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2023-12-31-accounts

THE LUJENNA EDUCATIONAL TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

THE LUJENNA EDUCATIONAL TRUST

REFERENCE AND ADMINISTRATIVE INFORMATION

Settlor

Jeremy Henry Moore Newsum

The first Trustees who served during the year are:

Jeremy Henry Moore Newsum - Chairman Gillian Lucy Newsum Anna Jasmine Newsum Lucy Alice Darling Jennifer Rose Farley - Secretary

Charity number

The Trust is a registered charity, number 1162635

Principal Office

59 Station Road Swavesey Cambridgeshire CB24 4QJ

Accountants

Shona Cutler Limited Grove Farm Bungalow Lincomb Stourport on Severn Worcestershire DY13 9RB

Bankers

Coutts & Co 440 Strand London WC2R 0QS

Investment managers

Jeremy Henry Moore Newsum

Lawyers

Mills & Reeve LLP Botanic House 100 Hills Road Cambridge CB2 1PH

THE LUJENNA EDUCATIONAL TRUST

TRUSTEES' REPORT For the year ended 31 December 2023

The Trustees present their Report for the year ended 31 December 2023. The Trustees 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.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Structure, Governance and Management

The Charity was created by a Deed of Trust dated 25 February 2015.

All matters of policy are determined by the Trustees who meet regularly.

Power to appoint new Trustees vests with the existing Trustees.

The Trustees have examined the major strategic and operational risks which the charity faces and are satisfied that systems have been established so that the necessary steps can be taken to minimise these risks.

Objectives and Activities

The objects of the Charity are to promote the education of young people in the United Kingdom or worldwide in such manner and in such proportions as the Trustees may from time to time determine including by:

i) Awarding grants;

ii) Assisting any charity whose aims include advancing education of young people.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and planning future activities. In particular, the Trustees have considered how planned activities will contribute to the aims and objectives set.

Achievements, Performance and Financial Review

The Charity's financial statements are set out on pages 5 to 13.

The Charity awarded nine grants during the year totalling £43,890 and received £9,122 back from BAND which had been awarded in earlier years. See note 2

Reserves Policy

The constitution of the Trust states that the Trustees must use the income and may use the capital to promote its objects. The Trustees reserves policy is to maintain the capital of the charity.

Donations Policy

The Trustees support projects which improve access to education, broaden educational opportunities and improve facilities.

-2-

THE LUJENNA EDUCATIONAL TRUST

TRUSTEES REPORT for the year ended 31 December 2023 (continued)

Financial review and investment policy

Investment policy

There are no restrictions on the charity's power to invest. The investment strategy is set by the Trustees and reviewed regularly. The Trustees have appointed investment managers' to manage the investment portfolio on a discretionary basis.

Statement of Trustees' Responsibilities for the financial statements

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to Charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the Trust's affairs and of the incoming resources of the Trust for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed.

The Trustees are also responsible for safeguarding the assets of the Trust and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 30[th] July 2024 and signed on their behalf by:

Jeremy Henry Moore Newsum

Chairman

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LUJENNA EDUCATIONAL TRUST

I report on the financial statements of the Charity for the year ended 31 December 2023, which are set out on pages 5 to 13.

Respective responsibilities of Trustees and Examiner

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

It is my responsibility to:

examine the financial statements under section 145 of the 2011 Act;

to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

to state whether particular matters have come to my attention.

Basis of the Independent Examiner's Report

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

Independent Examiner's Statement

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

  1. which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the the 2011 Act; and to prepare financial statements which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or

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

Shona Cutler BSc (Hons), FCA TEP Shona Cutler Limited

30 July 2024

Grove Farm Bungalow Lincomb Stourport on Severn Worcestershire

THE LUJENNA EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023

Income Capital Capital Total 2022
£ £ £
£
Incoming resources
Assets settled - - -
Investment income
Dividends and interest 34,380 34,380 33,041
Voluntary income
Donations - - -
Total incoming resources 34,380 - 34,380 33,041
Resources expended
Investment management costs
Portfolio management 758 758 1,516 1,506
Charitable activities
Grants (note 2) 32,272 2,496 34,768 31,622
33,030 3,254 36,284 33,128
Support costs
Sundry - - -
Cost of Charitable activities 33,030 3,254 36,284 33,128
Governance
Accountancy 1,350 1,350 2,700 2,700
Bank charges - - -
Total resources expended 34,380 4,604 38,984 35,828
Net incoming / outgoing
resources for the year - (4,604) (4,604)
(2,787)
Recognised gains
Investments
Realised 986 986 -
Unrealised 49,748 49,748 (197,957)
Transfers between capital
and income accounts - - - -
Net movement in funds - 46,130 46,130 (200,744)
Balances brought forward - 1,161,823 1,161,823 1,362,567
Balances at 31 December 2023 £- £1,207,953 £1,207,953 £1,161,823

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE LUJENNA EDUCATIONAL TRUST

BALANCE SHEET at 31 December 2023

2023 2022
£ £
Notes
Fixed Assets
Investments 5 1,197,732 1,151,712
Current Assets
Cash at bank
Coutts & Co 17,569 9,845
Debtors
H M Revenue & Customs - -
Dividends held by Investment Managers 3,052 2,966
20,621 12,811
Liabilities:amounts falling due
within one year
Sundry creditors 6 10,400 2,700
Net Current Assets 10,221 10,111
Total Assets less Current Liabilities £1,207,953 £1,161,823
Unrestricted Funds
Capital 7 1,207,953 1,161,823
Undistributed Income - -
£1,207,953 £1,161,823

The notes on pages 7 to 13 form part of these financial statements

The accounts on pages 5 to 13 were approved by the Trustees and signed on their behalf on 30[th] July 2024.

