Registered number- 12511631 Charity number.. 1193233 LANGLEY FAMILY FOUNDATION {A Gompany limited by guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
LANGLEY FAMILY FOUNDATION A company limited by guarantee) CONTENTS Page Referènce and administrative detai15 of tho companyi its Trustees and advisers Trustees. report Tru5tees' responsibilities statement Independent examinèrfs report Statement of financial activities Balance sheet Notes to the financial statements 8-15
LANGLEY FAMILY FOUNDATION IA company limlted by guarantee) REFERENCE AND ADMINISTFiATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Trustegs P Sandiland5. Trustee S Cohen, Trustee Company reglstored number 12511631 Charity registered number 1193233 Reglstered office Island Studios 22 Sl. Peters Square London W6 9NW Accountants Blick Rolhenberg Limited Chartered Accountants 16 Great Queen Street Covenl Garden London WC2B SAH Bankers Nalwesl 1 Granby Street Leicester LE16EJ Page I
LANGLEY FAMILY FOUNDATION {A company limFted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Iwslees present their annual report together with thè financial ststemenls of the company for the 1 October 2022 10 30 September 2023 The annual report seNes the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm that the annual report and financial slalemenls of the charitable company comply with the Current slalulory requirements, thè requirements of the charitable company's governing document and the provisions of the Slalemenl of Recommended Practice ISORPI applicable lo charities preparing their accounts in accoidance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 {effe¢live 1 January 2019). Since the company qualtfies as small under section 382 of the Companies Act 2IXE, the strategic report required of medium and large companies under the Companies Act 2006 (Slralegic Report and Directors. Report) Regulations 2013 has been omitted. Objectives and a[vItIeS a. Policies and objectives The Foundations objectives are restricted lo prorrioting or CArrying out such Chantable purposes as the Iruslees in their absolute discretion from time lo lime Ihink lil. In selling objectives and planning for achvities, the trustees have given due consideration lo gener81 guidance published by the Charity Commission relating lo publ benefiL including the guidance 'Public benefil.. rur>ning a charity IPB21'. b. Grant•making policies The tustees will identify, al their discretion, iegislered charities or other voluntary oiganisalions undertaking ch2rilable activities that align with the purposes and obj'ectives ol the Foundation and generally conform lo Foundation crrfÉeria. eonduct due diligence and Inle grant applications. Such offers will be made as and when the Trustees identify suitable projects. Achievements and performance Flnancial review a. Going concern After making appropriale enquiiies. the Iruslees have a reasonable expectation Ihal the company has adequate resource5 to continue in operation21 existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial slalemenls. Further details regarding the adoption of the going )ncern basis can be found in Ihe accounling policies. b. Reserves policy As al 30 September 2023, the reseTves of the Foundation amount to £542,512 12022.. £507,412). The lustees have established a policy whereby free reserves held by the charity should be maintained al sufficient levels lo maintain the ¢harity's operaltons in the event of short lem) funding flurtualK>ris or unforeseen costs. c. Summary During 2023. the Foundation receNed donatnS lotsllirFg £62.500 {2022-. £7,500). made lotsl grants of £27,400 12022-. £Nil} along with incurrtng governance costs totalling £2,40012D22.' £2,508). Page 2
LANGLEY FAMILY FOUNDATION {A company limSted by guaranteel TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 30 SEPTEM8ER 2023 Structure, governance and management a. Constltution Langley Family Foundation is registered as a chaTitable company limit&J by guarantee and was sel up by a Trust deed. b. Methods of appointment or election of Trustees The Board of the company is the responsibiliiy of the tnjslees who are ele¢ted and co-opted under the terms of the Ttusl deed. c. Financial risk management The trustS have assessed the major risks lo which the company is exposed, in particular Ihos? related lo the operations and finan5 of the ¢ompany. and are satisfied that systems and procedures are in place to miligale exposure to the major risks. Members. liability The Members of the company guaTanlee to contribute an amount not ex¢eeding £10 to Ihe assets of the company in the event of wnding up_ Approved by order of the members of the board of Iruslees arKI signed on their behalf by. P Sandilands Truste Dale.. 1510412024 Page 3
