Ct>mpany registered number: 12013541 Charlty number. 1187551 THE LIGHTBULB TRUST (A company Ilmtted by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 *ADXCBYZ?• 28102r2025 COMPANIES HOUSE AI8
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"Docwiw EAveW10.. 60FTI1.9F£CLkW7-BE7O28EADAEF THE LIGHTBULB TRUST {A ¢ompany limited by guarants•) CONTENTS Refer•nco and admSnlstratSve deta51s of the Charhy. Its TrtteS and advlseTS Trustees. report Ind•p•nd•nt auditorfs r•port on the financial stal•m•nts 8-11 Stternent of financial •ctivitie$ 12 Balanee Shèet 13 Stat•ment ol cash flows 14 Notes to the financlal statements 15-25
' t)ow¥gn Envdcp ID.. e0COF741-gF5¢46cEk7-BE7D28EADEF THE LIGHTBULB TRUST IA company Ilmltsd by guarantse) REFERENCE AND ADMINISTrATIVE DETAILS OF THE CHARITY. trs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2024 TN$tees sna Colegrave Benjamin John Holden Salome Agathe Hokjen YLShUen Chan Company r•gistsred numbor 12013541 Charlty regl$t•r•d number 1187551 R•glstsred ¢)ffi MHA 6thFI 2 L(dOn Wall Pla LorKlon EC2Y SAU Chief ex•¢utive officer Salome Agathe Holden Ind•p¢ndent auditor MHA Chartered A¢xountsnts 910 The Crescent Cdchester Business Pa C(Achester Essex C04 9YQ Bankers Barclays Bank Pk Wandswth 2 Leiceslefshire LE87 2BB Page 1
' Docu%gri ID.. 60F741-9F5o46co-B8s7-Be7o2eEAl)AEF THE UGHTBULB TRUST {A company Ilmlted by guarants• TRUSTEES. REPORT FOR THE YEAR ENDED 31 MAY 2024 The Trustees present their annual report together 7Mth the audited financial statements of the Charity for the year 1 June 2023 to 31 May 2024. The Amnual pOrt serves the purposes of both a Trustees. report and a directors. report under company law. The Trustees confimi that the Annual report and financial stslements of the charitable MpanY MplY wth the current stslulory requirements, the requirements of the charitable CoMpanS govefning document and the provisnS of the Stslement of Recommended Practice ISORPI applicable to Charities preparing their accounts in ac£(Kdance wth Finanoal ReKM)rting StarKlard applicable in the UK and Republi¢ of Iland IFRS102) {effective 1 January 20191. Since the Charity qualifies as small under section 382 of the Companies Act 2006. the Strategic report required of medium arbd large companies under the Companies Act 21JK {Stralegic Report and Directors, Report) Regulations 2013 has been omitted. Obj•¢11$ and aclbvities a. Purpos•. aim$ and objectives Lightbulb Trust is an independent tharity that empowers peopk to change the Irves for better. Our miss has four pillars.. 1. Empowering Individuals - We believe that the organis8tions we SUprrt are invariably better plaeed to solve l¢xal problems and help their speafic communities than anlY else. 2. Equ4li$ing Opportunity - We believe that leaming in its broadest sense eMp0vr5 people of all ages to improve their lives. 3. Partnèring Thoughtfully - We believe in the transformational power of partnerships to address grassroots needs, as well as effect bolder syBternic changes. 4. C¢llaborating Empathetically - We believe that all sectors of society must work tTrpther lo bring about meaningfvl change ar become greater than the sum of their consli¢uent parts. These pillars also serve a5 the Charitys purposes as its MenK)randum and Arts"des. The achievement of thg above therefore furth¢r5 the legal purw>se of the Charity. In setting objectives an¢J planning for current and future actNilies. the Tnjslees have given due consideration lo general gutdance published by the Charity Commission relating to public benefit. induding the guidance 'Public benefit.. runnin9 a charity IP821'. Page 2
' DrKu5bJri Enve&)pe ID.. eoCoF741-9F9>46crWE7D2a£ADAE THE LIGHTBULB TRUST (A company limited by gu•r•ntee) TRUSTEES. REPORT {COKTINUEDI FOR THE YEAR ENDED 31 MAY 2024 ObJe¢tlvos and a¢tlvltle$ (¢onllnued) b. Activlties for the publlc ben•fft and for a¢hlevlng obJKtiv¢$ Through a ¢binatiOn of grant-making arKI iMt investir4J. the LighltsJlb Trust supports initiatives that enfranchise societls less advantaged and promote soaal mobility. We seek to bridge divides and make a difference. sp8ofically. in the fields of educab"on. leaming. mental hearth. well-being. and social infrastructure. Founded in London. our drive is to improve the lives of others. both IallY and farther afield. To achieve this, we offer funding and support to organÉsations with a strong sooal drive. These include grass roots community inilialives - local hèroes helping their areas thrive - as well as more systemic, disruptive enterprises - gamev changers who have had bold 'lighltwJlb moments.. big hleas that challenge Ihe way things Irad¢tionally gel dorbe. ong the way. our neiwTr of patherships offers a safety net, both hxally and farther afield. that enhances the lrfevchan¢es of thousands of marginalised people. From infancy to adulthood. literacy to the firsl lob interview.. Lightbulb Tfusl is in$pired by the pr of leaming in an its ¥arS guises. A¢hi•vomonts and perfonnance a. Achlevements In its fifth year. the Lightbulb Trust awarded 24 grants, made six new impact investments, and completed ils first follow-on investment in Beam. Seventeen of these grants made through the Trust's main fund, which focuses on empowering children. yYJuThJ people. and vulnerable adu115 through education and learniwj. The mainin9 7 ants were awarded as part of the Trust's arts inib"ative. the GieenlwJht Project. The