CHARITY NUNABER.. 1202682 (England and Wales) THE LOUNGE FOUNDATION UNAUDITED ANNUAL REPORT FOR THE PERIOD ENDED 30 JUNE 2024
THE LOUNGE FOUNDATION CONTENTS Contents Page Reference and Administrative Details of the Charity Trustees, Report Independent Examiner's Report Statement ol Financial Activities Balance Sheet Statement ol Cash Flows Notes to the Financial Statements
THE LOUNGE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY forthe Perlod Ended 30 June 2024 Trustees D Marsden M Marsclen R Southall Chartty number 1203682 Registered office l Blythe Gate Blythe Valley Paik Shirley B90 8AD Bankers HSBC Bank PIC 120 New Sl Birmingham 82 4JU Independent Examlner Glen Bolt FCA 5 Pond Spinney Northampion NN6 OGJ
THE LOUNGE FOUNDATION TRUSTEES, REPORT for the Period Ended 30 June 2024 The Trustees present their report together with the financial statements of The Lounge Four)dation Ithe"Foundation"I for the peri to 30 June 2024. The Trustees confirm that the report and financial statements of the Foundation comply with the Charities Act 2011, the requirements ol the Foundation's governing document5 and the provi5ion5 of the Statement of Recommended Practice I'SORP'I "Accounting and Reporting by Chaiities" applicable to charities pieparing their accounts In accordance with the Financial Retoiting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. STRUCTURE, GOVERNANCE AND MANAGEMENT The Lounge Foundation is a charitable incorporated organisation I'CIO'I, governed by its constitlrtion. The Foundation was registered as a CIO at the Charity Commission on 22 June 2023. TRUSTEES The trustees who served the Foundation during the period were as follows". D Marsden (appointed 22 June 20231 M Marsden (appointed 22 June 20231 R Southall lappointed 22 June 20231 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT In setting the aims and objectives, together with plannir)g the future activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. ststement of ubllc benefSt Under the Charities Act 2011, charities are required to demonstrate that their aims are for the public benefit. The two key piinciples which musl be mel in this conteKt are, first, Ihal ihere musl be an identifiable benefit or benefils,. and, secondly, that the benefii must be lo the public, or a section ol the public. Charity trustees must ensure that they carry out their charity's aims for the public benèfit, must have regard to the Charity Commission's guidance, and must report on public benefit in their Annual Report. The Lounge Foundation's B02rd of Trustees regularly monitors 2nd reviews the success ol the organisation in meeting its key objective of educating young people about the importar)ce of checking their breasts. The trustees confirm, in the light of the guidance, that these aims fully meet the public benefit test and that all the activities of the Foundation, described in the Trustees, annual report, are undertaken in pursuit of these aims. Pollcles and ob ects The objects ol the Foundation, according to the Constitution, is to advance such charitable purposes (according to the law of England and Wales) as the Trustees see lil from time io lime. More specifically, the aim of the Founclalion Is lo make a genuine impact on the lives and health of women and children. Giant funding is one way that the Trustees believe that they will be able to make a real difference to their communities. The aim is therefore to provide grants to". support women's health,. support children's he21th-, 2nd support women and children on iheir cancer journeys. The Trustees will cccasionally award grants that fall outside the priorities stated in this policy, if they are satisfiecj that the grant is an appropriate use of the Charity's funds. In setting the grant making wlicy, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.
