THE LANCASTER-TAYLOR CHARITABLE TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025 CHARITY NUMBER 1106035 Page 1 of 13
THE LANCASTER-TAYLOR CHARITABLE TRUST CONTENTS PAGE Reference and admini51r8tive inform8tion Report of the trustees 4and5 Independent Examiner's Report ststement of financial activities Balance sheet Cash flow statement Notes lo the financial statement5 lOto13 Page2of 13
THE LANCASTER-TAYLOR CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE INFORMATION Trustees S L Edwards RAJSmith L D Dodsworth Principal office 20 Cursitor Str88t London EC4A 1 LT Charity registration number 1106035 Sollcitors MacfaTlan8s Solicitor5 20 Cur$itor Street London EC4A 1 LT Page3of13
THE LANCASTER-TAYLOR CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2025 The trustees present their report along with the unaudited financial sialemenls of The Lancaster-TaylorCharilableTrusl I'lhe trust" or.the charity") for the year ended 31 March 2025. The financial slalemenls have been prepared in aCcOrdanWIth th¢ aGcounling poliaes sel out in Note 1 to the accounts and comply with the Charities Act 2011, the requirements of the Charty's governing documents and Accounting and Reporting by Charities.. Slalemenlof RecommendedPractice applicablelo charitie5 preparing their accounts in accordance with the Financial Reporting Standard appliGable in the UK and Republic of Ireland - SORP FRS 102 (effective 1 January 20151. The Iru5tees consider that an audit 18 not requiied this year Ltnder section 144 of the Charities Act 2011 and that an independe examination is needed. Structure, Governance and Management The trust is an unincorporated Irusl. consbluted under a trust deed dated 6th August 2004. Charitable $lalus was approved on 24 September 2004 as a registered charity, number 1106035. The trust was settled by Steven Edwards and Dr Rosalind Smith who, logeth8r with Lindsay Dodsworth, are the original trustees. New Iruslees may be appointed by the original Iruslees. The trustee5 me8t r8gularly and decisions are made al Iruslees. meetings. The day to day administration of the charity is managed by the trustees. The Iruslees have considered the major risks lo whlch the charSty18 8xposodand have reviewedthose risks and established systems and procedures to manage those risks. Training. particularly on governance, is providèd for the Irustses when required. objectiv and actlvltles for the publlc b8neflt The incom8 and capltal of the trust C8n bg applied for charitable purposes al the discretion of the Iruslees. The prlmary focu8 of the trust is currently on making grants lo a diverse range of edu¢alion organisalions for the furtherance of èducational excellenc8. The Iruslees confimi that they h$ve referred lo the guidance contained in the Charity Commission's general guidance on publiG benefit when reviewing the trust's aims and objectives and in planning future activities and setting the grant making policy for the year. Grant maklng pollcy The trustees try lo idenlfy projects whleh can make a real difference to the futu lives and coreers of students both those who are still at school and those in high8r education, and lo facililala social mobilty. Grants are then made lo enable these projects lo be delivered. FinanGlal revlew and Investment policy Donations of £81,478 inclusive of gift aid were recewed during the year12024.. £nill. Charitable grants of £82,94212024'. £58,389) have been made. The majorf(y of the charity's funds are deposited with banking institutions. ReseNos policy The trust forecasts expenditure and pla¢es the as5el$ in inve81menls that can be realised lo meet IhSs forecast expendiluro alongside expected future income. The trust requires reserves to meet this forecast expendilureand it Is the ITuslees' opinionthat the ¢urrent level of reserves of approximaÈly £18.000 is necessary lo meet this expected expendilureover tho short to medium term. All of the unreslricled feserve5 are regarded as free reseNes. Page4of 13
