## **Trustees’ Annual Report for the period**
**From: 01/06/2021 To: 31/05/2022**
**Charity name: Limago Foundation**
**Charity registration number: 1190401**
## **Objectives and Activities**
The Charities objectives continue to be the provision of grants to institutions that help with the advancements of health and wellbeing for those children and young people with disabilities.
Unfortunately, during this reporting period, the activities of the Charity continue to be affected by the Coved-19 pandemic. The implication of this was that in the main the Trustees were only able to continue having exploratory conversations with potential donors and focusing on future for fundraising and grant giving.
The Trustees have also used this enforced quitter time to review and enhance the governance of the Charity.
## **Achievements and Performance**
During the year the Charity has set in place a strategy for its fundraising activities over the next year.
In addition, there has been a significant amount of attention on building relationships within the Charity and the wider community which will benefit from the Charity’s ongoing activities.
The Trustees continue to be engaged with proactive discussions about the benefit the Charity will provide to some of the identified future beneficiaries.
## **Financial Review**
The Charity’s accounts at the end of the period reflected the receipt of art donated in a value of £150,000. This art is held as unrestricted funds for use by the Trustees as they see fit whether it would be outright donation or its sale with the proceeds being used for either ongoing run of the Charity or for grant giving.
The Trustees envisage that in the forthcoming period the Charity will be in a position to receive third party donations to further continue its charitable endeavours.
**Structure, Governance and Management**
The Charity is a charitable incorporated organisation having been established on 14 July 2020
The objects of the CIO are:
- (1) To prevent or relieve poverty, financial hardship and suffering.
- (2) To preserve life and promote health and welfare including without limitation mantal health
- (3) To advance development and education; In each case, of children up to and including the age of 11 years, anywhere in the world, by engaging in fundraising activities and making grants to organisations and supplying goods to further those charitable purposes.
The Trustees at the year-end were:
Catherine Linnemann Lady Charlotte Northbrook
## **Declarations**
**The trustees declare that they have approved the trustees’ report above.**
**Signed on behalf of the charity’s trustees**
**Signature(s) Full name(s)** Catherine Linnemann **Position (eg Secretary,** Chair **Chair, etc) Date** 29/03/2023
|Charity Name:**Limago Foundation**|Charity Name:**Limago Foundation**|Charity Name:**Limago Foundation**|Charity No
**1190401**|||
|---|---|---|---|---|---|
|Annualaccountsforthe period||||||
|Period start date|**01/06/2021**|**To**|Period end
date|**31/05/2022**||
## **Section A Statement of financial activities**
|**Recommended categories by**
**activity**
Guidance Notes
**Incoming resources (Note 3)**
**Income and endowments from:**
Donations and legacies
S01
Charitable activities
S02
Other trading activities
S03
Investments
S04
Separate material item of income
S05
Other
S06
S07
**Resources expended (Note 6)**
**Expenditure on:**
Raising funds
S08
Charitable activities
S09
Separate material item of expense
S10
Other
S11
S12
S13
Net gains/(losses) on investments
S14
S15
**Extraordinary items**
S16
S17
S18
Other gains/(losses)
S19
S20
**_Reconciliation of funds:_**
S21
S22
1
