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2025-03-31-accounts

Company Number: 980025 Charity Number: 261245

The Royal Institution of Chartered Surveyors’ Benevolent Fund Limited

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

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Contents
Chair’s Foreword 1
Strategic Review 2
Administratve Details 18
Independent Auditor’s Report 20
Statement of Financial Actvites 24
Balance Sheet 25
Statement of Cashfows 26
Notes to the Accounts 27

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CHAIR’S FOREWORD

It is with great pleasure that I write my first Chair’s foreword for the annual report. I am immensely proud to hold the position of Chair for such a compassionate and effective organisation.

In 2024 LionHeart celebrated 125 years of supporting surveyors and their families, an enormous achievement and an occasion that was marked by our supporters through fundraising. We are hugely grateful to everyone who participated to raise money specifically in honour of this milestone; it was a wonderful community effort.

It has been a year of significant changes, both comings and goings. We welcomed our new Chief Executive, Phil Sparke, and Director of Finance and Resources, Philip Mills, in Q1 24/25. They quickly got up to speed and have become fluent in all things surveying. It has been great to work alongside them both and see their passion for the cause.

The staff have seen much change but, in the face of that, have continued to be the people who really make it all happen. Everyone works across the organisation to ensure we continue to deliver high quality and relevant services to surveyors and their families. Their work makes such an enormous difference to the people who we support and I am grateful to each and every one. I wanted to give a particular mention to Clare Davis who joined LionHeart as a support officer back in 1996 and to whom we said thank you and au revoir in June 2024. Clare’s commitment to LionHeart and surveyors was enormous and her wisdom and compassion touched so many lives through her work in the Support Services team.

As a Board, we have said goodbye to our first ever non-surveying trustee, James Williamson, who stepped down after two terms on the board. James brought his vast experience and knowledge to support LionHeart as its treasurer. We were sorry to see him leave but wish him very well in something closer to retirement.

And obviously, as this is my first Chair’s foreword it means that we have bid farewell to the previous incumbent. We saw the departure of Chair of Trustees, Peter McCrea OBE FRICS, in summer 2024. In the final period of his term, I worked closely with Peter as he mentored me in readiness to take on the role after him. He was hugely generous with his time and wisdom. I saw first-hand the care and attention that Peter gave to the organisation and the time that he invested to make sure that it was in the best position to pursue its mission. In 2024 he was recognised for his Lifetime’s contribution by the RICS and by the King with an OBE for his services to surveying, both richly deserved. We wish Peter and his wife Emma all the very best and hope they will stay in touch.

With thanks to the individuals named in this foreword, but also to those who have not been singled out but who work so hard, be they staff, volunteers or supporters, we are so grateful for your efforts and thank you for being part of this community.

Philippa Sampson Bancroft FRICS

Chair, Board of Trustees, LionHeart

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STRATEGIC REPORT 2024-25

The financial year began mid-way through a period of strategy development which had been initiated in September 2023. An early output from that process, approved by the Board of Trustees in June 2024, was the formulation of a new Vision and Purpose for the charity as follows:

Vision: Our vision is of a happier, healthier, and more resilient community of RICS surveyors.

Purpose: We exist, as an integral part of the surveying profession, to provide inclusive and holistic support for the RICS community and their dependants. We will offer support throughout and beyond their surveying career by being trusted, independent, knowledgeable, and consistent.

Also approved in June 2024 were the following strategic priorities:

At a meeting of the Board of Trustees in September 2024, the following strategic enablers were also approved:

LionHeart’s values of Integrity, Compassion, Professionalism and Flexibility remained unchanged.

With the approval of the above strategic priorities and enablers, a new rolling three-year strategy was launched in September 2024, to be delivered through the Agile method in two-weekly sprints running throughout each year. This process was embedded very quickly and is now conducted as business as usual within the staff.

Key strategies pursued for the initial period until the end of FY24/25 are listed below.

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TARGET GROUPS.

Identify new communities within the RICS family which LionHeart could usefully support and scope best practice where available from peer charities. Deliver associated support products and conduct relevant staff training.

SERVICE PROVISION.

Conduct wholesale review of LionHeart’s grants criteria. Gather data around counselling waiting times. Renegotiate youth counselling contract. Conduct scoping work on possible Corporate Mental Health Benchmark project.

CORPORATE PARTNERSHIPS.

Develop a new corporate calendar. Initiate work on a revised Corporate Partnership Agreement.

RAISE AWARENESS.

Create a new Communications strategy. Conduct programme of engagement with LionHeart UK and Global Ambassadors in order to increase mutual understanding.

PEOPLE.

Conduct a staff restructure. Create and launch a new One to One process. Conduct a full review of staff job descriptions. Create and launch a pulse survey process. Benchmark staff salaries.

OPERATIONAL PRACTICES AND GOVERNANCE.

Conduct 100% cleanse of LionHeart database. Initiate data cleansing as a BAU task. Launch database usage optimisation project through a new Database Stakeholders Group. Transition to a new and more optimised format of corporate risk register.

FINANCIAL SUSTAINABILITY AND PREDICTABILITY.

Conduct a campaign to increase donations via RICS subscription payments. Trial a Just Giving/Matched Funding trial with most active corporate partners. Revitalise LionHeart Guild. Initiate creation of a new Income Generation Strategy.

DATA AND NETWORKS.

Benchmark data sharing arrangements between partner benevolent funds and their associated professional bodies. Scope options to re-establish data sharing with RICS and take associated legal advice.

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OPERATIONAL OVERVIEW

Following a steady increase in the take up of key services over the previous five years, FY24/25 saw a levelling off, with a slight fall in terms of total individuals supported and grants awarded, alongside moderate increases in numbers taking up counselling and legal support.

Key highlights are as follows:

We had helpline calls from 751 people during the year (820 in FY23/24), representing a slight dip of 8% on the prior year, or roughly one fewer call per week. Over the last five years we have nonetheless seen an increase in demand of 83%, and a 104% rise since 2018.

The year saw an increase in use of the in-house counselling service in 24/25, with 185 people using the service, up from 178 in 23/24 and 165 in 22/23. A total of 1,413 hours of counselling were delivered, with excellent client feedback.

Grants of £421,079 were approved during the year. This represents a fall of 29% on the prior year, which potentially presents the all-time high of 23/24 as something of an exception. However, the number of individuals supported was not significantly different, with 200 individuals receiving grants, compared to 226 in 23/24 and 184 in 22/23.