THE LANCASTER-TAYLOR CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2025 {CONTINUEDI Statomont of Inte6$. responslbilitles The trustees are fespofflsible for preparin9 the Trustees. Annual Report and the financAal staleTnenl$ In accordan wrth applicable law$ and Unrted lQ"ngdom Ac¢gunting Standards IUnrte(l Kingdom Generally Aeeeptsd Accounting PrrAical. The law applicablelo charf(igs in England and Wales iequiresthe Injstees to preparefinanualstatements for 6a¢h finan¢ialyearwhich give true and fair view of the stsle of affairs of the charrty and of th• incoming resourc8 and applicationof resources of the Charty for that poriod. In preparing financial statements, the Iruslees are required lo.. selecl surtable accounting policies and then appty them consi51enlty-, observe the methods and principles in the Charities SORP IFRS 1021., make judgements and eslSmales that are reasonable and prudent.. 8tate whether applicableac¢ounling starKlard8 have been follow. sublecl to any material departures disclosed and txplalnod in tho financial 5tatemenls.' and., prepare the financlal slatom6nts on th• golng concern basis unkss R is inappropriate lo presume that the tharity will eLintinue in opefalion. The ITuslee$ ore responsible for keepwng accounting records which disclose wilh reasonableaccuracy al any limg. the financial position of the charty and which enable them lo en9ure that the financial ststemenls comply with the Charities Act 2011, the Charity (Accounts and Rèports) Regulalion32008 and the provisions of the trust deed. The Irvstees are also responsiblefor safgguardingthe awls ol Ihe charrty •nd h•nce for taking reasonabl• st•P5 for thg prevention and detectlon of fraud aryj other irrggulgrili•$. Approvod by the trusl•e8 and 8igned on thelr b?haN by L D Dodsworth Trustee Dats Page sof 13
THE LANCASTER-TAYLOR CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LANCASTER-TAYLOR CHARITABLE TRUST For the yoar ended 31 March 202S I report on the Finanryal Slalemenls of the Charity for the year ended 31 March 2025. as sel out on pages 7 to 13. Responslbllities and ba$ls of report As the Charty's Truslees of the Charity you are responsiblefor the prgparation of the accounts in aecordancewrth the requirementsof the Charit5 Aci 2011 I'lhe 2011 Act'l Having satisfied myself that the accounts of the Charity are not required lo be audited under 5e¢lion 144121 of the 2011 Ad and are eligible for independent examination, I report in respect of my examination of youi charity'5 aceounl$ as Carried out under section 145 of the Charrties Act 2011 I'lhe 201 l Acl'l. In calrying out my examinationl have follgwed the Directions given by the Charity Commission under section 14515} Ibl of the 2011 Act. Independent Examinels Report I have completed my examiniation. I confirm that no matleis have come to my attention in conne¢lion with the examination giving me cause l. Accounting rerdS were not kept in re$pect of the Charrty as required by section 130 of the 2011 Act." or 2 The accounts do not accord with Iho$e records,. or 3. The accounts do not comply wrth Ihe accounting requirements of section 132 of the 2011 A¢t other than any requirement that the 4. The accounts have not been prepared in accordance with the methods and principle of the Slalemenl ol Recommended Piactice for I have no concerns and have come across no other mattefs in connection with the examination to which attention should be drawn in this Grabam Pa Ensors Aeco Saxon House Moseley's Farm Business Centre Fornham All Saints Bury Sl Edm(tnds IP28 6JY eFC nts LLP Date Page6of13
THE LANCASTER-TAYLOR CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 March 2025 Year ended 31 March 2025 Year ended 31 March 2024 Unre$trl¢ted Fund$ Unrestrlcted Funds Income from.. Oonalions Investments 81,478 140 365 Total Income 81,618 365 Expondltur• Charilabb activities 83.480 58,389 Total 8xpgndlture 83.480 68,389 Net InGomoll•xpendlturel b•foro galnslllossesl on In¥tments 11.8621 {68.0241 Net Ilo•v8Vg•lns on Inv•8tment•: Realisod gain on invMtsnent •S8ets not previousl. recognised Net mo¥em•nt In lund• 11,8621 {58.0241 R8tx)n¢ili8lion of funds Total funds brought foM•rd 19.694 77,718 Totsl lunds c•rrled lord 17.832 19,694 There afe no recognis•d gains or loss&s other than those induded in the Slal¢menl of Flnandal Actlvllies above. The notes on pages 9 10 12 lorm part ol the8e fin8na#l slal•m•nts. Page 7of 13
THE LANCASTER-TAYLOR CHARITABLE TRUST BALANCE SHEET AS AT 31 March 2025 2025 2024 Unrestricted Funds Unrestricted Funds Note Fixed assets Investments Current assets Cash at bank and in hand 18,072 19,694 18,072 19,694 Crediiors- amounts falling due withln ona year 12401 Net ¢urront assets IY,832 19,694 19.694 Not as6ets 17,832 Thg funds of the charity Unreslrieted income funds 17,832 19.694 The notes on pages 9 10 12 form part of th8se financial slatemenis. Approved by the Iruslees on Ll fiLI and signed on their bahalf by.. L D Dodsworth Trust99 Page8of 13
