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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

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LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF

LIVELY MINDS

FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

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 and parent charitable company’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 trustees annual report , other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

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LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF

LIVELY MINDS

FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 12, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of 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 and parent charitable company’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 parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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 auditor’s 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.

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LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF

LIVELY MINDS

FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

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:

We assessed the susceptibility of the charity’s accounts 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 and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial

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LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF

LIVELY MINDS

FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-ofthe-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’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 charitable company’s members and its trustees those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

BHP LLP

BHP LLP (Oct 30, 2023 20:34 GMT)

Laura Masheder (Senior Statutory Auditor)

for and on behalf of

BHP LLP

Chartered Accountants Statutory Auditor 1st Floor Mayesbrook House Redvers Close Lawnswood Business Park LS16 6QY

Date: Oct 30, 2023

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LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Income
Grants, donations and legacies
2
Investment Income
Income from Covid 19 grants
Income from other activities
Total Income
Expenditure
Raising Funds
Charitable Activities
Total Expenditure
5
Net Income/(expenditure)
Net movement in funds
Transfers between funds
Reconciliations of funds
Total funds at 1 January 2022
Total funds at 31 December
2022
13		 Unrestricted
Funds
Restricted
Funds
Total 2022
Total 2021
£
£
£
£
1,297,622
2,273,230
3,570,852
1,758,919
1,022
-
1,022
133
-
-
-
913
1,520
-
1,520
8,718
1,300,164
2,273,230
3,573,394
1,768,683
8,495
-
8,495
7,998
1,016,190
1,851,264
2,867,454
1,789,630
1,024,685
1,851,264
2,875,949
1,797,628
275,479
421,966
697,445
(28,945)
275,479
421,966
697,445
(28,945)
-
-
-
-
1,014,190
791,407
1,805,597
1,834,542
1,289,669
1,213,373
2,503,042
1,805,597

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above are derived from continuing activities.

The Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

The notes on pages 23 to 39 form part of these financial statements.

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LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) GROUP BALANCE SHEET AS AT 31 DECEMBER 2022

COMPANY NUMBER 11832452

Fixed Assets
Tangible Assets
10
Current Assets
Debtors: amounts falling due within one year
11
Cash at bank and in hand
Total Assets
Current Liabilities: Amounts falling due within 1 year
12
Net Assets
Accumulated Funds
Restricted Funds
13
Unrestricted Funds
13
Total Funds		 Dec-22
Dec-21
£
£
112,188
56,555
391,032
234,416
2,128,448
1,580,197
2,631,668
1,871,168
(128,626)
(65,571)
2,503,042
1,805,597
1,213,373
791,407
1,289,669
1,014,190
2,503,042
**1,805,597 **

The financial statements were approved by the Board and authorised for issue on 30 October 2023.

PJW Ryan PJW Ryan (Oct 30, 2023 18:16 GMT)

Name: Peter Ryan Position: Chairman

The notes on pages 23 to 39 form part of these financial statements.

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LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) PARENT BALANCE SHEET AS AT 31 DECEMBER 2022

COMPANY NUMBER 11832432

Fixed Assets
Tangible Assets
10
Current Assets
Debtors: amounts falling due within one year
11
Cash at bank and in hand
Total Assets
Current Liabilities: Amounts falling due within 1 year
12
Net Assets
Accumulated Funds
Restricted Funds
Unrestricted Funds
Total Funds		 Dec-22
Dec-21
£
£
4,890
4,455
273,820
200,122
1,899,682
1,406,743
2,178,392
1,611,320
(51,020)
(27,491)
2,127,372
1,583,829
970,053
552,361
1,157,319
1,031,468
2,127,372
1,583,829

The financial statements were approved by the Board and authorised for issue on 30 October 2023.

PJW Ryan PJW Ryan (Oct 30, 2023 18:16 GMT)

Name: Peter Ryan

Position: Chairman

The notes on pages 23 to 39 form part of these financial statements.

