| REGISTERED NUMBER: |
| Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| TLC Lotteries Limited |
| REGISTERED NUMBER: |
| Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| TLC Lotteries Limited |
| TLC Lotteries Limited (Registered number: 03186938) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Report of the Independent Auditors | 4 |
| Income Statement | 8 |
| Balance Sheet | 9 |
| Statement of Changes in Equity | 10 |
| Notes to the Financial Statements | 11 |
| TLC Lotteries Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Registered Auditors |
| Studio 2 |
| 50-54 St Pauls Square |
| Birmingham |
| West Midlands |
| B3 1QS |
| TLC Lotteries Limited (Registered number: 03186938) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| TLC Lotteries Limited maintains liability insurance for its Directors and management. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Locke Williams Associates LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| TLC Lotteries Limited (Registered number: 03186938) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| TLC Lotteries Limited |
| Opinion |
| We have audited the financial statements of TLC Lotteries Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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. |
| In connection with our audit of the financial statements, 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 the audit: |
| - | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| TLC Lotteries Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit; or |
| - | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| TLC Lotteries Limited |
| Auditors' 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 a Report of the Auditors 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. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. |
| - | We gained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. |
| - | We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
| - | We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 and tax legislation. |
| - | We identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. |
| - | Based on this understanding, our audit procedures included, but were not limited to, testing journals and other adjustments, considering the business rationale in relation to significant, unusual transactions and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to assumptions and judgements made by management. |
| There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. |
| 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 Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| TLC Lotteries Limited |
| Use of our report |
| This report is made solely to the 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 company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| Registered Auditors |
| Studio 2 |
| 50-54 St Pauls Square |
| Birmingham |
| West Midlands |
| B3 1QS |
| TLC Lotteries Limited (Registered number: 03186938) |
| Income Statement |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ |
| INCOME | 3 |
| Direct costs |
| GROSS PROFIT |
| Charitable distributions |
| Administrative expenses |
| 162,661 | 160,750 |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| PROFIT BEFORE TAXATION |
| Tax on profit |
| PROFIT FOR THE FINANCIAL YEAR |
| TLC Lotteries Limited (Registered number: 03186938) |
| Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Debtors | 9 |
| Cash at bank and in hand | 10 |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| TLC Lotteries Limited (Registered number: 03186938) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Distributions under gift aid | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Distributions under gift aid | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| TLC Lotteries Limited (Registered number: 03186938) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| TLC Lotteries Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The directors consider that there are no material uncertainties about the Company's ability to continue as a going concern. There are no significant areas of uncertainty that affect the carrying value of assets. |
| Income |
| Income is recognised to the extent that it is probable that the economic benefits will flow to the Company and the income can be reliably measured. Income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Office equipment | - |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit or loss. |
| Financial instruments |
| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| Creditors |
| Creditors and provisions are recognised where the Company 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 after allowing for any trade discounts due. |
| TLC Lotteries Limited (Registered number: 03186938) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| The limited company distributes all profits under gift aid therefore no corporation tax is payable. |
| Operating leases |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term. |
| Pension costs and other post-retirement benefits |
| The limited company pays defined contributions into the personal pension plans of certain employees. The pension cost charge represents contributions payable by the limited company in respect of the period. |
| 3. | INCOME |
| All income arose within the United Kingdom. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Wages and salaries | 62,835 | 67,445 |
| Social security costs | (714 | ) | (9,472 | ) |
| Other pension costs | 4,514 | 4,125 |
| 66,635 | 62,101 |
| The credit for social security costs of £714 in 2024 and £9,472 in 2023 arises as a result of a successful retrospective claim to recover Employers' Allowance which the company was eligible to claim. |
| The average monthly number of employees, excluding the directors, during the period was 2 (2023: 3). |
| During the period no directors received any remuneration (2023: £nil). |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Depreciation - owned assets |
| Pension costs | 4,514 | 4,128 |
| Auditors remuneration |
| Non-audit fees |
| Other operating lease rentals |
| Defined contribution pension cost |
| TLC Lotteries Limited (Registered number: 03186938) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 6. | CHARITABLE DISTRIBUTIONS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Distributions - shareholder charities | 6,382 | 5,802 |
| Distributions - other good causes | 18,273 | 18,317 |
| 24,655 | 24,119 |
| 7. | DISTRIBUTIONS UNDER GIFT AID |
| 1.12.24 | 31.12.23 |
| £ | £ |
| Distributions of profits | 150,000 | 150,000 |
| 150,000 | 150,000 |
| 8. | TANGIBLE FIXED ASSETS |
| Office |
| equipment |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Prepayments and accrued income |
| 10. | CASH AT BANK AND IN HAND |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank accounts | 299,648 | 265,429 |
| Petty cash |
| TLC Lotteries Limited (Registered number: 03186938) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Social security and other taxes |
| Deferred income |
| Accrued expenses |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| A Shares | £1 | 5,100 | 5,100 |
| B Shares | £1 | 5,100 | 5,100 |
| C Shares | £1 | 5,100 | 5,100 |
| 15,300 | 15,300 |
| The 5,100 A shares and 5,100 B shares are respectively owned by Focus Birmingham and Birmingham Hospice. The 5,100 C shares are owned by Acorns Children's Hospice (Trading) Limited, the trading subsidiary of Acorns Children's Hospice Trust. |
| 13. | PENSION COMMITMENTS |
| The Company pays defined contributions into the personal pension plans of certain employees. The pension cost charge represents contributions payable by the Company and amounted to £4,514 (2023: £4,128). There were no prepayments or accruals in relation to pension plans at the balance sheet date (2023: £nil). |
| 14. | RELATED PARTY DISCLOSURES |
| The following transactions with the ultimate controlling parties took place during the year. |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Core |
| Acorns Children's Hospice | 50,000 | 49,999 |
| Focus Birmingham | 50,000 | 50,001 |
| Birmingham Hospice | 50,000 | 50,000 |
| Other charitable distributions: |
| Acorns Children's Hospice | 2,726 | 2,838 |
| Focus Birmingham | 288 | 306 |
| Birmingham Hospice | 3,368 | 2,658 |
| Recharges: Rent & Other Services |
| Acorns Children's Hospice | 14,112 | 14,112 |
| 15. | CONTROLLING PARTY |
| The limited company is ultimately controlled by three charities, Acorns Children's Hospice, Focus Birmingham and Birmingham Hospice. |
| Each party directly or indirectly owns an equal amount of equity and the joint venture is regulated under the terms of a joint venture agreement. |