REGISTERED CHARITY NUMBER: 1066850 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR LANCASTER FOUNDATION Xeinadin Audit Limited Statutory Auditor 17 St Peters Place Fleetwood Lancashire FY7 6EB
LANCASTER FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2025 Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Statement of Financial Position Statement of Cash Flows Notes to the Statement of Cash Flows Notes to the Financial Statements Page 1 to 4 5 to 6 7 8 9 10 11 to 22
LANCASTER FOUNDATION REPORT OF THE TRUSTEES for the year ended 31 March 2025 Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The tamage Roundarion has ole opinded on Choit ine pik ane ofecia medical and phe ioul supon to the sulta, numerous ongoing local and national youth and community projects. Admin are evaded e he bail dis not alo the and oration of lied reques or eins ate received, the Roue toy the nated of the price that are as arded al. t, the fruite endeavor to en is their progres and become. applications for funding are made. The tribes confirm erit hey have refered to the and of contes ed in the Charity Commies and eral nude gran making policy for the year. ACHIEVEMENTS AND PERFORMANCE Charitable activities During the year the Foundation continued to support charities promoting a Christian ethos undertaking practical projects addressing poverty and social issues both in the UK and Africa. Details of grants made in the year can be seen at note 8 to the financial statements. Investment performance Investment income has risen from £3,260,735 last year to £3,490,384. The aim of the investment portfolio is to generate sufficient income on an ongoing basis to cover grant funding and ongoing operating costs whilst preserving capital value. FINANCIAL REVIEW Financial position Management of the various investment portfolios has generated income during the year enabling all grants and expenditure for the year to be met. strategy in order to cover annual expenditure and donations. Page 1
LANCASTER FOUNDATION REPORT OF THE TRUSTEES for the year ended 31 March 2025 FINANCIAL REVIEW It is the policy of the charity to maintain sufficient free reserves at a level to generate income adequate to cover annual donations and management and administration costs. Unrestricted funds were maintained at this level throughout the year. At the year end, the total value of unrestricted reserves held by the charity was £68,909,554 (2024 - £67,863,472). Within the total unrestricted reserves there are tangible fixed assets totalling f637,539 which the charity uses itself and £66,257,090 of fixed asset investments which could only be distributed if disposed of. The balance of the charity's general funds at 31 March 2025 was £2,014,925 (2024 - £551,667). Under Charity Commission definitions these represent the charity's free reserves. FUTURE PLANS The trustees continuously evolve the Foundation's strategic giving plans; however the trustees remain committed to its Christian principles by supporting charities undertaking practical projects in the community and addressing poverty and social issues. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust dated 2 July 1997 and constitutes a registered charity. Charity number 1066850. Recruitment and appointment of new trustees The trustees currently foresee no requirement to recruit/appoint new trustees. However, should the need arise, the trustees will seek advice from suitably qualified advisors to help establish the specific skills required and identify prospective Should new trustees be taken on, suitable induction procedures will be undertaken and relevant training provided where a need is identified. Organisational structure The trustees 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 involved day to day in the activities of the charity but they also meet more formally when significant decisions are taken such as the investment of funds. The organisational structure includes a Development Director who was appointed by the trustees to ensure that Trust monies are invested carefully and to gain a sustainable income wherever possible. The Development Director also works with other staff to evaluate charitable projects and future commitments. Remuneration packages for key management are reviewed annually, taking account of the general market for such roles. Related parties Mr JE Lancaster, Mrs R Lancaster and Mr S J Lancaster are also trustees of The Grand at Clitheroe, a charitable company limited by guarantee. The Lancaster Foundation is currently providing funding to the Grand to assist the development and day to day running costs of the Grand and also the Skate Park. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1066850 Page 2
LANCASTER FOUNDATION REPORT OF THE TRUSTEES for the year ended 31 March 2025 Principal address Turret House Edisford Road Clitheroe Lancashire BB7 2LA Trustees Dr JE Lancaster MBE Mrs R Lancaster MBE Mr SJ Lancaster Mrs JR Broadhurst Auditors Xeinadin Audit Limited tatutory Auditos 17 St Peters Place Fleetwood Lancashire FY7 6EB Bankers Handelsbanken 1st Floor, Wallander House Capricorn Business Park Blakewater Road Blackburn Lancashire BB1 5QR STATEMENT OF TRUSTEES' RESPONSIBILITIES harity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees ha ected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practi (United Kingdom Accounting Standards and applicable law). Under charity 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity 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; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. Page 3
