Company regtstered number. 12013541 Charity number: 1187551 THE LIGHTBULB TRUST (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 *ACIXCJ74• 2211212023 COMPANIES HCAJSE A37
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THE LIGHTBULB TRUST {A Company limited by guarantee) CONTENTS Page Reference and admln15trative details of the Charity. tts Trustees and advlsers Trustees. report Independent examinerfs report statement of financial adivilies Balan¢e sheet Statement of cash fl¢)ws 10 Notes to the financial statoments 11-22
THE UGHTBULB TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY. S TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2023 Trustees Siena Colegrave Benjamin John Holden Salomè Agathe Holden YLShUen Chan Company registered number 12013541 Charity registered Dumber 1187551 Reglstered office MHA 6th FI1, 2 London Wall Pl&e Lon(lon EC2Y SAU Chief executive officer Salome Agathe Holden Independgnt Examlner MFL4 charte Accountants 910 The Crescent Cokhesler Buwess P Cokhesler Essex C04 9YQ Bank8fS Bardays Bank P Wandsworth 2 Leicestershire LE87 2BB Pe1
THE LIGHTBULB TRUST IA cornpany limlted by guarnntee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MAY 2023 The Trustees present their annu Teport together with the financial statements of the Charity for the 1 June 2022 to 31 May 2023. The Annual report serves the purpose5 of both a Trustees. report and a diredors. report under company law. The Trustees confimi that the Annual report and finan¢ral statements of the charrtable CcnPanY comply the current stalutory requirnents. the requirnents of the charrtable Ckrynpanls governing document and the provi$S of the Stslement of Recornmended PractKe ISORPI applieable lo charities preparing thr accounts in acdance wilh the Finanual Rewting SkndaTd applicable in the UK and Republic of Ireland {FRS1021 (effective 1 January 2019}. Since the Charty quarfies as small under sedion 382 01 the Compan$ Act 20c. the Stregic rep)rt required of medium and laige companies undef the Companies Act 201% {Strategi¢ Report and Directors. Report) Regulations 2013 has been omitted. Objgctives and activftles a. Purpose. alms and obioctiv Lyhtbulb Trust 1$ an independent chanty that empwrs people to ¢hange tr1r Ir¥es for the better. Our mission has lour pillars.. 1. Empowerfng Indlvlduals- We beh.eve that the ¢)rgantsnS we suppcrtt are invark4)ly better placed to sofve l¢xal problems and help their Specif communrties Iharb anybtray else. 2. Equalising Opportunity - We belEve learning in its broadest sense empovRrs pecole of all ages lo irtwrove their lives. 3. Partnering Thoughthilly - We bdieve in the tranSfOnnatI of partnershps to address grassroots needs, as well as effect bolder System changes. 4. Collaborating Empathelicalty - We belEve lh all se¢tors of Kriety must work together to bring al)out meaningftl change and become grealer than Ihe sum of their constrtuent parts. These pillars also serve as the Charws purFKJses as per 5 Menv)randum and ArtKlps. The achievement of the above therefore furthers the legal purpose of the chlty. In setting e•jeetives and planning for current and future actiti.e$. the Trustees have gNen due consideration lo general guKlance published by the Chanty Commission relats"ThJ to pubk benefit. includiry the guidance 'Publi benefit.. running a chanty IPB2)'. b. Actlvllles for thg publlc benofft and for achlevlng obS¢ctlves Through a combination of grant-making and impacl investing. Lightbulb Trust supports initiatNes that enfranchise sccietys less thanlaged and promote sock11 mobilty. We seek lo bndge divides and make a drfterenee. specifically. in the fields of education. beaming. mèntal health, welleing, and social infrastructure. Founded in London, our drive 15 to improNE the lives of cthers, both kCa aThJ farther afield. To achieve this, we offer funding and supm lo cxganisats.ons vthh a strong social drive. Thèse indude grass roots cornmunty inilialive5 - kKal heroes hdping their areas thrive - as well as more system. disruptive enterprises - game- changers who have had bdd 'lightbulb moments,. big Kleas that Challenge the way things tradrticrfplly get done. Along the way. our neork of partnerships offers a safety net. both bcalty and farther afiekl, that enhances the fe<hanees of thousands of younger people. From Infan lo aduKhoc#l. literacy to the first job interview. Lightbulb Trust is inspired by the power of leaming in all its various guises. Page 2
