**REGISTERED CHARITY NUMBER: 326944** ## **REPORT OF THE TRUSTEES AND** **FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2025** **FOR THE LYNN FOUNDATION** **THE LYNN FOUNDATION** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025** |Reference and Administrative Information||1| |---|---|---| |Report of the Trustees|2|- 5| |Report of the Independent Examiner||6| |Statement of Financial Activities||7| |Balance Sheet||8| |Notes to the Financial Statements|9 -|11| **THE LYNN FOUNDATION** ## **INFORMATION AND ADMINISTRATIVE INFORMATION** ## **Registered Charity Number** 326944 ## **Principal Address** The Granary Calceto Lane Lyminster West Sussex BN17 7QL ## **Trustees** I D Fair - Chair J F Emmott P Parsons J Sykes ## **Independent Examiner** P Noakes, FAIA 88 St. Lawrence Avenue Worthing West Sussex BN14 7JL ## **Investment Managers** BNY Mellon 160 Queen Victoria Street London EC4V 4LA Brewin Dolphin 12 Smithfield Street London EC1A 9LA Page 1 **THE LYNN FOUNDATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025** The Trustees present their report with the financial statements of the charity for the year ended 31st March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and activities for the public benefit** The two key objectives of the charity are to invest the Foundation's capital and to effectively make effective grants. Through the financial year, the Foundation, through a process overseen by the Foundation's Trustees, has increased grant making to charities working in disability, hospices, music and youth sponsorship. ## **Grant making** The Lynn Foundation continues to make Grants based on the Foundation's strategy to run down the Foundation over a ten-year period. Throughout this year, the Trustees have been working towards this objective with the result that some capital was used along with the Foundation's income. To date, the Lynn Foundation has made 8,863 Grants totalling £6,023,561. ## **ACHIEVEMENT AND PERFORMANCE** The Foundation has managed to increase grant making to £343,020 from £281,050 while keeping net assets just £81,084 below last year's figure. ## **FINANCIAL REVIEW** ## **Investment and objectives** After the decision taken by the Trustees at a meeting on 17th November 2019 to move from an execution only to a discretionary account, the Foundation's investments in Securities other than the Newton Fund were completely restructured by our Fund Manager at Brewin Dolphin. This has enabled the Foundation to diversify away from a UK centric portfolio to a globally structured portfolio but with a much lower income yield with an agreed target of 3%. The objective is to create a total return of around 7% per annum over the long term. Page 2 **THE LYNN FOUNDATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025** ## **Financial position** For this financial year the saliant points to the accounts were: ## 1. Income Income has decreased this year to £202,195 (2024 - £216,921). This was due to rebalancing the Foundation's portfolio to be targeting total return rather than maximising income. ## 2. Grants The Foundation made Grants of £343,020 (2024 - £281,050) which were considerably higher than last year. ## 3. Costs Costs of £379,696 (2024 - £311,711) are significantly up on last year due to an increase in grant expenditure. ## **Reserves Policy** Net Assets at the Foundation's year end stood at £7,496,776. The Foundation is not actually committed to any spending having no fixed costs. The Foundation averages a monthly income of circa £17,000 and therefore the Trustees have no concerns over the reserves. ## **FUTURE PLANS** At a Board Meeting on 13[th] February 2024, the Trustees unanimously agreed to increase Grant making by setting a tentative date in spending down the Foundation’s capital. It was agreed that the time period to do this should be approximately ten years. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Lynn Foundation was established by Deed dated 8th August 1985. It is a trust and additional Trustees must be voted on unanimously by the existing Trustees. At the annual trustees' meetings, the trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration is handled primarily by the Trustee with the help from the other trustees. All Trustees provide their services at no cost to the Foundation other than expenses. There are no paid staff. Page 3 **THE LYNN FOUNDATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025** ## **Induction and training of new trustees** On appointment a new trustee completes a "register of interest" and receives appropriate induction. Further training needs are met on an ad hoc basis when a need is identified. ## **Risk management** The major risks to the charity come from investing its capital and from inadvertently making inappropriate grants. The guidelines to mitigate risk endorsed by all Trustees for investment, is to use professional fund managers and one global fund - the Newton Growth & Income Fund for Charities with an objective of achieving around 3% income on the capital. Investment policy is determined by the Chairman and approved by all of the Trustees. The Foundation takes a long-term view on investment and accepts that markets are volatile in the short to medium term. The guidelines to mitigate risk in making inappropriate grants has been by keeping the grants small and making grants to registered charities. In future, this will be replaced by using the professional grant making skill of the Sussex Community Foundation. ## **EVENTS SINCE THE END OF THE YEAR** Information relating to events since the year end is given in the notes to the financial statements if relevant. Page 4 **THE LYNN FOUNDATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare their financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees on 22nd September 2025 and signed on their behalf by: ## _P Parsons_ ## _J Sykes_ P Parsons - Trustee J Sykes - Trustee Page 5 **REPORT OF THE INDEPENDENT EXAMINER TO THE MEMBERS OF THE LYNN FOUNDATION** ## **Independent examiner’s report to the trustees of The Lynn Foundation.** I report to the trustees on my examination of the accounts of The Lynn Foundation for the year ended 31st March 2025. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## _P Noakes_ Paul Noakes, FAIA 88 St. Lawrence Avenue Worthing West Sussex BN14 7JL Dated: 22nd September 2025 Page 6 **THE LYNN FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2025** **----- Start of picture text -----**
2025 2024
