The Foundation of Lady Katherine Leveson
Financial Statements
Year Ended 30 June 2024
Charity registration number: 1146710
Company registration number: 07890553

The Foundation of Lady Katherine Leveson
Year ended 30 June 2024
Contents
Page
Governors, report
Independent Auditorfs report
Statement of Financial Activities (incorporating the Inco￿ and Expenditure Account)
Balance sheet
7-10
11
12
Statement of cash flows
13
Notes to the financial statements
14-28

The Foundation of Lady Katherine Leveson
Governors. Report
Year ended 30 June 2024
Governors of the Charlty
The governors and Offi￿rS who have served during the year and since the year end were as follows:
Elected governors
J Evans OBE (appointed as Chaimian on 22 November 2023)
The Rt Hon the Earl of Aylesford (￿tired on 22 November 20231
The Rt Hon Viscount Daventy
Sir William Dugdale Bt
M C Fetherston-Dilke
Mrs N Hammett
Mrs C Hopkinson
R Macpherson
Mrs C Matthews
Governors nominated
by Solihull MBC
D Bell
Councillor A Burrow
Officers of the Charity
Master
The Revd D Collins (appointed 18 July 2023)
Bailiff
Mrs S Woodman ACA
Care manager
Mr S Blancaflor
Patron govemor
The Rt Hon the Earl of Aylesford (appointed 31 January 2024)
The Rt Revd Michael Volland, Bishop of Birmingham (appointed
10 November 2024)

The Foundation of Lady Katherine Leveson
Govemors. Report
Year ended 30 June 2024
Charity registratlon number
1146710
Company registration number
07890553
Reglstered office
Temple House
Temple Balsall
Knowle
Solihull
B93 OAN
Auditor
Daffems LLP
Chartered Accountants and Statutory Auditor
One Eashvood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB
Bankers
HSBC Bank plc
130 New Street
Birmingham
B2 4JU
Solicitors
Wright Hassall LLP
Olympus Avenue
Leamington Spa
Warwickshire
CV34 6BF
Investment managers
Sarasin & Partners LLP
Juxon House
100 St. Paul's Churchyard
London
EC4M 8BU
Propety Income Trust for Charities
Mayfair Capital Investment Management Limited
55 Wells Street
London
W1T3PT
Charities Propety Fund
Savills Investrnent Management
33 Margaret Street
London
W1G OJD
CCLA Investment Management Limited
Senator House
85 Queen Victoria Street
London
EC4V 4ET

The Foundation of Lady Katherine Leveson
Governors. Report
Year ended 30 June 2024
INTRODUCTION
The governors present their report and the audited financial statements of the charity for the year ended 30
June 2024. The governors have adopted the provisions of the Statement of Recommended Practice (SORP)
'Accounting and Reporting by Charities. {FRS 102) in preparing the annual report and financial statements
of the charity published in October 2020.
The Foundation of Lady Katherine Leveson is a charitable company limited by guarantee (charity number
1148710 and company number 07890553).
The affairs of the historic charity and the company were brought together under a linking order dated 22 June
2012 under which order these accounts are prepared.
The company is governed by ts Articles and Memrandum of Association dated 15 De￿mber 2011.
The Foundation is managed through the Board of governors which meets as necessary, generally bi-monthly.
Day-to-day management of the Foundation is vested in a sentor management team comprising the Master (a
statutory appointment under the tern￿ of the Articles), the Bailiff (appointed as Company Secretary) and the
Care Manager. It is a condition of the Articles that the Master be an ordained priest of the Church of England.,
the Bailiff has appropriate accountancy qualifj¢ations.
The Foundation seeks to recruit govemors with appropriate technical expertise or knowledge and provides
full induction into the day-to-day activities of the Foundation as part of the appointment process. Emphasis is
also given to recwiting govemors who live locally who can therefore support the Foundation more readily on a
day-to4ay basis. Govemors are appointed at ordinary meetings by way of a majority resolution.. Solihull
Metropolitan Borough Council is entitled to appoint two governors to the Foundation.
OBJECTS OF THE FOUNDATION
Lady Katherine Leveson, who died in 1674, pro4Kled endowments in her will for almshouses. the church and
the school at Temple Balsall.
The present4ay objects of the Foundation are to:
relieve elderly people and those in poor health who are in need by providing accommodation,
Servi￿ or facilities calculated to relieve the needs of such persons.
advan￿ the education of the pupils through the Educational Foundation.
advan￿ the education of the public in the subject of ageing, spirituality and social policy.
advan￿ the Christian religion for the benefit of the public.
PRINCIPAL ACTIVITIES
The Foundation tcNJay provides supported housing accommodation and residential care for the elderly in a
Christian environment, together with support for St Mary's church and the Lady Katherine Leveson Church of
England Primary school.
The Foundation offers accommodation for up to 51 residents" the Court had 29 apartments providing
sidential care, with 16 independent living flats housing up to a fvrther 22 people living more independently.
The management have previously registered 4 of the independent living flats to accommodate residential care
if required and continue to review the remaining independent living flats to ensure the best and most flexible
use to meet the needs of both residential and independent living residents.