Legal advice provided through our partnership with Law Express continued to be the most requested 3rd party service, representing 17% of all calls (up from 14% in 23/24). In 2024/25, 226 enquiries were received on a range of legal matters, up from 200 enquiries in 23/24. Once again, employment advice represented just over half of all calls to this service, including enquiries about redundancy, unfair/ constructive dismissal and flexible working, with family law queries coming next (11%).

Support was provided to 45 individuals in 29 different countries outside the UK during 2024/25. By far the most requested service for those outside the UK was financial support, with regular and one-off grants worth £169,595 authorised for 31 beneficiaries (some individuals receiving more than one grant). Other services provided globally included APC support, return to work, signposting/support and legal advice.

Through a combination of live open webinars, which included joint delivery with RICS, and sessions for corporate and education partners, we reached an audience of 2,587 people during the year. This represented a drop of around 54% on 23/24, as fewer webinars were delivered as part of a cost saving measure (33 fewer open webinars and 54 fewer for our partners). Recorded sessions, including the webinar library on the LionHeart website, reached a further 1,945 people.

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OPERATIONAL FINANCIAL OVERVIEW

LionHeart’s regular income consists principally of investment income and donations by individual RICS members on the back of their annual RICS subscriptions. Investment income of £866k was received (compared with £907k in FY23/24) following an unexpectedly buoyant year in global markets. Donations with RICS subscriptions saw a slight uptick to £477k (from £448k in 23/24), with 16% of RICS members donating with their subs renewal, up from 14.8% in 23/24.

It is hoped that this may result from greater transparency about LionHeart’s operating model, especially the fact that it does not receive any financial support from RICS, through membership subscriptions, which is still not widely appreciated. Nonetheless, despite the slight uptick, this still represents a fall of 44% from £854k in 2019/20 and therefore remains a significant source of concern.

LionHeart’s fluctuating income consists principally of income received from gifts in wills and client account monies received - both by nature very difficult to budget for. Minimal income from gifts in wills was received during FY24/25 (compared to £108k in FY23/24), whereas income of £231k was received from client account monies (compared to £111k in FY23/24).

Savings of £442k were made on expenditure over the year against FY23/24, with savings made across all categories of expenditure. These arose primarily from a reduction of grants awarded and training webinars provided and from staffing costs, caused mainly by departing staff not being replaced and vacant posts not being filled.

All up, an operating deficit of £274k was a positive result against a deficit of £795k in FY23/24.

ENGAGEMENT WITH THE SURVEYING COMMUNITY

As well as the reactive support we offer when people are facing a crisis or challenge, we continue to take a proactive approach to engaging with the wider surveying community.

An important element of this is our online training and development offer, which focuses primarily on wellbeing, mental health, personal and career development topics. Through a combination of live open webinars, which includes joint delivery with RICS, and sessions for corporate and education partners, we reached over 2,800 people during the year. This offers a good touch point to showcase the wider support services available, with 12% of our service users citing webinar attendance as the catalyst to make contact with our helpline.

We continue to see increased appetite for ‘on-demand’ content including pre-recorded webinars and podcast episodes, which reached a combined audience of almost 3,000 people, the most popular content including wellbeing and APC-related subjects.

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The RICS APC process continues to be a huge driver of service use, representing around a quarter of our helpline calls, and with a strong appetite for any online content around APC wellbeing.

We continue to draw on the experiences and insights of some of our volunteer ambassador network to add value and relevance to our webinar and podcast material. Series 2 of our LionHeart Talks podcast, launched in January, all featured ambassadors as guests. Other ambassadors delivered live sessions as part of our open webinar programme, talking about their lived experience on subjects such as stress, alcoholism and recovering from heart attack. In addition, building on very popular content from last year, we planned and recorded panel discussion sessions with ambassadors to mark World Mental Health Day, Time to Talk Day and Neurodiversity Celebration Week.

Our ambassadors also contributed to other content for social media, blogs and video, and supported LionHeart at various in-person events and conferences, helping staff to maximise speaking, networking and awareness raising opportunities.

In January we launched a new corporate wellbeing calendar as one element of our refreshed approach to working with corporate partners. Each month highlights a different wellbeing theme, offering varied content to support employees and signpost to LionHeart for additional services where relevant. The reinvigorated relationships have led to fundraising and awareness raising opportunities for us as a charity and will hopefully continue to provide a valuable means of engagement for us.

We continue to work hard to reach as wide a pool of surveying professionals as possible, to make them aware of the services and support they may access through LionHeart, and maintain meaningful connections with organisations and individuals. A new Communications and PR Strategy has been written to complement the wider organisational strategy, with twin aims of increasing awareness service take-up and increasing support from surveyors through fundraising and donations.

Our social media presence remains a vital tool for us to engage with our audiences on a daily basis. We now have more than 10,000 followers on social media, a 1,200% increase since 2015. LinkedIn represents around two-thirds of this total audience, affording us a pleasingly high engagement rate with individuals and corporate partners and a powerful tool of advocacy, as many past and present service users leave words of recommendation and encourage their peers to support us.

Part of our engagement work is to deliver content that we know resonates with our professional audience, including informational resources, news, blogs and video. In 2024/25 there were almost 130,000 page views on the LionHeart website, reaching users all over the world. We also sent close to 110,000 emails to our supporters, including quarterly newsletters, supporter stewardship and fundraising campaign messages.

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PERSONAL BENEFICIARY STORIES

We continue to make a positive difference to the lives of surveyors and their family members all over the world. These are just a few examples:

GERRY’S STORY

Gerry suffered a severe stroke which left him unable to drive and work, and ultimately cost him his chartered surveying business.

He said: “We lost our house and my wife and I had to move to adapted social housing. My wife became my full-time carer and was unable to work. Our income had plummeted and we were struggling to survive financially.

“LionHeart offered a generous and immediate grant and counselling for me and my wife. I don't think we could have carried on without this financial support which meant we could pay our bills and I was able to continue with a weekly private physiotherapy session to help with my post stroke condition.

“The emotional support we received both by phone and email was wonderful. I was moved to tears by the kindness of the LionHeart team.”

DANIEL’S STORY

Daniel was struggling with the pressures of work and had recently been diagnosed with ADHD when he contacted LionHeart for support, saying: “I was experiencing an episode of burnout caused by stress and anxiety.”

We offered regular support calls before Daniel took up a course of CBT therapy with one of our specially trained counsellors.

He said: “Undertaking counselling and CBT with LionHeart had a radical impact on my selfconfidence as well as my ability to manage my workload. My counsellor offered practical and achievable guidance that slowly helped me to regain control of my career and personal life.”

LIBBY’S STORY

16-year-old Libby, the daughter of a surveyor, was suffering with generalised anxiety and there had been repeated episodes of self-harming behaviour. She was becoming increasingly isolated at home and at school.

