COMPANY REGISTRATION NUMBER: CE029315 CHARITY REGISTRATION NUMBER: 1199170
Lynsey's Legacy Foundation Company Limited by Guarantee
Unaudited Financial Statements 1 March 2023
Lynsey's Legacy Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 1 March 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 1 March 2023.
Reference and administrative details
Registered charity name Lynsey's Legacy Foundation Charity registration number 1199170 Company registration number CE029315 Principal office and registered Flat 5, Central Buildings office 132 Herne Hill London SE24 9QJ
The trustees
Mr E Barr Ms M Tibitts (Appointed 1 June 2022) Mr R MacDonald (Appointed 1 June 2022) Accountants Folio Partners Services LLP 81 The Cut London SE1 8LL
Structure, governance and management
The board of trustees did not meet during the year, as there were no operational activities or issues requiring discussions.
Objectives and activities
The objective of the charity is to relieve the needs of children and young people affected by disabilities and long-term health conditions through the provision of grants to cover the cost of music therapies.
Achievements and performance
No projects or programs were initiated during the year. The charity was not operational, and no groundwork for future initiatives was actively pursued.
Financial review
The company received funds of £0 in the year.
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Lynsey's Legacy Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 1 March 2023
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 10 March 2025 and signed on behalf of the board of trustees by:
Mr R MacDonald Director
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Lynsey's Legacy Foundation
Company Limited by Guarantee
Statement of Financial Position
1 March 2023
| 2023 | |
|---|---|
| Note | £ |
For the year ending 1 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 10 March 2025, and are signed on behalf of the board by:
Mr R MacDonald Director
The notes on pages 4 to 7 form part of these financial statements.
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Lynsey's Legacy Foundation
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 1 March 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Flat 5, Central Buildings, 132 Herne Hill, London, SE24 9QJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Lynsey's Legacy Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 1 March 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
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Lynsey's Legacy Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 1 March 2023
3. Accounting policies (continued)
Financial instruments (continued)
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The guarantors agree to contribute a small amount if the company cannot pay its debts.
5. Staff costs
The average head count of employees during the year was Nil. The average number of full-time equivalent employees during the year is analysed as follows:
| 2023 | ||
|---|---|---|
| No. | ||
| Number of staff - type | 1 | 1 |
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Lynsey's Legacy Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 1 March 2023
5. Staff costs (continued)
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
6. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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Lynsey’s Legacy Foundation Trustee Annual Report For the Year Ended 1 March 2023
1. Introduction
This report has been prepared by the trustees of Lynsey’s Legacy Foundation for the year ended 1 March 2023. As a newly established charity, our focus during this period was solely on setting up our governance framework and ensuring compliance with statutory obligations. It is important to note that no operational activities or projects were carried out, and consequently, there were no activities to prompt a board meeting.
2. Overview of the Charity
Mission Statement:
To relieve the needs of children and young people affected by disabilities and long-term health conditions through the provision of grants to cover the cost of music therapies.
Lynsey’s Legacy Foundation was established with this mission in mind. To date, the charity has been in a developmental stage, with no planning or operational activities implemented.
3. Activities and Achievements
- Operational Activities:
No projects or programs were initiated during the year. The charity was not operational, and no groundwork for future initiatives was actively pursued during this period.
- Governance and Setup:
The initial framework for governance was established; however, due to the absence of operational activities, the board did not convene for any meetings.
4. Financial Summary
- Income and Expenditure:
There were no financial transactions recorded during this period. No income was received, and no expenditures were incurred.
- Financial Statements:
The accompanying financial statements reflect a nil balance in both income and expenditure accounts.
5. Governance and Trustee Activities
- Trustee Meetings:
The board of trustees did not meet during the year, as there were no operational activities or issues requiring discussion.
- Compliance and Regulatory Matters:
The trustees ensured that all necessary filings and statutory obligations were met in accordance with UK charity law.
6. Future Outlook
The trustees remain confident that Lynsey’s Legacy Foundation is well-positioned to commence its planned activities in the future. With the governance framework now in place, we look forward to planning and launching projects that align with our mission. We anticipate providing a more detailed account of operational activities in the next reporting period.
7. Conclusion
While no operational activities were carried out and no financial transactions occurred during the year ended 1 March 2023—and the board did not meet due to the absence of necessary matters for discussion—significant progress was made in establishing the foundation of Lynsey’s Legacy Foundation. The trustees remain committed to transparency, accountability, and the future implementation of our charitable objectives. We appreciate the support of our stakeholders during this formative period and look forward to reporting on forthcoming activities.
Signed,
Ross MacDonald Chair, Lynsey’s Legacy Foundation Date: 25[th] February 2025