THE LANCASTER-TAYLOR CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 March 2025 Year ended 31 Mareh 2025 Year endod 31 March 2024 Note Net cash loutflowylnflow from operating activities 11 (1,7621 158,3891 Cash flow from Investlng activitiès Investment income receipts 140 365 Net cash Inflow frorn investing actlvltles 140 365 Net IdecreasellinGrgaso In cash and eash equivalents 11,6221 158,024} ash and cash equlvalents brought forward 19,694 77,718 Cash and cash equivalents Carri forward 18.072 19,694 Cash and Gash oqulvalents con$i$t of.. Cash at bank and in hand 18,072 77,718 Cash and cash equival•nts at 31 March 2025 18,072 77,718 Thé nots$ on pagos 910 12 forln part of Ihe$e financial slalemenl$. Page9of13
THE LANCASTER-TAYLOR CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025 1 ACCOUNTING POLICIES General Infom)ation Tre Lancasler-Tayloi Charffable Trust I'the ITusI° of 'lhe charity'} is a registered charity {charty number 11060351 whose principal object is to use the income of the charity to make grants lo a diverse range of education organisalions for the furtherance of educational excellence. The address of its registered office is 20 Cursitor Street, Londoll, EC4A 1 LT. Basis of preparatlon and assessment of going concer The finan¢ial statements have been prepared under the historic cost convention, modffied lo indude the valUatiOn of investments in accordance with Accounting 8nd Reporting by Charities.. Statement of Recommended Practice applicable to charf(ies preparing their account5 in a¢cord8nce with the Financial Reporting Standard applicable in the United Kingdom and RepubliGof Ireland- SORP IFRS 1021, the Charities Act 2011 and UK Generally Accepted Practise as il applies from 1 January 2015. The charty conslilutes a public benefit enlty a5 definèd by FRS 102. The trustee5 consider that, given the subslanlial nel asset base of the charity and it5 ability lo manage its grant making within the resources available lo it, there are no material un¢xrtainlies about the Gharills ability lo Gonlinue 85 a going concern. The significant accounting policies applied in the preparation of these financial stgtemenls are sel out below. These policies have been consistently applK?d lo all years presented unless otherwise slated. Funds Structure Unrestricted income funds comprise those funds which the tN$tees are fe lo use for any purpose In fiJrtherancA of th¢ ¢h8rilable objects. UnrestriGted funds indude designated funds where the Iru8leg8, al their discretion. havo ¢reated a fun¢J for a specific purpose. InGome All income is regnised one8 the charity has entillementl¢ the funds, it is probabl&that the funds wlll b8 r8caNad within the charity and the monetary value of the Income can be measured with sufficient re118bilily. Donatlons Donations received for the general purposes of Ihe charity are credited lo unreslrlcted funds. Donalionsfor purposes restrlcted by the wishgs of Ihg donor aTg Grediled lo re$tri¢led fund5. Investment Income Investment income repre8enls dividends and interest recèivable from investments. EXndItUre All expendrture is accounted for on an accrual$ basis and has been classified under headings that aggregate all cos15 related lo th category. Expendrture is recognised where there is a legal or conslruclive obligation to make payments lo third parties, f( IS PTobable that the selllement will be required and the amount of the obligation can be measured reliably. Charllable activllies include grants payable lo third parties in ftjrtherance of the charitable oblectlves of the charity and inctude both the direct costs and support costs relating lo these activities. Irrecoverable VAT is charged as an expense against the acllvity for which th? expenditure was incurred. Giants payable to third parties are within the charf(y's objeclwes. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant. as this gives rise to a reasonable expertation that the reripienl will reGeive the grants. Where grants are conditional relating to performance then the grant is only accrued when the recipient is notified of the grant and any unfulfilled conditions attaching lo the grant are outside of the control of the charity. Page10of 13
THE LANCASTER-TAYLOR CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025 1 ACCOUNTING POLICIES {CONTINUED) Support costs allocation Support Costs are those functitsns that assist the work of thè charity but do not d1cl1Y represent charitable activities and indude govemance costs. Governance costs are those incurred in the governance of the charity and Its assets and are primarily associated with conslilutional and slalulory requ1mentS. These costs have been allocated between eosl of raising funds and expenditure on charilableaclivibes as deemed Approprialeby the Irusle6s. The bases on which support Costs have been allocatedare set out in Note Investments Investments are recognised iniliallyat fair