THE LIGHTBULB TRUST IA company limited by guarants?) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023 Achlevements and perfomiance . Achievements During LKJhlbulb TNst's fourlh year. 19 grants m&Je in tcAal. FCrteen grants were made as part of Lightbulb Tru51's rnn fund that ffxuses on empowering chibjren, young people and Vulnerab adults through education and learning. and S grants wefe part of the Trust's arts inibative. the Greenlighl Project The majorty of the beneficiaries ol the projects we fund are from marginalised groups and iacialised communrties as these groups have been disproportionally affecled by exclusion. povety, and $yslemic racism. Over 73% of the grants114} made last year went to femal&fed rofft$ 4Yh18} went to organIsatn$ led by people of colour. Durin9 2022Q3, the Charty launehed a new fvnd in partnership with the Young K&C that will provide mi¢rogrants lo supplementary schools based in Kensington arKI Chelsea. The Young K&C will manage the grants and will provide training and addrtn8l support lo those organisatKJns wlling to obtsin a NRCSE qualty mark provided by the National Resource Centre for Supplementary Ed(Kation. A5 part of Lightbulb TNsl's efforts to support its partners in ways other than just financial. il expanded its pro- bono offer lo include webinars and more in-depth support around knpacl measuremerit and evaluation. In addrtion, we continued lo offer data analyEis supwl through cmjr partnership wilh the consulting fimi Anatysis Group. The Charity developed a Theory of Change to help guide our grant-making and impact investing efforts. Our Theory of Change has three pillars that 11 h us achieve our goal of providing more opportunrties for marginalised ce(nmunies'. EME*er leaders th a fccus on those from underrepresented bxkgrounds. Enhance partners, organisalional capacty and sustsinability. Foster collaborations and leaming beeen our partner5. Finan¢lal review . Golng concem After making appropriate enquiries. the Trustees have a reasonable eXlon that the Charity has adequate resources lo continue in operat•Jnal existence for the foreseeable fLrture. For this reason, they continue to adopt the going concern basis in preparing the finanaal stalements. Further detaS iewding the adoption of the going concem basis can be found in the accountsng pclioes. b. Reser¥es pollcy The Charity holds Unrestricted funds whth are available for use at the diseretvJn of the Trustees in furtherance of the general objectNes of the Charity and whKh have nol been de$wJnated for any other purposes. The Charity also holds Restricted funds for GreenlKJhC fvrther detsils of which can be found in the notes to the financial Statements. At the erbd of Ljhtbu1b Trusl's current financial period. the Charity held lotal Unrestricled general funds of È232,014 12022.. £351,848). and RestrKted funds of £142.207 12022.. £89.548). Given that the majority of the Charitls expendrture arises from grant making actNities which are avrarded at the discretion of the Trustees, we tsjnclude that the level of reserves at the penTrJ end ts adequate. Page 3