majority ol the projects we fur SUprt marginalised and racialised communities. which have been dispioportion8tely affected by exclusion, poverty, and sleMIC ra(ism. Last year. half of our grants went to female-led n¢)n-profils. while 37.SOA We awarded lo owganisations by people of colour. Although th8re was a decline in the number of WOmeret1 wganisats.ons rwiwng grants. this was offset by an increase in funding for organisalions led by men from dNerse backgrounds. In 2023124. Ihe Trust laun¢ho(1 th8 Matth Trading Grants in partnership 7Mth the School for Social Entrepreneurs lo help our non-profit partners dtversty their inmme streams beyond grants. This pilot initiative will conclude in the nexi financial year, at whrch p)inl we w1 assess whether to make it a pemianent offering for charities in our portfolio. Beyond financial supm the Lightbulb Tnffjt {XtinueS to expand its pro bono initiatives. offering webinars and in4epth support on impact measurement aNI evaluabon. Additionally, our pro bono partnership with Ihe onsulting fim Analysis Group provides dala ana1$ support lo our grantees and portfolio companies. To strengthen our impact Monitng, we IntrcCed a new evaluation framework, which standardises impacl measurernenl and allows us to gather valuable feedba( to fine r Theory of Change. Nineteen organisalions used the new reporling fonnat to help u5 assess our pr(xJress against the the pilLgrs ol our Theory of Change. When asked whether their grant supported them in cffte or more of these areas. they responded.. - Empowering partiCLtlarly those from underrepresented bac*grounds- 8 Enhancing organisational Capacity and sustainability- 16 - Fostering collaboration and shared lewning among p¥thers- 11 Not applicable- 1 Page 3
' 00¢1 Énvelope ID.. 60COF741-9F5WCM8574E7D28EADAEF THE UGHTBULB TrUST IA company limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MAY 2024 Flnan¢lal revlew . Going ¢on¢ern After making appropriate enquiri8s. the Tnjstees have a reasonable expectation that the Charity has adequate resources to continue in operabonal exIstere for the foreseeab future. For this reason, they continue lo adopt the going concem basis in pfeparing Ihe financial statements. Further details regardw the adoption of the going ¢on¢em basis can be found in the aecounting policies. b. Re$er¥e$ poll¢y The Charity holds Unrestricted funds which are available for use at the discsetion of the Trustees in furtherance of the general objectives of the Charity and which have not be designated for any other purposes. The Charity also holds Restricted funds for Greenlight, further delails of vthich can be found in the rKles to the financial statements. Al the end of Lightbulb Trusvs current financial period, the Charity held total Unrestricted general funds of £1.169,892 (2023.. £232,014), and Resln"¢ted funds of £289.760 {2023.. £142.207). Given that the majority of th8 Charitys expenditure arises from grant making activities vthich are awarded at the discretion of the Trustees, we condude that Ihe16vel of reSe0S hekl at Ihe period eThJ is adequate. c. Review of financial position During the period the Charity received total incfjme of t1.749.51 {2023: £750.726). This was comprised of donations from the founder of the Charty. beirYJ £1.1(KJ.OCKI12023.. £350,000). donations from the sister of the founder, be £300,000 {2023.. U50.000). gtft aid of £349.50012023.. £150,726) and bank interest of £Nil (2023: £Nill. The Charity in¢urred lotsl expetMlitur of £664.069 {2023: £817.901}. Of this. the Chty made total t>ants to Institutions of £511,153 {2023: £740.291) and inujrred totsl Supkvt $ts of £152.91612023.. £77.6101. The nel income for the perio(1 to £1.085,431 12023: £67.175 (k6s)). Page 4
' Docu$vJrfEnvebpe ID. 60F7414FSO4GcwS7-BE728EA THE LIGHTBULB TRUST IA company Ilmlt•d ty guarantee) TRUSTEES. REPORT (CONTINUEO) FOR THE YEAR ENDED 31 MAY 2024 d. Futur• plans The Lightbulb Trust aCkreS the challenges that small and grassroots organisalions have faced lo fundraise followng the pandemic arKI the cost-of-liwng crisis to meet a grow¢ng demand for their services. We have been thoughthjl about vthat we fund and have made several multi-year grants that support core costs of organisations based in our target arèa (W6St Lmdonl to help them navigate the ¢)Jrrenl economic climate. The Lyhtbulb Trust does not accept unsdicated applications and we beIve that this is the best approach for the size of our learn. We wll carry on nJnnirKJ lundry panels per year and we will invite pre-selected organisations to submit their funding apica"0$. On the Diversity. Equity. and Indusion front. LwJhliMAb Trust vlil eontinue to monitor its partners and prospective partners on thoe levels: l. The dernOgraph of the PulatiOn being impacted by Ihe projects. 11. The diversity of the team running the inlervention. 