REGISTERED COMPANY NUMBER: 04926563 (England and Wales)

REGISTERED CHARITY NUMBER: 1101863

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

THE LINDSAY FOUNDATION

Page

Report of the Trustees

1

to

5

Independent Examiner's Report

6

Statement of Financial Activities

7

Balance Sheet

8

to

9

Notes to the Financial Statements

10

to

16

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 October 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 object of the charity is to provide financial support for charitable organisations or for charitable purposes as directed by the trustees in line with its governing document. The foundation is particularly interested in funding smaller organisations that do not have the funds to advertise or make formal funding bids.

The majority of approaches for funding come from external organisations while a small minority come from friends and associates. The Lindsay Foundation committed to long-term funding for several charities, which has reduced the amount of new approaches that can be successful.

The Trustees aim to keep running costs to an absolute minimum so volunteer their time for administration. Where they perform any other work or deploy other skills, if they charge the charity, it is at a significantly reduced fee (there are no charges in this year). Office space, equipment, telephone and stationery is currently provided free of charge by a Trustee.

The Foundation does not fundraise. It holds investments in the form of residential properties which are let in line with its charitable aims and to generate income to be applied in furtherance of the charitable objects.

Public benefit

The trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The Foundation distributes funds to small and medium sized organisations and some individuals on a basis of need.

The Foundation supports a wide range of activities addressing a range of issues and continues to be particularly interested in funding smaller organisations that do not have the funds to advertise or complete large funding bid applications.

When an initial approach for funding is made, the trustees undertake enquiries in line with the Foundation's policies to establish that the request has come from a real person or organisation with a legitimate charitable activity or need.

Issues such as up-to-date accounts; income, expenditure and objectives, are taken into consideration when deciding whether to award funding. The Trustees are keen to hear first hand from those involved in the organisation making the approach. The Foundation does not currently require the completion of an application form for funding.

All approaches to The Lindsay Foundation should first be made by email to thelindsayfoundation@uwclub.net. Emailed approaches are more efficient and reliable than postal applications, so the trustees will prioritise and respond to approaches via email. As the number of approaches continues to rise, trustees find it much faster to read and assess information from an email with relevant links.

In the year under review The Lindsay Foundation has again supported issues from Animal welfare and conservation, to children's safety, activities and education, family wellbeing, education, post conviction rehabilitation, and environmental protection. Where possible, the trustees visit charitable organisations to find out where the funds are used and to see how they are managed.

This year, the Foundation continued to support ongoing projects: LIFE (formerly Castaway Lucy) Bulgaria, British Red Cross, Criminon, Campaign Whale, Plan International, The Natutama Foundation, Prisoners of Conscience, Angels International, Building a Future and several animal rescue organisations.

Investment performance

The charity's investment properties generated rental income of £35,000 (2024 - £35,000).

The value of the investment properties held at the year end was estimated by C A Morrow based on valuations supplied by local property professionals at £1,420,000 on an open market basis.

FINANCIAL REVIEW

Financial position

At the year end the charity had net funds of £1,420,260 of which £1,420,000 related to the valuation of the investment property.

Income in the year amounted to £35,019 resulting in a net deficit of £(22,515) due primarily to a fall in the fair value of the investment properties of £20,000. .

Investment policy and objectives

The Foundation owns three residential properties which are held for the continuing benefit of the charitable company in the form of income and capital appreciation. The properties have been let to people in need of affordable accommodation and the income received enables the charity to carry out other charitable activities. The tenants are now all long-term and the rents have not been increased for ten years.

As the cost of living crisis continues amid political instability, the Trustees have used some of the reserves to meet demand for charitable funding.

In September 2025, the Trustees begun a review of the Foundation's property values, the needs of the tenants and return on investment for income for the Foundation. The aim is to assess the viability of generating additional funds and/or releasing funds to enable to Foundation to better maintain its properties and increase its fund for donations.

The property valuation for the year is stated in the accounts at their estimated open market value.

Reserves policy

The Foundation aimed to keep a bank reserve fund of no less than £10,000.

This year, the financial climate was difficult for many, so the Trustees used some of the reserves to meet demand for funds.

The Trustees are aware that the reserves need to be rebuilt. The property review outlined under Investment policy and objectives, will form a part of the plan to rebuild and maintain suitable reserves.

FUTURE PLANS

The Trustees are pleased to have established long-term links with the charities that are supported on a regular basis.

The Foundation's long-term projects are: Crawley and Horsham Home-Start, Building a future for Peruvian Children, Natutama in Colombia, Criminon, Campaign Whale, LIFE (formerly Castaway Lucy) Bulgaria, Made in India, and ongoing projects for Angels International in Malawi.

When the Trustees have completed the tenancy reviews, which will include in-person meetings, they will assess and report on the tenants' needs and the Foundation's rental income in relation to property values and any significant financial commitments that may be needed.

As a small, grant-giving body, the Foundation's scope of activities is limited to providing housing and administering grants. The trustees each carry out significantly time-consuming charitable activities on a voluntary basis outside of the Foundation - in animal welfare, conservation and women's rights - and are committed to continuing those endeavours.

