Charity niimber.. 1151686 THE LILLINGSTONE TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE LILLINGSTONE TRUST CONTENTS Page Reference and adininistrative details of the Charity, its Trustees and adviseys Trustees. report Independent examiiier's report Statement of financial a¢tivitles Balance sheet Notes to the financial statements 9-16
THE LILLINGSTONE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustèes John Lane, Chaii Julie Powell Kalliai'ine Lane Claiie Reindoip Charity registered iiuinber 1151686 Prln¢Spal office Langloii House Pluinplon End Paulerspiiry Towcesler Northanls NN12 7NJ IndÈp8t)dèiit examiner MHA Chartered Accounlanls 910 The Crescent Col¢hester Business Park Chelmsford Essex C04 9YQ Bankers Lloyds Bank 21-23 Hill Slie8t London W1J 5JE Investment manager Quilter Cheviol Senator House 85 Queen Victoria Street London EC4V 4AB P8gÈ 1
THE LILLINGSTONE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 t)ECEMBER 2023 The Ti'uslees pi'esent their annual report together with the finaiicial slalemenls ol the Charily lor Ihe year froin 1 Jaiiuary 2023 10 31 Oecember 2023. The financial statements h8v# been prepared in accordance with the accounting poli¢ies sel out in notes lo the accounts and coiiiply with the Charity's goveriiing dociiineiit, the Charilies Act 2011 and Accounting and Reporting by Charities. Statement ol Recomniended Pyaclice applicable lo charities pieparing their accounts in accordai)ce with the Financial Reporting Standard appliGable in Ihe UK and Republic of Ireland IFRS 1021. Oblectives ai)d aGtivitie5 a. Purpose arid objectives The objects aiid purpose of the Chsrily, as pei. ils Tr1151 Deed, are lo". l. Hold the capital and income of the Charity Upon TrLlSt lo apply Ihe income, and all or such part or parts of the capital, al such time or limes and in such manner to, or for the benefil ol, SLi¢h exclusively charitable objects and purposes in the UK that the Trustees may in their dis¢retion think lil in the field of education. 2. Permit the Trustees, in their discretion, for the period of 21 years from 1st July 2012, instead of applying the income of the Charity in any year, accLimulale all or any part of such income by investing the same. and resulting income. in any investments authorised by the Trust deed or by law, as an accretion lo and as part of the capital of the Charity, without prejudice lo their right lo apply the whole or any part ol such accumulated incoine in any subseqijent year as if the 3ame were inGome of the Charity arisin9 in the then current year. In selling objeelives and planning for aclivilies, the Trustees have given dLJe consideration lo general guidance published by the Charity Commission IElaling lo public ben&fil, including the guidan¢* 'publ benelil.. running a charity IPB21'. b. Main activiti&s und6rtak&n to further thtr Charity's purposes for the public beneflt The current principal 8¢1ivity of the Charity is Its provide scholarships and othèr support lo encourage pupils from lower Income backgrounds who are deleried by financial constraints from exploiting their potenlisl by continuing into higher education and lo promote the study and support of education in general. Page 2
THE LSLLINGSTOME TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevements and pèrformance a. Main achieveinents of thè Chaiity Over Ilie last year, the Trustees have continuèd lo promole Iheir Scholarship Scheme. The Scheme provides scholarships for local pupils from lower income backgrounds wishing to study STEM subjects al univeisily. The scheme has been developed in coniuiiction with Ioc31 schools and is now bèing ollered al six such schools. The scheme has twenly-lhree curient scholars. The Trustees have offered len scholarships lo students starting university in AulLimn 2024. The Charity continues lo support a CommLinily Laboratory in a new Science Centre al a local school. As well as providing facilities for the pupils al the school, use of the Community Laboratory is offered lo the wider local population. including primaiy school pupils, local youlh organisalions and local scien¢4 clubs. The Chaiily funds the Genlre's outreach p¥ogram costs, which include a program of monthly science lectures, a science fair for local primary school pupils and Ihe provision of science resource packs lor primary schools. The Charity has also funded the filoul ol a Mind and Body Zone in a new Sports Centre al the same school and funds the Sports Centre outreach program, which in¢lud2s primary school sports teacher training and sports fairs as well