value which is nomiallythe transaction price including transaction costs. Subsequently, they are measured 31 fair value with changes raeognised in 'nel gains I Ilossesl on inve51menls' in the Statement of FinancialActivilies if the shares are publicly traded or their fair value can otherwise be measured reliably. The fair value of listed investments is determined by rèference lo the quoted price being the Stod( Exchange mld-price. Current asset investments are short term hi9hly liquid investments and are held al fair valuè. These include sh on depo811 and cash equivalents with a maturity of less than one year. Realised and unrealised gains and lossos All gains and losses are tsken lo the Statement of Financial Activi118s as they arise. Realised gains and losses on investments are fecognised on disposal of investments and are calculated as the difference between sales proceeds and opening market value (purchase date rf lalerl. Unrealised gains and losses are calculated as the difference bee6 the market value at the year end and opening market value lor pur¢hase dale If lalerl. Raalised and unrealised gains ale separately Stated in the Stalemonl of Financial Aclivilies. Dobtors and credltors reGolvablelpayable wlthln one year Debtors and creditors with no $laled interest rale and receivable or payable within one year are re¢orded at transaction price. Any 105ses arising from impairment are rècognised in Expenditure" within the Slalemenl of Financial Activities. FSnan¢lal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. 8a$ic financial inslfumenls a recognised al Ir8n$action valuÉ Judgements and key sourc6s of •stlmation uncertainty In applicalionof the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions aboutlh8 carrying amount ol assets and liabilities that are not readily appanI from other sources. The eslimales and assoclaled assumptions are ba8ed on historical experien and other factor$ that are consldered lo be relevant. Actual results may differ from these eslimales. The eslimales and underlying assumptions are reviewedon an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimala 1$ revised, if the revision affects Only that poriod, or in the period of the vIsion and future periods if the revision affects both current and future periods. There are no 8slimale$ and assumptions which have a significant risk of causing material adjuslmenl to the carrying amount of assets and liabilities within the financial stalemenl,, Page11of13
THE LANCASTER-TAYLOR CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025 2 Truste9s remuneratlon No trustee received any remuneialion during the year nor reclaimed any reimbursed expenses. Year onded 31 March 2025 3 Income from donatlons Year endod 31 March 2024 Don81ions received Tax recoverable on donations 65,182 16,296 81,478 4 InGome from Investments Year ended 31 March 2025 Y8ar ended 31 March 2024 365 Interest- Cash 140 140 365 5 Analys1# of charitable èxp•ndlturo The charity undertakes its charitable adivities through grant making and awarded grants to a number of e¢Jucallon organis81ions in furtherance ol ils charitable activities.. Grantfunded Support and Total actlvity govomance costs 2025 Totsl 2024 Funded from unrestricted funds.. Education organi5alion3 82,942 538 83,480 58,389 6 Analy818 of grants Total Recipionts of 9ranls lo inslltutions.. University of the Arctic Other educational institutions 81,942 1,000 82,942 7 Support and governance ¢08ts Year ended 31 March 2025 Year ended 31 March 2024 240 21,000 Bank charges Legal and professional fees 298 240 538 21,240 Page 12of 13
THE LANCASTER-TAYLOR CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025 8 Credltors: amount$ falling due within one year 2025 2024 Creditors Accrual$ 240 240 9 Relatod party transactions Dr Rosalind Smith. one of the Principal Trustees, made a donation of £65,182 during the year {2024.. £nill. 10 Controlllng party The charity 1$ under the control of the trustees. 11 Reconclllatlon of not movoment In funds to not cash flow from operatlng activltles Yèar anded 31 March 2025 Year ended 31 March 2024 Net movement In funds 11,862} 158,0241 Nel Igainslllosses on investments Income from investments Decr&ase in debtors In¢reaselld8cr8aso1 in creditors 11401 13651 240 Nel cash {ouffiowllinflow from operating adivilles {1,7621 168,3891 12 Flnanclal instrumonts The Carrying amount of th• charity's financial instruments arg as follow5.. 2025 2024 Financi81 liabilits8s Measured at amoflised cost.. - creditors accruals 240 13 Fundlng commitments AS a131 March 2025, the charity had not made any fvlure funding commilmenls. Page13of13