Foundation registration number 251476 THE EDGAR LEE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THEYEAR ENDED 5APRIL 2024
THE EDGAR LEE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Tru8tees hlrARLee Appolnted in accordan with the Iiusl deed Ichaiipersonl MrCMLee Appointed in accordance with the t¥ust deed oo¥e NHC Trust Corporation Limited Appolnted In accordanTr with the t¥usl deed FoLtndatlon number 251476 Pilnclpal addre88 Th9 Old House Blandford Road Iwerne Mlnster Blandlord Foiurn Dorset DT118QN Independent examlner hlr J Samlnaden FMAAT 9 Kennedy Avenu8 Enfield Iddlesox EN3 4PA 8ank•rs Barclays Bank PIC Lo£xI Business Banking Lelcèster LE87 2BB Investment advisors Inveslec INeallh & Investment 30 Gresham Street London EC2V 7QN
THE EDGAR LEE FOUNDATION CONTENTS Page Tru5tee5 reporl Independent examiners report Balance sheet Note5 to the financlal statements 5-10
THE EDGAR LEE FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report and finarscial stalernents forthe year ended 5 Aprfl 2024. Thg financial slalemenls have been prep8red in a¢cordatice with the accounting policles sel out in note 1 to the financial slalem8nls and comply with the Foundation'8 trust deed dated 11 March 1966, the Charities A¢1 2011 and "Accounting gnd Report£ng by Charit8.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Fin8ndal Reporting Standard appli¢able Én th8 UK and Republlc of Ireland IFRS 1021" leffeclive 1 January 20191. Oblectlves and actlvltles The Foundatlon was set up to pay donations to charit8ble InsllluUDns or makè rA>ntrlbutlons toward any olhÈr puiposes and good causes as the Trustees see rrt. During the year it has Continued lo provide fundinu lo such organisalions. The Foundation is governed by tt5e tru51 deed dated 11 March 1966 and deed of gnlargement dated 24 February 2020, whlch speclles Ihe objectives trf the FoundAtlon and Its benefiarles. Flnanclal revlew During the y8ar und8r tevi8w, charitiès atid inslilulions tsnjoying charitable 813lus dealing wlh education. diseases and di5abletnenl have again been 5UPPOrted. Donations pald durlng the year total £79,550 and a listing of the beneficlaries of the awards are reported on pagès 7 10 8 In the financtal slalemenls. Thé nét outgolng resourcès for the yéar amounted to 1£67,8721 and, at the ènd of th8 year, the Foundation had cash assets of £21,702. The financial position continues lo be n)onilored by the Tiustees. The Trustees consldored Ihal the funds available would tse adequate lo fulfil the future obligatlons of the Foundation. 11 is the policy of the Foundation Ihal unreslricled funds which have not been designaled lor a specific use should be maintained al g level equivalent lo bgiween three and six Thnth'S expenditure. Tho Truslees consider that reseNes al this level will ensuie that, in the event of a significant drop in fullding, Ihey will be able lo continue th8 Found8tlon's currènt Acllvltles whlle conslderalion Is glven to ways In whlch additlonal funds may bè raised. This level of reserves has been mainlalned throughout the year. Plans for future perlods The flnanclal statements refer tts the funds h61d by the Foundallon. UnrEStricted funds amDunt to £628,966. This Fevel ol reseNes will allow the Foundation lo conlinue operating and provide it with more than enough capacity to pursue ils charitable object. Moreover the Foundation's policy has altered and il is now set lo run down these reservgs by maleiwlly increasing the aggregate amount spent oa¢h year in donations and grant lo other charities and good causes. Structure. governance and tnanagement The Trust905 who served dur¢ng Iha year and vp lo the dale of signaluio of tho finariclal 8ts1em8nls were.. MrAR Lee K4rCM L8 Moor8 NHC T{st Corporation Ltd The Foundation's day lo day busSness Is co-ordSnated by MrA R Lee. The board of Trustees meet on a regular b8818 to dlscu55 the FDirndation'5 affalrs. The appointment of Trustees is goverried by the Foundation'8 Iwsl deed.
THE EDGAR LEE FOUNDATION TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 Publlc Beneflt The Foundation's link8 wilh the community have continued Ihioughoul Ihe year. This included providing funding lo the variou8 gducalional and research projects as well as other org8nisalion8 within the chaiily sector. Risk Man8gèmÈnt The Trustees continue to keep the Foundation's acuvltles under revlew, parllcularly wllh regard to any major rtsks Ihal may arise from lime lo lime and lo monitor the effeolweness of the system of internal controls and other wable mean8 by whlch those risks already Identified by the Trustees can best be m¢tigaled. The Trustees r8POrt was approved by lh8 Board of Trus1888. rARLee Trustee hfirCMLeÈ Trustee lor and on behalf of Moore NHC Trust Corporation Ltd Trusteè 27 Sep 2024 Dale..
