Charity registration number 1193336 (England and Wales) Company registration number CE024765
THE LHR CHARITABLE FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
THE LHR CHARITABLE FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | H R Ross |
|---|---|
| L A Ross | |
| E M Gaudern | |
| R E Smith | |
| S J Collins | |
| Charity number (England and Wales) | 1193336 |
| Company number | CE024765 |
| Registered office | Browne Jacobson LLP |
| Mowbray House | |
| Castle Meadow Road | |
| Nottingham | |
| NG2 1BJ | |
| Independent examiner | Afford Bond Holdings Limited |
| 31 Wellington Road | |
| Nantwich | |
| Cheshire | |
| CW5 7ED |
THE LHR CHARITABLE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 11 |
THE LHR CHARITABLE FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2025
The trustees present their annual report and financial statements for the year ended 31 January 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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 (FRS 102)" (effective 1 January 2019).
Objectives and activities
The objects of the charity are such purposes as shall be exclusively charitable as the charity trustees in their absolute discretion from time to time think fit.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
The charity is a company limited by guarantee, constructed under a trust deed dated 25 January 2021 and is a registered charity, number 1193336.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
H R Ross
L A Ross
E M Gaudern R E Smith V Healey (Resigned 16 July 2024) S J Collins
Recruitment and appointment of trustees
Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charity. There must be at least three charity trustees. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the charity trustees or appoint a new charity trustee. There is no maximum number of charity trustees that may be appointed.
The trustees' report was approved by the Board of Trustees.
H R Ross
.............................. H R Ross Trustee
08 May 2025 Date: .............................................
- 1 -
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 charity) for the year ended 31 January 2025.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
-
2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Paul Edwards FCCA CTA
Afford Bond Holdings Limited 31 Wellington Road Nantwich Cheshire CW5 7ED
08 May 2025 Dated: .........................
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THE LHR CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | - | 301,730 |
| Investments | 4 | 65,982 | 51,809 |
| Total income | 65,982 | 353,539 | |
| Expenditure on: | |||
| Charitable activities | 5 | 134,957 | 100,885 |
| Total expenditure | 134,957 | 100,885 | |
| Net gains/(losses) on investments | 10 | 325,512 | 170,592 |
| Net income and movement in funds | 256,537 | 423,246 | |
| Reconciliation of funds: | |||
| Fund balances at 1 February 2024 | 2,694,902 | 2,271,656 | |
| Fund balances at 31 January 2025 | 2,951,439 | 2,694,902 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 3 -
THE LHR CHARITABLE FOUNDATION
BALANCE SHEET
AS AT 31 JANUARY 2025
| Notes Fixed assets Investment property 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities The funds of the charity Unrestricted funds |
2025 £ £ 145,836 2,768,580 2,914,416 - 40,143 40,143 (3,120) 37,023 2,951,439 2,951,439 2,951,439 |
2024 £ £ 145,836 2,460,196 2,606,032 60,009 31,861 91,870 (3,000) 88,870 2,694,902 2,694,902 2,694,902 |
2024 £ £ 145,836 2,460,196 2,606,032 60,009 31,861 91,870 (3,000) 88,870 2,694,902 2,694,902 2,694,902 |
|---|---|---|---|
| 2,606,032 88,870 |
|||
| 2,694,902 | |||
| 2,694,902 | |||
| 2,694,902 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2025.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
08 May 2025
The financial statements were approved by the trustees on .........................
H R RossH H R Ross Trustee
..............................
Company registration number CE024765 (England and Wales)
- 4 -
THE LHR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1 Accounting policies
Charity information
The LHR Charitable Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Browne Jacobson LLP, Mowbray House, Castle Meadow Road, Nottingham, NG2 1BJ.
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” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE LHR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly 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 between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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THE LHR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting 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 future periods.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | - | 301,730 |
4 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Rental income | 14,727 | 14,803 |
| Income from listed investments | 51,255 | 37,006 |
| 65,982 | 51,809 |
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THE LHR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
5 Expenditure on charitable activities
| Charitable | Charitable | |||
|---|---|---|---|---|
| Expenditure | Expenditure | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Direct costs | ||||
| Admin expenses | 1,037 | 1,207 | ||
| Grant funding of activities (see note 6) | 109,397 | 80,799 | ||
| Share of support and governance costs (see note 7) | ||||
| Governance | 24,523 | 18,879 | ||
| 134,957 | 100,885 | |||
| Analysis by fund | ||||
| Unrestricted funds | 134,957 | 100,885 | ||
| 6 | Grants payable | |||
| Charitable | Charitable | |||
| Expenditure | Expenditure | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Grants to institutions: | ||||
| Educational institutions | 55,982 | 39,125 | ||
| Healthcare institutions | 30,000 | 28,824 | ||
| Other Charitable institutions | 20,000 | 7,600 | ||
| Individuals | 3,415 | 5,250 | ||
| 109,397 | 80,799 | |||
| 7 | Governance costs allocated to charitable activities: | 2025 | 2024 | |
| Governance | Governance |
|||
| costs | costs | |||
| £ | £ | |||
| Accountancy | 3,240 | 3,000 | ||
| Legal and professional | 690 | 690 | ||
| Investment management fees | 18,383 | 12,968 | ||
| Property management fees | 2,210 | 2,221 | ||
| 24,523 | 18,879 |
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THE LHR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
10 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 275,068 | 179,220 |
| Sale of investments | 50,444 | (8,628) |
| 325,512 | 170,592 |
11 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
12 Investment property
| Investment property | |
|---|---|
| 2025 | |
| £ | |
| Fair value | |
| At 1 February 2024 and 31 January 2025 | 145,836 |
Investment property comprises two residential properties. The trustees believe that the valuation as at the balance sheet date is not materially different to the purchase costs incurred in August 2021.
