Charity regislr8tion numbèr.. 1191897 Company registration nmber.. 12436438 The Jean Lanning Foundation {Llmlted by Guarantee wlthout havlng a share capital Annual Report and Financial Statements Year Ended 31 January 2024
The Jean Lanning Foundation Annual Report and Financial Statements- Year Ended 31 January 2024 Contents Page Charity Refence and Administrative Details Trustees. Annual Report {In¢luding Directors. Report) Independent Audito¢s Report statement of Financial Aclivrtl8S Balance Sheet Statement of Cash Flows Notes to the Financial Statements 9-13
The Jean Lanning Foundation Charity Rèference and Adminlstrdlive Detalls - Year Ended 31 January 2024 Charity rggistratlon numbor 1191897 Company regl8tratlon number 12436438 Tru8ts08 L Janaway C Kisko C Bailey Regl8torod offl One Barthok)m8w Closè London EC1A78L Audltor Cochrane & Co Accountants Limited 38 Kings Road Lee-on-the-solenl Hampshire P013 9NU Sollcltor 8DB Pilmans One BartIlOMaW Close London EC1A 7BL Page 1 of 13
The Jean Lanning Foundation Trustees, Annual Report Ilncluding Dlrectors Report) - Year Ended 31 January 2024 The Tnjstees present their report and the audrted financial ststements of the charity for the year ended 31 January 2024. The trustees have adopted tt)e provisions ofthe Ststement of ReC0mrnded Practi ISORPI °Accounting and Reporting by Chartbes. in preparing the annual report and finanaal statements of the charity. Trustees of the charity The directors of the charitable company are its trustees forthe purposes of charity law. The tnjstees who have served during the year and since the year end were as follcms: L Janaway C Kisko C Bailey ObJe¢tlvos and actlvltt The purposes of the foundab.on are", the advancement of health for public benefit by supporb'ng the Romsey Hospital and such other hospitals a$ operated by the Southem Health NHS FoLtndalion Trust and the advancement and promotron of knowledge and education for the public benefrt of all asp8Cts of healthcare. The foundation is aimed at providing financpl assistan to fund items and services not required to be provided by slatulory authorities and medical research. Publlc benefft staloment The charity aims lo assist the advancement of healthcare for public benefit. The trustees have had regard lo the Charity Commission guldance. Structure, govamance and manag8ment The Jean Lanning Foundation was constituted as company limited by guarantee, on 31 January 2020. The power lo appoint new or addrtional Iru$lees is vested in the trustees. The number of trustees shall not be less than three persons and shall not be greater than five Fersons at any one time. Apart trom the fi'rst three Iruslees all trustees serve a three year term and upon rets.ring are eligible for reappointrnent. Liabilities of th8 directors is reslricled lo £1 each. Tru8ts08' rospon8lbllltle• The Trustees (who are also Dir•¢lors of The Je8n Lanning FOUndatn for the purposes of Company lawl are responsible for preparing the Trustees, Annual Report and the financial stslements in accordance with applicable 18w and United Kingdom Accounb'ng Stsndards (United Kingdom Generally Accepted Accounb'ng Praclicel. Company law r•quirg8 thè Tru8t¢ots to prepare financial statements for each flnanclai year, whlch give a true and fair view of the slate of affairs of the charitsble group and of the incoming resources and application of resources, including the income and expenditure. of the charitable group for that Fenod. In prepanng these financial statements, the Trustees are required to.. select suitable accounb'ng Fdicies and then apply them consistenly.. observe the methods and principles in the Chanlies SORP 2019 (FRS 1021.. make jLtdgemgnls and estimates that are reasonable and prudent,. prepare the financial stslemenls on the going concern basis unless rt is inappropriate to presume that the Company will ntinUe in operation. The Trustees are responsibfe for keeping proper ac¢ounts'ng records which disclose wrth reasonable accuracy at any lime the finanal px)sition of the Charitable Company and the group and enable them to ensure that the fin8nckg1 ststemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitses. Page 2of 13
The Joan Lannlng Foundatlon Trustees, Annual Report {Indudlng Dlreetors Report) - Year Ended 31 January 2024 Dlsclosurn of Infwmth lo th• audlto We, the dlrectors of the c>)mpany hdd offi(* at the date of wroval of th8S8 Financvdl Statements as s8t out above each confimi. so far as we are aware, thaL' thero is M relevant aart inf0mtIL ofwhich the (y)mpanY8 audkns are unawaro.. and ws have tsken all the 8tep8 th8t we t)ught to have taken 88 dlreclors In order to make ours8lv88 aware of any rdgvant 8udlt InfOrMaOn and to estst4lsh that the company's audit$ are aware of that Infomiatlon. In approvirKJ the Truste8s' Annual Repor( in our capodty as mpanY behalf of tho board Lee Janaway, Tru818è Datsd 271</1< Pag83 of 13
