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← Reading Blue Coat And Archbishop Laud Charitable Trust

2024-03-31-accounts

CHARITY NO: 1159943

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST TRUSTEES, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL OFFICE Reading Blue Coat School Holme Park Sonning Lane Sonning Reading RG4 6SU TRUSTEES C Hubbard H Williams P Bertram A Gray (resigned 15 November 2023) M Walker M Swan T Tabrah (resigned 30 April 2024) A West (appointed 30 April 2024) E Quinton (appointed 15 May 2024) Rev. Chris Jones (appointed 15 May 2024) P Thomas CLERK TO THE TRUSTEES C Walsh TREASURER TO THE TRUSTEES S Whitty CHARITY REGISTRATION NUMBER 1159943 INDEPENDENT EXAMINERS Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ BANKERS Lloyds Bank PLC 1-2 Market Place Reading RG1 2EQ SOLICITORS Boyes Turner LLP Abbots House Abbey Street Reading RG1 3BD INVESTMENT ADVISORS Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB

Page 1

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEES’ REPORT

The Trustees present their annual report for the year ended 31 March 2024 under the Charities Act 2011, together with the financial statements for that period and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP FRS 102.

Structure, Objects and governance.

The Trust was registered on 14 January 2015 as a Charitable Incorporated Organisation. On 31 March 2015, all the assets and undertaking of the Reading Blue Coat School Foundation (Charity Registration Number 309024) were transferred to the Trust together with those of the Archbishop Laud Non-Educational Charity (Number 307987).

The former Foundation comprised a number of Gifts made over an extended period, of which the earliest and most important were by Richard Aldworth in 1646, Sir Thomas Rich in 1666 and William Malthus in 1700. The Foundation operated under a scheme made by the Secretary of State for Education and Science under the Charities Act 1960 dated 30 April 1964, which consolidated all the underlying gifts, and subsequent amendments.

The two Objects of the Trust, reflecting the Objects of the former Foundation, are:

(i) to advance the education of children and young people under the age of 25 years by providing a school in or near Reading in which religious instruction in accordance with the doctrines of the Church of England shall be given and by the provision of grants to three specified Infants or Primary Schools in Reading known as the National Schools of Reading, as well as any other school within a 40 mile radius of the School at the CIO’s discretion

(ii) the award of training grants to young people towards the cost of course fees, equipment, learning resources, travel expenses or uniform required. The former Foundation also contained a fund known as the Matheson Scholarship fund that is governed by the Will of the late David M Matheson. This provides for the income of the fund to be first applied to the education of children of Clergy in the Church of England at the Reading Blue Coat School, but in the event of there being no suitable applicants, the Trustees have discretion to utilise the income in accordance with the above objects. The Trustees have discretion to utilise the capital of the fund should the income be insufficient to provide the benefits. Whilst the Trustees would resist any such application of capital, the fund is technically under the category of Expendable Endowment.

The second Object of the Trust reflects the objects of the former Archbishop Laud Non-Educational Charity, which was constituted by a Deed of Gift dated 26 March 1640. This separate fund is to provide financial assistance to young men and women between the ages of 8 to 30 inclusive, educated in, residing in, or from the vicinity of Reading, to support them in training for a trade or vocation through the making of grants.

The governance and management of the Trust is carried out in accordance with its constitution. There are four ex-officio trustees who have the power to co-opt not less than five and not more than ten additional trustees. The ex-officio trustees are: the vicar of the ecclesiastical parish of St Mary, Reading; the vicar of the ecclesiastical parish of St Laurence, Reading; the Head of Reading Blue Coat School; and the Bursar of Reading Blue Coat School. Unfortunately, owing to parish commitments, the Vicar of St. Mary’s Reading was unable to take up this post during the year. The Rev. Chris Jones from St. Laurence Reading was appointed during the year.

During the year the Trustees conducted a review of the grant making process of the Archbishop Laud Foundation in order to widen the scope of eligible beneficiaries and improve the effectiveness of the grant giving process. The original intentions of the Foundation have been retained and the constitution has been updated.

