THE ALLEN LANE FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 LLE]V JVDNC Charity Number: 248031 HPH Chartered Accountants 54 Bootham YORK Y030 7XZ
THE ALLEN LANE FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Contents Page Reference and administrative details Trustees, Annual Report Independent Auditor's Report 10-13 Statement of Financial Activities 14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the Financial Statements 17-32
THE ALLEN LANE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025 Trustees= Fredrica Teale, Chair Maurice Frankel Michael Firth Claire H itchcock Zoe Teale Philip Walsh Amberley Carter Clara Mulcare Charity registered number.. 248031 Principal Address.. 90 The Mount YORK Y024 IAR E-mail address.. info@allenlane.org.uk Website.. www.allenlane.org.uk Staff.. Tim Cutts, Executive Secretary luntil 31.03.251 Gill Aconley, Grants Officer luntil 31.03.251, 'Director" (from 01.04.251 Bank.. Co-operative Bank PLC 62-64 Southampton Row LONDON WC18 4ND Investment Managers: Canaccord Genuity Group Inc 88 Wood Street LONDON EC2V 7QR Auditor: HPH, Chartered Accountants 54 Bootham YORK Y030 7XZ
THE ALLEN LANE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the audited financial statements of The Allen Lane Foundation (the charity) for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note5 to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 or Ireland IFRS 1021 (effective I january 20191- (Charites SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Objectives and Activities Objectives and Public Benefit Statement The Trust Deed states that the Foundation may make grants for 'general charitable purposes,. This gives the Trustees considerable latitude to decide on priorities. The Trustees currently choose to fund workwhich= encourages or enables unpopular groups to share in the life of the whole community will make a lasting difference to people's lives rather than simply alleviating the symptoms or current problems, and is aimed at reducing isolation, stigma and discrimination. The Foundation has identified specific groups of people it believes are vulnerable, isolated, and unpopular within the communities through which support can meet those objectives. The Foundation is interested in funding work which benefits people in the following groups, or generalist work which includes significant numbers from more than one such group- Asylum-seekers and refugees Gypsy, Traveller and Roma communities Offenders and ex-offenders Older people People experiencing mental health problems People experiencing violence or abuse Young people As the Foundation's resources are limited, it generally funds smaller organisations where small grants can have more impact. Grants are awarded to registered charities and organisations with automatic charitable status. Grants can also be awarded to constituted groups and newer forms of organisations such as Community Interest Companies ICICI where their structure and governance fits the Foundation's criteria. It currently makes grants in the UK, but does not make Erants for work in Greater London as it feels there are other significant grant-makers covering the capital. While recognising land being willing to support) on-going, tried and tested projects, the Foundation 15 particularly interested in unusual, imaginative or pioneering project5 which have not yet caught the public imagination.
THE ALLEN LANE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning future activities and setting grant-making policies. The Foundation provides funding to organisations which demonstrate charitable purpose. Funding provided enables the causes 5UPPOrted to provide benefits to the public within those organisations, specific aims and objectives. This is consistent within the aims of the Foundation. Where the grant Is made to a registered charity, the Trustees are confident that the grant has been made to further a charitable purpose to the public benefit. Where grants are made to other organisations the Trustees consider carefully how the funds will be used and make those grants with conditions to ensure that they are spent appropriately and for charitable purposes. In all cases the Trustees seek feedback on the actual use of the grants given, and the achievements made, $0 that they know how funds were used in practice. The explanations and feedback on the grants made are believed to be sufficient for monitoring the quality of those grants and appropriateness of the size of the grant made. In grant making there is always a necessary degree of trust that the applicant is honest and will use the fund5 wisely. Achievements and Performance Key financial performance indicators The Foundation's portfolio remained steady, with only a slight fall in comparison to last year, with a total return of -0.61% versus the 2.91% for the peer group. Inflationary and interest rate pressure continued to ease during the year as the investment manager had expected, providing some relief for corporations and consumers, but a shifting political landscape has kept uncertainty and volatility elevated. Despite this, there was positive progress on the underlying income generation of the portfolio with approximately £761,210 received in the year to March 2025, compared with £706,912 in the prior year. As at 31st March 2025, the estimated income for the coming year points to further underlying improvement but the manager notes that currency movements la stronger sterlinglweaker US dollarl may provide a headwind. The portfolio's overweight position in the UK equity market (relative to the peer group) continues to provide an above average level of yield but has lagged the US equity market in term5 of capital growth. The manager has used recent weakness in the US equity market to reduce this underweight exposure modestly, albeit the ongoing requirement for income means the portfolio will naturally retain a higher-than-average bias to the UK market. The Trustees continued to have consideration on the wider concerns around Socially Responsible investing. The Foundation's investment managers provide regular updates on the position of the portfolio as it measures against Environmental, Social and Governance IESGI and Sustainability ratings. The investments within the portfolio that score below-average are regularly reviewed and discussed at the Trustees, meetings.
