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2024-07-31-accounts

Louis Lafosse Educational CIO

Annual Report and Accounts

31 July 2024

Charity Registration Number 1177782

Contents

Reports
Reference and administration details of the
charity, its trustees and advisers 1
Report of the trustees 2
Independent auditor’s report 7
Accounts
Statement of financial activities 12
Balance sheet 13
Principal accounting policies 14
Notes to the accounts 17

Louis Lafosse Education CIO

Reference and administration details of the charity, its trustees and advisers

Trustees Sister Cara Nagle RCE
Sister Rosemary O’Looney RCE
Sister Elizabeth McCormack RCE
Cdr Anthony John Woolston (CDipAF)
Mrs Sarah Buckle
Mrs Dawn O’Leary
Principal Address 2 Woodland Crescent
Farnborough
Hampshire
GU14 8BF
Charity Registration Number 1177782
Independent Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers National Westminster Bank plc
Farnborough Branch
31-37 Victoria Road
Farnborough
Hampshire
GU14 7NR
Principal Solicitors Stone King LLP
Upper Borough Court
Upper Borough Walls
Bath
BA2 2HJ

Louis Lafosse Educational CIO 1

Report of the trustees Year ended 31 July 2024

The trustees present their report together with the accounts of the Louis Lafosse Educational CIO (the “charity”) for the year ended 31 July 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 14 to 16 and comply with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The principles set out in 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 United Kingdom and Republic of Ireland (FRS 102).

Introduction

The Institute of Christian Education (the Institute) is a Roman Catholic Religious Institute founded in Échauffour, Normandy in 1817. The Institute is international, operating in England, Ireland, France and America. The Generalate is based in Dublin, Ireland. The Institute is governed by its own constitution.

The accounts accompanying this report are the accounts of Louis Lafosse Educational CIO, a Charitable Incorporated Organisation, registered with the Charity Commission (Charity Registration Number 1177782) through which certain of the educational assets of the Institute in United Kingdom are administered, the charity is governed by a constitution dated 3 April 2018.

Principal activities, objectives and aims

The charity was set up to continue the educational work of the unincorporated charity, Educating Children In The Roman Catholic Faith Administered in Connection With the Institute Of Christian Education And Other Roman Catholic Purposes, commonly known as the Institute of Christian Education Charitable Trust (Charity Registration Number 244663) (the “charitable trust”) (the “predecessor charity”). With effect from 1 August 2019 the educational activities and associated assets and liabilities of the unincorporated charitable trust were transferred to the charity.

The objective of the charity is the advancement of education in particular, but not limited to, the education of children in accordance with the principles and doctrines of the Roman Catholic religion by the support of schools and other educational establishments.

Public benefit

The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit in reviewing the charity’s aims, objectives and future plans. Details of how the charity fulfils this responsibility are given above and, in the activities and performance section below.

Activities and performance

Education

Members of the Institute are involved as trustees of Farnborough Hill School (founded by the Institute in 1889), a Roman Catholic School which also welcomes students from other faiths. The charity provides bursaries to Farnborough Hill School for pupils who might benefit from the environment the school provides (small class sizes, academic excellence, excellent pastoral care, Catholic ethos) but whose parents are unable to meet the fees.

Louis Lafosse Educational CIO 2

Report of the trustees Year ended 31 July 2024

Activities and performance (continued)

Education (continued)

The Headmistress of the School explains

“ Farnborough Hill is indebted to the Louis Lafosse Educational CIO for the generous funding it receives each year. This money is used as part of our bursary spending; this allows many girls to benefit from a Farnborough Hill education, who in other circumstances would not be in a financial position to do so.”

Recently in forwarding her thanks the headmistress added: “During this academic year we awarded 38 bursaries to families with varying levels of financial need, 12 of which were new. In this way, funding from the Louis Lafosse CIO enabled Catholic girls whose families could not otherwise afford full independent schools fees, to access Farnborough Hill education.”