Page 2

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST TRUSTEES REPORT FOR THE PERIOD ENDED 31 MARCH 2024

Grant making policy

The Charity has three principal grant making objectives:

Investment policy

The Trust's funds are invested to produce an attractive financial return with an acceptable level of risk over the long term. The primary investment objective is to generate a high and sustainable annual income (net of investment management fees) to support the grant making objects, whilst striking a balance between generating long-term income and capital returns. With the rental income from the School providing more than 30% of the normal annual income expended, the Trustees are able to accept a medium to higher level of risk with regard to long term investments in order to grow the real capital value of the funds over time. The Trust's constitution provides for the lease to the School of the freehold land, in meeting its first objectives, but otherwise does not place any restriction on the investment policy of the Trustees.

Portfolio investments are managed on a discretionary basis whereby the investment manager has control over the investments within the formal guidelines of the investment policy of the Trust. An investment subcommittee of Trustees sets the investment objectives and risk profile for the Trust and monitors performance. The investment funds are invested in a diversified portfolio of equities, mutual funds, bonds with a prudent cash balance held in order to meet unforeseen bursarial requirements. Whilst the Trustees have chosen not to invest directly into tobacco stocks there are no ethical restrictions on investments.

Reserves policy

The Trustees consider that it is important to maintain and add to reserves when possible, in order to fulfil the first object of the Charity over the long run. In doing so, the Trustees take into account the School’s ability to make its own contribution to bursaries, which can be affected by many factors including the economy and the need for investment in new or improved facilities, as they have agreed that the Trust should endeavour to cover, where possible, any shortfall to avoid qualifying pupils being denied support. Through this process, the Charity helps to provide bursarial support to a number of pupils at the school. Forty-one pupils are currently in receipt of bursaries.

Review of the Year

In considering its activities for the year the Trustees have had regard to the public benefit guidance issued by the Charity Commission.

Investment Performance

The three investment funds showed an increase in value over the course of the year.

The General Fund value at year-end was £3,685,387 (2023: £3,339,994) The Matheson Fund value at year-end was £391,504 (2023: £354,725) The Archbishop Laud Fund value at year-end was £33,044 (2023: £29,940)

Page 3

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST TRUSTEES REPORT

FOR THE PERIOD ENDED 31 MARCH 2024

Investment Performance (continued)

The property assets held by the Charity, namely the freehold land occupied by the School, were professionally re-valued at year-end in 2020 at £1,200,000. The prior year valuation has been carried forward for this year. The rental income from Reading Blue Coat School remains at £60,000 (2023: £60,000).

In addition to the above funds held with the Investment Manager, the Charity also maintained cash balances at the year-end to the value of £214,929. The Trustees have agreed that a minimum sum of £50,000 should be retained on bank deposit to meet any immediate demand on reserves.

After movements in the values of land and investments, the endowed funds of the General Fund stood at £4,264,091 (2023: £3,921,319), the Matheson fund £252,974 (2023: £229,337) and the Archbishop Laud Fund £26,044 (2023: £22,940). These endowed funds will continue to be invested to produce income to meet the Charity’s objects.

Achievements, financial review and future plans

In considering its activities for the year the Trustees have had regard to the public benefit guidance issued by the Charity Commission.

Bursaries and Grants

In recent years, the Trustees have entered into an informal arrangement whereby the Charity makes an agreed contribution to the overall cost of bursaries with the School providing the balance. This has enabled 41 ( 2023: 50 ) bursaries to be paid to successful applicants in this period. Awards from the General Fund were given at £135,000 (2023: £125,000) to the Reading Blue Coat Bursary Scheme. The Matheson Fund awarded £14,000 ( 2023: £14,000 ) to support children of Clergy at the School. No grants were made to the National Schools of Reading during the year.

Incoming Resources

The Trustees report incoming resources, net of investment management fees and governance costs, of £161,372 ( 2023: £153,825 ).

Transfers to Reserves

Restricted Fund Reserves of £137,742 ( 2023: £127,507 ) were held in relation to the Matheson Fund and £14,467 ( 2023: £14,870 ) held in relation to the Archbishop Laud Fund.

Any annual surplus funds available are held as a School Scholarship Fund. At year-end the Scholarship Fund held an undistributed balance of £788,127 (2023: £757,003) .

Page 4

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Achievements, financial review and future plans (continued)

Future Plans

The charity has no changes planned with regard to its activities.