THE ALLEN LANE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees continue to believe the portfolio is balanced, diversified, and tailored to meet their specific needs and objectives. They would like to thank the investment management team at Canaccord Genuity UK for their hard work and diligence during the year. Grants In 2024125, the Foundation committed to 141 new grants12023124 146 grants). The total value of grant5 committed was £752.526. which was higher than last yearf5 figure of £736,729. Grant amounts ranged from £350 to £15,000, and the average grant size awarded by the Foundation over all seven funding programmes was £5,246. Most of the grants offered 11051 were single grants, with 27 grants over two years, and nine over a three-year period. 41 grants 129%1 were offered to organisations previously funded by the Foundation. which was slightly lower than in the previous year. 80 grants157%1 were offered to organisations who had not previously applied to the Foundation, and 20 grants were made to organisations who had previously been refused. From a total of 5971535 last yearl applications made to the Foundation during the year, 4561389 last yearl were refused. This resulted in an overall success rate of 24Yo, which was lower than in the year before127%1. The number of applications received is growing year on year, with the highest number received in 2024125 over the past ten years. Three of the funding programmes received the largest share of applications Older People11481 Young People 11521, and People experiencing Mental Health Issues 11481. The Older People programme saw a 34% success rate,. whilst both the Young People and People experiencing Mental Health Issues had a success rate of 159A. There are many, and varied reasons for this. A number of Mental Health applications were focused on wellbeing support around low level mental health issues, whereas the Foundation has a focu5 on supporting applications for moderate to high level mental health conditions. For Young people applications, the reasons were more mixed but included targeting the wrong age group to a poor fit to the stated criteria. The table below shows the overall value and number of grants across the funding programmes. Value and numberof rants funded and refused b fundin ro ramme Funding Progrumme Amount funded £202,869 £139,295 £123.015 £95,365 £87,079 £81,383 £23,520 £0 Gronts made 50 23 22 14 13 15 Averuge grant £4,057 £6,056 £5,592 £6.812 £6,698 £5,425 £5,880 £0 Total apps 148 152 148 40 39 58 io Turned down 98 129 126 26 26 43 Succe55 rute 340A 15% 15% 35% 33% 26% 40% Older people Young People Mental health Offenders & ex-offenders Violence or abuse Asylum seekers/refugees Gypsies, Roma, Travellers Specific/other
THE ALLEN LANE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The next table below shows the geographical spread of grants made during the year. Value and numberof rant5 funded and success rate b eo ra hical area Area Amount Aunded £114,356 £101,636 £89,640 £84,111 £70,600 £55,338 £47,953 £39,355 £35,662 £31,066 £28,000 £27,809 £27,000 Grants mode 17 Average gront £6,727 £6,776 £4,718 £5,257 £6,418 £4,612 £4,795 £4,919 £3,962 £3,883 £7,000 £4,635 £4,500 Success rate National South West North West South East East Anglia Yorks & Humberside West Midlands East Midlands North East Scotland Central South Northern Ireland Wales 27UA 26% 25% 18% 15 19 16 li 39% 21°A 19% 24% 22% 19% 25% 38% 27% 12 io The final table below gives a comparison over the last ten years of the level of grants awarded by the Foundation. In this ten-year period The Foundation has awarded grants totalling over £7.5m. Ten earcom arisons of the overall fundin lications received and refusals These figures result in an average amount awarded per annum of £753,358 in 141 grants. Average 519 applications received per annum, with 378 being refused. Amount funded £752,526 £736.729 £767,231 £738,169 £726,132 £783,964 £731,233 £798,140 £749,675 £749,786 £7 533 585 £753 358 Grants made Average grant size £5,337 £5.046 £5,403 £5,635 £5,543 £5,722 £5,223 £5,217 £5,553 £4,837 Total apps Turned down 456 389 337 2024125 2023124 2022123 2021122 2020121 2019120 2018119 2017118 2016117 2015116 10 Years 10 r Avera 141 146 142 597 535 482 131 131 137 140 153 135 155 427 466 440 498 577 584 588 296 335 303 358 424 449 433 141
