**Charity registration number 1200119 (England and Wales)** ## **LTPP** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **LTPP** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|D Luhde-Thompson| |---|---| ||C B K Pollock (Chair)| ||E Cooper| |**Charity number (England and Wales)**|1200119| |**Principal Office**|55 Park Avenue North| ||Harpenden| ||Hertfordshire| ||United Kingdom| ||AL5 2EE| |**Auditor**|BKL Audit LLP| ||Chartered Accountants| ||5 Fleet Place| ||London| ||EC4M 7RD| |**Bankers**|C Hoare & Co| ||37 Fleet Street| ||London| ||EC4Y 1BT| |**Legal advisors**|Farrer & Co| ||66 Lincoln's Inn Fields| ||London| ||WC2A 3LH| ## **LTPP** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 5| |Independent auditor's report|6 - 8| |Statement of financial activities|9| |Balance sheet|10| |Statement of cash flows|11| |Notes to the financial statements|12 - 20| ## **LTPP** ## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ The Trustees present their annual report and financial statements for the year ended 31 December 2024. 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 Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)". ## **Objectives and activities** The objectives of the charity as per its governing document are: To promote sustainable development by: a) the protection, preservation and improvement of the environment and the prudent use of resources; b) the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities; and c) the promotion of sustainable means of achieving economic growth and regeneration. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## _Strategies for achieving aims and objectives_ The Trustees have set out the areas of interest for grantmaking in an initial 3 years strategy which focuses on Climate change, conservation and sustainability. The 4 areas of focus are: Sustainable buildings and the built environment; Adaptation and climate management; Resilience in decision making for climate policy; Strengthening of the climate sector. ## _Public benefit_ The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## _Activities_ The Charity undertakes to give grants to worthy organisations as the Trustees see fit. The Trustees meet regularly to consider possible grants within the strategic areas of interest. The Trustees have also reserved some small funds for grants outside the strategy which they consider fit within the overall objectives of the Charity. Trustees attend significant meetings and conferences in this area, e.g., New York Climate Week, meet with other donors, and participate in site visits. All grants are selected from Trustee’s research, knowledge and networks; the Charity does not accept unsolicited applications for funding. A further description of the grant giving policy is included later within this report. - 1 - ## **LTPP** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ The Charity has undertaken three main areas of activities to futher its purposes for the public benefit: 1. Making grants to organisations and for purposes which are, as assessed by the Trustees, within the scope of the Charity’s purpose. Many of these are to other charitable organisations, community interest companies or non-profits or their overseas equivalents. 2. Investments into areas, e.g., ClimateTech, or companies, e.g., in Carbon Dioxide Removal, where we see that commercial capital is neither sufficiently patient or risk taking to support the development of companies and sectors which the Charity believes will have important impacts within the Charity’s purposes. 3. Support and leadership within the sector through Trustees’ participation in significant events on climate and conservation, advice and support to organisations in the sector, and individual advocacy work on areas of interest, e.g., bio-based building materials. ## _Grant making policy_ Currently the charity does not have an open applications process for grants. Grant applications are by invitation only. The Trustees have wide ranging expertise, experience and knowledge of the climate, conservation and sustainability sectors. Trustees undertake research to broaden their understanding of the Charity’s interest areas, and identify potential strategies for grantmaking or investment which align with the Charity’s purpose. These can be specific gaps in the marketplace, e.g., financial products for property linked finance for sustainable upgrades to homes, or where there is a specific organisation whose work aligns with the Charity’s priorities, e.g., the promotion of bio-based building materials In addition, the Charity acknowledges it is a small foundation relative to the size of large climate and conservation focused institutions like Ikea Foundation, Quadrature Climate Foundation and European Climate Foundation and needs to consider its granting in light of the impact it can have within the wider sector. The Charity often also looks to leverage its funds to support organisations or efforts which can later go on to garner significant financial support from other, larger, grantmaking institutions. Both Green Finance Institute and Built by Nature are examples where LTPP’s swift and decisive