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
#71

"Docwiw EAveW10.. 6￿0FTI1.9F￿￿£CLkW7-BE7O28EADAEF
THE LIGHTBULB TRUST
{A ¢ompany limited by guarants•)
CONTENTS
Refer•nco and admSnlstratSve deta51s of the Charhy. Its Trt￿te*S and advlseTS
Trustees. report
Ind•p•nd•nt auditorfs r•port on the financial stal•m•nts
8-11
St*ternent 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¢￿46cEk￿7-BE7D28EAD￿EF
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$tees
s￿na Colegrave
Benjamin John Holden
Salome Agathe Hokjen
YL￿ShUen Chan
Company r•gistsred
numbor
12013541
Charlty regl$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.. 60￿F741-9F5o46co-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 CoMpan￿S
govefning document and the provis￿nS 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 I￿land 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 SUpr￿rt are invariably better plaeed to solve
l¢xal problems and help their speafic communities than an￿lY else.
2. Equ4li$ing Opportunity - We believe that leaming in its broadest sense eMp0v￿r5 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>46cr￿W￿E7D2a£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 iM￿t 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 I￿allY 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$pired by the p￿r of leaming in an its ¥ar￿￿S guises.
A¢hi•vomonts and perfonnance
a. Achlevements
In its fifth year. the Lightbulb Trust awarded 24 grants, made six new impact investments, and completed ils first
follow-on investment in Beam. Seventeen of these grants made through the Trust's main fund, which
focuses on empowering children. yYJuThJ people. and vulnerable adu115 through education and learniwj. The
mainin9 7 ￿ants were awarded as part of the Trust's arts inib"ative. the GieenlwJht Project.
The majority ol the projects we fur￿ SUp￿￿rt marginalised and racialised communities. which have been
dispioportion8tely affected by exclusion, poverty, and s￿leMIC ra(ism. Last year. half of our grants went to
female-led n¢)n-profils. while 37.SOA We￿ awarded lo owganisations by people of colour. Although th8re was a
decline in the number of WOmer￿et1 wganisats.ons rwiwng grants. this was offset by an increase in funding for
organisalions led by men from dNerse backgrounds.
In 2023124. Ihe Trust laun¢ho(1 th8 Matth Trading Grants in partnership 7Mth the School for Social Entrepreneurs
lo help our non-profit partners dtversty their inmme streams beyond grants. This pilot initiative will conclude in
the nexi financial year, at whrch p)inl we w￿1 assess whether to make it a pemianent offering for charities in our
portfolio.
Beyond financial supm the Lightbulb Tnffjt {X￿tinueS to expand its pro bono initiatives. offering webinars and
in4epth support on impact measurement aNI evaluabon. Additionally, our pro bono partnership with Ihe
onsulting fim Analysis Group provides dala ana￿1$ support lo our grantees and portfolio companies.
To strengthen our impact Monit￿ng, we Intrc￿￿Ced 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 th￿e 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 exIster￿e 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 rK*les 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 reSe￿0S 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$vJrfEnvebpe ID. 6￿0F7414FSO4GcwS7-BE7￿28EA
THE LIGHTBULB TRUST
IA company Ilmlt•d ty guarantee)
TRUSTEES. REPORT (CONTINUEO)
FOR THE YEAR ENDED 31 MAY 2024
d. Futur• plans
The Lightbulb Trust aCkr￿eS the challenges that small and grassroots organisalions have faced lo
fundraise followng the pandemic arKI the cost-of-liwng crisis to meet a grow¢ng demand for their services. We
have been thoughthjl about vthat we fund and have made several multi-year grants that support core costs of
organisations based in our target arèa (W6St Lmdonl to help them navigate the ¢)Jrrenl economic climate.
The Lyhtbulb Trust does not accept unsdicated applications and we beI￿ve that this is the best approach for the
size of our learn. We wll carry on nJnnirKJ lundry panels per year and we will invite pre-selected
organisations to submit their funding ap￿ica￿"0￿$.
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 ts￿ing.
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 In￿ased. 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
Green1￿h1. ¢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 eX￿rienCe 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-￿74E7D28E￿DAEF
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 ad￿ts 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 arowJ￿1 safeguarding and the ￿Ph¢￿dIng of sale9uardin9
policies to p￿vent any risk5 of liabiltty.
. Remuneration ol Koy Managom¢nt PorSon￿l
The Charity does not have ern￿oYeeS and the Tn￿tee5 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 ex￿edIng £1 to the assets of the Charity in
the event ol winding up.
The Trustees Report has been prepared in aCcOrda￿e wilh ihe provisions applicable tr) entities subject to the
small companies regwne.
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'DC￿S￿jri ETrYdope ID.. 60COF741￿swCt￿S7-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 ts*n 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 f￿lOWed. 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 C￿tInUe 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 ￿es￿Jnaled Trustees wtll propose
motion reapp￿nting 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 aPpI￿￿e 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 A￿pIed 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 ￿gh1b￿lb Trust for the year erKled 31 May 2023 were r￿t audited.
Conclusions relating to going concern
In auditing the ffinanci￿ statements. we have o)ncluded Ihal Ihe Trustees. use of the g￿rg 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 Tn￿teeS with respeLI to going con￿rn are described in the
relevant sections of this report.
Page 8

