**Registered Charity Number 701777 (England and Wales)** ## **LUMA FOUNDATION** ## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MAY 2024** ## **LUMA FOUNDATION** ## **TRUSTEES' ANNUAL REPORT** ## _**FOR THE YEAR ENDED 31 MAY 2024**_ The Trustees present their annual report and financial statements of the charity for the year end 31 May 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note 2 to the Accounts, the Charities Act 2011, the Accounting and Reporting by Charities: Statement of Recommended Practice and the Financial Reporting Standard (FRS102). ## **Objectives and activities** The purposes of the charity is to improve paediatric services and provide medical equipment in children's and neonatal wars in the Yorkshire regions hospitals. The Trustees can apply income and capital at their absolute discretion towards the furtherance of the Charity's objectives. The Trustees have had regard to the Charity Commission guidance on public benefit. ## **Achievements and performance** ## _**Charitable activities**_ The Trustees met and communicated throughout the year to conduct the charity business and discuss grant applications. The Charity made two grants to hospitals to purchase equipment to improve the care of children and babies in Yorkshire. ## _**Investment performance**_ The investment portfolio is professionally managed and generated income of £26,795 (2023: £22,995). The portfolio was valued at £1,502,783 (2023: £1,381,867) ## **Financial review** The financial position of the Charity is healthy, the value of investments and investment income both remain strong. Further information on the Charity's investments can be found on page 6. ## **Structure, governance and management** ## _**Governing document**_ The Charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. ## _**Recruitment and appointment of trustees**_ There must be a minimum of three trustees and the Board of Trustees can appoint new trustees at any time. - 1 - ## **LUMA FOUNDATION** ## **Reference and Administrative Details** |**Registered charity number**|701777|| |---|---|---| |**Principal Address**|Acclom House|| ||Well|| ||Bedale|| ||North Yorkshire|| ||DL8 2QF|| |**Trustees**|Dr Naved Kamal Alizai|_(appointed - 15 November 2023)_| ||Alexander Thomas Arthur Duckett|| ||Clementine Rosemary Duckett|_(appointed - 9 October 2023)_| ||Edward Marsden|| ||The Countess Peel|_(resigned - 15 March 2023)_| ||Charlotte Lucy Platts|_(resigned - 15 March 2023)_| ||Johanna Louise Ropner (Chair)|| ||Heather Louise Sampson|_(resigned - 15 March 2023)_| ||Christy York|_(resigned - 15 March 2023)_| |**Accountants**|Thompsons Chartered Accountants|| ||7 Princes Square|| ||Harrogate|| ||North Yorkshire|| ||HG1 1ND|| |**Bankers**|HSBC|| ||189 High Street|| ||Northallerton|| ||North Yorkshire|| ||DL7 8LQ|| |**Investment managers**|Waverton Investment Management|| ||16 Babmaes Street|| ||London|| Signed on behalf of the Board of Trustees of the Yorkshire Children's Hopsital Fund. ## **Mrs J L Ropner** > _Chair of Trustees_ Jo Ropuer Date:............................................. - 2 - ## **LUMA FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LUMA FOUNDATION** I report to the trustees on my examination of the accounts of the above charity ("the Charity") for the year ended 31 May 2024 which are set out on pages 4 to 5. ## **Responsibilities and basis of report** As the charity's trustees, 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 Charity'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 the 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: - accounting records were not kept in respect of the Charity as required by section 130 of the Act; or - the accounts do not accord with those accounting records; or - 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. Gyles Behbood ACA ## **On behalf of:** Thompsons Chartered Accountants 7 Princes Square Harrogate HG1 1ND ## 2025-03-31 Date:................................................. - 3 - ## **LUMA FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 MAY 2024**_ |**Unrestriced Funds**
**Restriced Funds**
**£**
**£**
**Income from investments**
Other interest received
7,998
Dividends receivable
18,796
26,794
-
Donations received
14,431
-
**Administrative expenses**
Investment management fees
11,233
Computer running costs
209
Accountancy
1,560
Charitable donations - Sheffield
Children's Hospital
33,633
Charitable donations - Wharfedale
Hospital
11,526
Charitable donations - Martin House
Hospices
-
Bank charges
61
(58,222)
-
**Net surplus / (deficit) before**
**investment gains**
(16,997)
-
**Gains / (losses) on investments**
Capital gain on investments
53,434
Fair value adjustment to investments
85,920
139,354
-
**Surplus / (deficit)**
**122,357**
**-**
**Reconciliation of funds**
Total funds b/fwd
1,383,536
-
**Total funds c/fwd**
**1,505,893**
**-**|**Total**
**2024**
**£**
7,998
18,796
26,794
14,431
11,233
209
1,560
33,633
11,526
-
61
(58,222)
(16,997)
53,434
85,920
139,354
**122,357**
1,383,536
**1,505,893**|**Total**
**2023**
**£**
6,825
16,170