grantmaking has been able to unlock more grantmaking into the decarbonisation of buildings and the built environment. Finally the Trustees undertake due diligence of each grant or investment which is made by LTPP making use of the knowledge of the Trustees and other funders in the climate and sustainability space. Where highly regarded Foundations are already participating, e.g., Grantham Environmental Trust, LTPP will build on the due diligence undertaken by those highly trusted partners. This enables LTPP to be proportionate in its overheads and to focus on distributing funds rather than building large internal team structures. ## _Volunteers_ The charity does not rely on the work of volunteers to achieve it's objectives, however a number of volunteers assist the Trustees in finding grants as well as undertaking wilding projects along with the Charity's partners. The Trustees are very grateful to all of the Charity's volunteers. - 2 - ## **LTPP** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **Achievements and performance** ## _Significant activities and achievements against objectives_ ## **a. Main achievements of the Charity** This has been the second period of operation for the Charity and the Trustees are happy with the progress made and lessons learnt during this time. During the period, grants totalling £3,463,833 were made to organisations whose work sits within the initial strategy as set by the Trustees. The Trustees are satisfied that the organisations supported have provided impactful work which has generated insight into their relevant areas and advanced the overall charitable purposes of the Charity. Where appropriate, the Trustees are satisfied that they have provided a good and valuable service to their beneficiaries. The organisations supported are monitored by the Trustees by personal contact with officials of those organisations, review of the work actually carried out by them, and their published material and reputation. ## **b. Key performance indicators** The Charity maintains few formal Key Performance Indicators (KPIs). Trustees want to ensure that grants are made, that granting is done in a timely manner, and that support given will result in impact and further funding. However at this early stage of grantmaking, the KPIs to assess impact are yet to be set. Internally, the Trustees do actively monitor the value of the Charity's investments, cash at bank and the level of grant funding awarded at Trustee meetings. The Trustees are happy with the current levels of all KPIs. ## **c. Review of activities** The Trustees have reviewed the activities undertaken during the year and are happy with the results achieved. They deem that it has been a strong second period of operations and that lessons learnt stand them in good stead going forward. ## _Significant factors_ The Charity is reliant on its Trustees and Volunteers to ensure the continued smooth operation of the Charity and deems the potential time constraints of these persons as a key factor in its continued success. ## _Fundraising practices_ The Charity generates income from investments, but ultimately relies on donations from Trustees in order to continue it's valuable work. We are very grateful to all those who donated to the Charity during the period. ## _Investment performance_ The Charity invests it's money for both income and capital growth, with the portfolio balanced between the two. The Charity is also committed in sustainably investing, avoiding companies operating in controversial sectors. ## **Financial review** ## _Going concern_ At the balance sheet date the charity had net current liabilities of £85,480 (2023: £110,196), due to the recognition of the liabilities associated with its' grants. Subsequent to the year-end, the Charity has received further donations from its' principal donor, who is also a Trustee and continues to meet its' liabilities as it falls due for payment. As detailed in the Charity's reserves policy below, the Charity's principal donor has provided a funding commitment to support the Charity's activities. Based on the above, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. - 3 - ## **LTPP** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## _Reserves policy_ The Charity currently depends on Trustee donations for all income. Income is provided as grants are made, and a basic level of income is provided to cover key operating expenses which are minimal due to the nature of the operations, As such the Trustees have not considered it necessary to have a reserves policy. However, as the grant giving increases in subsequent years, the Trustees have recognised that there will be granting commitments made into the future which are not covered by assets which the Charity currently holds. To deal with this the principal donor to the Charity will provide a letter setting out the intended donations for each year in January of that year, and the Trustees will be able to make grants according to that letter. In order to cover the basic level of operating expenses, the Charity will hold £15,000 in reserves. ## _Investment policy_ The Charity holds material investments for both income and