THE ALLEN LANE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Allen Lane Lectures After a six-year break, partly attributed to the pandemic, the Foundation held a Lecture on Friday 4 October 2024. This was Eiven by Dr Alison Frater and titled 'Health, Arts and Justice.. Women in the Criminal Justice System" The event was held at The Honourable Society of Gray's Inn in London, and was attended by a wide and varied audience. The text of the Lecture, in addition to some other recent Lectures are available on the Foundation's website Iwww.allenlane.org-ukl. Investment policy and performance The Trust Deed authorises the Trustees to invest the Foundation's funds in the same unrestricted manner as if they were the beneficial owners of the funds. Trustees have a clear and agreed investment policy and objectives based on the advice of its investment managers, Canaccord Genuity UK, who implement that strategy and report at every meeting to the Trustees on performance and market conditions. The Trustees regularly review the investment policy and objectives to ensure that it takes account of the overall objectives of the Foundation and identifies any long-term risks to the portfolio. Going concern After making appropriate enquiries, 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. Reserves policy The Trustees are not required to make any distinrtion between capital and income, and aim to maintain the real value of the legacy, while ensuring that the level of grant-making is not subject to large fluctuations. Grant-making in any one year is not strictly related to the amount of investment income received, but rather to an estimate of the amount which can be spent each year without impairing the ability of the capital to sustain the same real level of spending indefinitely into the future. Trustees consider that a large proportion of its capital is used to invest to help generate the necessary funds for its grant-making objectives. At the end of the accounting period, the total amount of free funds the Foundation held was £21,941,351 12024.. £22,155,2741, being the total of unrestricted reserves less those amounts representing tangible fixed assets. This was lower than the previou5 year, due to the performance of the Foundation's investments rather than due to any change in the levels of expenditure including the commitment to grants made. The Trustees accept that there can be fluctuations, both up and down, in the value of its investments, and monitor these carefully throughout the year. Trustees firmly believe that the fall in the portfolio value this year, is within normal limits and maintains the overall strength of the Foundation's financial position. The Trustees estimate that a minimum reserve lexcluding investments) equivalent to one year's operational expenditure is required. Investments are held as capital in order to provide income from which to make grants. The Trustees aim to hold funds other than investments in order to
THE ALLEN LANE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 provide working capital for day to day needs. At the year-end reserves, excluding investments, amounted to £319,180 and annual running costs for the year amounted to £119,937. Therefore, the Trustees are satisfied that they hold sufficient operational reserves to meet the day to dav needs of the Foundation. However, the total reserves need to be considerably higher than this to generate the investment income required to continue the Foundation's grant making activities. Structurei governance, and management The Foundation The Allen Lane Foundation was set up in 1966 by the late Sir Allen Lane, founder of Penguin Books, to support general charitable causes. Although the Foundation has no connection with the publishing company, it has throughout its existence had a strong family connection with several family members having Served as Trustees including two of Sir Allen Lane's daughters. Currentlvi the Foundation has eight Trustees of whom three are members of the founder's family. Appointment of Trustees The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed. Trustee induction and training is informal, but appropriate for a Foundation of this size. New Trustees are provided with copies of the governing document5, latest set of accounts, and taken through the processes employed by the Foundation. Trustees can also attend specific training or networking opportunities provided for by the Foundation's membership of the Association of Charitable Foundations IACFI. Pay policy for senior staff The level of pay for staff is set by the Trustees after consideration of the size of the organisation, the levels of responsibility, and the appropriate rates within the charitable sector. Administration The Trustees are responsible for setting the overall strategies, policies, and funding criteria of the Foundation including investments, making the final decisions on any grant awarded and for agreeing an annual budget. Delegated responsibility is given to the Executive Secretary to implement these and together with the Grants Manager they provide all appropriate advice and guidance. During the year, the Foundation's staff, Tim Cutts (Executive Secretary), and Gill Aconley IGrants Manager) administered the Foundation's business on a day-to-day basis from the office in York. Trustees generally meet three times a year. Reports by the office are made to the Trustees at every meeting with regular communication with the Chair between meetings. Trustees can report that the cost of running the Foundation has remained steady, with continued steps to keep operating costs at an appropriate level compared to the level of grant5 that could be awarded. Administrative costs represent approximately 11.8QA of grants committed.