THE LIGHTBULB TRUST IA u>mpany limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2023 . Revlew of financial position During the per the Charty reVed total incimne of £750.726 12022.. £438,028). This was C¢Jmprised of donations from the founder of the Charity. bwng £350.000 (2022.. £350.OCN)l. donations Irom the sister of the founder, being £250.000 {2022: £Nill. gift aid of £150.726 {2022: £87.5CQI and bank inlerest of £Nil 12022.. £528). The Charity incurted total expenditu of £817.901 12022.. £608,360). Of this. Ihe Charty made total Grants to Instf(uts'ons of £740,291 and irwrred Iota Support costs of £77.610. The net expenditure for the perKyJ came to £67,175. At the periodnd the Charity was commrtled to make £279.336 of grant payThents in fijlure financk?l yeats. These commrtments have been induded in the total Grants to InstitUtS above. d. Future plans Lightbulb Trust acknchvfedges the challenges that small and grassrcots oryantrAtpJns have faced to fundraise during the pandemic and the eost-of-liwng crisrs to meet a grthwng demand for their servw. We have been thoughfful about what we fund and have made several muyear grants that support core costs of organisalions based in our target area Iwesl London) to hdp them navigale the CulnI enOMiC dimate. Lightbulb Trust does not accept UnSrted app1Kat$ WKI we belwe that ttms is the best approach for the size of our team. We will carry on running funding panels three tThes per and we will invf(e pre-seled organis*ions to submit their funding applicatsons. On the DNersity, Equty. and Indush)n frmt. knghtbulb Twst VAI contmue to monitor its partners and prospective partners on the levds". 1. The dernraph ofthe populaion being imted by the projects. 11. The diversity of the team running the interventm. 111. The organisation's leadership. i.e.. thether rt is led by a person of lour. frcffn an ethnic mirTrorty background andlor with lived experien of the prtknlem they a tackling. StructUTe. governance and management Constitution Lightbulb Trust was incorporated on 23 May 2019 and is a C<xnpar)y Lwnited by Guarantee registered th the Charty Commiss¥)n (Chanty Registe Number 11875511 and the Reg¢strar of Companies (Company RegiStratn Number 120135411 in England and Wales. The Charity is 9ovemed by ils Memorandum and Articles of Assoualion. Page 4
THE UGHTBULB TRUST IA Company limited by guarantee> TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MAY 2023 Structure. governance and managemenl Icontlnuedl b. Methods of appolntment or election of Trustees Lightbulb Trust is a small famity Charity a very lean dynarn operatnal structure. The Charty has four Trustee5 With very diverse experience ranging from impact investing and law to finance and the entertainment industry. The Charity relyds on one independent consuttant &ts as a director and runs The L(qhtbulb Trust's day lo day operations. The Trustees meet virtually three time5 per yw to re¥•¥ the Chari$ strategy. investment and grant making polithes as well as the Charty's overall IM1. e. P0cleS adopted for the induction and training of Twstees The Trustees are appointed ty the 8oard Tmth a vithv to ensuriThJ the 8oaTd comprises members with a broad range of expertise. kntyyledge and vision lo add value to the Charty. New Trustees undertake an induction process which includes the Pfovi$ion of infonnathin about the Charity and the ro and responsibilities of a Trustee and meetings wfth key indNiduals at the Charity. Training is availab where it ts required. d. Princlpal rfsks and uncertainlies As Lightbulb Trusl gr¢Jws, there 15 an addrtal risk. bjentified by the trustees. associated th the growing number of partnefs that are part of Lhtbulb Trust's portfolio. The Charty takes safeguarding of vulnerable children and young people very seriousty aTrJ requires that all organisations applwrwj for fvnding share Ihwr safeguarding policies and a signed st*ement confirming Ihat all employees and volunteers wll be in ¢CtaCt with children. young people, or vulrterable alults are DBS chedted. The Trust has also included a quest•)n abcArt pwous safeguarding incidents in the funding application fom) in order lo help us urKlersland how the organi5alions have dealt wrth these concern5 in the past. This is lo ensure that grantees know how to put their safeguarding policies into practe. As the number of grantees increase year after year, Lwhlbulb Trust will wntinue its due diligence around safeguarding and the upholding of safeguarding policies lo prevent any risks ot liabilty. e. Remuneration of Key Management Personnel The Charity does not have empl)yees and the Trustees represenl the Key Management Personnel. Truslees do not re1ve remunerats.on from the Charity. Mernbers. liabilty The Members of the Chwity guaree to contribute an amounl not exceeding £1 to the assets of the Charty in the event of windiThJ up. Page S
