REGISTERED COMPANY NUMBER: SC377753 (Scotland)

REGISTERED CHARITY NUMBER: SC041451

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Sir Thomas Lipton Foundation

Page

Reference and Administrative Details

1

Report of the Trustees

2

to

5

Independent Examiner's Report

6

Statement of Financial Activities

7

Balance Sheet

8

Notes to the Financial Statements

9

to

13

TRUSTEES

H J Agnew

Mrs A Davies

J G Matheson

Mrs S Robertson OBE

I Ruff

REGISTERED OFFICE

123 Forest Road

Selkirk

TD7 5DD

REGISTERED COMPANY NUMBER

SC377753 (Scotland)

REGISTERED CHARITY NUMBER

SC041451

INDEPENDENT EXAMINER

EQ Accountants Ltd

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 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 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The mission of the Sir Thomas Lipton Foundation is to raise the aspirations, confidence and skills of pre-teen children growing up in areas of multiple deprivation through fun, educational and practical experiences of sailing, the marine industry, maritime heritage, and enterprise.

Charitable Activities and Financial Review

Our aims and objectives remain:

1. To continually refine and improve our Buoyed Up programme, drawing on the twin inspirations of Sir Thomas Lipton and the sea, to challenge and motivate young people aged 10 to 12 growing up in areas and circumstances of disadvantage and deprivation: in the classroom; in the workplace; on the water; in print; and online

2. To meet the growing demand for Buoyed Up from primary schools in deprived UK communities, by building a strong and diverse coalition of in-kind and project funder partnerships; and transforming the way in which all of the children supported by Buoyed Up can discover what attainment looks like; what they can achieve and become; reaching that objective through a) the delivery of Buoyed Up, and b) helping young people to navigate further vocational, sporting, maritime and other confidence-building activities in teenage years

3. To build the team structure, leadership, volunteer and supporter base necessary to ensure the effective and efficient delivery of Buoyed Up and the sustainability of the Foundation.

Since the Sir Thomas Lipton Foundation was established in 2010, the charity's focus has been on bringing about a sea-change in the ambition, confidence and motivation of pre-teen children growing up in deprived and disadvantaged school communities, principally in the United Kingdom.

The sea-change we devised is called Buoyed Up, a programme of life lessons in sailing, in enterprise, in maritime opportunities, in resilience and determination. It was created by us in Australia and we are proud to continue porting Buoyed Up programmes there whenever funding allows.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

Our objectives remain unchanged. We have stated clearly in previous reports that our objective is nothing less than the teenage prosperity, well-being and fulfilment of young people from homes, communities and postcodes whose statistics tell a bleak story.

We aim to support young people where the highs of unemployment, crime, poverty, domestic abuse and antisocial behaviour are too often matched by the lows in attainment, in self-belief, and in determination to realise potential and reach the best possible destination after school.

In simple terms, the Buoyed Up programme that we deliver is about giving those young people more likely to be among the last as teenagers, a fair opportunity to be among the first. Still too many from disadvantaged backgrounds struggle to make a positive start in life because they haven't been given that fair opportunity to discover what attainment looks like, where they might fit in, what they are good at.

We recognise, too, that issues highlighted in our previous report - ranging from absenteeism to mobile phone and social media addiction, bullying and even violence - have been in sharper focus in the last twelve months in the UK and internationally.

What we will continue to do is strive to counter these challenges by pointing young people from the poorest postcodes and on the brink of critical teenage years in the direction of the sea: to experience the thrill and skill of sailing; to learn about the vast array of careers and opportunities that exist across the maritime sector; to be fired up by meeting seafarers; and, not least, to understand how the sea might connect with their own interests and talents. For young people the sea can be a resource that opens past, present and future worlds of art, technology, design, sport, literature, engineering, science, nature, food, trades, travel, business, and everything in between.

Our objective as a charity, in bringing the sea into the lives of less fortunate young people is: to help open their eyes, so they can look away from more damaging alternatives; so they can look up and look ahead; to realise what a change in attitude and aspiration can do; to better understand what is within their grasp if they work hard as teenagers.

We would like to take this opportunity to express our thanks to our Buoyed Up participating schools, our sailing and maritime partners who make the whole experience so compelling and memorable for young people, and of course to our funders without whom Buoyed Up would not be possible.

The facts and figures of our Achievement and Performance in this report reflect the generosity of all who have supported our Buoyed Up programme, but also the continuing challenge of realising breakthrough investments that will allow us to expand and meet increasing demand from around the UK and beyond.

Financial Review and Charitable Activities

Income

Charitable trusts and foundations have again formed the backbone of our income in this financial year. One individual donation exceeded £10,000. The majority of grants received were between £500 and £5,000. Each grant matters and we would like to express our thanks for every single one.