THE LOUNGE FOUNDATION TRUSTEES, REPORT Icontlnuedl for the Period Ended 30 June 2024 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT Icontlnuedl Grant making Policies When providing grants to other charities and Charitable causes, the Foundation has prioritised those charities where there is". a connection with the wider communities thai the Foundation serves,. a community in the vicinity of the West NAidlands, where the foundation is thsed," and multi-year projects where the Foundation could engage with a charity for three 01 more years, thus allowing the recipient charities to make substantial and lasting impact. 8 collaborate with indiviLluals, communitles, and olh8rorg8nisabons to18adprol8Cts andgrants that driveFneanlngfvl change.. ACHIEVEMENTS AND PERFORMANCE RevSew of actlvf(les This annual report represents the first period of account lor the Foundation and therefore activities in the peiiod to 30 June 2024 have been more Iwused on estsblishing the charity and forward planning During the period the Foundation received income of £294,541 from Lounge Underwear Limited through ils fundraising activities on behalf ol The Lounge Foundation. These funds were mainly raised as part of Lounge's"Feel Your Breast" Campaign, a campaign that has grown in popularity in recent years, with 2024 teing the first year that this was done in aid of The Lounge Foundation. From a grant making perspective the period to 30 June 2024 was focused on developing relationships and also putting in place projects to support the Four)dation's charitaNe aims and objective5. Chan emakers During the period, the Foundation made a grant of £50,000 to Biimingham Children's Hospital. As a Midlands based charity, working with the Birmingham Children's Hospital as a pioneer Changemaker is something that excites us lo our core. Changemakers is a network of visionaries, united by a passion to transform the lives of sick children at Birmingham Children's Hospital. We are working closely with the charily lo continue on iheir mission lo (Jeliver stale-of-the-arl, lilesaving wuipmenl and provi(Je Inspiring chil(J friendly spaces at the hospital. The Le ac Pro ect We're so proud of The Legacy Project and its mission to grant applications to women affected by cancer. With the support of our incredible aMkS58dors, who are themselves cancer survivors and 'Legends' ol Lounge'5 iconic Feel Your Breast campaign, we will be giving grants lo many incredible women lo help support Ihem on their journey, from wishes off rheir'living Iisls,, io supporting rheir mental health in relation to cancer. This piogramme is lile-changing foi so many women In the UK. The Trustees designated £60,000 of funds to be used for these grants going forward. Applicaiions were rweived for grants during ihe wriod to 30 June 2024 however all grant making activities fell into the following financi21 year. Investment and rformance The Trust Deed permits the Trustees, in their absolute discretion, or any appointed investment advisors, to invest in any investment, securities or property, as it thinks lit. At 30 June 2024, no money had been invested by the Foundation. The Foundation has not currently invested any funds. Before any investments take place, an Investment policy would be developed and approved by the Trustees. Financial review During the period end&J 30 June 2024, the Foundation received unrestricted donation income totalling £394,541 and paid charitable grants totalling £50,000. At 30 June 2024, the Foundation had total ur)restricted fur)ds carried fonvard of £341,695.
THE LOUNGE FOUNDATION TRUSTEES, REPORT Icontlnuedl forthe Period Ended 30 June 2024 ACHIEVEMENTS AND PERFORMANCE Icontlnued) Reserves The Foundation does not currently have a reserves policy. As Lounge Underwear Limited provides the Foundation with annual funding, and the Trustees rularlY review the balance available to them, Including any anticipated future donations to be Considered and other costs, a reseeS policy is not considered necessary. PLANS FOR THE FUTURE Future develo ments It is intended that addition21 funds will be made available by Lounge Underwear Limited to the Foundation annually to enable it to consider and approve further donations to the charities already supwrted by the Foundation and other charitable organisations as the Trustees *e fit. TRUSTEES, RESPONSIBILITIES Trustees are responsible for preparing a Trusiees, Annual Rewrt ancl financial statements in accordance with applicable law and United Kingdom Accounting St2nd8rds (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires charity trustees to prepare financial statements for each year which give a true 2nd lair view of the state ol allairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to". select suitable accounting wlicies and then apply them consistently,. observe the methods and principles in the applicable Charities SORP,. make judgements and estimate5 that are reasonable and piudent., state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unlèss It is inappropriatè to presume that the charity will continue in business. Trustees are responsible lor keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the Foundation and to enable ihem io ensure that the financial siatemenis comply with the Charities Act 2011, the applicable Charities (Accounts and Reptsrtsl Regulations and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Foundation and taking reasonable steps for the prevention and detection ol fraud 2nd other 1[rlI1ar1ties. This report was reviewed ar)d approved by the Trustees on 22 April 2025 and signed on their behalf by.. M Marsden Chalr of the Trustees