LANGLEY FAMILY FOUNDATION IA Gompany limited by guarantee) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Iruslees (who are also the diTe¢lors of the company for the purposes of company lawl are responsible for preparing the Trustees. report and the financial slalemenls in accordan wrth applicablÈ law and United Kingdom Accounting Slandafds (United Kingdom Generally Accepted Accounting Practice). Company law requires the trijstees lo prepare financial slalemenls each financi81 . Under company law, the Iruslees musl not approve the financial slalemenls unless they are satisfied Ihat they give a tiue and fair view of the slate of affairs ol the company and of ils incoming resoUrS and application of resource5. Including its income and expenditure, for Ihal period. In preparing these financral slalements, the trustees are required lo.. select Suitab accounting polieS and then apply them consistently,. observe the methods and principles of the Charities SORP IFRS 102)," make judgements and accounting eslimales that are reasonable and wudent., state whether Spplicable UK AGcounling Standards IFRS 1021 have en folbwed. subjeGI lo any material departures disclosed and eXplaid in the Iinancial slalemenls,. prepare the financial slalements on the going con¢em basis unless it is inappropiiale lo piesume Ihal the company will cor)tinLEe in business. The trustees are responsible for keeping adequate accounting rewrds that are sufficient lo show and explain the compansls ITansa¢lions dI105e with reasollable accuracy al any lime the financial position of the company and enable them lo ensure that the Iinancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the 8s9els of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on ils behalf by." P Sandllands.. Trustee Dale.. 1510412024 Page 4
LANGLEY FAMILY FOUNDATION IA company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Independent examinerfs report to the Trustee5 of Lang1 Family Foundation ('the company'l I report lo the charity trustees on my examination of the accounts of the company for the year ended 30 Sèptember2023. Responslblllties and basis of report As the trust$ of the company land its directors for the purposes of company lawl you are responsible for the preparation of the 8c¢oiJnls in accordance wth the requiTements of the Companies Act 20061.the 20Ck Acl'l. Having satisf5ed myself that the accounts of the company are not required lo be audited ijnder Part 1 S of the 2006 A¢1 and are eligible for independent examination, I report in respect of my examinatK>n of the companys accounts carried under section 145 of the Chaiilies Act 2011 I'lhe 2011 Acl'l. In Carrying out my ex8minalion I have foljowed the Directions given by the Charity Commission under section 14515llb) of the 2011 Act. Indèpendent examiner's statement I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination gNing me cause lo believe.. accounting COrdS were not kept in respect of the ccKnpany as requiTa by section 386 of the 2006 AGt,' or the aOUntS do not accord with those records.. or the accounts do not compty with the ac(x)unling requirements of section 396 01 the 2006 Act other than any requirement that the accounts gDie a 'true and fairf Mew whh is not a maller considered as part of an independent examination- or the aocounls have not been prepared in wjrdance with the Fnethods and principles of Ihe Statement of Recommended Practice for accounting arKI reporting by charities lapplicab to charities preparing their accounts in accordan wtth the Financtal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)]. I have no concerns and have come across no other matters conne¢tion with the examination lo which allenlion should be ijrawn in this report in order to enable a proper understanding of the accounts lo be reached. This report is rnade solely lo the companws Trustees. as a body, in ordanCe WTth Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate lo the company's Trustees those matters l am required lo slate lo them in an inLtependenl examinerfs report and foT no other purpose. To the fullest extent permilled by law. I do not 8p1 or assume responsibility to anyone other than Ihe company and the companls Trustee5 as a ly, for mywork or for this report. Signed.. fj) ¥ Daniel Burke Blick Rothenberg Limited Chartered Accounlanls 16 Great Queen Street Covent Garden London WC2B SAH Dat.. 16104r2024 The Institute of Chartered Accountants in England and Wales Page 5