iTHÈ",LiGtrITBUL,è:TRU5T-.-:&¥?r-.,- TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDEO 31 MAY 2023 The Trustses Report ha5 been prepared in accordance ¥th th? prwsH)n$ 8PF4icablg to entitw subied ID th? small companies regime. Approved by order of Iho methrs of the board of Ttustees and signed on Iheir behair ty. £L (4LL Salome Agathe Holden Twustee Date.. 13 Dember 2023 Benjamin John Holden Trustee Page 6
THE UGHTBULB TRUST {A company limlted by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MAY 2023 Independ8nt •xaminerfs report to the Trustees of The Lighthulb Trust Ilhe Charlty.) I report lo the charty Trustees on my eXtiOn of ts accounts of the Charity for the ytsr ended 31 May 2023. Respwsibilities and basis of report As the Trustees of the Chanty land rts direct¢)rs for the puws of compary law) you are responsible for the preparatn of the aounts in accordan wth the requirements of the Companies Act 20C61'lhe 2006 Ad'}. Having sati$fd myseir th the account$ of the Charity are not requed lo be audited under Part 16 of the 2006 Act and are eligible for independent examination. l pOrt in respect of my examinalion of the Charivs accounls carried out under section 145 of the Charities Act 2011 Ilhe 2011 Act.). In carrying out my examination I have the Directions given by the Charity Ccynmi5sn under seclion 145($1{bl of the 2011 Act. Independent exarninerfs statement Since the Charills gross income exceeded £250.000 your examiner rnt be a member of a body listed in sectK)n 145 of the 2011 Act. l confimi that l am quaIrfd to undertake the examination because l am a member of the Associati¢)n of Chartered Certified Acwintants. which is one of the listed bodies. I have eompleted my examinatti. l ¢onfirni that no matters ha¥E come to my tenth)n in connection with the examination giving me cause lo believe.. accounting COrdS We not kept Y¢ respect of the Charity as required by $edM)n 386 of the 20C6 Act," or the aecounts do not aetord with those records." or the accounts do not cornp with the aecounting requirements of section 396 of the 2006 Act other than any requtrement that the CountS give a Irue and fairf view 7hthich is not a matter considered as part of an intjependent examinatton.. or the accounts have not been prepared in accordan wilh the methcJs and principles of ihe Statement of Recommended Practice for accounting and reptsn9 by charities applicab to charilY&s preparing their aCUnIS in accordance yh the Financial RewtiThJ StsrKlard apPlUb in the UK and Republic of Ireland IFRS 1021. I have no corwns and have across rKI cthr matters in connec1k with the examination to which attention should be drawn in this report in trder to enable a proper understsnding of the accounts to be reached. Signed: Dated: 19 December 2023 Cara Miller ACCA MHA, Chartered Aeeounlanls 910 The Crescent. Cokhester Business Park Cokhester, Essex, C04 9YQ Pa9e 7
THE UGHTBULB TRUST IA company Ilmited by guarantee STATEMENT OF FINANCIAL ACTivmES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2023 Unreslrict funds 2023 Restricted lunds 2023 Total funds 2023 Total funds 2022 Income from: Donations Bank interest received 312.500 750,726 437,500 528 Total Income Expenditure on: Charrtable activrties 438.226 312.500 750.726 438.028 558.1)60 259.841 817.901 608,360 T¢)tal expenditure 558.060 259.841 817.901 608,360 Net movement in funds Re¢on¢iliation of funds- Total funds brought foThR Nel movement in funds (119.8341 52.659 167.175} (170,332) 351.848 1119.834) 89.548 52,659 441.396 {67,1751 611,728 (170,332J Total funds carried forwavd 232.014 142.207 374,221 441.396 All income and eynditure derive from C¢tinr actr41t. The Statement of financial octivrtw in¢lLwJes all gains and k)sses feco3nwd Ihe year. The notes on p4es 1110 22 fm part oflhese finanual statements. Page 8