Jeremy Henry Moore Newsum - Chairman

THE LUJENNA EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023

1. Summary of significant accounting Policies

(a) General information and basis of preparation

The Lujenna Educational Trust is an unincorporated charity in the United Kingdom. The address of the office is given in the information on page 1 of these financial statements. The nature of the charity's operations and principal activities are the making of grants to promote education.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Std applicable in the UK and Republic of Ireland (FRS 102)' (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements 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 the Statement of Recommended Practice for Charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The Charity has no restricted funds.

Endowment funds represent those assets which must be held permanently by the Charity. The Charity has no endowment funds.

THE LUJENNA EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 (continued)

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity.

(f) Governance costs

Governance costs include those associated with meeting the constitutional and statutory requirements of the charity and include independent examination fees and costs linked to the strategic management of the charity.

THE LUJENNA EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 (continued)

(g) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains/(losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

(h) Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(i) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charity for UK corporation tax purposes.

(j) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

THE LUJENNA EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 (continued)

2. Grants

The following grants were made to organisations during the year:


Swavesey Primary School
Ely Cathedral (Learning Centre)
School Readers
Inst of Engineering & Techn
Reachout
The Country Trust
Deafblind UK
Ormiston Families
Cambridge Junction

Total Grants paid
Band Grant returned
Net total Grants		 £
3,390
1,000
5,000
5,000
8,000
8,500
5,000
3,000
5,000
______
43,890
(9,122)
34,768

3. Trustees' Remuneration and Expenses

No remuneration was paid or payable in respect of the year out of the funds of the Trust either directly or indirectly to any Trustee or any person known to be connected with them. No expenses were reimbursed to any Trustee during the year.

4. Employees

There were no full or part time employees during the year.

THE LUJENNA EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2023 (continued)

5. Investments
2023 2022
£ £
Cost
Investments settled 998,768 998,523
Additions 248 245
Cost of sales (9,013) -
At 31 December 2023 990,003 998,768
Surplus on revaluation - B'fwd 151,015 348,972
(Decrease)/increase during period 49,748 (197,957)
At 31 December 2023 200,763 151,015
Market value at 31 December 2023 £1,190,766 £1,149,783
Investments at fair value comprised:
Equities 804,667 765,940
Unit & Investment Trusts 386,099 383,843
1,190,766 1,149,783
Uninvested cash 6,966 1,929
£1,197,732 £1,151,712

THE LUJENNA EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023 (continued)

5. Investments (continued)

At 3l December 2023 the Trust held the following investments which individually represented in excess of 5% of the portfolio value.

Market
% Cost Value
£ £
Alliance Trust PLC
12,792 Ordinary 2.5p shares 11.90 69,646 141,991
Artemis Income
47,709.63 Class 1 income units 10.30 114,009 123,596
LF Ruffer Total Return
32,560 Class C income units 8.09 95,481 106,766
Henderson International Income Trust
77,523 Ordinary 0.1p shares 10.603 106,578 126,362
JP Morgan Asia Growth and Income PLC
19,247 Ordinary 25p shares 5.40 52,398 65,439
Pantheon International
26,170 Ordinary 6.7p shares 6.70 45,997 80,865
RIT Capital Partners Plc
4,846 Ordinary shares 7.60 80,923 91,007
TR Property Investment Trust Plc9
26,655 Ordinary 25p shares 7.60 78,992 91,026
Veritas Global Equity Income
665.880 Class A income 13.00 127,350 155,736

The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). The main risk to the Charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The Charity is reliant on dividend yield to finance its work. Liquidity risk is anticipated to be low as all assets are traded. The Charity's investments are mainly traded in markets with good liquidty and high trading volumes. The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions. The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment classes that are quoted on recognised stock exchanges. The Charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular 5 year period will normally be corrected.

THE LUJENNA EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2023 (continued)

2023 2022
£ £
6. Liabilities
Sundry creditors 10,400 2,700
£10,400 £2,700

7. Analysis of Assets between Funds

Capital Undistributed 2022
Fund Income Total
£ £ £
Listed investments 1,190,766 - 1,149,783
Uninvested cash 6,966 - 1,929
Cash at bank 16,246 1,323 9,845
H M Revenue & Customs - -
Dividends held by Investment Managers 3,052 - 2,966
1,217,030 1,323 1,164,523
Less Liabilities 9,077 1,323 2,700
£1,207,953 £- £1,161,823

8. Related party transactions

There are no related party transactions during the period.