Financial review

Results for the year

A summary of the charity’s results for the year can be found on page 12 of this report and accounts.

The charity’s income for the year was £135,045 (2023 – £148,889). Of the income, a total of £65,000 (2023 – £65,000) was received by way of a donation from the Sisters of Christian Educational CIO, a Charitable Incorporated Organisation (CIO) registered with the Charity Commission (Charity Registration Number 1177158).

Investment income for both 2024 and 2023 comprised rent received of £70,000 from the charity’s programme related investments, further details of which are given in note 9 to the accounts. Other income amounted to £45 (2023 – £13,889) and related to money received in relation to a granting of access rights to the charity’s land in order to install an oil pipeline beneath the surface.

Expenditure for 2024 included grants and donations to the Farnborough Hill School of £130,000 (2023 – £142,714). Further details of grants and donations are provided in note 4 to the accounts. Support costs represent legal and professional fees.

Net expenditure for the year and the net movement in funds amounted to £712 (2023 – net income of £636).

Reserves policy and financial position

Reserves policy

The charity needs minimal reserves but will always seek to hold sufficient liquid funds to meet any future commitments it has made in respect to donations payable. The trustees consider that, the level of free reserves should be equivalent to approximately one year’s on-going expenditure, less guaranteed rental income receivable from the Farnborough Hill Trust.

Louis Lafosse Educational CIO 3

Report of the trustees Year ended 31 July 2024

Financial review (continued)

Reserves policy and financial position (continued)

Financial position

The charity’s balance sheets shows funds at the year-end of £101,812 (2023 – £102,524). Funds include a programme related investment fund of £27,000 representing the charity’s principal asset comprising land and buildings leased to an educational establishment from which it receives a rental income. The balance of the funds represents free reserves of £74,812 (2023 – £75,524), available to meet expenditure. This level of reserves exceeds the target stated in the reserves policy above. However, given the discretionary grant-making nature of the charity, the trustees believe the current level of free reserves is appropriate.

Governance, structure and management

Governance

The charity is a Charitable Incorporated Organisation governed by a constitution and registered with the Charity Commission on 3 April 2018.

The members of the charity are the charity’s trustees.

The names of the current trustees are given on page 1 of this document.

Trustees are appointed by trustees in office at the date of appointment. At any time there must be a minimum of three trustees.

The trustees are appointed for a term of three years.

In selecting individuals for appointment, the charity trustees have regard to the skills, knowledge and experience needed for the effective administration of the CIO.

Trustees’ responsibilities statement

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the trustees are required to:

Louis Lafosse Educational CIO 4

Report of the trustees Year ended 31 July 2024

Governance, structure and management (continued)

Trustees’ responsibilities statement (continued)

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations 2008 and the provisions of the CIO’s governing constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Structure and management reporting

The trustees are ultimately responsible for the policies, activities, and assets of the charity. The trustees meet regularly to review developments with regard to the charity or its activities and make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers including investment managers, solicitors, and accountants.

Key management personnel

The trustees consider that they comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.

Fundraising policy

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The trustees take care with both the tone of communications and the accuracy of data to minimise the pressures on supporters. They apply best practice to protect supporters’ data and never sell data, never swap data and ensure that communication preferences can be changed at any time. They manage their own fundraising activities and do not employ the services of professional fundraisers. They undertake to react to and investigate any complaints regarding fundraising activities and to learn from them and so improve service. During the year, the charity received no complaints about its fundraising activities.

Risk management

The trustees have undertaken a review of the principal risks and uncertainties that the charity faces, categorising the risks between those affecting the governance and management of the charity, operational risks, financial risks, reputational risks and those which occur because of circumstances outside of the charity's control such as changes in government policy, laws and regulations. They regularly review the measures already in place, or needing to be put in place, to establish policies, systems and procedures to mitigate those risks identified in the annual review and ensure that action is taken to implement changes to those policies, systems and procedures should they be needed to minimise or manage any potential impact on the charity should those risks materialise.