THE ALLEN LANE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are grateful to Tim and Gill for their diligence in the administration of the Foundation. At the end of the financial year, Tim left the Foundation to take early retirement. He had been with the Foundation for 17 years and Trustees thanked him for his hard work and dedication over that period. Going forward, Gill is to move from part-time to full-time and take over the administration of the Foundation as Director. Risk analysis and management The Trustees have considered the risks faced by the Foundation. They are satisfied that appropriate measures have been taken, and systems put in place to mitigate these risks and minimise the impact on the Foundation, should difficulties materialise. Major risks that the Trustees have considered and have taken steps to mitigate include.. having robust assessment and monitoring processe5, to ensure grants made are for work which 15 considered charitable,. having a clear investment policy which takes into account appropriate professional advice; and ensurinE that the Foundation is compliant with legislation and regulations through taking any necessary professional advice and employing experienced and knowledgeable staff. Policy The Trustees continued to recognise the impacts on vulnerable individuals and across communities faced with higher cost of living and pressures on public services. Part of this is support to organisations that covers more core and unrestricted funding, rather than new projects or work. There has been in 2024/25 increasingly high demand for grants and therefore, Trustees continue to review its priorities to manage that demand and mange expectations of prospective applicants. The Trustees are always keen to make the Foundation's criteria as clear as possible, to save applicants from wasted effort and disappointment, although this means that the guidelines list a significant number of 'exclusions" The eligibility quiz before the on-line application process also assists prospective applicants determine whether they are eligible, without having to go on to complete an application. The Foundation's web51te was redesigned and refreshed in early 2024 and now gives better guidance to those groups and organisations looking towards the Foundation for support, including providing case studies of grant5 awarded. These case Studies not only provide examples of the types of grants the Foundation makes, but highlights the excellent work that is done by many of the organi5ations supported. The Foundation, through it5 Staff, are always available to provide advice and guidance prior to any application submitted. Future plans The Trustees continue to maintain the amount of funds it has available annually for grant distribution. To assist Trustees, they receive regular policy statements and updates from the staff team during the year to help refine or make changes to its grant-making policy. The Trustees will continue to review the Foundation's work during the coming year and continue to reserve the right to offer larger grants at their discretion.
THE ALLEN LANE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Thanks Most importantly, the Trustees also wish to express their appreciation of those who have applied for grants this year. We regret that there are many we are unable to help, but without their work, a grant-making foundation like this would have no purpose. The Trustee5 and staff feel privileged to be able to help with their work. Trustees, responsibilities statement 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 & 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 period. 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 judgment5 and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to anv material departures disclosed and explained in the financial statements,. prepare the financial statements on the going tontern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and 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. This report was approved by the Trustees, on and signed on their behalf by.. Fredrica Teale, Chair of Trustees 27 June 2025
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ALLEN LANE FOUNDATION Opinion We have audited the financial statements of The Allen Lane Foundation for the year ended 31 March 2025 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and notes to the financial statements, including signifitant 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 tharity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure 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 requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII 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 FRCS 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. 10
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ALLEN LANE FOUNDATION Other information The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. 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 $0, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 statement5 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 require 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 and returns: or we have not received all the information and explanations we require for our audit Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement set out on page 9, 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 statemer)ts 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so.