capital growth. More information can be found on this in the investment policy section. ## _Major risks_ The key risk to the Charity is that of lack of funding being available. The Trustees are happy however, as the main donors to the Charity, that this is unlikely to be a serious concern in practice. ## **e. Financial risk management objectives and policies** The financial risk management of the Charity is undertaken by the Trustees. The Trustees deem the financial risks to the Charity to in effect be low due to the continued support of the Trustees by way of donations. ## **f. Principal funding** The principal source of funding for the Charity is donations by the Trustees. The Charity is very grateful to Trustees for their continued support. ## **Plans for future periods** The Charity will continue to seek to meet its £3m per year grantmaking and investing commitments in line with the Charity’s purposes. ## **Structure, governance and management** The charity is a Charitable Incorporated Organization (CIO) and was registered with the Charity Commission on 18th August 2022 with charity number 1200119. It’s governing document is a Constitution. D Luhde-Thompson C B K Pollock (Chair) N A Patel (Resigned 23 December 2024) E Cooper ## _Recruitment and appointment of trustees_ The appointment of new trustees is managed by the Chair. They propose a shortlist of names who they rank in order or most suitable. These are then approached for interest. A trustee is appointed by a vote of the board. ## _Organisational structure_ The Charity does not employ any staff and therefore all decisions are made by the board of Trustees on a majority vote. ## _Induction and training of trustees_ Each trustee is expected to review the charity commission’s guidelines as well as the Charity's Constitution and it's latest audited accounts. The Board Chair, Cressida Pollock, is a widely experienced Charitable trustee. Other training is provided to Trustees as required. The Trustees do not deem it necessary to hold insurance for its Trustees. - 4 - ## **LTPP** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ The Trustees are mindful of potential related party transactions and relationships. Any potential conflicts are disclosed at the start of all Trustees meetings. ## **Statement of Trustees' responsibilities** The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees' report was approved by the Board of Trustees. C B K Pollock (Chair) ## **Trustee** 25 November 2025 - 5 - ## **LTPP** ## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LTPP** ## **Opinion** We have audited the financial statements of LTPP (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. - 6 - ## **LTPP** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LTPP** ## **Responsibilities of Trustees** As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. ## **Capability of the audit in detecting irregularities, including fraud** Based on our understanding of the charity and the charity sector, we identified that the principal risks of noncompliance with laws and regulations related to the failure to comply with charity regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities (Accounts and Reports) Regulations 2008 and Charities Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the completeness of the grant payable commitment and posting inappropriate journal entries. Audit procedures performed by the auditors included: - discussions with the trustees, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; - reviewing board minutes and grant documentation and post period-end payments to ensure the grant payable commitment was correctly stated; and - identifying and testing manual journal entries, in particular any journal entries posted with unclear rationale. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. - 7 - ## **LTPP** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LTPP** ## **BKL Audit LLP** Chartered Accountants Statutory Auditor 5 Fleet Place London EC4M 7RD 1 December 2025 BKL Audit LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. - 8 - ## **LTPP** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2024**|**2023**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Donations and legacies|**3**|3,131,250|5,435,000| |Investments|**4**|4,108|2,541| |**Total income**||3,135,358|5,437,541| |**Expenditure on:**|||| |Charitable activities|**5**|3,502,168|3,637,054| |**Total expenditure**||3,502,168|3,637,054| |**Net income/(expenditure)**||(366,810)|1,800,487| |**Other recognised gains and losses:**|||| |Other losses|**11**|(1,106)|(14,082)| |**Net movement in funds**|**8**|(367,916)|1,786,405| |**Reconciliation of funds:**|||| |Fund balances at 1 January 2024||1,786,405|-| |**Fund balances at 31 December 2024**||1,418,489|1,786,405| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 9 - ## **LTPP** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2024**_ ||||**2024**|||**2023**|| |---|---|---|---|---|---|---|---| ||**Notes**|**£**||**£**|**£**||**£**| |**Fixed assets**|||||||| |Tangible assets|**12**|||252,933|||252,933| |Investments|**13**|||1,958,519|||1,870,091| |||||2,211,452|||2,123,024| |**Current