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LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) GROUP STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Cash flow from operating activities:
Net income/(expenditure)
Adjustments for:
Depreciation
Profit on disposal of asset
Interest received
Decrease/(increase) in debtors
(Decrease)/Increase in creditors
Net cash (used in)/provided by operating activities
Cash flow from investing activities:
Payments to acquire tangible fixed assets
Cash received from sale of asset
Interest received
Net cash used in investing activities
Change in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalents
Cash in bank and in hand		 2022
£
697,445
18,251
(1,308)
(1,022)
(156,616)
63,055
619,805
(73,912)
1,336
1,022
(71,554)
548,251
1,580,197
2,128,448
2,128,448
2,128,448		 2022
£
697,445
18,251
(1,308)
(1,022)
(156,616)
63,055
619,805
(73,912)
1,336
1,022
(71,554)
548,251
1,580,197
2,128,448
2,128,448
2,128,448		 2021
£
(28,945)
16,685
(5,513)
(133)
122,701
24,491
129,286
(57,531)
5,772
133
(51,626)
77,660
1,502,537
1,580,197
1,580,197
1,580,197		 2021
£
(28,945)
16,685
(5,513)
(133)
122,701
24,491
129,286
(57,531)
5,772
133
(51,626)
77,660
1,502,537
1,580,197
1,580,197
1,580,197
(73,912)
1,336
1,022		 (57,531)
5,772
133
548,251
1,580,197		 77,660
1,502,537
2,128,448 1,580,197
2,128,448 1,580,197
2,128,448 1,580,197

Lively Minds Annual Report and Accounts

22

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1 Summary of significant accounting policies

(a) Basis of preparation

The consolidated financial statements have been prepared 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The consolidated financial statements are presented in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The Consolidated statement of financial activities (SoFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charitable company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

The Company’s net movement in funds for the year was a surplus of £543,543 (2021: £42,180)

The Charitable company has taken advantage of the exemption allowed under FRS102 and has not presented its own Statement of Cash Flows in these financial statements.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds 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.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements

(c) Income recognition

Income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are

Lively Minds Annual Report and Accounts

23

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or

1 Summary of significant accounting policies (continued)

constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Costs of raising funds includes an apportionment of staff time.

Expenditure on charitable activities includes project costs for activities in Ghana and Uganda.

Other expenditure represents those items not falling into the categories above.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

The analysis of these costs is included in note 6.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Computer Equipment 3 years straight line Office furniture and equipment 3 – 5 years straight line Motor vehicles 4 years straight line

Lively Minds Annual Report and Accounts

24

FOR THE YEAR ENDED 31 DECEMBER 2022

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS

1 Summary of significant accounting policies (continued)

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(i) Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

(j) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

(k) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(l) Judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant 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. The items in the financial statements where these judgements, estimates and assumptions have been made include:

Income from grants:

The recognition of income from grants in these financial statements involves judgements as to whether performance or other relevant entitlement conditions have been met.

Lively Minds Annual Report and Accounts

25

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2 Income from Donations and Legacies

Donations and grants
(see note 4)
Grants for specific
activities (see note 3)		 Donations
and Grants
Play schemes
Ghana
Play
Schemes
Uganda
Total 2022
Total 2021
£
£
£
£
£
1,297,622
-
-
1,297,622
506,482
-
2,164,755
108,474
2,273,230
1,252,437
1,297,622
2,164,755
108,474
3,570,852
1,758,919

3 Grants for Specific Activities

AKO Foundation
Echidna Giving
Dioraphte Foundation
The ELMA Foundation (UK)
Global Innovation Fund
Grand Challenges Canada
US AID
Unicef
The SENSE Foundation
Imaginable Futures
Como Foundation		 Play
Schemes
Ghana
Play
Schemes
Uganda
Total 2022
Total 2021
£
£
£
£
200,000
-
200,000
100,000
-
-
-
(1,465)
-
8,577
8,577
-
133,334
-
133,334
-
901,608
-
901,608
814,394
342,811
-
342,811
226,107
574,029
99,897
673,926
-
12,974
-
12,974
36,323
-
-
-
17,900
-
-
-
14,445
-
-
-
44,733
2,164,755
108,474
2,273,230
1,252,437

