Chaty reglstratlon number 1193336 Company reglstratlon number CE024765 (England and Walesl THE LHR CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
THE LHR CHARITABLE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustoès HRRoss LARoss E M Gaudem R E Smith V Healey S J Collins (Appointed 2 October 20231 (Appointed 2 October 20231 (Appointed 2 Octobei 20231 Charlty number 1193336 Company number CE024765 Regljtered offlce Browne Jacobson LLP Mo¥vbray House Castle Meadow R08d Nottingham NG2 1BJ Ind•p•ndènt •xamln•r Afford Bont1 Holdings Limrte 31 Wellinoton Road Nanlch Cheshi CW5 7ED
THE LHR CHARITABLE FOUNDATION CONTENTS Page Tnjstees. feport Independent examiners report Statement of financjal activities Balance sheet Slalemenl ol ¢a$h flows Notes lo the fin¥n¢ial stslem¥nl$ 6-12
THE LHR CHARITABLE FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JANUARY2024 The trustees present their annual report and finanaal statements for the year ended 31 January 2024. The financial statements have been prepared in accordanc£ with the accountsng poliaes set out in note 1 to the financial statements and compty wrth the charity's governing document. the Cornpanie5 Act 2006 and 'A¢counting and Reporting by Ch8rities.' Statement of Recommended Pracb'oe applicable to ChareS preparing their aocounls in accordance with the Finan81 Reporting Standard appltsble in the UK and Republic of Iieland IFRS 1021" leffective 1 January 20191. Oblectlves and actlvltles The objects of the charity are such purposes as shall be exdu$i¥ety ¢h8ritable as the ¢h8rity trustees in their 8bsolutè discrÈtion from time to time think ffit. Publlc beneflt The trustees have paid due re98rd to guidance issued by Ihtr Chawity Commission in deciding what acb'viti'e$ th charity should unrJ&rtake. Flnanclal revlew It is the policy ol the chanty that unrestrided ftjnds whith have noi been designated for 8 specific use should btt maintained al a level equivalent lo belween three an(J six mnth's expenditure. The Iruslees ¢onsider that reserves al this level will ensure that. in the event ol a signrficant drop in fundin9. they will be able to contsnue the charity's current activities while consideration is given to ways in which addrtional funds may be raised. This level of reserves has been maintained throughout Ihe year. Structure, governance and management The charrty Is a company limited by 9uarant88, constructed under a trust deed dated 2S January 2021 and Is a registered charity, number 1193336. The trustees, who are also the directors for the pUose of company law. and who served during the year and up to the date ol signature of the finanrAal statements were.. HRRoss LARoss E M Gaudern R E Smith V Healey S J Collins (Appointed 2 O¢tober 20231 (Appointed 2 October 20231 (Appointed 2 October 20231 Recrultment and appolntment ol trustees Ap8rt from the first charity trustees. every IwustÈe must bè apF)ointed for a temi of threè years by a resolution passed at a property convèned meeting of the charrty trustees. In selecbng individuals for appointment as ch8rity trustees, the charty trustees must have regard lo the skills. knowledge and experience needed for the effective administration of the charity. There must be at least three charity truslees. If the number falls below this minimum. the remaining trustee or trustees may act onty to call a meeting of the charity trustees or appoint a new charity truslee. There is no maxirnum number of charity trustees that may be appointed. Thè tiusteos. rèport was appioved by the Board Of Trustees. HRRoss Trusto• Date.. 19 Jun 2024
THE LHR CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LHR CHARITABLE FOUNDATION I report to the trustees on my examination of the financial statements of The LHR Charitable Foundation (the charityl for the year ended 31 January 2024. Responsibilities and basis of report As the trustees of the charity land also rts directors for the purposes of company lawl you are responsible for the preparation ol the financial statements in accordance with Ihe requirements ol the Companies Act 2006 (the 2006 Act). Having satisfied Myse that the financial statements of the charity 8re not required to be audited under Part 16 of the 2006 Act and are 8ligibl8 lor independent 8xaminatM)n. I report in iesped of my examination of the charity's financial statèments carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Dbrecknons given by the Charity CommiSn under section 14515llbl ol the 2011 Act. Independent examlnerf8 Statement Since the charbty's gross Income exceeded £250.000 your examiner must be a member ol a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examinalion because l am a member of Association of Chartered Certified AccA)untanls IACCAI. which is one ol the lisled bodies. I have completed my examination. I confirm that no rnallers have come to my attenlion in connecfy'on with the examination giving me cause to believe thal in any material respect. accounting records were nol kept in respect of the chanty as required by section 386 of the 2006 Act,. or the financial slalemenls do ntsl 8¢¢ord wrth Ihose re¢ord$.' or the financial statements do not compty wrth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounls give a Iwe and lair view which 15 not a matter considered as part of an independent examination., or the financial statements have nol been prepared in accordance with the methods and prinaples of the Statement of Recommended Practice for accounling and PortIng by charrties applicable lo charities preparing their accounts in aordancE wrth the Finanryal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have comè across no other mattèrs tn connection with thè examSnatSon to whlch attentlon should be drawn In this report in order to enable a proper understanding of the financial statements to be aChed. Paul Edwards FCCA CTA Afford Bond Holdings Limited 31 Wellington Road NAntwch Cheshire CW5 7ED Dated.. 25 Jun 2024
THE LHR CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY2024 Unrestrtcted fund# 2024 Unrestrlcted funds 2023 Not•s Income from: Donations and legacies Investments 301,730 51,809 587,689 31,392 Total Incorn? 353.539 819.081 Expèndlturè on.. Charitsble activitie8 100.885 70.930 Total exp?ndltur• 100.885 70,930 Net gainslllossesl on investments 10 170,592 169,6ssi N•t Incom• and mov•m•nt In fund8 423,246 478,496 Reconclllatlon ol funds: Fund bg1gn¢g$ al 1 Febwary 2023 2,271,656 1.793,160 Fund balanc•• at 31 January 2024 2,694,902 2,271,656 Th$ statement of financial activibe$ indud¢$ all gains and kn$ses rfj¢ognised in the year. All in¢om& and expenditu derive from continuing activities.
