REGISTERED CHARrrY NUMBEIL. 1066850 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 hL4RCH 2024 FOR LANCASTER FOUNDATION Xeinadiii Audit Limited Statutory Auditor 17 St Peters Place Fleetwood Lancashir¢ FY7 6EB
LANCASTF.R FOUNDATIOF4 CONTENTS OF THE FINANCIAL STATEMEIYTS for the year ended 31 March 2024 Page Report of the Trustees I to 3 Report of the Independent Auditors Statement of Financial Actlvities Statement of FinAneial Posltion ststcment of C85h Floivs Notss to the Statement of Cash FIoiv5 Not¢$ to the FinAlleiAI Statements 10 10 20
LANCASTER FOUNDATION REPORT OF THE TRUSTEES for the year ended 31 March 2024 The trustees present their report with the financial statements of the charity for the year ended 31 Mareh 2024. The trnsttts have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FiT]ancial Reporting Standard applicable in the UK and Republic of tand (I.RS 102) (effective l January 2019}. 0ECTIVEs AND ACTIVITIES Objectives and aims The IAncaster Foundation has been founded on Christian principles offering medical and prnclical support to the uffcTing. disadvantagLxI and marginalised people throughollt the UK and Afric& Additionally the foUnd10n is committed to numerous ongoing local and national youth and community projecLs. Granls are awarded at the absolute discretion OF Ihe board of trustees. Although many applications are receive¢ the administrativc structure of ihe charity does not allow for the consideration of unsolicited requests for grant fijnding. Due to the nature of thc projects that are awarded grant% the trustecs endeavour to moniloT their progre and bccome actively involved in them whercv¢r this is practical. The ongoing success of projects is asse55ed when subsequent applicalions for funding are made. The trusttts confinn that Ihcy have ferred to the guidance contained in the Charity Commission's general guidance on public benefi¢ when reviewing th¢ Foundation's aims and objectives and in planning future activities and setting the grant making policy for the year. ACHIEVEMENT AND PERFORMAIYCE Charitable activities During the year the Foundation Continued to support charities promoting a Christian ethos undertaking ptzctical projects addre&sing poverty and social issues both in the UK and Afric& Delails of grnnts made in the year can be seen at note 8 lo the financial statements. Investment performance Investment income h&g fallen slightly from £3,394.770 last year to £3,260,735. The fall in investment incorne in p relates lo lower returns on listed investments. The aim of the investrnent portfolio is to generate sufficient ineome on an ongoing basis to cover grant funding and ongoing operating costs whilst preserving capital value. During 2024 one particular investment fund has increased in market value resulting in an overall gain on investment values. FINANCIAL REVIEW Fin2nciAI position Management of the various investment portfolios has generated income during the year enabling all grants and expenditure for the year to be met. Principal funding sources The charily generdles income through its invG51mcnl% and in accordance with the tru.st dCC thc ttuslees have the power to invest in such stocks, sharcs. inveslments and property in the UK they see fit. The Trustees retain and takc advicc from an independent financial advir. Thc policy is to adopt a low risk investment strategy bascd on MlmiS1ng income within this strategy in ordei to cover annual expenditure and donations. Reserves policy It is the policy of thc charity to maintain sufficient frec re5Ctves al a level io generate income adequate to cover annual dona¢ions and management and administralion costs. Unrestricted funds were rnaintained at this level throughout the At the year end. the total value of unreslri¢ted reserves held by the charity was £67,863,472 (2023 - £64,985,878}. Within the total unrestricted reserves there ar¢ tangible fixed assets totalling £678.380 which the charily uses itself and £66,633,425 of fixed asset investments which could only be distributed if disposed of. The balance of the charity's general funds at 31 Mawh 2024 was £551,667 (2023 £2,282,199). Under Charity Commission definitions these represent the charity'5 free reserves. Page I