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ALLEN LANE FOUNDATION Auditorfs 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 ISA5 IUKI 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 and the Statement of Recommended Practice. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of trustees and management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. 12
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ALLEN LANE FOUNDATION 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 tharity'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. HPH, Chartered Accountants Statutory Auditor 54 Bootham YORK Y030 7XZ 23 July 2025 13
THE ALLEN LANE FOUNDATION STATEMENT OF FINANCIALAcfiviTIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestrirted funds Total 2025 Totul 2024 Notes Income from: Donations and legacies Investments 250 706,912 761,210 761,210 Total income 761,210 761,210 707,162 Expenditure on: Raising funds Charitable activities 134,452 863,578 134,452 863,578 127,591 837,301 Total expendlture 998,030 998,030 964,892 Net expenditure before net gains1 losses on investments 1236,8201 1236,8201 1257,7301 Net gainsllosses on investments 22,709 22,709 1.958,437 Net movement in funds 1214,1111 1214,1111 1,700,707 Reconciliation of funds: Total funds brought forward Net movement in funds 22,156,026 1214,1111 22,156,026 1214,1111 20,455,319 1,700,707 Total funds carried forward £ 21,941,915 £ 21,941,915 £ 22,156,026 The notes on pages 17 to 32 form part of these accounts. 14
THE ALLEN LANE FOUNDATION BALANCE SHEET AS AT 31 MARCH 2025 Notes 2025 2024 Fixed assets Tangible assets Investments li 12 564 21,622,735 752 22,023,973 21.623.299 22,024,725 Current assets Debtors Cash at bank and in hand 13 19 5.513 562,799 6,425 355,846 568.312 362,271 Creditors.. amounts falling due within one year 14 1216,446) 1220,3201 Net current assets 351.866 141,951 Total assets less current liabilities 21,975,165 22,166,676 Creditors.. amounts falling due after more than one year 15 {33.250) 110,6501 Total net assets £ 21.941.915 £ 22,156,026 The funds of the charity: Unrestricted funds 16 21,941,915 22,156,026 Total funds £ 21,941.915 £ 22,156,026 The notes on pages 17 to 32form part of these accounts. Approved by the Trustees on 27June 2025 t7nd signed on their behalf by.. Fredrico Teale, Chair of Trustees 15
THE ALLEN LANE FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activities Net cash used in operating activities 18 1978,204) 1971,4561 Cash flows from investing artivities: Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments 761,210 3,322,442 (2,898,495) 706,912 4,240,817 13,983,841) 12 Net cash provided by investing activities 1,185,157 963,888 Change In cash and cash equlvalents In the year 206,953 17,5681 Cash and cash equivalents at the beginnlng of the year 355,846 363,414 Cash and cash equivalents at the end of the year 19 £ 562,799 £ 355,846 The notes on pages 17 to 32 form part of these occounts. 16
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 I. ACCOUNTING POLICIES a) Statutory information The Allen Lane Foundation is an unincorporated charity in England. The address of the registered office is given in the charity information on page l of these financial statements. The nature of the charity's operations and principal activities are the making of grants for general charitable purposes. b) Basi5 of preparation The Accounts have been prepared in accordance with 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 or Ireland IFRS 1021 (effective l January 20191- Icharites SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following the 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 IFRS 1021 issued on 16 July 2015 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from I April 2005 which has since been withdrawn. The Allen Lane Foundation meets the definition of a public benefit entity under FRS 102. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. c) Going concern As part of their assessment of the going concern basis of preparation, the trustees have considered the forecasted income for the year to 31 March 2026. They have also informally considered the period up to 12 months from the signing of the accounts. The majority of the expenditure, being grants payable, is at the discretion of the trustees and can be reduced if income falls. The charity also has sufficient reserves to cover the current level of expenditure for several years ahead. 17