**_Total_**
**_Net movement in funds_**
Total funds brought forward
**_Total funds carried forward_**
**_Total_**
**Net income/(expenditure) before investment**
**gains/(losses)**
**Net income/(expenditure)**
**Transfers between funds**
**Other recognised** **gains/(losses):**
Gains and losses on revaluation of fixed assets for the charity’s own use|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**funds**
**£**
**£**
**£**
**£**
**£**
F01
F02
F03
F04
F05|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**funds**
**£**
**£**
**£**
**£**
**£**
F01
F02
F03
F04
F05|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**funds**
**£**
**£**
**£**
**£**
**£**
F01
F02
F03
F04
F05|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**funds**
**£**
**£**
**£**
**£**
**£**
F01
F02
F03
F04
F05|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**funds**
**£**
**£**
**£**
**£**
**£**
F01
F02
F03
F04
F05|
|---|---|---|---|---|---|
||-|-|-|-|-|
||-|-|-|-|-|
||-|-|-|-|-|
||-|-||-|-|
||-|-|-|-|-|
||150,000|-|-|150,000|-|
||150,000|-|-|150,000|-|
|||||||
||-|-|-|-|-|
||-|-|-|-|-|
||-|-|-|-|-|
||-|-|-|-|-|
||-|-|-|-|-|
|||||||
||150,000|-|-|150,000|-|
||-|-|-|-|-|
||150,000|-|-|150,000|-|
||-|-|-|-|-|
||-|-|-|-|-|
|||||||
||-|-|-|-|-|
||-|-|-|-|-|
||150,000|-|-|150,000|-|
|||||||
||-|-|-|-|-|
||150,000|-|-|150,000|-|
|||||||
## **Section B Balance sheet**
|**Fixed assets**
**Intangible assets (Note 15)**
**Tangible assets (Note 14)**
**Heritage assets (Note 16)**
**Investments (Note 17)**
**_Total fixed assets_**
**Current assets**
**Stocks (Note 18)**
**Debtors (Note 19)**
**Investments (Note 17.4)**
**Cash at bank and in hand (Note 24)**
**_Total current assets_**
**Creditors: amounts falling due within**
**one year (Note 20)**
**_Net current assets/(liabilities)_**
**_Total assets less current liabilities_**
**Creditors: amounts falling due after**
**one year (Note 20)**
**Provisions for liabilities**
**_Total net assets or liabilities_**
**Funds of the Charity**
**Endowment funds (Note 27)**
**Restricted income funds (Note 27)**
**Unrestricted funds**
**Revaluation reserve**
**_Total funds_**
Signed by one or two trustees on behalf of all
the trustees|Guidance Notes
B01
B02
B03
B04
B05
B06
B07
B08
B09
B10
B11
B12
B13
B14
B15
B16
B17
B18
B19
B20
B21|**Unrestricted**
**funds**
**£**
F01|
**Restricted**
**income**
**funds**
**£**
F02|**Endowment**
**funds**
**Total this**
**year**
**£**
**£**
F03
F04|**Endowment**
**funds**
**Total this**
**year**
**£**
**£**
F03
F04|**Total last**
**year**
**£**
F05|
|---|---|---|---|---|---|---|
|||-|-|-|-|-|
|||-|-|-|-|-|
|||-|-|-|-|-|
|||-|-|-|-|-|
|||-|-|-|-|-|
||||||||
|||150,000|-|-|150,000|-|
|||-|-|-|-|-|
|||-|-|-|-|-|
|||-|-|-|-|-|
|||150,000|-|-|150,000|-|
||||||||
|||-|-|-|-|-|
||||||||
|||150,000|-|-|150,000|-|
||||||||
|||150,000|-|**-**|150,000|-|
||||||||
|||-|-|-|-|-|
|||-|-|-|-|-|
||||||||
|||150,000|-|-|150,000|-|
||||||||
|||-|||-|-|
||||-||-|-|
|||150,000||-|150,000|-|
||||||-||
|||150,000|-|-|150,000|-|
||||||||
|||Signature||Print Name||Date of
approval
dd/mm/yyyy|
|||||Catherine Linnemann||29/03/2023|
||||||||
## **Section C Notes to the accounts**
## Note 1 **Basis of preparation**
## _**This section should be completed by all charities** ._
## **1.1 Basis of accounting**
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with:
- the Statement of Recommended Practice: Accounting and Reporting by Charities
- • and with* **** preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 the Financial Reporting Standard applicable in the United Kingdom and Republic of
- • and with* Ireland (FRS 102)
- and with the Charities Act 2011.