' Docu5yi Etwebpe ID." 6CCOF741.gF5046C￿￿7￿E7D2oE￿F
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 inf0m￿tion 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 in￿nsIstenI 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 aSse￿Ing the d￿ritable 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 h￿h 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$. outlined al)ove. to detect material rnisstatements in respect of irregularities.
including fraud. The extent to whid) (Kjf ￿￿ed￿e$ 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 litiga￿n 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 t￿sInesS rationabe of significant transactions
outside the normal COUT5e of I￿SinesS 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 a￿e$S (*xnpliance
with applicabbe laws and w￿allonS.
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

'D￿U5￿j[Th Envefow ID.. 60COF741.9F5046C￿B8S7￿EFD28E￿EF
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 (*¥rits￿e t￿mPanyS 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 tK￿y. 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 lia￿lIty 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 Env**e ID.. eocoFT41*5N6C(￿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 for*4ord
1.169.892
289,760
1,459.652
374,221
All income and expenditure derive from c￿tinuing 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.. £OCQF7414F5046C￿6fi57￿E7D28EAD￿EF
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 Gu￿ent 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 Com￿y1￿3 with the requIrem￿ts of tho Act with respect to
accounting records and preparation of finan￿￿ statements.
The financial statements have been propargd in a￿1rdance ¥￿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

'D￿ls&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 0￿ratIng 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 Stalen￿nts
Page 14

' DrKu5iw Enveknpe ID.. 60COF7414F8￿46CC￿574E?02BEAoAEF
TrIE LIGHTBULB TRUST
(A ¢omp*ny 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 RegiStra￿n 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 ac￿￿nI1ng poli￿.
The financial statements are presented in pounds sterling 4*thich 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 e￿St. 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 r￿eNed under Gift Aid or deeds of cLJvenant 15
recognised at the time of the donation.
Page 15

' DOGU5￿ EnveknpE ID". e4JcOF741.9Fs(￿46CLws74E7D2eE￿DAEF
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 irre￿1ver¥b1e VAT.
2.5 Taxall¢)n
The Charity is cx)nSide￿I 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 cOVe￿d by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section
256 of the TaXat￿n 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 recc*3nised 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 i￿l￿deS cash an¢J shcrfl-temi higNy liquid investrnents wilh o short maturity
of three months or Ivss from the date of acquIs￿on 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." 60cOF7414F5046c￿57*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$lons
LIabil￿eS a￿ recognised there is an obligakn at the Balar￿2 sheet date as a result of a past
evenl. li is probable that a transfer of economic benefit will be required in settlement. and the amount
of the setilement can be estimated I￿￿tAy.
Liabilities are recognised at the amount that the Charity anb"upates it wll pay lo se￿e the debt or the
amounl it has received as advanced payments for the g￿)d$ 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 dIscret￿n of the Trustees in
furtherance of the general objectives of the Charity and which have not been deS￿nated 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

'D0tJj￿9ri 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
I￿ome from donall¢)ns {conllnued)
Unaudited
Urt￿$111￿ed
fijnds
2023
Unauotited
Restricted
fund$
2023
Unaudited
Total fvnds
2023
Donations
438.226
312,5¢X)
750,726
Analysis of expenditure on charitable activities
Summary by lund type
Unre$trf¢ted Restrlcted
funds
fvnds
2024
2024
Total
2024
CharIta￿e aclivibes
436.622
227.447
664,069
Unaudited
Unrgstricted
funds
2023
Unaudit8(Y
Reslricted
funds
2023
Unaudited
Total
2023
Charitsble actbwties
558.060
259,841
817,901
Analysls of •xp¢nditure by a¢tivitio$
Grant
fundin9 of
a¢tiviti¢$
Support
Costs
Total
funds
2024
2024
2024
Charitable actiwtses
511.153
152,916
664,069
Page 18

'DOcJ￿9ri 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
Charita￿e 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 yO￿h
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
s￿ida¥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 mU￿C
Company Three
soUr￿ab(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
Addit￿n$
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.. 60C0F741-9F5fh46C￿B8S7￿E7D28E￿DAEF
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 Expendi￿re 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 0￿ra11Th9 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.. 60COF141-9F9*46cfw574E7028EADAEF
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 transaCtic￿S ocojfred in either peric*J.
Page 25