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THE LHR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
13 Fixed asset investments
| Cost or valuation At 1 February 2024 Additions Valuation changes Management charges paid Disposals At 31 January 2025 Carrying amount At 31 January 2025 At 31 January 2024 14 Debtors Amounts falling due within one year: Prepayments and accrued income 15 Creditors: amounts falling due within one year Accruals and deferred income |
Listed investments £ 2,460,196 746,024 325,513 (18,383) (744,770) 2,768,580 2,768,580 2,460,196 2025 2024 £ £ - 60,009 2025 2024 £ £ 3,120 3,000 |
|---|---|
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At | 1 | February | Incoming | Resources | Gains and | At 31 January |
|
|---|---|---|---|---|---|---|---|
| 2024 | resources | expended | losses | 2025 | |||
| £ | £ | £ | £ | £ | |||
| General funds | 2,694,902 | 65,982 | (134,957) | 325,512 | 2,951,439 |
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THE LHR CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
| 16 | Unrestricted funds | (Continued) | ||||
|---|---|---|---|---|---|---|
| Previous year: | At 1 February | Incoming | Resources | Gains and | At 31 January |
|
| 2023 | resources | expended | losses | 2024 | ||
| £ | £ | £ | £ | £ | ||
| General funds | 2,271,656 | 353,539 | (100,885) | 170,592 | 2,694,902 |
17 Related party transactions
Transactions with related parties
During the year the charity received £nil (2024: £1,730) in donations from HR Ross and £nil (2024: £240,000) in donations from LA Ross.
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Issuer
Afford Bond Holdings Ltd
Document generated Thu, 8th May 2025 10:04:36 BST
Document fingerprint 18bfcbff92ac147f0077984beaa41fbb
Parties involved with this document
Document processed
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Thu, 8th May 2025 14:46:05 BST Thu, 8th May 2025 15:04:09 BST
Harry Ross - Signer (5ee1a14805cbefe48dbfc1dc674d8a5d) Paul Edwards - Signer (33d6cba84d08a6777d3ce74214a64ae9)
Audit history log
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Thu, 8th May 2025 10:04:36 BST Thu, 8th May 2025 10:04:37 BST Thu, 8th May 2025 10:04:37 BST Thu, 8th May 2025 10:28:26 BST Thu, 8th May 2025 10:28:26 BST
Thu, 8th May 2025 14:44:14 BST Thu, 8th May 2025 14:44:26 BST Thu, 8th May 2025 14:46:05 BST Thu, 8th May 2025 14:46:06 BST
Thu, 8th May 2025 14:46:06 BST Thu, 8th May 2025 15:01:24 BST Thu, 8th May 2025 15:02:47 BST Thu, 8th May 2025 15:04:09 BST Thu, 8th May 2025 15:04:09 BST
Envelope generated by Stephen Pickering (51.148.103.225) Document generated with fingerprint 18bfcbff92ac147f0077984beaa41fbb (51.148.103.225) Document generated with fingerprint 71d05b3ce2dafef71a032493f87f810f (51.148.103.225) Document emailed to harry@lauraandharry.co.uk (13.41.191.93) Sent the envelope to Harry Ross (harry@lauraandharry.co.uk) for signing (51.148.103.225) Harry Ross opened the document email. (81.132.2.58) Harry Ross viewed the envelope (81.132.2.58) Harry Ross signed the envelope (81.132.2.58) Sent the envelope to Paul Edwards (paul.edwards@affordbond.com) for signing (81.132.2.58) Document emailed to paul.edwards@affordbond.com (13.40.44.208) Paul Edwards viewed the envelope (51.148.103.225) Paul Edwards viewed the envelope (51.145.47.103) Paul Edwards signed the envelope (51.148.103.225) This envelope has been signed by all parties (51.148.103.225)