Her parents contacted LionHeart, saying they were stressed and worried, and unsure how best to support their daughter or where to turn for help.

We offered weekly youth counselling through our specialist partners and Libby engaged fully in the sessions.

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Her mother said: “She is almost a different child, which I can only attribute to the counselling. We are very grateful for the provision offered as this has not only had a positive impact on Libby but the whole family.”

NICOLA’S STORY

Nicola was only in her 50s when her chartered surveyor husband died after a very short illness. She called LionHeart after finding a card with contact details among his belongings. Initially Nicola had some legal advice regarding wills and obtaining probate, and was offered regular support calls before later taking up bereavement counselling.

She said: “The initial phone call to my support officer was incredibly helpful. She was kind and supportive and offered help at a time it was most needed.

“Talking with my counsellor was invaluable as I navigated not only my husband’s loss but also the impact that had on an already fragile family situation. His understanding and well thought out challenges to my thinking have been really useful.

“My husband was a member of RICS for close to 40 years, he knew of LionHeart but would never have dreamt how much it would have helped me. I well up just thinking about the support that was available.”

A GREAT PLACE TO WORK

The wellbeing of our staff remains key to LionHeart’s operation, in maintaining a motivated team which is fulfilled in its day to day work. Feedback from staff on wellbeing, experience, and motivation is sought regularly using quarterly ‘pulse’ surveys and an annual full staff survey, with results processed and fed back to and discussed with staff.

A staff restructuring is inevitably unsettling but the result has been a more optimised structure in which information flows more logically, led by a new SLT which was established during this financial year.

A regular meeting rhythm for the SLT, managers and departments has been established, interspersing face to face and virtual meetings broadly at fortnightly intervals and this is already enabling the internal dialogue well. This does however represent less than 50% occupancy of the office space and so consideration is being given to the possibility of an alternative arrangement which might serve the need but at a reduced expense.

OUR PLANS FOR 2025-26

Following a staff restructure and implementation of the new strategy in FY24/25, the overriding strategic intent for FY25/26 is income generation in order to sustain LionHeart’s services for the future.

Building very much on strategies delivered during the first six months of the strategic plan (between Sep 24 and Mar 25), key strategies for FY25/26 are listed below.

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TARGET GROUPS

Deliver new Neurodiversity support resources. Define LionHeart’s global offer. Engage more closely with special interest surveying groups.

SERVICE PROVISION

Implement measures to reduce counselling waiting times. Generate metrics to track Support Services Team’s caseload. Review end of service process. Review safeguarding processes and associated training needs. Improve mutual understanding between Support Services Team and RICS Contact Centre.

CORPORATE PARTNERSHIPS

Roll out a new corporate calendar and revised Corporate Partnership Agreement. Roll out a new partnership package for SMEs.

RAISE AWARENESS.

Define and expand the LionHeart Ambassador role. Generate a network of Corporate Champions. Analyse our communications channels.

PEOPLE

Roll out annual appraisals. Conduct an annual staff survey. Create a training and development plan. Conduct a mental health benchmark project across the staff.

OPERATIONAL PRACTICES AND GOVERNANCE.

Create a CRM user guide. Revise the LionHeart Scheme of Governance and Delegation. Review the LionHeart Data Retention Policy.

FINANCIAL SUSTAINABILITY AND PREDICTABILITY.

Implement the new Income Generation Strategy across individuals, corporates and organisations.

DATA AND NETWORKS.

Resume data sharing with RICS

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TRUSTEES’ REPORT

The Board of Trustees presents its combined annual report and financial statements for the year ended 31 March 2025, prepared in accordance with the Companies Act 2006 and the Charities Act 2011.

Public Benefit

The trustees have had regard for the Charity Commission guidance on public benefit. They consider that LionHeart, a registered charitable company whose charitable purposes as defined within the Charities Act 2011 are for the relief and prevention of poverty, demonstrates its public benefit by providing financial help and other assistance to past and present RICS members and their dependants (and past members of organisations that have merged with the RICS and their dependants) and RICS staff who have experienced difficulties in their lives. RICS is the leading professional body for the property sector and membership is open to those who meet defined educational and professional practice standards. The number of people that could potentially ask for help is more than 500,000. All assistance is provided at the discretion of trustees of the charity, after careful consideration of the circumstances and the needs of the applicant.

OBJECTS AND PRINCIPAL ACTIVITIES OF THE CHARITY FOR THE PUBLIC BENEFIT

The Royal Institution of Chartered Surveyors’ Benevolent Fund Limited, known as LionHeart, is registered as a charity in England with the registration number of 261245. It is also a company limited by guarantee and not having a share capital. The company is registered in England with the registration number 980025.

The principal office of the charity and its registered office is 1 Cornwall Street, Birmingham, B3 2DX. Its website is www.lionheart.org.uk

The present trustees and any past trustees who served during the period are shown on page 18 together with the names of the senior executive staff.

Charitable Objects

The charitable objects of LionHeart are to provide assistance to past and present members of the Royal Institution of Chartered Surveyors, and their dependants, who experience difficulties in their lives. Assistance is typically given in cases of physical or mental ill health, unemployment, accident or disability, family separation, difficulties in retirement or returning to work and adverse economic conditions, although LionHeart will assist with any problem, where possible.

Delivery of Charitable Objectives

LionHeart delivers its charitable objects through the work of two teams – the Support Services Team and the training and wellbeing team.

The Support Services Team provide responsive support for the surveyors and families who contact us due to personal challenges or crises. They aim to offer confidential advice and practical and emotional support to get people through those difficult times. The team provides the following services, but everyone who calls is treated as an individual and, as such, the response is ‘made to measure’:

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All the help offered is person-centred, with each person being supported by a bespoke set of services and solutions according to their individual circumstances. Grants are made to individuals and families, usually with a maximum time limit of 24 months.

The Training and Wellbeing Team offers a range of webinars and awareness-raising sessions on subjects of interest to RICS professionals, all designed to help increase wellbeing, personal and career development, and often in response to feedback or in line with the needs that we see.

GRANT MAKING POLICY

The Board of Trustees annually reviews and updates the guidelines used by the Support Services Team to establish the parameters for financial assistance. The guidelines are reviewed to consider changes to the general cost of living, social security benefit rates and other support for those not working. The Support Services Team’s decisions regarding individual grants are audited by trustees twice a year.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Income for the year was £1,799k (2024: £1,720k) with donations higher than the previous year, and investment income slightly lower. Expenditure was £2,073k (2024: £2,515k), with demand for beneficiary grants lower, and lower general overheads. The operating deficit of £274k (2024: £795k deficit) demonstrated progress towards a sustainable position. Investment valuation was £442k loss (2024: £2,113k surplus). The loss on revaluation of defined benefit asset reflects the increased effect of the asset ceiling.