LANCASTER FOi]NDATION REPORT OF THE TRUSTEES for the year ended 31 March 2024 FUTURE PLANS The Iruslees continuously evolve the I'.oundalion's stralegic giving plans. however thc trustees remain committed to its Christian principl&q by supporting ¢haritics undcrtaking practical projects in the community and dddressing poverty and social issu&%. STRUCTURE, GOVERNAISCE AIYD MANAGEMENT Governing document The charity is controlled by its goveming documenL a dccd of trust dated 2 July 1997 and con%litutes a registercd charity. Charity numbcr 1066850. Recruitment and appointment of new trnstees The trustees currently foresee no requirement to recrnitlappoint new trustees. However, should the need artS¢, the trustees will seek advice from suitably qualified adviso lo help establish the specific skills required and identify prospective candidates. Should new trustees be taken on, suitable induction procedures ivill be undertaken and relevant training provided where a need is identified. OrgAnisational structure The trust£ who have served during the year and since the year end are set out on page 3. A board of trustees of four members are involv&1 day to day in the activities of the eharily bul they also meet more fonnally when significant decision5 are taken such as the investment of funds. The organisational structure includes a Development Director who was appointed by the tNstees to ensure that TNst monies are invested caretully and to gain a sustainable income wherever possiblc. The Dcvclopment Director also woiks with other staff to evaluate charitable projects and future commiiments. Remuneration packagcs for key managemenl are reviewed attnually. taking account of the generdl maTkct for such roles. Related parties Mr J E Lancastcr, Mrs R Lancaster and Mr S J Lanc&8t¢r are also truslees of The Grand at Clitheroe, a charitable company limited by guarantee. The Lancasler Foundation is currently providing fiLnding to the LTrand to assist the development and day to day running Costs of the Grand and also the Skate Park. REFEREPICE AIYD AD.NllNISTEL4TIVE DETAILS Registered Charity number 1066850 Prln¢lpAI address TutTel House Edisford Road Clithcroe Lancashirc BB7 2LA Trustees Dr J E Lancaster MBE Mrs R Lancaster MBE Mr S J Lancaster Mrs J R Broadhurst Auditors Xeinadin Audit Litnilcd Ststulory Auditor 17 St Pders Place Fleetwood Lancashire FY7 6EB Page 2
LANCASTER FOUNDATION REPORT OF THE TRUSTEES for the year ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS BAnkers Hde1Sbanken I st Floor, Wallandcr Housc Capricom BusÉness Park Blakewater Road Rlackburn Lancashire BBI 5QR STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of th¢ 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" The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) R¢gulations 28 and the provisions of the mjst deed requires the trustee5 to prepare financial statements for each rinancial 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 finan¢Aal statements, the trustees are required to select suitable accounting policies and then apply them Consistently. ubserve the method5 and principles in the Charity SORP; make judgements and eslirnatcs that arc rc&sonable and pNdeni; state whcthcr applicable accounting standards have bcen followed, subject to any material departures discloscd and explained in the financial statcrncnts. ptepare the financial statements on the going concern b&418 unlcs% it is inappropriate to presume that the charity will continue in business. The trnstees are responsible for keeping proper accounting words which disclose with reasonablc accuracy at any time the financial posÉlion of the charity and to enable thern to en4urc that the financial statements comply with the Charities A¢1 2011. the Charity (Account% and Reports) Regulations 2008 and th¢ provisions of the trust deed. They are a]so r&spon5ible for safeguarding the assets of the charity and hence for taking re&sonable steps for the prevention and detection of fraud and other legularl11es. The trustees have had due regard to guidance published by the Charities commi.s1on on public benefil. Approved by order of the board of trustees on ....... . . and stgned on its behalf by: Lancaster MBE- Trustet Page 3
REPORT OF THE INDEPENDENf AUDITORS TO THE TRUSTEES OF LANCASTER FOUNDATION Opinion We have audited the financial statements of Lancaster Foundation (the 'charity') for the year ended 31 March 2024 ,hich comprise the Statement of Financial Activities, the Statement of Financial Positio the Statement of Cash Flows and notes to the financial statements including a summary of significant accounting policies. The financial reporting framework that h&$ been applied in their preparation is applicable law and United Kingdom Accounting Siandards (United Ktngdoin Generally Accepted Accounting Praclice). including Financia] Reporting Standard I02 The Financial Reporting StandaTd applicable in the UK and Republic of treland,. In our opinion the financial statemenls.. give a true and fair view of the state of the charity's affairs as 31 March 2024 and of its incoming resources and application of TesoufL¥& for the year then ended,. have been properly prq)ared in accordance with United Kingdom Generally Accepted Accounting Practice. including Financial Rq)urting Standard 102 'The Financial Reporting Stsndard applicable in thc UK and Republic of Ireland,. have been preparcd in accordance with the requirements of the Charitith Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under thosc 4tandar(Ls arc further described in the Audi¢or.s' rospon%ibilities lor the audit of the financial statcmenls