Lively Minds Annual Report and Accounts

26

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

4 Donations and Grants

2022 2022 2021
£ £
Anonymous donations 50,000 50,000
Mulago Foundation 207,841 370,817
DWFF - 73,744
Echidna Foundation 73,828 -
Imaginable Futures - 203
LGT Venture Philanthropies 215,523 -
Dovetail Foundation 125,889 -
LEGO Foundation 413,979 -
Ray & Tye Noorda Foundation 202,110 -
Individual Donations 7,666 10,738
Gift aid reclaimed 786 980
1,297,622 506,482
5
Analysis of Expenditure on Charitable Activities
Staff Costs Project
Costs		 Support
Costs		 Total 2022 Total 2021
£ £ £ £ £
Cost of raising funds 8,405 - 216
8,621		 7,998
Charitable Activities
Play schemes - Ghana 930,873 1,113,918 118,553
2,163,344		 1,412,053
Play Schemes - Uganda 293,040 336,278 39,810
669,128		 357,335
1,223,913 1,450,196 158,363
2,832,471		 1,769,388
Governance Costs (note 7) - - 34,856
34,856		 20,242
Total Expenditure 1,232,318 1,450,196 193,435
2,875,949		 1,797,628
Staff Costs Project
Costs		 Support
Costs

Total 2021		 Total 2020
£ £ £
£		 £
Total Expenditure 925,401 763,368 108,859
1,797,628		 1,136,070

Lively Minds Annual Report and Accounts

27

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

6 Support Costs

Support costs include the following:

Cost of Raising Funds
Insurance
Bank Charges
Professional Fees
Printing and Photocopying
Stationery and Postage
Telephone and Internet
Marketing
Website
Recruitment and Training
Depreciation Charge
Other Expenses
Travel Costs
Governance (note 7)		 2022
2021
£
£
216
216
1,750
1,617
2,014
1,167
39,320
443
337
-
27
174
15,651
2,944
2,859
720
-
447
41,084
45,466
18,251
16,685
121
(2,010)
36,949
20,748
34,856
20,242
193,435
108,859
7
Governance Costs
External Audit fees for the group		 2022
2021
£
£
34,856
20,242
34,856
20,242

Governance costs include external audit fees for the charity group auditor and the subsidiary audits as well as legal fees incurred in the year. None of the Trustees (or any persons connected with them) received any remuneration during the year.

Lively Minds Annual Report and Accounts

28

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

8 Net Movement in Funds

This is stated after charging:

Depreciation of fixed assets
Gain on the sale of tangible fixed assets
Independent Auditors remuneration for the audit of the parent charitable
company
9
Staff Costs
Group
Wages and Salaries
Social Security costs
Pension Costs
Freelance costs		 2022
2021
£
£
18,251
16,685
(1,308)
(5,513)
17,200
10,350
2022
2021
£
£
1,016,325
736,725
96,109
77,679
25,163
23,281
94,721
87,716
1,232,318
925,401
Parent
Wages and Salaries
Social Security costs
Pension Costs
Freelance costs		 2022
2021
£
£
237,477
254,853
22,722
23,593
6,470
7,658
94,721
87,716
361,390
373,820

Lively Minds Annual Report and Accounts

29

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

9 Staff Costs (continued)

Total redundancy / termination payments amounted to £1,373 (2021: £7,324).

The average number of group employees in the year was 98 (2021: 61).

1 employee earned £60,000 per annum (excluding employer pension costs) or more in the current or preceding financial year (2021: 1).

No member of the Board of Trustees or person with a family or business connection with a Board member received remuneration in the year.

Key management personnel consists of the Trustees, the CEO, COO, Country Directors and the Senior Management Team. The total employee benefits of the key management personnel of the charity was £476,132 (2021: £312,670). Employee benefits include salaries, employer social security costs, employers pension contributions and other benefits.