In the coming year, the Foundation will assess its medium and long-term activities to ensure time and funds are managed in line with the Foundation's charitable aims.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Foundation currently has two trustees who meet on a 6 monthly basis to discuss areas of activity and to sort through approaches for financial assistance. The day to day administration is carried out by Trustee and Company Secretary Miss C Morrow.

The charity is a company limited by guarantee. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

The charity's governing documents are its Memorandum and Articles of Association. The trustees, who are also the directors of the company, are elected by the members of the company.

Every member of the company undertakes to contribute to the assets of the company in the event of the same being wound up while he is a member, or, within one year after he ceases to be a member, for the payment of debts and liabilities of the company contracted before he ceases to be a member, and of the costs, charges and expenses of winding up for the adjustment of the rights of the contributories among themselves such amounts as may be required not exceeding ten pounds.

Recruitment and appointment of new trustees

On November 14th 2013 Miss Charlotte Morrow and Miss Alexandra Wallace Dunlop agreed the latter's role as Director and Trustee. There are no plans to recruit additional trustees.

Organisational structure

The Foundation currently has two trustees who meet at least twice a year to discuss areas of activity and any new long-term or significant one-off donations. The Foundation's financial and routine administration is carried out by Trustee and Company Secretary Miss C Morrow. Other administrative tasks and tenant management will be carried out by the other Trustee.

The majority of approaches for funding come from external organisations while a small minority come from friends and associates. The Lindsay Foundation has now identified several charities that will be supported long term which will reduce the amount of new approaches that are successful. In order to keep expenses to a minimum any work undertaken by the Trustees is not charged to the Foundation with the exception of work on the charity properties, which is charged at a significantly reduced fee. Office space, equipment, telephone and stationery is currently provided free of charge by a Trustee.

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 only risks the Trustees consider is the destruction of the three investment properties which are valued at £1,400,000. Appropriate insurances are held by the charity to mitigate this risk.

Annual Landlord Safety checks are carried out at the properties by a registered engineer and smoke alarms have been installed. All properties are visited on an annual basis to ensure that any problems are dealt with before they could cause significant issue.

There have been no significant problems with the rental properties for the current financial year.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

04926563 (England and Wales)

Registered Charity number

1101863

Registered office

Southview Farmhouse

Terra Amata

Broadford Bridge Road

West Chiltington

West Sussex

RH20 2LF

Trustees

Ms C A Morrow Consultant

Miss A Wallace-Dunlop Business Consultant

Company Secretary

Ms C A Morrow

Independent Examiner

Jonathan Askew FCA

Hartley Fowler LLP

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

The Lindsay Foundation was established in February 2004 to support a wide range of issues that were of interest to the Trustees and associates.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Lindsay Foundation for the purposes of company law) 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 Charities SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 13 August 2026 and signed on its behalf by:

Ms C A Morrow - Trustee

Independent examiner's report to the trustees of The Lindsay Foundation ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Jonathan Askew FCA

Hartley Fowler LLP

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

14 August 2026

2025

2024

Unrestricted

Total

funds

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

3

-

5,000

Investment income

4

35,019

35,159

Total

35,019

40,159

EXPENDITURE ON

Raising funds

5

4,488

3,507

Charitable activities

6

Charitable expenditure

33,046

55,124

Total

37,534

58,631

Net gains/(losses) on investments

(20,000

)

40,000

NET INCOME/(EXPENDITURE)

(22,515

)

21,528

RECONCILIATION OF FUNDS

Total funds brought forward

1,442,775

1,421,247

TOTAL FUNDS CARRIED FORWARD

1,420,260

1,442,775

2025

2024

Unrestricted

Total

funds

funds

Notes

£

£

FIXED ASSETS

Investment property

12

1,420,000

1,440,000

CURRENT ASSETS

Debtors

13

2,475

2,433

Cash at bank

6,519

10,396

8,994

12,829

CREDITORS

Amounts falling due within one year

14

(8,734

)

(10,054

)

NET CURRENT ASSETS

260

2,775

TOTAL ASSETS LESS CURRENT LIABILITIES

1,420,260

1,442,775

NET ASSETS

1,420,260

1,442,775

FUNDS

15

Unrestricted funds:

General fund

930,195

932,710

Fair value reserve

490,065

510,065

1,420,260

1,442,775

TOTAL FUNDS

1,420,260

1,442,775

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 13 August 2026 and were signed on its behalf by:

Ms C A Morrow - Trustee

1.	STATUTORY INFORMATION

The Lindsay Foundation is a charitable company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found in the Report of the Trustees.

The financial information presented is for the year ended 31 October 2025 and 31 October 2024 and the presentation currency of the financial statements is the Pound Sterling (£).

2.	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, as modified by the revaluation of certain assets.

Preparation of the accounts on a going concern basis

The financial statements have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves, the financial position, future plans and the expected level of income and expenditure for 12 months from authorising these financial statements.There are no material uncertainties about the charity's ability to continue as a going concern.

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Revaluation of investment properties.The charity carries its investment property at fair value with changes in fair value being recognised in the statement of financial activities.

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.

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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to the fair value reserve.