THE EDGAR LEE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EDGAR LEE FOUNDATION I report lo the Trustees on my examination of thè 14nanelal statements of The Edgar Lee Foundation for the yoar ended 5 Aprll 2024. Responslbllities and bas18 of report As the Tru5te6s of the Foundation you are responsible foT the Preparatll of IhE flnanclal Statements in accordance Wtlh the rtquirements of the Charities AGI 2011 (the 2011 Acti. I report In rèspect of my examination of thè Foundèllon's financial statements carried out undgr section 145 of the 2011 Act. In carrying out my examinalion I have followed all the applicab18 Dir8CtIOnS UlV8n by lh6 Charlly Commission undei seclion 14515llbl ol the 2011 Act. Indepèndènt éxamlner's statement Your allenlion is drawn lo thè fact Ihal the Foundation ha8 preparod financial 5ts1emenls in accordance wlth Accounting and Reporting by Charities preparing their accounls in accordance wlth the FlnancAal Reporting Slandaid applicable in the UK and Republic of Ireland IFRS 1021 in pref8r6ncÈ to the Accounting and Reporting by ChaTilies'. Statement of Recommended Pracllcè Issued on l April 2005 which Is referred to In Ihe extant regulations bul has now been wtlhdrawn. l underslgnd Ihal this has beèn done In order for finanaal Slalemenls lo provide a Iiue and fail view in accordance with GenerallyAcceptèd Accounting Practice effecllve for reporting peri(¥ls beginning on or after l January 2015. I have ¢ompleled my examlnalion. I confirm that no matt8r$ have come tts my allention in connection with the examinallon glvln9 me ¢ause lo beli8V6 that In any material respect.. accounling tecDrd5 WEre nol kept in ¥especl of the Foundatton as requ1red by sectlon 130 01 the 2011 Act.. or the financial slalemenls do not accord with those records., or thè f4nancl81 statements do not compty with the applicable requlrements concernlng the form and content of accounts sel out in the Charities (Accounts and Roportsl Regulatlons 2008 other than any requirement that the accounts give a true and fair view whlch is not a matter considered as part ol an independent examination. I have no concems and have come across no other mallers in conneclK)n with thé èxamlnation to which altention should be drawn in thls report In order lo enabb ¥ prop6r undarstaftding of the financial slatemenls lo be reached. Mr J Sarnlnad9n FMAAT 9 Kennedy AvenLte Enfield Middlesgx EN34PA Dated.. Y/::/g
THE EDGAR LEE FOUNDATION INCOME AND EXPENDITURE ACCOUNT (FOR MANAGEMENT PURPOSES ONLY) FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 INCOME Investmènt Income Income from manag8d funds ILossllProfil on dlsposals 20,593.00 16,051.001 22,172.48 17,377.231 othar recognlsed galns and losses Unr8allsed galnslllossesl on invgslrnenl assels 12.844.00 141,611.681 27.386.00 126,816.431 EXPENDITURE Grants payable In furtheranc8 of the Foundation'¥ ¢blocts Grants 8nd donations paid duTing the y88r 79,550.00 59,500.00 Support and governance co$ts Slockbrok8rfs charges Accountancy Ind8p6ndent examination feo 7.253.00 8,154.00 400.00 6.480.43 3.370.56 400.00 1S,807.00 10.250.99 95,357.00 69.750.99 Total Income for the year Total expandllure for the year 27,388.00 195,357.001 126.816.431 169,750.991 N8t expendlture for the year 167,971.001 196.567.421
THE EDGAR LEE FOUNDATION BALANCE SHEET AS AT 5APRIL 2024 2024 2023 Notes FÈxed assets Held for inve8lmenl purposes 608,196.00 673,274.80 Current assets Debtors Investe¢ cash on depo8il Cash al bank and in hand 868.00 10.599.00 11.103.00 io 10,478.56 13.583.64 22.570.00 24,062.20 Credltors.. amounts falling due wlthln one year 11 11,800.001 1400.001 Ng1 CUFtenl assets 20,770.00 23,662.20 Total assots less current liabllltle¥ 628,966.00 fj,936.8O In¢ome funds Unreslricled funds 628,966.OCI 8,9.80 628,966.00 696,936.80 27 Sep 2024 The financial statements w¢r8 approved by Ihe Trustees on ...............,......... Trnstse