assets**|||||||| |Debtors|**14**|1,703,899|||1,075,000||| |Cash at bank and in hand||5,021|||94,863||| |||1,708,920|||1,169,863||| |**Creditors: amounts falling due within**|**15**||||||| |**one year**||(1,794,400)|||(1,280,059)||| |**Net current liabilities**||||(85,480)|||(110,196)| |**Total assets less current liabilities**||||2,125,972|||2,012,828| |**Creditors: amounts falling due after**|||||||| |**more than one year**|**16**|||(707,483)|||(226,423)| |**Net assets**||||1,418,489|||1,786,405| |**The funds of the charity**|||||||| |Unrestricted funds|**17**|||1,418,489|||1,786,405| |||||1,418,489|||1,786,405| The financial statements were approved by the Trustees on 25 November 2025 C B K Pollock (Chair) **Trustee** - 10 - ## **LTPP** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |**Notes**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**21**
**Investing activities**
Purchase of tangible fixed assets
Purchase of investments
Investment income received
**Net cash used in investing activities**
**Net cash generated from financing activities**
**Net (decrease)/increase in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
Effect of foreign exchange rates
**Cash and cash equivalents at end of year**|**2024**
**2023**
**£**
**£**
**£**
**£**
(5,522)
2,229,428
-
(252,933)
(88,428)
(1,870,091)
4,108
2,541
(84,320)
(2,120,483)
-
-
(89,842)
108,945
94,863
-
-
(14,082)
5,021
94,863| |---|---| - 11 - **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **LTPP** ## **1 Accounting policies** ## **Charity information** LTPP is a Charitable Incorporated Organisation as established on 18th August 2022. ## 1.1 **Reporting period** The period covered by these financial statements is the period 1 January 2024 to 31 December 2024, while the comparative figures cover 18 August 2022 to 31 December 2023 so are not entirely comparable. ## **1.2 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" 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)". The charity is a Public Benefit Entity as defined by FRS 102. 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 principle accounting policies are set out below. ## **1.3 Going concern** At the balance sheet date the charity had net current liabilities of £85,480, due to recognition of the liabilities associated with its' grants. Subsequent to the year-end, the Charity has received further donations from its' principal donor, who is also a Trustee and continues to meet its' liabilities as it falls due for payment. As detailed in the Charity's reserves policy below, the Charity's principal donor has provided a funding commitment to support the Charity's activities. Based on the above, the Trustees have reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. ## **1.4 Charitable funds** Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. ## **1.5 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. - 12 - ## **LTPP** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **1 Accounting policies** **(Continued)** ## **1.6 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. Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled, Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. ## **1.7 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land Not depreciated The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.8 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured for impairment at each reporting date. Changes in value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. Social investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the Statement of financial activities. ## **1.9 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.10 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. - 13 - ## **LTPP** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **1 Accounting policies** ## **(Continued)** ## **1.11 Foreign exchange** Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. ## **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. ## **Grants payable** The measurement of grants payable involves significant estimates and judgements particularly in relation to the discount rate selection and timing of cash outflows. ## **3 Income from donations and legacies** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |Donations|2,505,000|4,360,000| |Gift Aid|626,250|1,075,000| ||3,131,250|5,435,000| |**Income from investments**||| ||**Unrestricted**|**Unrestricted**| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |Bank interest|4,108|2,541| ## **4 Income from investments** - 14 - ## **LTPP** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **5 Expenditure on charitable activities** |||**Charitable**|**Charitable**| |---|---|---|---| |||**expenditure**|**expenditure**| |||**2024**|**2023**| |||**£**|**£**| ||**Direct costs**||| ||Research costs|84,000|192,000| ||Initial discounting of grants|(164,532)|(159,808)| ||Annual unwinding of discounts|82,782|102,121| |||2,250|134,313| ||Grant funding of activities (see note 6)|3,463,833|3,472,198| ||**Share of support and governance costs (see note 7)**||| ||Support|7,585|8,025| ||Governance|28,500|22,518| |||3,502,168|3,637,054| ||**Analysis by fund**||| ||Unrestricted funds|3,502,168|3,637,054| |**6**|**Grants payable**||| |||**Charitable**|**Charitable**| |||**expenditure**|**expenditure**| |||**2024**|**2023**| |||**£**|**£**| ||Grants to institutions:||| ||Green Finance Institute Ltd|2,087,000|-| ||Passivhaus|1,050,000|-| ||Count Us In Ltd|100,000|-| ||Assemble|82,342|-| ||Built by Nature|-|2,630,558| ||RCA|-|541,639| ||Project Pathways|-|300,001| ||Other|144,491|-| |||3,463,833|3,472,198| - 15 - ## **LTPP** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **7 Support costs allocated to activities** |Bank fees