By Order of the Board of Trustees on 15 January 2025

C Hubbard Chairman

Page 5

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Notes
INCOMING RESOURCES
Investment income
2
Rental income
3
Total incoming resources
RESOURCES EXPENDED
Costs of raising funds
Investment management
Charitable activities
Scholarships awarded
4
Archbishop Laud Grants
4
National Schools of
Reading
4
Total resources expended
Net incoming resources
before investment
gains/losses
Revaluation of fixed assets
Investment gains /
(losses)
6
Net movement in funds
9
Fund balances brought
forward
9
Fund balances carried
forward
9		 Endowment
Funds
£
-
-
-
12,298
-
-
-
12,298
(12,298)
-
381,811
369,513
4,173,595
4,543,109		 Restricted
Funds
£
11,276
-
11,276
-
14,182
-
-
14,182
(2,906)
-
13,142
10,236
127,507
137,743		 Unrestricted
Funds
£
120,624
60,000
180,624
8,199
144,849
1,355
(4,500)
149,903
30,721
-
-
30,721
771,873
802,594		 2024
2023
Total
Total
£
£
131,900
123,345
60,000
60,000
191,900
183,345
20,497
20,050
159,031
148,270
1,355
485
(4,500)
4,700
176,383
173,505
15,517
9,840
-
-
394,953
(245,879)
410,469
(236,039)
5,072,976
5,309,015
5,483,445
5,072,976

The notes on pages 8 - 16 form part of these accounts

Page 6

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST BALANCE SHEET

31 MARCH 2024

Notes
FIXED ASSETS
Tangible fixed assets
5
Investments
6
CURRENT ASSETS
Debtors
7
Current asset investment – bank deposits
Cash at bank and in hand
CREDITORS: Amounts falling due
within one year
8
NET CURRENT ASSETS
TOTAL NET ASSETS
ENDOWMENT FUNDS
Capital General Fund
9
Capital Archbishop Laud
9
Property
9
Matheson Scholarship
9
RESTRICTED FUNDS
Matheson Scholarship
9
UNRESTRICTED FUNDS
School Scholarship
9
Archbishop Laud
9		 2024
£
£
1,200,000
4,109,935
5,309,935
27,043
150,000
64,929
241,972
(68,462)
173,510
5,483,445
3,064,091
26,044
1,200,000
252,974
137,743
788,127
14,467
5,483,445		 2023
£
1,200,000
3,724,659
4,924659
24,767
-
191,878
216,645
(68,328)

148,317
5,072,976
2,721,319
22,940
1,200,000
229,337
127,507
757,003
14,870
5,072,976

Approved by the trustees on 15 January 2025 And signed on its behalf by

C Hubbard Chairman

The notes on pages 8 - 16 form part of these accounts

Page 7

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. STATEMENT OF ACCOUNTING POLICIES

a) Basis of Accounts Preparation

The accounts have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Reading Blue Coat and Archbishop Laud Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b)

Going Concern

The charity has cash resources and has no requirement for external funding. The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

Having regard to the above, the Trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

c) Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, which are described in note 1, trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimation and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects the current and future periods.

In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting the assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

d) Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Page 8

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (continued)

e) Income

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

The following specific policies are applied to particular categories of income:

f) Expenditure

Expenditure is recognised on an accrual basis as each liability is incurred.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, for example, governance costs.

Charitable expenditure is reported under the following sub headings:

g) Grants - Scholarships

Scholarships payable are recognised as expenditure in the year in which a binding commitment to make payments is entered into.

h) Fund Accounting

Unrestricted funds held by the charity are those which can be used in accordance with the charitable objectives at the discretion of the Trustees.

Restricted funds are where specific conditions are imposed by the donor which restricts the use of unspent funds. The income is taken directly to the relevant restricted funds.

The endowment fund represents those assets which must be held permanently by the charity, principally quoted investments and freehold properties. Income arising on the endowment fund can be used in accordance with the objects of the charity. Any capital gains or losses arising on the investments are attributable to the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

The expendable endowment fund is similar to that of the endowed fund. However, the trustees have the power to apply both capital and income arising on the fund in accordance with the Matheson will. Any capital gains or losses arising on the investments are attributable to the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Page 9

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (continued)

i) Tangible Fixed Assets

These are represented by freehold land and are held under the revaluation model.

i) Investments

Investments are a form of basic financial instrument and are initially recorded at their transaction value and subsequently valued at closing mid-market value at the Balance Sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

k) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Cash deposits with longer maturity dates are accounted for as current asset investments.

l) Debtors

Debtors are recognised at the settlement amount due after any trade discount offered.

m) Creditors

Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

2. INVESTMENT INCOME

3.

