Liontrust Foundation IA company limited by guaranteel Annual report and financial statements For the year ended 31 March 2025 Company Registration Number: 14765792 Charity Registration Number.. 1205713
Liontrust Foundation Contents Page Reference ènd administrative information Trustees, report Independent examiner's report Statement of financial activities Statement of financial position Notes to the financial statements 10-13
Liontrust Foundation Reference and administrative information for the year ended 31 March 2025 Trustees M Donald S Hildrey Ichairl P Joseph (appointed on 16 October 20241 S Nottle (appointed on 16 October 20241 DRAMRTerry V Goulbourne (appointed on 6 january 20261 Company registered number 14765792 Charity registered number 1205713 Registered offite 2 Savoy Court London WC2R OEZ Independent examlner Larking Gowen LLP 1st Floor Prospect House Rouen Road Norwich NRI IRE
Liontrust Foundation Trustees, report For the year ended 31 March 2025 The trustees (who are also the directors of the charity for the purposes of the Companies Act) present their annual report and the financial statements of Liontrust Foundation I'the charity'l for the year ended 31 March 2025. The annual report serves the purposes of both a Trustees, report and a Directors. report under company law. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The charity is constituted under a Memorandum of Associatitsn dated 29 March 2023. It is a registered charity with its charity number being 1205713. The charity is limited by guarantee and does not have share capital. Each member has pledged to contribute £1 in the event of the charity being wound up. Organisation and management The trustees make the key decisions about the conduct of the charity. The trustees give their time voluntarily and do not receive any remuneration for their services to the charity. The administration of the charity was carried out largely by all of the trustees. Recruitment and appointment of trustee5 The trustees have control of the charity in relation to the application of funds. Trustees are appointed by the sole member of the charity. All decision-making of the charity is made in accordance with the charity's conflicts of interest policy. The trustees are responsible for the governance of the charity, the allocation of grants and the safekeeping of its fund5. Trustees The trustees of the charity during the year ended 31 March 2025 were.. M Donald K Grant lappointed on 16 October 2024 and resigned on 3 December 20251 S Hildrey Ichairl P Joseph (appointed on 16 October 20241 S Nottle (appointed on 16 October 20241 N Richard5 (resigned on 31 December 20251 DRAMRTerrv
Liontrust Foundation Trustees, report (continued) For the year ended 31 March 2025 oBJEIVEs AND ACTIVITIES The principal activity of the Liontrust Foundation is to act as a corporate charity. The charity's objective is to further such purposes that are exclusively charitable under the laws of England and Wales as the trustees determine from time to time. The charitvs purpose 15 to Use the power of entrepreneurship 3nd innovation to drive social mobility and the recovery of nature, with a key focus on promoting diversity, equity and inclusion. Through a rigorous selection process, we work with typically smaller organisations that share our vision and align with our values. Alongside targeted funding, we also offer specialist support, employee volunteering and additional fundraising to help ensure we offer high-impact partnerships to the organisations we work alongside. Trustees believe these activities deliver improvements to individual people's lives and enhance our enviroriment. while also driving longer term social change 3cr055 the UK through the activitie5 of our strategic partner5 nationally. In shaping the objectives and activities for the charity, the trustees have considered the Charity Commission's guidance on public benefit. The charity applies a rigorous, equitable and responsible process in selecting charitv partners that best achieve direct and measurable impact. The charity seeks partners that many others might overlook nd thr()ugh which it IS Possible to maximise impatt. Due diligence is undertaken on all grant partners to help ensure we maximize the public benefit impact of our donations against our stated aims. This due diligence is reviewed by trustees before grant decisions are agreed and reviewed regularly through any grant period. The due diligence process includes a review of published accounts and financial statements, tmeetings with key staff members and trLJ5tees, and ongoing rnonitoring through a six-monthly written report and interim meetings. This process is SLJpported through a specialist external agency that provides trustees with expert sector advice, challenge and additional scrutiny. Public benefit statement The trustees have given due consideration to the Charity Commission's published guidance on the public benefit requirement. The charity constitutes a public benefit entity as defined by FRS 102. Charltable Partners During this period, significant time has been given by trustees to shortlisting potential partners, reviewing strategic applications and meeting prospective charities to help support the decision-making process. We were delighted by the quality of the charitable partners that the charity met and reviewed. The trustees are proud to have been able to select three irMpre55ive partners by the end of the financial year, two of which focu5 on entrepreneurship and one on conservation. In the financial year 2025-6, trustees will focus on identifying additional partners with a specific focus on conservation.