-.THE.L4GHTBUL..B-TRUST"-: £A-<ompany linut.ed tiy."guaraFit¢ej=_- REGIsTEREDu.MBER:._l2_Ql_J.S1l-..- BALANCE SHEET AS AT 31 MAY 2023 2023 2022 Note Flxed •$sets Social investsnents Current assets 255,635 255,635 Debtors 10 150,OiXI 259,702 87,SC 282.992 Cash at bank and in ha1 409.702 370.492 Creditors.. amounts falling due within ¢)ne ar (291.1161 (184.731) Net currènt assets 118,586 185. 761 Total net assets 374,221 441,396 Charity funds Restricted funds UnStrICted funds 12 12 142.207 232.014 89,548 351,848 Total tunds 374.221 441,396 The Charity was entitled to exempts.on from alit se10n 477 of the Companies Ad 2006. The members have not required Ihe company to obtsin an audit for the year in queswon in a¢¢ordance wilh section 476 of Companies Acl 2006. The Trustees acknowledge their reSkk*si".ts.es for Complying wlh the requirements of the Act respect to accounting records and preparnb.on of finanoal statements. The financial statements have been prepared ataxdare wih the wov4sion5 appl'cat4e to entilies subiect to Ihè small eompanies regime. The finanL?al statemerts were approv•d and aulhtyi$8d for ISS by tho Trusttss and Sign on their behaw by.. Salome Agathe Holden Trusleo Dat•.. 13 December 2023 in John Holden Trustee The notes on pages 11 to 22 fonn part ofthese fiftanu suemerts. P8ga9-
THE LIGHTBUL8 TRUST (A company limited by guarnntee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2023 2023 2022 Cash flows from operating activities Net cash used in operating adivrtbes 123,290) (81.391) Cash fl¢)ws from Investing activitles Bank interest received Purchase of sttial investments 528 (80,000) Net cash provided byllused in) investing activilies {79.4721 Change in cash and cash •quivalents In the yèar Cash and cash equNJents at th8 beginning ofthe year {23.2901 (160,8631 282,992 443,855 Cash and ¢a$h equivalents at the end of the year 259,702 282,992 The notes on pages 11 to 22 form part of these financial sL2tements Page 10
THE LIGHTBULB TRUST IA Cornpany limlted by guarant•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 Genefal infomiation The Lightbulb TnJsl is a prNale Company Limited by Guarantee and is registered wlh the Charity Commission Icharity RegistratK•n Number 1187551) and Registrar of Companw (Company Registration Number 12013541) in England and Wales. The address of the registered offKe is in the Charity infomation page 1 of these financial slalemenls. The natur8 of the Chantys OperanS arKI principal actNitses are detailed in the Ttuslees Report. In the event of the Charity beirYJ Thind up. the fi¥)1ty in respect of the guarantee is limited to £1 per Member of the Charity. The swJnrficant ac¢(yunling porleS applied in the preparation of these financral stalernents are set out belw. These policies have been consistently applied unless otherwise staled. Accounting policies 2.1 Basis of preparation of financlal statements The financial sLemenls have been Prepared n accordance wilh the Charits SORP IFRS 102) - Accc¥Jnting and Rewting by Chariti"es.' Ststemenl of Reeommended Praclice applicable lo charrties preparing their accounts in CordanCe wrth the Finanaal Reporting Stsndard applrAble in the UK and Republic of Ireland IFRS 1021 and the Companies Act 20C6. The Lhtbb Trust meets the definitic of a public ben8frt entty under FRS 102. Assets and Ik8bilrties are initiJty recojnised al historical $1 or transactson value unless othewse slated in the rdevant aeeounting py. The financial statements are presented in pwnds stthJ whh 15 the functthal eufrency of th$ Charity and rounded lo the nearest pound. 2.2 Going c¢)ncern The financial statements have been prepared on a wng concem basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the 1 of funds held and the expected level of income and expenditure for 12 months frcm authorising these financial statements. The level of furKls is suffKEnl with the level of funds fot the Charity to be able lo conts'nue as a going concem. 13 Income All income is recognBed ¢)n¢e the Charity has entitlement to the inccrfne, rt is probable thal th8 inc¢Jne be received and the amount of irKome receivable can be measured reliably. Inccffle tax recoverable in relat to dtIOnS received under Grfl Aid or deeds of covenant is recoynised at the time of Ihe (tr)nation. Ineome tax recoverable in rdatTh to nve5tmenl inc(ffie is recognised al the time the investment inccxne is levable. Page 11