111. The organisatKJn's leadership, i.e., whethèr it is led by a person of colour, from an ethnic minority background andlor wilh lived experience of the problem they ar8 tsing. In the UK, benchmarks for divefsity in foundation fundiThJ rweal that onty about 10% of grants from major foundattons go to organisations led by indiwduals from diverse backgrounds. While our funding for organisations le¢J by diverse indiwduals or those with lived experien¢e has Inased. there is room for improvement. gspeually in grantmaking where only 34.8°A of charity partners are by dtverse leaders. This is particularty relevant lor Green1h1. ¢wr arts fund. where less than 15'A of partners are kd by diverse leaders. Structure. govemance and managemènt . Constitution Lwhtbulb Trust was inCOTPOTated on 23 May 2019 and is a Company Limited by Guarantee wistered wilh the Charity Commission {Charity Registered Number 1187551) and the Registrar of Companies (Company Registration Number 120135411 in Engh4nd arthj Wales. The Charty is govemed by its Memorandum and Articles of Association. b. Methods of appointment oi election of Trustees Lightbulb Trust is a small family Charity with a very lean and dynamic operatK)nal slfu¢iure. The Charrty has four Trustees with very ¢Jiverse eXrienCe ranging from impad investing and to finance and the enlertainmgnt industy. The Charity relies on one independenl consultant who acts as a dire¢tor and runs The LightbLtlb Trust's day lo day operations. The Trustees meet virtually thr89 times per year to review the Charitys strategy. investment and grant making policies as well as the Charitys overall impad. c. Pollcles adopted for the Inductlon and tralnlng of Trustees The Trustees are appointed by the Board wilh a view lo ensuring Board comprises members with a broad range of expertise, knovAedge and vision to add value to Ihe Charity. New Trustees undertake an induction process whith includes the prow5 of infom)ation about Ihe Charity and the roles and responsibilities of a Tru51ee and meetings with key irKliwduals at Ihe Ch. Training is available vthere it is required. Page 5
' Docusww Etwew ID.. 60COF741-9F5WCD-74E7D28EDAEF THE LIGHTBULB TRUST {A company Ilmlted by guarnnt¢•) TRUSTEES. REPORT <COIrnNUED) FOR THE YEAR ENDEO 31 MAY 2024 Structurè. governance and m¥nagement (¢ontlnued) d. Prfn¢ipal rlsk$ and uncertaintie$ As Lightbulb Trust grtr•VS, the is an addtlional risk, identified by the truslees, associated with the growing numb&r of partners that a part of Lightbulb Trust's portfdio. The Chartty tskes safeguarding of vulnerable children and young people very seriously al requires that all rxganisations app.n9 for lunding share their safeguarding policies and a signed ststement confiming that all employees and volunteer5 who will be in contact with Children. young twde. or vulnerable adts are DBS dw¢ksd. The Trusl has also included a question about prevM)us safeguardin9 incidents in the fvnding application form in order to help u5 understand the organisalions have dealt wtth these ¢on¢ems in the past. This is lo ensure that grantees know how to pul their safeguar(1ing poli¢ies into practice. As the number of grantees increase year after year. Lightbulb Trust will conts.nue its due arowJ1 safeguarding and the Ph¢dIng of sale9uardin9 policies to pvent any risk5 of liabiltty. . Remuneration ol Koy Managom¢nt PorSonl The Charity does not have ernoYeeS and the Tntee5 represent the Key Management Personnel. Trustees do not receive remuneration from the Charity. Mernbefs. Ilability The Members of Ihe Chafity guarantee lo contritNJle an amount rnt exedIng £1 to the assets of the Charity in the event ol winding up. The Trustees Report has been prepared in aCcOrdae wilh ihe provisions applicable tr) entities subject to the small companies regwne. Page 6
'DCSjri ETrYdope ID.. 60COF741swCtS7-BE7028EADAEF THE UGHTBULB TRUST (A company Ilmlted by guarante•l TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Stalemont of Trust$. re$ponslbllitle$ The Trustees Iwho are also the direct$ of the Charity for the purposes of ccffipany lawl are responsible for preparing the Twstees, report and the financial statemenls in accordan( wilh appficable law and United Kingdom Accountin9 Standards (United Kirylom Generally A(£epted Accounting Practice). Company law requires the Trustees to preparp financial statements for each finanryal Under company law. the Trustees must not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources. induding ils income and expenditure. for that period. In preparing these finan(aal stslements. the Trustees are required to.. select suitable accounting poliae5 and tsn apply them a)nsislently. obseNe Ihe methods an¢J principles of the chariti.es SORP {FRS 102)" make judgm8nts and accounting esb"mates that a reasonable and prudenL stale whether applicable UK Accountiry Standards IFRS 1021 have been flOWed. subject to any material departures disclosed and explained in the financial statements.. prepare the financial stslernents on the wing concem bas unles5 it is inappropriate to presume that the Charty will CtInUe in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charivs transactions and disdose vAth reasonable accuracy at any time Ihe finanaal position of the Charity and enable them to ensure that Ihe finanual statements comply with the Companies Act 2006. They are also responsible ft)r safeguarding the assets of the Charity and hence for taking reasonable steps for the prevenb'on and detedion of frau(J and ther irwulanties. Disclosure of inforrnation to auditor Each of the persons who are Trustees al the time when Trustees, reFOJt 15 approved has confirmed that: so far as that Trustee is aware. there is no relevant audit information of vthich Ihe charitys auditor is unaware, ar that Twslee has tsken all the steps that ought lo have been tsken a$ 8 Trustee in order to be aware of any relevant audit infornwtic and lo eslablish ttBI the charitys audilor is aware of that infom)ation. Audltor The audilor. MHA. has indicated his williryness to o)ntiwe in offKe. The esJnaled Trustees wtll propose motion reappnting the auditor al a meeting of the Trustees. Approved by ¢)rder of the members of the board of Trustees and signed ijn their behaw by. gp- 11 Salome Agathe Holden Trustee Date.. February 26. 2025 Benjamin John Holden Trustee February 26, 2025 Page 7