FINANCIAL MANAGEMENT POLICIES

RESERVES

Free Reserves 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. They are intended to facilitate the running costs of the charity and provide necessary cashflow from funds that are not invested.

Free reserves at the end of the year are £1,882k (2024: £2,514k). They are at the target level of free reserves and are intended to cover 12 months of budgeted expenditure.

Trustees aim to secure sufficient income from LionHeart’s investment portfolio and regular donations to provide cover for expenditure and give less short-term reliance on fluctuating sources of income such as legacies.

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Designated Funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. These funds are explained in the notes to the accounts. The designated funds at the end of the year total £24,480k (2024: £24,559k).

The Pension Reserve at the year-end is £nil (2024: surplus of £115k). This reserve is explained in detail in note 20.

GOING CONCERN

LionHeart has net assets of £26,362k (2024: £27,188k), and this includes managed investments of £24,976k (2024: £26,168k). Investment income was £866k (2024: £907k).

LionHeart has appointed two specialist investment management companies to manage and safeguard the investments, and their track record in growing the portfolio and at the same time minimising risk has been in line with market trends.

The trustees are aware of the operating deficit indicated earlier, which they are seeking to address with the new strategy. However, given the level of reserves currently held, they do not consider this to be a risk to the charity as a going concern.

INVESTMENT POLICY AND PERFORMANCE

Principal Investment Objective

LionHeart’s investment objective, as set out in its Investment Policy, is to grow the income and capital returns in the long term for invested funds. The assets should be managed to at least maintain the real capital value of the portfolio, whilst generating a sustainable level of investment income to support current charitable activities, having regard to the charitable nature of the funds and to the trustees’ responsibility to avoid unacceptable risks.

REVIEW OF FUND MANAGERS

The charity formally reviews its fund managers on a regular basis, at least five-yearly. A formal review, including a full procurement, was carried out during 2022. The next review will be no later than 2027. Investments are split across two fund managers on a 50/50 basis.

POOLED INVESTMENTS

LionHeart has pooled investments, which are managed by Sarasin & Partners and CCLA. Sarasin & Partners and CCLA are professional fund managers, who operate subject to constraints specified by the Investment Committee regarding objective, benchmark, risk profile, maximum size of individual underlying security and reporting.

Sarasin investment portfolios are divided between a long-term fund, invested solely in the Sarasin Endowments Fund, and a medium-term fund, which is predominantly invested in the Sarasin Income & Reserves Fund.

The Sarasin Endowments Fund has the aim of enhancing the capital value over the longer-term whilst generating sufficient income to meet the requirements of the charity. A ‘real return’ of 4% per annum has been targeted as an appropriate long-term objective.

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The benchmark used for the Fund is ICE Boal Sterling Corporate (7.5%), ICE BofAML UK Gilts All Stocks (7.5%), MSCI All Balanced Property Funds - One Quarter Lagged (5%), MSCI AC World (Local Currency) (GBP) (10%), MSCI AC World (Net Total Return) (60%), SONIA + 2% (alternative assets) (10%).

The investment portfolio achieved a return over the 12 months to 31st March 2025 of 4.1% against the composite benchmark return of 4.9% (2024: 11.5% against a benchmark of 15.5%) and the ARC Steady Growth Charity Peer Group Index, which rose by 3.0%.

Sarasin Income & Reserves Fund aims to seek a consistently attractive level of income, whilst aiming to preserve the value of the capital over the short-medium term.

The benchmark used for the Fund is: ICE BofAML 1-10 Year Sterling Corporate & Collateralised (30%), ICE BofAML 1-10 Year UK Gilt Index (35%), MSCI AC World (Net Total Return) (20%), SONIA (5%), SONIA + 2% (alternative assets) (10%).

The investment portfolio achieved a return in the 12 months to 31st March 2025 of 3.8% against a composite benchmark return of 4.2% (2024: 5.4% against a benchmark of 6.5%).

The CCLA COIF Charity Ethical Investment Fund, a multi-asset long-term fund, achieved a return in the 12 months to 31 March 2025 of -1.1% against the Target Return of CPI+5% of +7.8% and a fund comparator benchmark return of +5.1%. Fund performance is shown after the deduction of all fees and expenses with income reinvested. Comparator returns are based on market indices which are not adjusted for management fees or expenses.

The Ethical Fund’s Investment Objective is to provide a long-term total return comprising growth in both capital and income. It is benchmarked against a long-term total return of inflation (CPI) plus 5% per annum before costs.

The LionHeart Portfolio had a total return performance of +1.5% after fees and expenses for the period to 31 March 2025. It also aims to deliver a volatility of total return (risk) of significantly less than 100% equity market risk, and, from within total return, an income distribution (dividend) which is reliable from year to year and rises progressively over time

STRUCTURE, GOVERNANCE AND MANAGEMENT

RESPONSIBILITIES OF TRUSTEES

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Board of Trustees to prepare financial statements for each financial period which give a true and fair view of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:

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The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity, and to enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

LionHeart, in preparing these accounts, has complied with current statutory requirements and its Articles of Association, and has adopted, in full, the provisions of the Charity SORP (FRS 102). The Trustees consider that the charity is adequately funded to meet its current obligations.

GOVERNING DOCUMENT

The charity is governed by its Articles of Association, which require that the number of elected members of the Board of Trustees be no fewer than 8, nor more than 18. Trustees serve for a term of three years, following which they are eligible to stand for re-appointment unless they have already served three consecutive terms. In which case, they are not eligible for re-election until they have stood down for at least one year.

TRUSTEE RECRUITMENT, TRAINING AND DEVELOPMENT

Trustees are recruited by advertising on sites likely to attract candidates with surveying and other relevant experience. A full application process is followed, including an application form and interview, with good practice and equal opportunities guidelines observed throughout the process. References are taken up and DBS checks made.

Trustees are actively encouraged to undertake training and development, so that governance is fit for purpose. Details of external trustee training opportunities are circulated to trustees as they arise, and attendance is reported to the Board.

SAFEGUARDING

LionHeart operates a robust safeguarding procedure to provide staff and volunteers with overarching principles that guide its approach. These are reviewed regularly and were substantially enhanced in 2023. Staff who work with people requesting help are aware of their safeguarding responsibilities, and LionHeart’s counsellors are regulated by the British Association for Counselling and Psychotherapy, ensuring appropriate professional and ethical standards at all times.