Liontrust Foundation Trustees, report (continued) For the year ended 31 March 2025 Entrèpreneurship Social Ark Social Ark is an award-winning East London charity that works with underserved 18 to 30-year-olds. It provides them with up-to-date learning, one-to-one wrap-around Support and expert mentoring, teaching them the skills needed to build sustainable social enterprise5 guided by their lived experience5. The charity's focus 15 social mobility and social entrepreneurship. The proposed Liontrust Foundation project enables a cohort of 15+ young people tts set up their own social enterprises. Funding in the peritsd forward supports the 'Step into Social Enterprise, expert-led structured course, using a tested programme framework, while acce55ing mentoririg from established busine55 leader5. The project aims to engage around 15 young people. The young people will come from marginalised backgrounds and are offered support to set up their own social enterprises while taking part in the 'Step into Social Enterprise, expert-led structured course. Participants will also access menttsring from established business leaders. alongside 1-2-1 support. pitching/presenting reflections, evaluation, with continued support as Alumni. Young people will also receive £l.000 personal development grants to assist their learning. Volunteer support will be delivered by Liontrust PIC staff. Growlng Well Growing Well is a targeted mental health charity which champions recovery throLJgh outdoor activity in CLJmbria. The charity funding will enable Growing Well to launch a groundbreaking native tree propagation initiative at Tenby Services near Penrith, that will engage existing mental health beneficiary groups and involve the wider community in shaping the future of domestic tree supply and the expansion of woodland cover. We hope that the charity support will enable the project to reach commercial viability and all proceed5 will then be reinvested into Growing Well's social enterprise. Highlights include.. Beneficiaries will be deeply involved in every stage of the project from collecting local indigenous tree seeds and planting, through to cultivatitsn through the growing period. Wider community groups will be invited to participate in the project, engaging in every step of the supply chain. Once the project reaches commercial viability (when the tree whips are ready for sale), all proceeds will be reinvested into Growing Well's social enterprise. This will boost the organisation's earned income, reduce its dependence on grants, and enSLJre the long-term sustainability of its crucial comrnunity services. Liontrust trustees will visit the project and see the work of the charity in action and offer wider volunteer support on an ongoing basis. Conservation Sea-changers Sea-changers is a marine conservation charity managed by a small team of volunteers who love the UK'S seas, shores and wildlife. Sea-changers provides a place for small, local and grassroots organisations to seek funding. Funded activities are identified by and carried out by some of the most excluded and disadvantaged communities in coastal communities. There is more demand for grants than can be satisfied so the charity is keen to grow, which is the focus of our partnership.
Liontrust Foundation Trustees, report (continued) For the year ended 31 March 2025 The charity 5UPPOrt will enable Sea-changers to focus on transformational growth, helping the orgarTrisation to scale and better meet the needs of the grassroots organisations it supports,. in part, through hiring a dedicated fundraising resource for the first time. Highlights include.. The focused fundraiser will focus on building bespoke corporate partnerships and a rich pipeline. Income raised will help SLJPPOrt direct delivery and create more stable income channels for the charity. Over time, the charity hope to build more sustainable income streams where a modest payroll can be sustained. Liontrust trustees and colleague5 will offer additional support with marketing and wider 5trategv. FINANCIAL REVIEW Results for the year The results for the year are shown in the statement of financial activities on page 8. During the year, the charitv received donations of £285,03812024.. £nill. The charity incurred charitable activities expenses of £74,61712024.. £nill. The result for the year ended 31 March 2025 was a surplus of £210.42112024.. £nill and was in line with the trustees. expectations. Reserves policy The Foundation's operating model is to distribute the majority of donations received within the financial year in which they are received. This approach enables the Foundation to tMaximi5e it5 charitable impact and ensure that donor fLJnds are put to timely use. Although no fixed reserve requirement exists, the Trustees aim to maintain a prudent minimum level of unrestricted reserves. This level is intended to ensure the Foundation can meet its ongoing commitments and continue to operate s a going concern. When entering into partnership funding arrangement5 or making multiyear commitments to charities, the Trustees will ensure that the level of unrestricted reserves held is sufficient to meet those obligations without compromising Small tompanies provision This report has been prepared in accordance with the provisions of 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 IFRS1021 (effective l January 20191 the Charitie5 Act 2011 and Companies Act 2006.