'DrxuswJri Envebpe10.. 6CCOF741-9F&)46CD-B857-BE7028EAOAEF THE LIGHTBULB TRUST IA company limited by guarantsel INDEPENDENT AVDITOR'S REPORT TO THE MEMBERS OF THE LIGHT8VL8 TRUST Opinion We have audited the financyal statements of The Lightbulb Trust lthe'ctharitable company) for the year ended 31 May 2024 which comprise the Statement of ffinanaal activities. the Balance sheet. the Ststement of cash flows and the related notes, including a summary of signfficant a¢uxrnting policies. The finanoal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndafds, induding Financial Reporting Standard 102 The Finanaal Reporting Stsn¢Jar(l aPpIe in the UK and Republic of Ireland. {United Kingdom Generally Accepted Accounting Pra(*1}. In Lxjr opinion the financial statements= give a true and fair view of the slate of the charilable companls affairs as at 31 May 2024 and of its incoming resources arKI application of iesources. induding its income and expenditure for the year then ended: have been property prepared in aC[danCe with United lQryJom Generally ApIed Accounting Practsce" and have been prepared n accordance with the requirements of the Charities Aci 2011. Basis for opinion We conducted our audrt in acc#)r<lance th Intematiortal Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those stsnijards are further described in the Auditorfs responsibilities for the audit of the financial stslements section of our report. We are independent of the charitable company in accordan¢e with the ethical requirements Ihal are relevant to our audit of Ihe financial staternents in the United Kingdom. induding the Financial Reporting Counryl's Ethical Standard. and we have fulfilled our other ethical responsibilibes in accwdance wth these requirements. We believe that the audit evidence we have obtw.ned is sufficient and appropriate to provide a ba515 for wr opinion. Other mattors The finanaal statements of The gh1blb Trust for the year erKled 31 May 2023 were rt audited. Conclusions relating to going concern In auditing the ffinanci statements. we have o)ncluded Ihal Ihe Trustees. use of the grg concem basls of accountin9 in the preparation of the financial statements is appropriate. Based on the work we have wforn, have not identified malerHI uncertainties relating to events conditions that, indiwdually or collectivety. may cast significant doubt cffi the charitable companws ability lo continue as a going concem for a perilyj of al least tsvelve months from when the financaal statements are aulhorised f¢y issue. Ow responslbilities an¢J the respon&t¥lities of the TnteeS with respeLI to going conrn are described in the relevant sections of this report. Page 8
' Docu5yi Etwebpe ID." 6CCOF741.gF5046C7E7D2oEF THE LIGHTBULB TRUST (A company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LIGHTBULB TRUST ICOMTINUED} Other infomiation The other information comprise5 Ihe Informati indudfjd in the Annual report other than the financial statements and OUT Audilorfs report Ihereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other inf0mtion and. except lo the extent otherwise expliatly slated in cHJr report. we do not exp$$ any fomi of assurance condusion thereon. Our responsibility is to ad the other information and. in doing $0. constder whether the other information is materially incon515lent with the financial statements or our knowledge oblained in Ihe course of the audit. or otherwise appears lo be materially mi5Staled. If we Klentify such material inconsislencies or apparent material mi5slalemenls. we are required lo determine whether Ihis gives rise to a Materi misstatement in the financial slalemen15 themselves. If, based on the work we have perfornied, y condude thal there is a material misslalemenl of this other informats"on. are rewyed to report that fact. We have nothing to rewrt in this regard. Matters on which are requlred to report by ex¢eption We have nothing lo p)rt rn respecl of the followiry matters where the Charities (Aceounls and Reports) Regulattons 2008 requi$ us to report lo YYXJ rf. in our opinion.. Ihe inforrnation given the Trustees. report is innsIstenI in any material respect wilh the financial statements., or sufficient a¢tInting records have not been kept: or the financial statements are not in agwment wilh U)e acc¢wnting re¢ords and retums.. or we have nol receNed all the information aTrJ ewanations we requ*e for our audit. R•sponslbllltles of trusteos As explained more fvlly in the Trustees. responsibililies statement. the Trustees {who are also the directors of th8 charitable company for the Pufposes of company lawl are SponsIb for the preparation of the financial statements and for being sats'sfied thal Ihey give a true and fair view. arKI for sucj) intemal control as Ihe Twstees delemine is necessary to enable the preparatKJn of financial statements that are free from material misstalemenl. whether due to fraud or error. In Preparing the financial statements. the Trustees are responsi? for aSseIng the dritable companys ability lo continue as a going concern, disdosing, as appluble, matters related to going concern and using the going concern basis of accounttng unless the Trustees either intend to liquHlate the charitable company or lo cease operation5, or have no realistic altemalive to do so. Page 9