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GOVERNANCE CODE

The Charity Governance Code was introduced in July 2017, refreshed in 2020 and is currently being reviewed again in 2025. The code is not statutory regulation but “represents a standard of good governance practice to which all charities should aspire. The Charity Governance Code is one of the governance tools employed by LionHeart as a benchmark for its governance.

FUNDRAISING

LionHeart income is largely from the following sources:

LionHeart has an internal fundraising team, and does not outsource fundraising to external organisations. LionHeart is registered with the Fundraising Regulator. The charity has no other fundraising requiring disclosure under s162A of the Charities Act 2011. There were no complaints during the year.

KEY MANAGEMENT REMUNERATION

Remuneration for key management personnel is set by reference to benchmarks for charities of a similar size and nature. All changes are agreed by the Chair of the Board, supported by Trustees with relevant experience.

CORPORATE GOVERNANCE

Internal controls over all forms of commitment and expenditure continue to be refined to improve efficiency and effectiveness. Processes are in place to ensure that performance is monitored, and that appropriate management information is prepared and reviewed regularly by both executive management and the Board of Trustees.

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The systems of internal control are designed to provide reasonable but not absolute assurance against material misstatement or loss. They include:

RISK MANAGEMENT

The Trustees have continued to focus on risk management. This has involved:

The Trustees confirm that they have systems in place to mitigate the major risks facing the charity which they have identified. Major risks identified include:

THIRD PARTY INDEMNITY FOR DIRECTORS

Qualifying third party indemnity provision is in place for the benefit of all trustees of the charity. This cover is up to £2m and costs £1k (2024: £1k).

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

The Trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. The Trustees have confirmed that they have taken all the steps that they ought to have taken as trustees to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

This report has been prepared in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities and in accordance with the special provisions of Part 15 of the Companies Act relating to small companies.

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The report and accounts were approved and authorised by the Board of Trustees on 13 November 2025 and signed on its behalf by:

Philippa Sampson-Bancroft FRICS Chair, Board of Trustees

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ADMINISTRATIVE DETAILS

Registered Name: The Royal Institution of Chartered Surveyors’ Benevolent Fund Limited

Working Name: LionHeart Company Number: 980025 (Company Limited by Guarantee, without a Share Capital, registered in England and Wales) Charity Number: 261245 (registered in England and Wales) Registered Address: 1 Cornwall Street, Birmingham, B3 2DX. Trustees: Philippa Sampson-Bancroft (Chair from 6 June 2024) Peter McCrea (Chair until 6 June 2024)(resigned 6 June 2024) Neil A’Bear (resigned 24 July 2025) Clare Clague (appointed 5 September 2024) Amy Dalton-Leader Diane Dumashie Simon Dunkling Caroline Legg Philip Nell Sarah Sandbrook (appointed 5 September 2024) Shashi Sharma (resigned 1 July 2024) James Williamson (resigned 13 February 2025) Neil Worrall

The Board also included Associate Board Members, who are not charity trustees or company directors, and who are non-voting. They are typically surveyors in the earlier stages of their careers, and the aim is to provide them with board experience, and give the Board a different perspective. The Associate Board Members in the year were:

Grace Conisbee (resigned 6 June 2024) So Sum Lee (resigned 6 June 2024) Adil Sajad (appointed 5 September 2024) Kate Wheway (appointed 5 September 2024)

Audit & Risk Committee Shashi Sharma (Trustee, Chair resigned 1 July 2024) Amy Dalton-Leader (Trustee, Chair from August 2024) Diane Dumashie (Trustee) Philip Mills (Non-voting, joined 8 May 2024) Mark Southwell (Co-opted) Neil Worrall (Trustee) Investment Committee James Williamson (Trustee, Chair resigned 13 February 2024) Neil A’Bear (Trustee, resigned from Committee February 2025) Philip Mills (Non-voting, joined 8 May 2025)

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Chris Perkins (Co-opted)

Philippa Sampson-Bancroft (Trustee, resigned from Committee 6 June 2024)

Key Management: Sarah Keeton, Interim Chief Executive Officer (until 15 April 2024) Philip Sparke, Chief Executive Officer (from 15 April 2024) Melissa Gough-Rundle, Head of Development (from 1 August 2024) David Homer, Acting Head of Finance & Resources (until 7 May 2024) Philip Mills, Director of Finance & Resources (from 7 May 2024)

Investment Managers Sarasin & Partners, Juxon House, 100 St Paul’s Churchyard, London, EC4M 8BU

CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET

19

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ROYAL INSTITUTION OF CHARTERED SURVEYORS BENEVOLENT FUND LIMITED

Opinion

We have audited the financial statements of The Royal Institution of Chartered Surveyors’ Benevolent Fund Limited for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and notes to the financial statements, including significant 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s 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 trustee's 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 charitable company’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.

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

20

financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, 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 statements 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 13, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’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

21

liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 ISAs (UK) 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company 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 Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of legacy income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over income, reviewing accounting

22

estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Blundell LLB FCA FCIE DChA, Senior Statutory Auditor For and on behalf of Crowe U.K. LLP, Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

Date: 15 December 2025

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STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2025

Income from
Donations & Legacies
2
Investments
3
Total Income
Expenditure on:
Raising Funds
4
Investment Management
4
Charitable Activities
5
Total Expenditure
Net Income/(Expenditure
before Investments
Net Gain/(Loss) on
Investments
Net Income/(Expenditure)
Other recognised gains/(losses)
Actuarial gain/(loss) on defined
benefit pension
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£000
933
866
1,799
70
68
1,935
2,073
(274)
(442)
(716)
(110)
(826)
27,188
26,362		 Year ended
31 March
2025
£000
933
866
1,799
70
68
1,935
2,073
(274)
(442)
(716)
(110)
(826)
27,188
26,362		 Unrestricted
Year ended
Funds
31 March
2024
£000
£000
813
813
907
907
1,720
1,720
42
42
81
81
2,392
2,392
2,515
2,515
(795)
(795)
2,113
2,113
1,318
1,318
52
52
1,370
1,370
25,818
25,818
27,188
27,188

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities. The notes on pages 27 to 45 form part of these accounts.