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 I. ACCoUTr1NG POLICIES Icontinuedl At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis in preparing the financial statements. dl Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Investment income is earned through holding 3s5ets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and divided income is recognised as the charity's right to receive payment is established. el Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including SUPPOrt costs and governance costs are allocated to the applicable expenditure headings. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. Grants payable are charged in the year 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 year end are noted as a commitment, but not accrued as expenditure. fl Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the bank. gl Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. 18
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 I. ACCOUNTING POLICIES Icontlnued) h) Taxation The charity is considered to pass the tests set out in Sch. 6, para. l of the Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Income Tax Act 2007, Part 10 s521 - s537 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. il Tangible fixed assets and depreciation Tangible f ixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets. less their estimated residual value. over their expected useful lives. Depreciation is provided on the following basis: Office equipment 25¥0 reducing balance jl Investments Fixed asset 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/lLossesl on investments, in the statement of financial activities. kl Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 11 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments Wlth a short maturity of three months or less from the date of acquisition or opening of the dep051t or similar account. ml Llabllitles and provlsions Liabilities are recogni5ed when there is an obligation at the balance sheet date as a result of a 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 reliably. 19
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 I. ACCOUNTING POLICIES Icontlnued) Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amount5 required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. n) Financial instruments The charity only has 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 measured at their settlement value. ol Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. pl Pensions Pension contributions paid by the charity into defined contribution pension schemes on behalf of its employee5 are charged to the statement of financial activities. ql 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 charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. 20
THE ALLEN LANE FOUNDATION NOTESTO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 2. INVESTMENT INCOME Unrestricted Funds Total 2025 Total 2024 Income from UK listed investments Interest receivable 722,336 38,874 722,336 38.874 678,189 28,723 761,210 761,210 706,912 3. COSTS OF RAISING FUNDS Unrestricted Funds Total 2025 Total 2024 Investment management fees 134,452 134,452 127,591 134,452 134.452 127,591 4. ANALYSIS OF EXPENDITURE ON CHARITABLE AcfiviTIES Summary by fund type Unrestrirted Funds 2025 Total Funds 2025 Total Funds 2024 Grants Committed (note 51 Support costs Inote 61 Governance costs Inote 71 735,420 95,950 32,208 735,420 95,950 32,208 726,004 82,551 28,746 863,578 863,578 837,301 Summary by expenditure type Stoff costs Other Costs 2025 Total Funds 2025 Total Funds 2024 Depreciotion 2025 2025 Grants Committed (note 51 Support costs Inote 61 Governance costs Inote 71 735,420 24,976 14,465 735,420 95,950 32,208 726,004 82,551 28,746 70,823 17,706 150 38 88,529 188 774,861 863,578 837,301 21
THE ALLEN iANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF GRANTS 2025 2024 Grants to institutions Grants committed (note 221 Grants withdrawn or released 752,526 {17,1061 736,729 110,7251 735,420 726,004 For further details of grants committed during the year see note 22. A reconciliation of grant commitments is as follows: 2025 2024 Commitments brought forward Grants committed Inote 221 Grants withdrawn or released Grants paid 190,641 752,526 {17,106) 1715,7721 219,865 736,729 110,7251 1755,2281 Grant5 carried forward 210,289 190,641 Grant commitments 2025 2024 of which payable within one year of which payable after one year 177,039 33,250 179,991 10,650 210,289 190,641 Grants commltted- by fundlng programme 2025 2024 People experiencing mental health issues Offenders and ex-offenders People experiencing violence or abuse Older people Asylum-seekers and refugees Gypsies, Roma and Travellers Young people 123,015 95,365 87,079 202,869 81,383 23,520 139,295 80,095 101,092 115,743 147,299 109,656 20,500 162,344 £ 752,526 £ 736,729 22