' Docvsigri Envebp2 ID.. 60cOF741.9F9)-46CDW4E7028E)AEF THE LIGFrr8ULB TRUST (A company Ilmit•d by guarantw) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LIGHTBULB TRUST (CONTINUED) Avditorfs responsibilities for the audit of the financlal statements We have been appointfjd as auditor under section 144 of the Charibes Act 2011 and rekX)rt in accordance with the Act and relevant regulalions made or hawng effed thereurKJer. Our objectives are to obtain reasonable assurance about whether the financial staterrenls as a %thofe are free from material rnisstatemenl. vthether due to fraud or efror. and to issue an Audilorfs report that indudes our opinion. ReasonatAe assurance is a hh level of assurance, but is not a guarantee that an audit conducted in ac¢ordance with ISAS IUKI will always delect a material misslatement when it exists. Misstatements can arise from fraud or error and are eonsidered material if. indiwdualty or in the aggregate, they could reasonably be expected lo infiuence the economic decisions of users taken on the basis of these financial statemènts. Irregularities, indudiry fraud. a instsnces of non-complianee wth laws and regulations. We design procedures in line wilh our responsitj"l"e$. outlined al)ove. to detect material rnisstatements in respect of irregularities. including fraud. The extent to whid) (Kjf ede$ are capable of detecting irwularities, including fraud is detailed below". Obtainir¥J an understanding of the al arKI regulatory framewks that Ihe entity operates in. focusing on those laws and regulations that had a direct effe¢t on the financial statèments.. Enquiry of management to identify any instances of knt)wn or suspected instances of fraud,. Enquiry of management and those charged with govemance around actual and potential litigan and claim5', Enquiry of management about any instances of nonacompliance with laws and regulations" Reviewing the contrd systems in place induding the remew of their effectiveness.. Performing audit work over the risk of management override of controls. incFuding testing ofjoumal entries and other adjustments appropriateness. evaluating the tsInesS rationabe of significant transactions outside the normal COUT5e of ISinesS and Teviewing accounting estimates for bias: Reviewing minules of meetings of ihose tharged govemance., and Reviewing fJnan¢ial stslement ¢Jisclosuos and testing lo suppoiting dLKumenlation to ae$S (*xnpliance with applicabbe laws and wallonS. A further description of oui responsibilities for the audit of the finanoal statements is located on the Financial Rep)rting CouncAI's website al: W•WI.frc. .ukla This description forms part of our Auditorfs report. Page 10
'DU5j[Th Envefow ID.. 60COF741.9F5046CB8S7EFD28EEF THE LIGHTBULB TRUST IA company Ilmit•d by guarants¢l INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LIGHTBULB TRUST (CONTINUED) Use Of our report TrNs report Is made solely to the (*¥ritse tmPanyS tru5tee5. as a body. in accordance wth Part 4 of the Charilie5 (Accounts and Reports) Reguiab"on5 2008. Our audit wotk has been undertaken so that we might stste lo the charilable companls Iruslees those matters VR are required lo slate to them in an Audiloes report and lor no other purpose. To the fullest extent permitted by law. we do nol accept or assume responsibilty lo anyone other Ihan the charitable company and ils members. as a tKy. for our audit work, for this report, or for the opinions we have formed. I14((LY MHA Chartered A¢cwntants Statutory Auditors Colchester Dale.. February 27. 2025 MHA is the trading name of MaclntyTe Hudson LLP. a limited lialIty partnership in England and Wales Iregislered number OC312313). MHA are eligible to act as auditots in tems of se(#b)n 1212 of the Cornpan Act 2006. Page 11
'Docusvw Enve ID.. eocoFT415N6C(S7-8É7D28£A THE UGHTBULB TRUST (A company limlted by guarantee) STATEMENT OF FINANCIAL ACTMTIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2024 UThr•$trlcted funds 2024 Restricted fund$ 2024 Total fund$ 2024 Unaudrfed total funds 2023 Income from: Donattons 1.374.500 375.O¢XI 1.749.500 750.726 Totsl In¢ome 1.374.500 375.000 1.749.500 750.726 Expenditure on: Charitable activities 436.622 227.447 664.069 817.901 Total expenditur• 436.622 227.447 664,069 817.901 Net movement in funds 937.878 147,553 1,085,431 (67, 175) Recon¢lllallon of funds: Total funds brought forward Nel moverrenl in funds 232,014 937,878 142.207 147.553 374.221 1,08S.431 441,396 (67,175) Total funds carrled for4ord 1.169.892 289,760 1,459.652 374,221 All income and expenditure derive from ctinuing athites. The Statement of financial ath"vthes indudes al gains and losses reo)gnised in the year. The notes on pages 15 to 25 fom part oflhese finan¢i81 ststsments. Page 12