section of our report. Wc arc independcnt of the charity in accordance with the ethical requirancnts that are relevant to our audit of the financial slalements in the UL including the FRC'S Ethical StandaTd. and we have fLtlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we hav¢ obtained is sufficient and approprialc to provide abasis for our opinion. Concluslons relating to going con¢ern In auditing the fjnancial statements, we have concluded that the trustees, use of the going ¢oncem basis of accounting in the preparation of the financial statements is appropriaie. Based on the work w¢ have perfornied, we have not identified any material uiicertainlies relating lo events or nditionS that, individually or collectively, may ¢a# significant doubt on the charity'5 ability io Continue as a going concem for a period of at leasc twelve months from when the finan¢ial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infortnation The twste&s are responsible for the other infonnation. The other infonnation comprises the infonnation included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on Ihe financial statements does not cover the other infonnation and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. In connection with our audit ot the financial ststements, our SpOnSIbl]ity is to rrdd the other infomialion anl in doing so, consider whether the other inforniation is materially inconsistcnt with the financial statements or our knowledge obtained in the audit or oiheTWiSC appears to be materially misstated. If wc idcntify such material inconsistencies or apparent malerial misstateinent8 we arc rcquircd to detem)ine whether this gives rise to a material misstalemcnt in the financial statcmcnts themselv&s. It. based on the work we have performed. we concludc that there is a mat¢rial misslalement of this other infonnation. we are required to report thal faet. We have nothing lo report in thi.% Teg Matters on which we are required to report by exception We have nothing to rcport in Icspecl of the followtng matters where the Charities (Accounts and Reports) Regulations 2(Ki8 requires us to report to you if. in our opinion: the infom]ation given in the Report of the Trustccs is in¢onsis*nt in any material resped with the financial statements. or sufficlent accounting records have not b¢en kepl- or th¢ financial statements are nol in agreement with ihe accounting records and returns,. or we have not received all the infomiation and explanations we require for our audit. Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF L4NCASTER FOUNDATION Responsibilities of trusttts As explained more fully in the Statement of TTUStees' Regponsibilities the ttwstees are responsible for the preparation of the financial statements whTeh give a true and fair view, and for such intemal control as the trnstees detennine is neeessary to enable the preparation of finaneial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statTrents, the trustcc& arc rcsponsible for assessing the charity's ability to continue as a going conccrn, di1051n¥, &% appliL<ible. matters related to going conccrn and using Ihe going concern basis of accounting unless the tn]stees either intend to liquiddtc the charity or to Cffdse operations. or have iio realistic altcrnative bul lo do Our responsibilities for the audit of the financial statements We have bcen appointed as auditors under Section 144 of the Charities Ad 2011 and report in cordanCe with the Act and relevant regulation5 made or having effect thereunder. Our objectives are to obtain reasonable a&surance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to l5su¢ a Report of the Independent Auditors that includes our opinion. Reasonable assurnnce is a high level of assurdnce, but is not a guarnntee that an audit conducted in a¢¢ordance with ESAS (UK) will always detect a rnaterial misstateinent when il exists. Misstatements can arise from fraud or error and are considered mateiial if, individually or in the aggregate. they could reasonably be expeded to influence the economic deci.sions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, inclLtding fraud is detailed below.. l) Discussions with trustees and management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud. This includes legislation that affects the running of the Foundation such as the Charities Act 2011 and current payroll and employment legislation. 2) Challenging assumplions and judgements made by the trustees and maTLagement in iheir significant accounting estimal* rnost significantly the valuation of invcstmcnt property. 