The Foundation of Lady Katherine Leveson
Governors, Report
Year ended 30 June 2024
ACHIEVEMENTS AND PERFORMANCE
The financial results of the Foundation for the year ended 30 June 2024 are set out in detail on page 11.
These show the performance of the Foundation's housing operations
residential care and independent
living housing and of its investments. The govemors regard these as separate but related activities and the
notes to these accounts provide analysis of the financial perf0rrnan￿ of each in notes 4 to 14.
The Foundation generated an operating surplus of £43k (2023 - £149k); in addition, there were unrealised
net investment gains on the quoted investment portfolios of £487k {2023 - losses of £48kl generating an
overall gain of £530k (2023- gain of £101k).
The Foundation's core operations (as represented by the movement in unrestricted funds) generated a
surplus beft)re investment gains for the year of £31k. However, as the analysis in note 14 shows, the cost of
operating the care home, including the £250k notional rent of the buildings in which it operates, generates a
oss as in earlier years.
The changes to the National Insuran￿ rates and National Living wages levels announced by the
Government in the November budget will have an impact on the finances of the core operations, which is
being assessed.
The propety improvements designated reserve had a balan￿ as at 30 June 2024 of £950k (2023 - £950k).
There is also a major repair fund with a balan￿ at 30 June 2024 of £233k (2023 - £212k) held with Sarasin &
Partners LLP. All propety repairs during the year were funded directly from unrestricted funds. Following the
completion of the project to replace the main boilers in the care home during the financial year at a cost of
£441 k, there are currentty more propety improvement WO￿ in progress to repla￿ the radiators and pipework
within the care home - to be completed in hvo stages during the summer of 2024 and 2025.
During the year, a new care home website was created - ladykcare.co.uk - with new branding and fresh
colours. Work is now progressing on a new Foundation website.
The governors welcomed the Rev Debbie Collins as the Master of the Foundation during the year. she was
installed on 18th July 2023 as Vicar of St Mary's and has successfully completed her first year.
The governors wish to record their appwation and thanks to Lord Aylesford who retired as 2 governor and
as chairman of the board of govemors in November 2023 after serving for 33 years and as chairman for over
14 years. In January 2024 the governors agreed to appoint Lord Aylesford to the honorary role of Patron
Governor in recognition of his great contribution to the Foundation. The govemors were also delighted that
the new Bishop of Birmingham, the Rt Revd Dr Michael Volland also accepted the role of Patron Govemor,
thereby maintaining the strong historic link between the Foundation and the Bishopric of Birmingham.
The govemors are enom￿us￿ grateful to the care home management and staff and for their tireless dedication
to the loving care of our residents. The govemors continue their commitment to having well-trained staff,. the
majority of care staff have NVQ qualificab'ons and staff retenb'on is encouraged by investment in personal
development and staff wellbeing.
Providing an excellent standard of care will always be a top priority for the Foundation.
LADY KATHERINE LEVESON CHURCH OF ENGLAND PRIMARY SCHOOL
One of the aims of the Foundation is to support the advan￿rnent of the education of the pupils of the school
through the Educational Foundation.
Since September 2020, the school has been part of the Bimiingharn Diocesan Multi-Academy Trust
('BDMAT') who have day-to-day responsibility for the management and development of the school. As part
of the transfer to the Trust, BDMAT took on a long lease with the Foundation for the schwl buildings, on a
peppercorn rent, assuming ￿sPonsIbl11ty for repairs and any new buildings.

The Foundation of Lady Katherine Leveson
Governors, Report
Year ended 30 June 2024
FUTURE PLANS
During the year the governors stepped up their exploration of strategic options for the future by evaluating how
the potential of the site, including the redundant bams. might best be developed to further the Foundation's
objects. The SeNi￿S of Isabel Merrifield of ISME Consulting were engaged to support the governors and the
management team in this work, which is continuing.
Plans have been developed to improve and extend the communal living spaces in the main care home;
planning permission originally sought in 2022-23 has not yet been granted - making architectural changes to a
listed building on an historical site is proving not to be straightforward.
FUNDS
Transfers tolfrom reserves are considered on an annual basis depending on futu￿ expectat#)ns of needs and
events. Amounts are transferred to designated funds to enable futu￿ amounts to be expended on maintaining
and improving the propety portfolio.
INVESTMENT POLICY
The Foundation's investment objective is to maximise the total investment retum over the longer term without
taking undue risk, principally achieved by investing in a well-drversified portfolio of equities and fixed interest
investments through the use of Fooled funds, with the principal fijnd manager being Sarasin & Partners.
The governors invest separately in propety pch)led funds managed by Mayfair Capital Investment
Management Limited and the Charities Property Fund which provide attractive income yields from portfolios of
diversffied commercial propety.
The total return on the endowment investments was £481k., £135k relates to investment income which has
been used to fund the aims of the charity on a day-to-day basis during the financial year. £150k has been
added to the capital value of the underlying endowment investment portfolio at June 2024 to maintain its
value and to ensure that the value of the investment does not get diminished by infiation over the longer
term. The remaining £196k of the return has been added to the unapplied total return fund for future use by
the Foundation.
PUBLIC BENEFIT
The governors confim that they have paKI due regard to the guidan￿ given by the Charity Commission and
confirm their belief that the Foundation's purpose is for public benefit.
RISK
The governors have established a comprehensive range of procedures in order to minimise risk to the
Foundation's activities, including clear tems of reference for all committees, a govemance structure with clear
organisational lines of reporting and regular operational review of disaster planning and crisis management
Strategy.
RESERVES POLICY
The governors continue to ensure that sufficient reserves are maintsined to finance the day-to-day running
of the Foundation's activities.
FIXED ASSETS
Movements in tangible fixed assets and fixed asset investnEnts are disclosed within the notes to the accounts.