LANCASTER FOUNDATION REPORT OF THE TRUSTEES for the year ended 31 March 2025 STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities 2011 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees have had due regard to guidance published by the Charities Commission on public benefit. Approved by order of the board of trustees on ..... 7201/2026 and signed on is behalfly. Allans DY JE Lancaster MBE - Trustee Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LANCASTER FOUNDATION We have audited the financial statements of Lancaster Foundation (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the UK and Republic of Ireland'. In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and - have been prepared in accordance with the requirements of the Charities 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 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 charity 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 trustees' 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 charity'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 trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent 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. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LANCASTER FOUNDATION Responsibilities of trustees As explined more ly in the Stateme and i vices, ane ponsibies, the rustes are responsis for the preparation or the enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity'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 trustees either intend to liquidate the charity or to cease opcrations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 Independent 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ) Discussions with trustees and management, including consideration of known or suspected instances of non-complianc vith laws and regulation and fraud. This includes legislation that affects the running of the Foundation such as the Charitie Act 2011 and current payroll and employment legislation. 2) Challenging assumptions and judgements made by the trustees and management in their significant accounting estimates, most significantly the valuation of investment property. ) Identifying and testing journal entries, in particular those posted with unusual account combinations. This includ viewing significant entries around the year end and any journals posted throughout the year that are outside the norm pattern of monthly journals. A unties descrip an of our coronablties for the audit of the nancial salemons pa cated on poet or cal deporting This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Xeinaden Xeinadin Audit Limited Statutory Auditor 17 St Peters Place Fleetwood Lancashire FY7 6EB Date: .... 22/01/2026 Page 6
LANCASTER FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2025 INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Making Grants to Institutions Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD Notes 2 3 2025 Unrestricted fund € 745,922 3,490,384 4,236,306 2024 Total funds 405,152 3,260,735 3,665,887 4 2,815,959 (374,265) 1,046,082 2,582,989 1,794,696 2,877,594 67,863,472 68,909,554 64,985,878 67,863,472 The notes form part of these financial statements Page 7
LANCASTER FOUNDATION STATEMENT OF FINANCIAL POSITION 31 March 2025 FIXED ASSETS Tangible assets Investments Investments Investment property Notes 10 11 12 CURRENT ASSETS Debtors Cash at bank and in hand 2025 Unrestricted fund 637,539 24,069,016 42,188,074 66,894,629 1,197,690 1,449,305 2,646,995 (632,070) 2,014,925 2024 Total funds 678,380 25,526,578 41,106,847 67,311,805 1,107,013 3,884,758 4,991,771 (4,440,104) 551,667 CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 68,909,554 67,863,472 NET ASSETS 68,909,554 67,863,472 FUNDS 15 Unrestricted funds 68,909,554 TOTAL FUNDS 68,909,554 67,863,472 67,863,472 The financial statements were approved by the Board of Trustes and authorised for issue on. 22/01/2026 and were signed on its behalf by: gestane Dr JE Lancaster MBE - Trustee The notes form part of these financial statements Page 8
LANCASTER FOUNDATION STATEMENT OF CASH FLOWS for the year ended 31 March 2025 Notes 1 2025 Cash flows from operating activities Cash generated from operations Interest paid Finance costs paid Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of investment property Sale of fixed asset investments Sale of investment property Interest received Dividends received Net cash provided by/(used in) investing activities ash flows from financing activitie Joan repayments in yea Net cash (used in)/provided by financing activities (521,267) (165,619) (573) (687,459) (450) (233,491) 1,081,227 93,479 1,117,535 2,058,300 (3,806,294) (3,806,294) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period (2,435,453) 3,884,758 1,449,305 The notes form part of these financial statements Page 9 2024 € 9,302 (192,694) (1,043) (184,435) (3,736) (2,884,018) 58.,359 985,688 (1,843,707) (2,028,142) 5,912,900 3,884,758
2. LANCASTER FOUNDATION NOTES TO THE STATEMENT OF CASH FLOWS for the year ended 31 March 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Net income for the reporting period (as per the Statement of Financial Activities) Depreciation charges Gain on investments Interest received inance cost ividends receive (Decrease)/increase in creditors Net cash (used in)/provided by operations 1,046,082 41,291 (471,401) (93,479) 165,619 (1,117,535) (90,677) (1,740) (521,267) 2,877,594 41,479 (1,761,851) (58,359) 192,694 1,043 (985,688) (360,003) 9,302 ANALYSIS OF CHANGES IN NET FUNDS Net cash Cash at bank and in hand Total At 1/4/24 3,884,758 3,884,758 3,884,758 Cash flow (2,435,453) (2,435,453) (2,435,453) At 31/3/25 1,449,305 1,449,305 1,449,305 The notes form part of these financial statements Page 10
LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 1. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of Going concern The charity's trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. There are no material uncertainties about the charity's ability to continue as a going concern. Therefore, the accounts have been prepared on a going concern basis. 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. Services donated to the charity are recognised as a donation where a fair value can be measured reliably as required by the SORP. 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. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Long leasehold Improvements to property Fixtures and fittings Motor vehicles - 2% on cost - 10% on cost - 5 to 10 years Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be Investment property Investment properties are stated at fair value being their market value at the balance sheet date in accordance with the Charities Sorp (FRS 102). Taxation The charity is exempt from tax on its charitable activities. Page 11 continued...
LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 1. ACCOUNTING POLICIES - continued Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis the period of the lease. Pension costs and other post-retirement benefits The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Investments Listed investments are shown at their market values. Unlisted investments are valued following an assessment of the ompany's financial performance. Any aggregate surplus or deficit arising from changes in the market value i ransferred to gains and losses on investment assets on the statement of financial activitie Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term 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 outstanding bank overdrafts. Short-term debtors and creditors Jebtors and creditors with no stated interest rate and receivable or payable within one year are recorded ransaction price. Any losses arising from impairment are recognised in the income statement in other operatin expenses. Interest-bearing loans and borrowings finance revenue in the income statement. Page 12 continued...
2. 3. 4. 5. LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 DONATIONS AND LEGACIES Gift Aided donations Donations Refund of Gift Aid tax 2025 487,639 106,179 152,104 745,922 2024 246,301 97,276 61,575 405,152 INVESTMENT INCOME Rents received Insurance re-charges Other fixed asset invest - FII Deposit account interest Other interest receivable 2025 2,225,008 44,129 1,117,535 93,765 9,947 3,490,384 2024 2,147821 38,147 985,688 79,375 9,704 3,260,735 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note Making Grants to Institutions Direct Costs € 436,469 2,179,604 Support costs (see note 6) 199,886 Totals f 2,815,959 GRANTS PAYABLE Making Grants to Institutions 2025 2,179,604 2024 2030,509 Grants were paid to institutions during the year in order to further the charitable aims of the Foundation - see also the Report of the Trustees. They were paid to the following institutions: Adullam Program Altitude Mission Aruka Awareness Foundation B&A Church Bristol Barnabus Manchester Betel of Britain Big Give Trust Bishop Radford Trust Bradford Central Foodbank Brave Church 2025 5,000 5,000 5,000 2,000 3,000 3,830 25,500 3,000 2,000 14,500 2024 : Page 13 continued...
LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 5. GRANTS PAYABLE - continued Breakout Trust Bridge Tha Gap Football CF180 Christian Fellowship Charis Ministries Charnwood 20:20 Cheer Trust Church Mission Society Churches Together Lancashire Cinnamon Network Colne Parish Church Community Resources CROPS Cry in the Dark CSW Dignity E:merge Every Life International Flame Trust 4Front Theatre Fusion UK Student Link-up Gateway Trust Grand Lancashire Environmental Growing Hope Handelsbanken charity Hidden Treasure Homeless Pastors Homes of Hope Home Start Hope Community Church Ising Pop Joanna Guardian Angel Just-Ice Poynton Justice and Care Kairos Housing Kidz Club Leeds Kings Cross Church Kyria Network Life Church Light Linden Church Love and Joy Ministries Magdalene Project Mary's Meals Medair UK Message Trust Message Trust - Prison Ministry and Lighthouse School Mission Aviation Fellowship Mosaic Middle East : : Page 14 continued
5. LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 GRANTS PAYABLE - continued New Generation Music and Mission Nightsafe Nxt Move Europe Oasis Centre Open Arms International Open Arms for Rachel Orchards Others (less than £1,000) PAIS Partner Organisations Pillar Organisations Preston Minster Spear Proclaim Trust Prodigal Arts Project Organisations Rainbow Hub NW Restore York Rock Community Safe Families for Children Saltmine Trust Salvation Army Sophie Hayes Foundation Sorted Church Sporting Marvels St Bartholomews CAP St Lukes tonyhurst Charity Day t James Parish Church for CAl SW Youth Ministries The Bridge Project The Grand at Clitheroe The Keys Project The Wayfayer Trust The 180 Project TLG the Education Charity Urban Devotion 24-7 Prayer Visible Ministries Wren Bakery Ykids You Can Flourish Youthscape 27,780 1,000 15,000 5,000 201,180 7,000 26,500 87,500 50,000 5,000 165,120 76,750 1,000 2,000 2,100 40,000 2,179,604 : 175,000 34,750 1,000 - 40,000 2,030,509 Page 15 continued...