3) Identifying and testing journa] cntrie4 in particular ihose posted with unusual account combinations. This includ&s rcvicwing signiticant entries around the year end and any journals postcd throughout the year that are outsidc the norn)al pattem of monthly journals. A further description of our rcsponsibilities for the audit of th¢ flnancial statements is located on thc Financial Reporting CouT]cil's website at www.frc.org.uklauditorsresponsibilities. Thi5 description fom)s part of our Report of the Ind¢p¢nd¢nt AuditOTS. U8e of our report This report is made solely to the charity's trustees, as a body, in accoTdance with Part 4 of the C.haritie5 (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Iruslees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pemiitled by law. we do not a¢¢epl or assurne responsibility to anyone other than the charity and tlie charity's trustees as a body, for our audit work, for this repor¢ or for the opinions we have fomed. Xeinadin Audit Limlted Siatutory Auditor 17 Si Pcters Place Fleetwood Lanc&shire FY7 6EB Date: ........... Page 5
LANCASTER FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024 2024 Unrestricted fund 2023 Total funds Not&s IIYCOLIIE AND ENDOWMEiYTS FROM Donations and legacies 405,152 150 Investment income 3,260.735 3,394,770 Totsl 3,665.887 3,394.920 EXPENDITURE ON Charltable actiTrities Making Grants to Institutions 2.582,989 2.745,111 Net gain4(losses) on investments 1,794,696 (3.586,860) NET INCOME/(EATENDITURE) 2,877,594 (2,937,051) RECONCILIATION OF FUNDS Total funds bn)ught forward 64,985,878 67,922,929 TOTAL FUNDS CARRIED FORWARD 67,863,472 64.985,878 The notes fomi part of these financial stalements Page 6
LANCASTER FOUNDATION STATEMEwf OF FINANCIAL POSITION 31 M*r¢h 2024 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS Tangible assets Investment5 Invcstrnents Investment property io 678,380 716,123 25,526.578 41,106,847 25,055,(K)2 36,932,554 12 67,311.805 62,703.679 CURREIYT ASSETS Debtors Cash at bank and in hand 13 1,107,013 3,884,758 747,010 5,912,900 4,991,771 6,6i9.910 CREDITORS Amounts falling due within one year 14 {4,440,104) (4,377,711) ET CURRENT ASSETS 551,667 2,282,199 TOTAL ASSETS LESS CURRENT LIABILITIES 67.863,472 64,985,878 NET ASSETS 67,863,472 64,985,878 FUNDS Unrestrictcd funds 15 67,863,472 64.985.878 TOTAL FUNDS 67,863,472 64,985,878 The fin ncia statements were approvcd by the Board of TtlLStc¢s and authorised for issue ere signed on its behalf by= on DrJ ncaster MBE - Trustee The notes form part of these financial statements Page 7
LANCASTER FOUNDATION STATEMENT OF CASH FLOWS for the year ended 31 March 2024 2024 2023 Notes Cgsh flow& from operating activities Cash geneTated from operations Interest paid l.inance costs paid 9.302 (192.694) (1,04.1) (71,593} (167.486) Net cash used in operating activiti¢s (184.435} (239.079) Cash flows from investing activitie5 Purchase of tangible fixed assets Purchase of fixed asset invethent Purchase of investment property Sale of fixed asset investments Sale of investment property Interest received Dividends received (3,736) {27,741) (200,000) (2,884,018) 200,000 7,311,865 49,610 1.106,380 58,359 985,688 Nei cash (used inyprovided by investing activities (1,843,707) 8.440,114 Cash flows from financing activities Loan repayments in yr {4,000,000) Ncl cash provided byl(used in) financing activiti (4,000,000) Change in cash aDd ¢a$h equivalents in the reporting period Cash and cash equivalents at the begintting of the reporting period {2,028,142) 4,201,035 5,912,900 1,711,865 Cash and cash equivalents 8¢ the end of the reporting p¢riod 3,884,758 5,912,900 The notes fonn part of these financial slalemenls Page 8
LANCASTER FOUNDATION NOTES TO THE STATEMENT OF CASH FLOWS for the vear ended 31 March 2024 RECONCILIA'I'IOY OF NET INCOME/{EXPENDITURE) TO NET CASH FLOW FIiOM OPERATING ACTIVITIES 2024 2023 Net income/(expenditure) for the reporting period {as per the Ststement of FinAnciAI Actisqties) Adju.4tments for: Depreciation charges (Gain)Aosses on investments Interest received Interest paid Finance costs Dividends received (Increaseydeerease in debtors Increase in creditors 2,877,594 (2,937.051) 41,479 (1,761.851) (58,359) 192,694 1,043 (985,688 } (1,106,380) (360,003) 199.023 62,393 19,959 41.185 3,593.795 (49,610) 167,486 Net Cash provided by/(used in) operations 9,302 (71,593) ANALYSIS OF CHANGES IN NET FUNDS Ai 114123 Cash flow At 3113124 Net cash Cash at bank and in hand 5,9l2,900 (2,028,142) 3,884,758 5,912,900 (2,028,142) 3,884,758 Total 5,912,900 (2,028,142) 3,884,758 The notes fonn paTt of these financial statements Page 9