'DrKu5b3ri Envebpe ID.. £OCQF7414F5046C6fi57E7D28EADEF THE LIGHTBULB TRUST IA ¢ompany limit¢d by guarantee) REGISTERED NUMBER: 12013541 BALANCE SHEET AS AT 31 MAY 2024 Unaudited 2023 2024 Flxed assets S(*ial investrnents Currenl ¥ssots 10 545,628 255.635 Debtors Cash at bank and in hand 11 509,511 527,010 150,000 259.702 1.036.521 409,702 Creditors.. amounts faning duo 1n onè year 12 {122.49n (291. 116J Net Guent assets 914,024 118.586 Total net assets 1.459,652 374.227 Charity funds Restricted funds Unreslricied funds 13 13 289.760 1,169.892 142.207 232,074 T¢)tsl funds 1.459.652 3T4.221 The entity was enliwed to exempknon from audit under section 477 of the Companies Act 21J)6. The mernber5 have not required Ihe entity to obtain an audit for the year in question in accordance wilh section 476 of the Companies Act 2CKE. Hcwever. an audit is required in accordance vthh secbm 144 of the Charities Act 2011. The Trustees acknowledge their responsibilities for Comy13 with the requIremts of tho Act with respect to accounting records and preparation of finan statements. The financial statements have been propargd in a1rdance ¥th the provisirms applicable to entit$ subject to the small Companies regime. The financial statements were approved and authorised for Bsue by the Trustees and signed on their behaw by. Salome Agathe Holden Trustee Dale: February 26, 2025 The notes ¢M pages 15 10 25 form part ofthese financial ststements. Benjamin John Holden Trustee February 26, 2025 Page 13
'Dls&3 Erw8kiw10.. 60COF741.9FSWCD-W4E7D28ÉAOAEF THE LIGHTBULB TRUST IA Company Ilmlted by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2024 Unaudited 2023 2024 Cash flows from 0ratIng activities Net cash use(1 in operating a¢tivitie5 557,301 (23,290) Cash flows from Investlng actlvlties Purchase of social investments (289.993) Net cash {used In}Iprovkled by Investing activities (289,993} Change in ¢ash •nd ¢a$h equivalents In the year Cash and cash equivalents at the begnNThJ of Ihe year 267.308 123.2901 282,992 259.702 Cash and cash equivalents at the •nd of thè y•ar 527.010 259, 702 The notes on pages 15 to 25 form part of Ihese fw)ancial Stalennts Page 14
' DrKu5iw Enveknpe ID.. 60COF7414F846CC574E?02BEAoAEF TrIE LIGHTBULB TRUST (A ¢ompny limited by gu•ranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IMY 2024 General Infomiatlon The Lightbulb Trust is a private Company Lwnited by Guarantee and is registere(I the Charity Commission (Charity RegiStran Number 11875511 and Registrar of Companies (Company Registralic Number 120135411 in England and Wales. The add$$ of the regislered office is giv n the Charity infcrnti on page 1 of these financial statements. The nature of the Charitys operab.ons and principal activitTres are detailed in Ihe Trustees Rep. In the event of th& Charity wcNJnd up. Ihe liabilty in respèct of tha guarantee is limited to £1 par Memb8r of the Charity. The significant accounting poliaes applied in the preparation of these financial statements are Set out below. These poliaes have been consislentjy atwied unless othepmse stated. A¢¢ounting policies 2.1 Basis of pr•paration of financial statem¢nts The financ4al statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended practi applicable lo charitie5 preparing their accounts in accordance with the Financial Rewting Slandard applicable in the UK and Republ of Ireland IFRS 102) and Ihe Companies Act 2. The Lightbulb Twsl meets Ihe defy)rt of a publt benefit entity under FRS 102. Assets and liabilities are initrally rec(4nised at historical $1 or transactK)n value unless otherwise stated in the relevant acnI1ng poli. The financial statements are presented in pounds sterling 4thich is the functKJnal currenty of the Charity and rounded to the r*aresl pourKI. 22 Going c¢)ncern The finanaal slalemenls have been prepared on a going concem basis as the Tru51ee5 believe that no material uncertainties eSt. Truslees have considered the e1 of funds held and the expected level of income and expenditure for 12 monlhs frorn aulhorising these financial slalemenls. The level of funds is sufficient wth the level of funds for the Charity to be able lo continue as a going conom. 2.3 Income All income is reeognised orts the Charity has enliuement to the ineome. it is probable that the income wll be received and the arrfftinl of income receivab can be measured reliably. Income tax recoverable in Tdat[C to d¢tiOnS reNed under Gift Aid or deeds of cLJvenant 15 recognised at the time of the donation. Page 15
' DOGU5 EnveknpE ID". e4JcOF741.9Fs(46CLws74E7D2eEDAEF THE LIGHT8UL8 TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEl4lENTS FOR THE YEAR ENDED 31 MAY 2024 A¢¢ounting policies (continued} 2.4 Expenditure Expenditure is recognised once there 15 a legal or constructive obligation lo transfer economic benefit to a third paty. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligats.on can be measured reliably. Expenditure is dassified by activity. The costs of each activity are made up of the total of direct costs and shared costs. induding support costs involved in undertaking each aclJ"vity. Direct costs attributable to a single activity are alloc8led directly lo Ihal actiwty. Shared costs which contribute to more than one actm.ty and supwrt Costs whith are not attributable to a sryle adivity are apportioned befvfftn those acbvtties a basis consislenl with the use of resources. Expenditure on ¢haritslJe activities is inajrred on directly undertakin9 the acb"¥.es whth fvrfher the Charitls objectives. as well as any assocaated support costs. Grants payable are charged in the year when Ihe offer is made except in those ¢ases where the offer is condrt#)nal, such grants being recognise<l as expendibJre when the w)dÉlions attaching are fulfilled. Grants offered subjecl to conditicY)s which have not been met at the year end are noted as commitrnenl. but not accnJed as expenditu. All expendrture is inclusive of irre1ver¥b1e VAT. 2.5 Taxall¢)n The Charity is cx)nSideI to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefwe it meets the definition of a charitable cornpany for UK corporation lax purposes. Accordingty. the Charity is rK)tenkn"ally exempt from lax8ts.on in reswt of income or eapital garns received thin categories cOVed by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the TaXatn of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. 