2024-12-31-accounts - Lugwardine Education Centre

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LUGWARDINE EDUCATION CENTRE

MANAGEMENT FINANCIAL INFORMATION

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

Company Number: 04041263

R J FRANCIS AND CO. Chartered Accountants & Registered Auditors Marshall Business Centre Faraday Road Hereford HR4 9NS

LUGWARDINE EDUCATION CENTRE

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

CONTENTS: Trustees’ Information Trustees’ Annual Report Independent Examiners Report Statement of Financial Activities (Incorporating the Income and Expenditure Account) Balance Sheet Notes to the Financial Statements Income and Expenditure Account	PAGE
	1 2 - 3 4 5 6 7 – 8 9

LUGWARDINE EDUCATION CENTRE

TRUSTEES’ INFORMATION

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

TRUSTEES:	Mr M Fitzgerald
	Mr P Kyles
REGISTERED OFFICE:	Lugwardine Court
	Lugwardine
	Hereford
	HR1 4AE
COMPANY NUMBER:	04041263
CHARITY NUMBER:	1083478
ACCOUNTANTS:	R J Francis & Co
	Marshall Business Centre
	Faraday Road
	Hereford
	Herefordshire
	HR4 9NS

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LUGWARDINE EDUCATION CENTRE

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

The trustees present their report and the financial statements of the charity for the year ended 31[st ] December 2024.

1. Organisation

The Trust consists of the following members: -

Mr M Fitzgerald

Mr P Kyles

2. Aims and Charitable purposes

The broad Aims of the charity are to identify and provide support facilities, where appropriate, for organisations whose role is directed to education and training.

Original Aims statement –

The charity exists for the purpose of furthering education (and religion) in Herefordshire.

Specifically, to purchase the freehold of Lugwardine Court to enhance education within Herefordshire.
The advancement of the education of the public in all academic subjects, crafts, arts, workplace skills and interpretative activities.
To provide: lectures, workshops, classes, courses and conferences.
Presentation of exhibitions and shows including crafts, paintings, sculpture and photography. To form, encourage and produce artistic performances.
To commission new works of craft and art of all descriptions.
To acquire copyright interests in any crafts or art and works of themselves of all descriptions for public show.

3. Recent achievements

We have subsidised Lugwardine School by maintaining an annual rental charge which is below market rates. We continue to support Encore and musical development throughout the county.

We are showing a surplus of £698 this year (2023 £6,092). The reduction in the surplus is primarily due to an increase in light and heat costs.
Cleaning is now completed by the tenants to further reduce overheads.
Trustees/directors have not claimed payment for expenses again to further reduce outgoings.

4. Future Strategy

To identify and approach those organisations that can best profit from the Trust with an aim to maintain a ‘profit’ stream for the Trust that allows it to maintain the structure of the building and better serve its tenants. There will be further sales of land to assist clearing the mortgage borrowings. As a grade 2 listed building, we are looking for a building developer to develop the site, any further proceeds will continue to be used to fund education throughout the county.

5. Reserves Policy

It is the intention of the Trust to use the strategy outlined in Item 4 to build a sufficient buffer reserve to be able to meet almost any emergency.

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LUGWARDINE EDUCATION CENTRE

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

6. Financial management and Risk review

With the majority of the Trust’s available assets already occupied in long term tenancies with the largest contributing tenants being St Mary’s RC High School and Encore there has/is limited opportunity to expand the organisation’s sphere of operation. Two flats on the upper floor of the building virtually complete the major contributors to the Trust’s revenue.

It will be seen from the above that the financial risk of the loss of a major tenant is minimal as the school is desperate for even more accommodation and should Encore either close or move elsewhere the ‘slack’ would be taken up by the school.

All the available space within the main property was fully tenanted. Previous possibilities of the renting out of the Walled Garden and the wood came to nothing.

Significant future costs would probably be linked to the age of the building and the need for work done, certainly externally, to meet the requirements of Listed Building status. Hence our intention to dispose, when the time is right, of some of the non-core parts of the estate e.g. livery fields; walled garden; building plot.

Investigations will be taking place with a knowledgeable local estate agent with a view to giving a value to respective items and appropriate times to place on the market.

7. Statement of Trustee’s responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

In preparing these 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 UK 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 operation.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with Companies Act 2006. The trustees 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.