We would especially like to acknowledge and thank:

Anonymous Individual Donor

Bellahouston Bequest Fund

Bells Nautical Trust

W.A. Cargill Fund

Hugh Fraser Foundation

The Gannochy Trust

The Gosling Foundation

The Matheson Todd Foundation

The Stanley Morrison Charitable Trust

The Worshipful Company of Shipwrights

The Souter Charitable Trust

Without the generosity of these donors and grant-makers (and others in previous years) we could have achieved nothing. We continue to operate without office overheads, no fixed employment costs, and minimal core costs. That being so, and given the generous in-kind contributions of maritime partners, we have been able to make grants received go further.

Expenditure

Principally in the school summer term but also in the autumn term for partner schools in the West of Scotland, we arranged for entire year groups of Primary 6 and Year 5 pupils to benefit from an opportunity to learn to sail.

Expenditure related to transport to and from the sailing venues ranging in cost between £300 and £500 per day for each group of between 20 and 40 pupils. Sailing costs ranged between £28 and £40 per pupil per day. Total pupil numbers were approximately:

* £500 in the West of Scotland from 11 schools

* £145 in Essex from four schools

* £60 from one school on the Isle of Wight.

Restricted funding for Essex and the Isle of Wight enabled the continuation of learning to sail over three days for all pupils. Due to funding constraints and our commitments to larger numbers of schools and pupils in the West of Scotland, we restricted the sailing opportunity to one extended day. We had to postpone our Buoyed Up programme in Northern Ireland to 2025/26 and will report on the outcome in our next report.

In response to requests from seven primary schools in acutely disadvantaged areas of Aberdeen and North East Scotland; and in response to requests from nine primary schools in similarly disadvantaged areas of North West England in Blackburn and outside Blackpool, for example, we explored the possibility of establishing Buoyed Up programmes either in 2025 or later.

As highlighted in last year's report, however, investment is needed in both core funding and specific regional Buoyed Up programmes, to increase the number of young people that we reach.

In spite of the financial challenges, we are encouraged by the continuing support of our loyal partners and funders, and the enthusiasm of primary schools in socially and economically deprived areas across the country to participate. We remain confident that a solution will be found for an acceptable level of core funding, and that a breakthrough will come in our quest to secure the necessary investment that will sustain existing Buoyed Up programmes, improve and expand them, and respond to new demand.

FINANCIAL REVIEW

Financial Review and Charitable Activities

Reserves policy and Going concern

The Charity has unrestricted reserves of £6,713 (2024: £23,437) as shown on the balance sheet.

The Trustees and Key Management Personnel have assessed the potential future of Sir Thomas Lipton Foundation and whether it can continue as a going concern.

Sir Thomas Lipton Foundation is dependant on receiving grant support and income for it to retain its going concern status. After assessing all potential impacts and future commitments, the Trustees have a reasonable expectation that the charity has adequate resources and reserves to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. .

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

The charity ensures that new trustees have skills that will complement the existing structure of the Board and has put in place procedures to ensure adequate training induction is given.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees review the risks affecting the charity at board meetings and take appropriate action to mitigate any matters arising.

Approved by order of the board of trustees on 24 December 2025 and signed on its behalf by:

J G Matheson - Trustee

I report on the accounts for the year ended 31 March 2025 set out on pages seven to thirteen.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

In connection with my examination, no matter has come to my attention :

(1)	which gives me reasonable cause to believe that, in any material respect, the requirements

-	to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

-	to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

(2)	to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Sheryl Macaulay FCCA

The Association of Chartered Certified Accountants

EQ Accountants Ltd

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

24 December 2025

31/3/25

31/3/24

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

11,582

31,026

42,608

43,603

EXPENDITURE ON

Raising funds

3

2,750

-

2,750

3,750

Charitable activities

4

Donations

3,792

250

4,042

3,902

Buoyed Up

-

52,540

52,540

86,298

Total

6,542

52,790

59,332

93,950

NET INCOME/(EXPENDITURE)

5,040

(21,764

)

(16,724

)

(50,347

)

Transfers between funds

10

(21,764

)

21,764

-

-

Net movement in funds

(16,724

)

-

(16,724

)

(50,347

)

RECONCILIATION OF FUNDS

Total funds brought forward

23,437

-

23,437

73,784

TOTAL FUNDS CARRIED FORWARD

6,713

-

6,713

23,437

31/3/25

31/3/24

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

CURRENT ASSETS

Debtors

8

-

-

-

10,000

Cash at bank

8,225

2,932

11,157

16,127

8,225

2,932

11,157

26,127

CREDITORS

Amounts falling due within one year

9

(1,512

)

(2,932

)

(4,444

)

(2,690

)

NET CURRENT ASSETS

6,713

-

6,713

23,437

TOTAL ASSETS LESS CURRENT LIABILITIES

6,713

-

6,713

23,437

NET ASSETS

6,713

-

6,713

23,437

FUNDS

10

Unrestricted funds

6,713

23,437

TOTAL FUNDS

6,713

23,437

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 24 December 2025 and were signed on its behalf by:

J G Matheson - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are presented in Sterling (£).