LANCASTER FOUNDATIOIY NOTES TO TIIE FINANCIAL STATEMENTS for the year ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the finllncial statements The finÉinLial slalements of the charity, which is a public benefit entLly under FRS 102, have been prepar¢d in ac¢ordan¢e with the Charities SORP (FRS I02) 'Accounting and Reporting by Charities: Statement of Recommended Practice applÉcable to charities preparing their accounts in dLcordance with thc Financial Reporting Standard applicable in Ihc UK and Republic of Ireland (FRS 102) (cffcctivc l January 2019}', Financial Rcporting Si(Indard 102 The FKnancial Reporting Standard applicable in the UK and Republic of Ireland, and the Charitics Act 2011. The financial statements have been prepared under the hisloricdl cost convention, with the exception of investments which are included at markcl valuc, as modified by ihe revaluation of certain assets. GoinE concern The charity s Iru%tees have a reasonable expectation that the charity has adequate resource5 to continue in operational existence for the foreseeable future. There are no malcrial uncertainties about the charty's abilily to continue as a going concern. ThercfoTe. the ac¢ounts have been prepared on a going conccm basis. Income All income is recognised in the Statement of Financial Activities once the charity has eniiilement to the funds. it is probable that the income will be received and the amount can be measured reliably. Services donated to the charity aTe recognised as a donation where a fair value can be measured reliably as required by the SORP. Expenditure Liabilities are recognised &s expenditure as soon as there is a legal or ¢onstru¢tive obligatt'on cornmitling 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 mUred reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the ealegory. IlThere costs Cal01 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 mel at the year end date are noted as a commitment bul not ac¢rued as expenditure. Tanglble fixed assets Depreciation is provided al the following annual rdtes in order lo write off each asset over its estimated useful life. Long le&schold Improvements to propety Fixtures and fitting Motor vehicles 2% on cost IO/oon cost 20/& on cost 5 to Ioyeats Property, plant and equipment are staled at cost le&s accumulatcd dcpreciation and accumulated impaiTtnent losses. Such cost includos costs diTeCtly attributable to making the asset capable of uperaling as inlended. Dcpreciation is provided on all property, plant and equipmenl, at rates calculated to write off the cost, Ic5S estimatcd r¢%idual valu4 01 each asset on a systematic basis over its expected use& life. The carrying values of langible fixed assets are reviewed for impainnent when events or change5 in circumstances indicate the carying value may not be recoverable. Investment property Inv&slment propcrties are staled at falr value being their market value at the balance sheet dale in accordance with the Charities Sorp (FRS 102). Taxatioll The ciwity is exempt from tax on iÉs charitable activities. Page 10 continued...
LANCASTER FOUNDATION NOTES TO TIIE FINANCIAL STATEMENTS- continued for the year ended 31 March 2024 ACCOUNTING POLICIES- continued Fund accounting Unrestricted funds can be used in accordance with the charitable objectives al the discretion of the ttustees. Restricted funds can only be used for particular restricted purpo.ses within the objects of the charity. Restrictions aris¢ when specified by the donor or when funds" are raibed for particular resiricted purposes. Further explanation of the nature and purpose of each fund is included Én the notes to the financial ststcments. Hire purchase and leasing conullitmellts Rentals pwd under operating leases are chargd to thc Statcfflent ol Financial Activities on a slrdight line basis over the periiKI of the Ica%c. Pension costs and other post-retirejnent benefits Thc charity operates a defined contribution pension scheme. Contributions payable to the charity'5 pension scheme are charged to the Statement of Financial Artivities in the period to which they relate. Inve$tm¢nts Listed investments are shown al their market valucs.Unlisted investments are valued following an assessment of the company's financial perforniance.Any aggregate surplus or deficit arising from changes in the market value is transferred to gains and losses on investment assets on the slatemait of financial actlVLties. Cash and cash equivalents Cash and cash equiva]ents in the balance sheet comprise at banks and in hand and short lem deposits with an original maturity date of three months or less. For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of oulslanding bank overdrafts. Short-term debtors and creditors Debtors and creditors with no staled interest rate and receivable or payable within one year are recorded at transaction pricc. Any losses arising frotn iinpairnient are rccognised in the income statement in other operating expenses. Inter¢st-bearing loans and borrowings All interesl-bearing loans and borrowings which are b&sic financial instnjments are initially rccognised at the prescnt value OF cash payable to the batik (including interest)- Aftcr initldl recognition they arc fflc&sured al amortised cost using the effective intercst Talc mcthod. less impaimient. The effcctivc iJ]ttttsl rate amortisation is included in finance revenue in the income statement. DONATIONS AND LEGACIES 2024 2023 Clift Aided donations Donations Refund of Gift Aid lax 246.301 97,276 61,575 150 405,152 150 Page 11 eontinued...
LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued for th¢ year ended 31 March 2024 INfvTSTMENT INCOME 2024 2023 Renls Teceived Insurance re-charges Other fixed asset invest - FII Deposit account interest Other interest receivable 2.147,821 38,147 985,688 79.375 9,704 2.193,253 47,862 1.106,380 37,807 9.468 3,260.735 3 J94,770 CHARtTABLE AC'fiviTIES COSTS Grant funding of activitie5 (see note Support osts {see note 6) Direct Costs 5) I"olals Making Grants lo Institutions 330,667 2,030,509 221,813 2,582,989 GRANTS PAYABLE 2024 2023 Making Grant.q to Institutions 2,030,509 2,141,068 Grants were paid lo institutions during the year in order to further the charitable aims of the Foundation see also the Report of the TNslees. They were paid to the following institutions: 2024 2023 A J Hunter- Prcsence Betel of Britain Big Church Day Out Big Give Tmsl Breakout Trust CF180 c.hristian Fellowship ChS Ministries Cheer Trust Christchurch Harpurhcy Christchurch Clevedon Chtistians Against Povety Church Mission Society Cinnamon Network Community Resources Cry in thc Dark csw cusp Dignity Evangelical Alliance Every Life International Flaine Trust 4Front Theatre Fusion UK Siudenl Link-up Gateway TLUSI Hidden Tre&sure Home Start 5.292 60,000 50,000 30,000 25,500 7,(H)O 27,750 7235 13.000 1,000 I i,oLNJ 13,0(K) 8,000 5,000 12,000 3,000 27,500 15,000 1,500 15.000 1,000 6,000 3,000 5,0 3,0(K) iO,IM)O 10.000 I31,)0 131,000 5.000 5,000 24,000 5,(H)O 1,000 12,000 5,0 i.0) 10,000 Page 12 continued...
LANCASTER FOUNDATIO NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 31 March 2024 GRANTS PAYABLE - continued Hope Together Irnage and Pregnancy Helpline International Needs Joanna Guardian Angel Just-Ice Poynton Kairos Housing Kyria Network Light Linden Church Love and Joy Ministries Magdalene Project Marriage Foundation Mary's Meals Medair UK Message Trust Message Trust- Prison Ministry and Lighthouse Sch(Trol Message Trust - extra gift Mission Aviation Fellowship NewDay New Generation Music aiid Mission Nightsafe Oasis Centre Open Arn]5 International Open Arn]s for Rachel Oriel Ministries Others (less than £1,000) PAIS 10,000 i.(MJO 7,200 2,000 29,489 5,000 7,200 13,995 5,000 30,000 27,764 72,000 23,500 26,587 72,(M)O 27,000 8,0 158,928 10,000 212,052 95,820 75,000 50,000 10,000 125,504 i i,(K)O 46,261 77,286 70,636 212,052 95.820 50,000 120,504 li,000 58,640 1,044 1,000 805 25,000 1,332 20,000 40.000 16,863 5,000 53,000 Partner Organisalions Pillar Opganisations Proclaim Trust Project Organisations Ribblesdale Wanderers Saltmine Trust Salvation Arniy Sophie Hayes Foundation Sporting Marvels St Bartholomews CAP Stonyhurst Charity Day Si James Parish Church St James Parish Church for CAP SW Youth Ministries The Grnnd ar Clitheroe The Wayfayer Trust TLG the Education Charity The 180 Project The Big Give 27 Prayer UTban Saints Visible Ministries Wren Bakery Youthscape 10,000 3,000 96,000 1,300 L5,000 20,0(K) 96,000 i.ooo 15,375 20,000 2,500 1,000 1,000 io,(K)o 2,500 10,000 15,000 26,500 50,(K)O 2,500 201,754 26,500 72,416 20,(M)O 175,000 25.(M)O 57.2iO 31,000 175,000 34,750 1,000 40.000 2,030,509 2,141,068 Page 13 continued...
LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATFMENTS- continued for the year ended 31 March 2024 SUPPORT COSTS Goveman¢e costs Making Grants to Institutions 221,813 AUDITORS, REMUNERATION Included within expenditure are amounts payable to the charity's auditot3 in reTect of statutory audit and other financial services. These were £6,570 and £4.830 respectively. TRUSTEES, REMUNEIL4TION AI¥4D BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSI'S 2024 2023 Wag¢s and salaries Social security costs 150.577 10,947 139,681 10,197 161,524 149.878 The average Tnonthly number of employees during the year was follows- 2024 2023 Admini8trative Management Ground5 The number of employees whose total employee benefits exclLLding pension contributions eaming over £60.000, classified within bands of £1 0,000 is as tollows.. 2024 2023 £60,000- £69,999 Total key managenient personnel remuneration was £109.114 (2023 £118,680) Page 14 continued...