THE UGHTBULB TrUST IA company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 Ac¢ountlng policies Icontlnued) 2A Exwnditure Expenditu is recognised tywe there is a legal or constructive oblvjation to transfer economic benefft to a third party. it is probable that a transfer of economic benefts wll be required in settlement and the amount of the ctjligation Can be measured reliably. Expendi(ure is daSSif by acliwty. The costs of each aclmty are made up of the total of direct Costs and shared costs, includiThJ support costs invofved in undertaking exh adivrty. Oirecl costs attrbutable to a Sing acliwty are allated directly to that activty. Shared costs which contribute to more than one a¢liwty and support costs whh are not attributsble to a single actwty a appoorted bets¥een those activrties on a basts consistent with the use of reSree5. Expenditure on charrtable actiwts.es is incurred ¢)n directy undertaing the actNities which further the Chartys objectives. as well as any asscoated support costs. Grants payable are charged in the yearwhen the ¢)ffer is made except in those cases where the offer is ¢ortdthonal, such grants bwng recognised as expenditure when the conditions attaching are fulfilled. Grants Offe subject lo cOndrtns wthich have not been met al the year end are noted as a commitment. birt not accrued as expenditu. All e>pendilure is indusive of irrecover*le VAT. 2.5 Interest receivable Interest on fvnd$ hekl on deposit is induded wthen receivable and the amount can be measured reliably by the Charty. this is nonnally upon notifKatton of the interest paid or payable by the instrtution with whom Ihe fvnds are deposited. 2.6 Taxation The Charity is eonsidered to pass the tests set (xrt Partyraph 1 schedu 6 of the Finance Act 2010 and therefore it meets the definition of a Charitable company for UK corporation tax purposes. Accordingty. the Charity is polenlialty exempt from taxation in resped of income or capital gains receNed wiihin categories covered by Chapter 3 Part 11 of Ihe Corwalion Tax Act 2010 or Section 256 of the TaxatK)n of chargeab Gains Act 1992. to the exlenl that such irwme or gain5 are applied exclusivety lo chantable purposes. 2.7 Debtors Traje and other debtors are reccgni5ed at the settlement amount after 8ny trade dIOunt ¢)ffered. Prepayments are valued al the anwnt PrePaj net of any tre discounts due. 2.8 Cash at bank and in hand Cash al bank and in hand includes $h and short4enn hMJhty Iv4uid investments with a short maturty of three months or less the date of acquisrtion or openin9 of the deposrt or swnilar accot. Page 12
THE UGHTBULB TRUST {A company limltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 Accountlng polleles (Continued) 2.9 Social investments Pro3ramme reed inveslmenls are a ftym of fman¢k4 instrument and are initialty recognised al their lr8nsaclion cost and subsequently measured at fair value al the Balance Sheet de. unless the value Car1 be measured rdiabty in whKh case rt is measured al cost less impairment. The Slalement of Financial Activrties includes all nel gains and Josses arisiThJ on revaluation and disposals throughout the year. As investhnls are revalued to fair walue continuousty. no reased gains or losses arise. 