Going Concern

The trustees and Key Management Personnel have assessed the potential future of Sir Thomas Lipton Foundation and whether it can continue as a going concern.

Sir Thomas Lipton Foundation is dependant on receiving grant support and income for it to retain its going concern status. After assessing all potential impacts and future commitments, the Trustees have a reasonable expectation that the charity has adequate resources and reserves to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

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 probable that a transfer of economic benefits 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 cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Governance costs

Consists of the cost of audit and accounts preparation, and any other financial services and expenditure incurred in compliance with the legal requirements of the charity.

Allocation and apportionment of costs

Support costs are those functions that assist the work of the charity but do not undertake charitable activities. Support costs consist of governance costs which support charity's activities. These costs have been allocated to expenditure of charitable activities.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	DONATIONS AND LEGACIES

31/3/25

31/3/24

£

£

Grants and Donations

42,608

43,603

3.	RAISING FUNDS

Raising donations and legacies

31/3/25

31/3/24

£

£

Co-ordination & Delivery

2,750

3,750

4.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 5)

Totals

£

£

£

Donations

2,290

1,752

4,042

Buoyed Up

52,540

-

52,540

54,830

1,752

56,582

5.	SUPPORT COSTS

Governance

costs

£

Donations

1,752

6.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

fund

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

5,503

38,100

43,603

EXPENDITURE ON

Raising funds

3,750

-

3,750

Charitable activities

Donations

3,902

-

3,902

Buoyed Up

-

86,298

86,298

Total

7,652

86,298

93,950

NET INCOME/(EXPENDITURE)

(2,149

)

(48,198

)

(50,347

)

Transfers between funds

(31,251

)

31,251

-

Net movement in funds

(33,400

)

(16,947

)

(50,347

)

RECONCILIATION OF FUNDS

Total funds brought forward

56,837

16,947

73,784

TOTAL FUNDS CARRIED FORWARD

23,437

-

23,437

8.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Prepayments and accrued income

-

10,000

9.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade creditors

2,932

1,250

Accruals and deferred income

1,512

1,440

4,444

2,690

10.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1/4/24

in funds

funds

31/3/25

£

£

£

£

Unrestricted funds

General fund

23,437

5,040

(21,764

)

6,713

Restricted funds

Buoyed Up

-

(21,764

)

21,764

-

TOTAL FUNDS

23,437

(16,724

)

-

6,713

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

11,582

(6,542

)

5,040

Restricted funds

Buoyed Up

31,026

(52,790

)

(21,764

)

TOTAL FUNDS

42,608

(59,332

)

(16,724

)

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1/4/23

in funds

funds

31/3/24

£

£

£

£

Unrestricted funds

General fund

56,837

(2,149

)

(31,251

)

23,437

Restricted funds

Buoyed Up

16,947

(48,198

)

31,251

-

TOTAL FUNDS

73,784

(50,347

)

-

23,437

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

5,503

(7,652

)

(2,149

)

Restricted funds

Buoyed Up

38,100

(86,298

)

(48,198

)

TOTAL FUNDS

43,603

(93,950

)

(50,347

)

A current year 12 months and prior year 12 months combined position is as follows:

Net

Transfers

movement

between

At

At 1/4/23

in funds

funds

31/3/25

£

£

£

£

Unrestricted funds

General fund

56,837

2,891

(53,015

)

6,713

Restricted funds

Buoyed Up

16,947

(69,962

)

53,015

-

TOTAL FUNDS

73,784

(67,071

)

-

6,713

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

17,085

(14,194

)

2,891

Restricted funds

Buoyed Up

69,126

(139,088

)

(69,962

)

TOTAL FUNDS

86,211

(153,282

)

(67,071

)

During the year, the charity received funding of £38,100 for the Buoyed Up programme. The charity has expended £86,298 for the project during the year from restricted funds.

The Buoyed Up fund was set up to raise confidence and skills of children living deprived areas through fun, education and practical experiences of sailing and the maritime industry.

11.	RELATED PARTY DISCLOSURES

During the year, the charity received management consultancy services totalling £8,250 (2024: £15,000) from Brady Associates Ltd, a company in which key management personnel, L Brady, is a director. At the year end the balance due to Brady Associates Ltd was £1,500 (2024:1,250).

During the year , total remuneration of £Nil (2024: £Nil) was paid to key management personnel.