Louis Lafosse Educational CIO 5

Report of the trustees Year ended 31 July 2024 Governan￿, structure and management Iconlinuedl Rlsk managgment (continued) Having assessed the major ri5k$ lo which the charrty is exposed. the trustees believe that by monilofing ￿serve levels. by ensuring controls exist over key financial systems, and by examining the operational and business risk$ faced by the charty, they have eslabli$hed effective sysleml to mrtuate th¢)se risks. ilst there will be challenges, the current MxrceCon￿ic and geopoif(ical climate is not expected to present threats lo the well-being of the charty or ts adwities. The trustees recognise their responsibilty for the management of risks faced by the charity and will eontinue lo montior the position. The key risks for the charity. as identified by the trustees, a￿ described below together wi(h the principal ways in whi¢h they are mitigaled.. Operationally the charity works with children. The trustees reeognise the absolute necessty of ensuring the protection and safety of all those that the Charity serves. This mean$ th* Iruslees and all those who WO￿ or volunteer for the charrty and wod( with children musl obtain clearance from the Disclosure and Barring Service IDBSI. The trustees are committed fully lo implementing the policies of the Catholic Safeguarding Standards Agency ICSSAI. One of the trustees is responsible for ensuring this policy is adhered lo in respect to all tTu$lees. employees and volunteers. In addilKJn, the Iruslees lake part in on-going safeguarding training,. update internal poliC￿s,. and ensure that they, staff and vdunteets are kept infomied about good practi￿ in s￿)rI< and ministry. • The charity holds the freghold title lo land and buildings leased lo Farnborough Hill School operated by the Farnborough Hill Trust where Sister Elizabeth Mccomack, Sister Rosemary O'Looney, Sister Cara Nagle and Mrs Sarah Buckle Iruslees of the charty, are company mombers. The Iruslees work closely wf(h the School to ensure that their asset is protected and maintsined. Future plans It is the intention of the trust￿$ lo continue to respond lo the needs of the limes and f¥Jlfil public benefrt arKI to meet the objectNes of continuing the educational work of thé predecessor charitable trust. Signed on behaff of the trustees Trustee Approved by the trustees on.. JLK FLWJ loa Louis Lafosse Educational CIO 6

Independent auditor’s report Year ended 31 July 2024

Independent auditor’s report to the trustees of the Louis Lafosse Educational CIO

Opinion

We have audited the accounts of the Louis Lafosse Educational CIO (the charity) for the year to 31 July 2024 which comprise the statement of financial activities, the balance sheet, the principal accounting policies and the notes to the accounts. 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 Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Louis Lafosse Educational CIO 7

Independent auditor’s report Year ended 31 July 2024

DRAFT

Other information

The other information comprises the information included in the annual report, including the Report of the Trustees other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 4 and 5 , the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Louis Lafosse Educational CIO 8

Independent auditor’s report Year ended 31 July 2024

DRAFT

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

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 irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Louis Lafosse Educational CIO 9

Independent auditor’s report Year ended 31 July 2024

DRAFT

Auditor’s responsibilities for the audit of the accounts (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

As a result of our procedures, we did not identify any key audit matters relating to irregularities.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Louis Lafosse Educational CIO 10

Independent auditor’s report Year ended 31 July 2024

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 26 February 2025

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Louis Lafosse Educational CIO 11

Statement of financial activities Year ended 31 July 2024

Notes
2024
£		 2023
£
Income from:
Donations
1
Programme related investments
2
Other income:
. Receipt in respect to granting access rights to land for the
installation of an oil pipeline
3
Total income
Expenditure on:
Charitable activities
. Grants and donations
4
. Support costs
5
Total expenditure
Net (expenditure) income and net movement in funds
6
Reconciliation of funds:
Fund balances brought forward at 1 August 2023
Fund balances carried forward at 31 July2024
65,000

70,000

45		 65,000
70,000
13,889
135,045 148,889

130,000

5,757		 142,714
5,539
135,757 148,253

(712)
102,524		 636
101,888
101,812 102,524

All income and expenditure of the charity is in respect to unrestricted funds. All recognised gains and losses are included in the statement of financial activities.