LANGLEY FAMILY FOUNDATION IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Unrestricted funds 2023 Total funds 2023 Tokal fv17ds 2022 Note Income from: Donations and legactes 62.500 62,500 7,500 Total Income 62,500 62,500 7,5(Kl Expenditure on- Charitable activtlies 27,400 27,400 2,&)8 Total expenditure 27.400 27,400 2,508 Net movement in funds 3S.100 35,100 4,992 Reconciliation of funds- Total funds brought fOard Nel movement in funds 507.412 35,100 507,412 35,100 502,420 4,992 Total funds carrled forward 542,512 542.512 507,412 The Slalemenl of financial activiltes includes all gains and losses recognised in the year. The notes on pages 8 10 15 fom part of these financial slatemenls. Page 6
REGISTERED NUMBER". 12511631 LANGLEY FAMILY FOUNDATION IA company limited by guarantee) BALANCE SHEET FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2022 Note Flxed assets Investments Current assets 5W.000 Debtors 11,500 33.292 Cash al bank and in han 5920 44,792 9,920 Creditors.. amounts falling due wlhin o year 10 (2.280) (2,508) Net current assets 42.512 7,412 Total assets less current liabilities 542,512 507,412 Total net assets $42,512 507,412 Charlty funds Unrestricted funds 11 542.512 507,412 Totsl fund$ 542,512 507,412 The company was entitled lo exemption frrmn audit under seclKJn 477 of the Companies Act 2006. The members have not reqkjired the c¢Jmpany lo obtain an audil for the year in qLreSt1( in accordance wrth section 476 of Companies Act 2006. The Trustees acknowledge their responsbi ililies for complwng with the requirements of the Act with respect lo accounting records and preparation of financial slalemenls. The financial statements have been prepared in 1rdan with the provisions applicable lo enlilies subject to the small companies regime. The financial ststements were approved and authorised for issue by the Truslees 2nd siglled on their behalf by.. P Sandllands Trustee Date.. 1510412024 The notes on pages 8 to 15 form part of these financial slalernents_ Page 7
LANGLEY FAMILY FOUNDATION IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 General infomiation Langley Family Foundation is a CrpanY limtted by gLJarantee incorporated in Englanrl and Wales. The addiess of ils registered Offi is Isknd Studios, 22 Sl_ Peters Square, London, VV6 9NW. In the event that the company is wound up. È&h member of the corw)any Commits lo contribute an amount of £10. The financiaj slalemonts are presented in Sterling (£1. Accounting policies 2.1 Bas1$ of preparation of financial statements The financial slalemenls have been prepared in accor(Jance with the Chartlies SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo char¢lies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of lleland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 102) and the Companies Act 2006. Langley Family Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabiltieS are initially recognised al hislorTcal cost or transaction value unless olhewise slated in the relevant accounting policy. 2.2 Going concèrn Afte¥ making enquiries. the trustees have a reasonable expectation that the charity has adequate resouTces lo continue in operational existence and meet Ils liabilities as they fall due for the foreseeable future, being a period of at least e1ve months from the date these financial slalemenls were approved. Accordingly, they c(Inlinue lo adopt the going Concern basis in preparing the financial slalemenls. 2.3 Income All income is recognised once the company has entitlement lo the income, it is probable that the income will be received and the amounl of inc¢xne r1vab can be measured reliably. Donations comprisect of unlisted shares. il is measured at fair value, unless il is impractical to measure this reliabty. in which case the cost of the item to the donor should be used. The gift is ¢ognised as InMe ftom donalrons and a corresponding amount is included in the appropriate investment class. 2.4 Expendlture Exptrndilure is recognised once there is a al or constructive obligation lo transfer economic benelil lo a third party. il is ptobable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reli3bty. Expenditure is Glassified by aclivily. The costs of each activity are made up of the total of di¢1 costs and shared costs, including sUPPOrt Costs involved in undertaking each 8Gtivity. Direct Costs allributable lo a single activity are allocated directly to that activity. Shared Costs which contribute to more than one actEVity and support costs which are not attributable lo a single actimly are apportioned between those activities on a basis consislenl with the use ol resources. Central staff costs are alJo¢aled on the basis of lime spent, and depreciation charges alkled on the portion of the asset's use. Expenditure on tharilable activf(ies is incurred on diTecEly undertaking the 2Ctivilies whtt further the company's oty'eclives. as well as any a$srated support costs. Page 8