THE LOUNGE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LOUNGE FOUNDATION for the Period Ended 30 June 2024 I report to the charity trustees on my examination of the accounts ol the charity for the period ended 30 Jur)e 2024 which are set out on pages 6 to12. RESPONSIBILITIES AND BASIS OF REPORT As the charity's trustees you are reswnsible lor the preparation ol the accoLJnts in accordance with the requirements of the Charities Aet 2011 Ithe"Act l. I report in respect of my examination of the charity's accounts carried Olrt under section 145 of the Act and in carryiw out my examination I have followed all the applicable Directions given by the Charity Commission undei section 14515llbl ol the Act. INDEPENDENT EXAMINER'S STATEMENT The charity's gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales IICAEWI. I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect.. the accounting records were not kept in accordance with section 130 of the Act,. or the accounts did noi accord with the accouniing records,. or the accounts did not comply with the applicable requirements Conrning the form and Content of accounts set out in the Charities (Accounis and Reports) Regulations 2008 other than any requirement that the accounts give a'lrue and lair view, which is not a matter considered as part of an independent examination. I have no concems and have corne 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 ol the accounts to be reached. GLEN BOTT FCA 5 Pond Spinney Northampton NN6 OGJ Date.. 22 April 2025
THE LOUNGE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES for the Period Ended 30 June 2024 Note 2024 Income from.. Donations 394,541 1,240 Investment activities Total Income 395,781 Expenditure on.. Chaiitable activities- Grants Other expenditure 150,0001 14,0861 Total Expenditure 154,0861 Net movement in funds 341,695 Totsl Unrestrlcted Funds as at 30 June 2024 341,695 The notes on pages 9 to 12 form wrt of these finar)cial statemer)ts.
THE LOUNGE FOUNDATION BALANCE SHEET As at 30 June 2024 N(rte 2024 2024 Current assets Cash at bank and in hand 345,755 345,755 Current Ilabllltles Creditors. amounts falling due within one year 14 0601 Net current assets 341,695 Net assets 341,695 Charity funds Unrestricted funds 341,695 Total funds 341,695 These financial statements were approved by the Trustees and authorised for issue on 22 April 2025, and signed on tehall of the board by.. M Marsden Chalr of the Trustees Charity number.. 1203682 The notes on pages 9 to 12 form part of these financial statemer)ts.
THE LOUNGE FOUNDATION STATEMENT OF CASH FLOWS for the Period Ended 30 June 2024 2024 Cash flows from 0ratIng aetivibes Nel movement In funds Adjustments for". Interest receivable 341,695 11,2401 4,060 344,515 Increase In creditors Net cash provided by operating activities Cash flows from investing activities Interest income 1,240 1,240 New cash Snflow from Investlng a¢tlv6tles Change In cash and cash equbvalents In the pertcKI Cash and cash equivalents at the beginning ol the period Cash and cash equivalerrts atthe end of the period 345,755 345 755 Cash and cash u[valents at the end of the perlod comprlse- Cash at bank and In hand 345,755 The notes on pages 9 to 12 form part of these financial statements.
THE LOUNGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the Period Ended 30 June 2024 ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless othetwqse stated. al Basis of preparation The financial statements have been prepared in accordance with the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities,, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland IFRS 1021, the Charities Act 2011 and applicable regulations. The accounts have been prepared under the histori1 cost convention with items recognised as cost or transaction value unless otherwise stated in the relevant r)otelsl to the accounts. The Foundation meets the definition ol a public benefit entity as defined by FRS 102. bl Golng concem The financial statements have been prepared on a going concern tssis as the irustees believe that no material uncertainties exist. The trustees have Considered the level of funds held and the expected level of income and expenditure lor 12 months from authorising these financial statements. el Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes. Restricted funds are 10 be ustyy for specific purposes as laid down by the (Jonor Expendiiure which meets ihese criteria is charged to the fund. Designated funds are unrestricted funds earmarked by the tiustees for particulai purposes. dl Incoming resources All incorning resources are included ir) the Statement of Financial Activities when the Foundation has entitlement to the funds, after any performance conditions have been met, the amount can be measured ieliably, and it Is probab the Income will be receivecl. el Interest recwvable Interest on funds held on deposit is included when receivable and thè amount can be measured reliably by the Foundation., this Is normally upon notification of the Interest paid or payable by the bank. f) Resour$ expended Expenditure is accounted for on an accruals basis and has been inclucled under expense caiegories that aggregaie all costs for allocation to activities. Where costs Cannot directly attributed to particular activities, they have been 211ccated on 2 basis consislenl Wllh the use ol ihe resources. Grants Yable to third paities are within the charitable objectives. Grants wyable are chaiged in the period when the offer is made except in those cases where the offer15 conditional on a fLrture event. Grants offered subject to conditions which have not been met al the period-end are noted as commitments bul noi accrued as eKpendilure. Irrecoverable VAT Is chaiged as a cost against the activity lor which the expenditure was Incuiied.