THE LHR CHARITABLE FOUNDATION BALANCE SHEET AS AT31 JANUARY2024 2024 2023 Notes Flxed assets Investment property Investments 12 13 145.836 2.460.196 145,836 1.955.566 2.6C.032 2.101,402 Current a8set8 Debtors Cash at bank and in hand 14 60.009 31.861 173.254 91.870 173.254 Cr•dltors'. amounts falllng du• vAthln one year 15 {3.000} 13,0001 Net curront aosets 88.870 170,254 Total a8•ets leos current Ilabllllle8 2.694.902 2.271.656 The lund8 of the charSty Unrestricted funds 2,694.902 2.271,656 2,694,902 2,271,658 Th Company 1$ enlilled lo the exemption from th* audrt requiwm&nl ¢onlain&d in section 477 of lh& Compani¥$ Act 2006, for the yèar end8d 31 January 2024. The directors acknowledge their responsibilities for CANnptying with the requirements of (he Companies Act 2006 wbth respect to accounting records and the preparation of finanual statements. The members have not required the company lo obtain an audit of ils finantyal statements for the year in question in a¢¢ord8n¢e with section 478. Thèse financi81 statements ha begn prepa in 8¢¢ordanc¢ with th¢ provision$ appli¢ab19 to ¢ompanios subje¢t to the small companies regime. The financial statements were approved by the trustees on 19 Jun 2024 .2..12. HRRos5 Trustee Company registration number CE024765 (England and Wales)
THE LHR CHARITABLE FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY2024 2024 2023 Note$ Cash flows from opèrating aetlvltl•s Cash generated from operations 18 153.804 532.452 Inv•stlng actlvltl•s Purchase of investment propety Realised loss on Investments Purchase of other investments Proceeds from disposal ol other investment$ Investrnenl incorne received 15.7181 44,969 {877.8481 342,611 31.392 8,628 1820.4241 464.790 51.809 N•t ¢o¥h u$•d In Inv*stlng o¢Wvlll 1295.1971 1464,5941 Nèt ea8h usèd In flnanclng aetlvlti N•t Id•cr•a8•)Ilner•a8• In cash and eash equlvalents 1141,3931 67,858 Cash and cash equivalents at beginning of year 173.254 105.396 Cajh and cajh equlvalents at end of year 31.861 173.254
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2024 Aecountlng pollel•s Charfty Snforniatlon The LHR Charitable Foundation is a private company limited ty guarantee Inctsrporated in England and Wales. The registered office is Browne Jacobson LLP. Mowbray House, Castle Meadow Road, Nottingham, NG2 18J. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Pr8c¢ice applicable to charilies preparing Iheir ac¢ounls in accordance with the Financial Reporting Standard applirable in the UK and Republic of Irelan(J IFRS 1021. (effective 1 January 20191. The ¢h8rity is a Publi¢ Benefft Enlty as defined by FRS 102. The financial statements are prepared in sterfing, which is the fundional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention. modified to include the revaluation of freehold propertie5 and to include investmenl properties and certain financial instruments at fair value. The prinapal accounting policies adopted are sel out below. 1.2 Golng ¢on¢¥m At the time of approving the financial stalements. Ihe trustees h8ve a reasonable expectation that the charity has adequate resour3 to continue in operaD'on81 existence for the lore5ee8ble future. Thus the Iru5tees ¢onlinu& lo adopt the going conc¢m bo$i$ of ac¢ounling in preparing the finano81 $10t&menls. 1.3 Charttable fundi Unrestricted funds are available for use at the discretion of the irustees in lurtherance of their charitable objecbves. Restricted funds ar8 subjèd to specthc conditsons by donors or grantors a$ to how they may bg Usgd. The purposes and uses of the restricied lunds are set out in the notes to the finanaal statements. Endowment fvnds ale $ubje¢t lo $p¥¢fft conditions by donors th81 th¢ ¢apilal must bo maintained by th$ charity. 1A Income Income is recognised when the charity is legalty entitled to it after any perfomance conditions have been rnet, the arnounts can be measured reliabty. and Tt 15 probable thal ino)me will be Ceived. Cash donations are recognised on reipt. Oiher donats.ons a recognised once the charty has been nots'fied of the donation, unless perforniance conditions require deferral ol the amount. Income tax recoverable in relation to donations recewed under Grf1 or deeds of covenant is recDgnised at the time of the donation. Legacies are recognised on receipt or olhemse il the charity has been notified ol an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legary is Iated as a contingent asset.