Signed by order of the Trustees

……………………………………

P Kyles Secretary

15th September 2025

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LUGWARDINE EDUCATION CENTRE

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE LUGWARDINE EDUCATION CENTRE

I report on the accounts of the Trust for the year ended 31[st] December 2024 which are set out on pages 5 to 9.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

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

which gives me reasonable cause to believe that, in any material respect, the requirements:

to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act

have not been met;

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

Mr A Houston FCCA

On behalf of RJ Francis & Co Limited Marshall Business Centre Faraday Road Hereford HR4 9NS

15th September 2025

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LUGWARDINE EDUCATION CENTRE

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING THE INCOME & EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

Unrestricted
Restricted
Total
Total Funds
Funds
Funds
Funds
2023
Note
£
£
£
£
INCOME AND ENDOWMENTS FROM:
Donations and Grants
3,015
-
3,015
240
Rental Income
50,595
-
50,595
54,784
__
_
_
__
53,610
-
53,610
55,024
_
_
_
_
RESOURCES EXPENDED:
Costs of charitable activities
47,404
-
47,404
38,418
_
_
_
_
COST OF GENERATING FUNDS
Support Costs
5,508
-
5,508
10,514
_

_
TOTAL RESOURCES EXPENDED
52,912
-
52,912
48,932
_

_
NET INCOMING RESOURCES
698
-
698
6,092
_

_
_
TOTAL FUNDS BROUGHT FORWARD375,856
-
375,856
369,764
_
_
_
_
TOTAL FUNDS CARRIED FORWARD
376,554
-
376,554
375,856
_
_
_
____

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

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LUGWARDINE EDUCATION CENTRE

BALANCE SHEET

31[ST] DECEMBER 2024

FIXED ASSETS Tangible Assets Investments CURRENT ASSETS Cash at Bank and in Hand CREDITORS:Amounts falling due within one Year NET CURRENT ASSETS CREDITORS:Amounts falling due after more than one Year CAPITAL AND RESERVES Revaluation Reserve Unrestricted Income Funds Total Funds	Note £ 2 3 31,974 __ 31,974 _ 26,910 ___ 5 6	2024 £ £ 710 570,000 _ 570,710 40,133 __ 40,133 _ 21,889 *5,064* 575,774 110,191 *£465,583* 89,029 376,554 *£465,583* ___	2023 £ 413 570,000 _ 570,413 18,244 __ 588,657 123,772 _ £464,885 89,029 375,856 *£464,885* ___

For the year ended 31[st] December 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The trustees have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The Trustees acknowledges their responsibilities for: -

(a) Ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006, and
(b) Preparing the financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss 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 company.

The financial statements have been prepared in accordance with the micro-entity provisions.

The Financial Statements were approved by the Board on 15th September 2025 and signed on their behalf by

........................................... Trustee

P Kyles Company Number: 04041263

........................................... Trustee M Fitzgerald

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LUGWARDINE EDUCATION CENTRE

NOTES TO THE MANAGEMENT INFORMATION

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the charities SORP (FRS 102) ‘Accounting and Reporting by charities applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Fixtures, Fittings and Equipment

20% Reducing Balance Method

2. TANGIBLE FIXED ASSETS

3.	Cost As at 1stJanuary 2024 Additions Disposals At 31stDecember 2024 Depreciation At 1stJanuary 2024 Charge for the Year On Disposals At 31stDecember 2024 Net Book Value At 31stDecember 2024 At 31stDecember 2023 FIXED ASSETS INVESTMENTS Lugwardine Education Centre property valuation	Equipment Total £ £ 11,447 11,447 534 534 - - __ _ 11,981 11,981 _ _ 11,034 11,034 237 237 - - 11,271 11,271 710 £710 __ 413 £413 __ £570,000 £570,000 _ ____

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LUGWARDINE EDUCATION CENTRE

NOTES TO THE MANAGEMENT INFORMATION

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

4. 5.	CREDITORS: 2024 2023 £ £ Secured debts £120,600 £131,008 __ _ UNRESTRICTED INCOME FUNDS Balance as at 1stJanuary 2024 375,856 369,764 Surplus for the Financial Year 698 6,092 Balance as at 31stDecember 2024 £376,554 £375,856 ___

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LUGWARDINE EDUCATION CENTRE

INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

£ INCOME Rental Income 50,595 Donations 120 Grant Income 2,895 __ EXPENDITURE Light and Heat 34,388 Water Rates 6,288 Insurance 507 Grounds Maintenance 1,817 Repairs and Renewals 1,534 Cleaning and Materials - Bank Loan Interest 3,859 Accountancy / Bookkeeping 1,649 Legal and Professional 2,414 Depreciation 237 Bank Charges 85 Computer Software 134 ____ SURPLUS FOR THE YEAR	2024 £ £ 54,784 240 - __ 53,610 19,445 15,146 1,039 1,394 294 1,100 9,377 950 - 103 84 - *52,912* *£698* ___	2023 £ 55,024 48,932 __ £6,092 ____

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