LANCASTER FOUNDATIO NOTES TO THE FINANCIAL STATEMENTS- continued for the year ended 31 March 2024 10. TANGIBLE FIXED ASSETS Irnprovemenls to propety Fixtures and filtÈngs LDng leasehold Motor vehicles Totals COST Ai l April 2023 AdditiQT)S 1.090.464 364,096 285,313 3,736 119,E80 1.859,053 3,736 At 31 March 2024 1,090,464 364,096 289,049 119,180 1,862,789 DEPRECIATION At l April 2023 Charge for year 469,484 21.809 297,323 11,129 256,943 8,541 119,180 1,142,930 41,479 At 31 March 2024 491,293 308,452 265,484 119,180 1,184,409 ET BOOK VALUE At 11 March 2024 599,171 55,644 23,565 678,380 At 31 Mar¢h 2023 620,980 66,773 28,370 716,123 Jmpmvements to propety late to long leasehold propety. ii. FIXTD ASSET DIVESTMENTS Investments L4RKET VALUE At l April 2023 Revaluations 25.055,002 471,576 Ai 31 March 2024 25,526,578 NET BOOK VALUE At 31 Mh 2024 25,526,578 At 31 March 2023 25,055,002 There were no investment assets outside the UK. On 7th November 2023 following the King's Speech the Leasehold and Freehold Reform Act was announced. The act has subsequently received Royal Assent, introducing significant chaiiges to the residential leasehold and freehold markets. This Act, along with the proposed L&gsehold and Commonhold Refomi Bill announced on 17th July 2024, has created material uncertainty in the resldenlial ground rent market. The charity has invested in a residential property fund that is affected by these legislative changes. The Fund's independent valuer has applied a Material Uncertainty Clause to the valuation of the Fund's residential prortY assets. As a result, the Fund remains suspended in accordance with FCA Nles. The Charities inveslrnent remains al a market value of £3,026,485 within these financial statements no adjuslmenl has been made in relation to this uncertainty. The following investments had material valuations at the balance sheet date.. Listed investsnents Unlisted investhient5 3,819,821 21,706,757 Page l5 continued...
LANCASTER FOUNDATION NOTES TO THE FINANCL4I, STATFMENTS- continued for the year ended 31 March 2024 12. INVESTMENT PROPERTY FAIR VALUE At l April 2023 Addilions Revaluation 36,932,554 2,884,018 1,290,275 At 31 March 2024 41,106,847 NET BOOK VALUE Ai 31 March 2024 41.106,847 At 31 March 2023 36,932.554 Investment properties were valued on an open market basis on 31 March 2024 by the Trustees and noi by a independent qualified valuer. FaiT value al 31 March 2024 is represented by: Valuation in 2019 Vajuatioll in 2022 Valuation in 2024 C05t 1,728,221 173,612 1,290,275 37,914,739 41,106,847 13. DEB'IORS 2024 2023 Amounts falling due within one year.. Renlal income debtors Other dcbtors Tax Prepaymcnts and accrued income 144,331 1?2,831 19.621 293,295 94,403 37,087 11,850 239,604 580,078 382,944 Amounts falling due after more than one year.. Other debtors 526,935 364,066 AggtEgate amounts 1,107,013 747,010 Other debtors includes a loan made to Good Ncws Family Cwy, in 2015, of £397,884. The loan is to be repaid over 10 years together with interest accrued at 2.5070 per atlliuin. Page 16 continued...
LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMEiYfs- continued for the yesir ended 31 March 2024 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social 5e¢urity and other taxes 3,144 3.653 92,847 3.806,294 534,166 6,621 4,176 73,896 3,821,294 471,724 VAT Other creditors A¢¢n[S and deferrcd incomc 4,440,104 4,377,711 15. MOVEMENT IN FUNDS Net movement in funds At 3113124 At 114123 Unrestricted funds Generdl fund 64,985,878 2,877.594 67.863,472 TOTAL FUIWS 64,985.878 2,877,594 67.863,472 Nel movement in fvnds, included in the above ar¢ as follows: Incoming resourL'es Resources expended Gains and losses Movement in fuT]ds Unrestricted funds Genernl fund 3,665,887 (2,582,989) 1,794,696 2,877,594 TOTAL FUNDS 3,665,887 (2.582,989) 1.794,696 2.877.594 Comparatives for movement in funds Nel movement in funds At 3113123 At 114122 Unrestrieted funds General fund 67,922,929 (2.937,051) 64,985,878 TOTAL FUNDS 67,922,929 (2,937,051) 64,985,878 Page 17 continued...