as sports scien¢è leclures. The Trustees fund The Lillingslone Trust STEM Scholarship in conjunction with Nollingham University. This provides two bui%sries of £6,000 each year lo students al Nollingh8m University studying STEM subjects. The Charity has funded a three-year undèrgraduate Scholarship fund from 2024 10 2026 in conjunction with the University of Buckingham. This provides six scholarships of £5,000 to local students studying Computing, hAediGine or Psychology. In addition, the Charrty supports a hardship fund for such students studying al the Universily. During the year the Charity were pleased lo finalise their payment of £150,000 lo a further local secondary school for the fil-oul ol their new s¢ience laboratories. Two of the Trustees allended the opening Ceremony in July 2023. The Charity conlinues to promole ils website and the Trustees hope that this will increase the profile of thè Charity in the local area. The Charity Is also proud lo support the development of MK."U gnd is a member of the MK..U Business Supporters Group. We hope lo be able to work closely with MK'.U in the future. Financial review . Golng concern After making appropriate enquiries, the Trustees havè a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable futurè. This is discussed in more detail below. For this reason, they Continue to adopt the going concern basis in preparing the financial slalemenls. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Pagè 3
THE LILLINGSTONE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 b. Reserves policy The Charity is a gr2nl making Chai'ily and its income generating as$els are held as investments and cash deposils. The Triislees have secured an expendable endowmenl fund ancl apply the ineome derived to giving ranls lo charitable bodies and individuals as part of the Charity's Scholarship S¢heme. Al the year-end the Ch¥rily held £207,53312022'. £201,427) ir) endowment Ilinds. The level of reseNes held at the year-end Is suffiGienl lo fund all the Ch8rily's future urant commilmenls. Undei. the Charity Coinmission guidance the Charity holds no free Linrestrictèd funds as all funds are held as expendable endownienl. The Trust Deed aulhorises the addition of further donations to the expendable endowment, and enlilles the Charity to utilise the expendable endowment for expenditure on charitable causes. The Trustees consider the level of expendable endowment funds held prior lo making any grant coininitmenls. c. Material investments policy Investment ob'eclives The Trust wishes lo hold ethical investments which can be readily converted lo cash for grant purposes when needed. The Trustees require a consetvalive investment strategy lo be adopted. Risk The Trustees have a merate allilude towards iisk. The Trustees ale able lo lolerale some volatility ol the value of the inveslmenls, bul wish lo convert these to cash in the medium term as and when needed. The Truslees are conlenl with any assèt class as long as il d(S not carry unnecessary risk. Liouidil The Trust has sufficient cash reserves for ils immediate scholarship and other grant commilmenls. Mana emenl Re ortin and Monitorin The Ttusl has appointed Quilter Cheviot Inveslmenl Management to manage the shares gifted lo the endowment fund on a discretionary basis in line with this policy. All Trustees are authorised signatories and any 2 are required lo sign instructions lo th& investment manager. The Truylees are jointly responsible for reviewing the inveslmÈnt portfolio on a quarterly basis until all shares are disposed of. The investment mènager is reque51ed lo produce a valuation ¥eport lo the Trustees on a quarterly basis. roval and Review The Investment policy will be rewewed on an 8nnual basis to ensure continuing appropriateness. Page 4
THE LILLINGSTONE TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 d. Rèview of financlal activity Total income loi. the year was £69,516 12022.. £9,800). All incom¢ is allated lo Ilie expendable endowm&nt fund. Total Iiicome from doiialions was £JO,000 12022.. £NIll and lolal income from investments was £7,016 12022. £9.8001. In addition, Ilie Trust received Gift Aid from H M Revenue & Customs of £12,50012022' £Nill. The Trusteès resolved lo continue lo apply the Charily's expendable endowment funds on charitable activities in the year. Total expenditure for 11)è year was £67,111 12022.. £224,866). 