The Foundation of Lady Katherine Leveson
Governors, Report
Year ended 30 June 2024
PAY POLICY FOR SENIOR STAFF
The remuneration for the management team is reviewed by the govemors who use benchmarking against
comparable organisations along with an assessment of market rates and consideration of performance.
STATEMENT OF GOVERNORS, RESPONSIBILITIES
The governors (who are also directors for the purposes of company law) a￿ required by company law to
prepare financial statements for each financial year that grve a true and fair view of the state of affairs of the
Foundation at the end of the year and the incoming and outgoing reSoUr￿S for the year then ended.
In preparing these financial statements, the govemors a￿ required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charrties SORP.
make judgements and estimates that are reasonable and prudent.,
stste whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial ststements.
prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that
the Foundats'on will continue in operation.
The governors are responsible for keeping accounb.ng records that disclose with reasonable accuracy at any
time the financial position of the Foundakn'on and enable them to ensure that the financial statements comply
with the Companies Act 20C6. They are also responsible for safeguarding the assets of the Foundation and
hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The govemors are responsible for the maintenance and integrity of the Foundation and any financial
information included on the Foundation's website. Legislation in the United Kingdom goveming the preparation
and dissemination of financial statements may differ from legislation in other jurisdicts"ons.
In accordance with company law, as the company's directors. the governors ￿rtify that:
there is no relevant audit information of which the company's auditors are unaware and that, as
directors of the company,
they have tsken all the steps that they ought to have taken in order to make them*lves aware of any
relevant audit information and to establish that the Foundats"on's audÉtors are aware of this information.
CONCLUSION
The governors are extremely grateful to all the management and staff for the enthusiasm and commitment
with which they have carried out their duties and responsibilities in the ever challenging and changing care
profession.
AUDrroRS
Daffems LLP have exp￿Ssed their willingness to continue in offi￿ as auditors and a resolukn'on to re-appoint
them will be proposed at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the Statement of Recommended Practi￿.. Accounting and
Reporting by Charits'es (October 2019) and in accordan￿ wrth the special provisions for small companies
under Part 15 of the Companies Act 20CE.
f,Jto L
ON BEHALF OF THE GOVERNORS....
Date 27 November 2024

The Foundation of Lady Katherine Leveson
Independent Auditor's Report
Year ended 30 June 2024
Oplnlon
We have audited the financial statements of The Foundation of Lady Katherine Leveson (the 'charitable
company,) for the year ended 30 June 2024 which comprise the statement of financial activities, balance
sheet, statement of cash flows and notes to the financial statements, including a summary of significant
accounting policies. The financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The
Financial Reporting Standard applicable in the UK and R8public of Ireland (United Kingdom Generally
Accepted Accounting Practice).
sn our opinion the financial statements..
give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its
incoming resour￿$ and application of resources, including its income and expenditure, for the year then
ended.
have been properly prepared in accordance with United ￿'ngdorn Generally Accepted Accounting
Practice,. and
have been prepared in accordance with the requirements of the Companies Act 2006.
the governors were not entitled to prepare the financial statements in accordance with the small
companies, fegime and take advantage of the small companies, exemptions in preparing the governors,
report and from the requirement to prepare a strategic report
Basis for opinion
We conducted our audit in accordance WFth Intemats'onal Standards on Auditing (UK) {ISAs {UK)) and
applicable law. Our responsibilities under those standards are fiJrther described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of the
charitable company in accordance with the ethical requirements that aE 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
obtsined is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to ￿pOrt in respect of the following matters in relation to which the ISAS (UK) require us to
report to you where..
the govemors, use of the going concem basis of accounting in the preparation of the financial
statements is not appropriate., or
the govemors have not disclosed in the financial statements any identified material uncertainties that
may cast significant doubt about the charitable company's ability to continue to adopt the going
con￿rn basis of accounting for a period of at least ￿e1ve months from the date when the financial
statements are authorised for issue.

The Foundation of Lady Katherine Leveson
Independent Auditor's Report
Year ended 30 June 2024
Other infomiation
The governors are responsible for the other information. The other information comprises the information
included in the govemors, annual report, other than the financial statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent
othe￿iSe 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 matenally inconsistent with the financial
statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated.
If we identrfy such material inconsistencies or apparent material misstatements, we are required to
determine whether there is a material misstatement in the financial statements or a material misstatement of
the other information. If, based on the work we have performed, we conclude that there is a material
misststement of this other infomation, we are required to report that fact.
We have nothing to report in this regard.
Oplnlons on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the govemors, rep)rt for the financial year for which the financial statements are
prepared is consistent with the financial statements,. and
the governors, report has been prepared in accordan￿ with applicable legal requirements.
Matters on whlch we are required to rnport by •xc•ption
In the light of our knowledge and understanding of the charitsble company and its environment obtained in
the course of the audit, we have not identified material misstatements in the governors, report.
We have nothing to ￿port in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion=
adequate accounting records have not been kep( or returns adequate for our audit have not been
received from branches not visited by us; or
the financial statements are not in agreement with the acwunting records and retums.. or
certain disclosures of directors. remuneration specified by law are not made; or
we have not recetved all the infomiation and explanations we require for our audit; or
the governors were not entitled to prepare the financial statements in accordance with the small
companies, regime and to take advantage of the small companies, exemptions in preparing the
governors, report and from the requirement to prepare a strategic report.