THE LOUNGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the Period Ended 30 June 2024 ACCOUNTING POLICIES Icontinuedl gl Cash at bank and In hand Cash at bank and cash in hand Includes cash and short term highly liquid Investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. h) CrltorS and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligatior) can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing lor any trade discounts due. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initi211y recognised at transaction value 2nd subsequently measured at their settlement Value. INCOME FROM DONATIONS 2024 Donations 394,541 All Income from donations Is unrestricted in the current period. INCOME FROM INVESTING ACTIVITIES 2024 Bank interest receivable 1.240 All income from investing activities is unrestricted in the current period. 4. CHARITABLE ACTIVITIES- GRANTS The following grants were macle lo inslilulions cluring the peri. Unrestrlcted funds 2024 Recipient Birmingham Children's Hospital Project name Changemakers 50,000 No grants were made to ir)dividuals during the peiiod. 10
THE LOUNGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the Period Ended 30 June 2024 OTHER EXPENDITURE Unrestrlcted funds 2024 ExndIture cfft Charftable actlvltles Legal and profession21 fees Promotional activities 550 1.296 1,750 Independent eKaminer fees Website and IT costs 4,086 6. TRANSACTIONS WITH TRUSTEES During the peiiocl no Trustees received any remuneration, benefits in kind or reimbursement of expenses. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 Amounts owed lo related party undenakings Accruals and deferred income 2,310 4,810 8. GRANT COMMITMENTS In accoidance with the grant making policies, the Foundation can commit to multi-year grants which are subject to annual confirmation from the Trustees prior 10 the granis being made. As at the 20 June 2024, future commitments, that are subject to annual confirmation, are £100,000 Including £50,000 that would become payable in the year ended 30 June 2025 and £50,000 that would become payable in the year ended 30 June 2026. These future commitments will be recognised as grants in the year they are confirmed and ld. These amounts have been designated as a separate fund under the Changemakers project as part of the Foundation's ongoing partnership with Birmingham Children's Hospital.
THE LOUNGE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl for the Period Ended 30 June 2024 STATEMENT OF CHARITY FUNDS Brought forward Incomlng resources Resources expended Transfers CarNed forward Unrestrlcted funds General funds 395,781 14,0861 1210,0001 181,695 Desi nated funds Changemakers The Legacy Project 150,0001 150,000 60,000 100,000 60,000 341,695 395,781 154,8361 Designated funds Chan emakers During ihe rIO(l, the Foundation ma(Je a grant of £50,000 lo Birmingham Children's Hospital. As a Midlancls bas charity, working with the Birmingham Children's Hospital as a pioneer Changemaker is something that excites us to our core. Changemakers is a network of visionaries, united by a passion to transform the lives ol sick children at Birmingham Children's Hospital. We are working closely with the charity to continue on their mission to deliver state-of-the-art, lifesaving equipment 2nd provide inspiring child friendly spaces at the hospit21. The Le ac Pro ect We're so proud of The Legacy Project and Its mission to grant applications to women affected by cancer. With the support of our incredible ambassadois, who ale themselves cancer survivors arbd 'Legends' of the Feel Your Breast campaign, we have given grants lo many Incredible women to help support them on theirjourney, from wishes off their'living lists,, to supporting their mental health In relation to cancer. This programme Is life-ch2nging for so many women In the UK The Trustees designaied £60,000 of funds io be used lor these grants going forward. Applications were received for granis during the perK)d to 30 June 2024 however all grant making activities fell into the following lin2neial year. 10. RELATED PARTY TRANSACTIONS M Marsden and D Marsden, trustees, are also directors ol Lounge Underwear Limited. During the period, Lounge Underwear Limited donated £394,541 to the Foundation. As at 30 June 2024, the Foundation owed £2,310 to Lounge Underwear Limited as a result ol transactions whieh were settled on behalf of the Foundation during the period. 12