01 this £59.60312022' £216,533) was used to provide charilable donation5 to tsrganisalions and individuals as part of the Scholarship Scheme. £1,581 12022. £2,621) was spent on Investment Management fees. Th6 investment portfolio was revalued lo fair value al 31 December 2023 ¥nd the Trust recognised a gain on ils investments of £3,701 12022.. loss of £54,766). This I'evalLiation has been allocated lo the expendabl¢ endowment fund. Net income tor the year was £6,10812022' nel expendiluro of £269,832) and the Trust had lotsl reserves at 31 December 2023 of £207,53312022. £201,427). Structure, governance and management a. Constitution The Charily's constitution is its Trust Deed dated 1 July 2012.11 became a regi$l$r6d charity on 18 April 2013. There have been no changes in the objectives since the last annual report. b. RrUItment and appointment of Trustees The management of the Charity is the responsibility of the Tiustees who are elected and co-opted under the terms of the Trust deed, datéd 1 July 2012. Truslees are reappointed every three years after retiring, in line with the Trust deed. If a Trustee is unwilling or unable lo sland for re-appoinlment other members of the Lane family would be approached to stand ¥s 8 Trustee. Approved by order ol the members of the b08rd of Trustees and signed on their behalf by.. John Lane Chair Dale.. Page 5
THE LILLINGSTONE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examiner's report lo the Trustees of The Lilllng¥tone Trust I'the Charity'l report lo the charity Trustees on my exaniination of the accounts of the Chaiily foi the year ended 31 December 2023. Responsibilities and basls of report As Ihe Trustees of the Charity you are responsible for the preparation of Ihe accounts in accordanGe with the requirements of Ihe Ch8nlies Act 2011 I'lhe 2011 Acl'l. I report in respèct of my examination of the Charity, accoullls carried out under section 145 of the 2Ql 1 Act and in carryifjg Qut my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlner's statement Your allenlion is drawn lo the lact that the Charity has prepared the accounts in accordance with Atoounling and Reporting by Charities.. Slalemenl of Recommended PraGlice applioable lo chai'ilies preparing their accounts in accordance with the Financial Reporting Standard 2ppli¢able in the UK and RepLSblic of Ireland IFRS 1021 in preference lo the Accounlillg and Reporting by Charities.. Slaleinenl of Recommended Practice istsued 011 1 April 2005 which is referred lo in the extant regulations bul has been withdrawn. l understand that this has been in order for the accoLJnts to proVe a Iwe and fair view in accordance with the Generally Accepled Accounting Practice effective foi reporting periods beginning on or after 1 January 2015. I have completed my exarninalion. I confirm Ihal no mallers have come lo my allenlion in Connection with the èxamination giving me cause to believe that in any material respect.. accounting recoids were not kepl in respect of the Charity as required by section 13Q of the 2011 A¢l,' or the accounts do not accord with thostt records., or the accounts do nol comply wilh the applicable requirements concerning the form and content ol accounts sel out in the Charities IA¢counls and Reports) Regulations 2008 other than any requirement that the accounts give a'lrue and fair, view which is not 2 maller considered as part of an independenl examination. I have no concerns and have come across no other mallers in connection with the examination lo which allenlion should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Signed.. Oaled.. 30 Septetnb8r 2024 Cara Miller ACCA MHA. 910 The Crescent, Colch&slei' Business Park, Col¢hesler, Essex, C04 9YQ Pagè 6
THE LILLINGSTONE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Eiidowment fuiids 2023 Total funds 2023 Tolal fuiids 2022 Income from: Donations". Charitable donations Gift Aid receivable Inveslmenls.. Dividends and Int6rest receivable Bank inleresl receivable so,000 12,500 50,000 12,500 6,603 413 6,603 413 9, 758 42 Total income 69,516 69,516 9,800 Expenditure on: Investment manager cosls Charitable aclivilies.. Grant Inaking Independent Examiners, remuneration Professional fees Insurance 1,581 1,581 2, 621 59,603 3,540 1,954 343 90 59,603 3,540 1,954 343 216.533 3,360 7,877 343 82 50 Bank charges Website expenditure 90 Total expenditure 67,111 67,111 224, 866 Nel gainslllossesl on investments 3,701 3,701 (54, 766) Net movement in funds 6,108 6.106 1269,8321 Reconciliation of funds.. Total funds brought fotward Nel movement in funds 201,427 6,106 201,427 6,106 471,259 (269,832J Total funds carried fotwayd 207,533 207,533 201,427 The Slalemenl of financial activities in¢ludes all gair¥s and losses re¢rniSed in the year. In the previous accounting period all income and expenditure was lolfTom endowment funds. All income and èxpenditure derive from continuing aclivilies. The notes on pages 9- 1 S form part of these financial slalemenls. Page 7