The Foundation of Lady Katherine Leveson
Independent Auditor's Report
Year ended 30 June 2024
Responsibilities of governors
As explained more fully in the governors, responsibilities statement, set out on page 6, the governors (who
are also the directors of the charitable company for the purposes of company law) are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view and for such
internal control as the governors deterniine is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements. the governors are responsible for assessing the charitable company's
ability to continue as a going cOn￿rn, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the governors either intend to liquidate the charitable company
or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audlt of the financial statements
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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
ifregularities, including fraud. The specffic procedures for this engagement and the extent to which these are
capable of detecting irregularities, including fraud is detailed below:
Enquiry of management and those charged ￿1th govemance around actual and potential litigation and claims,.
Reviewng minutes of meetings of those charged with governan￿.,
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
Performing audit work over the risk of management overrrde of controls, including testing of joumal entries
and other adjustments for appropriateness, evaluating the business rationale of signifjcant transactions
outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audrt, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that Complian￿ wrth a law or regulation is removed from the events and transactions reflected
in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is
also greater regarding irregulartlies occurring due lo fraud rather than e￿Or, as fraud involves intentional
concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at.. www.frc.org.ukJauditorsresponsibilities. This description forms part of our
auditor's report.
We communicate with those charged with governan￿ regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.

The Foundation of Lady Katherine Leveson
Independent Auditor's Report
Year ended 30 June 2024
Use of our report
This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the
charitable company's members those matters we are required to state to them in an auditor's report and for
no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to
anyone other than the charitable company and the charitable company's members as a body, for our audit
work, for this report, or for the opinions we have formed.
Lucy Hatton FCCA
for and on behalf of Daffems LLP
Chartered Accountants and Statutory Auditor
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB
Date: 27 November 2024
10

The Foundation of Lady Katherine Leveson
Statement of financial activities (incorporating the income and expenditure account)
Year ended 30 June 2024
Totsl
funds
2024
£'ooo
Total
funds
2023
£'ooo
Unrestrlcted Restricted Endowment
funds
funds
funds
£'ooo
£'ooo
£'ooo
Incomo from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Other income
Allocated to income from
unapplied total return
19
24
1,534
32
1,492
1.534
252
135
387
357
12
135
{135)
Total income
1,929
19
1,948
1,895
Expenditure on:
Propety management
Charitable activities
10
11
(253)
(1.645)
(2)
(5)
(255)
(1,650)
(217)
(1,529)
Totsl expenditure
Net income before
invèstment gains and
losses
(1,898)
(7)
(1,9051
(1,746
31
12
43
149
Net unrealised gainsl
{losses) on investments
19,
20
141
346
487
(481
Net income after gainsl
(108se8) on investments
172
12
530
101
Transfers between fvnds
25
(5)
Net movement in funds
25
177
346
530
101
Reconciliation of funds:
Total funds brought forward 25
3,475
39
18.442
21,956
21,855
Total funds carried
forward
25
3,652
18,788
22,486
21,956
All income and expenditure derive from continuing activitr'es.
For the purpose of reporting under the Companies Act 2006, net income after gains and losses on
investments, excluding the £346k gain on endowment investments (2023.. £59k loss) is £184k (2023..
£160k).
The notes on pages 14 to 28 fomi part of the financial statements.
11

The Foundation of Lady Katherine Leveson
Balance sheet
Year ended 30 June 2024
2024
£'ooo
2023
£'ooo
£'ooo
£'ooo
Fixed assets
Tangible assets
Investments
18
19
4,731
16,191
4,224
15,725
20,922
19,949
Current assets
Investments
Stocks
Debtors
Cash at bank and in hand
20
21
22
1,083
1,062
187
716
116
1,207
1,988
2,387
Creditors: amounts falling due
within one year
23
(424)
(380)
Net current assets
1,564
2,007
Net assets
22,486
21,956
Charity funds
Permanent endowment
Restricted funds
Unrestricted funds-
- Income and expenditure fvnd
Designated funds
25
25
18,788
18,442
39
25
25
1,927
1,725
1,918
1,557
3,652
3,475
26
22,486
21,956
These financial statements have been prepared in accordance with the special provisions applicable to
small companies subject to the small companies, regime. The financial statements were approved by the
governors and authorised for issue on 27 November 2024.
Signed on behalf of the Board of govemors
Tdv,- GuLtL4
(,Ik4 r IIL
J Evans OBE, Chairman
M C Fetherston-Dilke, Governor
The notes on pages 14 to 28 form part of these financial statements.
Company registration number: 07890553
12

The Foundation of Lady Katherine Leveson
Statement of Cash Flows
Year ended 30 June 2024
2024
£'ooo
2023
£'ooo
Cash flow from operating activities
27
(300)
(1691
Net cash flow from operating actlvities
(300)
(1691
Cash flow from Investing activities
Tangible fixed assets acquired
Transfer of funds to higher rate savings
Interest received
Dividends received
Rents received from investment properties
(578)
(1341
(2001
33
164
160
61
179
147
Net cash flow from Investing activtties
(191)
23
Net decrease in cash and cash equivalents
1491)
(146)
Cash and cash equivalents at 1 July 2023
1,207
1,353
Cash and cash equivalents at 30 June 2024
716
1,207
Cash and cash equivalents consist of:
Cash at bank and in hand
716
1,207
Cash and cash equlvalents at 30 June 2024
716
1,207
13