2.10 Llabilities and provisions LbilItieS are recognised when there is an (igatn at the Balance sheet date a5 a result of a past event, il is probable that a transfer of econcvnic benefft wal be required in settlemenL arKI the amount of the settlement can be estimated rdiaw. Liabilitses are recognised at the amount that the Charity antpateS it wll pay to settle the debt or the amount rt ha5 received as advanced payment5 for the gcx)ds or servirEs (( musl provide. Provisions are measured at the best estwnate of the amounts wuired to Sett the obligalKJn. Where the effect of the time value of money is material. the promsion is based on the present value of those amounts. discounted at the pre4ax discount rate that refflects the risks Specff to the liabilty. The unwinding of the discounl is reccgnised in the Ststement of financial activilies as a finance cosL 2.11 Flnancial instruments The Chanty onty hobjs bas financial instruments as defined rn FRS 102. The financial assets and financial liabilities of the Charity and their measurement bases are as follows.. Cash at bank is classified as a basic financial instrUrfl and is measured * face value. Financ1 liabilities - trade ereditors. &tTuals and other eredrtors are financial instruments. and.are measured al amortised cost as detailed in Note 11. Deferred income is not deemed lo be a financial liabilty, as the cash settlement has already laken place there an Obloat to deliver seNces rather than cash Of another financial inslwment. 112 Fund accounting General funds a unrestricted funds whKh are avarfable foi use al the disClon of the Trustees in furtherance of the general oty'ectples of the Charity and which have nol been designated for other puwes. RestrKled fvnds are funds are to be used in accoanCe with specfj re5triclN)ns imposed by don¢XS or lch have been raised by the Charity for part[ar purposes. The Costs of raising and administering such funds a charged against the spwfK fund. The aim and use of each restricted fund is sel out in the noles lo the finanual statements. Page13
THE LIGHTBULB TRUST IA Company limitgd by guarante8} NOTES TO THE FINANCIAL STATEME1s FOR THE YEAR ENDED 31 MAY 2023 Income fvom donations Unrestrlcted Restricted fvnds funds 2023 2023 Total funds 2023 Oonation$ 438,226 312,500 750,726 . UnreslrKted funds 2022 Total funds 2022 Donations 437,500 437.500 Anatysis of expendlture ¢)n charitablè aclivllles Summary by fund type Unrestricted Re5trided lunds funds 2023 2023 Ti)tal funds 2023 Charitable adivithes 558.tEo 259,841 817.901 Unrestncted funds 2022 Restiicled funds . 2022 Total funds 2022 Charitable activities 486,454 121,6 608,360 Page 14
THE UGHTBULB TRUST IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 Analysis of expenditure by activitles Grant fvnding of a¢tivities 2023 Support ¢o$ts 2023 Total funds 2023 Charitable activit 740.291 77.610 817,901 Grant fvnding ol Support costs 2022 Total fvnGIs 2022 2022 Charitable activities 542. 145 66.215 608.360 Anatysis of support costs Total funds 2023 Total funds 2022 Activities 2023 Govemanee eosls Office expenses Website expenses Bank fee$ Administration eypenses Consuttancy fees subscriptics Partner events 6.679 175 1.790 207 6.679 175 4,833 1.790 207 193 65,790 79 2,697 638 188 193 65.790 79 2.697 346 58,204 993 1,013 77.610 77,610 66.215 No staff costs were irKurred in either PK. Page 15
THE UGHTBULB TRUST {A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 Governance ¢ts 2023 2022 Independent Exam*[$ remuneralion- Examinatk?n of the financial statements Independent Examiners remuneration - Other servtts Board experbses 4,080 3, 744 2.5VJ 6,679 4.833 Paje 16
THE UGHTBULB TRUST IA Company Iwnlted by guarantee) NOTES TO THE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 MAY 2023 Analysis of grants Grants to institutions 2023 Grnnts lo institutions 2022 Wesl London Zone Football Beyon¢J Borders Nova New Opportun"e$ Steppaz Settle Solidarity Sports The Design Museum Latymer Foundation Harrow Club DTSteP Library Ministry of Stories West London ACtn for chdren Amnesty Inlemalionaj Earls Court Youth Big Up Communities Barking and Dagenham Youlh Oar ML Cornmunty Enterprise Kentish T¢)wn Crty Fam Inloart Young K&C I Supplementary Schools Youth Action Alliance Response Communty Proieds Dalgarno Trust ClementJarr*s Cent Changing Tunes FOF Baraka Community School Library AssooatK)n The Caxton Youth Power 2 Connect Shannon Trust Read Easy Curious School of Puppetry 3.326 2,245 2,000 37,297 8,440 35.000 33,000 36,325 35.000 25.000 80.000 35.000 55,440 10.599 25.080 31.928 14,926 29,865 to,cTr)o 44,616 42.000 50.000 40,000 60,000 60.000 60,000 27,040 13.000 30.000 15.000 30.000 40.000 18.200 Grant lotal caffied forwaryl 612.616 542, 145 Page 17