THE LILLINGSTONE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assèts Investments 193,448 301,308 193,448 301,308 Current assets Debtors Investments Cash al bank and in hand 219 188 40,2&) 27,202 6.488 11,254 17,961 67,640 Creditors.. amounts falling due within one year 13,8761 (167,521) N@t currènt assets I liabilites 14.085 (99, 881) Total net assets 207,533 201.427 Charity funds Endowment funds 207,533 201,427 Total funds 207,533 201,427 The financial slalements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. John Lane Chair Oate.. -of, Wf The notes on pages 9 10 16 form part of these finanGial statements. Page 8
THE LILLINGSTONE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Gènoral infomiation The Lillingslone Trust 15 8 charitable Irusl aiid is registered wilh thé Chanty Ci)mmission (Charily Registered Numbei.. 11516861 in Fngland & Wales. The address of the re9iStered offKe is given in the ¢harity information on page 1 of these financial slalemenls. The nature of tl)è Chai'ily's operations and principal aclivilies are detailed in the Truslees. Report. Accounting policies 2.1 Basls of preparatlon of fiiianclal statements The finanaal slalemenls have been prepared in accordance with the Charities SORP (FRS 1021- Accounting and Reporting by Chatrties". Slalemenl ol Recommended Practi applicable lo chaiilies preparing their a¢counls in accordance with the Financial Reportin9 Slandard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities A¢1 2011. The finanaal slalements have been prep8red lo give a Mrue and fair, view and have departed from the Charities IAccounts and Reports) Regulalions 2008 only lo the extent required lo provide a 'lrue and fair, vwj. This departure has involved following the Charities SORP {FRS 1D21 published in October 2019 rather than the Ac¢ounting and Reporting by Charities., Slalement ol Recommende¢J Practi effeelive fr(xm 1 April 2005 which has since been withdrawn. The Lillingstone Trust meets the definition of a public benefrt enlily under FRS 102. Assets and liabilities are initially recognised al historKal cost transaction value unless otharwise sialed in the relevalll accounling policy. The finanaal slalemenls are presented in sleyling which is the functional currency ol the Charity and are rounded to the nearesl pound. The signilieanl accounling policies applied in the prepar81ion of Ihese fi'n8n¢ial statements arè sel out below. These policies have been c0n51s1enl aFJplied lo all years presented untess othen¥ise slated. 2.2 Golng concern The Trustees have assessed the use of going concem and h8ve c0nsHled possible events or conditions that might cast significant doubl on the ability of the Charity lo continue as a going COnr. The Trustees have made this assessment for a period of at least one year from the dale of the approval of these Financial Siatements. The Truslees have concluded that thera is a reasonable expectation that the Charity has adequate fesources lo colllinue in operational existence lor the foreseeable future. The Charty therefore continues lo adopt the going conrn b851s in preparing ils Financial Statements. Page 9
THE LILLINGSTONE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.3 Income All income IE recognised once the Chaiily has enlillement to the income, il is probable Ihal the income will be received and the amount of income receivable can lje measured reliably. Incorne lax re¢overable in relation lo donations received under Gift Aid oi. deeds ol covenant is recognised al Ilie lime ol the donation. Interest on funds lield on deF>OSIt is included when re1vable and Ihtt amoiint can be measiired reliably by the Chaiily", this is normally upon notification of the interest paid or payable by the Bank. 2.4 Exp81)diture All expenditure is accounted for on an accruals basis. Expenditure 18 recognised oncè there is a I81 or constrLiclivÉ obligation lo transfer economic benefit lo a third party. it is probable that a Iransf&r of economic benefits will be required in settlement and the amounl ol the obligation can be measLired reliably. Expenditure on raising funds in¢ludes all expenditure incurred by the Cha¥ily to mlse funds for ils charitable purposes and includes costs of all fundraising acliviliss events and non-charilable trading. Expenditure on charitable