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
General infonnatlon
The Foundation of Lady Katherine Leveson is a charitable company limited by guarantee,
incorporated and domiciled in England (Cornpany number 07890553, Charity number 1146710). In the
event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per
member of the charity. The address of the registered office is given in the charity information on page
2 of these financial statements. The natu￿ of the charity's operations and principal activities are
described on page 3.
Princlpal accounting policies
(a) Basis of preparation
The financial statements have been prepared under the Charities Act 2011 on a going concern basis
and under the historical cost C£Jnvention, modified to indude ￿rtain items at fair value. The financial
statements have been prepared in accordan￿ with Accounting and Reporting by Charities Statement of
Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the
Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and
the Companies Act 2006 and UK Generally A￿pted Practs"ce.
The Foundation of Lady Katherine Leveson meets the definition of a public benefit entity undef FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise
stated in the relevant accounting policy notes.
The financial statements are prepared in sterfing which is the functional currency of the charity and
rounded to the nearest £1.
The preparation of financk41 statements in Complian￿ with FRS 102 requires the use of certain critical
accounting estimates. It also requires management to exercise judgment in applying the charity's
accounting policies (see note 3).
The financial ststements have been prepared on a going con￿rn basis. The govemors consider that
there is a reasonable expectation that the company has sufficient resour￿5 to continue in operational
existence for the foreseeable future and for this reason they have adopted the going concern basis in
preparing the fjnancial statements.
(b) Funds
General funds are unrestricted funds which are available for use at the discretion of the governors in
furtherance of the general objectives of the Foundation and which have not been designated for other
purposes.
Designated funds comprise unrestricted funds that have been set aside by the govemors for particular
purposes. The aims and use of each designated fund are set out in the notes to the financial
statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the Foundation for particular purposes. The cost of raising and
administering such funds are charged against the specific fund. The aims and use of each restricted
fund are set out in the notes to the financial ststements.
Pemanent endowment funds represent those assets which must be held permanently by the
Foundation, principally investments. Income arising on the endowment funds can be used in
accordance with the objects of the Foundation and is included as unrestricted income. Any capital
gains or losses arising on the investments form part of the permanent endowment fund.
14

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
Principal accounting policies (continued)
(c) Income resources
AIS incoming resources are included in the statement of financial activities when the Foundation is
legally entitled to the income and the amount can be quantified with reasonable accuracy. For
legacies. entitlement is the earlier of the Foundation being notified of an impending distribution or the
legacy being received.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are
distributed to the projects. Gifts donated ft)r resale are included as income when they are sold.
Donated facilities are included at the value to the Foundation where this can be quantified and a third
party is bearing the cost. No amounts are included in the financial statements for services donated by
volunteers.
(dl Resources expended
All expenditure is accounted for on an accruals basis when a liability is incurred and has been classified
under headings that aggregate all costs related to the category. Where costs cannot be directly
attributed to particular headings, they have b￿n allocated to acts"vities on a basis consistent with use of
the reSoUr￿s.
Costs of generated fijnds are those costs attributable to generating incoming resources for the
Foundation. Charitsble activrties comprise all costs incurred in the pursuit of the charitable objects of the
Foundation. Governan￿ costs include those incurred in the governan￿ of the Fi)undation and are
primarily aS￿lated wryth consts"tutional and statutory requirements.
(e) Tangible r￿ed assets
Tangible fixed assets. except the care home and related buildings, are stated at cost less accumulated
depreciation. Depreciation is charged on a straight-line basis over the expected economic useful lives
of the assets at the following annual rates..
Fixtures and fittings
Motor vehicles
Refurbishment fixtures and fittings
Major boiler and heating rep1a￿rnent
25.fi straight line
250A straight line
10°k straight line
4% straight line
{fj Care home and related bulldings
The care home and related buildings are included at valuation based on the depreciated repla￿ment
cost basis. They are maintained in a state of repair such that their estimated residual value is not less
than their cost or valuation. The annual charge for depreciation is £Nil.
(g) Flxed asset investments
Properties held as fixed asset investments are maintained in a state of repair such that their estimated
residual value is not less than their cost or valuats'on. No records exist for the original cost in respect of
the majority of the proFety. Fixed asset investment properties are held at current valuation. Fixed.asset
investments in listed securities are held at market value.
Realised gains and losses on disposal and unrealised gains and losses arising on revaluation of
investments are both recognised in the statement of financial activrties.
15

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
Principal accounting policies (continued)
(h) Current asset investments
Current asset investments include fvnds which may be required at short nots'￿.
(l) Stocks
Stocks are stated at the lower of cost and net realisable value.
(l) Debtors and creditors
Debtors and creditors with no stated interest rate and re￿1vable or payable wtthin one year are
recorded at transaction price. Any losses ansing from impairment a￿ recognised in expenditure.
(k) Donations received
Donations are disclosed as income in the statement of financial activities when received. Those
donations which are re￿iVed for specthc purposes are carried fotward in restricted funds to the extent
that they have not been expended in the year.
11) Pension ¢osts
The Found8kn'on operates a defined contribution pension scheme for employees. The assets of the
scheme are held separatety from those of the Foundation.
The cost of providing retirement pensions and related benefits is charged to management expenses over
the periods benefiting from the employee's Seprfl￿s.
Im) Routine maintenance
The govemors have established a regular programme of cyclical repairs and maintenan￿. Costs are
charged in the year in which they are incurred.
In) Major repairs
Costs of major repairs, unless representing improvements to the properties, are charged in the year in
which they are incurred.
lo) Value added tsx
In these financial statements, where applicable, expenditu￿ is shown inclusNe of VAT as the Foundation
is not registered for value added tax.
(p) Website ¢08ts
Costs relating to website design and maintenance are expensed in the year in which they are incurred.
(q) Operating leases
Rentals applicable to operating leases are charged to the statement of financial activits.es over the period
in which the cost Is incurred.
16