10 Tangible Fixed Assets

Group

Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge
Disposals
At 31 December 2022
Net Book Value
At 31 December 2022
At 1 January 2022		 Computer
Equipment
Motor
Vehicles
Office
Furniture
and
Equipment
Total
£
£
£
£
50,299
54,057
14,826
119,182
38,988
14,750
20,174
73,912
(36)
-
(900)
(936)
89,251
68,807
34,100
192,158
17,806
39,809
5,012
62,627
12,282
3,441
2,528
18,251
(8)
-
(900)
(908)
30,080
43,250
6,640
79,970
59,171
25,557
27,460
112,188
32,493
14,248
9,814
56,555

Lively Minds Annual Report and Accounts

30

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

10 Tangible Fixed Assets (continued)

Parent

Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge
Disposals
At 31 December 2022
Net Book Value
At 31 December 2022
At 1 January 2022
11
Debtors
Group
Amounts falling due within one year
Accrued Income
Other Debtors		 Computer
Equipment
Office
Furniture and
Equipment
Total
£
£
12,399
900
13,299
3,656
-
3,656
-
(900)
(900)		 Computer
Equipment
Office
Furniture and
Equipment
Total
£
£
12,399
900
13,299
3,656
-
3,656
-
(900)
(900)
16,055 -
16,055
8,394
2,771
-		 450
8,844
450
3,221
(900)
(900)
11,165 -
11,165
4,890 -
4,890
4,005 450
4,455
2022
2021
£
£
265,320
174,724
125,712
59,692
391,032
234,416

Lively Minds Annual Report and Accounts

31

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

11 Debtors (continued)

Parent

Amounts falling due within one year
Accrued Income
Other Debtors
12
Creditors; amounts falling due within one year		 2022
2021
£
£
265,320
174,724
8,500
25,398
273,820
200,122

Group

Trade creditors
Accruals
Social Security
Other creditors
Parent
Trade creditors
Accruals
Social Security
Other creditors		 2022
2021
£
£
16,351
13
53,130
38,256
43,629
25,972
15,516
1,330
128,626
65,571
2022
2021
£
£
-
13
43,067
19,358
7,935
6,790
18
1,330
51,020
27,491

Lively Minds Annual Report and Accounts

32

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Fund Reconciliation

Unrestricted Funds

Unrestricted Funds
Unrestricted Funds
Designated Funds:
Ghana Playschemes
Uganda Playschemes
Restricted Funds		 Balance 1
Jan 22
Income
Expenditure
Transfers
Gains/
(Losses)
Balance
31 Dec 22
£
£
£
£
£
554,967
1,300,164
(575,488)
-
-
1,279,643
395,014
-
(384,988)
-
-
10,026
64,209
-
(64,209)
-
-
-
1,014,190
1,300,164
(1,024,685)
-
-
1,289,669
Waterloo Foundation
AKO Foundation
Echidna Giving
Dioraphte
ELMA Foundation (UK)
Global Innovation Fund
US AID
Unicef Ghana
Grand Challenges Canada
Imaginable Futures
Como Foundation
Total funds		 Balance
1 Jan 22
Income
Expenditure
Transfers
Gains/
(Losses)
Balance
31 Dec 22
£
£
£
£
£
£
50,000
-
(50,000)
- -
-
120,843
200,000
(152,873)
- -
167,970
733
-
(324)
- -
409
405
8,577
(8,803)
- -
179
-
133,334
(129,240)
4,094
651,154
901,608
(900,017)
- -
652,745
(61,075)
673,926
(502,262)
- -
110,589
6,103
12,974
(19,077)
- -
-
(35,934)
342,811
(63,558)
- -
243,319
14,445
-
-
-
-
14,445
44,733
-
(25,110)
-
-
19,623
791,407
2,273,230
(1,851,264)
-
-
1,213,373
1,805,597
3,573,394
(2,875,949)
-
-
2,503,042