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Accounting policies (Continuedl 1.5 Exp•ndltur• Eypenditure is recognised once Ihere is a legal or constructive obligation to Iransfer economic benefit to a third paty. r( is probable that a transfer of enOMiC benefits will be iequired in settlement, and the amount of the obligation can be rneasured reli8bty. Expenditure is dassified by athvty. The costs of each adivrty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each acbvity. Direcl costs attributable to a single activity are allocated directy to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned befvleen those activitie5 on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges are alk)raleiJ on the portion of the assel's us&. 1.6 Investm•nt property Investment property, which is property held lo eam rentals andlor for capital appreciation, is initially cognised at cost, which indudes the purchase cost and any directy attn'butable expenditure. Subsequent it is measured at fair value at the reporting end date. The surplus or deficit on valUatn is recognised in profit or loss. 1.7 Flxed a88•t Investments Fixed asset investmènts afe SnitSalty m•asur•d at transaction prie• èKdudlng tran$8¢tlon costs, and ar& subsequently measured al fair value al each porting date. Changes in fair value are recognised In net Incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Ca8h and ea8h équlval•nts Cash and cash equivalents indude cash in hand. dep05rts held at call with banks. other short-terrn liquid investrnents wilh original malurities ol three months or less. and bank overdrafts. Bank overdrafts are shown wrthin borrowng3 in current liats'lrties. 1.9 Flnanclal Instruménts The charity has elected to appty the provisions of Section 11 '88sic Finanrial Instruments, and Sects'on 12 'Olher Finanri81 Instruments 1ssue5' of FRS 102 to all of it5 finanrial instruments. Flnancial instruments are reco9nised in the chanty's balanc8 sheet when the chaity becomes party to the contractual provisions of the instrument. Financial assets and liabililies a offset. wilh Ihe net amount5 psenIed in the financial statements, when there is a legalty enforceable right lo sel off the recognised amounts and there 15 an intention to settle on a net b83is or lo re81ise the 05sel and see the li8bility simuW8neousty. Basle flnanclal ass•ts Basic finanrial assets. which indude debtors and cash and bank balances. are initially measured at tr8ns8Ction price including Iran5acIion c95ts and are subsequentty c3rried 8t 8mortised cost Using the effective interest method unle55 the arrangernent con5trtutes 8 finanung transaction. where the tiansaction is measured at the psent value of the luture receipts discounted at a market rate of interest. Finanaal assets classified as re1vable wrthin one year are not amortised.