All of the charity’s activities derived from continuing operations during both the above financial years.

Louis Lafosse Educational CIO 12

Balance sheet 31 Juty 2024 2024 2023 Notas Flx•d •￿¥￿ Programme rdatsd investhents 27,cNJ) Curr•nt •u•t• Debtors Cash at bank and in hand 10 721 79,155 79,876 13,084 82,772 95.8 Curr•nt Ilabllltl Creditors. amounts falling wthin one year 11 15,0641 120.3321 N•t curr•nt a￿•ts 74.812 75,524 Tot•1 not ••oèts 101,812 102.524 Th• fund8 of th• eharlty: Fund8 and re8erve8 Unrestricted ftjnds . Programme related investrnent fvnd . Ggneral hjnd 12 27.000 74,812 101,812 27,0 75,524 102,524 Approved by the truste8$ and signed on their behaw by= Tru$t¢e Approved on: Louts Lafosse Educational CIO 13

Principal accounting policies 31 July 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 31 July 2024 with the comparatives stated for the year to 31 July 2023.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. The accounts are presented in sterling and are rounded to the nearest pound.

The accounts have been prepared in accordance with 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

Critical accounting estimates and areas of judgement

Other than the estimation of future income and expenditure flows for the purpose of assessing going concern (see below), the preparation of the accounts did not require the trustees to make any significant judgements or estimates.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The charity’s principal asset comprises land leased to an educational establishment. The charity’s anticipated income and expenditure are not expected to be affected materially by the current macroeconomic and geopolitical climate or other factors which might impact on the charity’s income flows, its expenditure flows and its financial position. As such the trustees are of the view that the charity continues to be going concern.

Cash flow statement

The accounts do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Charities SORP (FRS 102).

Louis Lafosse Educational CIO 14

Principal accounting policies 31 July 2024

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, investment income and other miscellaneous receipts.

Donations are recognised where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Investment income comprises rental income from the charity’s programme related investments and is recognised when due under the terms of the lease.

Miscellaneous receipts comprising monies received in return for access by a third party to the charity’s land in order to install an oil pipeline are credited to the statement of financial activities when the charity has legal entitlement to the monies.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses are allocated to the applicable expenditure headings. The majority of expenditure is directly attributable and any apportionment between headings is negligible.

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities and includes:

All expenditure is stated inclusive of irrecoverable VAT.

Louis Lafosse Educational CIO 15

Principal accounting policies 31 July 2024

Programme related investments

Programme related investments comprise land and buildings occupied by a third party but applied for purposes consistent with the pursuit of the charity’s charitable purposes. These are stated at cost.

Debtors

Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the group and charity anticipate they will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund structure

The programme related investments fund represents the value of the charity’s programme related investments. These investments comprise land owned by the charity but used by other charities with charitable objectives consistent with those of the charity. It is the intention of the trustees that such assets should continue to be used for these purposes and as such their value should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objectives.

Louis Lafosse Educational CIO 16

Notes to the accounts 31 July 2024

1 Income from: Donations

Donations comprise amounts due from the Sisters of Christian Education CIO, a connected charity, of £65,000 (2023 – £65,000).

This comprises monies received in return for access by a third party to the charity’s land in order to install an oil pipeline £45 (2023 – £13,889).

4 Expenditure on: Grants and donations

5 Expenditure on: Support costs

Expenditure on: Support costs
2024
£		 2023
£
Governance costs (note 6)
Other support costs		 5,064
693		 5,178
361
5,757 5,539

6 Net (expenditure) income

£5,064 including VAT (2023 – £5,178).

7 Staff costs and remuneration of trustees and key management personnel

During the year the charity employed no staff and therefore incurred no staff costs (2023 – £nil).

