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
oBJE￿IVEs 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