22,995
-
9,293
94
504
19,812
-
1,763
62
(31,528)
(8,533)
-
33,437
(33,437)
**(41,970)**
1,425,506
**1,383,536**| |---|---|---| - 4 - ## **LUMA FOUNDATION** ## **BALANCE SHEET** ## _**AS AT 31 MAY 2024**_ |||**2024**||**2023**|| |---|---|---|---|---|---| ||**Notes**|**£**|**£**|**£**|**£**| |**Fixed assets**|||||| |Investments|**2**||1,502,783||1,381,867| |**Current assets**|||||| |Cash at bank and in hand||4,190||2,173|| |**Creditors: amounts falling due within**|||||| |**one year**|**3**|(1,080)||(504)|| |**Net current assets**|||3,110||1,669| |**Net assets**|||1,505,893||1,383,536| |**Funds**|||||| |Unrestricted funds|||1,505,893||1,383,536| |Restricted funds|||-||-| |**Total funds**|||1,505,893||1,383,536| For the financial year ended 31 May 2024 the charity was entitled to exemption from audit under section 144 of the Charities Act 2011. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The trustees have not required the company to obtain an audit of its financial statements for the year in question. The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 137 of the Charities Act 2011. The financial statements were approved and signed by the Board of Trustees and authorised for issue on 31 March 2025 ## Mrs J L Ropner Jo Ropuer **Chair of Trustees** Registered charity number 701777 (England and Wales) - 5 - ## **LUMA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MAY 2024**_ ## **1 Accounting policies** ## **Basis of preparation** These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value, with the exception of investments which are included at market value. ## **1.1 Accounting convention** These financial statements have been prepared 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 (FRS102) (effective 1 January 2019); the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) ; and, the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS102. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. ## **1.2 Income** Income is recognised in the Statement of Financial Activities (SoFA) when the Charity becomes entitled to the resources , it is more likely that not that the Charity will receive the resources and the monetary value can be measured with sufficient reliability. Income from interest, royalties and dividends is included in the accounts when receipt is probable and the amount receivable can be measured reliably. Investment Gains and Losses includes any realised or unrealised gains/losses on the sale of investments and any gain/loss resulting from revaluing investments to market value at the end of the year. ## **1.3 Fixed asset investments** Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a longterm interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. - 6 - ## **LUMA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_ ## **1 Accounting policies** **(Continued)** ## **1.4 Expenditure and liabilities** Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the Charity to pay our resources and the amount of the obligation can be measured with reasonable certainty. Where the Charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output. Where there are no conditions attaching to the grant that enables the Charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised. The Charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP. ## **1.5 Investments** Investments are a form of basic financial instrument. Fixed asset investments are initially recognised at their transaction value and are subsequently measured at their fair value (market value as quoted by our investment managers) as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. ## **2 Fixed asset investments** |Other investments other than loans
**Movements in fixed asset investments**
**Cost or valuation**
At 1 June 2023
Additions
Valuation changes
Realised gains
Disposals
At 31 May 2024
**Carrying amount**
At 31 May 2024
At 31 May 2023|**2024**
**2023**
**£**
**£**
1,502,783
1,381,867
**Investments**
**£**
1,381,867
521,125
85,920
53,434
(539,563)
1,502,783
1,502,783
1,381,867| |---|---| - 7 - ## **LUMA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_ ## **2 Fixed asset investments** ## **(Continued)** All investments are carried at their fair value. **Listed investments** : Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and openended investment companies are at the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). The portfolio of listed investments is significant to the Charity's financial position, and the variability of investment returns constitutes the Charity's major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. ## **3 Creditors: amounts falling due within one year** ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Accruals|1,080|504| ## **4 Trustee remuneration and benefits** No trustees were paid any remuneration or received any other benefits from an employment with their charity or a related entity this year or last year. No trustee expenses were incurred this year or last year. - 8 - |REF. NUMBER
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