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
3 Judgements and key sources of estimatlon uncertainty
Preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amunts reported for assets and liabilities as at the balance sheet date and
the amounts reported for revenues and expenses during the year. However, the nature of estimation
means that actual outcomes could differ from those estimates. The following judgements (apart from
those involving estimates) have had the most significant effect on amounts recognised in the financial
statements..
Tanglble fixed asset valuation
The care home and related buildings were valued by Barfow Associates as at 30 June 2016 using a
depreciated repla￿ment cost basis to establish a d￿Med cost at the FRS102 transition date. The
dep￿cIated repla￿ment value takes into account the value of the land for its existing use and the gross
pla￿ment cost of the buildings.
The main properties are several hundred years old and there is no intention of selling them. Therefore,
the use of open market value which is based on the best price the sale of the propety might reasonably
be expected to realise is considered to be inappropriate.
The following are the charity's key sources of estimation uncertainty:
Fixed assets investments
The valuation of the pemanent endowment properties was prepared using an open market valuation
basis and in accordance with the RICS appraisal and valuation manual.
Impairment of debtors
The charity makes an estimate of the recoverable value of trade debtors. INhen assessing impairment
of trade debtors, management consider them individually reviewing the ageing profile of the balan
and the historical experience.
Income from donations and legacies
2024
£'ooo
2023
£'ooo
Donations
Legacies
26
15
24
32
ncome from donab'ons and legacies was £24k (2023.. £32k) of which £19k (2023.. £24k) was
attributable to restricted and £5k (2023: £8k) to unrestricted funds.
17

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
Income from charitable actlvltles
2024
£'ooo
2023
£'ooo
Residential care
Independent living accommodation
Respite care
Domiciliary care
Other income
1,227
139
129
1,170
100
199
19
1,534
1,492
As part of its charitable aims, the Foundation supported a number of residents with contributions
towards their fees during the financial year to the value of £42k (2023.. £53k).
All income was attributable to unrestricted funds.
Income from trading activities
Income from trading actNlties was £2k (2023: £2k) of which all was attributable to unrestricted funds.
Income from Investments
2024
£'ooo
2023
£'ooo
Dividend and interest income
Rentsl income
240
147
197
160
387
357
Income from investments - stated net of management fees - was £387k (2023.. £357k) of which £135k
(2023.. £124k) was attributable to endowment and £252k (2023: £233k) was attributable to unrestricted
funds.
Other income
The charity received no Government grants this year {2023'. £11 k) for Covid support in care homes,
used to help fund infection control costs. vaccination, workforce retention and also to support staff in
previous years. The small amount of other income is attributable to unrestricted funds.
18

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
Pemianent endowment invested on a totsl return basis
The charity has exercised its rights under section 104(A) of the Charities Act 2011 with effect from 30
June 2019. This power permtts the governors permanently to invest endowed funds to maximise total
return and therefore to apply an appropriate portion of the unapplied total return to income. The
unapplied total return remains invested as part of the permanent endowment until that power is
exercised. When exercised, it allows the governors to apply an appropriate portion of the unapplied
total return to income each year.
During the current year the total return on the endowment investments was £481k (2023: net gain of
£65k)', the governors transferred £135k (2023.. £124k) of investment income received to fund the aims
of the charity on a day to day basis and £150k (2023.. nil) has been added to the capital value of the
underlying endowment investment portfolio to maintain its value and to ensure the value of these
investments does not get diminished by inflation in the longer term. The remaining £196k (2023.. Ioss
of £59k) of the return has been added to the unapplied total return fund for future use by the
Foundation.
Endowment Unapplied
Permanent
for
total
endowment
investment
return Investments
£'ooo
£'ooo
£'ooo
At 1 July 2023
2,352
1,704
4,056
Movements
Investment income
Gains l (losses)
135
135
346
481
481
Unapplied total retum allocated to income
Unapplied total retum allocated to investment to
maintain capital value
(135)
{135)
150
(150)
Net movement in the ￿porting period
150
196
346
Total value of permanent endowment investments at
30 June 2024
2.502
1,900
4,402
10 Property management
Propety management comprises the costs of managing and carying out repairs as needed to the
charity's investment properties and the buildings at Temple Balsall, other than those used in the care
home, which are accounted for as shown in note 11.
19