2.6 Debtors Trade and other d8btors are recc3nised at Ihe seltlgmenl am¢wnt after any trade discount offered. Prepayments are valued at the amount prepaKI net of any Irade discounts due. 2.7 Cash at bank and In hand Cash al bank arKI in haTrJ ildeS cash an¢J shcrfl-temi higNy liquid investrnents wilh o short maturity of three months or Ivss from the date of acquIson c opening of the deposit or similar account. 2.8 Social investments Programme related investrnents are a forn of finarKial instrument and are inilialty COgnised 8t their Iransaction cost and subsequently measured at fair value at Ihe Balance Sheet dale. unless the value cannot be measured rdiauy in whith case it is rneasured al cost les5 impairment. The Statement of Financial Adivities includes all nel gains and losses arising on revaluation and disposals throughout Ihe year. As investments are revalued to fair value continuously. no realised 9ains or losses arise. Page 16
'Dowslgri Envdcpe ID." 60cOF7414F5046c57*E7D2eFADAEF THE LIGHTBULB TrUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 A¢¢ounting poll¢les {¢ontlnued) 2.9 Liabilities and proYl$lons LIabileS a recognised there is an obligakn at the Balar2 sheet date as a result of a past evenl. li is probable that a transfer of economic benefit will be required in settlement. and the amount of the setilement can be estimated ItAy. Liabilities are recognised at the amount that the Charity anb"upates it wll pay lo see the debt or the amounl it has received as advanced payments for the g)d$ or seNices il must provide. Provisions are measured at the bèst estimate of the amounts rèquired to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts. discounted at the pre-tsx discount rate that fie¢t$ the risks specific to the liability- The unwitThJing of the discounl is reccgnised in the Statement of finani?al activities as a financo $t. 2.10 Financial instruments The Charity only holds basic financial instwrnents as defined in FRS 102. The financk31 assets and finanrial liabilities of the Charity and their measurement bases are as follow5.. Cash at bank is dassified as a basic fvwn(ial in$tnJment arKI is measured at face value. Finanual liabilities - trade tredilors. accruals an(1 other Cfed(tors are financial inslrumenls, and are measuied at amortised $t as detailed in Note 11. DefeThed income is not deemed to bè a financial liability. as the cash setuement has alreaty laken rlace and Ihere is an obligation lo deliver services rather than cash or another financial instrument. 2.11 Fund accountlng General funds are unrestn'cted funds vknich a available for use at the dIscretn of the Trustees in furtherance of the general objectives of the Charity and which have not been deSnated for other Pufposes. Restn"ded funds a funds whth are to be used in accordance with specific reslrictsons imposed by dOr{S or which have been raised by the Charity for paTlicular purposes. The cost5 of raising and administen.ng such funds are charged against the specffi¢ fund. The aim and use of each restricted fijnd is Sel out in the notes to the finanaal statements. Income from d¢Jfiations Unr•stricted Restricted funds funds 2024 2024 Total funds 2024 Oonations 1.374.51X) 375.000 1,749,500 Pa9e 17
'D0tJj9ri En¥dope ID.. 6OCOF741-9FSWCD.B8574E7028EADAEF THE LIGHTBULB TRUST (A company Ilmltgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Iome from donall¢)ns {conllnued) Unaudited Urt$111ed fijnds 2023 Unauotited Restricted fund$ 2023 Unaudited Total fvnds 2023 Donations 438.226 312,5¢X) 750,726 Analysis of expenditure on charitable activities Summary by lund type Unre$trf¢ted Restrlcted funds fvnds 2024 2024 Total 2024 CharItae aclivibes 436.622 227.447 664,069 Unaudited Unrgstricted funds 2023 Unaudit8(Y Reslricted funds 2023 Unaudited Total 2023 Charitsble actbwties 558.060 259,841 817,901 Analysls of •xp¢nditure by a¢tivitio$ Grant fundin9 of a¢tiviti¢$ Support Costs Total funds 2024 2024 2024 Charitable actiwtses 511.153 152,916 664,069 Page 18
'DOcJ9ri EnvelLye ID.. 6CCOF741.9FSN6ctse8574E7D28EAD*EF THE LIGHTBULB TRUST {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Analysls of expendlture by athftl•s (continued) Unaudited Grant funding ol Unaudited Support Unaudited costs Total fvnds 2023 2023 2023 Charitae actbvities 740.291 77.610 817.901 Analysis of support Costs Total funds 2024 Unaudited Total funds 2023 A¢tlvitles 2024 Govemance costs Office expenses Website expenses Bank fees Adminislralion expense5 Consu118ncy fees Subscriptions Partner events 25.667 672 25.667 672 1496 146 6.679 175 2.496 146 1. 790 207 156 120.168 1,162 2,449 156 120.168 1.162 2,449 793 65, 790 79 2,697 152.916 152,916 77,610 No staff eosts were inujrred in either period. Governance costs Unaudited 2023 2024 Auditor's remuneration- Audil of the finarKial ststements Board expenses Legal expenses 19,284 175 6,208 4,080 2,599 25,667 6.679 Page 19