Equity and GILT edged stocks - General Account
Equity and GILT edged stocks - Matheson Bequest
Equity and GILT edged stocks - Archbishop Laud
Deposit interest
ENTAL INCOME
Reading Blue Coat School		 2024
£
117,700
11,276
952
1972
131,900
2024
£
60,000		 2023
£
110,242
11,692
987
424
123,345

2023
£
60,000

RENTAL INCOME

Page 10

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

4a. RESOURCES EXPENDED – CHARITABLE ACTIVITIES

2024

Scholarships
Matheson Scholarship
Total scholarships
Archbishop Laud Grants
National Schools of Reading
2023
Scholarships
Matheson Scholarship
Total scholarships
Archbishop Laud Grants
National Schools of Reading
Governance costs:
Clerk and Treasurer’s Honorarium
Independent Examiners Fee
Professional fees
Sundry items		 Direct
£
135,000
14,000
149,000
1,355
(4,500)
166,352
125,000
14,000
139,000
485
4,500
143,985		 Governance
£
9,849
182
10,031
-
-
10,031
9,088
182
9,270
-
200
9,470
2024
£
3,919
4,800
1,120
192
10,031		 Governance
£
9,849
182
10,031
-
-
10,031
9,088
182
9,270
-
200
9,470
2024
£
3,919
4,800
1,120
192
10,031		 Total
£
144,849
14,182
159,031
1,355
(4,500)
176,383
134,088
14,182
148,270
485
4,700
153,455
2023
£
4,300
3,676
1,288
206
9,470

Page 11

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS

At 1 April 2023
Revaluation
At 31 March 2024		 Freehold
Land
£
1,200,000
-
1,200,000

The carrying value of tangible fixed assets substantially relate to freehold land on which the school buildings stand.

The property was valued on a fair value basis by Dunster & Morton in March 2020. A carrying amount of £300,000 (2023 £300,000) would have been recognised if the land had been carried under the historic cost model.

6. FIXED ASSET INVESTMENTS

Listed investments:
Market Value at 1 April 2023
Additions
Disposals
Net Investment gain/(loss)
Cash held by Stockbroker
Market value at 31 March 2024
Historic Cost
7.
DEBTORS
Other debtors
8.
CREDITORS
Other creditors, accruals and deferred income		 2024
£
3,649,620
471,012
(444,799)
394,953
4,070,785
39,150
4,109,935
3,582,193
2024
£
27,043
2024
£
68,462		 2023
£
3,974,663
19,648
(98,812)
(245,879)

3,649,620
75,039
3,724,659
3,582,193
2023
£
24,767
2023
£
68,328

Page 12

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9a. FUNDS

2024
ENDOWMENT
Capital
Archbishop Laud
Property
Matheson
Scholarship
RESTRICTED
Matheson
Scholarship
UNRESTRICTED
Scholarship
Archbishop Laud
Total		 1 April
2023
£
2,721,319
22,940
1,200,000
229,337
4,173,596
127,507
757,003
14,870
771,873
5,072,976		 Incoming
resources
£
-
-
-
-
-
11,276
179,672
952
180,624
191,900		 Transfers
£
-
-
-
-
-
-
-
-
-		 Investment
losses
£
355,070
3,104
-
23,637
381,811
13,142
-
-
-
394,953		 Resources
expended
£
(12,298)
-
-
-
(12,298)
(14,182)
(148,548)
(1,355)
(149,903)
(176,383)		 31 March
2024
£
3,064,091
26,044
1,200,000
252,974
4,543,109
137,743
788,127
14,467
802,594
5,483,445