Unrestricted Unrestricted
Funds Funds
£ £
INCOMING RESOURCES
Income and endowments from:
Investment income 202,195 216,921
Total incoming resources 202,195 216,921
RESOURCES EXPENDED
Raising funds 34,095 28,267
Charitable activities 344,149 281,970
Support costs 1,452 1,474
Total resources expended 379,696 311,711
Net gains/(losses) on investments 96,417 513,121
NET INCOMING/(OUTGOING) RESOURCES (81,084) 418,331
RECONCILIATION OF FUNDS
Total funds brought forward 7,577,860 7,159,529
TOTAL FUNDS CARRIED FORWARD 7,496,776 7,577,860
**----- End of picture text -----**
Page 7 **THE LYNN FOUNDATION** ## **BALANCE SHEET FOR THE YEAR ENDED 31ST MARCH 2025** |Notes
**FIXED ASSETS**
Investments
2
**CURRENT ASSETS**
Debtors: falling due within one year
3
Cash at bank
**CREDITORS**
Falling due within one year
4
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
Unrestricted funds
5
**TOTAL FUNDS**|2025
Unrestricted
Funds
£
7,214,705
13,566
270,006
283,572
(1,500)
282,072
7,496,776
7,496,776
7,496,776
7,496,776|2024
Unrestricted
Funds
£
7,452,063
21,117
106,180
127,297
(1,500)
125,797
7,577,860
7,577,860
7,577,860
7,577,860| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 13th December 2024 and were signed on its behalf by: ## _P Parsons_ ## _J Sykes_ P Parsons - Trustee J B Sykes - Trustee Page 8 **THE LYNN FOUNDATION** 1 ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025** ## **ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102), Financial Reporting Standard 102 and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is possible that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. ## **Financial instruments** The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments which are recorded at transaction value and subsequently measured at their settlement value. Cash and cash equivalents comprise of cash at bank and in hand. Page 9 **THE LYNN FOUNDATION** 1 **ACCOUNTING POLICIES** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025** ## **Fixed asset investments** Fixed asset investments are made up of holdings in various unit trusts, bonds and equities. Investments are initially recognised at their historical cost and are subsequently recognised at fair value. Fair value is calculated based on the monthly valuation reports by the investment managers. Gains and losses are recognised in the Statement of Financial Activities. All gains or losses are included in unrestricted funds. An impairment review is conducted with an impairment recognised when the market value of an investment is lower than its original purchase cost as at the year end. ## 2 **FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 1st April 2024
Additions
Disposals
Revaluations
Impairments
At 31st March 2025
**NET BOOK VALUE**
At 31st March 2025
At 31st March 2024
Cost or valuation at 31st March 2025 is represented by:
Cost
Valuation in 2024 and before
Valuation in 2025|Listed
Investments
£
7,452,063
286,623
(602,939)
264,036
(185,078)
7,214,705
7,214,705
7,452,063
Listed
Investments
£
5,106,867
2,028,880
78,958
7,214,705| |---|---| Page 10 **THE LYNN FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025** **----- Start of picture text -----**
3 DEBTORS: FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Other debtors 1,000 1,000
Prepayments and accrued income 12,566 20,117
13,566 21,117
4 CREDITORS: FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Other creditors 1,500 1,500
5 MOVEMENT IN FUNDS
2025 2024
£ £
Unrestricted funds
At 1st April 2024 7,577,860 7,159,529
Net movement in funds (81,084) 418,331
At 31st March 2025 7,496,776 7,577,860
Net movement in funds, included in the above are as follows:
2025 2024
£ £
Unrestricted funds
General fund: Incoming resources 202,195 216,921
Resources expenses (379,696) (311,711)
Gains and losses 96,417 513,121
Movement in funds (81,084) 418,331
**----- End of picture text -----**
Page 11 **THE LYNN FOUNDATION** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2025** |**INCOMING RESOURCES**
**Income and endowments from:**
Dividends received
Interest receivable
**Total incoming resources**
**RESOURCES EXPENDED**
**Investment management costs**
Portfolio management
**Charitable activities**
Administration and meeting costs
Grants to individuals
**Support costs**
Bank fees
Accountancy and professional fees
**Total resources expended**
**Net income/(expenditure) before gains and losses**
Net gains/(losses) on fixed asset investments
**NET INCOMING/(OUTGOING) RESOURCES**|2025
Unrestricted
Funds
£
177,699
24,496
202,195
34,095
1,129
343,020
344,149
32
1,420
1,452
379,696
(177,501)
96,417
(81,084)|2024
Total
Funds
£
196,974
19,947
216,921
28,267
920
281,050
281,970
24
1,450
1,474
311,711
(94,790)
513,121
418,331| |---|---|---| This page does not form part of the statutory financial statements Page 12