Charity registration number 1193673
THE LINDSEY FAMILY FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE LINDSEY FAMILY FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees G Jackson M Lindsey N Lindsey Charity number 1193673 Independent examiner Gravita II LLP Aldgate Tower 2 Leman Street London E1 8FA
THE LINDSEY FAMILY FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 - 9 |
THE LINDSEY FAMILY FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report and financial statements for the year ended 31 March 2024.
The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
Legal and administrative information set out at the front of these financial statements form part of this report.
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 dated 21 February 2021, the Charities Act 2011 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 trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The initial activity of the charity will be that of;
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Providing financial support to people who have fallen on hard times and need help. This is likely to be combination of those who need financial help to meet their day-to-day expenditure and others who may have medical and/or care home fees /or similar.
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In addition the trustees wish to support other charities. This is likely to be a combination of regular support and ad hoc payments depending on the circumstances.
Achievements and performance
Financial review
During the year, the charity made donations totalling £2,700 in line with its grant making activities. As at the period end, the charity had made a surplus of £35,888.
Reserves policy
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 Charitable Incorporated Organisation (CIO) was established by a governing document dated 21 February 2021 and registered with the Charity Commission under charity number 1193673.
The trustees who served during the year and up to the date of signature of the financial statements were: G Jackson M Lindsey N Lindsey
The existing trustees are responsible for appointing further trustees.
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THE LINDSEY FAMILY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
The trustees' report was approved by the Board of Trustees.
.............................. M Lindsey Trustee 27/1/2025 Date: .............................................
.............................. N Lindsey Trustee
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THE LINDSEY FAMILY FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE LINDSEY FAMILY FOUNDATION
I report to the trustees on my examination of the financial statements of The Lindsey Family Foundation (the charity) for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Sarah Wilson FCA Gravita II LLP
2 Leman Street London E1W 9US 28/1/2025 Dated: .........................
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THE LINDSEY FAMILY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 38,588 | - |
| Total income | 38,588 | - | |
| Expenditure on: | |||
| Charitable activities | 3 | 2,700 | 28,081 |
| Total expenditure | 2,700 | 28,081 | |
| Net income/(expenditure) and movement in funds | 35,888 | (28,081) | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2023 | 2,326 | 30,407 | |
| Fund balances at 31 March 2024 | 38,214 | 2,326 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE LINDSEY FAMILY FOUNDATION
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
| 2024 Notes £ Current assets Cash at bank and in hand 42,164 Creditors: amounts falling due within one year 7 (3,950) Net current assets Net assets excluding pension liability The funds of the charity Unrestricted funds The financial statements were approved by the trustees on ......................... .............................. .............................. M Lindsey N Lindsey Trustee Trustee 27/1/2025 |
£ 38,214 38,214 38,214 38,214 |
2023 £ 6,276 (3,950) |
£ 2,326 |
|---|---|---|---|
| 2,326 | |||
| 2,326 | |||
| 2,326 | |||
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THE LINDSEY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
Lindsey Family Foundation is a Charitable Incorporated Organisation, registered in England. The Charity Registration number is 1193673.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, 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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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. 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.
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.
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.
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THE LINDSEY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand.
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 38,588 | - |
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THE LINDSEY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
3 Expenditure on charitable activities
| Donations made Donations made Support costs 2024 2023 2023 £ £ £ Direct costs Donations made 2,700 27,081 - Accountancy - - 1,000 2,700 27,081 1,000 Analysis by fund Unrestricted funds 2,700 27,081 1,000 |
Total 2023 £ 27,081 1,000 |
|---|---|
| 28,081 | |
| 28,081 |
4 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
5 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
6 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
7 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 3,950 | 3,950 |
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THE LINDSEY FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
8 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 General funds Previous year: At General funds |
1 April 2023 Incoming resources Resources expended At 31 March 2024 £ £ £ £ 2,326 38,588 (2,700) 38,214 1 April 2022 Incoming resources Resources expended At 31 March 2023 £ £ £ £ 30,407 - (28,081) 2,326 |
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9 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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