THE LIGHTBULB TRUST IA c¢)mpany limlted by guarantee) NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MAY 2023 Analysls of grants (continued) Grants to institution$ 2023 Grdnls to instilulM)ns 2022 Grant lolal brought fopward Hear ME Out Music Company Three fuc Soundabout Element Creative 612.616 30.000 38.000 40.000 19.675 542. 145 740.291 542, 145 Trust••s' remunwation and expenses The Trustees are consthred lo b8 the Key Management Personnel crf the Charty. Ouring the year. no Trustees received any remuneralion or ¢)ther benefits12022- £NIL). Duriro the yearended 31 May 2023. no Trustee eypense5 have been incurred (2022- £NILJ. Social investments Programme relatsd investments Cost or valuation Al 1 June 2022 255,635 At 31 May 2023 255.635 Net book value At 31 May 2023 255,635 At 31 May 2022 255,635 P4e 18
THE UGHTBULB TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 10. Debtoys 2023 2022 Due wlthln one year Accrued gift aid 150.000 87.500 150.000 8T,500 11. Creditors: Amounts falling due vAthln one year 2023 2022 Trade tr&Jrtors Other creditors AccNals Grants payable 7,700 30,OL)J 3,832 143,399 4,080 279.336 291,116 184, 731 Page 19
THE LIGHTBULB TRUST IA company Ilmitfjd by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 12. Statement of funds Statement of fvnds- ¢urr•nt y•ar Balance at 1 June 2022 Balance at Income Expenditurè 31 May 2023 Unreytricted fvnds General funds 351.848 438.226 (558.0601 232,014 Restrl¢ted funds Greenlight 89.548 311500 (259,841) 142,207 Total of funds 441.396 750.726 1817.901) 374.221 The Greenlighl restricted fund represents income lo be used trmards activities with a focus on the Arts and on benefiting margin8lised POPLF1atns. lUdIng grant funding to organisal*)ns with this purpose. Stat¢m•ni of lunds- prior period 8alance al l June 2021 Balance al Incon Expenditure 31 May 2022 Unrestricted fvnds General fijnds 4LXI.274 438.028 (486.454) 351.848 Restricted funds Greenli9ht 211,454 (121,906) 89.548 Total of funds 611.728 438.028 (608.360) 441,396 P•3e 20
THE UGHTBULB TRUST IA c¢)mpany limSted by guarantee) NOTES TO THE FINANCIAL STATEME$ FOR THE YEAR ENDED 31 MAY 2023 13. Analysls of net assets between funds Anaty$i$ of net assets between funds- curront year Unrestrictsd RtrIcted funds funds 2023 2023 Totsl funds 2023 Social itwestments Current assets Creditors due within one ye 255.635 191,504 (215.125} 255.635 218.198 409.702 (75.9911 1291.116} Totsl 232.014 142.207 374.221 Analysis of net assets between funds - prior period UnsIncted funds 2022 Reslncted funds 2022 Tol?1 funds 2022 Social inveslments Current assets Creditors due within one year 255,635 279,944 1183,731) 255,635 90,548 370,492 (1.000} (784, 731) Totsl 351,848 89.S48 441,396 14. Reconctliation of nel movement in funds to net cash fl4)w from operating activities 2023 2022 Net expenditure for the year las per statnI of Financial Aclbvities) 167,175} (170,332) Adjustments f¢>r. Bank interest receNed (IneSe)lde¢rease in deblo Increase in credrt¢) (528J 62.&)0 26,969 162.500) 106,385 Net cash used In operating actlvlties {23.2901 (87,391) Page 21
THE LIGHTBULB TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 15. Analysis ol cash and cash equivalents 2023 2022 Cash in haTh 259.702 282,992 Total cash and cash equivalents 259.702 282,992 16. Analysls of Changes in net debt At 1 Juno 2022 Cash Ilows At 31 May 2023 Cash al bank and in hand 282.992 123.2901 259,702 17. Related party transactions During the pèrNJd. the Charty received donations of £350.000 12022.. £350.000) frcffl S A Holden, Trustee. The donatN)n$ were grfted yhout restrictK)n. There are no amounts owed to or from the Trustees as al 31 May 202312022.. £Nill. Donatn$ of £250.00012022.. £Nd> were also received from the sister of S A Holden for the Gn1h* restri¢terJ fund. No other rdated party tran1 ocCUrd in either period. Page 22