THE EDGAR LEE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng polic5es Charlly Informatlon The Edgar Lee Foundalion is a Charlty whlch Is governed by the trust deed dated 11 March 1986 and deed of 8n18rgement dat6d 24 F6bmary 2020. which specifies the objectives of the Foundation ancl 118 beneficiari88 1.1 Accountlng convention The financlal st816ments have been prepared in accordance with the Foundation's govefning document, the Charitie5 Act 2011, FRS 102 "The Financial Reporting Standaid applicable in the UK and Republic of Irelan(r' C'FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Récomméndéd practi applicable lo charitie8 preparing Ihgir 8ccounls In accordance with the FinaT>cial Reporting Standard applicabla in the UK and RepublÉc ol Ireland IFRS 1021 leffectlve 1 January 20191. The Foundation is a Publio Benefit Entity as defined by FRS 102. The finandal statements have departed from the Charllles IAc¢(iunls and Reports) Regulations 2008 only lo the extent requlred lo provide a tiue and fgii view. This departure has involved following th8 Statement of Recommended Practice fo¥ chaThlies applyEng FRS 102 ralh8r than th8 vorslon of thè St8l¢ment of Recommended Practr* which Is releiigd lo in the Regulation5 bul which has since been wilhdrawn. The finanoal slaletnen15 are prepared In slerflng. whlch Is the functional currency ol the Foundation. Monetary amounts In Ihese flnancial statements are rounded lo the nearest £. 1.2 Golng concern Al the lime of appioving the financlal statements. the Trustees have a reasonable expe¢talion that Ihe Foundatlon has adequate resourrEs lo continue in operalional existenc8 for th8 foreséÈable future. Thus Iho Trustees continue lo adopt the going concem b38is of accovnling In preparing the financial slal8rnenls. 1.3 Charltable funds Unrg$lTKted funds avallable for use at Ihe dlscretion of the Trustees in furtherance of thelr charllable obj8clives. 1.4 Income Income is recognlsed when the Foundation 18 legally entitled lo il 8ffer any performance candllkjns have be8n mel, the amounts can be measured reliably, and it is probable that incom8 will bè r6cehted. 1.5 Expèndltum Resources expanded are ineluded In the Statement ol Flnanclal Acuvities on an accruals basis. induslve of any VAT whlch cannot be recovered. They are recognised when there is a legal or conslrucllve obligation lo pèy for expenditure. Granls and donations payablo are charged lo the Statement of Financial Aclniilles In the perlod in whSch they have been approved and committed. 1.6 F5xed asset Inveslm8nt$ Flxed asset investments are Inllially tneasured al transaction price excluding Ir8nsaction costs, and 3r8 subsequently measured al fair value at each reportlng datè. Changes In f8lr value are recognised In net incomel(expendilure) for tho yoar. Transa¢tlon eosts £re expensed as Incurred. 1.7 Cash and cash equivalents Cash and tsgsh equivalents indude cash in hand, deposlls held at call with banks, other short-lerm Ilquid Investments with orlgitial maturities of Ihr&e months or less, and bank overdiaffs. Bank overdrafts are shown within borrowings in ¢urrent liabilitles.
THE EDGAR LEE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcles Icontlnuedl 1.B Flnanclal instruments The Foundation h8s elected to apply the provlslons of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial Inslrumenls aye recognised in Ihe Foundation's balance sheet when the Foundation b8comes party lo the conlraclual provisions of the In8lrurlleril. Baslc flnenelal assets Basio financial assets, which include débtors and cash and bank balaneès, are Inltlally measured al Iransgcuon pricé Inchtdlng transaetlon costs and are subsequently carried at amortised cost using the effective Inteiest method unless the arrangement constitutes a financing IransaclioTr, where the transaction is measured at the present value ol the lulure receipts di5¢0unled al a markel rate of inleresl. Financial as8els classified as receivable within one year are not amortlsed. Bas1¢ flnanclal Ilabllities Basic financial liabilities, includlllg creditors and bank loans are Inillally recognised al transaction piice unless the arrangement constitutes a financing Iransaclion, where the debt instrument Is Meas[6d at thè presènt value of Ihe fulu¥e payments discounted al a markèt rala ol Intère81. Flnanei81118bllitlés classified as payable within one year are llol 8mortlSgd, Debt Instruments are subsequently carrled al amorti&ed cost. using the effective inteie81 Tale method. Trade credllors are obligalions lo pay for goods or setvioes Ihal have been acquired in the ordinary course of operations from supplieis. Amounls payablè are classlfled as curr6nf Ilabllltles If payrnent Is due withln one year tsr $s. If not, they are presented as non-currenl liabilities. Trade creditors are recognlsed Inillally al transaction price attd 5ub5equently wneasured al dmortlsed cost uslng the effective Interest melhod. Derecognluon of flnanclal Ilabllities Financial liabilitses are derecognised wh8n the FoUndatn'S contradual obllgatlons &xpire or are dlscharged or L4ne£lled. Income from Assets 2024 2023 el dividends ILossllPTofit or5 dl$pos81s Interesl from Goverment and Corporate BorKIs 10,336.(x) 17,874.09 16,051.001 17,377.231 1Q,257.00 4,298.39 14,542.00 14,795.25