activities is incurred on diieclly undertaking the activities whi¢h further Ilie Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the ofler is made except in those cases where the offer is Conditional. such grants being recognised as expenditure when thtr conditions alta¢hing are fulfilled. Grants offered subject lo conditions which have not been mel al the year end are noted as a ¢ommilmenl, bul not accrued as expendiluie. All expendiluie is inclusive of irrecoverable VAT. 2.S Taxation The Charity is considered to pass the tests sel out in Paragraph 1 Schedule 6 tsf the Finance Act 2010 and therefore It meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Charity is potentially exempl from laxalion in respe¢t of income or eapilal gains received within categories covered by Ch8pler 3 Part 11 of the Corporation Tax Act 2010 or Section 258 of the Taxation of Charg&8ble Gains Ad 1992. to the extent that such income or gains are applied exclusively lo charitable purposes. 2.6 Investments Fixed asset invéslrllenls are a form of financial instiumenl and sre initially reGognised al their transaction ¢osl and subsequently measured al fair value at the Balance sheet date, unless the value cannot be rMeasLired reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realis&d or unrealised, are combined and presented as 'GainsllLos$esl on inveslmenls, in the Slatèmenl of linan¢ial 8Ctivilies. 2.7 Debtors Trade and other debtors are recogni5ed al the setllémenl amoiinl after any tradè discount offered. Prepayments arè valued al the amount prepaid net of ally trade discounts due. Paoe 10
THE LILLINGSTONE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢counting pollcles Icontlnuedl 2.8 Cash at bank and in hand Lasli at bank and In hand indudes cash and shori-term highly IUld inveslmenls wilh a short matu¥ily ol three Inonlhs or le88 from the dale ol acquisition or opening of the deposit or similai account. 2.9 Liabilities and provisions Liabilitie5 are reGognised whei) Ihere is an obligation al the Balance sheet dale as a iesull of a past event, il is probable that a transfer of econoinic benefit will be required in setllemenl, and the amount of the selllement can be estimated reliably. Liabilities are recognised al the amount that Ihe Charbly anltupales il wll pay lo sewe Ihe debt or the amount il has received as advanced payments for the goods or services rt musl provide. 2.10 Financlal Instruments The Charity only holds basic Financial Instruments. The financial assets and finan81 liabilities of the Charity are as follows.. Debtors- trade and other d8blors lincjuding accrued income) are basic finana81 inslrumenls and are debt inslrumenlB measuTed al amortised cost as detailed in Note 7. Prepawnenls 8re not finana81 inslrumenls. Cash at bank- is classified as a basic fi.nancial instrument and is measured al face value. Liabilities trade creditors, accruals and other creditors will be classified as linancsal inslrumenls. and are measured al amortised cost as detailed in Note 9. Taxation and social security are not induded in the fi'nanual instruments disclosure. Deferred income is nol deemed lo be 8 financial liability, as in the cash settlement has already iaken pl and Ihere is simply an obligation to doliver chaiitable Services rather than cash or another financial instrument. 2.11 Fund accountlng General funds are unrestricted funds which arè av8ilable for use 8t the discretion of the Trustees in furtherance of 11)e general objectives ol the Charity and which have nol been designated for olhei purposes. Expendable Endowment fund5 represent those assets which must bo held permanenlly by the ChArily bul can be applied on charilable activities al the discretion of the Trustees_ Income arising on Ilie endowment funds can be used iii accordance with the objects of the Charity and is included in endowment income in attordan with the accumulation powers sel out in the TTUSI Deed. Page 11