LANCASTER FOtJNDATION I¥OTES TO THE FINANCIAL STATEMFNTS- eontinued for the year ended 31 March 2024 15. MOVEMELYf IN FUNDS - Continued Compardlive net movement in funds, included in the above aye as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds Genernl fund 3,394,920 (2,745,111) (3,586,860) {2.937,051) TOTAL FUNDS 3,394,920 (2.745,111) (3,586,860) (2,937,051) A current year 12 months and prior year 12 monihs combined position is as follows.. Nel movement in funds At 3113124 At 114122 Unrestricted funds General fund 67,922,929 (59,457) 67,863,472 TOTAL FUNDS 67,922,929 {59,457) 67.863,472 A current year 12 months and prtor ycar 12 months combined net movement in fund& included in the above are as follows: Incoming resources Rcsources expended Gains and losses Moveinent in funds Unrestricted funds General lund 7,060,807 (5,328,1(KI) (1,792,1 ) (59,457) TOTAL FUI¥4DS 7,060.807 (5,328,100) (1,792,164) (59,457) 16. OThER FINANCIAL COMMITMEIYTS In addition to the grants paid during the year, the Trustees have also authorised the payment of further grants, payable during the next year, which are subject to the fulfilmenl of certain conditions. The total amount authorised bul not accrued as expenditure as at 31 March 2024 was £1,479,949 (2023 - £1,485,556) and are as follows: 2024 2023 Adopt a Child Altitude Mission Bartholomews CAP Betel of Britain Big Church Festival Breakout Twst CAP Centre- Padiham Changing Lives Charity Charis Ministries Cheer Twst 432 5,000 2.500 60,000 30,(KJO 7,000 40,000 7,000 500 500 31,000 1,200 6,000 12,1JlO Page 18 continued...
LANCASTER FOUNDATION NOTES TO THE FIIYANCL4L STATEMENTS- eontinued for the year ended 31 March 2024 16. OTHER FINANCIAL COMMrrMENTS- continued Christians Against Poverty Church Mis%ion Socicly Cinnamon Network Create Bolton Everylit"e Flame Trust Fricn(L% of Scrcnity 4FrontTheatre Fusion UK Student Link Up Jo]n Guardian Angel Kyria Network Linden Church - Presence Proje Eovc & Joy Magdalene Proje¢l Mary's Meals Message Trust Mission Aviation Fellowship 12,000 3,000 27,500 500 55,000 3,000 130.000 5,000 5,000 5.0 30.tK)O 5,400 22,000 46,295 72,000 25,000 35,320 221,208 50,000 120,(K) io,ocK) 3,000 lo,0 130,000 5,000 15,000 7,200 20.000 52,980 307,872 50,000 120,504 10,000 NGM Nightsafe Nxt Move Europe- The Youth Gathering Nxt Move- Eumpe Oasis Centre Open Anns International Open Arn)s - Danson Open Ams - Projects Pais Project Picslon Minster- SPEAR Proclaim Trust Risc CIO- Love Blackburn Salvation Artlly Saltmine Trust Sophie Hayes Foundation South Wcst Youth Ministries St Jame5 CAP The 180 Project TLG Education chartty Urban Saints Visible Mini4trie Wayfarer Trust Youihwape- Satellites Festival 24-7 Prayer 24-7 Prayer- Andy & Helen TayloT 70,000 3,750 20,000 5,000 5,000 1,000 300 96,000 96.000 15.000 15,(KM) 2,500 100.000 2,500 li 1.000 50.000 25,000 45,000 25,000 45,000 1.500 40,000 145,0 12,000 145,000 1,479,949 1,485,556 Page 19 continued...
LANCASTER FOUNDATION NOTES TO THE FINALYCIAL STATEMENTS- continued for the year ended 31 March 21124 17. RELATED PARTY DISCLOSURES Loan interesr of £95.418 (2023 - £167,486) has been paid to the trustees, Mr .T E and Mrs R Laneasler during the year, a total figure of £3,854,003 (2023 - £3,829,757) is due to the ttustee% al the year end. This loan has been provided to the Charity at below market value, a separate donalton has been recognised at ihe difference between interGst charged and Bank of England base rate during the period. During the year the Charity made grants of £201,754 {2023 £15,000) to The Grand at Cliiheroe, a Charitable company limited by guarantee, of which Mr J E Lancaster, Mrs R Lancaster and Mr S J Lancaster are Iruslees. The grants were to as51St in the development and running of the Grand and also the Skate Park. The Charity bought investment properties from the J E & R Lancaster Discretionary Trust, a trust of which Mr J E and Mrs R Lancaster are tNstees, at an open market value of £2,880,000. AI 31 March 2024 the trnst owed the Charity £68,981, this is included within debtors. Mrs ALancaster, wife of Mr S Lancaster (Irustee) received remuneration of £42,367 (2023 - £25,375). Page 20