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
11 Analysis of expenditure on charitsble activltles
Activities
undertaken
directly
£'ooo
Support
costs
£'ooo
Total
2024
£'ooo
Total
2023
£'ooo
Care home
Provision of care services
Routine maintenan
Major repairs
1,351
92
121
1,472
92
1,426
63
1,450
121
1,571
Support for.
St Mary's Church
Lady Katherine Leveson School
1,489
47
32
47
32
33
1,529
121
1,650
1,529
Expenditure on charitable activities was £1,650k {2023= £1,529k) of which £5k (2023.. £4k) was
attributable to restricted funds. £1,645k (2023.. £1,525k) of the above costs was attributable to
unrestficted funds.
12 Support Costs
2024
£'ooo
2023
£'ooo
Masterfs salary (part)
Management
Administration
Insurance
Govemance (see note 13)
11
56
85
24
21
24
19
121
142
13 Governance costs
2024
£'ooo
2023
£'ooo
Audit and accountancy
Bailiffs salary (part)
14
12
21
19
20

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
14 Anatysis of net incomlng resources
Properties
and
Investments
£'ooo
Other
charitable
activities
£'ooo
Care home
activities
£'ooo
Total
£'ooo
Income:
Donations and legacies
Rental and other
investment income
Charitable activities
Other income
Total Income
14
24
387
387
1,534
1,534
392
1,548
1,948
Expendlture:
Raising funds- property
management
Charitable activities
Total expendlture
(255)
(255)
1,650
(1,905)
1.571
{1,571)
79
(79)
(255)
N•t income
137
(23)
(71)
43
Notional rent payable by
care home
250
{250)
Total
387
{273)
(71)
43
The notional rent payable is derived from management estimates based on current rent levels
established by the rent officer.
15 Governors, and key management personnel remuneratSon and expenses
The governors neither re￿iVed nor waived any ￿MUneratIon during the year (2023.. £Nil).
The total amount of employee benefits received by key management personnel was £160k {2023'.
£138k) the increase principally reflecting the appointment of a new Master during the financial year.
The governors consider that the Foundation's key management comprises the Master, Bailiff and Care
Manager.
One governor had expenses reimbursed of £389 during the year for costs associated wrth hosting a lunch for
the retiring Chair of governors (2023: £Nil).
21

The Foundation of Lady Katherine Leveson
Notes to the Financial Ststements
Year ended 30 June 2024
16 Staff costs and employee benefits
The average monthly number of employees during the year was as follows:
2024
2023
Master, Bailiff, and care Manager
Care assistants, kitchen, manual and other administration staff
41
42
44
44
The average number of employees expressed as full-time equivalents was 35 {2023.' 331.
Total staff costs and employee benefrts were as follows:
2024
£'ooo
2023
£'ooo
Wages and salaries
Social security costs
Pension costs
Redundancy costs
1,081
77
29
14
1,008
61
20
1,201
1,089
The above figures include payments for sick pay and agency staff.
The company has a defined contribution pension plan for its employees. The amount recognised as
an expense in the period was £29k (2023.. £20k).
One employee received total remuneration including employee benefits {excluding employer pension
costs) of more than £60,000.
17 Taxat5on
The company is exempt from corporation tax on its charitable actÉvities; input VAT is irrecoverable.
22

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
18 Tangible fixed assets
Care home
and related
buildings
£'ooo
Flxtures
and
fittings
£'ooo
Motor
vehicles
£'ooo
Total
£'ooo
Cost or valuation=
At 1 July 2023
Additions
Disposals
At 30 June 2024
3,973
520
745
58
(59)
744
25
4,743
578
159
5,262
4,493
25
Depreciation..
At 1 July 2023
Charge for the year
Eliminated on disposals
At 30 June 2024
494
59
(54
499
25
519
66
25
531
Net book value:
At 30 June 2024
4,486
245
4,731
At 30 June 2023
3.973
251
4,224
The care home and related buildings were re-valued on transition to FRS 102 as at 30 June 2016 by
Bartow Associates following guidance from ICAEW. The valuats.on was prepared using a depreciated
repla￿ment cost basis. The depreciated rePl￿ement value took account of the value of the land for its
existing use and the gross replacement cost of the buildings. Apprcspriate deductions were made to allow
for age, condition, economic or functronal obsoles￿n￿ and environmental and other factors. This may
result in the existing propety being worth less than replacement and, in the event of fOr￿d sale, a lower
figure being achieved.
The main properties are several hundred years old and there is no intention of selling them. Therefore,
the use of open market value which is based on the best price the sale of the propety might reasonably
be expected to realise is considered to be inappropriate.
Additions on the care home and related buildings during the year relate to the completed costs of the
installation of the new care home boilers and the stsrt of the pipework and radiator rep1a￿rnent project,
which will be depreciaied over 25 years.
23

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
19 Flxed asset investments
Permanent
endowment
propertles
£'ooo
Pemianent
endowment
Investments
£'ooo
Unrestricted
fund
Investments
£'ooo
Total
£'ooo
Valuation
At 1 July 2023
Change in market value
10,461
4,056
346
1,208
120
15,725
466
At 30 June 2024
10,461
4,402
1,328
16,191
Investments at fair value comprise:
2024
£'ooo
2023
£'ooo
Investment properties
Property trusts
Income and growth funds
10,461
331
5,399
10.461
353
4,911
16,191
15,725
The permanent endowment properties were revalued as at 30 June 2021 by Barlow Associates. The
Valuation was prepared using an open market valuation basis and in accordance wrth the RICS appraisal
and valuation manual.
20 Current asset investments
£'ooo
At 1 July 2023
Change in market value
1,062
21
At 30 June 2024
1,083
Cost
776
Cuf￿nt assets investments include the Sardsin Endowment Fund Class A with a current market value of
£233k (2023: £212k), the balan￿ being held in cash, to cover the cost of future major repairs.
24