Lively Minds Annual Report and Accounts

33

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Fund Reconciliation (continued)

Unrestricted Funds

nrestricted Funds
Balance 1
Jan 21		 Income Expenditure Transfers
Balance 31
Dec 21
£ £ £ £ £
Unrestricted Funds 245,680 516,246 (24,717) (182,242)
 554,967
Designated Funds:
Ghana Playschemes 714,490 - (358,811) 203 395,014
Uganda Playschemes 74,822 - (153,520) 182,039 64,209
1,034,992 516,246
(537,048)		 - 1,014,190
Restricted Funds
Balance
1 Jan 21		 Income
Expenditure		 Transfers Gains/
(Losses)		 Balance
31 Dec 21
£ £ £ £ £ £
Waterloo Foundation 100,000 - (50,000) - - 50,000
AKO Foundation 121,655 100,000 (100,812) - - 120,843
Echidna Giving 82,315 (1,465) (80,117) - - 733
Echidna Coaching Grant 3,222 - (3,222) - - -
Dioraphte 36,500 - (36,095) - - 405
Global Innovation Funds 263,029 814,394 (426,269) - - 651,154
US AID (61,075) - - - -
(61,075)
Unicef 5,759 36,323 (35,979) - - 6,103
Grand Challenges Canada 210,734 226,107 (472,775) - -
(35,934)
Mulago Foundation 37,411 -
 (37,411) - - -
SENSE Foundation - 17,900 (17,900) - - -
Imaginable Futures - 14,445 - - - 14,445
Como Foundation - 44,733 - - - 44,733
799,550 1,252,437 (1,260,580) - - 791,407
Total funds 1,834,542 1,768,683 (1,797,628) - -
**1,805,597 **

Lively Minds Annual Report and Accounts

34

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Fund Reconciliation (continued)

Summary of Movement in Funds

Fund balance at 1st Jan 2022
Income
Expenditure
Gains/(Losses)
Transfers
Fund balance at 31 December 2022
Fund balance at 1st Jan 2021
Income
Expenditure
Transfers
Fund balance at 31 December 2021		 Unrestricted
Fund
Designated
Fund
Restricted
Fund
Total
£
£
£
£
554,967
459,223
791,407
1,805,597
1,300,164
-
2,273,230
3,573,394
(616,822)
(449,197)
(1,851,264)
(2,917,283)
41,334
-
-
41,334
-
-
-
-
1,279,643
10,026
1,213,373
2,503,042
Unrestricted
Fund
Designated
Fund
Restricted
Fund
Total
£
£
£
£
245,680
789,312
799,550
1,834,542
516,246
-
1,252,437
1,768,683
(24,717)
(512,331)
(1,260,580)
(1,797,628)
(182,242)
182,242
-
-
554,967
459,223
791,407
1,805,597

Fund Descriptions

Unrestricted Funds

Unrestricted funds are primarily from individual donations, fundraising and anonymous donations and are available for any purpose to further the objectives of the charity.

Designated Funds

Imaginable Futures

Imaginable Futures awarded a three-year unrestricted grant, which was recognised in prior years and designated to Playschemes.

Restricted Funds

AKO Foundation

AKO Foundation have awarded a new 2 year grant for Ghana in the year and the final instalment for the 2 year grant for Uganda was received in the year.

Lively Minds Annual Report and Accounts

35

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Fund Reconciliation (continued)

The Como Foundation

The Como Foundation awarded the first tranche of a 3 year restricted grant towards staff scheduling and other related IT systems in Ghana in the prior year.

Dioraphte

Dioraphte provided a one year grant towards Uganda activity in April 2020, for which the final instalment was received in the year.

Echidna Giving

Echidna Giving paid the final tranche of a three year grant towards Uganda activity. This grant has now ended.

The ELMA Foundation (UK)

The ELMA Foundation (UK) awarded a new 3 year grant for Ghana in the year.

Global Innovation Fund

Global Innovation Fund made the fourth and fifth instalments of a three year grant for the Ghana scale up project.