Liontrust Foundation Trustees, report (continued) For the year ended 31 March 2025 Statement of trustèes, responsibilities The trustees (who are also the directors of Liontrust Foundation for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the tru5tee5 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 income and expenditure of the charity for the year. In preparing these financial statements. the trustees are required tts.. select suitèble accounting policies and then apply them conslstently., observe the methods and principles in the Charities SORP IFRS 1021,. make judgements and accounting e5timate5 that are reasonable and prudent,. state whether applicable UK 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 busine55. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracv at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Att 2006. They are also responsible for safeguarding the assets of the charity and hence for takirig reasonable 5tep5 for the prevention and detection of fraud and other irregularitie5. This report was approved by the trustees and signed on their behalf bv.. '.06 GMT) S Hildrey Chair Date.. 3010112026
Llontrust Foundatlon Independent examiner's report to the trustees of Liontrust Foundation I'the charitVI I report to the trustees on my examination of the financial statements of the charity for the year ended 31 March 2025. Responslbllltles of basls of report As the trustees of the charity land also it5 directors for the purpose5 of company lawl, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'The 2006 Act'l. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial staternents as carried out under section 145 of the Charities Act 2011 (The 2011 Act'l. In carrying out my examination I have followed the directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement The charitVs gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of institute of the Chartered accountants in England and Wales IICAEWI. I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe.. accounting records were not kept in respect of the charity a5 required by section 386 of the 2006 Act,. or the financial statements do not accord with those records,. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair view, which is not a matter considered as part of an independent examination.. or the financial staternents have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concern5 and have corne across no other tMatter5 in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Giles Kerkham, FCA DChA Larkin8 Gowen LLP Chartered Accountants 1st Floor Prospect House Rouen Road Norwich NRI IRE Date 30 January 2026
Llontrust Foundation Statement of financial activities (incorporating the income and expenditure account) For the year ended 31 March 2025 Total funds period from 29 March 2023 to 31 March 2024 Unrestricted funds for the year ended 31 March 2025 Total funds for the year ended 31 March 2025 Note Income frorn.. Doriation5 285,038 285,038 Total Income 285,038 285,038 Expenditure on: Charitable activities 74,617 74,617 Total expenditure 74.617 74,617 Net income 210,421 210,421 Net movements in fund for the year/perlod 210,421 210,421 Reconciliation of fvnds: Total funds at 31 March 2024 Total funds at 31 March 2025 210,421 210,421 All recognised gains and1055es are included in the above statement of financial activitie5. All of the charity's activities derived from continuing operations during the above financial year/period. The notes on pages 10 to 13 form part of these financial statements.
Liontrust Foundation - Company Registration Number: 14765792 Statement of financial position As at 31 March 2025 2025 2025 2024 2024 Note Current assets Cash at bank 285.038 285.038 Credltors: amounts falling due within one year 174,6171 Net current asset5 210,421 Total net assets 210,421 Charity funds Unrestricted funds 210,421 Total funds 210,421 The trustees consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 20061'the Act'l and members have not required the charity to obtain an audit for the year in question in accordance with section 476 of the Act. The trustees acknowledge their responsibilities for complying with the requirement5 of the Companies Act 2006 with respert to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the charity as at 31 March 2025 and of its income and expenditure for the year in accordance with the requirements of settions 394 and 395 of the Att and which otherwise eomply with the requirements of the Cornpanies Act 2006 relating to financial statement5, 50 far a5 applicable to the charitv. The financial statements have been prepared in accordance with the special provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with FRSIO2. The financial statements were approved by the tru5tee5 and signed on their behalf by-. Simon Hildrey lJ3n 30, 2026 11. .06 GMT) S Hildrey Chalr Date.. 3010112026 The notes on page 10 to 13 form part of these financial statements.