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BALANCE SHEET AT 31 MARCH 2025

COMPANY 980025

Fixed Assets
Intangible Assets
10
Tangible Assets
11
Investments: Pooled
12
Investments: Social
13
Total Fixed Assets
Current Assets
Debtors
14
Cash at bank and in hand
Total Current Assets
Creditors
Amounts falling due within one year
15
Total Assets less Current Liabilities
Defined Benefit Pension Asset/(Liability)
20
Net Assets
Funds
Unrestricted Designated Funds
Unrestricted Free Funds
Pension Reserve
Total Funds
17		 Year ended
31 March
2025
£000
5
9
24,976
54
25,044
167
1,311
1,478
(160)
26,362
-
26,362
24,480
1,882
-
26,362		 Year ended
31 March
2024
£000
10
18
26,168
54
26,250
253
806
1,059
(236)
27,073
115
27,188
24,559
2,514
115
27,188

These accounts are prepared in accordance with the small company provisions in Part 15 of the Companies Act 2006.

All income and expenditure derive from continuing activities. The notes on pages 27 to 45 form part of these accounts.

Approved by the Board of Trustees and authorised to be signed on 13 November 2025.

Philippa Sampson-Bancroft FRICS

Chair Board of Trustees

25

STATEMENT OF CASHFLOWS

FOR THE YEAR ENDED 31 MARCH 2025

Cashflow from operating activities
Cashflows from investing activities
Return on Investments
Proceeds from sales of investments
Change in cash and cash equivalents
Cash and cash equivalents at start of year
Cash and cash equivalents at end of year		 Year ended
31 March
2025
£000
(1,111)
866
750
1,616
505
806
1,311		 Year ended
31 March
2024
£000
(1,658)
907
(39)
868
(790)
1,596
806

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NOTES TO THE FINANCIAL STATEMENTS

1. Accounting Policies

Charity Information

LionHeart is a registered charity (number 261245) and company limited by guarantee with no share capital, registered in England and Wales (number 980025). Its registered office and principal place of business is 1 Cornwall Street, Birmingham B3 2DX.

Basis of preparation

The financial statements have been prepared under the historical cost convention, except for investments which are included at fair value, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2019 and the Companies Act 2006.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going Concern

The accounts have been prepared on a going concern basis. Having carried out a detailed review of LionHeart’s resources and the challenges presented by the current economic climate, the Trustees are satisfied that the charity has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of the approval of the accounts.

There are no significant financial uncertainties which the Trustees consider are a significant risk to the ability of the charity to trade as a going concern in the foreseeable future.

Funds Structure

LionHeart has one unrestricted and undesignated fund, three designated funds and no restricted funds.

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the objectives of the charity and which have not been designated for other purposes.

Designated funds are unrestricted funds that have been set aside by the Trustees for particular purposes. These funds are reviewed annually.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. Expenditure is charged to the Statement of Financial Activities when incurred.

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Income

Donations received directly by LionHeart are accounted for on the day of receipt or when they become entitled to them. Donations collected by third parties are accounted for as cash in third parties’ hands on the date of receipt by the third party. Legacies are accounted for as soon as entitlement, probability and monetary value can be established. Pecuniary gifts are recognised when received or when interim or final estate accounts indicate that sufficient funds are available to pay them, whichever is earlier. Residuary gifts are recognised when received, or when final estate accounts are received. For investments, accounting entries are based upon the quarterly returns submitted by our investment management companies.

Expenditure and Irrecoverable VAT

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants payable to beneficiaries are accounted for where either we have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or where any condition attaching to the grant is fulfilled. We have taken the exemption available for charity trusts registered in England and Wales from providing the names of grant recipients and the amounts of the grants.

Irrecoverable VAT is charged against the category of expenditure for which it was incurred. Where possible costs are directly attributed to specific activities. Overhead and support costs which relate to more than one activity are apportioned between those activities.

Tangible Fixed Assets and Depreciation

All assets costing more than £1,000 are capitalised and are valued at depreciated historic cost. Depreciation is charged on fixed assets on a straight-line basis over their estimated useful life. The useful life of LionHeart’s fixed assets is 3 years for office and computer equipment.

Intangible Assets and Amortisation

Intangibles are amortised over 3 years, with a full year’s depreciation charged in the first year.

Investments

Investments are stated at fair value as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period. The fair value of the investments is the quoted bid price.

Social Investments are loans to beneficiaries. Loans are partially provided for in case of default.

Pensions

LionHeart operates defined benefit and defined contribution (money purchase) schemes. Note 21 gives details of the defined benefit scheme. The calculations on the recognition of

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gains and losses and the notes are produced in accordance with FRS 102 requirements. For defined benefit retirement plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses arising are recognised immediately in the Statement of Financial Activities. Past service costs are recognised as an expense on a straight-line basis over the average period until the benefits become vested. To the extent that the benefits have already vested, the cost is recognised immediately in the Statement of Financial Activities. The amount recognised in the balance sheet represents the present value of the defined benefit obligation, adjusted for unrecognised past service costs, and reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to the lower of the asset and any unrecognised past service cost plus the present value of available refunds or reductions in future contributions to the plan. The rate used to discount the benefit obligations is based on market yields for high quality corporate bonds with terms and currencies consistent with those of the benefit obligations. Gains and losses on curtailments/settlements are recognised when the curtailment/settlement occurs.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and monies on short term deposit, at the bank and other short-term liquid investments with original maturities of three months or less.

Creditors and Provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount allowing for any trade discounts due.

Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments and are not considered to be of a financial nature. Such financial instruments, except for investments classified at fair value through profit and loss, are initially recognised at transaction value and subsequently measured at their settlement value.

Critical Accounting Estimates and Areas of Judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Trustees have determined a level of provision against the loans made to beneficiaries, this is reviewed each year.

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2. Donations and Legacies

One legacy accrued at 31 March 2024 was received during the year at less than the accrued amount, resulting in a reversal of accrual. Other legacies accrued at 31 March 2024 were reviewed during the year, and in some cases it was considered that probability of receipt or reliability of measurement were insufficient, and so the respective accruals were reversed. This resulted in an overall negative figure for legacies in the year to 31 March 2025.

3. Investment Income

Investment Income
Year ended Year ended
31 March 31 March
2025 2024
£000 £000
Dividends from Pooled
Investment Funds		 829 771
Interest received 37 136
Total 866 907

30

4. Cost of Raising Funds

Cost of activities
Staff & other costs
Investment Management Fees
Total		 Year ended
31 March
2025
£000
4
66
70
68
138		 Year ended
31 March
2024
£000
2
40
42
81
123

31

5. Charitable Expenditure by Activity

Grant making to individuals
Grants approved
Staff costs
Depreciation
Other costs
Total
Advice & beneficiary support
Staff costs
Depreciation
Other costs
Total
Engagement & communications
Staff costs
Depreciation
Other costs
Total
Workshops & webinars
Staff costs
Depreciation
Other costs
Total
Total
Grants approved
Staff costs
Depreciation
Other costs
Total		 Year ended
31 March
2025
£000
406
206
3
50
665
362
4
140
506
350
4
95
449
226
3
86
315
406
1,144
14
371
1,935		 Year ended
31 March
2024
£000
581
188
2
82
853
330
3
209
542
374
4
158
536
261
3
197
461
581
1,153
12
646
2,392

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6. Support and Governance Costs

Support costs
Staff costs
Depreciation
Consultancy
Information Technology
Other costs
Governance costs
Total		 Year ended
31 March
2025
£000
470
14
63
63
129
25
764		 Year ended
31 March
2024
£000
501
12
33
67
201
40
854

Support costs are allocated on the basis of headcount.