The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.

The trustees received no remuneration or reimbursement of expenses in connection with their duties (2023 – £nil).

8 Taxation

Louis Lafosse Educational CIO is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Louis Lafosse Educational CIO 17

Notes to the accounts 31 July 2024

9 Programme related investments:

At 31 July 2024 and 31 July 2023 programme related investments comprised land and buildings applied for educational purposes originally costing £27,000.

As the properties are applied for educational purposes, the trustees are of the opinion that the relevant land and buildings should be classified as programme related investments. They were transferred to the charity from the Institute of Christian Education Charitable Trust (Charity Registration No: 244663) with effect from 1 August 2019.

The property at Farnborough Hill is subject to a lease in favour of The Farnborough Hill Trust. The lease is for a period of 999 years and was granted on 20 August 2003 with a provision for five yearly rent reviews. The rent was last reviewed in 2018 by the predecessor charitable trust when it was agreed at £70,000 per annum.

The Farnborough Hill Trust is an incorporated charity constituted as a company limited by guarantee (Company Registration Number 2941378), and operates Farnborough Hill School, an independent Roman Catholic day school for girls aged 11-18 years.

10 Debtors

Debtors
2024
£		 2023
£
Accrued income and prepayments
Amounts due in relation to the completion of the Deed of Easement		 721
—		 370
12,714
721 13,084

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£		 2023
£
Amounts due to Sisters of Christian Education CIO (note 14)
Accruals and sundry creditors
Amounts owed to Farnborough Hill Trust (via Deed of Gift) in relation to
the completion of the Deed of Easement		 —
5,064

—		 3,000
4,618
12,714
5,064 20,332

12 Designated funds – programme related investment fund

Designated funds – programme related investment fund
2024
£		 2023
£
At 31 July2023 and 31 July2024 27,000 27,000

The programme related investment fund represents the value of the charity’s programme related investments. As explained in note 9, these investments comprise land and buildings owned by the charity but used by The Farnborough Hill Trust, a charity with objectives consistent with those of the charity. It is the intention of the trustees that such assets should continue to be used for these purposes and, as such, their value should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.

Louis Lafosse Educational CIO 18

Notes to the accounts 31 July 2024

13 Analysis of net assets between funds

General
funds
£		 Programme
related
investment
fund
£		 Total
funds
2024
£
27,000
79,155
721
(5,064)
101,812
Programme related investments
Cash at bank and in hand
Debtors
Creditors: amounts falling due within one year		 —
79,155
721
(5,064)		 27,000
—
—
—
74,812 27,000
General
funds
£		 Programme
related
investment
fund
£
27,000
—
—
—

27,000		 Total
funds
2023
£
27,000
82,772
13,084
(20,332)

102,524
Programme related investments
Cash at bank and in hand
Debtors
Creditors: amounts falling due within one year		 —
82,772
13,084
(20,332)
75,524

14 Connected Charities and related party transactions

Certain of the trustees of the charity are also the trustees of the Sisters of Christian Education CIO (Charity Registration No 1177158).

During the year, the charity was notified of a donation of £65,000 (2023 – £65,000) from the Sisters of Christian Education CIO (note 1). No amounts were due to or from the Sisters of Christian Education CIO at the year end (2023 – £3,000 owed to the Sisters of Christian Education CIO).

The charity has made donations totalling £130,000 (2023 – £142,714) to The Farnborough Hill Trust, a charitable company, where Sister Elizabeth McCormack, Sister Rosemary O’Looney, Sister Cara Nagle and Mrs Sarah Buckle, trustees of the charity, are members of that company. These donations were made for the purpose of the advancement of education of children at the school.

During the year, the charity received rental income from the Farnborough Hill Trust of £70,000 (2023 — £70,000) (note 2). No amounts were due at the year end (2023 – none).

15 Membership and liability of members

The trustees are members of the charity.

If the charity is wound up, the members of the charity have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Louis Lafosse Educational CIO 19