6. 8. 9. LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 SUPPORT COSTS Governance costs 199,886 Making Grants to Institutions AUDITORS' REMUNERATION Included within expenditure are amounts payable to the charity's auditors in respect of statutory audit and other financial services. These were £7,200 and €5,400 respectively. TRUSTEES' REMUNERATION AND BENEFITS During the period the entity purchased a corporate membership at Clitheroe Golf Club the primary purpose was to enable the unlimited use of the board rooms for remote meeting spaces. There is an incidental benefit of a number of rounds of golf which are available for use by senior management and the trustees. Trustees' expenses There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. STAFF COSTS Wages and salaries Social security costs The average monthly number of employees during the year was as follows: Administrative Management Operations Grounds 2025 154,890 9,814 164,704 2025 1 2 1 1 2024 150,577 10,947 161,524 2024 1 2 - 1 5 The number of employees whose total employee benefits excluding pension contributions earning over £60,000, classified within bands of £10,000 is as follows: 2025 £60,000 - £69,999 - 4 2024 - Total key management personnel remuneration was £56,750 (2024 £109,114) Page 16 continued...
LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 10. TANGIBLE FIXED ASSETS Long leasehold Improvements to property Fixtures and fittings COST At 1 April 2024 Additions At 31 March 2025 DEPRECIATION At 1 April 2024 Charge for year At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 1,090,464 364,096 1,090,464 364,096 289,049 450 289,499 491,293 21,809 513,102 308,452 11,129 319,581 265,484 8,353 273,837 577,362 599,171 44,515 55,644 15,662 23,565 Improvements to property relate to long leasehold property. 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2024 Revaluations At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 There were no investment assets outside the UK. Motor vehicles 119,180 119,180 119,180 119,180 Totals 1,862,789 450 1,863,239 1,184,409 41,291 1,225,700 637,539 678,380 Investments 25,526,578 (1,457,562) 24,069,016 24,069,016 25,526,578 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 changes to the residential leasehold and freehold markets. This Act, along with the proposed Leasehold and Commonhold Reform Bill announced on 17th July 2024, has created material uncertainty in the residential 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 property assets. As a result, the Fund remains suspended in accordance with FCA rules. The Charities investment is included at a year end market value of £2,305,726 (2024 £3,026,485) within these financial statements. The following investments had material valuations at the balance sheet date: Page 17 continued...
11. LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 FIXED ASSET INVESTMENTS - continued Listed investments Unlisted investments 3,732,209 20,336,806 12. INVESTMENT PROPERTY FAIR VALUE At 1 April 2024 Revaluation At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 € 41,106,847 1,081,227 42,188,074 42,188,074 41,106,847 Investment properties were valued on an open market basis on 31 March 2025 by the Trustees and not by a independent qualified valuer. Fair value at 31 March 2025 is represented by: Valuation in 2019 Valuation in 2022 Valuation in 2024 Valuation in 2025 Cost € 1,728,221 173,612 1,290,275 1,081,227 37,914,739 42,188,074 13. DEBTORS Amounts falling due within one year: Rental income debtors Other debtors Tax Prepayments and accrued income 2025 153,280 118,342 24,842 451,754 748,218 2024 144,331 122,831 19,621 293,295 580,078 Page 18 continued...
LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 13. DEBTORS -continued 2025 2024 Amounts falling due after more than one year: Other debtors 449,472 526,935 Aggregate amounts 1,197,690 1,107,013 Other debtors includes a loan made to Good News Family Care, in 2015, of £407,831. The loan was to be repaid over 10 years together with interest accrued at 2.5% per annum. The loan has not been repaid within the original timeframe. 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes VAT Other creditors Accruals and deferred income 2024 3,144 3,653 92,847 3,806,294 534,166 4,440,104 15. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources Unrestricted funds General fund 4,236,306 TOTAL FUNDS 4,36,306 At 1/4/24 67,863,472 67,863,472 2025 19,441 4,266 101,396 506,967 632,070 Net movement in funds 1,046,082 1,046,082 At 31/3/25 f 68,909,554 68,909,554 Resources expended (2,815,959) (2,815,959) Gains and losses (374,265) (374,265) Movement in funds 1,046,082 1,046,082 Page 19 continued...
LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 MOVEMENT IN FUNDS - continued Comparatives for movement in funds At 1/4/23 Net movement in funds Unrestricted funds General fund 64,985,878 2,877,594 At 31/3/24 € 67,863,472 TOTAL FUNDS 64,985,878 2,877,594 67,863,472 Comparative net movement in funds, included in the above are as follows: Incoming resources Unrestricted funds General fund 3,665,887 Resources expended (2,582,989) Gains and losses 1,794,696 Movement in funds € 2,877,594 TOTAL FUNDS - 3,665,887 = (2,582,989) 1,794,696 2,877,594 A current year 12 months and prior year 12 months combined position is as follows: At 1/4/23 Net movement in funds At 31/3/25 Unrestricted funds General fund 64,985,878 3,923,676 68,909,554 TOTAL FUNDS 64,985,878 3,923,676 68,909,554 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 7,902,193 (5,398,948) 1,420,431 3,923,676 TOTAL FUNDS - 7,02,193 (5,398,948) 1,420,431 3,923,676 Page 20 continued...
16. LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 OTHER FINANCIAL COMMITMENTS In addition to the grants paid during the year, the Trustees have also authorised the payment of further grants, Bayabt duried thexpenyiar, as at a March 2020 are a flons of certain conditions. The total amounts authorisd 2025 2024 Adopt a child Altitude Mission Bartholomews CAP Big Church Festival eakout Tru AP Centre - Padiha Changing Lives Charity Charis Ministries Cheer Trust Church Mission Society Cinnamon Network Create Bolton CSW Everylife Flame Trust Friends of Serenity 4FrontTheatreR Fusion UK Student Link Up Gateway Trust Hope Together - Amplify Joanna Guardian Angel Kyria Network Linden Church - Presence Project Love & Joy Magdalene Project Mary's Meals Message Trust Mission Aviation Fellowship NGM Nightsafe Nxt Move Europe - The Youth Gathering Nxt Move - Europe Oasis Centre Open Arms International Open Arms - Danson Open Arms - Projects Preston Minster - SPEAR Rise CIO - Love Blackburn Salvation Army Saltmine Trust Sophie Hayes Foundation South West Youth Ministries Sporting Marvels St James CAP St Lukes Church The 180 Project The Bridge Project (Tadcaster) 216 432 5,000 2,500 40,000 7,000 31.000 9,000 500 500 31,000 1,200 500 55,000 3,000 160,000 5,000 550000 15,000 5,000 7,200 7,000 39,102 72,000 17,660 307,872 95,000 : 96,528 11,500 130,000 5,000 5,000 30,000 10,000 5,400 22,000 46,295 72,000 25,000 35,320 221,208 50,000 120,000 10,000 3,000 10,000 - 1,044 3,750 5,000 1,000 300 20,000 5,000 5,000 12,150 37,500 96,000 15,000 2,500 100,000 5,000 Page 21 continued...
16. LANCASTER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 OTHER FINANCIAL COMMITMENTS - continued Visible Ministries Wayfarer Trust Youthscape - Satellites Festival 24-7 Prayer (2024 includes A & H Taylor) 45,000 40,000 175,000 1,266,028 45,000 1,500 40,000 212,000 1,479,949 17. RELATED PARTY DISCLOSURES Loan interest of €59,441 (2024 - £95,418) has been paid to the trustees, Mr J E and Mrs R Lancaster during the year, a total figure of Enil (2024 - £3,854,003) is due to the trustees at the year end. This loan was provided to the Charity at below market value, a separate donation has been recognised at the difference between interest charged and Bank of England base rate during the period. During the year the Charity made grants of £201,180 (2024 - £201,754) to The Grand at Clitheroe, a charitable company limited by guarantee, of which Mr J E Lancaster, Mrs R Lancaster and Mr S J Lancaster are trustees. The grants were to assist in the development and running of the Grand and also the Skate Park. During the year to 31 March 2024 the Charity bought investment properties from the JE & R Lancaster Discretionary Trust, a trust of which Mr J E and Mrs R Lancaster are trustees, at an open market value of £2,880,000. At 31 March 2025 the trust owed the Charity £68,981 (2024 - £68,981), this is included within debtors. Mrs A Lancaster, wife of Mr S Lancaster (trustee) received remuneration of £46,800 (2024 - £42,367). Page 22