Grand Challenges Canada

Grand Challenges Canada awarded a new 3 year grant for Ghana in the year.

Imaginable Futures

Imaginable Futures awarded a grant for staff wellbeing. This will be used in for activities in 2023.

UNICEF Ghana

UNICEF Ghana provided several grants for activities in Ghana relating to the gender sensitisation and the radio programme.

USAID

USAID are funding programme activity in Uganda and Ghana through the award of two grants until 2024.

The Waterloo Foundation

The Waterloo Foundation funding awarded in prior years was fully utilised in the year towards programme activity in Ghana.

Lively Minds Annual Report and Accounts

36

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Analysis of Net Assets Between Funds

Tangible Fixed Assets
Net Current Assets
Net assets at the end of the year		 General
Unrestricted
Designated
Restricted
2022 Total
Funds
£
£
£
£
12,537
8,949
90,702
112,188
1,267,106
1,077
1,122,671
2,390,854
1,279,643
10,026
1,213,373
2,503,042
Tangible Fixed Assets
Net Current Assets
Net assets at the end of the year		 Combined
General
Unrestricted
Combined
Designated
Combined
Restricted
Combined
2021 Total
Funds
£
£
£
£
6,996
10,231
39,328
56,555
547,971
448,992
752,079
1,749,042
554,967
459,223
791,407
1,805,597

14

Operating Lease Commitments

The charity has no commitments under operating leases.

15 Taxation

The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

16 Related Party Transaction

During the year the charity received unrestricted donations totalling £860 from two Trustees (2021: £1,150 from 1 Trustee). Expenses totalling £539 were made to a Trustee for reimbursement of charitable expenditure incurred.

During the year, Lively Minds made grants totalling £1,705,351 (2021: £771,993) to Lively Minds (Ghana), a subsidiary charity, to support its activities throughout the year. Similarly, Lively Minds made grants totalling £516,197 (2021: £189,493) to Lively Minds (Uganda), a subsidiary charity, to support its activities throughout the year. No amounts were outstanding at the year end in respect of these transactions.

Lively Minds Annual Report and Accounts

37

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

17 Prior Year Statement of Financial Activities

Income
Grants, donations and legacies
Investment Income
Income from Covid 19 grants
Income from other activities
Total Income
Expenditure
Raising Funds
Charitable Activities
Total Expenditure
Net Income/(expenditure)
Net movement in funds
Transfers between funds
Reconciliations of funds
Total funds at 1 January 2021
Total funds at 31 December 2021		 Unrestricted
Funds
Restricted
Funds
Total 2021
£
£
£
506,482
1,252,437
1,758,919
133
-
133
913
-
913
8,718
-
8,718
516,246
1,252,437
1,768,683
7,998
-
7,998
529,050
1,260,580
1,789,630
537,048
1,260,580
1,797,628
(20,802)
(8,143)
(28,945)
(20,802)
(8,143)
(28,945)
-
-
-
1,034,992
799,550
1,834,542
1,014,190
791,407
1,805,597

Lively Minds Annual Report and Accounts

38

LIVELY MINDS (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

18 Subsidiary Charities

Lively Minds (Ghana) (entity registration number 130 025) and Lively Minds (Uganda) (entity registration number DSW 6759) are registered NGO’s controlled by the charitable company and their results are consolidated into these accounts. The subsidiary results are as follows:

Income
Expenditure
Surplus
Fixed assets
Assets
Liabilities
Funds		 2022
2021
Ghana
Uganda
Ghana
Uganda
£
£
£
£
2,062,496
516,388
1,040,178
189,541
(1,901,449)
(523,534)
(1,104,035)
(196,809)
161,047
(7,146
(63,857)
(7,268)
100,983
6,315
49,696
2,404
337,796
8,182
189,120
18,628
(61,365)
(16,241)
(22,449)
(15,632)
377,414
(1,744)
216,367
5,400

Lively Minds Annual Report and Accounts

39