Llontrust Foundation Notes to the financial statements For the year ended 31 March 2025 General information Liontru5t Foundation I'the chariVI is a private company lirmited by guarantee and incorpoTated in the United Kingdom. In the event of the charity t>eing wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Its registered office is 2 Savoy Court, London, WC2R OEZ. The company registration number is 14765792 and the charity number is 1205713. Accountlng polltles 2.1 Basis of preparatiort of finantial statèmènts The financial statements have been prepared underthe historical c05t convention and in accordance with the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the financial reporting standard applicable in the United Kingdorn and Republic of Ireland IFRS 1021 (Charities SORP IFRS 1021" The financial reporting standard applicable in the UK and Republic of Ireland I'FRS, 1021, and the Charities Act 2011. The charity constitutes as a public benefit entity as defined by FRS 102. The fiNancial Statements are presented in GBP (£1 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are as follows.. Going concern After making appropriate enquiries. the trustee5 have a reasonable expectation that the charity hès adequate resources to continue in operational existence for the foreseeable future. For this reason, the charity will continue to adopt the going concern basis in preparing the financial statements. 2.3 Fund accounting The unrestricted fund is the general fund which is available for the charity at the discretion of the trustees in furtherance of the general ()bjectives of the charity and which have not been designated for other purposes. In¢ome Income is recognised in the year in which the charity is entitled to receipt. the receipt is probable and the amount can be measured with reasonable certainty. io
Llontrust Foundation Notes to the financial statements (continued) For the year ended 31 March 2025 Accountin8 policie5 Icontinuedl 2.5 Expenditure Expenditure 15 accounted for on an accruals basi5 and has been included under expense categories that aggregate all c()sts for allocation to activities. Where costs cannot be directly attributed t() particular activities. they have been alltscated on a basis consistent with the use of the resources. Support costs are those incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statLJtory requirements. All expenditure 15 inclusive of irrecoverable VAT. 2.6 Cash at bank Cash at bank represents such accounts and instruments that are available on demand or have a maturity of le55 than three months frorn the date of acqui51tion. Liabilities Liabilities tre rec()gnised when there is an obligation at the balènce sheet date ès a result of 3 past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliablv. 2.8 Taxatlon The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definititsn of a charity for UK ctsrporation tax purposes. Accordingly, the charity is Potentièlly exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.9 FlnancSal 5nstruments The charity has only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently ea5ured at their settlement value. 2.10 Oonated service5 Donated services and facilities are included at the value to the charity where thi5 can be reliably measured. Donated services that are consumed immediately must be recognised as income, with an equivalent amount recognised under the appropriate heading in the statement of financial activities. In accordance with the Charities SORP IFRS 1021 the value of services provided by volunteers has not been recogni5ed in these financial statement5. No donated services have been recognised in the year as the amounts involved were minimal and could not be reliably measured. li
Llontrust Foundation Notes to the financial statements (continued) For the year ended 31 March 2025 Employees The average monthly number of employees during the year was nil12024.. nill. Donatlons Unrestricted funds for the year ended 31 March 2025 Unrestricted funds period from 29 March 2023 to 31 March 2024 Donations 285.038 285.038 Expendlture on chèrltable artlvltles Unrestrictèd funds for the year ended 31 March 2025 Unrestricted funds period from 29 March 2023 to 31 March 2024 Grants paid Inote 61 Governance costs 68.377 Accountancy fees Independent examination fees 3.840 2,400 74.617 12
Llontrust Foundation Notes to the financial statements (continued) For the year ended 31 March 2025 Grants 2025 2024 Grants committed but not yet paid at the end of the year 68.377 68,377 202S 2024 The following grants were awarded in the year Sea-changers Social Ark 25.000 24.875 18,502 68.377 Growing Well Trustees, remuneration No Trustee received any emoluments for their services as Trustee during the year12024.. none). No Trustee received any reimbursement of expenses during the year12024.. none). Creditors: amounts falling due within one year 2025 2024 Accruals Grants payable 6.240 68.377 74,617 Related party transactions Unrestricted donations of £285,03812024.. £nill were received from Liontru5t Asset Management Plc, the sole member of the charity during the reporting year. There were no other related party transactions during the year ended 31 March 2025. 13