LANGLEY FAMILY FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies Icontinuad) 2.4 Expendlture (continued) Grants payable are charged in the year when the offer is made except in those Cases where the offer is conditional, such grants being reeognised as expenditure when the conditions alla¢hing are luKilled. Grants offered subject lo condttions which have not been met al the year end are nol8d as a commitment, bul not acGtued as expenditure. All expenditure is inclusive of iTrecover8ble VAT. 2.5 Investments Fixed asset investments are a fomi of finanal instrument and are inilialty recognised al their liansactKJn cost and subsequently measured at fair value at the balance sheet dale. unless the value cannot be measured reliab in which case it is measuTed al cost less impairment. Investment gains and losses. whether realised or unTealised, are combined and presented as 'Gainsl(Lossesl on inveslmenls, in the slalemenl of financial acts'vilies. 2.6 Debtors Tiade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are walued at Ihe amount prepaid net of any trade di8u1S due. 2.7 Cash at bank and in hand Cash al bank and in hand irlUdeS cash and short-term huhly liquid investments with a short maturity of Ihree months OT less from the dale of acquisitn or opening of the deposit or similar account. 2.8 Financial instruments The Company has ethted lo appty Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party lo the contraclual provisions of the instrument. Financial liabilities and equty instruments ale classified according to the substance of the conlraclual arrangements entered into. An equity instrument is any ¢ontwl that evtdences a residual interest in the assets of the Gompany after deducting all of its liabilthes. The companys poIleS for its major classes of financial assets and financial liabilities are sel oyl below. Financlal assets Basic finan¢tal assets, in¢luding other debtors. c8sh and bar5k balances are initially recognised at transaction price, unless the ariangemenl conslttule5 a financing transaction, where the transaction is measured al the present value of the future reIPtS discounted at a market rate of interest for a similar debl irislrumenl. Financing transli0nS are Ih05e in which payment is deferfed beyond normal business terms or is financed al a rate of inlwesl that is not a market rale. Such assets are sijbsequendy Ca*d at amortised cost using the effective interest method, less any impaimient. Page 9
LANGLEY FAMILY FOUNDATION IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting pollcles Icontinuedl Financial instruments (continued) Financial Ilabilities Basic financial liabililies, including other credito are initially recognised al transaction pri, unless the atTangemenl constitutes a financing transaction. where the debt instrument is measLJred al the present value of the future payments dIOUnted al a market rale of inleresl for a similar debt inslrumÈnl. Financing transactions are tIse in whh payment is deferred beyond normal business terms or is h"nanced al a rale of inleresl that is not a market rate. Debt inslrijmenls aTe subsequently (3rried al amortised cost, using the effective interest rate melhod. Impaimient of financial assets Financial assets mèasured at cost and amortised cost are assessed al the end of ch reporting period for objective evidence of impairment. If objeclive evidence of impairment is found, an impairment Ioss Is recognised in the profil and loss account_ For financial assets measured at cosl less impalmnI. the impairment loss is measured as the difference between the asset's carywng amount and the besl estimate of the amount the company would receive for the asset if ti were lo be sold al the reporting date. For financial assets measured al amortisd cost, the impaiTrnenl loss is me8sured as the difference between the asset's carwng amount and the present value ol eslimaled cash flows discounted al the asset's origingl effective inleresl rate. If the financial asset has a variable interest rate, the discount rale lor measuring any impairment kjss is the CUent effective intetesl rate delemined under the contract. If there is a decrease in the impaimienl loss arising fn)m an event occurring after the impairment was reco9nised, the impairment is reversed. The reversal is such that the