'OaDAgn Enveknp210.. &)COF741.9F5(H6CD-B857-8E7028EADAEF THE UGHTBULB TRUST (A Company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAAY 2024 Analysls 4rf grants Unaudited Grants lo inslitullons 2023 Grants to institutions 2024 Communty Action for Refugees and Asylum Seekers Young K&C I Phologiaphy Workshops Give A Book Football Bewnd Rugby Portobello Trusl Earts Court yOh Ministy of Stories P¢)wer The Fighl Sulgrave Club BOYD Intoart Irene Taylor Tnjst Lon¢Jon Screen Academy ML Community Eads Court Youth Open Up Music Shannon Trust Baraka Community West London Zone Nova New Opportunities sida¥1ty SkK)rts Big Up Communities Young K&C I Supplemenlary Schoc4s Youth Action Alliance Response Communty Projects Dalgamo Trusl Clementjames Centre Changing Tunes 555 14,940 18,500 40,000 34.795 10.011 29.500 40,1)00 30.1)00 Jo.000 49.488 30.000 40.1100 31.340 35.000 42.024 10.IJOO 25.1)00 30.000 27.040 3.326 35.000 44,434 44.616 42,000 50,000 40,000 60,000 60,000 60,000 Page 20
' DO¢9n Énveknpe ID.. 6¢)COF741.9FSfy46Ctsa8574ETD28EADAEF THE LIGHTBULB TRUST IA ¢<xnpany Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Analys1$ of grants (¢ontlnuedl Unaudited Grants lo instiulions 2023 Grants to Institutions 2024 Grant total brought fonv8rd School Library Assooation Caxton Youth Club Power 2 Conne Read Easy Curious School of Puppety Hear Me Chji mUC Company Three soUrab(mrt Element Creative 511.153 496.416 13,000 30,000 15,000 18.200 30.000 38.000 40.000 19.675 Grant total Carried forward 511.153 T40.291 Trustees. remuneratlon and expenses During the year. no Tru51ees received any remunerati or other benefits (2023- £NIL). DurirKJ Ihe year ended 31 May 2024. no Trustee expenses have been incurred (2023- £NIL). 10. Soclal Investments Programm• relat8d inv•stm•nts Total Cost or valuation At 1 June 2023 Additn$ 255.635 289.993 255.635 289.993 545.628 545.628 Net book v*lue Al 31 May 2024 545.628 545,628 At 31 May 2023 255,635 255.635 Pa9e 21
'OLwpJn Env8W ID.. 60C0F741-9F5fh46CB8S7E7D28EDAEF THE LIGHTBULB TRUST IA ¢ompany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 11. Debtors Unaudited 2023 2024 Due within one y•ar Other deblor5 Accrued grfl aid 10.011 499.500 150,000 509.511 150.000 12. Creditors: Amounts falllng due wlthln one year Unaudited 2023 2024 Trade ¢redilors A¢¢ru81s Grants payable 512 7.700 4.080 279,336 40,397 81,588 122,497 291. 116 Page 22
'OorJJwgri Envew ID.. fllCOF741.9F5(F46CD-B8574E7D28EADAEF THE LIGHTBULB TRUST (A ¢ompany Ilmltsd by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 13. Slat•men¢ of funds Statement of funds - current year Balance at 1 June 2023 Balance at Income Expenditure 31 May 2024 Unre$trl¢t¢d funds General lunds 231014 1,374500 (436,622) 1.169,892 Restricted fvnds Greenlight 142.207 375.000 (227,447 289,760 Total ol fund$ 374.221 1,749.500 (664,069} 1,459,652 The Greenlight restricted fvjnd represents income to be used towards a¢ttvities wilh a focus M the Arts and on benefjbng marginalised populab"ons. induding grant fvndin9 to organisabons wlh this puryx)se. Stat•m•nt of fvnd$ - priw liOd Unauditgd Balance at Income Expendire 31 May 2023 1 June 2022 Unre$tri¢ted funds Generd funds 351,848 438.226 (558.060) 232,014 R•strict•d funds Greenlight 89.548 312.500 (259.841) 142.207 Totsl of funds 441.396 T50,726 (817.901) 374.221 Page 23
THE LIGHTBULB TRUST IA company Ilmlted by guarantsè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 14. Anafy$is of net assets belvfftn funds Analysls of net assets bètween funds - current period Unrestrlcted Restricted funds funds 2024 2024 Total funds 2024 Social investments Current assets Creditors due within e year 545,628 678.578 54,314} 545.628 1.036,521 (122,497) 357,943 168,183) Totsl 1.169.892 289.760 1.459,652 Analys1$ of net a$$ets between funds- prior peri¢xl Unaudtted UnTrstrict&d fvnd& 2023 Unaudited Restri¢t8d Unaudrfed funds Total funds 2023 2023 Social investments Current assets Creditors due within onè year 255,635 191,604 (215.125) 255,635 218. 198 409, 702 (75.991) (291, 116) Total 232.014 142,207 374,221 15. Re¢on¢lliatlon of nel movement in funds to net ¢ash Ilow from 0ra11Th9 a¢tlvltle$ Unaudited 2023 2024 Net inc0melexpendi1u for the period (as per Statement of Financ4al Actiwliesl 1.085.431 (6T. 175J Adjustments for: {Increaseydecrease in debt(Ks Increaselldecrease) in creditors (359,511) 1168.619) (62,500) 106,385 N¢t ¢a$h Provid byl(uud in) oper4ting aclivities 557,301 (23,290) Page 24
bO¢9Th En¥e&ipe ID.. 60COF141-9F946cfw574E7028EADAEF THE LIGHTBULB TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 16. Analysis of cash and cash equivalents Unaudited 2023 2024 Cash in hand 527.010 259, 702 Total cash and cash •quival•nts 527,010 259, T02 17. Analy$ls of changes In nèl debt Unaudited At 1 Junè 2023 Ca$h Ilows Al 31 May 2024 Cash at bank and in hand 259.702 267,308 527,010 18. Rèlated party transa¢tion$ During the period. the Charity recebved donations of £1.1¢KI.ODO 12023.. £350.0001 from S A Holden, Trustee. The donations were gifted vrithotrt resth'ction. There are no amounts owed to or from the Trust8es as at 31 May 2024 {2023= £Nill. Donations of £3(Kl.000 {2023= £250.OCrf]I were also received from the sister of S A Holdan lor the Gre8nlitht restricted fuThJ. No other related party transaCticS ocojfred in either pericJ. Page 25