THE EDGAR LEE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Donatlons payable Donatlons 2024 Action for Chlldren Alzhelmers, Disease SocAety arnardo's lind Veterans UK British Liver Tiust Childrens, Heart Federation Chlldrèns Hospice South Wesl Diverse Abilities Dorset & SumerselAlrAmbulan¢e Dorsgt Blind Association Dorset Wildlife Tru81 Down'5 Syndrom Assodation Fight for Sight Friends of Blandford Community Hospi181 Friends of W8stmlnster Memorial Hospllal Great Ormond Street Hospital Charity Guide Dogs for the Bllnd Association Gurka Wellare Tiusl Hanford Group Riding for the Disabled Inslilulion of Englneertng & Technology Kldscape Charity Leukaomia UK Lewis-manning Hospic& ListenSng Books Livability Macular Soclety Marfan Trust Mede¢*ns Sans FronU6re$ Meningi1Ss Researth Foundalion Motor Neurone Disease Assoclatlon National Aulislic Socl8ty Outward Bound Trusl Pancreatitis Supporters Network PDSA Poli Caro UK 1.350.00 1,350.00 1,350.00 1,350.00 1.350.00 1.350.00 1,350.OD 1.350.00 1.600.00 1,350.00 1.350.00 1,350.00 1.350.00 3.500.00 3.500.00 1,350.00 1,350.00 1.35CI.00 1,350.00 1,350.00 1.350.00 1.350.00 1.350.00 1,350.00 1.350.00 1.350.00 1,350.00 1.350.00 1,350.00 1.350.00 1.350.00 1,350.00 1.350.00 1.350.00 1.350.00
THE EDGAR LEE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 5 APRIL 2024 Donations pay3b18 Icontlnuedl RABI RAF Benevolent FtEnd Resplte Assoclatlon RellUK RNIB RNLI Royal Alfred Seafarers, Society RSPB SaEva14on Army Second Chan SSAFA Spiiial Injuri98 As8ooialw)n Springhead Trusl Sl. John Ambulance Surfers Against se.wage The Donkey Sanctuary Whizz-Kidz N.S.P.C.C UK Youth Weldmar Hosplce caie Trust Whizz Kids 1,350.00 1,350.00 1,350.00 1,350.00 1,350.00 t,350.00 1,350.00 1,350.00 1,350.00 1,350.00 1.350.OD 1,350.00 1.350.00 1.350.00 750.00 1.350.00 1,350.00 1.350.00 1.350.00 1,350.00 1,350.00 79,550.00
THE EDGAR LEE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Support costs Support Governance costs costs 2024 Support Governance costs costs 2023 StothbrokeI5 charges 7,253.00 7.253.00 6,480.43 8,480.43 Accountancy Indèpèndènt 6xamtll8tion f88 8,154.00 400.00 8,154.00 400.00 3,370.56 4(X).00 3.370.56 400.00 7.253.00 8,554.00 15,807.00 6,480.43 3,770.56 10,250.99 Ana5ysed between Charltable actlvllies 7,253.00 8,554.00 15.807.00 6,480.43 3,770.56 fO,250.99 Trustees None of Ihe Trustees lor any persons connecled wth them) reIVed any remunèr8tion or b8nefits from the Foundatlon durlng thè y88r. Net galnslllossesl on Investm&nts Unr¢8tTl¢ted Unre8tricled funds funds 2024 2023 RèAllsed Ilossllprofit on s#1¢$ RavaIation of inv8slments 16.051.00) 17,377.001 12,844.00 141,611.681 Taxatlon Th8 FotÈndatlon Is exempl from lax on income and galrls falllng wllhin section 505 of the Taxes Act 1988 or section 252 of the Taxatlonof Ch¥rg08ble Gains AGI 1992 to the extent Ihat Ihese are Épplled to 115 chaiilable tsbjects.
THE EDGAR LEE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Flxed asset Invostm•nts Llsted Investment8 Valuatlon Al 8 April 2023 Addllk)ns Valuation changes Dispo8al8 673,275.00 280.551.00 8.214.00 (353,844.001 Al 5 April 2024 606,1g6.00 C08t of Investments.. £560,15112023', £606.2901. Dablors 2024 2023 Amounts falllng due wlthln one year: Other debtors 868.00 10 Current asset Investments 2024 2023 Inveslec rash on d8posIt 10,599.00 10.478.56 11 Creditor8-. amounts falling due within one year 2024 2023 Other creditors 1,800.00 400.00 12 RElated party transactlon The directors of Moore NHC Trust Corporation Limited are also directors of Moore Northern Hom6 Countl88 Limited. Ouring the year Ihe Chaiity became liabk to pay 8um8 to Moor8 Northern Home Counties Limited relating to 8ecounlancy servic88 of £8,15412023: £3,370). 10