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
21 Stocks
2024
£'ooo
2023
£'ooo
Food, cleaning and laundry
22 Debtors
2024
£'ooo
2023
£'ooo
Residents, contribution arrears
Rent arrears
Prepayments and accrued income
Other debtors
77
21
41
17
20
39
40
187
116
23 Creditors: amounts falling due withln one year
2024
£'ooo
2023
£'ooo
Trade creditors
Other tax and social securty
Accruals
Other creditors
Residents, contribution in advance
Related party creditor (see note 31)
101
18
155
67
77
65
20
162
58
70
424
380
24 Leases
Operating leases
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024
£'ooo
2023
£'ooo
Not later than one year
Later than one and not later than fve years
Later than five years
23
25
25

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
25 Fund reconciliation
Restricted funds
Balance
at 1 July
2023
£'ooo
Gains I
Balance at
(losses) 30 June 2024
£'ooo
£'ooo
Income Expenditure
£'ooo
£'ooo
Transfers
£'ooo
Donation reserve
39
19
(7)
(5)
19
17)
(5)
46
Donations reserve represents donab'ons received less expendrture incurred in line with donors, wishes.
Unrestrictèd funds
Balance
at 1 July
2023
£'ooo
Unrealised Balance at
Gains I
30 June
(losses
2024
£'ooo
£'ooo
Income
£'ooo
Expenditure Transfers
£'ooo
£'ooo
Income and
expenditure fund
Designated:
Property
improvements
Lady Cadbury
bequest
Barbara Leonard
bequest
Major repair reseNe
1,818
1,929
(1,898)
73
1,927
950
950
313
31
344
182
212
16
21
198
233
3,475
1.929
(1,898)
141
3,652
Propety improvements - reseNes have been established to augment funds required to maintain and
improve the historic Temple 8alsall buildings.
Lady Cadbury bequest- these fijnds have been designated from the original bequest from the late Lady
Cadbury in 2010-11 for the benefit and Ca￿ of the eklerly at Ternp￿ Balsall.
Barbara Leonard bequest - these funds have been designated from the original bequest from the late
Barbara Leonard for the benefit of the Temple Balsall community.
Major repair reserve - these funds have been designated to provide for estimated fvture expenditure
principally arising out of quinquennial inspections on the functional propety of the Foundation.
26

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
25 Fund reconciliation (Continued)
Permanent endowment
Allocated to
income from
unapplied
total return
£'ooo
Balance at
1 July
2023
£'ooo
Balance at
30 June
2024
£'ooo
Gains I
(losses)
£'ooo
Income
£'ooo
Endowment funds
18.442
135
(135)
346
18,788
18,442
135
(135)
346
18,788
26 Analysis of net assets between funds
Pernianent
endowment
£'ooo
Restricted
funds
£'ooo
Unrestricted
funds
£'ooo
Total
£'ooo
Fixed assets
Investments
Current assets
Current liabilities
3,925
14,863
806
1,328
1,942
{424)
4,731
16,191
1,988
(424)
Total
18,788
3,652
22,486
27 Reconciliation of net Income to net cash flow from operatlng activities
2024
£'ooo
2023
£'ooo
Net incorne for year
Dividends received
Interest receivable
Rental income
Depreciation and impairment of tangible fixed assets
(Gains)Ilosses on investments
Loss on disposal of tangible fixed assets
(Increase)Idecrease in stock
(Increase)Idecrease in debtors
Increasel(decrease) in creditors
530
{179)
(61)
(147)
101
(164)
(33)
(1601
55
48
(487)
(71)
(24)
Net cash flow from operating acb'vities
(300)
(169)
27

The Foundation of Lady Katherine Leveson
Notes to the Financial Statements
Year ended 30 June 2024
28
Contingent liabilities
There were no contingent liabilities at either financial year end other than those relating to tenants,
improvements which may be payable on the termination of the farm tenancies.
29
Accommodatlon In management
At 30 June 2024, the Foundation had 45 units of accommcxjation {2023.' 45) offering accommodation
for up to 51 residents.
The liability of the guarantors
The Foundation does not have a share capital and is limited by guarantee. In the event of the company
being wound up, the maximum amount for which each member is liable to contribute is £10. There
were 10 {2023.' 11) such members at 30 June 2024.
31
Related parties
The Foundation continues to support the connected charity, the Educational Foundation of Lady
Katherine Leveson. At 30 June 2024, £5k (2023.. £5k} VRS owed to the Educational Foundation of
Lady Katherine Leveson.
32
Auditorfs remuneration
The auditorfs remuneration comprises an audit fee of £1 Ok (2023.. £10k) and accountancy fee of £1 k
{2023.. £1 k) both excluding VAT.
33
Capital commltments
At 30 June 2024 the charity had capital commf(ments amounting to £471k (2023 - £348k) excluding
VAT, in respect of improvements to the care home and related buildings.
Contingent assets
The Foundation has been approached by Temple Balsall Amalgamated Charities (TBAC) who wish
to donate their total assets and liabilities to the Foundation, being a local charity with similar
charitable aims. The assets consist of cash balances and an investment portfolio, the value of which
is approximately £450k. The agreement will transfer the TBAC charity as a whole across to the
Foundation and is likely to complete during the 2024-25 financial year.
28