7. Net deficit is stated after charging the following:

Depreciation & Amortisation
Auditors' Remuneration
Operating Lease
Total		 Year ended
31 March
2025
£000
14
16
37
67		 Year ended
31 March
2024
£000
12
16
57
85

8. Employees

Salaries
Social Security costs
Pension contributions
Total		 Year ended
Year ended
31 March
31 March
2025
2024
£000
£000
996
1,094
103
111
110
122
1,209
1,327

Included in the figures above are one redundancy payment of £1.8k

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Higher paid employees
Average number of employees
Full-time equivalents
£60,000-£69,999
£70,000-£79,999
£80,000-£89,999
£90,000-£99,999
£100,000-£109.999		 Year ended
31 March
2025
27
23.5
1
-
1
-
-		 Year ended
31 March
2024
29
25.1
-
-
-
-
1

Key management personnel of the charity are those having authority and responsibility delegated to them by the Trustees for planning, directing, and controlling the activities of the charity. The total employee benefits of the key management personnel of the charity were £242k (2024: £271k). There were changes within the Senior Leadership Team during the year.

9. Trustees’ and Co-Opted Members’ Remuneration and Expenses

The Trustees and co-opted committee members received no remuneration during the year (2024 £nil). Some of the Trustees and co-opted members claim travelling and subsistence expenses and during the year a total of £4,406 (2024: £5,662) was paid to 11 trustees and co-opted members (2024: 13).

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10. Intangible Fixed Assets

Software
Cost
At 31 March 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 31 March 2024
Disposals
Charge for Year
At 31 March 2025
Net book value
At 31 March 2024
At 31 March 2025		 Year ended
31 March
2025
£000
103
-
-
103
93
-
5
98
10
5

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11. Tangible Fixed Assets

Office Equipment
Cost
At 31 March 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 31 March 2024
Disposals
Charge for Year
At 31 March 2025
Net book value
At 31 March 2024
At 31 March 2025		 Year ended
31 March
2025
£000
83
-
-
83
65
-
9
74
18
9

12. Fixed Asset Investments

Market value b/f
Additions
Disposals
Gain/(loss) on investments
Market value c/d		 Year ended
Year ended
31 March
31 March
2025
2024
£000
£000
26,168
24,055
-
-
(750)
-
(442)
2,113
24,976
26,168

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13. Social Investments

Loans to beneficiaries
Loans outstanding
At 31 March 2024
Repaid during the year
At 31 March 2025
Provision for bad debts
At 31 March 2024
Change in provision
At 31 March 2025
Net loans outstanding		 Year ended
31 March
2025
£000
185
`
185
131
-
131
54		 Year ended
31 March
2024
£000
205
(20)
185
131
-
131
54

The loans are mostly secured against property, with no interest charge or fixed repayment date.

14. Debtors

Taxation recoverable
Prepayments & accrued income
Other debtors
Total		 Year ended
Year ended
31 March
31 March
2025
2024
£000
£000
52
166
201
1
-
167
253

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15. Creditors

.
Trade creditors
Grant commitments
Accruals
Taxation & social security
Other creditors
Total
Grant commitments
Balance at 1 April
Additions
Paid
Balance at 31 March		 Year ended
31 March
2025
£000
7
72
58
23
-
160
128
406
(462)
72		 Year ended
31 March
2024
£000
20
128
53
24
11
236
83
571
(526)
128

16. Net Assets

All items in Net Assets relate to unrestricted funds.

17. Movement in Funds

Free reserves
Income Fund
Fixed Asset Fund
Unrestricted designated
Pension reserve
Total		 Balance at
1 Apr
2024
£000
2,514
24,531
28
24,559
115
27,188		 Income
£000
1,799
-
-
-
-
1,799		 Expenditure
£000
(2,068)
-
(14)
(14)
(5)
(2,087)		 Transfers
£000
79
(118)
53
(65)
-
14		 Balance at
Gains/
31 Mar
(losses)
2025
£000
£000
(442)
1,882
-
24,413
-
67
-
24,480
(110)
-
(552)
26,362

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Free reserves
Income Fund
Development Fund
Fixed Asset Fund
Unrestricted designated
Pension reserve
Total		 Balance at
1 Apr
2023
£000
2,671
22,373
700
1
23,074
73
25,818		 Income
£000
1,681
-
-
39
39
-
1,720		 Expenditure
£000
(2,493)
-
-
(12)
(12)
(10)
(2,515)		 Transfers
Gains/
(losses)
£000
£000
655
-
45
2,113
(700)
-
-
(655)
2,113
52
-
2,165		 Balance at
31 Mar
2024
£000
2,514
24,531
28
24,559
115
27,188

The Income Fund represents the value of long-term pooled investments, which the Trustees have designated to generate income, and not to be drawn down to meet operating cashflows.

The Fixed Asset Fund represents the value of Intangible Fixed Assets, Tangible Fixed Assets and Social Investments, which are not available for expenditure. During the year, the Reserves Policy was updated to include Social Investments in this designated fund, as the amounts on loan are not readily available to be applied to the charitable purposes generally.

The Pension Reserve represents the recoverable surplus or deficit on the defined benefit pension scheme, as set out in Note 20.

The Development Fund was set up in 2019 to utilise some reserves to facilitate funding the objectives of the five-year strategy in place at that time. A new strategy has been developed, and the trustees no longer intend this to be utilisied, so the funds were transferred back to free reserves.

There are no restricted funds.

Transfers in the year from the Income Fund represent the net movement in long term pooled investments. Transfers to the Fixed Asset Fund represent the change of Reserves Policy, which resulted in loan balances being designated.

18. Commitments under Operating Leases

Within 1 year
2-5 years
Total		 Year ended
Year ended
31 March
31 March
2025
2024
£000
£000
37
37
-
37
37
74

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19. Capital Commitments

At 31 March 2025, the charity had no capital commitments (2024: £nil).