cutrent carrying amount does not exceed what the carying amount would have b*n had the ImpalmnI not prewously been recognised. The impairment reversal is recogned in profil 01 loss. Derecogni¢ion of financial assets and financial Ilabilitres Financial assets are dereccynised when (al the conlractual rtghts lo the cash flows from the asset expire or are settled. or {bl Substantial all the risks and rewards of the ¢)wnership of the asset are transferred lo another party or (cl despite having retained some significant risks alld rewards of ownership. control of the asset has been transferred to another party who has thè practical ability lo unilaterally sell the asset lo an unreleted third party wilhoul imposing additional reslriclions. Financial liabilil¢es are derecognised when the IkilHlity is extinguished. that is when the Gonlraclual obligation is discharged. CanCeld or expires. Offsetting of financial asset5 and financlal liabilities Financial assets ar liabilities are offset and the net amount reported the balance sheet when there is an enforceable right to sel off the recc4Jnised amounts and there is an inlenlion lo settle on a nel basis or lo realise the asset and sett the liability simultaneously. Page 10
LANGLEY FAMILY FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies Icontinuedl 2.9 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in fLFrthèrance of the general objectives of the company and which have not been designated for other purposes. Income from donatlons and legacles Unrestricted funds 2023 Total fvnds 2023 Tolal rund8 2022 Donations 62.5 62,500 7.5(X) Total 2022 Analysis of grants Grants to Institutions 2023 Total funds 2023 Total funds 2022 Grarbls 25.() 25,000 Analys1$ of expendtture on charitable actlvltles Summary by fund type Unrestricted funds 2023 Total 2023 Total 2022 Expenditure on governance 27.400 2,508 Total 2022 2,S)8 Page11
LANGLEY FAMILY FOUNDATION {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Analysis of expenditure by activities Grant funiling of Govemance activities costs 2023 2023 Total fijnds 2023 Total funds 2022 Expenditure on goveman 25.000 2,400 27.400 2.508 Total 2022 2,508 Analysis of support costs Governance costs 2023 Total funds 2023 Total funds 2022 Accountancy 2,400 2,400 2,508 Tolal 2022 2.508 2,508 Trustegs. remuneratlon and expenses Durinu the year. no trustee recewed any remuneration or other benefits {2022- £NILJ. During the year ended 30 September 2023. no trust expenses have been incurred (2022- £NILI. Page 12
LANGLEY FAMILY FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEP418ER 2023 Flxed asset Investments Unlisted investments Cost Al 1 October 2022 500,000 AI 30 September 2023 500,000 Net book value AI 30 September 2023 500,000 At 30 Sèptember2022 500,000 Debtors 2023 2022 Due wlthin one year Other debtors 11,SOO 4.000 10. Creditors.. amounts falling due within one year 2023 2022 Accruals and delerred income 2,280 2,508 Page 13
LANGLEY FAMILY FOUNDATION IA company limlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 statement of funds Statement of funds - current year Balance at 30 SepterFtber 2023 Balance at 1 October 2022 Income Expènditure Unrestricted funds General Funds 507.412 62,500 127,4001 542,512 Statement of funds - prlor year Balancg £1 30 September 2022 B818nce al l October 2021 IrKxime Expendilu Unrestricted funds Ceneral Funds 2,420 (2, 508) 507,412 12. Summary offunds Summary of lunds - current year Balance at 30 September 2023 Balan¢e at 1 October 2022 Income Exp8nditur8 General funds 507,412 62.500 127,4001 542,512 Summary of funds - prior year Balan al 30 Septèmbèr 2022 Balance al 1 October 2021 Income ExperU9 General funds 502,420 (2,508) 507,412 Page 14
LANGLEY FAMILY FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 13. Analysls of net assets between fvnds Anatysis of net assets between funds- current year Unrestricted funds 2023 Total funds 2023 Fixed assel investments Current assets Creditors due wtihin one year 500,000 44,792 12.2801 5r)O,000 44,792 2,2801 Total 542,512 542,512 Analysis of net assets between funds - prfor year UnreslriGled funds 2022 Total funds 2022 Fixed asset investments Currelll assets Creditors due wi(hin one year 5(Xl,000 9,920 [2,8) 500,000 9,920 (2,5L18) Totsl 507,412 507,412 14. Related party transactions During the year the one of the Trustees. P Sandilands donated lo the charity a lolal of £30.000 {2022'. £6,000) a8 well as paying costs on behall of the charity £Nil 12D22." £Nill. As al the yeai end the P Sandilands was owed £Nil {2022.. £Nill. There ale no fomal tem5 and conditions of repayment. Page 15