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 6. SUPPORT COSTS Charitable octivities 2025 Governonte costs 2025 Totol fvnds 2025 Total funds 2024 Premises Office costs Staff travel and subslstence Sundry expenses Wages and salaries National insurance Pension cost Allen Lane lecture Depreciation 7,826 8,208 2,602 307 62,231 2,579 6,013 6,032 150 1,957 2,052 651 77 15,558 645 1,503 1,508 38 9,783 10,260 3,253 384 77,789 3,224 7,516 7,540 188 9,786 6,843 4,180 158 72,474 2,502 6,995 251 95,950 23,987 119,937 103,189 Total 2024 82.551 20,638 103,189 The support costs as listed above are allocated to charitable activitie5 and governance c05t5 using a ratio of 80.'20. This ratio has been agreed by the Trustees and shows a reasonable split between time and resources spent on each area. 7. GOVERNANCE COSTS Unrestricted fund5 2025 Totul fund5 2025 Total funds 2024 Accountancy fees Audit fee Trustees, travel and actommodation expenses Support costs Inote 61 2,695 4,313 1,213 23.987 2.695 4,313 1,213 23.987 2,614 4,184 1,310 20,638 32,208 32.208 28,746 Total 2024 27,846 27,846 8. AUDITORS. REMUNERATION The auditors, remuneration amounts to an audit fee of £4,31312024 - £4,1841, and accountancy fees of £2,69512024- £2,614). 23
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 9. STAFF COSTS Staff costs were as follows.. 2025 2024 Wages and salaries Social security costs Other pension costs 77,789 3,224 7,516 72,474 2,502 6,995 88,529 81,971 The average number of persons employed by the charity during the year was as follows- 2025 No. 2024 No. No employee received remuneration amounting to more than £60,000 in either year. The key management personnel of The Allen Lane Foundation include both the Executive Secretary and the Grants Manager. The total employee benefits of the key management personnel were £88,529 12024- £81,971). 10. TRUSTEES, REMUNERATION AND EXPENSES During the year, Trustees did not receive any remuneration or other benefit512024- £501. During the year ended 31 March 2025, a total of £1,213 of expense5 were reimbursed or paid directly to 5 Trustees12024 £1,310 to 7 Trustees). 11. TANGIBLE FIXED ASSETS Office equipment Cost or valuation At l April 2024 Additions At 31 March 2025 6,278 6.278 Depreciation At l April 2024 Charge for the year At 31 March 2025 5,526 188 5,714 Net book value At 31 March 2025 564 At 31 March 2024 752 24
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 12. FIXED ASSET INVESTMENTS Listed investment5 Valuation At l April 2024 Additions Disposals Revaluations 22,023,973 2,898,495 13,199,788) 199,9451 21,622.735 At March 2025 Investment5 at market value comprise.. 2025 2024 Listed investments 21,622,735 22,023,973 The historical cost of listed securities as at 31 March 2025 was £14,406,39712024- £14,605,435). All the fixed asset investments are held in the UK. 13. DEBTORS 2025 2024 Prepayments and accrued income 5,513 6,425 5.513 6,425 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Accruals and deferred income Grant commitments 39,407 177,039 40,329 179,991 216,446 220,320 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 Grant commitments 33,250 10,650 25
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 16. STATEMENT OF FUNDS Statement of funds - current year Bolunte ot I Aprll 2024 GoiTns/ (Losses) 8alon¢e ot 31 Murch 2025 Income Expendlture Unrestricted fund5 General Funds Revaluation reserve 14,737,488 7,418,538 761,210 {998,0301 276,841 1254,132) 14,777,509 7,164,406 22,156,026 761,210 {998,0301 22,709 21,941,915 Statement of funds- prior year Balance ot I April 2023 Goins/ (Losses) Bolonce ot 31 Morch 2024 Income Expenditure Unrestricted funds General Funds Revaluation reserve 15,018,263 5,437,056 707,162 1964,8921 123,0451 1,981,482 14,737,488 7,418,538 20,455,319 707,162 1964,8921 1,958,437 22,156,026 26
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Analysis of net assets between funds- current year Unrestrirted funds 2025 Total fvnds 2025 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 564 21,622,735 568,312 1216,4461 133,2501 564 21.622.735 568,312 1216,4461 133,2501 21,941,915 21,941,915 Analysi5 of net a55ets between funds- prior year Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Fixed a55et investments Current assets Creditors due within one year Creditors due in more than one year 752 22,023,973 362,271 1220,3201 110,6501 752 22,023,973 362,271 1220,3201 110,6501 22,156,026 22,156,026 18. RECONCILIATION OF NET MOVEMENT IN FUNDSTO NET CASH FLOW FROM OPERATING ACTIVITES 2025 2024 Net lexpenditurel /income/ for the year las per Statement of Financial Activities) 1214,1111 1,700,707 Adjustments for.. Depreciation charges (Gainslllosses on investments Dividends and interest from investments Decrease/llncreasel in debtors IDecreasel/lncrease in creditors 251 11,958,437) 1706,9121 11,8601 15,2051 122.7091 1761,2101 912 18,726 Net cash used in operating activities 1978,2041 1971,4561 27
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 19. ANALYSIS OF CASH AND CASH EQUIVALENTS AND CHANGES IN NET DEBT At l April 2024 Cush flow5 At 31 March 2025 Cash at bank in hand 355,846 206,953 562,799 Total cash and cash equivalents 355,846 206,953 562,799 20. RELATED PARTY TRANSAcfioNS There were no related party transactions as required to be disclosed other than the reimbursement of Trustees, expenses shown in note 10. 21. OPERATING LEASES 2025 2024 The total future value of minimum lease payments is as follows= Within one year Within one to two year5 In two to f ive years 7,174 6,854 454 £ 7,174 E 7,308 The amount of non-cancellable operating lease payments recognised as an expense during the period was £10,10212024- £10,054). 28