**Section C Notes to the accounts (cont)**
## **Note 3 Analysis of income**
|**Note 3 Analysis of income**|**Analysis of income**|**Analysis of income**|**Analysis of income**|**Analysis of income**|**Analysis of income**|**Analysis of income**|
|---|---|---|---|---|---|---|
|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**
Conversion of endowment funds into income
- -
- - -
Gain on disposal of a tangible fixed asset held
for charity's own use
- -
- - -
Gain on disposal of a programme related
investment
- -
- - -
Royalties from the exploitation of intellectual
propertyrights
- -
- - -
Other
150,000
-
- 150,000
-
**Total** 150,000
- - 150,000
-
150,000
- - 150,000 -
**Analysis**
**TOTAL INCOME**
**Other:**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**
**Analysis**||||||
||Conversion of endowment funds into income|-|-|
-|-|-|
||Gain on disposal of a tangible fixed asset held
for charity's own use|-|-|
-|-|-|
||Gain on disposal of a programme related
investment|-|-|
-|-|-|
||Royalties from the exploitation of intellectual
propertyrights|-|-|
-|-|-|
||Other|150,000|-|
-|150,000|-|
|||150,000|-|-|150,000|-|
||||||||
|||150,000|-|-|150,000|-|
**Section C Notes to the accounts (cont)**
## **Note 18 Stocks**
## _**Please complete this note if the charity holds any stock items**_
## **18.1 Please state the carrying amount of stock and work in progress analysed between activities.**
|**activities.**||||||
|---|---|---|---|---|---|
|**Charitable activities:**
**_Opening_**
**_Added in period_**
**_Expensed in period_**
**_Impaired_**
**_Closing_**
**Other trading activities:**
**_Opening_**
**_Added in period_**
**_Expensed in period_**
**_Impaired_**
**_Closing_**
**Other:**
**_Opening_**
**_Added in period_**
**_Expensed in period_**
**_Impaired_**
**_Closing_**
**Total this year**
**_Total previous year_**|**Stock**||**Donated goods**||**Work in**
**progress**|
||**For**
**distribution**|**For resale**|**For**
**distribution**|**For resale**||
||**£**|**£**|**£**|**£**|**£**|
|||||||
||-|-|-|-|-|
||-|-|-|-|-|
||-|-|-|-|-|
||-|-|-|-|-|
||**-**|**-**|**-**|**-**|
**-**|
|||||||
|||||||
||-|-|-|-|-|
||-|-|-|-|-|
||-|-|-|-|-|
||-|-|-|-|-|
||**-**|**-**|**-**|**-**|
**-**|
|||||||
|||||||
||-|-|-|-|-|
||-|150,000|-|-|-|
||-|-|-|-|-|
||-|-|-|-|-|
||**-**|**150,000**|**-**|**-**|
**-**|
||-|150,000|-|-|-|
||-|-|-|-|-|
**18.2 Please specify the carrying amount of any stocks pledged as security for liabilities**
|**This year**|**Last year**|
|---|---|
|**£**|**£**|
|||
**Independent examiner's report on the accounts**
## **Section A Independent Examiner’s Report**
**Report to the trustees** Charity Name Limago Foundation **On accounts for the year** 31/05/2022 **Charity no 1190401 ended (if any) Set out on pages** Page 1 - 5 (remember to include the page numbers of additional sheets) I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended **31 / 05 / 2022** . **Responsibilities and** As the charity's trustees, you are responsible for the preparation of the **basis of report** accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
**Independent** I have completed my examination. I confirm that no material matters have **examiner's statement** come to my attention in connection with the examination (other than that disclosed below *) which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- • the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
* _Please delete the words in the brackets if they do not apply._
**Date:** 29/03/2023
**Signed: Name:** Ben Warren **Relevant professional** Institute of Chartered Accountants in England and Wales **qualification(s) or body (if any):**
**Oct 2018**
**IER**
1
Canalot Studios 133
**Address:**
222 Kensal Road, London
W10 5BN
## **Section B Disclosure**
Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).
**Give here brief details of any items that the examiner wishes to disclose** .
**Oct 2018**
**IER**
2