TRANSFERS BETWEEN FUNDS

Page 13

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9b. COMPARATIVE FUNDS

2023
ENDOWMENT
Capital
Archbishop Laud
Property
Matheson
Scholarship
RESTRICTED
Matheson
Scholarship
UNRESTRICTED
Scholarship
Archbishop Laud
Total		 1 April
2022
£
2,943,351
25,822
1,200,000
250,395
4,419,568
141,934
733,145
14,368
747,513
5,309,015		 Incoming
resources
£
-
-
-
-
-
11,692
170,666
987
171,653
183,345		 Transfers
£
-
-
-
-
-
-
-
-
-
-		 Investment
gains
£
(210,002)
(2,882)
-
(21,058)
(233,942)
(11,937
-
-
-
(245,879)		 Resources
expended
£
(12,030)
-
-
-
(12,030)
(14,182)
(146,808)
(485)
(147,293)
(173,505)		 31 March
2023
£
2,721,319
22,940
1,200,000
229,337

4,173,596
127,507
757,003
14,870
771,873
5,072,976

10a. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2024
Tangible fixed assets
Investments
Current assets
Current liabilities		 Endowment
£
1,200,000
3,343,109
-
-
4,543,109		 Restricted
£
-
138,530
3,879
(4,667)
137,742		 Unrestricted
-
628,296
238,094
(63,795)
802,595		 Total funds
£
1,200,000
4,109,935
241,973
(68,462)
5,483,446

10b. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS

2023
Tangible fixed assets
Investments
Current assets
Current liabilities		 Endowment
£
1,200,000
2,973,596
-
-
4,173,596		 Restricted
£
-
125,388
6,786
(4,667)
127,507		 Unrestricted
-
625,675
209,859
(63,661)
771,873		 Total funds
£
1,200,000
3,724,659
216,645
(68,328)
5,072,976

Page 14

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

11. TRUSTEES BENEFITS AND TRANSACTIONS

None of the trustees or any persons connected with them, received any remuneration or reimbursed expenditure during the period.

The Trustee Mr M Swan is employed by Slade Legal as a senior solicitor. Slade Legal have been engaged to provide legal services to the Trust. There were no accrued costs at the year-end in relation to these services ( 2023: £168 ).

12. FINANCIAL INSTRUMENTS

2024 2023
£ £
Financial assets measured at amortised cost 241,972 216,645
Financial liabilities measured at amortised cost 68,462 68,328

Financial assets measured at amortised cost comprise other debtors and cash equivalents.

Financial liabilities measured at amortised cost comprise other creditors and accruals excluding deferred income.

13. LEASES

The Charity earns rental income by leasing its property to a tenant under non-cancellable operating leases. Leases in which substantially all risks and rewards of ownership are retained by another party, the lessor, are classified as operating leases. Payments, including prepayments, made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease.

At the balance sheet date, the Charity had contracted with tenants to receive the following future minimum lease payments:

Not later than one year
Later than one year and not later than five years
Later than five years		 2024
£
60,000
90,000
150,000		 2023
£
60,000
150,000
-
210,000

There are no contingent rents recognised as income.

Page 15

READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

14. COMPARATIVE SOFA

INCOMING RESOURCES
Investment income
Rental income
Total incoming resources
RESOURCES EXPENDED
Costs of raising funds
Investment management
Charitable activities
Scholarships awarded
Archbishop Laud Grants
National Schools of
Reading
Total resources expended
Net incoming resources
before investment (losses)
Investment gains / (losses)
Net movement in funds
Fund balances brought
forward
Fund balances carried
forward		 Endowment
Funds
£
-
-
-
12,030
-
-
-
12,030
(12,030)
(233,943)
(245,973)
4,419,568
4,173,595		 Restricted
Funds
£
11,692
-
11,692
-
14,182
-
-
14,182
(2,490)
(11,937)
(14,427)
141,934
127,507		 Unrestricted
Funds
£
111,653
60,000
171,653
8,020
134,088
485
4,700
147,293
24,360
-
24,360
747,513
771,873		 2023
Total
£
123,345
60,000
183,345
20,050
148,270
485
4,700
173,505
9,840
(245,879)

(236,039)
5,309,015
5,072,976

Page 16

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF READING BLUE COAT AND ARCHBISHOP LAUD CHARITABLE TRUST

I report on the accounts of the Trust for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet and associated notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

A R Lyon Crowe U.K. LLP Chartered Accountants R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ

Date: 22 January 2025

Page 17