20. Pension Schemes

Three current employees are members of the Local Government Pension Scheme, which is administered by the London Pensions Fund Authority. There is also one pension member and a further three deferred members. The Local Government Pension scheme is a defined benefit (final salary) scheme. LionHeart as the employer, although not a local authority, is classified as an admitted body into the scheme. LionHeart has no influence over how the scheme operates, or its investment performance. Contribution levels are set by reference to actuarial assessments that are formally reviewed by the LPFA every three years. Pension costs are accounted for on the basis of spreading the cost of pensions over employees’ working lives with LionHeart. The scheme was closed to new members on 9 December 2010. Following this date new employees are offered a contribution to stakeholder pension plans. The current pension offered is operated by Royal London.

The Financial Reporting Standard 102 (FRS 102) disclosures are provided by the London Pensions Fund Authority (LPFA) on an agreed statutory basis over which LionHeart has no control. The methodology and assumptions prescribed for the purposes of FRS 102 mean that the disclosures will be inherently volatile, varying greatly according to investment market conditions at each accounting date.

FRS 102 requires disclosure of the charity’s share of the assets and liabilities of the LPFA defined benefits scheme. A qualified independent actuary, appointed by LPFA, has made a valuation on 31 March 2025, based on the following assumptions:

Life expectancy from age 65 31 Mar 2025 31 Mar 2024
years years
Retiring today
Males 21.6 21.6
Females 23.7 23.7
Retiring in 20 years
Males 22.9 22.9
Females 25.6 25.5

The estimated Macaulay duration of the Employer's liabilities as at 31 March 2025 using the assumptions set out above is 14 years.

Financial assumptions 31 Mar 2025 31 Mar 2024
p.a. p.a.
Discount rate 5.75% 4.90%
Pension increases 2.90% 2.95%
Salary increases 3.90% 3.95%

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Based on these assumptions the LPFA actuary values the charity’s share of the funds is as follows:

31 Mar 2025 31 Mar 2024 31 Mar 2024
£000 £000
Present value of the defined benefit obligation 1,274 1,415
Fair value of Fund assets (bid value) 2,721 2,679
Deficit / (surplus) (1,447) (1,264)
Impact of asset ceiling 1,447 1,149
Net defined benefit liability / (asset) - (115)
The analysis of the charity’s share of the assets of the scheme is as follows:
Asset breakdown 31 Mar 2025 31 Mar 2024
£000 £000
Equities 1,605 1,622
Target Return Portfolio 494 462
Infrastructure 310 308
Property 248 245
Cash 64 42
Total 2,721 2,679
Reconciliation of defined benefit obligation 31 Mar 2025 31 Mar 2024
£000 £000
Opening defined benefit obligation 1,415 1,361
Current service cost 24 30
Interest cost 68 65
Change in financial assumptions (173) (10)
Change in demographic assumptions (3) (16)
Experience loss/(gain) on defined benefit (3) 3
obligation
Estimated benefits paid net of transfers in (60) (25)
Contributions by Scheme participants and 6 7
other employers
Closing defined benefit obligation 1,274 1,415

The analysis of the charity’s share of the assets of the scheme is as follows:

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Reconciliation of fair value of employer assets 31 Mar 2025 31 Mar 2024
£000 £000
Opening fair value of Fund assets 2,679 2,452
Interest on assets 130 118
Return on assets less interest (47) 111
Administration expenses (1) (1)
Contributions by employer 14 17
Contributions by Scheme participants 6 7
Estimated benefits paid net of transfers in (60) (25)
Closing defined benefit obligation 2,721 2,679
The total return on fund assets for the year to 31 March 2025 was £84k (2024: £229k)
Amounts recognised in Statement of Financial 31 Mar 2025 31 Mar 2024
Activities £000 £000
Service cost 24 30
Net interest on defined benefit liability / (asset) (6) (4)
Administration expenses 1 1
19 27
Remeasurement of the net assets / 31 Mar 2025 31 Mar 2024
(defined liability) £000 £000
Return on Fund assets in excess of interest (47) 111
Change in financial assumptions 173 10
Change in demographic assumptions 3 16
Experience gain / (loss) on defined benefit 3 (3)
obligation
Changes in impact of asset ceiling (242) (82)
Remeasurement of the net assets / (defined (110) 52
benefit liability)
Reconciliation of change in impact of asset ceiling 31 Mar 2025 31 Mar 2024
£000 £000
Opening impact of asset ceiling 1,149 1,018
Interest on impact of asset ceiling 56 49
Actuarial losses / (gains) 242 82
Closing impact of asset ceiling 1,447 1,149

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The asset ceiling is the present value of any economic benefit available to LionHeart in the form of refunds or reduced future employer contributions. The approach taken was to restrict the surplus with an asset ceiling. The asset ceiling is calculated as the difference between the accounting surplus attributable to Lionheart and the surplus limit. The surplus limit is calculated as the future cost of accrual, calculated in line with the discount rate, minus the present value of the certified contributions payable by LionHeart.

21. Related Party Transactions

No related party transactions have been identified in the year.

22. Reconciliation of Income / (Expenditure) to Net Cashflow from Operating Activities

Net income/(expenditure
Depreciation & amortisation
Disposals of social investments
Gain/(loss) on investments
Defined benefit pension adjustments
Returns on investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cashflow from operating activities		 Year ended
Year ended
31 March
31 March
2025
2024
£000
£000
(716)
1,318
14
12
-
20
442
(2,113)
5
10
(866)
(907)
86
22
(76)
(20)
(1,111)
(1,658)

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23. Financial Instruments

Financial Assets
Measured at Fair Value
Measured at Amortised Cost
Financial Liabilities
Measured at Amortised Cost		 Year ended
31 March
2025
£000
24,976
1,532
26,508
(160)		 Year ended
31 March
2024
£000
26,168
1,091
27,259
(236)

Financial assets measured at fair value through income and expenditure comprises investments in UK listed and unlisted securities.

Financial assets measured at amortised cost comprise social investments, cash at bank, other debtors, and accrued income.

Financial liabilities measured at amortised cost comprise grant commitments, accruals, and other creditors.

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The charity’s income, expense, gains, and losses in respect of financial instruments are summarised below:

Year ended Year ended
31 March 31 March
2025 2024
£000 £000
Investment income from financial 866 907
assets measured at fair value
through income and expenditure
Net gains / (losses) on financial (442) 2,113
assets measured at fair value
through income and expenditure
24. Reconciliaton of Net Debt
Cash
Finance Lease Obligations
Net Debt		 1 April
2024
£000
806
-
806		 31 March
Cashflows
2025
£000
£000
505
1,311
-
-
505
1,311

END

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