The Jean Lanning Foundation Independent Auditorfs Report to the Trustees of the Jean Lanning Foundation Year Endod 31 January 2024 Opinion We have audited Ihe financBI statements of The Jean Lanning Foundatson for the year ended 31 January 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Cash Flow Statement and th8 related notes lo the financial statements. including a summary of significant accounting policEs The financial reporb'ng fratrEwork that has been applied in their pparatiOn is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Sland8rd applicable in the UK and Republic of Ireland (United Kingdom Generally Aecepled Accounting Practice). Uso of thls r•port This report is made solely to Ihe ¢haritable company's truslees. as a body, in accordance wf(h Part 4 of the Chariti8s {accounls and Reports) Regulations 2008. Our audtl work has been undertaken so that we might stale lo the charitable company's members those matters we are required to stale lo them in an auditor's report and ft)r no other purpose. To the lullesl extent permitted by law, we do not accept or assume responsibility to anyone other than the charitsbk company and the charitable company's trustees as a body or our audit work, for this reFQrt, or for the opinions we have formed. In our opinion the financial statements.. give a true and fair view of the slate of the company's affairs as al 31 January 2024. and of il's incoming resources and application of rer, including its income and expendrture. for the year then ended,. have been property prepared in aco)rdance with Unrted Kingdom Generally Accepted Accounting Practice., and have been prepared in xcordance with the requirements of the Companies Act 2008 Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Audrting IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are furtherdescribed in the Auditor's responsibilities for tho audit of the financial slatemenl$ section of OUT report. We are independent of the group and parent charitable company in accordance with the ethical requifements that are relevant lo our audit of the financial statement5 in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wrth these requirements. We believe that Ihe audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lu•lon$ rnlatlng to golng concam In auditing the financial statements, we have concluded that the truste8s' use of the going concern basis of accounting in the preparab.on of the financial statements is appropriate. 8ased on the Work we have performed. we have not identified any material uncertainties relating to Èvènts or conditions that, individuglly or collective, may cast significant doubt on the charitable ¢ompany's ability to continue as a going con¢6m for a period of at least 1ve TrnthS from when the financial statements are aulhorised for issue. Our responsibilrties and the responsibilities of the trustees wth respect to going con¢?m are described in the relevant sections of this reFKJrt Other Snfomiatlon The trustees are wponsible for the other infomiation. The other inf0mtIOn comprises the infomialion included in the Iruslees, annual report. other than the financial slalements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other inf0mtIOn and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection wth our audft of the financ1 statements, our responsibilty is lo read the other information and, in doing so, consider whether the other infomiats'on is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identtfy su¢h material inconsistencies or apparent material misstatements, we are required to detemine whether there is a material misstatement in the financial 5taterrents or a material misstatement of the other information. If, based on the work we have perfoffld, we ¢J)nclude that there is a material misststemenl of this other information, we are requi d to pOrt that fact We have nothing to report in this regard. Page4of 13
The Jean Lanning Foundation Independent Auditor's Report to the Trustees of the Jean Lanning Foundation Year Ended 31 January 2024 Matter8 on whlch wo are required to report by &x¢opllon We have nothing lo reF)Ort in respect of the following matters in relats.on lo whh the CharlS latuntS and Reports) Regulations 2008 require us to rePt to you if. in our opinion.. the information gfven in the finanual statements is inconsistent in any material respect with the Irusl&es' report., or the charitable company has r1 kept adequate accounting records., or the financial ststemenls are not in agreement with the accounting records and retums.. or we have not received all the inforrnalion and explanations we require for our audit. Respon8lbllttie8 of truste As explained more fulty in the trv$tees' responsibililies ststement set out on page 2, the trustees (who are also thè directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees detennine is necessary to enable the preparation of financial ststemenls that are free from material misstslement, whether due to fraud or error. In preparing the financial statements, the trustees are responsib for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the group or the parent charitable company or to ase operations, or have no realistic atternalive but lo do so. Audltor's r08pon¥lbllltlè¥ for Ihe *udtt of th• flnanclal 8tstem•nts We have been appointed a$ audrtor under section 144 of the charities Act 2011 and report in accordance with regulations made LtndeT sectn 154 of that Act. Our objectives are to obtain asOnable assuran¢ about whether the financial statements as a whole are free from material misstslement, whether due to fraud or erTor. and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance wrth ISAS IUKI will aayS delect a material misstslement whèn il exists. Misstatements can arise from fraud or error and are considered matenal rf, Individually or in the aggregate, they could reasonably be expected to influence the economic decisions of usefs taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-complkgnce with laws and regulations. We design pr¢)cedures in line with our responsibilities, outlined ab)ve, to detect matenal misstalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, Including fraud is detsiled below.. 8ecause of the inherent limitation$ ol an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that coMplnce with a law or regulalNJn is removed trom the events and transactions flecled in the financial statements, as we will be less likety to become awa of instances of non-compliance. The risk is also greater regardino irregulant$ rUMn9 due to fraud r4ther than •rror. as fraud involves intentional concealment. forgery, collusn, omission or misrepresentslion. As we are able to review all transactions in the year, il is fe our Char of detection is increased. A further description of our reswnsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. vhvw.frc.org.uklaudil0raUdrt-a$Suranee1audlt0r-s-responsIbllres-for-the- audit-of-the-fildescripts.0n-the-audlt0r-resnsibilities-fOr. This description foms part of our audrtorfs report. We communicate with those charged with goveman¢e regarding, anng other matters, the planned scope and liming of the audit and signrftant audrt findings, including any signifi¢ant defi¢iencies in internal control that we identi uring our audit. Joanne ochrane Bsc FCA (Senior StatLrtory Audrtor). Date 71 &12 * For and on behaK of Cochrane & Co Accountants Limited, Accountants and Statutory Auditors 38 Kings Road Lee-on-the-solent P013 9NU Page S of 13
The Jean Lanning Foundation ststement of Financial Activlties Year Ended 31 January 2024 2024 2024 2023 UnrBStrfctsd funds Total Total Incorne and endowm•nts from: Donations and legacies Charitable actlvities Other trading a¢livits"es Interest receivable Other 133.523 133.523 3,020,443 69,841 69,841 Total In¢ome and ondowmonts 203.364 203,364 3,020,443 Expendlturè on: Raising funds Charitable activili8S Other 16.817 16,817 14,147 Total expondlturo 16.817 16,817 14,147 Net gainsl {bssesi on lnveslffnts Nol Incom• I lexpendltur•) 186,547 186,547 3,006,269 Tran•fgr• betwo•n fund• Other r8cognl8ed galn81 {losg881: Gains I Ilossesl on revaluation of fixed assets Remeasuremenl gain l {loss) on defined benefit pension plan Other gains I IIOs8esl Net movement In fund• 186.547 186,547 3,006.269 Reconcillatlon of funds: Totsl funds brought forward 2,993,692 2.993,692 12,577 Total funds carried forward 3,180,239 3,180,239 2,993,692 All income and expenditure derive from c¢)ntinuing activities. Page 6 of 13
The Jean Lanning Foundation Balancg Sheet- Year Ended 31 January 2024 2024 2023 Flxod a88•1• IntsngitrAe assets Tanglble assets Heritage assets Invesknents Curr•nt a8••ts St(xks Debtor8 Investmts C88h at bank and In h8nd 56,246 896 3.127,899 2,997,950 3.184,145 2.998,846 Crndltorn: amounts tslllng du• wfthln •n• yw 3.906 5.154 N•t ¢urr•nt a•••ts I Ill•bMlll•8) 3,180,239 2,993,692 Total a•••ts IM• eurr•nt Ilabllhl 3,180,239 2,993,892 Cr•dltor•: •mounts tslllng du• aft•r mor• than on• Provl•lon• lor Ilabllltl•• Not •M•t• I Illabllltl••) •xdudlNJ p•n•lon IlabHIty 3,180,239 2,993,692 Dofined b•n•fft p•n¥lon Ilablllty N•1 oM•ts I Illablllll••) 3,180,239 2,993,692 Ch•rlty Fund• Endowment fund8 Pemanent endowment Expendabla endowmènt Reslrfcted frJnd¥ Unresirlcted lun06 Revaluation rasorvo 3.180.239 2,993,692 Total charlty lund• l (d•ficlt) 3.180.239 2,993,692 The financlal slatements were 8pwov&I and 8ul1wxl tr tssue by tha Board on on behl of the board oftrustees ne Lee Jan ay, Trustee The notes on pages 9 to 13 fom) part ofthes8 finarthl atenxnt* Company regi8tTation number.. 1246438 Page7 of 13