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Accounting policies (Continuedl Basle finanelal Ilabilltiès Basic finanrial liabilities. induding credrtors and bank loans are inrtially recognised at transaction price unless the arrangement constrtutes a financing transaction. where the debt instwment is measured at the present V81ue of the future payment5 discounted at a market rate of inlere51. Fin8nryal li8bilities classified 85 Payable wrthin one year are not amortised. Debt instruments are subsequentty carried at amortised cosl. using the effective interest rate method. Trade creditors are obligations to pay lor goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable 8re dassified as current liabilities if payment is due wlhin one year or le$5. If not. they are presented a5 non-current liabilities. Trade creditor5 are recogni$ed inth'ally 81 transactKJn price and subsequentty measure(1 at amortised cost usin9 the effectsve interest method. D•rncognitlon of financlal liabiliti•s Financial liabilities are derecogni5ed whtrn thtr Charty's ¢ontr8dual oblig81ion$ expire or a discharged or ¢8ncelled. crttlcal accounng 88tlmat•s and ludg•m•nts In the application of the charity's 8ccounfrng policges. the trustees are required to make judgements. estimates and assumptions aboul the carrying amount of assets 8nd liabilrties that are not readily apparent frorn other sources. The eslirnales and a55ociated assumptions are based on historic81 experience and other factors that are Considered to be r&l&vanl. Actual re$utt$ may drffei from Ihe$¥ ¥stimal¥s. The estimates and undertying assumptions are reviewed An ongoing ba$i$. Revlslon$ to accountlng estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and lulure periods. Income from don4iion$ •nd leg•¢l¥s Unr•sttted funds 2024 Unr88trleted fund8 2023 Donations and grfts 301,730 587,689 In¢om• from invè#tm•nt$ Unr•striet•d Unrostrict•d funds funds 2024 2023 Rental income Income from listed investrnents 14,803 37.(X)6 11,124 20.268 51.809 31,392
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Exp•ndltur• on charltsbl• aetlvltl•s Charltable Charftable Expenditure Expenditure 2024 2023 DSrect costs Admin expenses 1,207 1,122 Grant funding of activtties Isee note 81 80,799 49,280 Share of Support and gov•mance co8ts18ee note 7> Gov&rnancé 18,879 20,528 100,885 70,930 Analy81• by fund Unrestn'cted lunds 100,885 70,930 Grant• payable Charltabl• Charltsbl• Expendlture Expendlture 2024 2023 Grants to institutions-. Education81 institutions Healthca institutions Other Charitable institutions Individuals 39.125 28,824 7,600 5,250 20,180 17,100 6.350 5,650 80,799 49,280 Governance costs allocated to charltable acllvllbes: 2024 2023 Govemance Govèmance costs costs Account8n¢y Legal and professional Investment rnanagement fees Property management fees 3,000 690 12,968 2,221 3.000 15,347 1.521 18.879 20.528
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Trust••s None of the tTUStees IOT any persons connected with them) receNed any remuneralion or benefits from the charity during the year. Employees The avera9e monthfy number ol employees during the y¢arwas-. 2024 Numbèr 2023 Number Total There were no employees whose annual remunerat•Jn was more than £80,000. 10 Galn8 and 1088e• on Investments Un1cled Unrnotrlcted funds funds 2024 2023 Gain8lllos6esl arising on.. Revaluation of investments Sale of investments 179.220 18,6281 124.6861 144,9691 170,S92 169,65SI 11 Taxatlon The charity is exempl from tax on income and gains falling within section 505 of the Taxes Act 1988 or sedion 252 01 the Taxalion ol Chargeable Gains Act 1992 to Ihe extenl thal these are applied to ils charitable objects. 12 Investment property 2024 Falr value At 1 February 2023 and 31 January 2024 145,836 Investment property comprises residential properties. The trustees believe that the valuation as at the balance sheet date is not materialty dtherenl lo the purthase costs incuffed in August 2021. 10-
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 13 Flx•d ass•t Inv•stm•nts Llstèd Inv•stments Cost or valuatlon Al 1 February 2023 Additions Valuation changè$ Management charge5 paid Disposals 1.955,566 820.424 170,592 112.9681 1473,4181 At 31 January 2024 2.460,198 Carrylng amount At 31 January 2024 2,480,196 At 31 January 2023 1.955,566 14 O•btorn 2024 2023 Amounts lalllng due wbthln on• year: Prepayments and accwed InMe 60.009 16 Credltor8'. afflounts lalllng due wbthln one year 2024 2023 A¢¢ru81$ and delerred in¢ome 3,000 3,000 18 Unrestrlcted funds The unrestricted fvnds of the th8rity comprisè UnèXndd balan¢è$ of dtsnatK)ns and gr8nt5 whi¢h are not subject to spectfic conditions by donors and yrantots as to how thèy may be used. These include designated funds which have been set ashye out of unrestricted funds by the trustees for specific purposes. At 1 February 2023 Incomlng resources Resources expended Galns and At 31 January losses 2024 General funds 2.271,656 353.539 1100,885 170,592 2,694,902
THE LHR CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 16 Unrestricted funds (Continuedl Prèvlous yèar= At 1 F•bruary 2022 Ineomlng rnsourees R•soure•s Èxpended Galns and At 31 January loss•s 2023 General funds 1,793,160 619.081 170,9301 169,6551 2.271,656 17 Rèlated paity transaetlons Transactlons wlth related partle8 During the year the chanty received £1,730 12023.. £470,() in donations from HR Ross and £240,000 12023. £nill in donat#)ns from LA Ross. 18 Cash g•n$r•ted from oper¥iion• 2024 2023 Surplus for the year 423,246 478.496 Adjustments for.. Investment income recognised in slalement of finanoal actiwties Loss on disposal of invèstments Fair value gains and losses on investments Fund management fee$ 151,8091 8,628 1179,2201 12,968 131.3921 44,969 24.686 15,347 Movements in working capital.. Ilncreaselldecrease in debtors IDecreasellincrease in creditors 160,0091 345 C48h generated from operallons 153,804 532.452 19 Analysls of changes In net funds The charity had no debt during the year. 12_