Insurance
IT Software & Consumables
Subscriptions
Bookkeeping
Legal and professional
Governance costs
**Analysed between:**
Charitable expenditure
**Governance costs comprise:**
Audit fees
Accountancy
Legal and professional
**8**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements
- all non-audit services not included above|**2024**
**£**
91
488
401
605
1,800
4,200
28,500
36,085
36,085
**2024**
**£**
21,750
3,750
3,000
28,500
**2024**
**£**
21,750
3,750|**2023**
**£**
72
82
263
-
2,400
5,208
22,518| |---|---|---| |||30,543| |||30,543| |||**2023**
**£**
18,000
-
4,518| |||22,518| |||**2023**
**£**
18,000
2,400| ## **9 Trustees** None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **10 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 16 - ## **LTPP** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **11 Other gains and losses** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2024**|**2023**| ||Gains/(losses) upon:|**£**|**£**| ||Foreign exchange|1,106|14,082| |**12**|**Tangible fixed assets**||| ||||**Freehold land**| ||||**£**| ||**Cost**||| ||At 1 January 2024||252,933| ||At 31 December 2024||252,933| ||**Carrying amount**||| ||At 31 December 2024||252,933| ||At 31 December 2023||252,933| ## **13 Social Investments** |**Unlisted**
**investments**
**£**
**Cost or valuation**
At 1 January 2024
743,363
Additions
472,508
Transfers
-
At 31 December 2024
1,215,871
**Carrying amount**
At 31 December 2024
1,215,871
At 31 December 2023
743,363|**Cash in**
**portfolio**
**£**
1,126,728
-
(384,080)
742,648
742,648
1,126,728|**Total**
**£**
1,870,091
472,508
(384,080)| |---|---|---| |||1,958,519| |||1,958,519| |||1,870,091| ## **Mixed Motive Investments** The charity has made investments into a high risk incubation fund where the motives of the fund align with LTPP's charitable objectives. - 17 - ## **LTPP** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |**14**|**Debtors**||| |---|---|---|---| |||**2024**|**2023**| ||**Amounts falling due within one year:**|**£**|**£**| ||Other debtors|2,647|-| ||Prepayments and accrued income|1,701,252|1,075,000| |||1,703,899|1,075,000| |**15**|**Creditors: amounts falling due within one year**||| ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Trade creditors|17,700|-| |Other creditors|1,671,400|1,187,659| |Accruals and deferred income|105,300|92,400| ||1,794,400|1,280,059| |**Creditors: amounts falling due after more than one year**||| ||**2024**|**2023**| ||**£**|**£**| |Other creditors|707,483|226,423| ## **16 Creditors: amounts falling due after more than one year** ## **17 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. |**At**
General funds
**Previous year:**
**At**
General funds|**1 January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
**£**
1,786,405
3,135,358
(3,502,168)
(1,106)
1,418,489
**1 January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
**£**
-
5,437,541
(3,637,054)
(14,082)
1,786,405| |---|---| - 18 - ## **LTPP** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **18 Analysis of net assets between funds** ||**Unrestricted**| |---|---| ||**funds**| ||**2024**| ||**£**| |**At 31 December 2024:**|| |Tangible assets|252,933| |Investments|1,958,519| |Current assets/(liabilities)|(85,480)| |Long term liabilities|(707,483)| ||1,418,489| ||**Unrestricted**| ||**funds**| ||**2023**| ||**£**| |**At 31 December 2023:**|| |Tangible assets|252,933| |Investments|1,870,091| |Current assets/(liabilities)|(110,196)| |Long term liabilities|(226,423)| ||1,786,405| ## **19 Events after the reporting date** On 30 September 2025, the charity received approximately £570k relating to a mixed motive investment held at the reporting date. Subsequent to the year-end, the charity has committed to a further £1.5m of charitable grants and £2.2m of mixed motive investments. ## **20 Related party transactions** The Charity has made grants of £26,990 (2023: £492,057) to RCA, an organisation where the sister of Daniel Luhde-Thompson (A Trustee) is a Director and Shareholder. At the year end £256,424 (2023: £331,080) is included as accrued grants payable. - 19 - ## **LTPP** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |**21**
**Cash (absorbed by)/generated from operations**
(Deficit)/surplus for the year
**Adjustments for:**
Investment income recognised in statement of financial activities
Foreign exchange differences
**Movements in working capital:**
(Increase) in debtors
Increase in creditors
**Cash (absorbed by)/generated from operations**|**2024**
**2023**
**£**
**£**
(366,810)
1,800,487
(4,108)
(2,541)
(1,106)
-
(628,899)
(1,075,000)
995,401
1,506,482
(5,522)
2,229,428| |---|---| - 20 -