The Jean Lanning Foundation Statemenl of Cash Flows - Year Ended 31 January 2024 2024 2023 Cash Ilow from operating activities 116,182 2,997,950 Interest paid Nat ¢ash flow from operatlng actlvltle• 116,182 2,997,950 Cash flow from Inv•8ting actlvltles Payments to acquire intangible fixed assets Receipts from sales of intsngible fixed assets Payments to acquire tangible fixed assets Receipts from sales of tangible fixed assets Payments lo acquire investments Receipts from sales of investments Interest received Dividends received Rents received from investnRnt properties 13.767 Not ¢a•h flow from Inve8tlng a¢tlvttle• 13,767 Co8h flow Irom flnanclng •dfvltles Receipts from issue of new long term loans Repayment of long temi loans Repayment of finance lease liabilrties Interest paid Receipt of permanent l expendable endowment Net ¢a8h flow from flnanclng a¢livrt6es Net increase I Idrna80) In ¢h and cash equlvalents 129,949 2,997,950 Cash and ¢a8h equfvalgnt• at start d•t• 01 Febru•ry 2023 2.997,950 ¢•8h •nd ca6th equlvalents at •nd date 31 January 2024 3.127,899 2,997,950 Cash and cash equlvalents con•hts of: Cash al bank and in hand Short term deposits 3,127,899 2,997,950 Cash and cash equlvalents at end date 31 January 2024 3,127,899 2,997,950 Page 8 of 13
The Jean Lanning Foundation Notes to the Financlal Statements - Year Ended 31 January 2024 Summary of slgnlflcant accountlng pollcles la) Gfrneral information and bas15 of preparatlon The Jean Lanning Foundation is a constltuted as a limrted company in England. The address of the registered office is given in the charty infomwtion on page 1 of these financk21 stalemenls. The nature of the charity's operations and principal ath'vities a the advancetrenl of health for publi¢ t)enefiL The charity constitutes a public benefrt entty as defined by FRS 102. The financial slalemenls have been prepared in accordan with Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in Oelober 2019, the Financkil Reporting Stsndard applicable in the United Kingdom and Republic of Ireland IFRS 102), the Charities Act 2011 and UK Generally Accepted Ac¢ounts'ng Pract. The financial stalem&nts are prepared on a going concem basis under the historical ¢ost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nea51 £000. The signifi'cant accounb'ng policles applied in the preparatv)n of these financial statements are set out below. These poliCS have been consislentty applied to all years presented unless otherwise staled. {b) Fund8 Unrestricted funds are avallable for use at the discrets'on of the trustees in furtherance of the general objecb'ves of the charty and which have rtrot been designated for other purposes. Icl Income rncognftlon All incomlng resourc88 are included in the Statement of Financial Athities ISOFAI when the charity is legally entitled lo the income after any performar*ce condttsons have been mel, the amount can be measured reliably and it is probable that the income will be receNed. For donations lo be re¢ognised the charrty will have been notified of the arnunts and the settlèment dale in writing. If there are ¢ondits'ons attached to the donation and this requires a level of perfomance before entitlement can be obtained then income is deferred unb"I those condrtions are fully met or the fulfilment of those Conditions within the control of the charity and rt is probable that they will be fvlfilled. For legacies, entsllement is the earlier of th& charity teing notffied of an impending distribution or the legacy teing recelved. At this point Income is recognised. On 0(a$Kin legacies will be notified lo the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Investmenl income is eamed through holding ats for investment purposes such as shares and property, It includes dividends, interest and rent. There rt is not pracb'cable to idenb'fy investment management costs incurred within a scheme with reasonable accuracy the investmènt income is reported nel of these costs. It is included when the amount can be measured Ikbly. Interest income is recognised using the effective interest method and divhlend and rent Inco rs recognised as the charity's right to receNe paymenl is established. (d) Expendltur• r•¢ognltlon All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Expenditure is recogni5ed where there is a legal or constructive obligation lo make payrnents to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured relkably. It is categorised under the following headings". Page 9 of 13