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. During the year there were no restricted funds.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors

Debtors are recognised at the settlement amount due. Prepayments are valued at the invoice amount prepaid.

Creditors

Creditors 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 are recognised at their settlement value.

Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3.	DONATIONS AND LEGACIES

2025

2024

£

£

Donations

-

5,000

4.	INVESTMENT INCOME

2025

2024

£

£

Rents received

35,000

35,000

Deposit account interest

19

159

35,019

35,159

5.	RAISING FUNDS

Raising donations and legacies

2025

2024

£

£

Support costs

-

117

Investment management costs

2025

2024

£

£

Property insurance

1,877

1,795

Property repairs

2,611

1,595

4,488

3,390

Aggregate amounts

4,488

3,507

6.	CHARITABLE ACTIVITIES COSTS

Grant

Support

funding of

costs (see

activities

note 7)

Totals

£

£

£

Charitable expenditure

29,268

3,778

33,046

7.	SUPPORT COSTS

Governance

Management

Other

costs

Totals

£

£

£

£

Charitable expenditure

622

36

3,120

3,778

Support costs, included in the above, are as follows:

Management

2025

2024

Charitable

Total

expenditure

activities

£

£

Postage and stationery

-

117

Administration costs

622

305

622

422

Other

2025

2024

Charitable

Total

expenditure

activities

£

£

Bank charges

36

57

Governance costs

2025

2024

Charitable

Total

expenditure

activities

£

£

Independent examiner fees

3,120

5,579

8.	TRUSTEES' REMUNERATION AND BENEFITS

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

Trustees' expenses

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

9.	STAFF COSTS

The average monthly number of employees during the year was as follows:

2025

2024

Trustees - unpaid

2

2

No employees received emoluments in excess of £60,000.

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

funds

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

5,000

Investment income

35,159

Total

40,159

EXPENDITURE ON

Raising funds

3,507

Charitable activities

Charitable expenditure

55,124

Total

58,631

Net gains on investments

40,000

NET INCOME

21,528

RECONCILIATION OF FUNDS

Total funds brought forward

1,421,247

TOTAL FUNDS CARRIED FORWARD

1,442,775

11.	INDEPENDENT EXAMINER'S FEES

2025

2024

£

£

Independent examination

1,300

1,240

Accounts preparation

1,300

1,240

Accountancy, statutory, other and VAT

520

3,099

3,120

5,579

12.	INVESTMENT PROPERTY

£

FAIR VALUE

At 1 November 2024

1,440,000

Revaluation

(20,000

)

At 31 October 2025

1,420,000

NET BOOK VALUE

At 31 October 2025

1,420,000

At 31 October 2024

1,440,000

The directors' intention is to hold the properties on a long-term basis for the continuing benefit of the charitable company in the form of income and capital appreciation. The properties are let and the income derived enables the charity to carry out its charitable purposes.

C A Morrow, a trustee and director of the charity valued the three properties held at 31 October 2025 at £1,420,000 (2024 - £1,440,000) on an open market basis using valuations obtained from local property professionals.

Fair value at 31 October 2025 is represented by:

£

Valuation in 2012

143,367

Valuation in 2013

71,698

Valuation in 2014

50,000

Valuation in 2015

50,000

Valuation in 2018

10,000

Valuation in 2022

85,000

Valuation in 2023

60,000

Valuation in 2024

40,000

Valuation in 2025

(20,000

)

Cost

929,935

1,420,000

13.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

1,208

1,189

Prepayments

1,267

1,244

2,475

2,433

14.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other creditors

1,000

1,000

Accrued expenses

7,734

9,054

8,734

10,054

15.	MOVEMENT IN FUNDS

Net

At

movement

At

1/11/24

in funds

31/10/25

£

£

£

Unrestricted funds

General fund

932,710

(2,515

)

930,195

Fair value reserve

510,065

(20,000

)

490,065

1,442,775

(22,515

)

1,420,260

TOTAL FUNDS

1,442,775

(22,515

)

1,420,260

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

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

35,019

(37,534

)

-

(2,515

)

Fair value reserve

-

-

(20,000

)

(20,000

)

35,019

(37,534

)

(20,000

)

(22,515

)

TOTAL FUNDS

35,019

(37,534

)

(20,000

)

(22,515

)

Comparatives for movement in funds

Net

At

movement

At

1/11/23

in funds

31/10/24

£

£

£

Unrestricted funds

General fund

951,182

(18,472

)

932,710

Fair value reserve

470,065

40,000

510,065

1,421,247

21,528

1,442,775

TOTAL FUNDS

1,421,247

21,528

1,442,775

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

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

40,159

(58,631

)

-

(18,472

)

Fair value reserve

-

-

40,000

40,000

40,159

(58,631

)

40,000

21,528

TOTAL FUNDS

40,159

(58,631

)

40,000

21,528

16.	RELATED PARTY DISCLOSURES

At the balance sheet date a trustee owed the charity £209 (2024 owed a trustee - £190).

During the year a trustee made a donation to the charity of £Nil (2024: £5,000).

17.	COMPANY LIMITED BY GUARANTEE

The charity is a company limited by guarantee. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.