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 22 GRANTS COMMITTED 2025 Grants committed in the year were as follows.. A slice of Happiness Absolute Cabaret After 18 Alina Orchestra All strong Scotland AMGivingback Art & Soul Tribe Articlave District Community Association Arts for health Ashington RVS Behind Bars Calisthenics Academy Ltd Benefit Advice Shop 6,(X)O 5,000 7,500 4,375 4,000 4,000 3,000 1,840 3,000 600 5,160 5,000 6,600 4,886 4,500 5,000 6,500 5,000 400 1,000 9,000 2,500 6,000 8,000 7,500 7,940 5,000 10,000 8,000 1,200 5,000 6,000 5,933 6,742 5,000 6,500 1,600 6,000 7,500 3,000 201,776 Blown Fuse Ltd Breaking The Cycle Bridge2Liverpool Building4Hope Butterfly Effect Wellbeing CIO Caldercruix Ladies Educational Group Chetton And District Parish Hall Clean Slate Coming Home Community Chaplaincy Association Concrete Rose Connections Exeter Conversation Over Borders Crossing Point Dementia Support Hampshire & low Doulas Without Borders Drumgath Engage Faversham Assistance Centre IFACEI Feed the Birds Finding Rhythms Friends For Life Bedfordshire Gateway Community Media Gladstone Connect Gladstone Terrace Good Morning Down Grandfriends Sub total 29
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 22 GRANTS COMMIThED- CONTINUED 2025 Sub total brought forward Green Health Thames Valley Growing Together Levenshulme Harmony & Health Singers Havens Community Cars Helping Older People New Forest IHOPel Hersden Community Centre Hesketh Bank and Tarleton Helpers HM Pasties Foundation Homeless House Hope ESOL CIO Horticultural Therapy Trust Hull & East Yorkshire Community CounsellinE Service CIC IMAGINE ARTSDEM BROXTOWE CIO Inamed changing to Dementia Studio) Inside Justice Ivybridge & District Community Transport Association Joining Hand5 Kindred Minds Life Chance Trust Lifesize CIC LISAS Leisure Inclusive Social Activity Services CIC Livestock Make a Move Maltby Community Hub CIC Meadows Children & Family Wing Mental Health Swims Moorland Star National Network for Education of Care Leavers New Leaf Derbyshire Next Chapter Scotland SCIO No Place Productions Northumberland Community Enterprise Limited Norwich International Youth Project Nottingham Caribbean Elders Group Nurture Families ObliqueArts Older Peoples Advocacy Open House CIC Ormlie Community Association Ltd Otley Space Parallel Lives 201,776 7,500 6,000 2,000 5,000 7,500 3,744 5,619 7,500 6,000 4,367 8,000 7,079 6,000 io,ooo 4,000 5,000 6,000 10,000 8,000 2,000 2,000 8,628 3,000 10,000 5,630 5,000 11,000 3,000 5,362 5,000 1,462 8,000 2,000 6,000 10,000 3,500 5,000 5,304 1,200 5,000 429,171 Sub total 30
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 22 GRANTS COMMIThED- CONTINUED 2025 Sub total brought forward People for People CIC Phoenix Healing CIC Phoenix Rising CIC Phoenix Thrive Plymouth MH Recoverv Portadown Wellness Centre Postpartum Matters Potteries Helping hands dementia group CIC Prevent 2 Protect Prisoner Support Services PTSD UK Purposeful Active Living PZN Youth CIC Reach Family Reddish Men in Sheds Refugees Welcome Crawley ROKT Foundation Roma Right Path Project Rooted SALT South West Scots Recovery from Childhood Abuse ISRFCAI Shapeshifter Productions Side by Side Sisters of Support CIC SLEEC South West Community Chaplaincy Ltd Spark Sisterhood St Marks Community Association St Pauls Parochial Church Council Still We Rise Stockport Refugee Support Group Stratford Literary Festival Stronger Together Carers Group T3rbert 5oLJP Team Clarewood The Belay Foundation The Black Dog Music Project The Boston Men's Shed The Lighthouse Attleborough The Loss Project 429,171 3,520 7,500 5,000 6,000 2,488 3,000 5,000 2,000 5,000 4,355 6,400 4,000 5,000 7,000 2,000 5.000 5,000 350 7,5(10 5,000 4,000 5,100 2,000 6,020 15,000 12,000 4,000 2,000 5,000 3,726 6,0(10 2,000 1,500 2,000 6,000 3,000 2,000 7,500 4,000 Sub total 618,530 31
THE ALLEN LANE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 22 GRANTS COMMITTED- CONTINUED 2025 Sub total brought forward The Mere The Showmen's Mental Health Awareness Charitv The Well Thursday Club Torture ID Triumph Over Phobia UareUK Iunited to Assist Refugees UK) UKAcquired Brain Injury Forum Unite Carers in Mid Devon VCAEC VIBE Youth CIC Wainman Trust Welcome Group Halesowen West Hull Community Hub Wigan Workshop CIC Worker Support Centre Xenia Yada York Neighbours Your Consultation Group Community Interest Company Zachary Geddis Break the Silence Trust 618,530 1,500 5,000 7,769 2,000 5,000 10,000 5,000 10,000 6,000 6,000 7,000 10,000 8,000 7,000 4,635 7,500 5,000 7,500 7,592 5,000 6,500 752,526 32