The Jean Lanning Foundation Notes to the Financial Statements - Year Ended 31 January 2024 Costs of raising fvnds - Expenditure on charitable activities", and Other expenditsjre represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activrty for which expenditur8 arose. Grants payable to third parties are within the charitable objectwes. ere unconditional grants a offered, this is a¢¢Tued as soon as the recipient is notified of the grant as this gives rise to a reasonable expectation that the recipient will receive the grants. ere grants afe condrtional relating lo perforrnance then Ihe grant is onty accrued when any unfulfilled conditions a outside of the control of the charity. (el Support costs allocallon Support costs are those that assist the work of the charity bul do not direcuy represenl Charitable acb'vities and include office cK)sls, govemance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out al Headquarters. Where support costs cannot be directty attn'buted lo partlar headings they have been allocated lo cost of raising funds and expenditure on chaTrtable ath"vibes on a basis conststent with use of the resources. Fund-raising costs are those incurred in Seeking voluntary conlributN?ns and do not include the costs of disseminating information in support of the charrtable activities. (fj Debtors and ¢r¢dftorn recofvable I payable wlthln ono year Debtors and creditors with no slated interest rate and re1Vable or payable within one year are recorded al transaction pr. Any bsses arising from impairment are recognised in expendrture. Igl Provlslons Provisions are recognised when the ¢harty has an obligation at the balance sheet date as a result of a past event, it is probable that an ouffiow of economic benefits will be required in settlement and the amount can be reliably estimated. Ihl Tax The Charity Is an exempt chanty within the meaning of sthedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definttion of a charitable company for UK corF#)ration tax purposes. 111 Golng conc•m The financial statements have been pPared on a going concem basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditu for 12 rrN)nths from aulhorising these financial stalements. The budgeted incorne and expenditure is sufficient wrth the level of reserves for the charity lo be able to continue a$ a going concern. Page 10 of 13
The Jean Lanning Foundation Noles to thè Financial Statements - Yaar Ended 31 January 2024 U) Judgements and key sources of estimation uncertainty No significant judgements have been nyade in the process of applylng the above accounting policies. Income from doTratlon$ and l•gacle8 2024 2023 Donations Legacies 20,443 3,000.000 133.523 Grants Donated servlces Donated goods for di$tribLrtton to beneficiaries Other 133,523 3 020 443 Income from donats'ons and legwes is all attn'butable to unrestricted funds. Govemance ¢08ts 2024 2023 Trustee insurance Trustee expenses Consultancy Accountant's and Auditorfs remuneration Legal fees Support costs Other 147 1,503 5,400 3,906 5,848 3,600 10,424 13 150 16,817 AudltoV8 romuneratlon The auditorfs remuneration amounts to an audit fee of £3.9C6 (2023 £3.6001. Tru8t8e8' and key managom•nt personnel remunoratlon and expen$o8 The trustees 1MbUrSed expenses during the year were £1.50312023 - £0}. Page11 of 13
The Jean Lanning Foundation Notes to the Financlal Statements - Year Ended 31 January 2024 Debtors 2024 2023 Trade debtors Amounts owed by group undertakings Amounts owed by undertakings in which the charity has a participating interest Gross amounts due from customers for contr* work Other debtors Derivative financial instruments Prep3Yrr1S and accrued inco Concessionary loans receivable 172 896 56,074 56.246 896 Credltorn: amounts falllng dua wlthin ono year 2024 2023 Bank loans and overdrafts Trade creditors Payments on account for contracts or r)rManCe related contracts Amounts owed lo group undertakings Amounts owed to undertakings in whh the charity has a participating interest Other tax and social wurity Finance leases Other creditors Derivative financial instruments Accruals for grants payabl8 Accruals and deferred incom8 Concessionary loans payable 3.906 5.154 3,906 5,154 Fund r•conelllatlon Unre8trf¢tod fund8 In¢ome exnd1 Tr4n8f•r• Galn$l 1108sesl at 2023 Balance at 2024 UnreslTiCted 2,993,692 203,264 16.817 3,180.139 Page 12 of 13
The Jean Lanning Foundation Notes to the Financial Statements - Year Ended 31 January 2024 Reconciliatlon of net In¢ome l {expendhure) to net ¢ash flow from operating actlvttle8 2024 2023 Net income I lexpenditurel for year 186,547 3,006.269 Dividends received Rents received from investrrent properb.es Interest receivable Interest payable Depreciation and impairment of tangible fixed assets Amortisalion and impaimienl of Intangible fixed assets (Gains) I losses on Investments {Profit) I loss on disposal of tangible fixed assets (Profit} I loss on disposal of fixed asset investments Receipt of endowment Poslomployment benefits less paym8nts Provisions less payments Ilncreasel I decrease in slock (Increase) I decrease in debtors Increase l {decreasel in credrtors {69.841) 724 ..(1,248)_ 794 9,113 Net C8sh fiow Irom operating activities 116,182 2,997,950 10 R•lated party transactlon• There are no related paty transactions during the peri¢xl {2023.' £0}. Page 13 of 13