THE LILLINGSTONE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Critical ac¢ouiitiiig estimates and ayeas of judgment Eslimales and jLidgmenls are continually evaluated and are based on historical experience and other factors, ii)clLiding expectations ol future events that are believed lo be reasonable ullder the circumstances. Critical accounting eslimales and assLimplions.' The Cl)arily illakes eslimales and assutnplioiis concerning the lutui'e. Tlie I"esiilting a¢counting estin)8les aiid assumptions will, by definition, seldom equal the related actual results. The estimates and assumplioiis that have a significant risk of causing a material adjLJslment to the carrying amounts ol assets and liabilities wilhin the i)exl financial year are discussed below, The Charity conlinues lo re1ve volunlary donations and hence remains a going concern. Analysis ol grants Grants lo Grants to Iiistilutions Individuals 2023 2023 Total funds 2023 Tolal fu17tJs 2022 Charitable activities 30,103 29,500 59.603 216,533 Total 2022 194, 158 22,375 216,533 Gi'ants lo individuals in the curienl and prior year rèpresent ScholahlpS paid. The Charily has made the following material grants lo instilulions during the yaai.. 2023 2022 Name of instttution University of Nollingham The Royal Latin School Magdalen College University of Buckingham 12,000 23.603 12,000 19, 158 150,000 13,000 15,5001 30,103 194, 156 Paqe 12
THE LILLINGSTOME TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees, rèmuneration and expenses The Charily has no employees and the Triislees are considered lo bè it's Key Management Personnel. During Ilie year. one or more Trustees has been paid remuneixtion or has received olheT benèfits from an employment with the Charily. Remuneration of £1,800 12022.. £1,580) was paid to one Trustee for administrative and accounting sernoces to the Cliarily. Further details have been provided in the Relale(J paily transactions note lo the accounts. uring the year ended 31 Dember 2023, expenses lotalling £154 were reimbursed or paid directly lo 1 Truslee12022.. £296 paid lo 1 TrLisle81 lor mileage, postage and administrative costs. Fixed asset investmellt$ Llstèd investments C05t or valuation Al 1 January 2023 Additions Disposals Revaluations Amounts written off 301,308 21,571 {133,0891 3,701 1431 Al 31 December2023 193,448 Net book value Al 31 December 2023 193,448 Al 31 December 2022 307.308 Debtors 2023 2022 Duewlthln one year Accrued income (dividends rèceivable) 219 188 219 188 Page 13
THE LILLINGSTONE TRUSI. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Current asset investments 2023 2022 Cash held as part of investment portfolio 6,488 40,250 Creditors.. Amoui)ts falliiig due withiii oiie year 2023 2022 Trade creditors Accruals Grant commilm&nls 511 3,876 4,010 163,000 3,876 167,521 Paqe 14
THE LILLINGSTONE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Slaten)ent of funds Statement of funds - Gurrent year Balèncè at 31 Balance at 1 January 2023 Gainsl (Losses) December 2023 Iiicome Expenditure Endowment funds Expendablè endowment 201.427 89,516 167,1111 3,701 207,533 Statement of funds . prior year Balance al 31 Deceinber 2022 Bal2iice al l Januaiy 2022 Gains/ {Loss8s) Income Exp6ndiltsre Endowment funds Expendable endowment 471,259 9,800 (224, 866) (54, 766) 201,427 The Expendsble En(Jowmenl fund must bè held permanently by the Charity bul can be applied on char41able activities al Ihe discretion of the Trustees, Income arising on the endowment funds can be used in accordance wrth the objects ol the Charity and is included in endowment in¢ome in accordance with the ac¢umulation powers sel out in Ihe Trust Deed. 11. Analysis of net assets between funds Analysis of nèt assets between funds - ¢urrent year Endowm¢nt funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 193,448 17,961 13,8761 193.448 17,961 13,8761 Total 207.533 207,533 Page15
THE LILLINGSTONE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of net assets between funds Icontinuedl Analysis of net assets between funds - prior year EIKlowinenl fui?ds 2022 Tolal Iiii)ds 2022 Fi%èd ass¢t inveslmenls CLirrenl asselg Creditors due within one yeai 301,308 67,640 (167,521) 301,308 67,640 (167,521) Total 201,427 201,427 Contingent liabilities As at the year end dale, the Charity ha8 comrnilled to pay scholarships totalling £75,750 over the next 3 years, Payment of these scholarships is dependenl upon students obtaining a place on future years of the intended course, meaning that these payments represent a possible bul un¢ertain obligation for the Charity. If all scholarships were lo be paid, this would be recognised as payments of £37,500 within 1 year, and £38,250 in greater Ihan 1 year bul less than 5 years. 13. Related party transactions During the year John Lane, a Trustee, made a charitable donation of £50,000 12022". £Nill to fund the Trust's investment activity_ During Ihe year, Julie Powell, a Trustee, was paid £1,80012022," £1,580) for providing administrativé and accounting seTvices lo the Charity. Authority for this was given in line with ihe Charity's Trust tjeett. Al the year end £Nil12022.' £5111 was payable to Julie Powell. Page 16